Document:

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Certain information marked as [***] has been excluded from this exhibit because it is both (i) not material and (ii) of the type that the registrant customarily and actually treats as confidential.
Execution Version

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REVENUE INTEREST FINANCING AGREEMENT
Dated as of April 19, 2022
between 
BIOXCEL THERAPEUTICS, INC.,
THE PURCHASERS FROM TIME TO TIME PARTY HERETO, 
and
OAKTREE FUND ADMINISTRATION, LLC,
as the Administrative Agent

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268911731 v5
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Table of Contents
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ARTICLE IDEFINITIONS‌1

Section 1.01Definitions.‌1

ARTICLE IIPURCHASE OF ASSIGNED INTERESTS‌31

Section 2.01Purchase.‌31

Section 2.02Payments by the Company.‌32

Section 2.03Effective Date; Effective Date Deliveries; Payment of Purchase Price; Payments by the Company.‌34

Section 2.04No Assumed Obligations.‌36

ARTICLE IIIREPRESENTATIONS AND WARRANTIES OF COMPANY‌36

Section 3.01Organization.‌36

Section 3.02Authorization.‌37

Section 3.03Governmental Authorization.‌37

Section 3.04Ownership.‌37

Section 3.05Financial Statements; Material Adverse Change.‌38

Section 3.06No Undisclosed Liabilities.‌38

Section 3.07Solvency.‌38

Section 3.08Litigation.‌38

Section 3.09Compliance with Laws.‌39

Section 3.10[Reserved].‌40

Section 3.11Subordination.‌40

Section 3.12Intellectual Property.‌40

Section 3.13Regulatory Approval.‌42

Section 3.14Material Contracts.‌43

Section 3.15Broker’s Fees.‌43

Section 3.16Pension Matters.‌43

Section 3.17Indebtedness and Liens.‌44

Section 3.18[Reserved].‌44

Section 3.19Data Privacy.‌44

Section 3.20Taxes.‌44

Section 3.21Full Disclosure.‌44

Section 3.22OFAC; Anti-Terrorism Laws‌45

Section 3.23Anti-Corruption‌45

ARTICLE IVREPRESENTATIONS AND WARRANTIES OF THE PURCHASERS‌45

Section 4.01Organization.‌45

i

Section 4.02Authorization.‌45

Section 4.03Broker’s Fees.‌46

Section 4.04Conflicts.‌46

ARTICLE VCOVENANTS‌46

Section 5.01Access; Information.‌46

Section 5.02Material Contracts.‌49

Section 5.03Public Announcement.‌49

Section 5.04Efforts; Further Assurance.‌49

Section 5.05Put Option; Call Option.‌49

Section 5.06Intellectual Property.‌51

Section 5.07Protective Covenants.‌52

Section 5.08Notice.‌53

Section 5.09Use of Proceeds.‌54

Section 5.10Taxes.‌54

Section 5.11Compliance with Laws and Other Obligations.‌56

Section 5.12Maintenance of Properties, Etc.‌56

Section 5.13Licenses.‌56

Section 5.14Maintenance of Regulatory Approvals, Contracts, Etc.‌56

Section 5.15ERISA Compliance‌57

Section 5.16Commercialization of the Product.‌57

Section 5.17Payment of Obligations.‌57

Section 5.18Cooperation Regarding Accounts.‌58

Section 5.19Sanctions; Anti-Corruption Use of Proceeds‌58

ARTICLE VITERMINATION‌58

Section 6.01Termination Date.‌58

Section 6.02Effect of Termination.‌59

ARTICLE VIIMISCELLANEOUS‌59

Section 7.01Survival.‌59

Section 7.02Limitations on Damages.‌59

Section 7.03Notices.‌60

Section 7.04Successors and Assigns.‌60

Section 7.05Indemnification.‌61

Section 7.06No Implied Representations and Warranties.‌62

Section 7.07Independent Nature of Relationship.‌63

Section 7.08Tax Treatment.‌63

Section 7.09Entire Agreement.‌64

Section 7.10Amendments; No Waivers.‌64

Section 7.11Interpretation.‌64

ii

Section 7.12Headings and Captions.‌64

Section 7.13Counterparts; Effectiveness.‌65

Section 7.14Severability.‌65

Section 7.15Expenses.‌65

Section 7.16Governing Law; Jurisdiction.‌65

Section 7.17Waiver of Jury Trial.‌66

Section 7.18Release of Liens upon Certain Permitted Financings; Non-Disturbance; Permitted Intercreditor Agreement.‌66

Section 7.19Confidentiality.‌67

ARTICLE VIIITHE ADMINISTRATIVE AGENT‌67

Section 8.01Appointments and Duties.‌67

Section 8.02Binding Effect.‌69

Section 8.03Use of Discretion.‌69

Section 8.04Delegation of Rights and Duties‌69

Section 8.05Liability.‌70

Section 8.06Administrative Agent Individually‌71

Section 8.07Purchaser Credit Decision‌71

Section 8.08Expenses; Indemnities‌71

Section 8.09Resignation of the Administrative Agent‌72

Section 8.10[Reserved]‌73

Section 8.11Additional Secured Parties‌73

Section 8.12Agent May File Proofs of Claim‌73

Section 8.13[Reserved]‌74

Section 8.14Acknowledgements of Purchasers‌74

EXHIBITS
	Exhibit A
	 
	–
	  
	Form of Security Agreement

	Exhibit B
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	–
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	Form of Funding Notice

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REVENUE INTEREST FINANCING AGREEMENT 
This REVENUE INTEREST FINANCING AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”) is made and entered into as of April 19, 2022, by and between BioXcel Therapeutics, Inc., a Delaware corporation (the “Company”), the entities listed in Schedule 1 hereto (the “Purchasers”), and Oaktree Fund Administration, LLC, as administrative agent for the Purchasers (in such capacity, the “Administrative Agent” and, together with the Company and the Purchasers, the “Parties”, and each a “Party”).
WHEREAS, the Company wishes to obtain financing in respect of the Commercialization (as hereinafter defined) of the Product (as hereinafter defined);
WHEREAS, the Company wishes to sell, assign, convey and transfer to the Purchasers the Assigned Interests and Assigned Tail Royalty Interests (each as hereinafter defined) in consideration for its payment of the Purchase Price (as hereinafter defined) to raise such financing;
WHEREAS, the Purchasers wish to purchase from the Company the Assigned Interests and Assigned Tail Royalty Interests, all upon and subject to the terms and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants, agreements representations and warranties set forth herein, the parties hereto agree as follows:
ARTICLE I​
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DEFINITIONS
Section 1.01Definitions.
The following terms, as used herein, shall have the following meanings:
“Acquisition” shall mean any transaction, or any series of related transactions, by which any Person (for purposes of this definition, an “acquirer”) directly or indirectly, by means of amalgamation, consolidation, merger, purchase of assets, purchase of Equity Interests, or otherwise, (i) acquires all or substantially all of the assets of any other Person, (ii) acquires an entire business line or unit or division of any other Person, (iii) with respect to any other Person that is managed or governed by a board of directors or equivalent management or oversight body, acquires control of Equity Interests of such other Person representing more than fifty percent (50%) of the ordinary voting power (determined on a fully-diluted basis) for the election of directors of such Person’s board of directors or equivalent management or oversight body, or (iv) acquires control of more than fifty percent (50%) of the Equity Interests in any other Person (determined on a fully-diluted basis) that is not managed by a board of directors or equivalent management or oversight body.
“Administrative Agent” shall have the meaning set forth in the preamble hereto.
“Affiliate” shall mean any Person that controls, is controlled by, or is under common control with another Person. For purposes of this definition, “control” shall mean (i) in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of the stock or shares 

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having the right to vote for the election of directors, and (ii) in the case of non-corporate entities, direct or indirect ownership of at least fifty percent (50%) of the Equity Interest with the power to direct the management and policies of such non-corporate entities; provided, that notwithstanding the foregoing, solely with respect to transfers by, or any other rights afforded to, the QIA Purchaser or any of its Affiliates, all references to “Affiliate” or “Affiliates” in the case of the QIA Purchaser,  shall mean (i) Qatar Investment Authority and any individual, corporation, partnership, firm, joint venture, investment fund, association, trust, unincorporated association or organization, governmental body or other entity, which controls, is controlled by or is under common control with, the QIA Purchaser, and (ii) government entities or instrumentalities of, or entities that are wholly-owned or controlled by, the State of Qatar, the Amiri Diwan of the State of Qatar or any entities that are wholly-owned or controlled by any one or more of the foregoing. 
“Affiliated Parties” shall have the meaning set forth in Section 7.19.
“Agreement” shall have the meaning set forth in the first paragraph hereof.
“Anti-Terrorism Laws” shall mean any laws relating to terrorism or money laundering, including, without limitation, (i) the Money Laundering Control Act of 1986 (e.g., 18 U.S.C. §§ 1956 and 1957), (ii) the Bank Secrecy Act of 1970 (e.g., 31 U.S.C. §§ 5311 – 5330), as amended by the Patriot Act, (iii) the laws, regulations and Executive Orders administered by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), (iv) the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 and implementing regulations by the United States Department of the Treasury, (v) any law prohibiting or directed against terrorist activities or the financing of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B), or (vi) any similar laws enacted in the United States, European Union or any other jurisdictions in which the parties to this agreement operate, and all other present and future legal requirements of any Governmental Authority governing, addressing, relating to, or attempting to eliminate, terrorist acts and acts of war.
“Applicable Funding Condition” shall mean, with respect to each tranche, the Tranche A Funding Condition, Tranche B Funding Condition, or Tranche C Funding Condition, as applicable.
“Applicable Funding Date” shall mean, with respect to each tranche, the Tranche A Funding Date, Tranche B Funding Date, or Tranche C Funding Date, as applicable.
“Applicable Percentage” shall mean, cumulatively, (i) 7.75% for Net Sales less than or equal to $[***] during any Fiscal Year, (ii) 2.75% for Net Sales greater than $[***] and less than or equal to $[***] during any Fiscal Year, and (iii) 0.375% for Net Sales exceeding $[***] during any Fiscal Year.
“Applicable Tranche” shall mean Tranche A, Tranche B, or Tranche C, as applicable.
“Assigned Interests” shall mean the Purchasers’ right to receive amounts equal to the product of the Applicable Percentage multiplied by the applicable Net Sales during the Revenue Interest Period, pursuant to the terms and conditions of this Agreement (including the Hard Cap).

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“Assigned Tail Royalty Interests” shall mean the Purchasers’ right to receive Tail Royalty Payments, pursuant to the terms and conditions of this Agreement (including the Tail Royalty Condition).
 “Audit Costs” shall mean, with respect to any audit of the books and records of the Company with respect to amounts payable or paid under this Agreement, the reasonable and documented out-of-pocket cost of such audit, including all fees, costs and expenses incurred in connection therewith.
“Automatic Put Option Trigger” shall have the meaning set forth in Section 5.05(a)(i).
“Bankruptcy Event” shall mean the occurrence of any of the following:
(a)the Company or any of its Material Subsidiaries shall commence any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, relief of debtors or the like, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any portion of its assets, or the Company or any of its Material Subsidiaries shall make a general assignment for the benefit of its creditors;
(b)there shall be commenced against the Company or any of its Material Subsidiaries any case, proceeding or other action of a nature referred to in clause (a) above which remains undismissed, undischarged, unbonded and in effect for a period of forty-five (45) days; 
(c)there shall be commenced against the Company or any of its Material Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against (i) all or a substantial portion of the assets of the Company or such Subsidiary, and/or (ii) the Product or a substantial portion of the Product Intellectual Property, which results in the entry of an order for any such relief which shall not have been vacated, discharged, stayed, satisfied or bonded pending appeal within forty-five (45) days from the entry thereof; or
(d)an affirmative vote by the Board to commence any case, proceeding or other action described in clause (a) above.
“Benefit Plan” shall mean any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws of the United States or otherwise) to which the Company or any Subsidiary thereof incurs or otherwise has any obligation or liability, contingent or otherwise.
“Board” shall mean the board of directors (or similar governing body) of the Company.
“Business Day” shall mean any day other than a Saturday, a Sunday, any day which is a legal holiday under the laws of the State of New York, or any day on which banking institutions located in the State of New York are required by law or other governmental action to close; provided, that with respect to any right or obligation of any QIA Purchaser arising under this 

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Agreement, “Business Day” shall not include any day on which commercial banks in Qatar are authorized or required to close.
“BXCL 501 FDA Approval” shall mean the receipt of approval from the FDA of an NDA in respect of the use of the Product for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults.
[***].
[***]. 
“Call Option” shall have the meaning set forth in Section 5.05(b).
“Call Option Closing Date” shall have the meaning set forth in Section 5.05(b). 
“Capital Lease Obligations” shall mean as to any Person, the obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal property, the amount of the liability in respect thereof that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.  Notwithstanding anything to the contrary in this Agreement, all obligations of any Person that would have been treated as operating leases pursuant to GAAP prior to the effectiveness of Accounting Standards Codification 842 shall continue to be treated as operating leases for purposes of the definitions of “Capital Lease Obligations” and “Indebtedness.”
“Change of Control” shall mean an event or series of events (i) as a result of which any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Act, but excluding any of such person or its Subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such Plan and excluding any Permitted Holder) becomes the “beneficial owner”, directly or indirectly, of thirty-five percent (35%) or more of the Equity Interests of the Company entitled to vote for members of the Board of the Company on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire pursuant to any Option Right); (ii) as a result of which any Permitted Holder or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Act) including any Permitted Holder becomes the “beneficial owner”, directly or indirectly, of forty-five percent (45%) or more of the Equity Interests of the Company entitled to vote for members of the Board of the Company on a fully-diluted basis (and taking into account all such Equity Interests that such Permitted Holder or group has the right to acquire pursuant to any Option Right); or (iii) that results in the sale of all or substantially all of the assets or businesses of the Company and its Subsidiaries, taken as a whole. For purposes of this definition, “beneficial owner” is as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “Option Right”).
“Code” shall mean the Internal Revenue Code of 1986, as amended.

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“Collateral” shall mean the property included in the definition of “Collateral” in the Security Agreement.
“Collection Account” shall mean one or more segregated account maintained at JPMorgan Chase Bank, N.A., or any replacement for such account maintained at a deposit bank.
“Combination” shall have the meaning set forth in the definition of “Net Sales.”
“Commercialization” shall mean any and all activities with respect to the manufacture, distribution, marketing, detailing, promotion, selling and securing of reimbursement and any other exploitation or commercialization of the Product in the United States after Regulatory Approval for the Product has been obtained, which shall include, as applicable, seeking and negotiating pricing and reimbursement approvals for the Product in the United States, post-marketing approval studies, post-launch marketing, promoting, detailing, marketing research, distributing, customer service, selling the Product, importing, exporting or transporting the Product for sale, and regulatory compliance with respect to the foregoing. When used as a verb, “Commercialize” shall mean to engage in Commercialization.
“Commercially Reasonable Efforts” shall mean, with respect to the efforts to be expended, or considerations to be undertaken, by the Company and its Affiliates with respect to any objective or activity to be undertaken hereunder, such efforts and resources normally used by a reasonably prudent company in the pharmaceutical or biotechnology industry of similar size and resources to Company to accomplish a substantially similar objective or activity for a pharmaceutical product for which substantially the same regulatory structure is involved as for the Product and irrespective of whether such company has any other products that compete with such pharmaceutical product, which pharmaceutical product is owned or licensed in a similar manner as the Product, which pharmaceutical product is at a similar stage in its Development or product life cycle and is of similar market or profit potential as the Product, taking into account efficacy, safety, approved labeling, the competitiveness of alternative products in a given jurisdiction, pricing/reimbursement for the pharmaceutical product in a given jurisdiction, the Intellectual Property and regulatory protection of the pharmaceutical product in a given jurisdiction, the regulatory structure in such jurisdiction and the profitability of the pharmaceutical product in a given jurisdiction, all as measured by the facts and circumstances in existence at the time such efforts are due. It is anticipated that the level of effort and resources that constitute “Commercially Reasonable Efforts” with respect to a particular indication will change over time, reflecting changes in the status of the Product, as applicable.
“Commitment” shall mean, with respect to each Purchaser, the obligation of such Purchaser to fund its applicable Purchase Price set forth opposite such Purchaser’s name on Schedule 1 (as such Schedule may be amended from time to time) under the caption “Applicable Commitment” on each of the Tranche A Funding Date, Tranche B Funding Date, and Tranche C Funding Date, as applicable, in accordance with the terms and conditions of this Agreement.  The aggregate amount of Commitments on the date of this Agreement equals $120,000,000.
“Company” shall have the meaning set forth in the first paragraph hereof.
“Company Indemnified Party” shall have the meaning set forth in Section 7.05(b).

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“Confidential Information” shall mean, as it relates to the Company and its Affiliates and the Product, the non-public Intellectual Property, confidential business information, financial data and other like information (including ideas, research and development, know-how, formulas, schematics, compositions, technical data, specifications, customer and supplier lists, pricing and cost information, and business and marketing plans and proposals), inventory, ideas, algorithms, processes, computer software programs or applications (in both source code and object code form), client lists and tangible or intangible proprietary information or material, or such other information that either party identifies to the other as confidential or the nature of which or the circumstances of the disclosure of which would reasonably indicate that such information is confidential.
“Contracts” shall mean any contract, license, lease, agreement, obligation, promise, undertaking, understanding, arrangement, document, commitment, entitlement or engagement under which a Person has, or will have, any liability or contingent liability (in each case, whether written or oral, express or implied, and whether in respect of monetary or payment obligations, performance obligations or otherwise).
“Control” or “Controlled” shall mean, when used with respect to any item of Intellectual Property, the possession (whether by ownership, license, sublicense or contract) by Company or any of its Affiliates, of the ability to assign or grant to any Third Party the license, sublicense or right to access and use such Intellectual Property as it relates to the manufacture, use, Development and/or Commercialization of the Product, without paying any consideration to any Third Party (now or in the future) or violating the terms of any agreement or other arrangement with any Third Party. Notwithstanding the foregoing, a Party and its controlled Affiliates will not be deemed to “Control” any Intellectual Property that, prior to the consummation of a change of control of such Party, is owned or in-licensed by a Third Party that becomes an Affiliate of such acquired Party (or that merges or consolidates with such Party) after the Effective Date as a result of such change of control unless prior to the consummation of such change of control, such acquired Party or any of its controlled Affiliates also Controlled such Intellectual Property.
“Copyright” shall mean published and unpublished works of authorship whether or not copyrightable, including software, website and mobile content, data, databases, and other compilations of information, in each case, whether or not registered, and any and all copyrights in and to the foregoing, together with all common law rights and moral rights therein, and all copyrights, copyright registrations and applications for copyright registrations, including all renewals, extensions, restorations, derivative works and reversions thereof and all common law rights, moral rights and other rights whatsoever accruing thereunder or pertaining thereto throughout the world.
“Designated Jurisdiction” shall mean any country or territory to the extent that such country or territory is the subject of country- or territory-wide Sanctions.
“Development” shall mean, with respect to the Product, any internal or external research or development activities, and any internal or external regulatory activities related to obtaining and maintaining Regulatory Approval for the Product, including development of data or information for the purpose of submission to a Regulatory Agency to obtain authorization to conduct clinical trials and to obtain, support, or maintain Regulatory Approval of the Product and including 

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activities directed toward the clinical manufacture and manufacturing process development for the Product. “Develop,” “Developing,” and “Developed” will be construed accordingly.
“Disqualified Equity Interest” shall mean, with respect to any Person, any Equity Interest of such Person that, by its terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is mandatorily redeemable or requires such Person to use efforts to redeem such Equity Interests (in each case, other than solely for Qualified Equity Interests), including pursuant to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments of dividends or other distributions in cash or other securities that would constitute Disqualified Equity Interests, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Maturity Date (as defined in the Oaktree Term Loan Facility); provided, that if such Equity Interests are issued to any employee or any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of any such employee’s termination, death or disability; provided, further, that no Equity Interests held by any future, present or former employee, director, officer or consultant (or their respective Affiliates or immediate family members) of the Company issued pursuant to customary terms in the Ordinary Course shall be considered Disqualified Equity Interests solely because such Equity Interests are redeemable or subject to repurchase pursuant to a customary management equity subscription agreement, stock option, stock appreciation right or other stock award agreement or similar agreement that may be in effect from time to time.
“Effective Date” shall mean the first date upon which the conditions set forth in Section 2.03(a), shall have occurred.  The Effective Date occurred on April 19, 2022.
“Equity Interests” shall mean, with respect to any Person (for purposes of this defined term, an “issuer”), all shares of, interests or participations in, or other equivalents in respect of such issuer’s capital stock, including all membership interests, partnership interests or equivalent, whether now outstanding or issued after the Effective Date, and in each case, however designated and whether voting or non-voting. Notwithstanding the foregoing, in no event shall any Indebtedness convertible or exchangeable into Equity Interests constitute “Equity Interests” hereunder.
“Equivalent Amount” shall mean, with respect to an amount denominated in one currency, the amount in another currency that could be purchased by the amount in the first currency determined by reference to the Exchange Rate at the time of determination.   Where the permissibility of a transaction, accuracy of a representation or warranty or compliance with a covenant hereunder is determined by reference to amounts stated in U.S. dollars (or the Equivalent Amount in other currencies), the time of determination shall, in each case, be the time at which any applicable transaction is entered into (e.g. the time at which Indebtedness is incurred) or representation or warranty is made, and the permissibility of actions taken under this Agreement 

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shall not be affected by, and no default, breach of this Agreement or Put Option Event shall arise as a result of, subsequent fluctuations in exchange rates. 
“ERISA” shall mean the United States Employee Retirement Income Security Act of 1974, as amended.
“ERISA Affiliate” shall mean, collectively, the Company, any Subsidiary thereof, and any Person under common control, or treated as a single employer, with the Company or any Subsidiary thereof, within the meaning of Section 414(b), (c), (m) or (o) of the Code.
“ERISA Event” shall mean (i) a reportable event as defined in Section 4043 of ERISA with respect to a Title IV Plan, excluding, however, such events as to which the PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event; (ii) the applicability of the requirements of Section 4043(b) of ERISA with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, to any Title IV Plan where an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such plan within the following thirty (30) days; (iii) a withdrawal by the Company or any ERISA Affiliate thereof from a Title IV Plan or the termination of any Title IV Plan resulting in liability under Section 4063 or 4064 of ERISA; (iv) the withdrawal of the Company or any ERISA Affiliate thereof in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefore, or the receipt by the Company or any ERISA Affiliate thereof of notice from any Multiemployer Plan that it is insolvent pursuant to Section 4245 of ERISA; (v) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Title IV Plan or Multiemployer Plan; (vi) the imposition of liability on the Company or any ERISA Affiliate thereof pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vii) the failure by the Company or any ERISA Affiliate thereof to make any required contribution to a Plan, or the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Title IV Plan (whether or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Title IV Plan or the failure to make any required contribution to a Multiemployer Plan; (viii) the determination that any Title IV Plan is considered an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (ix) an event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan; (x) the imposition of any liability under Title I or Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Company or any ERISA Affiliate thereof; (xi) an application for a funding waiver under Section 303 of ERISA or an extension of any amortization period pursuant to Section 412 of the Code with respect to any Title IV Plan; (xii) the occurrence of a non-exempt prohibited transaction under Section 406 or 407 of ERISA for which the Company or any Subsidiary thereof may be directly or indirectly liable; (xiii) a violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary or disqualified person for which the Company or any ERISA Affiliate thereof may be directly or indirectly liable; (xiv) the occurrence of an act or omission which could give rise to the imposition on the Company or any ERISA Affiliate thereof of fines, penalties, taxes or related charges under Chapter 43 of the 

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Code or under Section 409, 502(c), (i) or (1) or 4071 of ERISA; (xv) the assertion of a material claim (other than routine claims for benefits) against any Plan or the assets thereof, or against the Company or any Subsidiary thereof in connection with any such plan; (xvi) receipt from the IRS of notice of the failure of any Qualified Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Qualified Plan to fail to qualify for exemption from taxation under Section 501(a) of the Code; (xvii) the imposition of any lien (or the fulfillment of the conditions for the imposition of any lien) on any of the rights, properties or assets of the Company or any ERISA Affiliate thereof, in either case pursuant to Title I or IV, including Section 302(f) or 303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Code; or (xviii) the establishment or amendment by the Company or any Subsidiary thereof of any “welfare plan”, as such term is defined in Section 3(1) of ERISA, that provides post-employment welfare benefits in a manner that would increase the liability of the Company.
“ERISA Funding Rules” shall mean the rules regarding minimum required contributions (including any installment payment thereof) to Title IV Plans, as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.
“Erroneous Payment” shall have the meaning set forth in Section 8.14(a).
“Erroneous Payment Deficiency Assignment” shall have the meaning set forth in Section 8.14(d).
“Erroneous Payment Impacted Assigned Interests and Assigned Tail Royalty Interests” shall have the meaning set forth in Section 8.14(d).
“Erroneous Payment Return Deficiency” shall have the meaning set forth in Section 8.14(d).
“Exchange Rate” shall mean, as of any date, the rate at which any currency may be exchanged into another currency, as set forth on the relevant Reuters screen at or about 11:00 a.m. (Eastern time) on such date. In the event that such rate does not appear on the Reuters screen, the “Exchange Rate” shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably designated by the Administrative Agent.
“Excluded Liabilities and Obligations” shall have the meaning set forth in Section 2.04. 
“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to any Purchaser or required to be withheld or deducted from a payment to such Purchaser: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (x) imposed as a result of such Purchaser being organized under the laws of, or having its principal office located in, the jurisdiction imposing such Tax (or any political subdivisions thereof) or (y) that are Other Connection Taxes, (ii) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Purchaser pursuant to a law in effect on the date on which such Purchaser acquires the Assigned Interests, except to the extent that, pursuant to Section 5.10, amounts with respect to such Taxes were payable to such Purchaser’s assignor immediately before such Purchaser acquired the Assigned Interests, (iii) Taxes attributable to such Purchaser’s failure to comply with Section 5.10(b), and (iv) any U.S. federal withholding Taxes imposed under FATCA.

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“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
“FD&C Act” shall mean the U.S. Food, Drug and Cosmetic Act of 1938, 21 U.S.C. §§ 301 et seq. (or any successor thereto), as amended from time to time, and the rules, regulations, guidelines, guidance documents and compliance policy guides issued or promulgated thereunder.
“FDA” shall mean the United States Food and Drug Administration and any successor entity.
“Federal Funds Effective Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“Financial Statements” shall mean the audited consolidated balance sheets of the Company and its Subsidiaries as of December 31, 2021, and the related audited consolidated statements of operations and cash flows for the Fiscal Year then ended.
“Fiscal Quarter” shall mean each three (3) month period commencing January 1, April 1, July 1 or October 1, provided, however, that (a) the first Fiscal Quarter of the Term shall extend from the Effective Date to the end of the first full Fiscal Quarter thereafter, and (b) the last Fiscal Quarter of the Term shall end upon the expiration or termination of this Agreement.
“Fiscal Year” shall mean the calendar year. 
“Funded Amount” shall mean, as of any time of determination, the aggregate amount actually funded by the Purchasers under this Agreement in respect of Tranche A, Tranche B, and Tranche C.
“GAAP” shall mean generally accepted accounting principles in the United States in effect from time to time.
“Governmental Approval” shall mean any consent, authorization, approval, order, license, franchise, permit, certification, accreditation, registration, clearance or exemption that is issued or granted by or from (or pursuant to any act of) any Governmental Authority, including any application or submission related to any of the foregoing.

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“Governmental Authority” shall mean any nation, government, branch of power (whether executive, legislative or judicial), state, province or municipality or other political subdivision thereof and any entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government, including without limitation regulatory authorities, governmental departments, agencies, commissions, bureaus, officials, ministers, courts, bodies, boards, tribunals and dispute settlement panels, and other law-, rule- or regulation-making organizations or entities of any state, territory, county, city or other political subdivision of the United States, including the FDA and the United States Patent and Trademark Office.
“Governmental Licenses” shall mean all authorizations issuing from a Governmental Authority, including the FDA, based upon or as a result of applications to and requests for approval from a Governmental Authority for the right to manufacture, import, store, market, promote, advertise, offer for sale, sell, use and/or otherwise distribute the Product, which are owned by or licensed to the Company or any Subsidiary, acquired by the Company or any Subsidiary via assignment, purchase or otherwise or that the Company or any Subsidiary is authorized or granted rights under or to.
“Gross Sales” shall have the meaning set forth in the definition of “Net Sales.”
“Guarantee” of or by any Person (the “Guarantor”) shall mean any obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “Primary Obligor”) in any manner, whether directly or indirectly, and including any obligation of the Guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other obligation or (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the Ordinary Course.
“Guarantor” shall have the meaning set forth in the definition of “Guarantee.”
“Hard Cap” shall mean an amount equal to the product of (i) the Funded Amount, multiplied by (ii) 1.75.
“Healthcare Laws” shall mean, collectively, all Laws applicable to the business, any product or the Product Commercialization and Development Activities of the Company and its Subsidiaries, whether U.S. or non-U.S., regulating the distribution, dispensing, importation, exportation, quality, manufacturing, labeling, promotion and provision of and payment for drugs, medical or healthcare products, items and services, including, without limitation, 45 C.F.R. et seq. (“HIPAA”); Section 1128B(b) of the Social Security Act, as amended; 42 U.S.C. § 1320a-7b (Criminal Penalties Involving Medicare or State Health Care Programs), commonly referred to as the “Federal Anti-Kickback Statute”; § 1877 of the Social Security Act, as amended; 42 U.S.C. § 1395nn (Limitation on Certain Physician Referrals), commonly referred to as “Stark Statute”; the 

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FD&C Act; all rules, regulations and guidance with respect to the provision of Medicare and Medicaid programs or services (42 C.F.R. Chapter IV et seq.); 10 U.S.C. §§1071 – 1110(b); 5 U.S.C. §§ 8901 – 8914; and all rules, regulations and guidance promulgated under or pursuant to any of the foregoing, including any non-U.S. equivalents.
“Hedging Agreement” shall mean any interest rate exchange agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. Notwithstanding anything to the contrary in the foregoing, neither any Permitted Bond Hedge Transaction nor any Permitted Warrant Transaction shall be a Hedging Agreement.
“HIPAA” shall have the meaning set forth in the definition of “Healthcare Laws.” 
“Immaterial Subsidiary” shall mean any Subsidiary of the Company that (i) individually constitutes or holds less than five percent (5%) of the Company’s consolidated total assets and generates less than five percent (5%) of the Company’s consolidated total revenue, and (ii) when taken together with all then existing Immaterial Subsidiaries, such Subsidiary and such Immaterial Subsidiaries, in the aggregate, would constitute or hold less than five percent (5%) of the Company’s consolidated total assets and generate less than five percent (5%) of the Company’s consolidated total revenue, in each case as pursuant to the most recent fiscal period for which financial statements were required to have been delivered pursuant to Section 5.01(h).
“Indebtedness” of any Person shall mean, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid, (iv) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (v) all obligations of such Person in respect of the deferred purchase price of property or services, (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (vii) all Guarantees by such Person of Indebtedness of others, (viii) all Capital Lease Obligations of such Person, (ix) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (x) obligations under any Hedging Agreement, currency swaps, forwards, futures or derivatives transactions, (xi) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (xii) all obligations under any earn-out and guaranteed minimum milestone and other payments of such Person under any license or other agreements (but excluding any payments based on sales under any such license or other agreement), (xiii) any Disqualified Equity Interests of such Person and (xiv) any Off-Balance Sheet Liability; provided that, notwithstanding the foregoing, Indebtedness shall not include (A) accrued expenses, deferred rent, deferred Taxes, deferred compensation or customary obligations under employment agreements, or (B) accounts payable incurred in the ordinary course of business and not overdue by more than ninety (90) days. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

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“Indemnified Tax” shall mean (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of the Assigned Interests or any other Obligation and (ii) to the extent not otherwise described in clause (i), Other Taxes.
“Intellectual Property” shall mean intellectual property or proprietary rights of any kind anywhere in the world, including any rights in or to Patents, Trademarks, Copyrights and Trade Secrets. 
“Intercreditor Agreement” shall mean the Intercreditor Agreement between Oaktree Fund Administration, LLC, as the administrative agent under the Oaktree Term Loan Facility, and Oaktree Fund Administration, LLC, as Administrative Agent on behalf of the Purchasers, acknowledged by the Company and each Subsidiary Guarantor as named therein, providing for the relative rights and priorities of the First Lien Claimholders (as defined therein) and the Purchaser Claimholders (as defined therein) with respect to the Collateral (as defined therein) as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent.
“Invention” shall mean any novel, inventive or useful art, apparatus, method, process, machine (including any article or device), manufacture or composition of matter, or any novel, inventive and useful improvement in any art, apparatus, method, process, machine (including article or device), manufacture or composition of matter.
“Law” shall mean, collectively, all U.S. or non-U.S. federal, state, provincial, territorial, municipal or local statute, treaty, rule, guideline, regulation, ordinance, code or administrative or judicial precedent or authority, including any interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.
“License Agreement” shall mean any existing or future license, commercialization, co-promotion, collaboration, distribution, marketing or partnering agreement entered into before or during the Term by the Company or any of its Affiliates that grants a license to a Third Party under the Product Intellectual Property.
“Licensees” shall mean, collectively, the licensees and any sublicensees under each License Agreement; each a “Licensee”.
“Liens” shall mean (a) any mortgage, lien, license, pledge, hypothecation, charge, security interest, or other encumbrance of any kind or character whatsoever, whether or not filed, recorded or otherwise perfected under applicable Law, or any lease, title retention agreement, mortgage, restriction, easement, right-of-way, option or adverse claim (of ownership or possession) (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any other encumbrance on title to real property, any option or other agreement to sell, or give a security interest in, such asset and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes of any jurisdiction)) or any preferential arrangement that has the practical effect of creating a security interest and (b) in the 

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case of Equity Interests, any purchase option, call or similar right of a third party with respect to such Equity Interests.
“Long Stop Date” shall mean December 31, 2024.
“Losses” shall mean collectively, any and all claims, damages, losses, judgments, awards, penalties, liabilities, costs and expenses (including reasonable attorneys’ fees and reasonable expenses of investigation) incurred in connection with defending any action, suit or proceeding, giving effect to any tax benefit realized by the indemnified party which is attributable to the Losses to which the indemnity claim relates. 
“Majority Purchasers” shall mean, at any time, Purchasers having at such time in excess of fifty percent (50%) of the sum of the Commitments then in effect and the outstanding Funded Amount.
“Market Capitalization” shall mean, as of any date of determination, the total number of outstanding shares of the Company’s common Equity Interests as of the most recent Trading Day ending immediately prior to such date multiplied by the average of the VWAPs over the 30 consecutive Trading Days preceding the date of determination.
“Marketing Authorization” shall mean, with respect to the Product, the Regulatory Approval required by applicable Law to Commercialize the Product including, to the extent required by applicable Law for the Commercialization of the Product, all pricing approvals and government reimbursement approvals.
“Material Adverse Change” shall mean, with respect to the Company and its Subsidiaries, a material adverse change in the business, financial performance, operations, condition of the assets or liabilities of the Company and its Subsidiaries, taken as a whole.
“Material Adverse Effect” shall mean (a) the effect of a Material Adverse Change, (b) a material adverse change in or effect on the legality, validity, binding effect or enforceability of any of the Transaction Documents or the rights, remedies and benefits available to, or conferred on, the Purchasers thereunder, or (c) any material adverse effect on the Product or the ability of the Company to distribute, market and/or otherwise Commercialize the Product within the United States. 
“Material Contract” shall mean any contract specifically related to the Product and the Commercialization and/or Development thereof required to be disclosed (including amendments thereto) under regulations promulgated under the Securities Act of 1933 or Securities Exchange Act of 1934, as may be amended. Notwithstanding the foregoing, employment and management contracts shall not be Material Contracts.
“Material Subsidiary” shall mean any Subsidiary of the Company that is not an Immaterial Subsidiary.
“MOIC” shall mean, as of any date of determination, the aggregate amount of payments received by the Purchasers under this Agreement, divided by the Funded Amount as of such date.

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[***].
​
“Multiemployer Plan” shall mean any multiemployer plan, as defined in Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise
“NDA” shall mean, with respect to the Product, (i) a new drug application (as defined in the FD&C Act) and (ii) all supplements and amendments that may be filed with respect thereto.
“Net Sales” shall mean the gross amount billed or invoiced in transactions (“Gross Sales”) by the Company and any of its Affiliates or a Licensee (each of the foregoing persons and entities, for purposes of this definition, shall be considered a “Selling Party”), for sales or other dispositions of the Product to a Third Party in the United States by the Company, its Affiliates or such Licensee (including amounts received by the Company or its Affiliates in the form of milestone, upfront or other similar payments received pursuant to any agreement relating to Product Commercialization and Development Activities), less the sum of the following (to the extent not reimbursed by any Third Party and without duplication):
(a)reasonable and customary rebates, chargebacks, quantity, trade and similar discounts, credits and allowances and other price reductions reasonably and actually granted, allowed, incurred or paid; 
(b)discounts (including cash discounts and quantity discounts), coupons, retroactive price reductions, charge back payments and rebates for sales paid for by managed care organizations or to Governmental Authorities (including, but not limited to, payments made under the “Medicare Part D Coverage Gap Discount Program” and the “Annual Fee for Branded Pharmaceutical Manufacturers” specific to the Product), in each case, as applied to sales of the Product and actually given to customers; 
(c)reasonable and customary credits and allowances taken upon rejection, return or recall of the Product; 
(d)reasonable and customary freight and insurance costs incurred with respect to the shipment of the Product to customers, in each case if charged separately and invoiced to the customer; 
(e)customs duties, surcharges and other similar governmental charges incurred in connection with the exportation or importation of the Product to the extent included in the gross amount invoiced; 
(f)Value Added Tax, and that portion of annual fees due under Section 9008 of the United States Patient Protection and Affordable Care Act of 2010 (Pub. L. No. 111-148) and any other fee imposed by any equivalent applicable law, in each of the foregoing cases, that is allocable to sales of the Product in accordance with the Selling Party’s standard policies and procedures consistently applied across its products, as adjusted for rebates and refunds, imposed in connection with the sales of the Product to any Third Party (excluding any taxes based on income); and

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(g)actual uncollectible debt amounts with respect to sales of the Product, provided that if the debt is thereafter paid, the corresponding amount shall be added to the Net Sales of the period during which it is paid. 
Such amounts shall be determined consistent with a Selling Party’s customary practices, and in accordance with GAAP. For the avoidance of doubt, Net Sales shall not include any payments or other consideration received by the Company or its Affiliates from any Licensee with respect to the Development and/or Commercialization of the Product.
Sale or transfer of a Product between any of the Selling Parties shall not result in any Net Sales (unless the Selling Party purchaser or transferee is the ultimate end user of the Product), with Net Sales to be based only on any subsequent sales or dispositions to a non-Selling Party.  For clarity, (i) Net Sales shall not include amounts or other consideration received by a Selling Party from a non-Selling Party in consideration of the grant of a (sub)license or co-promotion or distribution right to such non-Selling Party, provided that such consideration is not in lieu of all or a portion of the transfer price of the Product, (ii) sales to a Third Party distributor, wholesaler, group purchasing organization, pharmacy benefit manager, or retail chain customer shall be considered sales to a non-Selling Party to the extent that no additional consideration is received by a Selling Party for the subsequent use or re-sale by any such distributor, wholesaler, group purchasing organization, pharmacy benefit manager, or retail chain customer, as applicable, (iii) Net Sales by a Selling Party to a non-Selling Party consignee are not recognized as Net Sales by such Selling Party until the non-Selling Party consignee sells the Product, (iv) if a Selling Party receives in-kind consideration for the sale of the Product, then Net Sales shall be calculated as the fair market value of all consideration received by a Selling Party in respect of the Product, whether such consideration is in cash, payment in kind, exchange or other form, as determined in good faith by the Selling Party and (v) Net Sales shall exclude transfers or dispositions for charitable, promotional, pre-clinical, clinical, regulatory, or governmental purposes, to the extent consideration is not received for such transfers or dispositions that is in excess of the fully burdened manufacturing cost of the applicable quantity of the Product so transferred or disposed.  
With respect to sales of the Product invoiced in U.S. dollars, Net Sales shall be determined in U.S. dollars.  No amount for which deduction is permitted pursuant to this definition shall be deducted more than once.
If any Product is sold in the U.S. with another product or therapy that is not a Product for a single invoice price (each a “Combination”), then the Net Sales for any such Product shall be calculated by multiplying actual Net Sales of such Combination by the fraction A/(A+B) where “A” is the weighted average invoice price of the Product, when sold separately in the U.S. during the applicable accounting period in which the sales of the Combination were made, and “B” is the combined weighted average invoice prices of all of the products or therapies other than the Product contained in such Combination, when sold separately in the U.S. during such same accounting period.  If the Product or any of the other products or therapies contained in such Combination is not sold separately in the U.S. during such accounting period, the Company and Administrative Agent shall mutually determine the Net Sales for the Product based on the relative contribution of the Product and the other products or therapies in the Combination in good faith.

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If the Company or any of its Affiliates recover monetary damages, settlement amounts or other monetary recovery with respect to the Product from a Third Party in a claim brought for infringement, misappropriation or other violation of any Intellectual Property, (A) such damages will be allocated first to the reimbursement of any expenses incurred by the Company or such Affiliates, as applicable, for bringing such action (including reasonable attorney’s fees) not already reimbursed from other damages awarded under the same action, and (B) any remaining amount of such damages will be reduced, if and to the extent applicable, to allocate recovered damages to Third Party licensors of such Intellectual Property (other than damages for lost royalties), only as required under any then pre-existing license or other agreements, then any other remaining amount of such damages, settlement amounts or other monetary recovery after application of (A) and (B) will be included as Net Sales.
“Oaktree Purchaser” shall mean any Purchaser that is an Affiliate or managed fund or account of Oaktree Capital Management, L.P. 
“Oaktree Term Loan Facility” shall mean the Credit Agreement and Guaranty, dated as of April 19, 2022, by and among BioXcel Therapeutics, Inc., as the Borrower, the subsidiary guarantors from time to time party thereto, the lenders from time to time party thereto, and Oaktree Fund Administration, LLC, as the administrative agent (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms of the Intercreditor Agreement).
“Obligations” shall mean any and all obligations of the Company under the Transaction Documents.
“OFAC” shall have the meaning set forth in the definition of “Anti-Terrorism Laws.”
“Off-Balance Sheet Liability” of a Person shall mean (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person (other than operating leases).
“Option Right” shall have the meaning set forth in the definition of “Change of Control.”
“Ordinary Course” shall mean ordinary course of business or ordinary trade activities that are customary for similar businesses in the normal course of their ordinary operations and not while in financial distress. 
“Organic Document” shall mean, for any Person, such Person’s formation documents, including, as applicable, its certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation, limited liability agreement, operating agreement and all shareholder agreements, voting trusts and similar arrangements applicable to such Person’s Equity Interests, or any equivalent document of any of the foregoing.
“Other Connection Taxes” shall mean, with respect to each Purchaser, Taxes imposed as a result of a present or former connection between such Purchaser and the jurisdiction imposing such 

17

Tax (other than connections arising from such Purchaser having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Transaction Document).
“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.
[***].
​
“Patents” shall mean (i) all domestic, national, regional and foreign patents, patent rights, patent applications, provisional applications, patent disclosures and Invention disclosures issued or filed, (ii) any patent applications filed from such patents, patent rights, patent applications, provisional applications, patent disclosures and Invention disclosures claiming priority to any of these, including renewals, divisionals, continuations, continuations-in-part, substitutions, provisionals, converted provisionals, and continued prosecution applications, (iii) any patents that have issued or in the future issue from the foregoing described in clauses (i) and (ii), including utility models, petty patents and design patents and certificates of invention, and (iv) all extensions or restorations by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations, revisions, and term extensions (including any supplementary protection certificates and the like) of the foregoing patents or patent applications described in clauses (i), (ii) and (iii), including the Inventions claimed in any of the foregoing and any priority rights arising therefrom.
“Patriot Act” shall mean the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).
“Payment Recipient” shall have the meaning set forth in Section 8.14(a).
“PBGC” shall mean the United States Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Permits” shall mean licenses, Governmental Licenses, certificates, accreditations, Regulatory Approvals, other authorizations, registrations, permits, consents, clearances and approvals required in connection with the conduct of the Company’s or any Subsidiary’s business or to comply with any applicable Laws, and those issued by state governments for the conduct of the Company’s or any Subsidiary’s business.
“Permitted Bond Hedge Transaction” shall mean any call or capped call option (or substantively equivalent derivative transaction) relating to the Company’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of the Company) that is (A) purchased by the Company in connection with the issuance of any Permitted Convertible Debt, (B) settled in common stock of the Company (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the price of the Company’s common stock or such other securities or property), and 

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cash in lieu of fractional shares of common stock of the Company and (C) on terms and conditions customary for bond hedge transactions in respect of broadly distributed 144A convertible bond transactions as reasonably determined by the Company.
“Permitted Cash Equivalent Investments” means (i) marketable direct obligations issued or unconditionally guaranteed by the United States or any member states of the European Union or any agency or any state thereof having maturities of not more than one (1) year from the date of acquisition, (ii) commercial paper maturing no more than two hundred seventy (270) days after the date of acquisition thereof and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., (iii) certificates of deposit maturing no more than one (1) year after issue that are issued by any bank organized under the Laws of the United States, or any state thereof, or the District of Columbia, or any U.S. branch of a foreign bank having, at the date of acquisition thereof, combined capital and surplus of not less than $500,000,000 (or the Equivalent Amount in other currencies), (iv) any investments compliant with the Company’s investment policy in the form provided to the Administrative Agent prior to the Effective Date, subject to amendments to such investment policy approved by the Administrative Agent in writing (such approval not to be unreasonably withheld, conditioned or delayed), and (v) any money market or similar funds that exclusively hold any of the foregoing.
“Permitted Convertible Debt” shall mean unsecured Indebtedness of the Company that is convertible into shares of common stock of the Company, cash or a combination thereof (such amount of cash determined by reference to the price of the Company’s common stock or such other securities or property), or cash in lieu of fractional shares of common stock of the Company.
“Permitted Holder” shall mean BioXcel LLC and its Affiliates.
“Permitted Indebtedness” shall mean:
(a)any payment obligations hereunder to the extent constituting Indebtedness;
(b)Indebtedness existing on the date hereof and set forth on Schedule 3.17(a) and Permitted Refinancings thereof; provided, that, if such Indebtedness is intercompany Indebtedness, (x) any Permitted Refinancing of such Indebtedness shall also be intercompany Indebtedness among the same parties and (y) such Indebtedness and any Permitted Refinancing thereof, to the extent it is Indebtedness owed by the Company to any Subsidiary of the Company, shall be subject to an intercompany subordination agreement in form and substance acceptable to the Administrative Agent; 
(c)accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money) incurred in the Ordinary Course of the Company’s or such Subsidiary’s business in accordance with customary terms and paid within the specified time, unless contested in good faith by appropriate proceedings and reserved for in accordance with GAAP; 
(d)Indebtedness consisting of guarantees resulting from the endorsement of negotiable instruments for collection in the Ordinary Course;
(e)Permitted Priority Debt;

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(f)Indebtedness of a Subsidiary owing to any other Subsidiary or the Company;
(g)Indebtedness of the Company to a Subsidiary, provided, that such Indebtedness shall be subject to an intercompany subordination agreement in form and substance acceptable to the Administrative Agent; provided, further, that the aggregate outstanding principal amount of such Indebtedness shall not exceed $[***] at any time;
(h)Ordinary Course Capital Lease Obligations and equipment and software financing and leasing; provided that (i) if secured, the collateral therefor consists solely of the assets being financed, the products and proceeds thereof and books and records related thereto and (ii) the outstanding principal amount of such Indebtedness does not exceed $[***] (or the Equivalent Amount in other currencies) in the aggregate at any time;
(i)Indebtedness under (i) Permitted Hedging Agreements and (ii) Permitted Bond Hedge Transactions not exceeding, net of the proceeds of any Permitted Warrant Transactions entered in connection therewith, [***]% of the proceeds obtained in the related Permitted Convertible Debt issuance;
(j)Indebtedness assumed pursuant to any Acquisition; provided that (i) the aggregate outstanding principal amount of Indebtedness permitted pursuant to this clause (i) (and any Permitted Refinancing thereof) shall not exceed $[***] (or the Equivalent Amount in other currencies) at any time outstanding and (ii) no such Indebtedness was created or incurred in connection with, or in contemplation of, such Acquisition;
(k)other Indebtedness in an aggregate outstanding principal amount not to exceed $[***] (or the Equivalent Amount in other currencies);  
(l)Permitted Convertible Debt in an aggregate principal amount not to exceed $[***] in principal amount at any time outstanding;
(m)Indebtedness in respect of letters of credit, bank guarantees, bankers’ acceptances or similar instruments issued or created, or related to obligations or liabilities incurred, in the Ordinary Course, including in respect of workers compensation claims, health, disability or other employee benefits or property, leases, commercial contracts, casualty or liability insurance or self-insurance or other reimbursement-type obligations regarding workers compensation claims;
(n)Indebtedness arising in connection with the financing of insurance premiums in the Ordinary Course;
(o)Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations arising in the Ordinary Course;
(p)Indebtedness in respect of netting services, overdraft protections, business credit cards, purchasing cards, payment processing, automatic clearinghouse arrangements, arrangements in respect of pooled deposit or sweep accounts, check endorsement guarantees, and otherwise in connection with deposit accounts or cash management services in each case in the Ordinary Course; 

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(q)purchase price adjustments, indemnity payments and other deferred purchase price obligations in connection with any Acquisition; and
(r)Permitted Warrant Transactions that constitute Indebtedness.
“Permitted Intercreditor Agreement” shall have the meaning set forth in Section 7.18.
“Permitted Licensing Agreement” shall mean (A) any outbound non-exclusive license for the use of the Intellectual Property of the Company or any of its Subsidiaries entered into in the Ordinary Course, (B) exclusive licenses limited (i) in territory solely with respect to a specific country or geographic region outside of the United States or (ii) to the promotion, manufacture or sale solely of products other than the Product, in each case (i) and (ii) for the use of the Intellectual Property of the Company or any of its Subsidiaries entered into in the Ordinary Course, (C) any promotion, manufacture or other collaborative arrangements with a third party in which the Company or any of its Subsidiaries grants a third party licenses under any of its Intellectual Property, but does not grant such third party the right to sell the Product; provided, that with respect to each such license described in clauses (A) through (C), the license (w) is negotiated at arm’s length for fair market value, (x) does not provide for a sale or assignment of any such Intellectual Property, (y) does not restrict the ability of the Company or any of its Subsidiaries, as applicable, to pledge, grant a security interest in or lien on any such Product Intellectual Property, and (z) is commercially reasonable (as determined by the Company in good faith) or (D) any license to which the Administrative Agent consents (such consent not to be unreasonably withheld).
“Permitted Liens” shall mean:
(a)Liens created in favor of the Purchasers on or after the Effective Date pursuant to the Security Agreement and any other Transaction Document;
(b)Liens securing Ordinary Course Capital Lease Obligations; provided that such Liens are restricted solely to the collateral described in subsection (g) of the definition of “Permitted Indebtedness;”
(c)Liens imposed by any Law arising in the Ordinary Course, including (but not limited to) carriers’, warehousemen’s, landlords’, and mechanics’ liens, liens relating to leasehold improvements and other similar Liens arising in the Ordinary Course which (x) do not in the aggregate materially detract from the value of the property subject thereto or materially impair the use thereof in the operations of the business of such Person or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property subject to such Liens and for which adequate reserves have been made if required in accordance with GAAP;
(d)pledges, deposits or other Liens made in the Ordinary Course (x) in connection with bids, contract leases, appeal bonds, workers’ compensation, unemployment insurance or other similar social security legislation, or (y) securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Company or any Subsidiary;

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(e)Liens securing Taxes, assessments and other governmental charges, the payment of which is not yet due or is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made; 
(f)any Liens set forth on Schedule 3.04(a) and renewals and extensions thereof in connection with Permitted Refinancings of the Indebtedness being secured by such Lien; provided that (i) no such Lien (including any renewal or extension thereof) shall extend to any other property or asset of the Company or any of its Subsidiaries and (ii) any such Lien shall secure only those obligations which it secures on the date hereof and renewals, extensions and replacements thereof in connection with Permitted Refinancings of the Indebtedness being secured by such Lien that do not increase the outstanding principal amount thereof;
(g)servitudes, easements, rights of way, restrictions and other similar encumbrances on real property imposed by any Law and Liens consisting of zoning or building restrictions, easements, licenses, restrictions on the use of real property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Company or its Subsidiaries; 
(h)with respect to any real property, (i) such defects or encroachments as might be revealed by an up-to-date survey of such real property; (ii) the reservations, limitations, provisos and conditions expressed in the original grant, deed or patent of such property by the original owner of such real property pursuant to all applicable Laws; and (iii) rights of expropriation, access or user or any similar right conferred or reserved by or in any Law, which, in the aggregate for clauses (i), (ii) and (iii), are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Company or its Subsidiaries;
(i)bankers’ liens, rights of setoff and similar Liens incurred on deposits made in the Ordinary Course;
(j)any Lien to secure Indebtedness described in clause (i) of “Permitted Indebtedness”; provided that (i) such Lien is not created in contemplation of or in connection with such Acquisition, (ii) such Lien shall not apply to any other property or assets of the Company or any of its Subsidiaries other than the assets subject to such Liens immediately prior to the consummation of such Acquisition and (iii) such Lien shall secure only those obligations that it secured immediately prior to the consummation of such Acquisition and Permitted Refinancings thereof;
(k)Liens securing Indebtedness described in clauses (m), (n), (o), and (p) of the definition of “Permitted Indebtedness;”
(l)any judgment lien or lien arising from decrees or attachments not constituting a Put Option Event;

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(m)Liens arising from precautionary UCC financing statement filings regarding operating leases of personal property and consignment arrangements entered into in the Ordinary Course; 
(n)other Liens which secure obligations in an aggregate amount not to exceed $[***] (or the Equivalent Amount in other currencies) at any time outstanding;
(o)Liens securing Indebtedness described in clause (e) of “Permitted Indebtedness” and subject to the Intercreditor Agreement or another Permitted Intercreditor Agreement;
(p)Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods and incurred in the Ordinary Course; 
(q)Liens on cash and Permitted Cash Equivalent Investments securing obligation under Permitted Hedging Agreements; 
(r)(i) Liens to secure payment of workers’ compensation, employment insurance, old age pensions, social security and other like obligations incurred in the Ordinary Course (other than Liens imposed by ERISA) and (ii) deposits in respect of letters of credit, bank guarantees or similar instruments issued for the account of the Company or any Subsidiary in the Ordinary Course; 
(s)Permitted Licensing Agreements and, solely with respect to assets owned by third parties and licensed or leased to the Company or any of its Subsidiaries, retained interests or title of licensors or lessors that do not conflict with the Company’s or any such Subsidiaries’ use thereof;
(t)Liens solely on any cash earnest money deposits made by the Company or any of the Subsidiaries in connection with any letter of intent, purchase agreement or other documentation in respect of an Acquisition or other investment; and
(u)Liens arising out of any sale-leaseback transaction, so long as such Liens attach only to the property sold and being leased in such transaction and any accessions and additions thereto or proceeds and products thereof and related property.
“Permitted Priority Debt” shall mean (a) the Oaktree Term Loan Facility and (b) Indebtedness in an aggregate principal amount outstanding not to exceed, together with any Indebtedness in respect of the Oaktree Term Loan Facility, the greater of (x) $[***] and (y) [***]% of the Market Capitalization of the Company measured as of the date of incurrence thereof or at the option of the Company, as of the date of the entry into a binding commitment for the incurrence or issuance thereof (including in the case of Indebtedness to be incurred in connection with any acquisition, the date of the definitive agreement relating to such acquisition); provided, that the Yield of such Indebtedness shall not exceed the Yield Cap (determined as of the date of the incurrence thereof).
“Permitted Refinancing” shall mean, with respect to any Indebtedness permitted to be modified, refinanced, replaced, refunded, replaced, renewed or extended hereunder, any modification, refinancing, refunding, replacement, renewal or extension of such Indebtedness; 

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provided that (i) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, replaced, renewed or extended except by an amount equal to unpaid accrued interest and premium thereon plus other amounts paid, and fees and expenses incurred (including any original issue discount and commitment fees), in connection with such modification, refinancing, refunding, replacement, renewal or extension and by an amount equal to any existing revolving commitments unutilized thereunder, and (ii) the Indebtedness resulting from such modification, refinancing, replacement, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, replaced, renewed or extended (other than customary bridge loans that are exchangeable into loans, notes or securities).
“Permitted Warrant Transaction” shall mean any call option, warrant or right to purchase (or substantively equivalent derivative transaction) relating to the Company’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of the Company) sold by the Company and with recourse to the Company only, substantially concurrently with any purchase by the Company of a Permitted Bond Hedge Transaction and settled in common stock of the Company, cash or a combination thereof (such amount of cash determined by reference to the price of the Company’s common stock or such other securities or property), and cash in lieu of fractional shares of common stock of the Company.
“Person” shall mean an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, but not including a government or political subdivision or any agency or instrumentality of such government or political subdivision.
“Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Primary Obligor” shall have the meaning set forth in the definition of “Guarantee.”
“Product” shall mean the pharmaceutical product referred to as BXCL 501, which is a proprietary, orally dissolving thin film formulation of dexmedetomidine, a selective alpha-2a receptor agonist, as further described on Schedule 2, including any and all dosage forms, presentations, dosages and formations, including all improvements and modifications on or to the foregoing, in each case in which dexmedetomidine is the sole therapeutically active pharmaceutical ingredient, across all marketed indications in the United States.
“Product Authorizations” shall mean any and all approvals of any Governmental Authority (including the NDA, investigational new drug applications, Product Standards, supplements, amendments, pre- and post-approvals, governmental price and reimbursement approvals and approvals of applications for regulatory exclusivity), in each case, necessary to be held or maintained by, or for the benefit of, the Company or any of its Subsidiaries or its Affiliates for the 

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ownership, use, Development and/or Commercialization of the Product or for any Product Commercialization and Development Activities with respect thereto in the United States.
“Product Commercialization and Development Activities” shall mean, with respect to the Product, any combination of research, Development, manufacture, import, use, sale, licensing, importation, exportation, shipping, storage, handling, design, labeling, marketing, promotion, supply, distribution, testing, packaging, purchasing or other Commercialization activities, receipt of payment in respect of any of the foregoing (including, in respect of licensing, royalty milestone or similar payments), or any similar or other activities the purpose of which is to commercially exploit the Product in the United States.
“Product Intellectual Property” shall mean Intellectual Property issued, registered, or subject to a pending application for issuance or registration in, or otherwise arising under the laws of, the United States that (a) is Controlled by the Company or any of its Subsidiaries and (b) claims or covers the Product (or the manufacture or use thereof) or any Product Commercialization and Development Activities, including any non-published and proprietary information or data contained in any NDA for the Product.
“Product Patent” shall mean any Patent that constitutes Product Intellectual Property.
“Product Standards” shall mean all safety, quality and other specifications and standards applicable to the Product, including all pharmaceutical, biological and other standards promulgated by any of the organizations that create, sponsor or maintain safety, quality or other standards, including ISO, ANSI, CEN and SCC and the like.
“Prohibited Payment” shall mean any bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or anything of value (including meals or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, political party or supra-national organization (such as the United Nations), any political candidate, any royal family member or any other person who is connected or associated personally with any of the foregoing that is prohibited under any Law for the purpose of influencing any act or decision of such payee in his official capacity, inducing such payee to do or omit to do any act in violation of his lawful duty, securing any improper advantage or inducing such payee to use his influence with a government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality.
“Proportionate Share” shall mean, with respect to any Purchaser, the percentage obtained by dividing (i) the sum of the Commitments then in effect and the outstanding Funded Amount of such Purchaser by (ii) the sum of the Commitments then in effect and the outstanding Funded Amount of all Purchasers.
“Purchase Price” shall mean, with respect to each tranche, the Tranche A Purchase Price, the Tranche B Purchase Price and the Tranche C Purchase Price, as applicable.
“Purchasers” shall have the meaning set forth in the first paragraph hereof, and shall also include any permitted successors or assigns thereof. 
“Purchasers Indemnified Party” shall have the meaning set forth in Section 7.05(a).

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“Put Option” shall have the meaning set forth in Section 5.05(a).
“Put Option Closing Date” shall have the meaning set forth in Section 5.05(a).
“Put Option Event” shall mean any one of the following events:
(a)any Bankruptcy Event; or
(b)a Change of Control shall have occurred; or
(c)any sale, out-licensing of all or substantially all of the rights in and to the Product in the United States or other form of divestment of all or substantially all of the rights in and to the Product in the United States, in each case other than any Permitted Licensing Agreement; or
(d)the Company shall fail (i) to pay, when and as required to be paid herein, any amount of any Revenue Interest Payment when and as the same shall become due and payable, whether at the due date thereof, at a date fixed for prepayment thereof or otherwise, or (ii) to pay or reimburse the Purchasers for any other Obligations not described in the preceding clause (i), and, in each case, such failure shall continue for a period of ten (10) Business Days following the due date therefor (or, if there is no due date therefor, within ten (10) Business Days following the Purchasers’ demand for any such payment or reimbursement); or
(e)the Company or any Subsidiary shall fail or neglect to perform, keep or observe any other provision of this Agreement or of any of the other Transaction Documents (other than any provision embodied in or covered by any other clause of this definition) and such failure shall reasonably be expected to have a Material Adverse Effect, and, in the case of any failure that is capable of cure, the same shall remain unremedied for thirty (30) days or more following the earlier to occur of (a) notice thereof furnished to the Company by the Purchasers and (b) the date any officer of the Company has (or reasonably should have had) knowledge of the occurrence of the acts or omissions that constitute such failure.
“Put Option Trigger” shall have the meaning set forth in Section 5.05(a).
​
“Put/Call Price” shall mean, as of any date of determination, the greater of (X) the Tail Royalty Put/Call Price and (Y) an amount sufficient that, giving effect to the payment of the Put/Call Price and all other payments made by the Company to the Purchasers pursuant to this Agreement, (i) the MOIC equals 1.225x if such date is before the one-year anniversary of the Tranche A Funding Date, (ii) the MOIC equals 1.375x if such date is on or after the one-year anniversary of the Tranche A Funding Date and before the two-year anniversary of the Tranche A Funding Date, (iii) the MOIC equals 1.525x if such date is on or after the two-year anniversary of the Tranche A Funding Date and before the three-year anniversary of the Tranche A Funding Date, and (iv) the MOIC equals 1.750x if such date is on or after the three-year anniversary of the Tranche A Funding Date.
“QIA Purchaser” shall mean any Purchaser that is an Affiliate of Qatar Investment Authority.

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“Qualified Equity Interest” shall mean, with respect to any Person, any Equity Interest of such Person that is not a Disqualified Equity Interest.
“Qualified Plan” shall mean an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by the Company or any ERISA Affiliate thereof or to which the Company or any ERISA Affiliate thereof has ever made, or was ever obligated to make, contributions, and (ii) that is intended to be tax qualified under Section 401(a) of the Code.
“Quarterly Report” shall mean, with respect to the relevant Fiscal Quarter of the Company, a report showing the Revenue Interest Payment due to the Administrative Agent for such Fiscal Quarter, which report shall include a calculation of Net Sales, reconciled, to the extent applicable, with the Company’s consolidated statements of operations; provided that, with respect to Net Sales by any Licensee, if the Company receives the applicable reporting from such Licensee necessary for the Company to determine such Licensee’s Net Sales fewer than fifteen Business Days prior to the due date for a Quarterly Report, the Company may, at its option, include such Net Sales on the Quarterly Report for the subsequent Fiscal Quarter and pay any Revenue Interest Payments or Tail Royalty Payments on such Net Sales concurrently with delivery of such subsequent Quarterly Report in accordance with Section 2.02(d). 
“Referral Source” shall have the meaning set forth in Section 3.07(b).
“Registered Product IP” shall mean all Product Intellectual Property that is issued by, registered with, renewed by or the subject of a pending application before any Governmental Authority or domain name registrar.
“Regulatory Agency” shall mean a Governmental Authority with responsibility for the approval of the manufacture, use, storage, import, export, transport, or Commercialization of the Product in the United States. 
“Regulatory Approval” shall mean all approvals, product and/or establishment licenses, registrations, certificates, permits, authorizations and supplements thereto, as well as associated materials (including the product dossier) of any Regulatory Agency necessary for the manufacture, use, storage, import, export, transport, or Commercialization of the Product in the United States.
“Revenue Interest Payment(s)” shall have the meaning set forth in Section 2.02(a).
“Revenue Interest Period” shall mean the period from, and including, the Tranche A Funding Date through, and including, September 30, 2032, unless earlier terminated upon (i) the Purchasers’ exercise of the Put Option or the Company’s exercise of the Call Option, in each case upon payment of the Put/Call Price, (ii) the termination of this Agreement by the Company pursuant to Section 6.01 or (iii) the date on which the Company has made payments to the Purchasers in an amount equal to the Hard Cap; provided that the Revenue Interest Period shall be reinstated in the event that the Hard Cap is no longer met after giving effect to an increase in the Funded Amount.
 “Sanction” shall mean any international economic or financial sanction or trade embargo imposed, administered or enforced from time to time by the United States Government (including, 

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without limitation, OFAC), the United Nations Security Council, the European Union or its Member States, Her Majesty’s Treasury or other relevant sanctions authority where the Company is located or conducts business.
“Sanctioned Person” shall mean, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the United States Government (including OFAC), the United Nations Security Council, the European Union or its Member States, Her Majesty’s Treasury, or other relevant sanctions authority, (ii) any Person organized or resident in a Designated Jurisdiction or (iii) any Person fifty percent (50%) or more owned or is controlled by any such Person or Persons described in the foregoing clause (i) or (ii).
“Secured Parties” shall mean the Purchasers, the Administrative Agent and any of their respective permitted transferees or assigns.
“Security Agreement” shall mean the Security Agreement between the Company and the Administrative Agent providing for, among other things, the grant by the Company in favor of the Administrative Agent, for the benefit of the Secured Parties, of a valid continuing, perfected lien on and security interest in, the Collateral, which Security Agreement shall be substantially in the form of Exhibit A.
“Subsidiary” shall mean, with respect to any Person, any other Person controlled by such first Person, directly or indirectly, through one or more intermediaries. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company.
“Tail Royalty Condition” shall mean the occurrence of the Tranche B Funding Condition.
“Tail Royalty Payment” shall have the meaning set forth in Section 2.02(b).
“Tail Royalty Percentage” shall mean 0.375%.
“Tail Royalty Period” shall mean the period on and commencing from the earlier of (i) the date on which the Purchasers have received payments from the Company pursuant to this Agreement in an amount equal to the Hard Cap (including after giving effect to the funding of Tranche C) and (ii) September 30, 2032, through and including March 31, 2036; provided that the Tail Royalty Period shall be suspended in the event that the Hard Cap is no longer met after giving effect to an increase in the Funded Amount and shall not recommence until the Hard Cap is reached again; provided further that the Tail Royalty Period shall not commence unless and until the Tail Royalty Condition has occurred.
“Tail Royalty Put/Call Price” shall mean, as of any date of determination, (A) prior to the third anniversary of the Effective Date, $0 and (B) on or after the third anniversary of the Effective Date, an amount sufficient that giving effect to the payment of the Put/Call Price and all other payments made by the Company to the Purchasers under this Agreement, the MOIC equals 2.25x.
“Tax” or “Taxes” shall mean any federal, state, local or foreign tax, levy, impost, duty, assessment, fee, deduction or withholding (including backup withholding) or other charge, including all excise, sales, use, value added, transfer, stamp, documentary, filing, recordation and 

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other fees imposed by any taxing authority (and interest, fines, penalties and additions related thereto). 
“Tax Return” shall mean any report, return, form (including elections, declarations, statements, amendments, claims for refund, schedules, information returns or attachments thereto) or other information supplied or required to be supplied to a Governmental Authority with respect to Taxes. 
“Term” shall have the meaning set forth in Section 6.01. 
“Term Sheet” shall mean the Letter of Intent between the Company and Oaktree Capital Management, L.P., dated December 7, 2021, as amended on February 24, 2022. 
“Third Party” shall mean any Person other than the Purchasers or the Company. 
“Title IV Plan” shall mean an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by the Company or any ERISA Affiliate thereof or to which the Company or any ERISA Affiliate thereof has ever made, or was obligated to make, contributions, and (ii) that is or was subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA.
“Trade Secrets” shall mean all know-how, trade secrets and other proprietary or confidential information, any information of a scientific, technical, or business nature in any form or medium, Inventions and Invention disclosures, all documented research, developmental, demonstration or engineering work (including all novel manufacturing methods), and all other technical data, clinical data and information related thereto, including laboratory notebooks, chemical and biological materials (including any compounds, DNA, RNA, clones, vectors, cells and any expression product, progeny, derivatives or improvements thereto) and the results of experimentation and testing, including samples.
“Trademarks” shall mean all trade names, trademarks and service marks, trade dress, corporate names, logos, Internet domain names, IP addresses, social media handles, uniform resource locators and other indicia of origin, trademark and service mark registrations, and applications for trademark and service mark registrations, whether or not registered, and any and all common law rights thereto, including (i) all renewals of trademark and service mark registrations and (ii) all rights whatsoever accruing thereunder or pertaining thereto throughout the world, together, in each case, with the goodwill of the business connected with the use thereof and symbolized thereby.
“Trading Day” means a day on which the Company’s common Equity Interests are traded on a Trading Market or, if the Company’s common Equity Interests are not traded on a Trading Market, then on the principal securities exchange or securities market on which the Company’s common Equity Interests are then traded.
“Trading Market” means any market or exchange of The Nasdaq Stock Market LLC or the New York Stock Exchange.

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“Tranche A” shall mean a funding in the amount of the Tranche A Purchase Price.
“Tranche A Funding Condition” shall mean the occurrence of each of (i) BXCL 501 FDA Approval, (ii) the funding date of the Tranche A Term Loans (as defined in the Oaktree Term Loan Facility), and (iii) June 30, 2022.
“Tranche A Funding Date” shall have the meaning set forth in Section 2.03(c).
“Tranche A Purchase Price” shall mean $30,000,000.
“Tranche B” shall mean a funding in the amount of the Tranche B Purchase Price.  
“Tranche B Funding Condition” shall mean the occurrence of each of (i) [***], (ii) Net Sales exceeding $[***] during any consecutive twelve (12) month period, (iii) [***] and (iv) [***]. 
“Tranche B Funding Date” shall have the meaning set forth in Section 2.03(c).
“Tranche B Purchase Price” shall mean $45,000,000.
“Tranche C” shall mean a funding of the Tranche C Purchase Price.
“Tranche C Funding Condition” shall mean the occurrence of each of (i) [***], (ii) Net Sales exceeding $[***] during any consecutive twelve (12) month period, (iii) [***] and (iv) [***].
“Tranche C Funding Date” shall have the meaning set forth in Section 2.03(c).
“Tranche C Purchase Price” shall mean $45,000,000.
“Transaction Documents” shall mean, collectively, this Agreement, the Security Agreement, the Intercreditor Agreement and any related ancillary documents or agreements (provided, for the avoidance of doubt, that any documents related to the Oaktree Term Loan Facility other than the Intercreditor Agreement shall not be Transaction Documents).
“UCC” shall mean the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.
“UCC Financing Statements” shall mean the UCC-1 financing statements, in form and substance reasonably satisfactory to the Administrative Agent and the Purchasers, that shall be filed by the Purchasers at or promptly following the Effective Date, as well as any additional UCC-1 financing statements or amendments thereto as reasonably requested from time to time, to perfect the Purchasers’ security interest in the Collateral.
“United States” shall mean the United States of America (including the District of Columbia, its territories and Puerto Rico).
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (i) if the Company’s common Equity Interests are then listed or quoted on a Trading Market, the daily volume weighted average price of the Company’s common Equity Interests for 

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such date (or the nearest preceding date) on the Trading Market on which the Company’s common Equity Interests are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)), (ii) if the Company’s common Equity Interests are not then listed on a Trading Market or quoted for trading on the OTC Bulletin Board and if prices for the Company’s common Equity Interests are then reported in the “Pink Sheets” published by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Company’s common Equity Interests so reported or (iii) in all other cases, the fair market value of a share of the Company’s common Equity Interests as determined by an independent nationally recognized investment banking, accounting or valuation firm selected in good faith by the Company and reasonably acceptable to the Administrative Agent, the fees and expenses of which shall be paid by the Company.
“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing:  (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness.
“Withdrawal Liability” shall mean, at any time, any liability incurred (whether or not assessed) by any ERISA Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA.
“Yield” shall mean, with respect to any Permitted Priority Debt, the yield thereof, whether in the form of interest rate, margin, original issue discount, upfront fees, an interest rate benchmark floor, or otherwise, in each case, incurred or payable by the Company generally to all the lenders or holders of such Indebtedness (excluding for the avoidance of doubt any warrants or other equity interests issued in connection therewith and any prepayment premiums payable upon the prepayment thereof); provided that original issue discount and upfront fees shall be equated to interest rate assuming a four-year (4-year) life to maturity (or, if less, the stated life to maturity at the time of its incurrence of the applicable Indebtedness).
“Yield Cap” shall mean the Yield applicable to the Oaktree Term Loan Facility plus [***] basis points.
ARTICLE II​
​
PURCHASE OF ASSIGNED INTERESTS 
Section 2.01Purchase.
Upon the terms and subject to the conditions set forth in this Agreement, including the satisfaction of the Tranche A Funding Condition, the Company agrees to sell, assign, transfer and convey to the Purchasers, and the Purchasers agree, severally and not jointly, to purchase from the Company, free and clear of all Liens (except Permitted Liens), all of the Company’s rights and interests in and to the Assigned Interests and the Assigned Tail Royalty Interests on the Tranche 

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A Funding Date, in accordance with such Purchasers’ Proportionate Share as set forth on Schedule 1.  The Purchasers’ ownership interest in the Assigned Interests and Assigned Tail Royalty Interests so acquired shall vest immediately and automatically upon the Company’s receipt of payment of the Tranche A Purchase Price for such Assigned Interests and Assigned Tail Royalty Interests, pursuant to Section 2.03(b), subject to the termination provisions of Section 6.01.  
Section 2.02Payments by the Company.
(a)Payments in Respect of the Assigned Interests.  In connection with the purchase of the Assigned Interests, and subject to the terms and conditions of this Agreement, the Purchasers shall be entitled to receive an amount equal to the product of the Applicable Percentage multiplied by the applicable Net Sales during the Revenue Interest Period (such payments, the “Revenue Interest Payments”), as provided in this Section 2.02.
(b)Payments in Respect of the Assigned Tail Royalty Interests.  In connection with the purchase of the Assigned Tail Royalty Interests, and subject to the terms and conditions of this Agreement, the Purchasers shall be entitled to receive an amount equal to the product of the Tail Royalty Percentage multiplied by the applicable Net Sales during the Tail Royalty Period, if any (such payments, the “Tail Royalty Payments”), as provided in this Section 2.02.
(c)Additional Payments; Hard Cap; Tail Royalty Payment Condition. 
(i)If the Purchasers have not received payments from the Company pursuant to this Agreement in an aggregate amount such that its MOIC is at least [***]x by [***], the Company shall make a payment to the Purchasers promptly (and in any event, no later than 45 days thereafter) in an amount equal to such deficit, which payment shall be deemed a Revenue Interest Payment.
(ii)If [***] and the Purchasers have not received payments from the Company pursuant to this Agreement in an aggregate amount such that its MOIC (measured only on the Funded Amount with respect to Tranche A) is at least [***]x by [***], then the Company shall make a payment to the Purchasers promptly (and in any event, no later than 45 days thereafter) in an amount equal to such deficit, which payment shall be deemed a Revenue Interest Payment.
(iii)If the Purchasers have not received payments from the Company pursuant to this Agreement in an aggregate amount such that its MOIC is at least [***]x by [***], the Company shall make a payment to the Purchasers promptly (and in any event, no later than 45 days thereafter) in an amount equal to such deficit, which payment shall be deemed a Revenue Interest Payment. 
(iv)Notwithstanding anything else set forth herein to the contrary, in no event shall the aggregate amount of any Revenue Interest Payment made by Company to the Purchasers under this Agreement exceed the Hard Cap as calculated at such time.  For the avoidance of doubt, Tail Royalty Payments, if owed, are in addition to Revenue Interest Payments.

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(v)Notwithstanding anything else set forth herein to the contrary, in no event shall the Company be obligated to make any Tail Royalty Payment unless the Tail Royalty Condition is first satisfied.  

(d)Quarterly Payments. On a quarterly basis for each Fiscal Quarter during the Revenue Interest Period (subject to the Hard Cap), or the Tail Royalty Period, concurrently with the delivery of the Quarterly Report to the Administrative Agent as set forth in Section 5.01(f) (but in no event later than sixty (60) days following the end of each Fiscal Quarter), the Company shall pay to the Administrative Agent, for the account of the Purchasers, an amount equal to the Revenue Interest Payment or the Tail Royalty Payment, as applicable, for such Fiscal Quarter to the Administrative Agent for the account of the Purchasers;  provided that, with respect to Net Sales by any Licensee, if the Company receives the applicable reporting from such Licensee necessary for the Company to determine such Licensee’s Net Sales fewer than fifteen Business Days prior to the due date for a Quarterly Report, the Company may, at its option, pay any Revenue Interest Payments or Tail Royalty Payments on such Net Sales concurrently with delivery of such subsequent Quarterly Report pursuant to this Section 2.02(d).  Except as otherwise provided in this Agreement, each payment by the Company will be deemed to be made ratably in accordance with the Purchasers’ Proportionate Shares. 
(e)Payments into Deposit Accounts.  
(i)The Company shall at all times maintain one or more Collection Accounts. The Company shall ensure that at all times all payments made to the Company or any Affiliate thereof in respect of the Product are promptly deposited into a Collection Account.  The Company shall ensure that the portion of such payments equal to the Applicable Percentage or the Tail Royalty Percentage, as applicable, thereof shall be retained in a Collection Account pending payment thereof to the Purchasers in accordance with the terms hereof. 
(ii)All payments required to be made by the Company under this Agreement shall be the Obligations of the Company. The Company shall pay all fees, expenses and charges of the applicable deposit bank with respect to each Collection Account. The Company shall cause each Collection Account to at all times be subject to an account control agreement between the Company, the Administrative Agent and the applicable depositary institution in favor of the Administrative Agent in form and substance reasonably acceptable to the Administrative Agent that (A) ensures, to the extent necessary under applicable law and subject to the Intercreditor Agreement, the perfection of a security interest in favor of the Administrative Agent on such Collection Account, (B) provides that, upon written notice from the Administrative Agent, such depositary institution shall comply with instructions originated by the Administrative Agent directing disposition of the funds in such Collection Account without further consent of the Company and (C) may not be terminated without prior written consent of the Administrative Agent.
(iii)Payment Procedure. Any payments to be made by the Company to the Purchasers hereunder or under any other Transaction Document shall be made by wire transfer of immediately available funds to the account designated by the Administrative Agent prior to the date thereof.  In the event that any payment is due on a day that is not a Business Day, such payment shall be due on the next Business Day.

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(f)Effectiveness.  Notwithstanding the foregoing, the payment provisions set forth in Section 2.02 shall only become operative upon the occurrence of the Tranche A Funding Date. 
Section 2.03Effective Date; Effective Date Deliveries; Payment of Purchase Price; Payments by the Company.
(a)Effective Date.  This Agreement shall become effective subject to the fulfillment, to the sole satisfaction of the Purchasers, of all of the following conditions precedent:
(i)This Agreement and the other Transaction Documents shall have been executed and delivered to the Purchasers by each party thereto, and the Company shall have delivered, or caused to be delivered, such other documents as the Administrative Agent reasonably requests, in each case, in form and substance satisfactory to the Administrative Agent.
(ii)The Company shall have delivered to the Administrative Agent (x) a copy of a good standing certificate of the Company, dated a date reasonably close to the Effective Date, and (y) a duly executed secretary’s certificate, dated as of the Effective Date, as to: (a) resolutions of the Board then in full force and effect authorizing the execution, delivery and performance of each Transaction Document to be executed by the Company; (b) the incumbency and signatures of officers authorized to execute and deliver each Transaction Document to be executed by the Company; and the full force and validity of the articles or certificate of incorporation or bylaws (or other organizational or constitutional documents) of the Company and copies thereof; which certificate shall be in form and substance reasonably satisfactory to the Administrative Agent. 
(iii)The Purchasers shall have received executed counterparts of the Security Agreement, in form and substance reasonably acceptable to the Purchasers, dated as of the Effective Date, duly executed and delivered by the Company, together with all documents required to be delivered or filed under the Security Agreement and evidence satisfactory to it that arrangements have been made with respect to all registrations, notices or actions required under the Security Agreement to be effected (including the UCC Financing Statements), given or made in order to establish a valid and perfected first priority security interest in the Collateral in accordance with the terms of the Security Agreement and the Intercreditor Agreement.
(iv)The representations and warranties made by the Company in Article III hereof and in the other Transaction Documents shall be true and correct in all material respects as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (except that any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects).
(v)The Company shall have delivered to the Administrative Agent written evidence satisfactory to the Administrative Agent in all respects of the Company’s submission of the NDA in respect of the Product to the FDA.

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(vi)No event shall have occurred or be continuing that would constitute a Put Option Event hereunder.
(vii)The Purchasers shall have received satisfactory evidence that the Company has obtained all required consents and approvals of all Persons to the execution, delivery and performance of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereunder and thereunder.
(viii)There shall not exist any event or condition that constitutes a Material Adverse Change.
(ix)The Company shall have delivered to the Administrative Agent and the Purchasers an opinion of counsel to the Company reasonably acceptable to the Administrative Agent and the Purchasers, and their respective counsel as to matters relating to the Company and the Transaction Documents.
(x)The Administrative Agent shall have received the Financial Statements, or such information shall be publicly available on “EDGAR”.
(xi)The Administrative Agent shall have received a certificate in form and substance reasonably satisfactory to the Purchasers, dated as of the Effective Date, duly executed and delivered by an officer of the Company, certifying that the conditions set forth in clauses (iv), (vi), (vii) and (viii) of this Section 2.03(a) have been satisfied.  
(xii)The Administrative Agent shall be satisfied with Lien searches regarding the Company made as of a date reasonably close to the Effective Date.
(xiii)A Collection Account shall have been established.
(b)Purchase Procedures.  The obligation of the Company to sell each Applicable Tranche, and of each Purchaser to make pay the applicable Purchase Price with respect to each such Applicable Tranche, is subject to satisfaction of the Tranche A Funding Condition and, with respect to each of Tranche B and Tranche C, (i) satisfaction of the Tranche B Funding Condition or Tranche C Funding Condition, as applicable and (ii) a request by the Company for the applicable  funding, made by the Company at least five (5) Business Days prior to the requested funding date by delivering to the Administrative Agent an irrevocable Funding Notice in the form of Exhibit B signed by a duly authorized representative of the Company (which notice, if received by the Administrative Agent on a day that is not a Business Day or after 10:00 A.M. (Eastern time) on a Business Day, shall be deemed to have been delivered on the next Business Day). Each Funding Notice shall be for the full amount of the Applicable Tranche and no Funding Notice for less than such full amount shall be permitted. For the avoidance of doubt, any funding of Tranche B and Tranche C shall be at the Company’s option, and the Company has no obligation to request or accept the Tranche B funding or Tranche C funding.
(c)Payment of Purchase Price.  Promptly (and in any event within five (5) Business Days) following satisfaction of the Tranche A Funding Condition with respect to Tranche A, and promptly following receipt of any Funding Notice from the Company with respect to Tranche B or Tranche C, the Administrative Agent shall advise each Purchaser of the details of the applicable 

35

funding or Funding Notice, as applicable, including the amount of each Purchaser’s Commitment to be funded.  Each Purchaser shall pay its Proportionate Share of the Tranche A Purchase Price, Tranche B Purchase Price, or Tranche C Purchase Price, as applicable, solely by wire transfer in immediately available funds, by 2:00 p.m. New York City Time on the funding date specified in the Funding Notice (respectively, the “Tranche A Funding Date”, “Tranche B Funding Date”, and “Tranche C Funding Date”) to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Purchasers. The requirement of the Purchasers to pay its Proportionate Share of the Applicable Tranche shall be subject to the representations and warranties being made by the Company in Sections 3.01 through 3.05 hereof being true and correct in all material respects as of the Applicable Funding Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (except that any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects). The Applicable Funding Condition may be waived by mutual agreement by the Purchasers and the Company each in their sole discretion. 
(d)Payment of the Purchase Price by the Purchasers shall have no contingencies other than as set forth in Section 2.03(b) above.  
(e)Notwithstanding anything to the contrary in this Agreement, in no event shall the Tranche B Funding Date or the Tranche C Funding Date occur after the Long Stop Date.
Section 2.04No Assumed Obligations. 
Notwithstanding any provision in this Agreement or any other writing to the contrary, the Purchasers are acquiring only the Assigned Interests and the Assigned Tail Royalty Interests and are not assuming any liability or obligation of the Company or any of its Affiliates of whatever nature, whether presently in existence or arising or asserted hereafter, whether under any Transaction Document or otherwise (the “Excluded Liabilities and Obligations”). The Purchasers expressly do not assume or agree to be responsible for any Excluded Liabilities and Obligations and all such liabilities and obligations shall be retained by and remain solely obligations and liabilities of the Company or its Affiliates.
ARTICLE III​
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REPRESENTATIONS AND WARRANTIES OF COMPANY
The Company hereby represents and warrants to the Administrative Agent and the Purchasers, as of the Effective Date and as of each Applicable Funding Date with respect to Section 3.01 through Section 3.05 only, the following: 
Section 3.01Organization. 
Each of the Company and its Subsidiaries is a corporation duly incorporated, validly existing and in good standing under the laws of its respective jurisdiction of formation and has all corporate powers and all licenses, authorizations, consents and approvals required to carry on its respective business as now conducted and as proposed to be conducted in connection with the transactions contemplated by the Transaction Documents. Each of the Company and its 

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Subsidiaries is duly qualified to do business as a foreign corporation and is in good standing in every jurisdiction in which the failure to do so would be reasonably expected to have a Material Adverse Effect. The Company has no direct or indirect Subsidiaries, other than those disclosed to the Purchaser in writing on or prior to the date hereof (including as disclosed in its public filings with the Securities and Exchange Commission). 
Section 3.02Authorization. 
The Company has all necessary power and authority to enter into, execute and deliver the Transaction Documents and to perform all of the obligations to be performed by it hereunder and thereunder and to consummate the transactions contemplated hereunder and thereunder. The Transaction Documents have been duly authorized, executed and delivered by the Company and each Transaction Document constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
Section 3.03Governmental Authorization. 
None of the execution, delivery and performance by the Company of the Transaction Documents, or the consummation by the Company of the transactions thereunder, (i) requires any Governmental Approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except for (x) such as have been obtained or made and are in full force and effect and (y) filings and recordings in respect of perfecting or recording the Liens created pursuant to the Security Agreement, (ii) will violate (1) any Law, (2) any Organic Document of the Company or any of its Subsidiaries or (3) any order of any Governmental Authority, that in the case of clause (ii)(1) or clause (ii)(3), individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, or (iii) will result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of the Company or any of its Subsidiaries.
Section 3.04Ownership. 
(a)The Company Controls all of the Intellectual Property and Regulatory Approvals that it purports to Control that cover or are material to, or are necessary for the Product (including any Product Commercialization and Development Activities) free and clear of all Liens (other than Permitted Liens). Neither the Company nor any of its Subsidiaries have entered into any Contract granting any license or covenant not to sue under any Product Intellectual Property, except for Permitted Licensing Agreements or as set forth on Schedule 3.04(a).
(b)The Company owns, and is the sole holder of, and/or has and holds a valid, written, enforceable and subsisting license to, all of those other assets of which it is aware that are material to, or otherwise necessary for the conduct of its business related to the Product (including any Product Commercialization and Development Activities), in each case free and clear of any and all Liens (other than Permitted Liens). Except as set forth on Schedule 3.04(b), the Company has 

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not transferred, sold, or otherwise disposed of, or agreed to transfer, sell, or otherwise dispose of any portion of the Net Sales other than as contemplated by this Agreement. 
Section 3.05Financial Statements; Material Adverse Change.
(a)As of the Effective Date, the Company has heretofore furnished to the Purchasers the Financial Statements.  The Company has heretofore furnished to the Purchasers consolidated financial statements required to be delivered pursuant to this Agreement. Such financial statements or Financial Statements, as applicable, present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Company and its Subsidiaries as of such dates and for such periods in all material respects in accordance with GAAP.
(b)Since December 31, 2021, there has been no Material Adverse Change; provided, that for purposes of this Section 3.05(b), the impacts of the COVID-19 pandemic on the business, operations or financial condition of the Company and its Subsidiaries that (x) occurred prior to the Effective Date and (y) were disclosed in public filings made with the SEC or in writing to the Purchasers, in each case prior to the Effective Date, shall be disregarded.
Section 3.06No Undisclosed Liabilities. 
Except for those liabilities (a) identified in the Financial Statements (including the notes thereto), (b) incurred by the Company in the Ordinary Course since December 31, 2021, or (c) in connection with the Obligations under the Transaction Documents, there are no material liabilities of the Company or its Subsidiaries related to the Product, of any kind whatsoever, whether accrued, contingent, absolute, determined or determinable.
Section 3.07Solvency. 
Assuming consummation of the transactions contemplated by the Transaction Documents, (a) the present fair saleable value of the Company’s and its Subsidiaries’ assets on a consolidated basis is greater than the total amount of liabilities of the Company and its Subsidiaries as such liabilities mature, (b) the Company and its Subsidiaries, taken as a whole, do not have unreasonably small capital with which to engage in its business, and (c) the Company and its Subsidiaries, taken as a whole, have not incurred, nor do they have present plans to or intend to incur, debts or liabilities beyond their ability to pay such debts or liabilities as they become absolute and matured. 
Section 3.08Litigation.
Other than as disclosed on Schedule 3.08: (a) there is no action, suit, arbitration proceeding, claim, investigation or other proceeding pending or, to the knowledge of the Company, threatened in writing against the Company or its Subsidiaries or any governmental inquiry pending or, to the knowledge of the Company, threatened in writing against the Company or its Subsidiaries, in each case which would question the validity of, or would adversely affect the transactions contemplated by any of the Transaction Documents in any material respect; and (b) there is no action, suit, arbitration proceeding, claim, investigation or other proceeding pending or, to the knowledge of the Company, threatened in writing against the Company, its Subsidiaries or, to the knowledge of 

38

the Company, any other Person relating to the Product, the Product Intellectual Property, the Regulatory Approvals, the Net Sales, the Assigned Interests or the Assigned Tail Royalty Interests. 
Section 3.09Compliance with Laws. 
(a)Neither the Company nor any of its Subsidiaries (a) is in material violation of, has violated, or to the knowledge of the Company, is under investigation with respect to, or, (b) has been threatened to be charged with or been given notice of any material violation of any law, rule, ordinance or regulation of, or any judgment, order, writ, decree, permit or license entered by any Governmental Authority applicable to the Company, the Assigned Interests or Assigned Tail Royalty Interests or the Net Sales. 
(b)The Company and its Subsidiaries are, and all Product Commercialization and Development Activities of such Persons are being conducted, in material compliance with all applicable Healthcare Laws.
(c)To the knowledge of the Company, any physician, other licensed healthcare professional, or any other Person who is in a position to refer patients or other business to the Company or any Subsidiaries (collectively, a “Referral Source”) who has a direct ownership, investment, or financial interest in the Company or any such Subsidiary paid fair market value for such ownership, investment or financial interest; any ownership or investment returns distributed to any Referral Source is in proportion to such Referral Source’s ownership, investment or financial interest; and no preferential treatment or more favorable terms were or are offered to such Referral Source compared to investors or owners who are not in a position to refer patients or other business. Neither the Company nor any of its Subsidiaries, directly or indirectly, has or will guarantee a loan, make a payment toward a loan or otherwise subsidize a loan for any Referral Source including, without limitation, any loans related to financing the Referral Source’s ownership, investment or financial interest in the Company or any such Subsidiary. 
(d)Without limiting the generality of the foregoing:
(i)To the knowledge of the Company, on the one hand, and any Referral Source, on the other hand, any such arrangement (a) complies, in all material respects, with all applicable Healthcare Laws including, without limitation, the Federal Anti-Kickback Statute, the Stark Law and other applicable anti-kickback and self-referral laws, whether U.S. or non-U.S.; (b) reflects fair market value, has commercially reasonable terms, and was negotiated at arm’s length; and (c) does not obligate the Referral Source to purchase, use, recommend or arrange for the use of any products or services of the Company or any of its Subsidiaries; and
(ii)the Company and each of its Subsidiaries will, at all times required by applicable Law, have implemented policies and procedures to monitor, collect, and report any payments or transfers of value to certain healthcare providers and teaching hospitals, in accordance, in all material respects, with industry standards and the Affordable Care Act of 2010 and the Physician Payments Sunshine Act and their implementing regulations and state disclosure and transparency laws.

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Section 3.10[Reserved].
Section 3.11Subordination. 
Except pursuant to the Intercreditor Agreement or any Permitted Intercreditor Agreement as in effect from time to time, the claims and rights of Purchaser created by any Transaction Document in and to the Assigned Interests and Assigned Tail Royalty Interests are not and shall not be contractually subordinated in right of payment to any creditor of the Company or any other Person. 
Section 3.12Intellectual Property.  
(a)The Company is the sole and exclusive legal and beneficial owner of all right, title and interest in and to all Product Intellectual Property that is owned or purported to be owned by the Company, free and clear of any Liens other than Permitted Liens.  The Company owns or has sufficient and valid, written rights to use all Intellectual Property used in or material to any Product Commercialization and Development Activities.  Without limiting the foregoing, and except as set forth in Schedule 3.12(a):
(i)other than customary restrictions in in-bound licenses of Intellectual Property and non-disclosure Contracts or pursuant to Permitted Licensing Agreements, there are no judgments, covenants not to sue, grants, Liens (other than Permitted Liens), or other claims or Contracts relating to any Product Intellectual Property, in each case, which materially restrict the Company or any of its Subsidiaries with respect to the enforcement or other exploitation of any Product Intellectual Property, including any Product Commercialization and Development Activities;
(ii)except as has not resulted in, and would not reasonably be expected to result in, any material liability or business disruption, the operation and conduct of Product Commercialization and Development Activities by or on behalf of the Company or any of its Subsidiaries, including their use of their respective Product Intellectual Property, does not violate, infringe or constitute a misappropriation of, and has not within the past [***] years violated, infringed or constituted a misappropriation of any other Person’s rights in or with respect to Intellectual Property;
(iii)(1) there are no pending claims, or claims threatened in writing, against the Company or any of its Subsidiaries asserted by any other Person relating to Product Intellectual Property, including any material claims alleging ownership, invalidity or unenforceability of any Product Intellectual Property, or misappropriation, or violation of such Person’s rights in or with respect to Product Intellectual Property; and (2) neither the Company nor any of its Subsidiaries has received any notice from, or claim by, any Person that the operation and conduct of the businesses of the Company or any of its Subsidiaries (including their use of Product Intellectual Property), infringes upon, violates or constitutes a misappropriation of, any Intellectual Property of any other Person in each case of clause (1) and (2), that would reasonably be expected to result in material liability or business disruption to the Company or any of its Subsidiaries;

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(iv)to the knowledge of the Company and its Subsidiaries, no Product Intellectual Property is being infringed, violated, or misappropriated by any other Person in any material respect; and neither the Company nor any of its Subsidiaries has put any other Person on notice of such actual or potential infringement, violation or misappropriation of any such Product Intellectual Property, and neither the Company nor any of its Subsidiaries has initiated any claim with respect to any such Product Intellectual Property; 
(v)all current and former employees and contractors that have developed or contributed to the development of any material Intellectual Property relating to the Product for or on behalf of the Company or any of its Subsidiaries has executed written confidentiality and invention assignment Contracts with the Company or such Subsidiary, as applicable, that irrevocably and presently assign to the Company or such Subsidiary, as applicable, all rights of such employees and contractors to any such material Intellectual Property; and
(vi)the Company and each of its Subsidiaries has taken reasonable precautions to protect the secrecy, confidentiality and value of its Product Intellectual Property consisting of Trade Secrets and no such Trade Secret constituting material Intellectual Property has been used or discovered by, or disclosed to, any Person except pursuant to written, valid and enforceable non-disclosure agreements protecting the confidentiality thereof, which agreements, to the knowledge of the Company and its Subsidiaries, have not been breached in any material respect.
(b)Except as set forth in Schedule 3.12(b), and without limiting the representations and warranties in Section 3.12(a):
(i)each of the issued claims of each Product Patent is valid and enforceable;
(ii)subsequent to the issuance of each Product Patent, neither the Company nor any of its Subsidiaries or predecessors-in-interest, has filed any disclaimer or made or permitted any other voluntary reduction in the scope of the Inventions claimed in such Product Patents;
(iii)to the knowledge of the Company, no allowable or allowed subject matter of any Product Patents is subject to any competing conception claims of allowable or allowed subject matter of any patent applications or patents of any third party and have not been the subject of any interference, and are not and have not been the subject of any re-examination, opposition or any other post-grant proceedings, nor is the Company or its Subsidiaries aware of any basis for any such interference, re-examination, opposition, inter partes review, post grant review, or any other post-grant proceedings;
(iv)no Product Patents have ever been finally adjudicated to be invalid, unpatentable or unenforceable for any reason in any administrative, arbitration, judicial or other proceeding, and, with the exception of publicly available documents in the applicable patent office with respect to any such Patents, neither the Company nor any of its Subsidiaries has received any written notice asserting that such Patents are invalid, unpatentable or unenforceable; and
​
(v)all maintenance fees, annuities, and the like due or payable on or with respect to any Product Patents have been timely paid. 

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Section 3.13Regulatory Approval.
(a)The Company and each of its Subsidiaries holds, and will continue to hold, either directly or through licensees and agents, all Product Authorizations necessary or required for the Company and each of its Subsidiaries to conduct, in all material respects, their respective operations and businesses in the manner currently conducted and to conduct its Product Commercialization and Development Activities.
(b)Neither the Company nor its Subsidiaries has received any written notice from the FDA or any Governmental Authority that (i) it is considering suspending, revoking or materially limiting any Product Authorization or (ii) it is not likely to approve any applications made to such Governmental Authority with respect to any of the Products or any Material Agreement. The Company and its Subsidiaries have made all material required notices, registrations and reports (including field alerts or other reports of adverse experiences) and other filings with respect to the Product and Product Commercialization and Development Activities.
(c)Except as set forth on Schedule 3.13(c), and without limiting the generality of any other representation or warranty made by the Company hereunder or under any other Transaction Document: (i) neither the Company, nor any of its Subsidiaries nor, to the knowledge of the Company, any of their respective agents, suppliers, licensors or licensees have received any inspection reports, warning letters or notices or similar documents with respect to any Product or any Product Commercialization and Development Activities from any Regulatory Agency within the last [***] years that asserts material lack of compliance with any applicable Healthcare Laws or Product Authorizations; (ii) neither the Company, nor any of its Subsidiaries nor, to the knowledge of the Company, any of their respective agents, suppliers, licensors or licensees have received any material notification from any Regulatory Agency within the last [***] years, asserting that any Product or any Product Commercialization and Development Activities lacks a required Product Authorization; (iii) there is no pending regulatory action, investigation or inquiry (other than non-material routine or periodic inspections or reviews) against the Company, any of its Subsidiaries or, to the knowledge of the Company, any of their respective suppliers, licensors or licensees with respect to any Product or any Product Commercialization and Development Activities, and, to the knowledge of the Company, there is no basis in fact for any material adverse regulatory action against the Company or any of its Subsidiaries or, to the knowledge of the Company, any of their respective suppliers, agents, licensors or licensees with respect to any Product or any Product Commercialization and Development Activities; and (iv) without limiting the foregoing, (A) (1) there have been no material product recalls, safety alerts, corrections, withdrawals, marketing suspensions, removals or the like conducted, undertaken or issued by the Company or any of its Subsidiaries, whether voluntary, at the request, demand or order of any Regulatory Agency or otherwise, with respect to any Product, any Product Commercialization and Development Activities or any Product Authorization within the last [***] years, (2) no such product recall, safety alert, correction, withdrawal, marketing suspension, removal or the like has been requested, demanded or ordered by any Regulatory Agency within the last [***] years, and, to the knowledge of the Company, there is no basis in fact for the issuance of any such product recall, safety alert, correction, withdrawal, marketing suspension, removal or the like with respect to any Product or any Product Commercialization and Development Activities, and (B) no criminal, injunctive, seizure, detention or civil penalty action has been commenced or threatened in writing by any Regulatory Agency within the last [***] years with respect to or in connection 

42

with any Product or any Product Commercialization and Development Activities, and there are no consent decrees (including plea agreements) that relate to any Product or any Product Commercialization and Development Activities, and, to the knowledge of the Company, there is no basis in fact for the commencement of any criminal injunctive, seizure, detention or civil penalty action by any Regulatory Agency relating to any Product or any Product Commercialization and Development Activities or for the issuance of any consent decree. Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any of their respective agents, suppliers, licensees or licensors, is employing or utilizing the services of any individual, in connection with Product Commercialization and Development Activities, who has been debarred from any federal healthcare program.
Section 3.14Material Contracts. 
Except as set forth on Schedule 3.14, neither the Company nor its Subsidiaries is in material breach of or in material default under any Material Contract. To the knowledge of the Company, nothing has occurred and no condition exists that would permit any other party thereto to terminate any Material Contract. Neither the Company nor its Subsidiaries has received any notice or, to the knowledge of the Company, any threat of termination of any such Material Contract. To the knowledge of the Company, no other party to a Material Contract is in breach of or in default under such Material Contract. All Material Contracts are valid and binding on the Company or its Subsidiaries and, to the knowledge of the Company, on each other party thereto, and are in full force and effect.
Section 3.15Broker’s Fees. 
The Company and its Subsidiaries have not taken any action that would entitle any Person to any commission or broker’s fee in connection with this Agreement; provided that, for the avoidance of doubt, fees payable to the Company’s bankers and financial advisers in their capacities as such do not constitute commission or broker’s fees.
Section 3.16Pension Matters.
Schedule 3.16 sets forth, as of the Effective Date, a complete and correct list of, and that separately identifies, (i) all Title IV Plans, (ii) all Multiemployer Plans and (iii) all material Benefit Plans. Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Laws so qualifies. Except for those that would not, in the aggregate, reasonably be expected to result in a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Laws, (y) there are no existing or pending (or to the knowledge of the Company or any of its Subsidiaries, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which the Company or any Subsidiary thereof incurs or otherwise has or would have an obligation or any liability or claim and (z) no ERISA Event is reasonably expected to occur. The Company and each of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained. As of the most recent valuation date for any Title IV Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least sixty 

43

percent (60%), and neither the Company nor any of its ERISA Affiliates knows of any facts or circumstances that would reasonably be expected to cause the funding target attainment percentage to fall below sixty percent (60%) as of the most recent valuation date. As of the Effective Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent or otherwise) remain outstanding. No ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made.
Section 3.17Indebtedness and Liens. 
Set forth on Schedule 3.17(a) is a complete and correct list of all Indebtedness of the Company and each of its Subsidiaries (other than intercompany indebtedness) outstanding as of the Effective Date. Set forth on Schedule 3.17(b) is a complete and correct list of all Liens granted by the Company and each of its Subsidiaries with respect to their respective property and outstanding as of the Effective Date. 
Section 3.18[Reserved].
Section 3.19Data Privacy.
The Company has not experienced any breach of security or unauthorized access by third parties of any personally identifiable information from any individuals, including, without limitation, any customers, prospective customers, employees or other Third Parties that is in its possession, custody, or control, in each case except as would not reasonably be expected to have a Material Adverse Effect.
Section 3.20Taxes.
The Company and each of its Subsidiaries has timely filed or caused to be filed all income and other Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (b) to the extent that the failure to do so would not reasonably be expected to have an Material Adverse Effect.
Section 3.21Full Disclosure.
None of the reports, financial statements, certificates or other written information furnished by or on behalf of the Company or any of its Subsidiaries to the Purchaser in connection with the negotiation of this Agreement and the other Transaction Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, and it being understood that such projected financial information and all other forward 

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looking information are not to be viewed as facts and that actual results during the period or periods covered thereby may differ from such projected results and that the differences may be material.
Section 3.22OFAC; Anti-Terrorism Laws. 
(a)Neither the Company nor any of its Subsidiaries is in violation of any Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the Anti-Terrorism Laws.
(b)Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any of their respective directors, officers, or employees (i) is currently the target of any Sanctions, (ii) is located, organized or residing in any Designated Jurisdiction in violation of Sanctions, or (iii) is or has been (within the previous five (5) years) engaged in any transaction with, or for the benefit of, any Person who, at the time of the transaction, was the target of Sanctions or who is located, organized or residing in any Designated Jurisdiction, in violation of Sanctions. None of the proceeds received from Purchaser have been or will be used, directly or, to the knowledge of the Company, indirectly, to lend, contribute or provide to, or has been or will be otherwise made available for the purpose of funding, any activity or business in any Designated Jurisdiction in violation of Sanctions or for the purpose of funding any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, in violation of Sanctions, or in any manner that will result in any violation by any party to this Agreement of Sanctions.
Section 3.23Anti-Corruption. 
Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any of their respective directors, officers or employees, while acting on behalf of the Company, has directly or, to the knowledge of the Company, indirectly (i) materially violated or is in material violation of any applicable anti-corruption Law, or (ii) made, offered to make, promised to make or authorized the payment or giving of, directly or, to the knowledge of the Company, indirectly, any Prohibited Payment.
ARTICLE IV​
​
REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
Each Purchaser, severally and not jointly, represents and warrants to the Company, solely with respect to such Purchaser, the following: 
Section 4.01Organization. 
Such Purchaser is a duly formed and validly existing (x) corporate entity under the laws of the United States or (y) limited liability company under the laws of the State of Qatar.
Section 4.02Authorization. 
Such Purchaser has all necessary power and authority to enter into, execute and deliver the Transaction Documents and to perform all of the obligations to be performed by it hereunder and 

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thereunder and to consummate the transactions contemplated hereunder and thereunder. The Transaction Documents have been duly authorized, executed and delivered by such Purchaser and each Transaction Document constitutes the valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with their respective terms, subject, as to enforcement of remedies, to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or general equitable principles.
Section 4.03Broker’s Fees.
Such Purchaser has not taken any action that would entitle any Person to any commission or broker’s fee in connection with the transactions contemplated by the Transaction Documents. 
Section 4.04Conflicts.
Neither the execution and delivery of this Agreement or any other Transaction Document to which such Purchaser is a party nor the performance or consummation of the transactions contemplated hereby or thereby will: (a) contravene, conflict with, result in a breach or violation of, constitute a default under, or accelerate the performance provided by, in any material respects any provisions of: (i) any law, rule, ordinance or regulation of any Governmental Authority, or any judgment, order, writ, decree, permit or license of any Governmental Authority, to which such Purchaser or any of its assets or properties may be subject or bound; or (ii) any contract, agreement, commitment or instrument to which such Purchaser is a party or by which such Purchaser or any of its assets or properties is bound or committed; (b) contravene, conflict with or result in a breach or violation of any provisions of the organizational or constitutional documents of such Purchaser; or (c) require any notification to, filing with, or consent of, any Person or Governmental Authority, except, in the case of the foregoing clauses (a) or (c), for any such breaches, defaults or other occurrences that would not, individually or in the aggregate, have a material adverse effect on the ability of such Purchaser to perform any of their obligations under the Transaction Documents.
Section 4.05Sanctions.

Such Purchaser is not a Sanctioned Person.
ARTICLE V​
​
COVENANTS 
From the date hereof through and including the end of the Revenue Interest Period and the Tail Royalty Period, if any, the following covenants shall apply:
Section 5.01Access; Information.
(a)License Notices. Subject to any applicable confidentiality restrictions, the Company shall promptly provide the Administrative Agent with copies of any written notices of material breach or default received or given by the Company under any Material Contract, and to the extent the Company is barred from providing the Administrative Agent with copies of such notices due to any applicable confidentiality restrictions, the Company shall inform the Administrative Agent of the existence of such notice. The Company shall promptly notify the 

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Administrative Agent of any breaches or alleged breaches under any Material Contracts and of any other events with respect to any Material Contract or the subject matter thereof which would reasonably be expected to have a Material Adverse Effect.
(b)Litigation or Investigations. The Company shall promptly notify the Administrative Agent of (i) any action, suit, claim, cause of action, proceeding or investigation pending or, to the knowledge of the Company, threatened in writing against the Company or its Subsidiaries, or (ii) proceeding or inquiry of any Governmental Authority pending or, to the knowledge of the Company, threatened in writing against the Company, in each case that is related to any Material Contract, the Product, the Product Intellectual Property or any Transaction Document, in each case, that would reasonably be expected to result in a Material Adverse Effect.
(c)Maintenance of Books and Records. The Company shall keep and maintain, or cause to be kept and maintained, at all times full and accurate books of account and records adequate to correctly reflect all payments paid and/or payable with respect to the Net Sales, Assigned Interests and Assigned Tail Royalty Interests for [***] years from the year of creation of such records.
(d)Inspection Rights.  The Administrative Agent shall have the right to designate a Third Party independent public accounting firm (the “Purchasers Representative”) to visit the Company and its Subsidiaries’ offices and properties where the Company and its Subsidiaries keep and maintain their books and records relating or pertaining to the Net Sales, the Assigned Interests, the Assigned Tail Royalty Interests, the Revenue Interest Payments and the Tail Royalty Payments payable hereunder for purposes of conducting an audit of such books and records, and to inspect and audit such books and records.  Any such audit or inspection must (i) be limited to the [***]-year period during which the Company is required to maintain such records pursuant to Section 5.01(c), (ii) not be exercised more than once in any calendar year, (iii) take place during normal business hours, and (iv) follow at least [***] Business Days’ prior written notice given by the Administrative Agent to the Company.  In connection with any such audit, the Company will provide the Purchasers Representative reasonable access to such books and records maintained by Company, and shall permit the Purchasers Representative to discuss the business, operations, properties and financial and other condition of the Company or any of its Subsidiaries including, but not limited to, matters relating or pertaining to the Net Sales, the Assigned Interests and Assigned Tail Royalty Interests, and the Revenue Interest Payments and Tail Royalty Payments payable hereunder with officers of the Company and with the Company’s independent certified public accountants, in all cases solely to verify the accuracy of the Quarterly Reports provided under Section 5.01(f) and related payments due under this Agreement. Without limiting the foregoing, prior to any audit under this Section 5.01(d), the Purchasers Representative shall enter into a written confidentiality agreement with Company that (A) limits the use of the Company’s records to the verification purpose described in this Section 5.01(d); (B) limits the information that the Purchasers Representative may disclose to the Administrative Agent to information required for the Administrative Agent to understand the payments due and paid and any discrepancies; and (C) prohibits the disclosure of any information contained in such records to any other Third Party for any purpose.  The Parties agree that all information subject to review under Section 5.01(d) or provided by the Purchasers Representative to Company is Company’s Confidential Information, and neither the Administrative Agent nor the Purchasers shall use any such information for any purpose that is not germane to this Section 5.01(d).

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(e)Resolution; Audit Costs.  Any audit under Section 5.01(d) shall be at the Purchasers’ expense; provided, however, that in the event that any such audit reveals that the amounts paid to the Purchasers hereunder for the period of such audit have been understated by more than [***] percent ([***]%) of the amounts determined to be due for the period subject to such audit, then the Company shall reimburse the Audit Costs for such audit.  In the event that any audit of the books and records of the Company and its Subsidiaries pursuant to Section 5.01(d) reveals any overpayment by the Company of amounts due hereunder, the amount of such overpayment shall be promptly refunded or fully creditable against amounts payable in subsequent payment periods, at the Company’s election.
(f)Quarterly Reports.  During the Term, the Company shall, promptly after the end of each Fiscal Quarter of the Company (but in no event later than sixty (60) days following the end of each Fiscal Quarter), produce and deliver to the Administrative Agent a Quarterly Report for such quarter, together with a certificate of the Company, certifying that to the knowledge of the Company (i) such Quarterly Report is a true and complete copy and (ii) any statements and any data and information therein prepared by the Company are true, correct and accurate in all material respects. The Company shall use, and shall use Commercially Reasonable Efforts to ensure that each of its Affiliates shall use, Commercially Reasonable Efforts to include in each contract of the Company for the Development or Commercialization of the Product entered into on or after the Effective Date, obligations reasonably appropriate to ensure that the counterparty to such contract shall furnish to the Company all information necessary for the Company to comply with this Section 5.01(f) and calculate the Net Sales as set forth in this Agreement.
(g)Monthly Reports.  During the Term, the Company shall deliver to the Administrative Agent any reports provided to the Board and any formal reports prepared for and delivered to the executive-level management team of the Company disclosing (i) the Net Sales for such calendar month, including the calculations and adjustments from which such Net Sales are derived, (ii) Net Sales as a percentage of Gross Sales for such calendar month and/or (iii) Net Sales divided by the number of units of the Product sold in such calendar month, in each case within five (5) Business Days of the date of delivery to the Board or the management team, as applicable.
(h)Periodic Reports. The Company shall deliver to the Administrative Agent the following financial statements:
(i)Within forty-five (45) days (subject to any extensions permitted pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, as amended) after the end of each Fiscal Quarter (other than the fourth Fiscal Quarter of any Fiscal Year), copies of the unaudited consolidated financial statements of the Company and its Subsidiaries for such Fiscal Quarter; and
(ii)Within ninety (90) days after the end of each Fiscal Year, copies of the audited consolidated financial statements of the Company and its Subsidiaries for such Fiscal Year.
It is understood and agreed that documents required to be delivered pursuant to this Section 5.01(g) shall be deemed delivered on the date that such documents are publicly available on “EDGAR.”
​

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Section 5.02Material Contracts.
The Company shall, and shall cause its Subsidiaries to, comply with all material terms and conditions of and fulfill all of its obligations under all the Material Contracts, except for such noncompliance which would not reasonably be expected to give rise to a Material Adverse Effect.
Section 5.03Public Announcement.
Except as required by law or any Governmental Authority (including the Securities and Exchange Commission) or except with the prior written consent of the other party (which consent shall not be unreasonably withheld, conditioned or delayed), no party shall issue any press release or make any other public disclosure with respect to the transactions contemplated by this Agreement or any other Transaction Document; provided, however, that the Company and the Administrative Agent may jointly prepare a press release for dissemination promptly following the Effective Date and each Applicable Funding Date and the Company may file a current report on Form 8-K (or any other public announcement using substantially the same text as the press release or Form 8-K) with respect to the transactions contemplated by this Agreement.
Section 5.04Efforts; Further Assurance.
(a)Subject to the terms and conditions of this Agreement, the Purchasers and the Company agree to execute and deliver such other documents, certificates, agreements and other writings (including any financing statement filings requested by the Purchasers) and to take such other actions as may be reasonably necessary in order to consummate or implement expeditiously the transactions contemplated by this Agreement and any other Transaction Document and to vest in the Purchasers good, valid and marketable rights and interests in and to the Assigned Interests and Assigned Tail Royalty Interests free and clear of all Liens, except for Permitted Liens.
(b)The Purchasers and the Company shall cooperate and provide assistance as reasonably requested by the other party in connection with any Third Party litigation, arbitration or other Third Party proceeding (whether threatened, existing, initiated, or contemplated prior to, on or after the date hereof) to which any party hereto or any of its officers, directors, shareholders, 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 interests, in each case relating to this Agreement, any other Transaction Document, the Assigned Interests, the Assigned Tail Royalty Interests or any other Collateral, or the transactions described herein or therein.
Section 5.05Put Option; Call Option.
(a)Put Option.
(i) In the event that a Put Option Event shall occur at any time during the period from the Tranche A Funding Date to and including the end of the Term, the Administrative Agent, at the direction of the Purchasers, shall have the right, but not the obligation (the “Put Option”), exercisable within sixty (60) days after the earlier of the occurrence of a Put Option Event or the Administrative Agent’s receipt of written notice from the Company of a Put Option Event (a “Put Option Trigger”) to require the Company to repurchase from each Purchaser its Assigned Interests and Assigned Tail Royalty Interests at the Put/Call 

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Price; provided that during the occurrence and continuation of a Bankruptcy Event (an “Automatic Put Option Trigger”), each Purchaser shall be deemed to have automatically and simultaneously elected to have the Company repurchase from each Purchaser the Assigned Interests and the Assigned Tail Royalty Interests for the Put/Call Price in cash  and the Put/Call Price shall be immediately due and payable without any further action or notice by any Party.  In the event the Purchasers elect to exercise their Put Option (other than pursuant to an Automatic Put Option Trigger), the Administrative Agent shall deliver written notice to the Company specifying the closing date, which date shall be forty-five (45) days from the date of such notice (or such earlier date as such Purchaser and the Company may agree, the “Put Option Closing Date”), which notice must be given within sixty (60) days of the Put Option Trigger. On the Put Option Closing Date, the Company shall repurchase from each Purchaser its Assigned Interests and Assigned Tail Royalty Interests at the Put/Call Price in cash, the payment of which shall be made by wire transfer of immediately available funds to the Administrative Agent for the account of the Purchasers.
(ii)For the avoidance of doubt, the Put/Call Price shall automatically be due and payable upon an Automatic Put Option Trigger, as if such payments (each, an “Automatic Put Payment”) were voluntarily prepaid and shall constitute part of the Obligations, whether due to acceleration pursuant to the terms of this agreement, by operation of law or otherwise (including, without limitation, on account of any bankruptcy filing), in view of the impracticability and extreme difficulty of ascertaining the actual amount of damages to the Purchasers or profits lost by the Purchasers as a result of such acceleration, and by mutual agreement of the Parties as to a reasonable estimation and calculation of the lost profits or damages of the Purchasers as a result thereof. Any Automatic Put Payment under Section 5.05(a)(i) above shall be presumed to be the liquidated damages sustained by each Purchaser as the result of the early termination, acceleration or prepayment and the Company agrees that such Automatic Put Payments are reasonable under the circumstances currently existing.  In the event an Automatic Put Payment is determined not to be due and payable by order of any court of competent jurisdiction, including, without limitation, by operation of the Bankruptcy Code, despite an Automatic Put Option Trigger having occurred, such Automatic Put Payment shall nonetheless constitute Obligations under this Agreement for all purposes hereunder.  The Company hereby waives the provisions of any present or future statute or law that prohibits or may prohibit the collection of the prepayment fee and any defense to payment, whether such defense may be based in public policy, ambiguity, or otherwise.  The Company, the Administrative Agent and the Purchasers acknowledge and agree that any Automatic Put Payment due and payable in accordance with this Agreement shall not constitute unmatured interest, whether under Section 5.02(b)(3) of the Bankruptcy Code or otherwise. The Company further acknowledges and agrees, and waives any argument to the contrary, that payment of such amount does not constitute a penalty or an otherwise unenforceable or invalid obligation. The Company expressly agrees that (i) the Automatic Put Payments are reasonable and is the product of an arm’s-length transaction between sophisticated business people, ably represented by counsel, (ii) any Automatic Put Payment shall be payable notwithstanding the then prevailing market rates at the time payment is made, (iii) there has been a course of conduct between the Purchasers and the Company giving specific consideration in this transaction for such agreement to pay the Automatic Put 

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Payment, (iv) the Company shall be estopped hereafter from claiming differently than as agreed to in this Section 5.05(a), (v) the Company’s agreement to pay any Automatic Put Payment is a material inducement to the Purchasers to fund the Purchase Price, and (vi) the Automatic Put Payments represent a good faith, reasonable estimate and calculation of the lost profits, losses or other damages of the Purchasers and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Purchasers or profits lost by the Purchasers as a result of such event.
(b)Call Option.  At any time after the Tranche A Funding Date, the Company shall have the right, but not the obligation (the “Call Option”), exercisable upon ten (10) days’ written notice to the Administrative Agent, to repurchase the Assigned Interests and the Assigned Tail Royalty Interests from the Purchasers at a repurchase price equal to the Put/Call Price. In order to exercise the Call Option, the Company shall deliver written notice to the Administrative Agent of its election to so repurchase the Assigned Interests and Assigned Tail Royalty Interests not less than ten (10) days prior to the proposed closing date (the “Call Option Closing Date”); provided, however, that such notice may state that it is conditioned upon the effectiveness of any financing transaction or one or more other events specified therein (including the occurrence of a Change of Control), in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. On the Call Option Closing Date, the Company shall repurchase from each Purchaser its Assigned Interests and Assigned Tail Royalty Interests at the Put/Call Price in cash, the payment of which shall be made by wire transfer of immediately available funds to the Administrative Agent for the account of the Purchasers. Immediately upon exercise by the Company of the Call Option and the payment by the Company to the Purchasers of the Put/Call Price, the Purchasers shall be deemed to have automatically assigned to the Company all right, title, and interest in and to the Assigned Interests and the Assigned Tail Royalty Interests.
(c)Obligations of the Purchasers.  In connection with the consummation of a repurchase of the Assigned Interests and the Assigned Tail Royalty Interests pursuant to the Call Option, the Purchasers agree that they will (i) promptly but no later than five (5) Business Days after any request therefor execute and deliver to the Company such releases, discharges, UCC termination statements and other documents as may be necessary to release and/or discharge the Purchasers’ Lien on the Collateral and otherwise give effect to such repurchases and (ii) take such other actions or provide such other assistance as may be necessary or as reasonably requested by the Company to give effect to such repurchase.
Section 5.06Intellectual Property.
(a)Without limiting the Company’s obligations under Section 5.02, the Company shall, at its sole expense, take such actions to prepare, execute, deliver and file any and all agreements, documents or instruments which are necessary to diligently prosecute and maintain all Registered Product IP consistent with prudent business practice.  The Company shall use reasonable efforts consistent with sound business judgment to seek and to apply for patent term extensions, pediatric data package exclusivity extension, supplementary protection certificates, any functional equivalents of any of the foregoing, or similar means of extending market exclusivity or patent protection for any Product Intellectual Property and the Product in each territory where such items are permissible, as the case may be.  The Company shall not take any 

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action to prosecute and maintain the Product Intellectual Property or fail to take any action to prosecute and maintain the Product Intellectual Property, which would reasonably be expected to result in a Material Adverse Effect. 
(b)In the event that the Company or the Purchasers becomes aware of any actual or suspected infringement or invalidity claims by a Third Party related to any activity by such Third Party that is competitive with the Commercialization of the Product or any claim of invalidity by any Third Party directed to any material Product Intellectual Property, including any Product Patents, then promptly following the Company or the Purchasers, respectively, becoming aware of such actual or suspected infringement or invalidity claim, the Company or the Purchasers, respectively, shall inform the other party hereto of such actual or suspected infringement or invalidity claim and shall, in addition to such notice, provide to the other party any material information within such party’s possession pertaining thereto (which may be subject to agreement necessary to protect privilege, confidentiality and the like with respect to such information). The Company shall use Commercially Reasonable Efforts to defend or assert the Product Intellectual Property, including the Product Patents against such infringement or interference by any other Persons marketing or commercializing any product that is directly competitive with the Product, and against any claims of invalidity or unenforceability of any material Product Intellectual Property, including any Product Patents, in the United States (including, by bringing any legal action for infringement or defending any counterclaim of invalidity or action of a Third Party for declaratory judgment of non-infringement or non-interference).  The Company will keep the Purchasers reasonably informed with respect to the status of any such enforcement and/or defense of the Product Intellectual Property as the Purchasers may, from time to time, reasonably request. The Company shall not, and shall use its Commercially Reasonable Efforts to cause any Licensee not to, disclaim or abandon, or fail to take any action necessary to prevent the disclaimer or abandonment of, any Product Intellectual Property, including any of the Product Patents, except in accordance with reasonable and prudent business practice in a manner that would not reasonably be expected to result in a Material Adverse Effect.
(c)In the event that the Company becomes aware that the Product (including any Product Commercialization and Development Activities) infringes or violates any Third Party Intellectual Property, the Company shall, in the exercise of its reasonable business discretion, use Commercially Reasonable Efforts to attempt to secure the right to use such Intellectual Property on behalf of itself and any affected Licensee, as applicable, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect and all reasonable costs and amounts associated with obtaining any such license would be without any reduction in the Assigned Interests or Assigned Tail Royalty Interests, if and as applicable.
(d)Without the prior written consent of the Administrative Agent, the Company shall not, and shall ensure that its Affiliates shall not, assign, sell, transfer, license (other than pursuant to a Permitted Licensing Agreement) or otherwise encumber any of the Product Intellectual Property, other than Permitted Liens, if such assignment, sale, transfer, other encumbrance or delegation would reasonably be expected to result in a Material Adverse Effect.
Section 5.07Protective Covenants. 
The Company shall not, without the prior written consent of the Purchasers:

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(a)Forgive, release or compromise any amount owed to the Company or its Subsidiaries or its Affiliates and relating to the Assigned Interests or Assigned Tail Royalty Interests outside the Ordinary Course;
(b)Waive, amend, cancel or terminate (other than expiration in accordance with its terms), exercise or fail to exercise, any of its material rights constituting or relating to the Net Sales outside the Ordinary Course; or
(c)Incur or assume any Indebtedness, except for Permitted Indebtedness.
Section 5.08Notice.
(a)The Company shall provide the Administrative Agent with written notice as promptly as practicable (and in any event within ten (10) Business Days) after becoming aware of any of the following:
(i)any material breach or default by the Company of any covenant, agreement or other provision of this Agreement, or any other Transaction Document;  
(ii)any representation or warranty made by the Company in any of the Transaction Documents or in any certificate delivered to the Administrative Agent pursuant hereto shall prove to be untrue, inaccurate or incomplete in any material respect on the date as of which made;  
(iii)the occurrence of a Put Option Event;
(iv)the occurrence of any material default or event of default under any Permitted Indebtedness;
(v)the termination of any Material Contract other than upon its scheduled termination date;
(vi)the occurrence of any event(s) or the existence of any circumstance(s) that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect; 
(vii)the occurrence of any event or the existence of any circumstance that (with or without notice or lapse of time, or both) would result in or serve as a basis for any, action, suit or proceeding, or any investigation or claim, or the receipt of any written notice of the foregoing, that (a) claims that the manufacture, use, marketing, sale, offer for sale, importation or distribution of the Product as currently contemplated infringes on any Patent or other Intellectual Property of any other Person or constitutes misappropriation of any other Person’s Trade Secrets or other Intellectual Property, (b) otherwise involves the Product, or (c) involves the transactions contemplated by the Transaction Documents, the Assigned Interests or the Assigned Tail Royalty Interests; or 
(viii)(i) the intention of any ERISA Affiliate to file any notice of intent to terminate any Title IV Plan, and a copy of such notice and (ii) the filing by any ERISA 

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Affiliate of a request for a minimum funding waiver under Section 412 of the Code with respect to any Title IV Plan or Multiemployer Plan, in each case in writing and in reasonable detail (including a description of any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto).
(b)The Company shall provide the Administrative Agent with written notice as promptly as practicable and in any event within ten (10) Business Days prior to the occurrence of a Change of Control. 
Section 5.09Use of Proceeds. 
The Company shall use proceeds received from the Purchasers in support of the Development and Commercialization of the Product and for other general corporate purposes.
Section 5.10Taxes. 
(a)Company Filings.  The Company and its Subsidiaries shall timely file (taking into account all extensions of due dates) all income and other Tax Returns required to be filed by it and will pay all Taxes required to be paid with such returns, except (i) Taxes that are being contested in good faith by appropriate proceedings and for which the Company has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (ii) to the extent that the failure to do so would not reasonably be expected to have an Material Adverse Effect.  
(b)IRS Forms.  Each Purchaser shall deliver to the Company a properly completed IRS Form W-9 or applicable IRS Form W-8, as appropriate, or any successor form, as the case may be, properly completed and duly executed by such Purchaser, and such other documentation required under the Code and reasonably requested by the Company to confirm or establish the extent to which the Purchasers are or are not subject to deduction, backup withholding or withholding of U.S. federal Tax with respect to payments under this Agreement and the Purchasers will notify the Company reasonably in advance of any action or proposed action that would make any such form inaccurate and will replace the inaccurate form with an accurate one. The Company shall provide the Purchasers any reasonable assistance it may seek in obtaining an exemption or reduced rate from, or refund of, any U.S. federal withholding tax, if applicable. 
(c)Payments Free of Taxes. Any and all payments by or on account of any Obligation shall be made without deduction or withholding for any Taxes, except as required by any law. If any law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by the Company or the Administrative Agent, then the Company or the Administrative Agent, as applicable, shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable laws and, if such Tax is an Indemnified Tax, then the sum payable by the Company shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 5.10) the Purchasers receive an amount equal to the sum they would have received had no such deduction or withholding been made.

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(d)Payment of Other Taxes by Company.  The Company shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
(e)Indemnification by the Company. The Company shall reimburse and indemnify each Purchaser, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Purchaser or required to be withheld or deducted from a payment to such Purchaser and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Purchaser shall be conclusive absent manifest error.
(f)Evidence of Payments.  As soon as practicable after any payment of Taxes by the Company to a Governmental Authority pursuant to this Section, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(g)Treatment of Certain Tax Benefits. If any party to this Agreement determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.10 (including by the payment of additional amounts pursuant to this Section 5.10), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.10 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 5.10(g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 5.10(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.10(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 5.10(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(h) Register. The Company shall maintain at one of its offices in the United States a register for the recordation of the name and address of the Purchasers and amounts owing to the Purchasers pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Company and the Purchasers shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Purchaser hereunder for all purposes of this Agreement. The Register shall be available for inspection by the 

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Company and the Purchasers, at any reasonable time and from time to time upon reasonable prior written notice.
(i)Survival.  Each party’s obligations under this Section 5.10 shall survive any assignment of rights by, or the replacement of, a Purchaser, the termination of the Obligations and the repayment, satisfaction or discharge of all Obligations under this Agreement.
Section 5.11Compliance with Laws and Other Obligations.
The Company will, and will cause each of its Subsidiaries to, (i) comply with all Laws (including Anti-Terrorism Laws and Sanctions) applicable to it and its business activities in all material respects and (ii) comply in all material respects with all Healthcare Laws and Governmental Licenses and Product Authorizations applicable to it and its business activities. Within 30 days after the Effective Date, the Company shall institute (if not already in effect) and thereafter maintain in effect and enforce policies and procedures reasonably designed to promote compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Terrorism Laws and Sanctions.
​
Section 5.12Maintenance of Properties, Etc.
The Company shall, and shall cause each of its Subsidiaries to, maintain and preserve all of its assets and properties relating to the Product or Product Commercialization and Development Activities, or that are otherwise necessary or useful in the conduct of its business in good working order and condition in accordance with the general practice of other Persons of similar character and size, ordinary wear and tear and damage from casualty or condemnation excepted. 
Section 5.13Licenses.
The Company shall, and shall cause each of its Subsidiaries to, obtain and maintain all Governmental Licenses necessary for the execution, delivery and performance of the Transaction Documents, the consummation of the transactions thereunder or the operation and conduct of its business and ownership of its properties (including its Product Commercialization and Development Activities), except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.
Section 5.14Maintenance of Regulatory Approvals, Contracts, Etc.​
With respect to the Product and all Product Commercialization and Development Activities, the Company will (directly or indirectly), and will cause each of its Subsidiaries (to the extent applicable) to, (i) use Commercially Reasonable Efforts to maintain in full force and effect all Regulatory Approvals, Material Contracts and other rights, interests or assets (whether tangible or intangible) reasonably necessary for the operations of such Person’s business, except as would not reasonably be expected to have a Material Adverse Effect, (ii) maintain in full force and effect, and pay all costs and expenses relating to, such Regulatory Approvals, Material Contracts owned, used or controlled by the Company or any such Subsidiary that are used in or necessary for any related Product Commercialization and Development Activities, except as would not be reasonably expected to have a Material Adverse Effect and (iii) promptly after obtaining 

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knowledge thereof, notify the Purchasers of any claim by any Person that the conduct of the business of the Company or any of its Subsidiaries in connection with any Product Commercialization and Development Activities, has infringed, violated or misappropriated any Intellectual Property of such Person, where such claim could reasonably be expected to have a Material Adverse Effect. 
Section 5.15ERISA Compliance. 
The Company shall comply, and shall cause each of its Subsidiaries to comply, with the provisions of ERISA with respect to any Plans to which the Company or such Subsidiary is a party as an employer in all material respects.
Section 5.16Commercialization of the Product.
(a)The Company (itself or through one or more Subsidiaries or Licensees) shall use Commercially Reasonable Efforts to Develop and Commercialize the Product in the United States.  Without limiting the foregoing, the Company will use Commercially Reasonable Efforts to prepare, execute, deliver and file any and all agreements, documents or instruments that are necessary or desirable to secure and maintain Marketing Authorization in the United States for the Product. The Company shall not withdraw or abandon, or fail to take any action necessary to prevent the withdrawal or abandonment of, Marketing Authorization in the United States for the Product once obtained, other than to the extent that such withdrawal is required for safety reasons or otherwise required under applicable Law.  
(b)The Company shall not enter into any Material Contract related to the Product unless the Company shall have performed reasonable and customary diligence in selecting the applicable counterparty to such Material Contract and negotiating and agreeing to the terms of such Material Contract (or any amendment, modification, restatement, cancellation, supplement, termination or waiver of any of the material terms thereof). In addition, if any Material Contract related to the Product terminates for any reason whatsoever, the Company shall use Commercially Reasonable Efforts to enter into a replacement Material Contract to the extent the relevant rights under such terminated Material Contract are required for the ongoing Development and Commercialization of the Product by the Company in accordance with its express obligations set forth in Section 5.16(a).
(c)The Company shall, and shall cause its Subsidiaries to, comply with all material terms and conditions of and fulfill all material obligations under each Material Contract (including, without limitation, each License Agreement) related to the Product to which any of them is party. Upon the occurrence of a material breach of any such Material Contract by any other party thereto where such material breach has (or is reasonably likely to have) a material adverse effect on the Net Sales, the Company shall provide written notice of such breach to the Administrative Agent, describing in reasonable detail the relevant breach and use Commercially Reasonable Efforts to seek to enforce all of its (or its Subsidiary’s) rights and remedies thereunder.
Section 5.17Payment of Obligations.

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Each of the Company and its Subsidiaries shall pay and discharge all its obligations and liabilities (a) prior to the date on which penalties attach thereto, with respect to all material federal, state and other material Taxes imposed upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Company or its Subsidiaries and (b) as the same shall become due and payable, all lawful claims which, if unpaid, would by Law become a Lien upon any Collateral (other than Permitted Liens).
Section 5.18Cooperation Regarding Accounts.
To the extent that the Company or any Subsidiary of the Company receives any amount of proceeds from the Net Sales into an account other than a Collection Account, the Company shall  promptly (and in any event within one (1) Business Day after identification thereof) deposit such proceeds, or shall promptly take all actions necessary to cause such proceeds to be deposited, into a Collection Account.
Section 5.19Sanctions; Anti-Corruption Use of Proceeds. 
(a)Neither the Company nor any of its Subsidiaries or their respective agents shall (i) conduct any business or engage in any transaction or dealing with any Sanctioned Person, including the making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person; (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any Sanctions; or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Sanctions, the Patriot Act or any other Anti-Terrorism Law.
(b)The Company will not, directly or, to the knowledge of the Company, indirectly, use proceeds received from the Purchasers, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any applicable anti-corruption Law, or (ii) (A) for the purpose of funding any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of country- or territory-wide Sanctions, in violation of Sanctions or (B) in any manner that would result in a violation of Sanctions by any party to this Agreement.
ARTICLE VI​
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TERMINATION 
Section 6.01Termination Date.
(a)Except as provided in this Section 6.01 and in Section 6.02, this Agreement shall terminate upon the later to occur of (i) the expiration of the Revenue Interest Period and (ii) if applicable, the expiration of the Tail Royalty Period (the “Term”).  Subject to the Hard Cap, as applicable, if any payments are required to be made by one of the Parties hereunder after that date, 

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this Agreement shall remain in full force and effect until any and all such payments have been made in full, and (except as provided in Section 6.02) solely for that purpose.  
(b)In addition, notwithstanding anything to the contrary herein, this Agreement shall terminate on (i) the Put Option Closing Date or (ii) the Call Option Closing Date.  
(c)In addition, notwithstanding anything to the contrary herein, the Company may terminate this Agreement (x) immediately upon the Purchasers’ failure to pay the Purchase Price on the date that it is due in accordance with Section 2.03(b) unless such failure is caused by an error or omission of an administrative or operational nature and such payment is made within two days of the original due date or (y) prior to the Tranche A Funding Date, if a Change of Control has occurred.
(d)Upon expiration or termination of this Agreement in accordance with its terms and upon payment of any amounts due to the Purchasers hereunder, all right, title, and interest in and to the Assigned Interest and Assigned Tail Royalty Interests, as applicable, shall automatically revert to Company, and the Purchasers will have no further rights in the Assigned Interests, the Assigned Tail Royalty Interests or the Collateral.
Section 6.02Effect of Termination. 
In the event of the termination of this Agreement pursuant to Section 6.01, (a) this Agreement shall forthwith become void and have no effect without any liability on the part of any party hereto or its Affiliates, directors, officers, stockholders, partners, managers or members other than the provisions of this Section 6.02, Section 5.03, Section 7.05 and Section 7.19 hereof, which shall survive any termination as set forth in Section 6.01, and (b) upon the payment and performance in full of all Obligations hereunder (other than contingent indemnification claims for which no claim has been made), the security interests in the Collateral created by any Transaction Document shall be automatically released. Nothing contained in this Section 6.02 shall relieve any party from liability for any breach of this Agreement. In connection with any such termination and release, the Administrative Agent and the Purchasers shall execute and deliver to the Company all documents the Company shall reasonably request to evidence such termination and release. 
ARTICLE VII​
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MISCELLANEOUS 
Section 7.01Survival. 
All representations and warranties made herein and in any other Transaction Document, any certificates or in any other writing delivered pursuant hereto or thereto shall survive the execution and delivery of this Agreement and shall continue to survive until the termination of this Agreement in accordance with Article VI.  
Section 7.02Limitations on Damages. 
Notwithstanding anything to the contrary in this Agreement, in no event shall either party be liable for special, indirect, incidental, punitive or consequential damages of the other party, 

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whether or not caused by or resulting from the actions of such party or the breach of its covenants, agreements, representations or warranties hereunder, even if such party has been advised of the possibility of such damages. 
Section 7.03Notices. 
(a)All notices, requests, instructions, directions and other communications provided for herein (including any modifications of, or waivers, requests or consents under, this Agreement) or in the other Transaction Documents shall be given or made in writing (including by telecopy or email) delivered, if to the Company, the Administrative Agent or any Purchaser, to its address specified on the signature pages hereto, or at such other address as shall be designated by such party in a written notice to the other parties. Except as otherwise provided in this Agreement or therein, all such communications shall be deemed to have been duly given upon receipt of a legible copy thereof, in each case given or addressed as aforesaid. All such communications provided for herein by telecopy shall be confirmed in writing promptly after the delivery of such communication (it being understood that non-receipt of written confirmation of such communication shall not invalidate such communication).  Notwithstanding anything in this Section 7.03 to the contrary, any notice, request, instruction, direction or other communication made provided for herein.
(b)Notwithstanding anything in this Section 7.03 to the contrary, any notice, request, instruction, direction or other communication provided for herein and addressed to a QIA Purchaser (a “QIA Purchaser Notice”) shall be effective only if such QIA Purchaser Notice is (a) delivered either personally by hand or by an international courier service providing delivery service in Qatar to the address of such QIA Purchaser set forth in this Agreement under the signature pages hereto and, in each case (b) confirmed by email to such QIA Purchaser’s email addresses listed under the signature pages hereto; provided that (i) all such email addresses listed under the signature pages hereto for copy are copied and (ii) a “failed delivery” message is not received by the sender from such QIA Purchaser’s primary email addresses listed under the signature pages hereto.  Delivery shall be deemed effective only if completed by 1:30 p.m. on a day in which banks are open for business in Qatar (a “Qatari Business Day”) or on the following Qatari Business Day if completed later.
Section 7.04Successors and Assigns. 
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The Company shall not be entitled to assign any of its obligations and rights under the Transaction Documents without the prior written consent of each Purchaser, and any such assignment in violation of this Section 7.04 shall be null and void; provided that the foregoing shall not apply to any assignment by merger or operation of law provided that the successor or surviving entity, if not the Company, shall agree in writing to be bound by all the provisions of this Agreement. Solely upon the consent of the Company (which consent may not be unreasonably withheld, delayed or conditioned), each Purchaser may assign any of its obligations or rights under the Transaction Documents without restriction; provided that the Purchasers may assign any of its rights and obligations to (i) an Affiliate or (ii) Oaktree Capital Management, L.P. or any of its managed funds or accounts, or any Affiliate of the foregoing, without the consent of the Company.

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Section 7.05Indemnification.
(a)The Company hereby indemnifies and holds the Administrative Agent, the Purchasers and their respective Affiliates and any of their respective partners, directors, managers, members, officers, employees and agents (each, a “Purchasers Indemnified Party”) harmless from and against any and all Losses (including all Losses in connection with any product liability claims or claims of infringement, violation or misappropriation of any Intellectual Property rights of any Third Parties) incurred or suffered by any Purchasers Indemnified Party arising out of any breach of any representation, warranty or certification made by the Company in any of the Transaction Documents or any breach of or default under any covenant or agreement by the Company pursuant to any Transaction Document, including any failure by the Company to satisfy any of the Excluded Liabilities and Obligations; provided, however, that the foregoing shall exclude any indemnification to any Purchasers Indemnified Party (i) that results from the gross negligence, bad faith or willful misconduct of such the Purchasers Indemnified Party, or (ii) to the extent resulting from acts or omissions of the Company based upon and in compliance with the written instructions from any Purchasers Indemnified Party. This Section 7.05(a) shall not apply to Taxes other than Taxes relating to a non-Tax claim or Loss governed by this Section 7.05(a).
(b)The Purchasers, severally but not jointly, hereby indemnify and hold the Company, its Affiliates and any of their respective partners, directors, managers, officers, employees and agents (each, a “Company Indemnified Party”) harmless from and against any and all Losses incurred or suffered by a Company Indemnified Party arising out of any breach of any representation, warranty or certification made by the Purchasers in any of the Transaction Documents or any breach of or default under any covenant or agreement by the Purchasers pursuant to any Transaction Document; provided, however, that the foregoing shall exclude any indemnification to any Company Indemnified Party (i) that results from the gross negligence, bad faith or willful misconduct of such Company Indemnified Party, (ii) to the extent resulting from acts or omissions of the Purchasers based upon and in compliance with the written instructions from any Company Indemnified Party or (iii) for any matter in respect of which any Purchasers Indemnified Party would be entitled to indemnification under Section 7.05(a).  
(c)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 the preceding paragraphs, 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 the foregoing provisions of this Section 7.05 unless, and only to the extent that, such omission results in the forfeiture of, or has a material adverse effect on the exercise or prosecution of, substantive rights or defenses by the indemnifying party. In case any such action is brought against an indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such 

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indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section 7.05 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 (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) 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 (iii) 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 advice of such counsel. 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 two separate law firms in each relevant jurisdiction for all such indemnified parties, one for each of (A) the Oaktree Purchasers and (B) the QIA Purchasers. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any 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 includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding.   
(d)The indemnification afforded by this Section 7.05 shall be the sole and exclusive remedy for any and all Losses awarded against or incurred or suffered by the Purchasers Indemnified Parties against the Company in connection with the Company’s indemnification obligations hereunder and the Company Indemnified Parties against the Purchasers in connection with the Purchasers’ indemnification obligations hereunder, in each case other than any indemnification obligations resulting from (A) the gross negligence, the bad faith or willful misconduct of the other Party or (B) acts or omissions based upon and in compliance with the written instructions from the other Party; provided that nothing in this Section 7.05 shall alter or affect the rights of the Purchasers to exercise remedies under the Transaction Documents in accordance with their terms or other rights of creditors under the UCC or any other applicable Law.
(e)Notwithstanding anything in this Agreement to the contrary, the Company shall not have any liability under this Section 7.05 on any day on which such indemnity claim under this Section 7.05 is paid by Company, in excess of the Cap Amount for such day. “Cap Amount” means, for any day on which an indemnity claim under this Section 7.05 is paid by the Company, the excess of (x) the Hard Cap over (y) the sum of (A) the aggregate amount of Revenue Interest Payments received by the Purchasers on or prior to such day and (B) the aggregate amount of payments made under this Section 7.05 by Company on or prior to such day. Notwithstanding anything in this Agreement to the contrary, the Purchasers shall not have any liability under this Section 7.05 in excess of the Purchase Price, in the aggregate.
Section 7.06No Implied Representations and Warranties. 

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Each party acknowledges and agrees that, other than the representations and warranties specifically contained in any of the Transaction Documents, there are no representations or warranties of either party or any other Person either expressed or implied with respect to the Assigned Interests, Assigned Tail Royalty Interests or the transactions contemplated hereby. Without limiting the foregoing, each of the Purchasers acknowledges and agrees that (a) such Purchaser and its Affiliates, together with its and its Affiliates’ representatives, have made their own investigation of the Product (including the Product Intellectual Property) and are not relying on any implied warranties or upon any representation or warranty whatsoever as to the future amount or potential amount of the Assigned Interests or Assigned Tail Royalty Interests or as to the creditworthiness of Company and (b) except as expressly set forth in any representation or warranty in a Transaction Document, such Purchaser shall have no claim or right to indemnification pursuant to Section 7.05 (or otherwise) with respect to any information, documents or materials furnished to such Purchaser, any of its Affiliates, or any of its or its Affiliates’ representatives, including any information, documents or material made available to such Purchaser and its Affiliates and its Affiliates’ representatives in any data room, presentation, interview or any other form relating to the transactions contemplated hereby. 
Section 7.07Independent Nature of Relationship. 
(a)The relationship between the Company and its Subsidiaries, on the one hand, and the Purchasers, on the other, is solely that of seller and purchaser, and neither the Purchasers, on the one hand, nor the Company and its Subsidiaries, on the other, has any fiduciary or other special relationship with the other or any of their respective Affiliates. Nothing contained herein or in any other Transaction Document shall be deemed to constitute the Company and its Subsidiaries and the Purchasers as a partnership, an association, a joint venture or other kind of entity or legal form for any purposes, including any Tax purposes.  The Parties agree that they shall not take any inconsistent position with respect to such treatment in a filing with any Governmental Authority. 
(b)The Company and/or any of its Affiliates shall not at any time obligate the Purchasers, or impose on the Purchasers any obligation, in any manner or with respect to any Person not a party hereto.
Section 7.08Tax Treatment. 
The Purchasers and the Company acknowledge and agree that, for U.S. federal and applicable state and local income tax purposes, (i) the Purchasers’ payment of the Purchase Price to the Company under Tranche A, Tranche B, and Tranche C and the associated rights and obligations under this Agreement shall collectively be treated as the issuance of three debt instruments (each, a “Tax Debt Instrument”), with each Tax Debt Instrument issued on the date that the Purchasers fund the applicable portion of the Purchase Price pursuant to this Agreement, (ii) each Tax Debt Instrument shall be treated as a contingent payment debt instrument that is subject to the rules set forth in Treasury Regulations Section 1.1275-4, (iii) the Purchasers shall not be treated as the owner of the Assigned Interests and the Assigned Tail Royalty Interests or any portion thereof, and (iv) except for any payments with respect to the Assigned Tail Royalty Interests, none of the payments that the Company makes to the Purchasers hereunder shall be treated as a payment of contingent interest under Section 871(h)(4) of the Internal Revenue Code. The Company shall provide the projected payment schedule for each Tax Debt Instrument to the 

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Administrative Agent as required under Treasury Regulations Section 1.1275-2(e) and Treasury Regulations Section 1.1275-4(b)(4)(iv); provided however that the Company shall consult with, and consider in good faith any reasonable comments or proposals timely made by, the Administrative Agent regarding the projected payment schedule for each Tax Debt Instrument. The parties hereto agree not to take any position that is inconsistent with the provisions of this Section 7.08 on any Tax Return or in any audit or other administrative or judicial proceeding unless the party that contemplates taking such an inconsistent position has been advised by nationally recognized counsel or accounting firm in writing that, as a result of a change in law, it is more likely than not that the inconsistent position is required by applicable law.
Section 7.09Entire Agreement. 
This Agreement, together with the Exhibits and Schedules hereto (which are incorporated herein by reference), and the other Transaction Documents constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements (including the Term Sheet), understandings and negotiations, both written and oral, between the parties with respect to the subject matter of this Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein (or in the Exhibits, Schedules or other Transaction Documents) has been made or relied upon by either party hereto. None of this Agreement, nor any provision hereof, is intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. 
Section 7.10Amendments; No Waivers. 
(a)This Agreement or any term or provision hereof may not be amended, changed or modified except with the written consent of the parties hereto. No waiver of any right hereunder shall be effective unless such waiver is signed in writing by the party against whom such waiver is sought to be enforced.  
(b)No failure or delay by either party 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. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
Section 7.11Interpretation. 
When a reference is made in this Agreement to Articles, Sections, Schedules or Exhibits, such reference shall be to an Article, Section, Schedule or Exhibit to this Agreement unless otherwise indicated. The words “include”, “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation”. Neither party hereto shall be or be deemed to be the drafter of this Agreement for the purposes of construing this Agreement against one party or the other. 
Section 7.12Headings and Captions. 

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The headings and captions in this Agreement are for convenience and reference purposes only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. 
Section 7.13Counterparts; Effectiveness. 
This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other parties hereto. Any counterpart may be executed by facsimile or pdf signature and such facsimile or pdf signature shall be deemed an original. 
Section 7.14Severability. 
If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nevertheless be given full force and effect. 
Section 7.15Expenses. 
The Company agrees to pay or reimburse the Purchasers and the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented out of pocket fees, expenses, charges and disbursements of counsel to the Purchasers and the Administrative Agent) in connection with the negotiation, preparation, execution and delivery of this Agreement and the other Transaction Documents or any amendments thereto; provided, that the amount of such costs and expenses obligated to be paid by the Company for activities prior to the Effective Date, together with all costs and expenses payable by the Company and its Subsidiaries related to the Oaktree Term Loan Facility and any related transactions with the Administrative Agent, the Purchasers and/or their Affiliates prior to the Effective Date, shall not exceed $[***], plus the actual cost of any collateral filing and recordation fees and searches. 
Section 7.16Governing Law; Jurisdiction. 
(a)This Agreement shall be governed by, and construed, interpreted and enforced in accordance with, the laws of the state of New York, without giving effect to the principles of conflicts of law thereof.   
(b)Any legal action or proceeding with respect to this Agreement or any other Transaction Document may be brought in any state or federal court of competent jurisdiction in the State of New York, County of New York. By execution and delivery of this Agreement, each party hereto hereby irrevocably consents to and accepts, for itself and in respect of its property, generally and unconditionally the exclusive jurisdiction of such courts. Each party hereto hereby further irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of any Transaction Document.   
(c)Each party hereto hereby irrevocably consents to the service of process out of any of the courts referred to in subsection (b) of this Section 7.16 in any such suit, action or proceeding 

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by the mailing of copies thereof by registered or certified mail, postage prepaid, to it at its address set forth in this Agreement. Each party hereto hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any suit, action or proceeding commenced hereunder or under any other Transaction Document that service of process was in any way invalid or ineffective. Nothing herein shall affect the right of a party to serve process on the other party in any other manner permitted by law. 
Section 7.17Waiver of Jury Trial.
Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any action, proceeding, claim or counterclaim arising out of or relating to any Transaction Document or the transactions contemplated under any Transaction Document. This waiver shall apply to any subsequent amendments, renewals, supplements or modifications to any Transaction Document. 
Section 7.18Release of Liens upon Certain Permitted Financings; Non-Disturbance; Permitted Intercreditor Agreement.
(a) In connection with the incurrence by the Company or any of its Subsidiaries of any Permitted Priority Debt, the Administrative Agent and the Purchasers (upon request of the Company) shall enter into an intercreditor agreement with the lenders (or the agent to such lenders), which intercreditor agreement shall contain substantially similar terms as those in the Intercreditor Agreement (any such intercreditor agreement, a “Permitted Intercreditor Agreement”).
(b)Upon the request of any Licensee party (or prospective Licensee to be a party) to a Permitted Licensing Agreement, the Administrative Agent and the Purchasers shall, at the reasonable request of the Company, enter into non-disturbance and similar agreements in connection with the licensing of any Product Intellectual Property and other general intangibles covering the Product permitted under this Agreement to the extent reasonably requested by Licensee thereof and on terms reasonably satisfactory to the Administrative Agent. In connection with any licensing or sub-licensing transactions permitted pursuant to this Agreement, each of the Administrative Agent and the Purchasers agree, at the request of the Company, to execute and deliver such documents as the Company may reasonably request to evidence such non-disturbance or similar agreement which shall be on terms reasonably satisfactory to the Administrative Agent, provided that the security interests of the Purchasers in the Intellectual Property shall not be affected.
(c)Any Lien held by the Purchasers or by the Administrative Agent for the benefit of the Purchasers against (i) any Collateral that is disposed of by the Company or its Subsidiaries (including pursuant to a valid waiver or consent) in any transaction not prohibited by this Agreement or (ii) any property subject to a Lien described in clause (b) of the definition of “Permitted Liens” shall, in each case, be automatically released without further action by the Administrative Agent, any Purchaser or the Company or any Subsidiary, and each Purchaser hereby directs the Administrative Agent to, and the Administrative Agent hereby agrees, upon receipt of reasonable advance notice from the Company, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guarantees and Liens 

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when and as directed pursuant to this Section 7.18 and deliver to the Company, at the expense of the Company, any portion of such Collateral so released pursuant to this Section 7.18 that is in possession of the Administrative Agent.
Section 7.19Confidentiality. 
The Administrative Agent and the Purchasers agree to keep confidential all non-public information provided to it by the Company pursuant to this Agreement; provided that nothing herein shall prevent the Administrative Agent or the Purchasers from disclosing any such information (i) to the Purchasers, any Affiliate of the Purchasers or any other assignee permitted under Section 7.04, (ii) to their employees, officers, directors, agents, attorneys, accountants, trustees and other professional advisors or those of any of its Affiliates (collectively, its “Affiliated Parties”), (iii) upon the request or demand of any Governmental Authority purporting to have jurisdiction over such Person or its Affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iv) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Law, (v) if required to do so in connection with any litigation or similar proceeding, (vi) that has been publicly disclosed (other than as a result of a disclosure in violation of this Section 7.19) or (vii) to the extent necessary in connection with the exercise of any remedy hereunder or under any other Transaction Document; provided that, in the case of disclosure pursuant to clause (iii), (iv) and (v) above, the Purchasers shall promptly provide notice to the Company to the extent reasonable and not prohibited by Law or any applicable Governmental Authority.  Notwithstanding any provision of this Agreement otherwise requiring any QIA Purchaser to provide any information or documents to any party to this Agreement or any third party, such QIA Purchaser shall be entitled to withhold, edit, redact and/or otherwise limit disclosure of any such information or documents on the grounds of national security and/or financial or economic sensitivity and such QIA Purchaser shall have no liability whatsoever and shall be free and harmless from any claims whatsoever for exercising its rights pursuant to this clause.
ARTICLE VIII​
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THE ADMINISTRATIVE AGENT 
Section 8.01Appointments and Duties.
(a)Appointment of the Administrative Agent. Each of the Purchasers hereby irrevocably appoints Oaktree Fund Administration, LLC (together with any successor Administrative Agent) as the Administrative Agent hereunder and authorizes the Administrative Agent to (i) execute and deliver the Transaction Documents and accept delivery thereof on its behalf from the Company or any of its Subsidiaries, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to the Administrative Agent under such Transaction Documents and (iii) exercise such powers as are reasonably incidental thereto. Except as expressly set forth herein, the provisions of this Article VIII are solely for the benefit of the Administrative Agent and the Purchasers, and neither the Company nor its Affiliates shall have rights as a third-party beneficiary of any such provisions.

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(b)Duties as Agent. Without limiting the generality of Section 8.01(a), the Administrative Agent shall have the sole and exclusive right and authority (to the exclusion of the Purchasers), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Purchasers with respect to all payments and collections arising in connection with the Transaction Documents, and each Person making any payment in connection with any Transaction Document to any Secured Party is hereby authorized to make such payment to the Administrative Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Secured Party), (iii) act as collateral agent for each Secured Party for purposes of acquiring, holding, enforcing and perfecting all Liens created by the Transaction Documents and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Transaction Documents, (vi) except as may be otherwise specified in any Transaction Document, exercise all remedies given to the Administrative Agent and the other Secured Parties with respect to the Collateral, whether under the Transaction Documents, applicable Laws or otherwise and (vii) execute any amendment, consent or waiver under the Transaction Documents on behalf of any Purchaser that has consented in writing to such amendment, consent or waiver; provided that the Administrative Agent hereby appoints, authorizes and directs each Purchaser to act as collateral sub-agent for the Administrative Agent and the Purchasers for purposes of the perfection of all Liens with respect to the Collateral, including any deposit account maintained by the Company, and cash and cash equivalents held by, such Purchaser, and may further authorize and direct the Purchasers to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to the Administrative Agent, and each Purchaser hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.
(c)Limited Duties. The Purchasers and the Company hereby each acknowledge and agree that the Administrative Agent (i) has undertaken its role hereunder purely as an accommodation to the parties hereto and the transactions contemplated hereby, (ii) is receiving no compensation for undertaking such role and (iii) subject only to the notice provisions set forth in Section 8.09, may resign from such role at any time for any reason or no reason whatsoever. Without limiting the foregoing, the parties hereto further acknowledge and agree that under the Transaction Documents, the Administrative Agent (i) is acting solely on behalf of the Purchasers (except to the limited extent provided in Section 8.11) with duties that are entirely administrative in nature, notwithstanding the use of the defined term “the Administrative Agent”, the terms “agent”, “administrative agent” and “collateral agent” and similar terms in any Transaction Document to refer to the Administrative Agent, which terms are used for title purposes only, (ii) is not assuming any duty or obligation under any Transaction Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Purchaser or any other Secured Party and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Transaction Document (fiduciary or otherwise), in each case, regardless of whether a default, breach or Put Option Events under this Agreement has occurred and is continuing, and each Purchaser hereby waives and agrees not to assert any claim against the Administrative Agent based on the roles, duties and legal relationships expressly disclaimed in this clause (c). Without in any way limiting the foregoing, the Administrative Agent shall not, except as expressly set forth in this Agreement and in the other Transaction Documents, have any 

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duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.
Section 8.02Binding Effect.
Each Purchaser agrees that (i) any action taken by the Administrative Agent in accordance with the provisions of the Transaction Documents, (ii) any action taken by the Administrative Agent in reliance upon the instructions of the Purchasers and (iii) the exercise by the Administrative Agent of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties.
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Section 8.03Use of Discretion.
(a)No Action without Instructions. The Administrative Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except (subject to clause (b) below) any action it is required to take or omit to take (i) under any Transaction Document or (ii) pursuant to written instructions from the Majority Purchasers (or, where expressly required by the terms of this Agreement, a greater proportion of the Purchasers).
(b)Right Not to Follow Certain Instructions. Notwithstanding Section 8.03(a) or any other term or provision of this Article VIII, the Administrative Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, the Administrative Agent receives an indemnification satisfactory to it from the Purchasers (or, to the extent applicable and acceptable to the Administrative Agent, any other Secured Party) against all liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against the Administrative Agent or any Affiliate thereof or (ii) that is, in the opinion of the Administrative Agent, in its sole and absolute discretion, contrary to any Transaction Document, Law or the best interests of the Administrative Agent or any of its Affiliates, including, for the avoidance of doubt, any action that may be in violation of the automatic stay in connection with any insolvency or similar proceeding.
Section 8.04Delegation of Rights and Duties. The Administrative Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Transaction Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person (including any Secured Party). The Administrative Agent and any such Person may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. Any such Person and its Affiliates shall benefit from this Article VIII to the extent provided by the Administrative Agent; provided, however, that the exculpatory provisions of this Article VIII  shall apply to any such sub-agent and to the Affiliates of the Administrative Agent and of any such sub-agent, and shall apply to their respective activities in connection with their activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

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Section 8.05Liability. 
(a)The Administrative Agent may, without incurring any liability hereunder, (i) consult with any of its Affiliates and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, the Company) and (ii) rely and act upon any notice, request, certificate, consent, statement, instrument, document or other writing (including and electronic message, Internet or intranet website posting or other distribution), telephone message or conversation or oral conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties. In determining compliance with any condition hereunder to the making of a Purchase Price payment that by its terms must be fulfilled to the satisfaction of a Purchaser, the Administrative Agent may presume that such condition is satisfactory to such Purchaser unless the Administrative Agent shall have received written notice to the contrary from such Purchaser prior to the making of such purchase.
(b)Neither the Administrative Agent nor any of its Affiliates shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Transaction Document, and the Purchasers and the Company hereby waive and shall not assert any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the fraudulent conduct or behavior of the Administrative Agent or, as the case may be, such Affiliate (each as determined in a final, non-appealable judgment or order by a court of competent jurisdiction) in connection with the duties expressly set forth herein. Without limiting the foregoing, the Administrative Agent:
(i)shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of, or with the consent of, the Purchasers or for the actions or omissions of any of its Affiliates selected with reasonable care (other than employees, officers and directors of the Administrative Agent, when acting on behalf of the Administrative Agent);
(ii)shall not be responsible to any Secured Party for the (a) validity, enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document or any other agreement, instrument or document, or (b) due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Transaction Document;
(iii)makes no warranty or representation, and shall not be responsible, to any Secured Party for, and shall not have any duty to ascertain or inquire into, any statement, document, information, certificate, report, representation or warranty made or furnished by or on behalf of any Affiliate, in or in connection with any Transaction Document or any transaction contemplated therein, whether or not transmitted by the Administrative Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by the Administrative Agent in connection with the Transaction Documents (other than to confirm receipt of items expressly required to be delivered to the Administrative Agent); and

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(iv)shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Transaction Document or whether any condition set forth in any Transaction Document is satisfied or waived, including, without limiting the generality of the foregoing, as to the financial condition of the Company or as to the existence or continuation or possible occurrence or continuation of any Put Option Event and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Company or any Purchaser describing such Put Option Event clearly labeled “put option event” (in which case the Administrative Agent shall promptly give notice of such receipt to all Purchasers);
and, for each of the items set forth in clauses (i) through (iv) above, each Purchaser and the Company hereby waives and agrees not to assert any right, claim or cause of action it might have against the Administrative Agent based thereon.
Section 8.06Administrative Agent Individually. 
The Administrative Agent and its Affiliates may make loans and other extensions of credit to, acquire stock and stock equivalents of, accept deposits from, act as the financial advisor for or in any other advisory capacity for, or engage in any kind of business with, the Company or its Subsidiaries as though it were not acting as the Administrative Agent and may receive separate fees and other payments therefor. To the extent the Administrative Agent or any of its Affiliates becomes a Purchaser hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Purchaser and the term “Purchaser” and any similar terms shall, except where otherwise expressly provided in any Transaction Document, include, without limitation, the Administrative Agent or such Affiliate, as the case may be, in its individual capacity as Purchaser.
Section 8.07Purchaser Credit Decision. 
Each Purchaser acknowledges that it has, independently and without reliance upon the Administrative Agent, any Purchaser or any of their Affiliates or upon any document solely or in part because such document was transmitted by the Administrative Agent or any of its Affiliates, conducted its own independent investigation of the financial condition and affairs of the Company and has made and continues to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Transaction Document or with respect to any transaction contemplated in any Transaction Document, in each case based on such documents and information as it shall deem appropriate.
Section 8.08Expenses; Indemnities.
(a)Each Purchaser agrees to reimburse the Administrative Agent and each of its Affiliates (to the extent not reimbursed by the Company) promptly upon demand for such Purchaser’s Proportionate Share of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, the Company or any of its Subsidiaries or Affiliates) that may be incurred by the Administrative Agent or any of its Affiliates in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether 

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through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Transaction Document.
(b)Each Purchaser agrees to indemnify the Administrative Agent (or any sub-agent thereof) and any Affiliates of the Administrative Agent (or any such sub-agent) (to the extent not indefeasibly paid by the Company), from and against such Purchaser’s aggregate Proportionate Share of the liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Purchaser) that may be imposed on, incurred by or asserted against the Administrative Agent (or any sub-agent thereof) or any Affiliates of the Administrative Agent (or any such sub-agent) in any matter relating to or arising out of, in connection with or as a result of any Transaction Document or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by the Administrative Agent (or any sub-agent thereof) or any Affiliates of the Administrative Agent (or any such sub-agent) under or with respect to any of the foregoing; provided that no Purchaser shall be liable to the Administrative Agent (or any sub-agent thereof) or any Affiliates of the Administrative Agent (or any such sub-agent) to the extent such liability has resulted primarily from the gross negligence or willful misconduct of the Administrative Agent (or any sub-agent thereof) or, as the case may be, such Affiliate of the Administrative Agent (or any sub-agent thereof), as determined by a court of competent jurisdiction in a final non-appealable judgment or order.
Section 8.09Resignation of the Administrative Agent.
(a)At any time upon not less than 30 days’ prior written notice, the Administrative Agent may resign as the “the Administrative Agent” hereunder, in whole or in part (in the sole and absolute discretion of the Administrative Agent). If the Administrative Agent delivers any such notice, the Majority Purchasers shall have the right, in consultation with the Company, to appoint a successor, which shall be (i) a Purchaser holding at least thirty percent (30%) of the outstanding Commitments or any Affiliate thereof or (ii) any other financial institution consented to by the Company (provided that the consent of the Company shall not be required to the extent a Put Option Event has occurred and is continuing). If a successor Administrative Agent has not been appointed on or before the effectiveness of the resignation of the resigning Administrative Agent (or such earlier date as shall be agreed by the Majority Purchasers) (the “Resignation Effective Date”), then the resigning Administrative Agent may (but shall not be obligated to), on behalf of the Purchasers, appoint any Person reasonably chosen by it as the successor Administrative Agent, notwithstanding whether the Majority Purchasers have appointed a successor or the Company has consented to such successor. Whether or not a successor has been appointed, such resignation shall become effective on the Resignation Effective Date.
(b)Effective from the Resignation Effective Date, (i) the resigning Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents to the extent set forth in the applicable resignation notice, (ii) the Purchasers shall assume and perform all of the duties of the Administrative Agent until a successor Administrative Agent shall have accepted a valid appointment hereunder, (iii) the resigning Administrative Agent and its Affiliates shall no longer have the benefit of any provision of any Transaction Document other than with respect to (x) any actions taken or omitted to be taken while such resigning Administrative Agent 

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was, or because the Administrative Agent had been, validly acting as the Administrative Agent under the Transaction Documents or (y) any continuing duties such resigning Administrative Agent will continue to perform, and (iv) subject to its rights under Section 8.04, the resigning Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as the Administrative Agent under the Transaction Documents. Effective immediately upon its acceptance of a valid appointment as the Administrative Agent, a successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the resigning Administrative Agent under the Transaction Documents.
Section 8.10[Reserved].
Section 8.11Additional Secured Parties. The benefit of the provisions of the Transaction Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Purchaser as long as, by accepting such benefits, such Secured Party agrees, as among the Administrative Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by the Administrative Agent, shall confirm such agreement in a writing in form and substance acceptable to the Administrative Agent) this Article VIII  and the decisions and actions of the Administrative Agent and the Purchasers to the same extent a Purchaser is bound; provided that, notwithstanding the foregoing, (i) such Secured Party shall be bound by Section 8.08 only to the extent of liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case the obligations of such Secured Party thereunder shall not be limited by any concept of pro rata share or similar concept, (ii) each of the Administrative Agent and each Purchaser shall be entitled to act at its sole discretion, without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Obligation and (iii) such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Transaction Document.
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Section 8.12Agent May File Proofs of Claim.  In case of the pendency of any insolvency or similar proceeding or any other judicial proceeding relating to the Company, the Administrative Agent (irrespective of whether any payments under this Agreement shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Company) shall be entitled and empowered (but not obligated) by intervention or such proceeding or otherwise: 
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(a)to file and prove a claim for the whole amount of all Obligations that are owing and unpaid under this Agreement and to file such other documents as may be necessary or advisable in order to have the claims of the Purchasers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Purchasers and the Administrative Agent and their respective agents and counsel); and

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(b)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Purchaser to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Purchasers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel. 
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Section 8.13[Reserved].  
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Section 8.14Acknowledgements of Purchasers.
(a)If the Administrative Agent notifies a Purchaser, or any Person who has received funds on behalf of a Purchaser (any such Purchaser or other recipient, a “Payment Recipient”), that the Administrative Agent has determined in its reasonable discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Purchaser or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent, and such shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than five Qatari Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (i) shall be conclusive, absent manifest error.  Notwithstanding the foregoing, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any demand under this clause (i) with respect to an Erroneous Payment unless such demand is made within 5 Business Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient.
(b)Without limiting immediately preceding clause (a), each Purchaser, or any Person who has received funds on behalf of a Purchaser, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect 

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to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Purchaser or other such recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: (i) (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and (ii) such Purchaser shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) use commercially reasonable efforts to notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 8.14(b)(ii).
(c)Each Purchaser hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Purchaser under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to such Purchaser from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement.
(d)In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Purchaser that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf)  (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Purchaser at any time, (i) such Purchaser shall be deemed to have assigned its Assigned Interests and Assigned Tail Royalty Interests (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Assigned Interests and Assigned Tail Royalty Interests”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Assigned Interests and Assigned Tail Royalty Interests (but not Commitments) of the Erroneous Payment Impacted Assigned Interests and Assigned Tail Royalty Interests, the “Erroneous Payment Deficiency Assignment”) (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Company) deemed to execute and deliver an assignment and assumption agreement with respect to such Erroneous Payment Deficiency Assignment, and such Purchaser shall deliver any notes or other instruments evidencing such Assigned Interests and Assigned Tail Royalty Interests to the Company or the Administrative Agent, (ii) the Administrative Agent as the assignee Purchaser shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Purchaser shall become a Purchaser, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Purchaser shall cease to be a Purchaser hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Purchaser and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Assigned Interests and Assigned Tail Royalty Interests subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Assigned Interests and Assigned Tail 

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Royalty Interests acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Purchaser shall be reduced by the net proceeds of the sale of such Assigned Interests and Assigned Tail Royalty Interests (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Purchaser (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Purchaser and such Commitments shall remain available in accordance with the terms of this Agreement.  In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold an Assigned Interests and Assigned Tail Royalty Interests (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Purchaser under the Transaction Documents with respect to each Erroneous Payment Return Deficiency.
(e)The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Company, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Company for the purpose of making such Erroneous Payment.
(f)To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.
(g)Each party’s obligations, agreements and waivers under this Section 8.14 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Purchaser, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document.
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[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date first above written. 
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COMPANY:
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	bioxcel therapeutics, inc.

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	/s/ Vimal Mehta

	Name:
	Vimal Mehta

	Title:
	Chief Executive Officer

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	​

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[Signature Page to Revenue Interest Financing Agreement] 

	ADMINISTRATIVE AGENT: 
OAKTREE FUND ADMINISTRATION, LLC

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	​
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	By:
	Oaktree Capital Management, L.P.

	Its:
	Managing Member

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	By:
	/s/ Jessica Dombroff

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	Name:
	Jessica Dombroff

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	Title:
	Vice President

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	By:
	/s/ Kendall Bass

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	Name:
	Kendall Bass

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	Title:
	Vice President
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[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE-TCDRS STRATEGIC CREDIT, LLC

	​
	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Manager

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn:Oaktree Agency
Email:Oaktreeagency@alterdomus.com
​
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
​
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari Blaut
Email: blauta@sullcrom.com
​

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE-FORREST MULTI-STRATEGY,
LLC

	​
	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Manager

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE-TBMR STRATEGIC CREDIT
FUND C, LLC

	​
	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Manager

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE-TBMR STRATEGIC CREDIT
FUND F, LLC

	​
	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Manager

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE-TBMR STRATEGIC CREDIT
FUND G, LLC

	​
	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Manager

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE-TSE 16 STRATEGIC CREDIT,
LLC

	​
	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Manager

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
INPRS STRATEGIC CREDIT HOLDINGS,
LLC

	​
	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Manager

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE STRATEGIC INCOME II, INC.

	​
	​
	​

	By:
	Oaktree Fund Advisors, LLC
	Oaktree Fund Advisors, LLC

	Its:
	Investment Advisor

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE SPECIALTY LENDING
CORPORATION

	​
	​
	​

	By:
	Oaktree Fund Advisors, LLC
	Oaktree Fund Advisors, LLC

	Its:
	Investment Advisor

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE STRATEGIC CREDIT FUND

	​
	​
	​

	By:
	Oaktree Fund Advisors, LLC
	Oaktree Fund Advisors, LLC

	Its:
	Investment Advisor

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE GCP FUND DELAWARE
HOLDINGS, L.P.

	​
	​
	​

	By:
	Oaktree Global Credit Plus Fund GP, L.P.
	Oaktree Fund Advisors, LLC

	Its:
	General Partner

	​
	​

	By:
	Oaktree Global Credit Plus Fund GP Ltd.

	Its:
	General Partner

	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Director

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE DIVERSIFIED INCOME FUND
INC.

	​
	​
	​

	By:
	Oaktree Fund Advisors, LLC

	Its:
	Investment Advisor

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Vice President

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Vice President

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE AZ STRATEGIC LENDING
FUND, L.P.

	​
	​
	​

	By:
	Oaktree AZ Strategic Lending Fund GP, L.P.
	Oaktree Fund Advisors, LLC

	Its:
	General Partner

	​
	​

	By:
	Oaktree Fund GP IIA, LLC

	Its:
	General Partner

	​
	​

	By:
	Oaktree Fund GP II, L.P.

	Its:
	Managing Member

	​
	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Authorized Signatory

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Authorized Signatory

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE LOAN ACQUISITION FUND,
L.P.

	​
	​
	​

	By:
	Oaktree Fund GP IIA, LLC
	Oaktree Fund Advisors, LLC

	Its:
	General Partner

	​
	​

	By:
	Oaktree Fund GP II, L.P.

	Its:
	Managing Member

	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Authorized Signatory

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Authorized Signatory

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER: 
OAKTREE LSL FUND DELAWARE
HOLDINGS EURRC, L.P.

	​
	​
	​

	By:
	Oaktree Life Sciences Lending Fund GP, L.P.
	Oaktree Fund Advisors, LLC

	Its:
	General Partner

	​
	​

	By:
	Oaktree Life Sciences Lending Fund GP Ltd.

	Its:
	General Partner

	​
	​

	By:
	Oaktree Capital Management, L.P.

	Its:
	Director

	​
	​

	By:
	/s/ Jessica Dombroff

	​
	Name:
	Jessica Dombroff

	​
	Title:
	Authorized Signatory

	​
	​
	​

	By:
	/s/ Kendall Bass

	​
	Name:
	Kendall Bass

	​
	Title:
	Authorized Signatory

​
​
Address for Notices:
Oaktree Fund Administration, LLC
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Oaktree Agency
Email: Oaktreeagency@alterdomus.com
With a copy to:
Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Fl.
Los Angeles, CA 90071
Attn: Aman Kumar
Email: AmKumar@oaktreecapital.com
With a copy to:
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Attn: Ari B. Blaut
Email: blauta@sullcrom.com

​
[Signature Page to Revenue Interest Financing Agreement] 

	PURCHASER:
Q BOOST HOLDING LLC

	​
	​
	​

	​
	​
	​

	By:
	/s/ Ahmed Nasser Al-Abdulghani

	​
	Name:
	Ahmed Nasser Al-Abdulghani

	​
	Title:
	Director

	​
	​
	​

	Address for Notices:
c/o Qatar Investment Authority
Ooredoo Tower (Building 14)
Al Dafna Street (Street 801)
Al Dafna (Zone 61)
Doha, Qatar
​
​
​
A copy (which shall not constitute notice)
shall also be sent to:
​
General Counsel
Qatar Investment Authority
Ooredoo Tower (Building 14)
Al Dafna Street (Street 801)
Al Dafna (Zone 61)
Doha, Qatar
Email: notices.legal@qia.qa
​
A copy (which shall not constitute notice)
shall also be sent to:
Shearman & Sterling LLP
535 Mission Street, 25th Floor
San Francisco, CA 94105
Attn:Michael S. Dorf
Tomasz Kulawik
Email:mdorf@shearman.com
tomasz.kulawik@shearman.com

​
​
​

​
[Signature Page to Revenue Interest Financing Agreement] 

​

Schedule 1 
to RIFA
Purchase Schedule
​
Tranche A 
​
Purchasers and their respective Applicable Commitments:
​
	Purchaser
	Applicable Commitment

	Oaktree-TCDRS Strategic Credit, LLC
	$309,482

	Oaktree-Forrest Multi-Strategy, LLC
	$249,697

	Oaktree-TBMR Strategic Credit Fund C, LLC
	$150,530

	Oaktree-TBMR Strategic Credit Fund F, LLC
	$235,902

	Oaktree-TBMR Strategic Credit Fund G, LLC
	$385,180

	Oaktree-TSE 16 Strategic Credit, LLC
	$386,864

	INPRS Strategic Credit Holdings, LLC
	$118,064

	Oaktree Strategic Income II, Inc.
	$533,613

	Oaktree Specialty Lending Corporation
	$2,281,003

	Oaktree Strategic Credit Fund
	$1,341,376

	Oaktree GCP Fund Delaware Holdings, L.P.
	$171,607

	Oaktree Diversified Income Fund Inc.
	$375,585

	Oaktree AZ Strategic Lending Fund, L.P. 
	$2,201,340

	Oaktree Loan Acquisition Fund, L.P.
	$4,471,255

	Oaktree LSL Fund Delaware Holdings EURRC, L.P.
	$1,788,502

	Q Boost Holding LLC
	$15,000,000

	Tranche A Commitment 
	$30,000,000

​
​

​
​

​

​
Tranche B 
​
Purchasers and their respective Applicable Commitments:
​
	Purchaser
	Applicable Commitment

	Oaktree-TCDRS Strategic Credit, LLC
	$464,223

	Oaktree-Forrest Multi-Strategy, LLC
	$374,545

	Oaktree-TBMR Strategic Credit Fund C, LLC
	$225,796

	Oaktree-TBMR Strategic Credit Fund F, LLC
	$353,854

	Oaktree-TBMR Strategic Credit Fund G, LLC
	$577,769

	Oaktree-TSE 16 Strategic Credit, LLC
	$580,296

	INPRS Strategic Credit Holdings, LLC
	$177,096

	Oaktree Strategic Income II, Inc.
	$800,420

	Oaktree Specialty Lending Corporation
	$3,421,504

	Oaktree Strategic Credit Fund
	$2,012,064

	Oaktree GCP Fund Delaware Holdings, L.P.
	$257,410

	Oaktree Diversified Income Fund Inc.
	$563,378

	Oaktree AZ Strategic Lending Fund, L.P. 
	$3,302,010

	Oaktree Loan Acquisition Fund, L.P.
	$6,706,882

	Oaktree LSL Fund Delaware Holdings EURRC, L.P.
	$2,682,753

	Q Boost Holding LLC
	$22,500,000

	Tranche B Commitment 
	$45,000,000

​
​

​

​

Tranche C 
​
Purchasers and their respective Applicable Commitments:
​
	Purchaser
	Applicable Commitment

	Oaktree-TCDRS Strategic Credit, LLC
	$464,223

	Oaktree-Forrest Multi-Strategy, LLC
	$374,545

	Oaktree-TBMR Strategic Credit Fund C, LLC
	$225,796

	Oaktree-TBMR Strategic Credit Fund F, LLC
	$353,854

	Oaktree-TBMR Strategic Credit Fund G, LLC
	$577,769

	Oaktree-TSE 16 Strategic Credit, LLC
	$580,296

	INPRS Strategic Credit Holdings, LLC
	$177,096

	Oaktree Strategic Income II, Inc.
	$800,420

	Oaktree Specialty Lending Corporation
	$3,421,504

	Oaktree Strategic Credit Fund
	$2,012,064

	Oaktree GCP Fund Delaware Holdings, L.P.
	$257,410

	Oaktree Diversified Income Fund Inc.
	$563,378

	Oaktree AZ Strategic Lending Fund, L.P. 
	$3,302,010

	Oaktree Loan Acquisition Fund, L.P.
	$6,706,882

	Oaktree LSL Fund Delaware Holdings EURRC, L.P.
	$2,682,753

	Q Boost Holding LLC
	$22,500,000

	Tranche C Commitment 
	$45,000,000

​
​
​

​

​

Schedule 2
to RIFA
Product
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]
​

​
​

​

Schedule 3.04(a) 
to RIFA
Ownership of IP
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​
​

​

Schedule 3.04(b) 
to RIFA
Ownership of Included Product Revenues
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​
​

​

Schedule 3.08 
to RIFA
Litigation
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​
​

​

Schedule 3.12(a) 
to RIFA
Intellectual Property
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​
​

​

Schedule 3.12(b) 
to RIFA
Product Patents
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​
​

​

Schedule 3.13(c) 
to RIFA
Regulatory Approvals
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​
​

​

Schedule 3.14 
to RIFA
Material Contracts
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​
​

​

Schedule 3.16 
to RIFA
Pension Matters
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]
​

​

​

Schedule 3.17(a) 
to RIFA
Existing Indebtedness
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]
​

​
​

​

Schedule 3.17(b) 
to RIFA
Existing Liens
​
[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]
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EXHIBIT A
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Form of Security Agreement
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[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]
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EXHIBIT B
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Form of Funding Notice
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[Omitted pursuant to Item 601(a)(5) of Regulation S-K.]

​Execution copy
confidential

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Certain information marked as [***] has been excluded from this exhibit because it is both (i) not material and (ii) of the type that the registrant customarily and actually treats as confidential.
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COMMERCIAL SUPPLY AGREEMENT
By and Between

ARx, LLC
and
BioXcel Therapeutics, Inc. 
Dated as of April 1, 2022
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COMMERCIAL SUPPLY AGREEMENT
This Commercial Supply Agreement (this “Agreement”), dated as of April 1, 2022 (the “Effective Date”) is entered into by and between, BioXcel Therapeutics, Inc., a Delaware corporation, with an address at 555 Long Wharf Drive, 5th Floor, New Haven, CT 06511 USA (“BioXcel”), and ARx, LLC, a Pennsylvania limited liability company, with an address at 400 Seaks Run Road, Glen Rock, PA 17327 (“ARx” and together with BioXcel, each a “Party” and collectively, the “Parties”). 
RECITALS:
WHEREAS, the Parties are parties to that certain Work Plan, dated as of July 21, 2017 and attached hereto as Attachment A (as the same may have been amended, the “Work Plan”), as well as the accompanying Development Quality Agreement, dated as of June 20, 2019 (as the same may have been amended, the “DQA”, and together with the Work Plan, the “Prior Agreements”), and the Work Plan is hereby terminated in its entirety as of the Effective Date subject to any continuing obligations contained herein; 
WHEREAS, BioXcel desires ARx to Manufacture and supply Products in accordance with the terms and conditions set forth in this Agreement; 
WHEREAS, in connection with the Manufacture and supply of Products by ARx, BioXcel will provide (or have provided) certain starting materials to ARx for use in the Manufacture of Product, in accordance with the terms and conditions set forth in this Agreement; 
WHEREAS, ARx is willing to Manufacture and supply Products in accordance with the terms and conditions set forth in this Agreement; and
WHEREAS, the Parties intend for this Agreement and the Quality Agreement (as defined below) to supersede the Prior Agreements, which will each be terminated as of the Effective Date, subject to any continuing obligations contained herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:
1.Definitions.  For the purpose of this Agreement, the following capitalized terms have the following respective meanings:  
1.1[***]
1.2“Affiliate” means any Person which, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with a Party, for so long as such Person controls, is controlled by or is under common control with a Party, and regardless of whether such Affiliate is or becomes an Affiliate on or after the Effective Date. For purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) as used with respect to a Person means: (i) direct or indirect ownership of fifty percent (50%) or more of the voting securities or other voting 

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interest of any Person (including attribution from related parties); or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract, as a general partner, as a manager, or otherwise.  
1.3“Agreement” has the meaning set forth in the Preamble.   
1.4“Applicable Law” means applicable laws, rules, regulations, guidelines or other requirements of a Governmental Authority that may be in effect from time to time.
1.5“ARx” has the meaning set forth in the Preamble.
1.6“ARx Background IP” has the meaning set forth in Section 14.2. 
1.7“ARx-Caused Materials Loss” has the meaning set forth in Section 3.5.8(i).
1.8“ARx Developed IP” has the meaning set forth in Section 14.4.1.
1.9“ARx Indemnitees” has the meaning set forth in Section 11.2.
1.10“ARx Manufacturing Technology” has the meaning set forth in Section 12.3.4.
1.11“ARx Representatives” has the meaning set forth in Section 10.4.1.
1.12“ARx Work Plan IP” has the meaning set forth in Section 14.3.2. 
1.13“Audit” has the meaning set forth in Section 5.6.1. 
1.14“Background IP” has the meaning set forth in Section 14.2.
1.15“Binding Portion” has the meaning set forth in Section 4.1.
1.16“BioXcel” has the meaning set forth in the Preamble.
1.17“BioXcel Background IP” has the meaning set forth in Section 14.2. 
1.18“BioXcel Developed IP” has the meaning set forth in Section 14.4.2.
1.19“BioXcel Indemnitees” has the meaning set forth in Section 11.1.
1.20“BioXcel Representatives” has the meaning set forth in Section 10.4.2.
1.21“BioXcel Supplied Materials” has the meaning set forth in Section 3.5.1.
1.22“BioXcel Supplied Materials Costs” has the meaning set forth in Section 3.5.8(i).

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1.23“BioXcel Technical Requirements” means, with respect to Product, those analytical testing specifications per Section 1.64 and other batch record and cGMP requirements as specified in Schedule 1.23 related to the Product (and/or the Manufacture thereof) identified in Schedule 1.23, as the same may be modified from time to time by BioXcel (provided that BioXcel shall seek approval from ARx in connection with such modification, such approval not to be unreasonably withheld, delayed or conditioned). 
1.24“BioXcel Work Plan IP” has the meaning set forth in Section 14.3.1.
1.25“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York, are authorized or required by law to remain closed. 
1.26“Calendar Year” means each period during the Term commencing on January 1 and ending on December 31 of such calendar year; provided, however, that: (i) the first Calendar Year of this Agreement shall commence on the Effective Date and end on December 31 of the same calendar year; and (ii) the last Calendar Year of this Agreement shall commence on January 1 of the calendar year in which this Agreement terminates or expires and end on the date of expiration or termination of this Agreement.
1.27“Confirmed Order” has the meaning set forth in Section 4.2.2.
1.28“cGMPs” means [***].
1.29“Commercially Reasonable Efforts” means [***].
1.30 “Confidential Information” means all confidential information and data relating to a Party (including information regarding such Party’s and its Affiliates’ business, employees, development plans, programs, documentation, techniques, trade secrets, systems, facilities, equipment, processes, formulations, and know-how) disclosed or provided by or on behalf of such Party (the “Disclosing Party”) to the other Party (the “Receiving Party”) pursuant to, or in connection with, this Agreement, the Confidentiality Agreement, Work Plan, the DQA, the Quality Agreement or any agreement entered into in connection with this Agreement.  For clarity, the (i) ARx Background IP, ARx Work Plan IP, and ARx Developed IP shall be the Confidential Information of ARx and (ii) the BioXcel Background IP, BioXcel Work Plan IP, BioXcel Developed IP, BioXcel Technical Requirements and Specifications shall be the Confidential Information of BioXcel, irrespective of whether such information or technology is first disclosed by ARx to BioXcel hereunder.  “Confidential Information” does not include any information or data: (i) rightfully previously known by a Party hereto, or acquired from a Third Party without a continuing restriction on use; (ii) which is or becomes publicly known without breach of this Agreement; or (iii) which is independently developed without violating any obligations under this Agreement and without reference to the Confidential Information of the other Party.  Any combination of features or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features are published or available to the general public or in the rightful possession of the Receiving Party unless the combination itself and principle of operation are published or available to the general public or in the rightful possession 

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of the Receiving Party. For clarity, the terms and conditions of this Agreement shall be deemed Confidential Information of both Parties. 
1.31“Confidentiality Agreement” means that certain Confidentiality Agreement between the Parties, dated as of July 19, 2016. 
1.32“Deficiency” has the meaning set forth in Section 7.3.1.
1.33“Deliverable” shall have the meaning given to such term as described in the Considerations, Assumptions, and Deliverables column of the chart in the Work Plan. 
1.34“Delivery Terms” has the meaning set forth in Section 6.2.
1.35"Developed Intellectual Property" means all Intellectual Property made, invented, developed, created, conceived, or reduced to practice after the Effective Date (a) in connection with the performance of any Work Plan Activities (including any improvements to BioXcel Work Plan IP and ARx Work Plan IP), (b) as a result of work conducted pursuant to this Commercial Supply Agreement (including in connection with a Party’s evaluation, use, or implementation of the other Party's Background Intellectual Property), or (c) by a Receiving Party resulting from and/or necessarily using or derived from or based on the other Party's Confidential Information, in each case, including all rights in any patents or patent applications, copyrights, trade secrets, and other Intellectual Property rights relating thereto. 
1.36“Direct Competitor” means any Third Party that is engaged [***].  
1.37“Effective Date” has the meaning set forth in the Preamble.
1.38“Facility” means (i) ARx’s (or its Affiliate’s or Subcontractor’s, as applicable) facility where Product will be Manufactured; as well as (ii) such other facility where Product may be Manufactured, as approved by BioXcel from time to time pursuant to Section 8.3.
1.39“Forecast” has the meaning set forth in Section 4.1.
1.40“Force Majeure Event” has the meaning set forth in Section 16.3.
1.41“Governmental Approval” means any approval, waiver, exemption, variance, permit, authorization, license, registrations or similar approval of any Governmental Authority necessary for the Manufacture of the Product. 
1.42“Governmental Authority” means any United States (federal, state or local), or any other foreign, government or political subdivision thereof, or any multinational governmental organization or authority, or any authority, agency or commission, in each case, entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any department, bureau or division thereof), or any governmental arbitrator or arbitral body.
1.43“Initial Term” has the meaning set forth in Section 12.1.

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1.44“Invoice” means ARx’s invoice in Dollars for a given quantity of Product or Work Plan Activities which are delivered or otherwise provided hereunder.  A complete Invoice shall contain the following (and any other relevant information specifically requested by BioXcel, acting reasonably): (i) name of ARx and “Remit to” address; (ii) BioXcel’s purchase order number; (iii) invoice number; (iv) invoice date; (v) description and quantity of Product; (vi) total invoice amount with miscellaneous charges listed separately; (vii) payment terms (which payment terms shall be consistent with the payment terms set forth in this Agreement); and (viii) a valid tax invoice meeting applicable invoicing requirements from a tax perspective.
1.45“Intellectual Property” means any (i) invention (whether or not patentable), ideas, know-how, works of authorship, modifications, technology, materials, software, formulations, techniques, developments, ideas, concepts, discoveries, designs, algorithms, models, formulations, improvements, protocols, data and proprietary information; and (ii) patents, copyrights, trademarks, service marks, trade secrets, or other intellectual property rights in and/or to the foregoing. 
1.46“Latent Defect” has the meaning set forth in Section 7.3.1.
1.47“Manufacture” or “Manufacturing” or “Manufactured” means all operations for the manufacture of Product hereunder utilizing the BioXcel Supplied Materials and other Materials, including, to the extent applicable for Product, the receipt and storage of materials, production, formulation, warehousing, quality control testing (including in-process, release and stability testing), packaging (both primary and secondary), serialization, release, as applicable, and placement on shipping carrier of such Product, and also including such activities as may be specified in the master batch records.
1.48“Manufacturing Process” means ARx’s proprietary process for Manufacturing the Product in accordance with the then-current batch records, Specifications and the Technical Requirements. 
1.49“Materials” means all raw materials, excipients, intermediates, reagents, components, and other potential product-contacting items necessary for, or otherwise used in, the Manufacture of Product hereunder, as applicable, other than BioXcel Supplied Materials. 
1.50“Order” has the meaning set forth in Section 4.2.1.
1.51“Order Period” has the meaning set forth in Section 4.2.1.  
1.52“Party” or “Parties” has the meaning set forth in the Preamble.   
1.53“Permitted Field” means [***].
1.54“Person” means any individual, partnership, joint venture, limited liability company, corporation, firm, trust, association, unincorporated organization, governmental authority or agency, or any other entity not specifically listed herein.
1.55“Pre-Approved Suppliers” has the meaning set forth in Section 3.7.

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1.56“Prior Agreements” has the meaning set forth in the Recitals.
1.57“Product” means an oral film product for administering dexmedetomidine or a salt thereof, whether as a standalone product or as a combination product, to be developed or supplied hereunder. Subject to Section 6.4, Product shall be supplied as finished, packaged (both primary and secondary) product. Additionally, solely with respect to BioXcel’s right to make or have made Product under this Agreement (including under any license right provided under Section 14.5.1) and the exclusivity provisions under Section 3.1, and 3.3.2 and termination provisions under Section 12.2.1, “Product” includes any additional dosage form of such Product. For the avoidance of doubt, ARx shall have no liability or responsibility under this Agreement for any Product that it does not manufacture for BioXcel. 
1.58“Quality Agreement” means that certain quality agreement entered into between the Parties (or their respective Affiliates), attached hereto as Attachment B, that addresses technical and quality matters with respect to the Manufacture of the Product.  
1.59“Recall” has the meaning set forth in Section 8.11.
1.60“Records” has the meaning set forth in Section 9.1.1.
1.61“Representatives” has the meaning set forth in Section 16.4.1.
1.62“Safety Stock” has the meaning set forth in Section 4.4.1.
1.63“Shortage” means a failure to deliver to BioXcel within [***] of the relevant delivery date set forth in a given Confirmed Order, the Minimum Percentage (as defined in Section 3.3.4) of Product under such Confirmed Order, including [***]. 
1.64“Specifications” means the specifications for Product as set forth on Schedule 1.64, as such specifications may be updated from time to time in accordance with this Agreement.  
1.65[***]
1.66“Subcontractor” means any Person (other than a Party or an Affiliate of a Party) engaged by a Party (or its Affiliate) to perform Manufacturing obligations of such Party hereunder. 
1.67“Supply Failure” has the meaning set forth in Section 3.3.4. 
1.68“Supply Price” has the meaning set forth in Section 5.1.
1.69“Term” has the meaning set forth in Section 12.1.
1.70“Termination Assistance” means ARx’s (i) continued Manufacturing and supply of Product in accordance with its obligations under this Agreement and (ii) assistance in the transfer of its Manufacturing and supply of Product obligations under, and in accordance with, this Agreement to a successor supplier designated by BioXcel including answering reasonable 

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questions from BioXcel regarding the Manufacturing and supply of Product on an “as needed” basis.  
1.71“Termination Assistance Period” means a reasonable period of time, not to exceed [***], designated by BioXcel, from and after the effective date of the termination of this Agreement by either Party. 
1.72 “Third Party” means any Person other than BioXcel, ARx and their respective Affiliates.
1.73“Third Party Claim” means any and all suits, claims, actions, proceedings or demands brought by a Third Party against a Party (or the ARx Indemnitees or BioXcel Indemnitees, as applicable).
1.74“Third Party Damages” means all losses, costs, claims, damages, judgments, liabilities and expenses payable to a Third Party by a Party (or the ARx Indemnitees or BioXcel Indemnitees, as applicable) under a Third Party Claim (including reasonable attorneys’ fees and other reasonable out-of-pocket costs of litigation in connection therewith).
1.75“Dollars” or “$” means the currency of the United States of America. 
1.76“VAT” has the meaning set forth in Section 5.3.1.
1.77“Violation” means that either: (i) ARx (or any its Affiliates), or any of its (or their) officers, or directors, or any of its (or their) employees, agents or personnel performing (or having performed) activities under this Agreement or the Work Plan; or (ii) BioXcel (or any of its Affiliates), or any of its (or their) officers or directors, or any of its (or their) employees, agents or personnel performing (or having performed) activities under this Agreement or the Work Plan, as applicable, has been: (a) convicted of any of the felonies identified among the exclusion authorities listed on the U.S. Department of Health and Human Services, Office of Inspector General website, including 42 U.S.C. 1320a-7(a) (http://oig.hhs.gov/fraud/exclusions/authorities.asp); (b) identified in the List of Excluded Individuals/Entities (LEIE) database (http://oig.hhs.gov/fraud/exclusions/exclusions_list.asp) on said website or the U.S. General Services Administration’s list of Parties Excluded from Federal Programs (https://www.epls.gov); or (c) listed by any US Federal agency as being suspended, debarred, excluded, or otherwise ineligible to participate in Federal procurement or non-procurement programs.  
1.78“Waste” means any waste material, pollutant, contaminant, toxin, carcinogen, biohazard, radioactive or hazardous gaseous, liquid or solid material of any kind or any other waste that may or could pose a hazard to the environment or human health or safety, including any routine process waste or any by-product, arising from Manufacture of Product, including petroleum, petroleum hydrocarbons, petroleum products or petroleum by-products, radioactive materials, asbestos or asbestos-containing materials, gasoline, diesel fuel, pesticides, radon, urea formaldehyde, mold, lead or lead-containing materials, polychlorinated biphenyls and any other chemicals, materials, substances or wastes in any amount or concentration which are now or hereafter become defined as or included in the definition of “hazardous substances”, “hazardous materials”, “hazardous wastes”, “extremely hazardous wastes”, “restricted hazardous 

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wastes”, “toxic substances”, “toxic pollutants”, “pollutants”, “regulated substances”, “solid wastes”, or “contaminants” or words of similar import under Applicable Laws.
1.79“Work Plan” has the meaning set forth in the Recitals.
1.80“Work Plan Activities” has the meaning set forth in Section 2.1.1.
1.81[***]
2.Termination of Work Plan; Project Team. 
2.1Surviving Obligations. 
2.1.1The Parties acknowledge and agree that, notwithstanding the termination of the Work Plan, certain ongoing activities or new Work Plan activities regarding development and testing of Product (e.g., stability testing) (“Work Plan Activities”) set forth in the Work Plan will continue to be performed by ARx on and after the Effective Date. The Parties hereby agree that, as of the Effective Date, such continuing obligations will be performed under this Agreement rather than the Work Plan; provided that, the indemnification rights and obligations of the Parties, as set forth in Section 10 of the Work Plan, shall control with respect to the performance of such Work Plan Activities. 
2.1.2Notwithstanding anything to the contrary in the Work Plan (including Section 18 thereof), only the following provisions of the Work Plan shall survive its termination: Sections 2 (Definitions, as amended, below); 9(a) (as amended, below) and 9(b) (as amended below); 10 (Indemnity); and any provisions of the Chart that are necessary to effectuate the intent of the foregoing or otherwise relevant to the performance of Work Plan Activities.
2.1.3Section 9(a) of the Work Plan is hereby amended by adding the following to the end of such section: The Parties acknowledge and agree that the Clinical Trial Formulations shall include any and all formulations of any product that contains dexmedetomidine for use in the Permitted Field that [***].
2.1.4Section 9(b) of the Work Plan is hereby amended as follows: (a) by adding the following as subsection (vi) to the list of “ARx Intellectual Property”:  [***]. For the avoidance of doubt, ARx’s use of the [***] described above shall be subject to the exclusivity provisions in Section 3.2.4 of this Agreement. 
2.2Project Team. Both Parties will provide personnel necessary to perform and support its activities under this Agreement (including any Work Plan Activities), in a manner consistent with all Applicable Law, and in accordance with the terms of this Agreement. Such personnel shall have the appropriate training, skills, and experience needed to perform the activities hereunder. On the Effective Date, ARx will provide a list of assigned personnel, which will include: R&D Formulator, Analytical Development Associate, Quality Control Associate, Process Engineer, Quality Assurance Associate, Project/Program Management Associate, and BD / Purchasing/Scheduling Associate. Immediately after the Effective Date, ARx will assign the project manager and arrange a formal project kick-off meeting between the Parties. The Parties 

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will determine the formal communication channels and frequency of communication at the kick-off meeting. On the Effective Date, BioXcel will provide a list of its assigned personnel.  
3.Supply. 
3.1Manufacture and Supply of Product.  During the Term and subject to the terms and conditions of this Agreement, ARx shall Manufacture and supply (or have Manufactured and supplied by a Subcontractor approved in advance by BioXcel pursuant to Section 3.7) to BioXcel or its designee, and BioXcel or its designee shall purchase exclusively from ARx (or have purchased) (subject to the Alternative Supply provisions under 3.3), its worldwide demand for Product which is ordered by BioXcel pursuant to Confirmed Orders submitted in accordance with this Agreement.  Product shall be Manufactured and supplied by ARx, or on its behalf by an approved Subcontractor, in accordance with this Agreement, the Specifications and the relevant Confirmed Order.  Subject to the terms and conditions of this Agreement, each Order shall be considered a separate Order and shall be valid and binding upon its submission by BioXcel (and/or its Affiliate, as applicable) and acceptance by ARx in writing as a Confirmed Order in accordance with this Agreement.   
3.2Exclusivity. 
Exclusivity for the Product.  During the Term, ARx (and its Affiliates) shall Manufacture and supply Product exclusively for BioXcel and its Affiliates and not for any Third Party. 
Exclusivity in the Permitted Field.  During the Term, ARx shall not, directly or indirectly, develop or Manufacture any product that contains dexmedetomidine for any Person (whether as an agent, creditor, partner, joint venture, investor, consultant or otherwise) for use in the Permitted Field, without the prior written consent of BioXcel, except that ARx may engage in any of the foregoing activities with respect to a Product, at BioXcel’s written request, with or for BioXcel or any Affiliate, sublicensee or other Third Party commercial partner of BioXcel (including with respect to an authorized generic of the Product).  
Exclusivity Outside the Permitted Field.  During the Term, [***] ARx shall not, directly or indirectly, develop or Manufacture any Competing Product for any Person (whether as an agent, creditor, partner, joint venture, investor, consultant or otherwise) for use outside the Permitted Field, without the prior written consent of BioXcel, except that ARx may engage in any of the foregoing activities with respect to a Product, at BioXcel’s written request, with or for BioXcel or any Affiliate, sublicensee or other Third Party commercial partner of BioXcel (including with respect to an authorized generic of the Product).  For the purposes of this Agreement, “Competing Product” means any product that contains [***]. 
ARx Rights in the Permitted Field.  For the avoidance of doubt, ARx may develop or manufacture an oral thin film product not containing [***], for use in the Permitted Field; provided, that during the Term, [***], ARx shall not, directly or indirectly, develop or Manufacture any oral thin film product that utilizes or incorporates either [***] for any Person (whether as an agent, creditor, partner, joint venture, investor, consultant or otherwise) for [***], without the prior written consent of BioXcel.  

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3.3Alternative Supply. 
Without limiting the obligations of either ARx or BioXcel hereunder, BioXcel shall have the right to qualify and utilize a single alternative source of supply of Product at any time during the Term.  In the event BioXcel desires to engage an alternative source for supply of Product, BioXcel shall notify ARx.  Within [***] of receipt of such notice of BioXcel’s desire to engage an alternative source, [***]. ARx shall [***]. BioXcel shall then [***]. Additionally, the Parties shall discuss and agree upon [***]. [***]. Upon request and after the execution of a reasonably acceptable confidentiality agreement between ARx and the alternative supplier, ARx shall use Commercially Reasonable Efforts to support the qualification of such alternative source, through technical transfer, at BioXcel’s sole cost, to such alternative source, to include technical transfer of the drug product manufacturing process and analytical methods, including of all data, documents, information or other know-how Controlled by ARx that is reasonably necessary to Manufacture Product, in accordance with the provisions of Section 12.3.4, mutatis mutandis.
Except as set forth in Section 3.3.3, BioXcel may not purchase more than [***] of its worldwide demand for Product in a Calendar Year from an alternative source. Subject to Section 3.3.3, [***].  
In the event of any Supply Failure, BioXcel shall have the right to purchase from an alternative source the amount of Product that ARx is unable to supply pursuant to the most recent Order (which, for clarity, shall be in addition to the amount of Product that constitutes [***] of BioXcel’s demand for Product in the given Calendar Year), and BioXcel shall not [***]. By way of example, [***].  Additionally, in the event of a breach of Section 3.2 by ARx, BioXcel shall give written notice to ARx, specifying the nature of the breach and, if such breach is not remedied within [***] of receipt of such notice, BioXcel shall have the right to have ARx initiate a technology transfer in accordance with Section 12.3.4 (without the requirement to terminate the Agreement) such that the exclusive supply right of ARx shall terminate and BioXcel may purchase from an alternative source any amount of Product, and BioXcel shall not [***].
3.3.1A “Supply Failure” shall be deemed to have taken place if ARx fails to supply at least the “Minimum Percentage” of the quantity of Product set forth in any Confirmed Order, [***]. For clarity, the Minimum Percentage set forth in this Section 3.3.4 accounts [***]. Such Minimum Percentage shall be defined in Schedule 5.1, Supply Price.  In the event of a Supply Failure, without limiting BioXcel’s rights and remedies hereunder, BioXcel may purchase its remaining requirement of Product for such Order from an alternative source.  For, clarity, such purchase from an alternative source will be limited to the amounts for which ARx failed to supply and will not impact any future orders to ARx.  
3.4ARx Supplied Materials.  Except with respect to the BioXcel Supplied Materials for Product as set forth in Section 3.5, ARx shall obtain sufficient quantities of Materials as are necessary to Manufacture the Product in accordance with the Specifications and the BioXcel Technical Requirements, in order to timely fill Confirmed Orders based on the Binding Portion of the applicable Forecast.  

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3.5BioXcel Supplied Materials.  
With respect to the Product Manufactured under this Agreement, BioXcel shall be responsible for providing (or having provided) to ARx certain Materials as identified in Schedule 3.5 for the Product (if any) for use by ARx in the Manufacture of such Product hereunder, on a consignment basis (the “BioXcel Supplied Materials”). 
BioXcel shall be responsible for supplying (or having supplied) to ARx those quantities of the BioXcel Supplied Materials that are calculated by BioXcel and confirmed in writing by ARx to be required to Manufacture the quantities of the Product necessary to meet the Binding Portion of each Forecast (it being understood that ARx shall give BioXcel at least [***] lead time for delivery of any BioXcel Supplied Materials). The quantity of BioXcel Supplied Materials required per batch of Product is specified in Schedule 3.5, Technical Requirements. Such BioXcel Supplied Materials shall be delivered by or on behalf of BioXcel [***] to the Facility.  Notwithstanding the delivery of the BioXcel Supplied Materials to ARx, as between the Parties, such BioXcel Supplied Materials shall at all times remain the property of BioXcel.  Within [***] upon receipt of the BioXcel Supplied Materials, ARx shall sample to initiate testing for which any tests and specifications are to be agreed between the Parties, to confirm that such BioXcel Supplied Materials are not defective, and ARx shall promptly [***] notify BioXcel in writing of any defects in the BioXcel Supplied Materials. BioXcel shall replace any defective BioXcel Supplied Materials or provide additional BioXcel Supplied Material to ARx, and ARx shall provide assistance in the investigation of any defective BioXcel Supplied Material, at BioXcel’s reasonable cost. ARx shall place any defective BioXcel Supplied Material under quarantine at BioXcel’s expense until the BioXcel Supplied Material is returned to BioXcel or its designee. 
3.5.1All BioXcel Supplied Materials supplied to ARx shall be handled, stored and maintained by ARx in accordance with Applicable Law (including cGMPs) and clearly marked and identified by ARx as the property of BioXcel. ARx shall not allow any pledge, lien, restriction, claim, charge, security interest and/or other encumbrance to be placed on the BioXcel Supplied Materials while at the Facility.  Unless otherwise consented to by BioXcel in writing, ARx shall not obtain any BioXcel Supplied Materials from any other source. 
3.5.2BioXcel represents, warrants and covenants that all BioXcel Supplied Materials shall, at the time of delivery to ARx at the Facility: (i) be manufactured in accordance with the specifications for such BioXcel Supplied Materials, Applicable Laws (including cGMPs) in effect on the day of delivery; and (ii) not be adulterated within the meaning of the Federal Food, Drug and Cosmetic Act to the extent applicable to a given BioXcel Supplied Material.   
3.5.3Unless otherwise consented to by BioXcel in writing, ARx shall use the BioXcel Supplied Materials solely and exclusively to Manufacture the Product for BioXcel in accordance with this Agreement, and for no other purpose.  ARx shall withdraw the BioXcel Supplied Materials from storage for the performance of the Manufacturing activities under this Agreement and respecting the procedure of first expiry/first out.  At the request and direction of BioXcel from time to time, and in any event upon expiration or termination of this Agreement, ARx shall return to BioXcel (or at BioXcel’s request, destroy) all or any portion (as requested by BioXcel) of unused inventory of BioXcel Supplied Materials at BioXcel’s reasonable cost. 

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3.5.4At the end of each month, ARx shall notify BioXcel, in a form reasonably acceptable to both Parties, of the quantity of BioXcel Supplied Materials in its possession, batch number, and expiry date of such BioXcel Supplied Materials. Additionally, ARx shall promptly notify BioXcel in writing whenever the inventories of BioXcel Supplied Materials supplied by or on behalf of BioXcel become insufficient to Manufacture the Product to meet the delivery dates specified in the applicable Orders placed by BioXcel under this Agreement, in accordance with Section 3.5.2. In addition to BioXcel’s right to audit the Facility under Section 5.6, ARx shall afford BioXcel, at reasonable times, reasonable access (at least [***] per Calendar Year) at the Facility for inspection and audit of the BioXcel Supplied Materials upon ARx approval of date and timing.  
3.5.5Notwithstanding anything to the contrary contained herein, in the event that BioXcel fails to timely supply sufficient quantities of BioXcel Supplied Materials for its Orders (in accordance with Section 3.5.2), including any replacement BioXcel Supplied Material pursuant to Section 3.5.2 [***], then [***]. 
3.5.6BioXcel (or its Affiliate, as appropriate) shall continue to be responsible for the risk of loss of BioXcel Supplied Materials following delivery of such BioXcel Supplied Materials to ARx (and in connection therewith, BioXcel (or its Affiliate, as appropriate) shall maintain its customary property insurance (which may be in the form of a self-insurance program) with respect to such BioXcel Supplied Materials). Notwithstanding the foregoing: 
[***] 
[***]  
3.5.7BioXcel shall provide to ARx material safety data sheets relating to the BioXcel Supplied Materials, and other similar information known to BioXcel relating to handling, safety and environmental precautions with respect to the BioXcel Supplied Materials.  It is the sole responsibility of ARx to communicate such information to its employees, agents, and representatives engaged in Manufacturing of Product. 
3.6Shortage.
If, after BioXcel has submitted an Order, that becomes a Confirmed Order,  based on the Binding Portion of the applicable Forecast, a Shortage arises or ARx becomes aware of an anticipated Shortage, ARx shall notify BioXcel in writing within [***] thereof, and, shall include in such notice the relevant circumstances, including the underlying reasons for such Shortage (e.g., available quantities of Materials, Manufacturing capacity or other resources needed in the Manufacture of Product), proposed remedial measures, and the date such Shortage is expected to end. The Parties shall meet immediately and discuss in good faith all appropriate actions to remedy and cure the Shortage. In any event ARx shall use best efforts to cure the Shortage as soon as possible by providing the undelivered quantity of Product as soon as reasonably practicable, but in no more than [***] and ARx shall notify BioXcel of the expected date of delivery of such Product. [***] Promptly following the event of a Shortage, ARx shall prepare a plan to address any deficiencies or cause(s) of such Shortage, provide a draft of the plan to BioXcel for review and agreement, and shall implement all reasonable comments from BioXcel as soon as possible. 

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ARx shall provide weekly written status updates on its progress towards remedy and cure of the Shortage. 
If there is a Shortage, other than due to a shortage of BioXcel Supplied Materials [***], then, unless the Parties otherwise agree in writing, for so long as such Shortage endures, to the extent the Shortage is due to a shortage of Materials or Manufacturing capacity/resources, ARx shall [***]. 
For the avoidance of doubt, nothing in this Section 3.6 shall be deemed to modify ARx’s obligations under Section 4.3, it being understood and agreed that the allocations pursuant to Section 3.6.2 shall be without limitation to any other remedies that BioXcel has hereunder, including pursuant to Article 11.
3.7Subcontracting.  ARx shall not subcontract any of its obligations hereunder to Manufacture Product to an Affiliate or a Third Party without the prior written consent of BioXcel, not to be unreasonably withheld. As of the Effective Date, BioXcel has consented to the use of the subcontractor(s) listed in the Quality Agreement (“Pre-Approved Suppliers”). With respect to any permitted subcontractor (including to an Affiliate or a Third Party), ARx shall remain fully responsible and liable for all obligations hereunder, and fully guarantees and warrants the performance (in accordance with this Agreement) of any responsibilities so subcontracted, and assumes full liability for such activities performed by any Subcontractor.  Without limiting the foregoing, ARx shall cause any and all such Subcontractors to comply with the applicable terms and conditions of this Agreement and the Quality Agreement. Any subcontracting of any Manufacturing or other activities hereunder shall be subject to the other applicable terms and conditions of this Agreement, including Section 8.2 and Section 8.3, in each case, to the extent applicable.  Notwithstanding the foregoing, but subject to compliance with change control provisions of the Quality Agreement: (i) any and all costs associated with engaging a Subcontractor (including any technology transfer to such Subcontractor) shall be borne solely by ARx; and (ii) the use of a Subcontractor shall not result in any increase in the Supply Price, unless justified through documented evidence of a price increase, in which case BioXcel expressly agrees to an increase in the Supply Price as a result thereof, not to be unreasonably withheld.
3.8Capacity.  At all times during the Term, ARx shall use commercially reasonable efforts to ensure that it has sufficient capacity at the Facility in order to Manufacture the quantities of Product set forth in the most recently submitted Forecast. Notwithstanding the foregoing, if BioXcel’s requirements of Product exceed such capacity, ARx shall still use Commercially Reasonable Efforts to satisfy such demand, subject to ARx’s then available capacity.  If BioXcel and ARx determine that BioXcel’s (and/or its Affiliates’) demand (or anticipated demand, as applicable) exceeds ARx’s then available capacity, then the Parties shall discuss in good faith how to address the potential shortage.  [***] 
4.Estimated Requirements and Orders.
4.1Forecast.  On or before the last day of each [***] during the Term, BioXcel shall provide ARx with a written [***] rolling forecast estimating BioXcel’s requirements of Product for such [***] period (each, a “Forecast”). Each Forecast shall be prepared in good faith, but Forecasts shall not be binding on BioXcel except as set forth in Section 4.2.  The first such 

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Forecast shall be for the period from the Effective Date through [***] and is attached hereto as Schedule 4.1. Schedule 4.1 shall also include BioXcel’s long term forecast for planning purposes only.  The first [***] of a Forecast for Product (the “Binding Portion”) shall be binding on the Parties.  During the first month of each Calendar Year, BioXcel shall provide ARx with a [***] Forecast for planning purposes only.  BioXcel shall have the right to request monthly sales and operation planning meetings between BioXcel and ARx to coordinate the Forecast procedures.
4.2Orders.  
4.2.1BioXcel shall place orders for Product through written purchase orders delivered by email to ARx from time to time during the Term (each, an “Order”) in accordance with this Agreement. Each Order of Product shall be for the quantities of Product set forth in the Binding Portion of the applicable Forecast (subject to Section 4.2.3); provided, however, that BioXcel shall place its Orders for the requested quantities of Product with a lead time of at least [***] from the date of such Order (the “Order Period”).  Each Order shall indicate the order number, Product code/number, Product strength, quantity ordered, required delivery date and, as appropriate, delivery address. In the event that the terms of any Order are not consistent or are in addition to the terms of this Agreement, the terms of this Agreement shall prevail.
4.2.2ARx shall acknowledge and confirm each Order within [***] of receipt including confirmation of the delivery date and quantities by email (a “Confirmed Order”). If ARx does not confirm the Order within the timeframe set forth in the immediately preceding sentence, the Order shall be deemed to be confirmed by ARx, and such Order shall also be deemed a Confirmed Order. ARx shall supply the Products in accordance with each Order and the terms of this Agreement. Any change to a Confirmed Order shall require issuance of a revised Confirmed Order and a revised order acknowledgement. Notwithstanding anything to the contrary in this Agreement, ARx shall not reject any Order unless such Order fails to comply with this Section 4.2.2.
4.2.3Should BioXcel place an Order to procure Product for delivery in excess of the volume set forth in the Binding Portion of the Forecast, subject to the applicable terms and conditions of this Agreement, ARx shall [***] and shall notify BioXcel within [***] after receipt of the applicable Order if it expects to be unable to do so. 
4.2.4BioXcel may defer any Order to a later time within the same Calendar Year in which the Product was originally scheduled for delivery without penalty, provided that such deferral notice is received by ARx prior to the Order Period for such Product and provided that such deferral shall not relieve BioXcel from its obligations to order the quantities of Product set forth in the Binding Portion of the Forecast.  Subject to the other applicable provisions of this Agreement, if BioXcel desires to defer an Order within the Order Period or cancel an Order, BioXcel shall notify ARx thereof in writing; provided that BioXcel may only so cancel or defer an Order if consented to by ARx.  
4.3Completion of Orders by ARx.  ARx shall Manufacture, or cause to be Manufactured, the applicable quantities of Product and deliver (in accordance with Section 6.2) such quantities of Product in order to complete each Confirmed Order on or before the date specified in such Confirmed Order placed in accordance with this Agreement; provided, however, 

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that the exact delivery date shall be communicated and agreed in writing and that no quantities of Product shall be delivered after the date specified in such Confirmed Order without BioXcel’s prior written approval).  ARx shall deliver Product in the quantities specified in each Order placed in accordance with Section 4.2 of this Agreement.
4.4Safety Stock.  
4.4.1ARx shall maintain, at all times during the Term, such quantity of inventory of critical components (including Materials) needed to satisfy BioXcel’s requirement of Product for the subsequent [***] period (or such other period mutually agreed upon by the Parties) on the basis of the most recent Forecast provided by BioXcel and accounting for Material lead times (the “Safety Stock”).  Such Safety Stock shall be maintained with the balance of the inventory on a [***] and shall be stored, handled and maintained in accordance with all applicable cGMPs, the BioXcel Technical Requirements and Applicable Laws.  Notwithstanding the foregoing, ARx may draw on such Safety Stock to Manufacture Product in the ordinary course under this Agreement; provided that such Safety Stock shall be replaced as soon as reasonably practicable.  The Safety Stock shall be maintained by ARx for the sole benefit of BioXcel and shall not be subject to allocation to any other person or entity. 
4.4.2 Upon the reasonable request of BioXcel (but at least on a [***] basis), ARx shall submit to BioXcel a report with respect to the Safety Stock (as well as BioXcel Supplied Materials) that shows the number of batches of Product that can be produced from Safety Stock inventory. 
4.4.3In case of termination of this Agreement by ARx due to BioXcel’s material breach, or in the event of expiration of Materials due to changes requested by BioXcel to Confirmed Orders, BioXcel shall be responsible for cost of such Safety Stock. 
5.Price and Payments.  
5.1Supply Price.  The supply price for each unit of Product is set forth on Schedule 5.1 (“Supply Price”), as adjusted from time to time as set forth in accordance with Section 5.2. ARx shall be responsible for submitting all payments to third parties for any Materials purchased from, or other products or services provided by, such third parties in connection with the Manufacture and supply of Products hereunder. 
5.2Adjustment to Supply Price. Following the receipt of the [***], attached hereto as Schedule 4.1,  in accordance with Section 4.1, the Parties shall act reasonably and in good faith to review any potential price adjustment in the Supply Price. In proceeding Calendar Years, the annual price adjustment, whether upward or downward shall be agreed upon no later than December 1st of such Calendar Year with such adjusted price to become effective on January 1st of the immediately following Calendar Year. [***]  
5.3Invoicing Currency and Payments.  For each shipment of Product ordered by BioXcel and delivered to BioXcel hereunder, ARx shall provide BioXcel a written Invoice setting forth the aggregate Supply Price payable by BioXcel. BioXcel shall pay to ARx the undisputed Supply Price for the quantities of Product in such shipment that are accepted by BioXcel pursuant to Section 7.3, within [***] after receipt of such shipment and receipt of a 

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complete Invoice for such shipment.  All Invoices issued by a Party under this Agreement and all payments to be made by a Party under this Agreement shall be made in Dollars, by wire transfer to which ARx is not responsible for the wire fee, pursuant to the instructions of the Party receiving payment, as designated from time to time. Payment by BioXcel shall not be construed as acceptance of any improper, nonconforming or defective Product, nor shall it be construed as a waiver of any of BioXcel’s rights or remedies under this Agreement. 
5.3.1Taxes.  The Supply Price shall be exclusive of any value added tax, sales tax or any other similar type of turnover tax (collectively, “VAT”) which may be due and payable by ARx to a Governmental Authority and BioXcel shall pay any such VAT in addition to the sums otherwise payable, at the rate in force at the due time for payment or such other time as is stipulated under the relevant VAT legislation; provided, however, that BioXcel shall not pay any such VAT unless and until ARx provides a correct invoice in accordance with the relevant VAT legislation.  ARx shall be liable for other taxes such as rent, use, and personal property taxes and for taxes on any and all income or revenues received from BioXcel under this Agreement.
5.4Other Rights.  Payment of an Invoice or any other amounts hereunder shall not preclude BioXcel from exercising its audit rights under the terms of Section 5.5 of this Agreement, shall not be deemed a release of any potential claims against ARx, and shall not limit BioXcel from pursuing any other remedy available to BioXcel under this Agreement or under Applicable Laws.
5.5Financial Audit Right. 
5.5.1The Records shall be open to inspection and subject to audit and/or reproduction, during normal working hours, by an independent accounting firm or other appropriate Third Party representative selected by BioXcel, and reasonably acceptable to ARx (including entering into a reasonably acceptable confidentiality agreement), for evaluation and verification that actual quantities shipped matches BioXcel invoices, or as required by Governmental Authorities; provided, however, that such right to conduct such audits and inspections and/or reproduction shall not occur more frequently than [***] unless BioXcel has reasonable cause to believe that ARx is not complying with this Agreement.  The accounting firm or other Third Party representative shall have access to ARx’s Facilities and shall be provided adequate and appropriate work space, in order to conduct audits in compliance with this Section 5.5.  BioXcel shall give ARx reasonable advanced notice of greater than [***] of intent to audit.  The accounting firm or other Third Party representative shall have access to the Records, and ARx shall preserve the Records as required in its standard operating procedures or for such longer period as may be required by Applicable Laws.
5.5.2If an audit inspection or examination conducted in accordance with this Section 5.5 discloses overpricing or overcharges (of any nature) by ARx to BioXcel or underpricing or undercharges (of any nature), any adjustments and/or payments to BioXcel shall be made by ARx or BioXcel to ARx, as applicable, within a reasonable amount of time not to exceed [***] from presentation of BioXcel’s findings to ARx.
5.5.3BioXcel shall bear all costs and expenses incurred by BioXcel in connection with any such audit or inspection; provided, however, that if any such audit or 

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inspection correctly identifies any overpricing or overcharges (of any nature) in excess of [***] of the amount actually payable by BioXcel, then, in addition reconciling the payments pursuant to Section 5.5.2, ARx shall reimburse BioXcel for all reasonable out-of-pocket costs incurred by BioXcel in connection with that audit or inspection. 
5.6Facility Audit Right. 
5.6.1ARx shall permit BioXcel and up to [***] of their designated representatives on an annual basis for at least [***] to (i) observe the Manufacturing of the Products and (ii) audit that portion of the Facility where the Product is Manufactured, as well as (iii) audit procedures and documentation relevant to manufacture of Product, to evaluate ARx’s facilities, work practices, supporting systems, documents and Records associated with the Products to assess ARx's compliance with Applicable Law (including cGMP), the Specifications and this Agreement (each, an “Audit”). Such Audit shall be conducted only after reasonable advance notice, of at least [***] on a mutually agreed upon date and during ordinary business hours and shall not unduly interfere with the normal business operations of ARx with an agenda of applicable topics provided at least [***] ahead of the agreed audit date; provided that, the requirement to provide [***] advance notice and an agenda shall not apply to the conduct of any for-cause audit conducted by or on behalf of BioXcel (it being understood that any for-cause audit may be conducted immediately upon notice). Such Audit shall be permitted to take place during Manufacturing of the Products. BioXcel shall also have the right to conduct an Audit, promptly with no more than [***] notice, at any time during the Term of this Agreement if BioXcel has reasonable cause to be concerned that the Facility or the Manufacture of the Products or storage of BioXcel Supplied Materials is not in compliance with Applicable Law (including cGMP) or this Agreement. Additionally and notwithstanding the foregoing, ARx will not unreasonably withhold its consent to the conduct of up to [***] additional Audit per year by BioXcel or its designated representatives, which Audit shall be subject to the terms of this Section 5.6.1, mutatis mutandis, and shall be conducted at BioXcel’s sole cost and expense. 
5.6.2ARx shall notify BioXcel within [***] of its receipt of a notification by a Governmental Authority of any inquiry, communication or inspection by a Governmental Authority that directly or indirectly relates to the Manufacture of a Product, including of any facility used to warehouse the Product, and shall provide to BioXcel all communications relating specifically to Product or general Good Manufacturing Practices. Non- Product or ARx Confidential Information related content shall be redacted from such communications. BioXcel shall have the option of attending any such inspection that relates specifically to the Products, upon reasonable approval by ARx. Duplicate samples of the Product given to a Governmental Authority will be provided to BioXcel to the extent practical. ARx shall furnish to BioXcel, not later than [***] prior to the time it provides the same to a Governmental Authority, one copy of the proposed response or explanation relating to any inquiry, communication or inspection, specifically related to Product, set forth above. If such proposed response is in relation to general Good Manufacturing Practices, ARx shall furnish a copy of such response to a Governmental Authority to BioXcel within [***] of its submission.  ARx shall allow BioXcel to assist in any proposed response to a Governmental Authority that relates to the Products, including review of any written response made to such authority, [***]. After the filing of a response, ARx shall notify BioXcel, and promptly provide BioXcel with copies, of any further contact with such Governmental Authority relating to the Product. 

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6.Delivery of Goods and Risk of Loss.
6.1Handling and Storage Prior to Delivery.  Prior to delivery of Product to BioXcel, ARx shall handle and store all Product (including all Materials used in the Manufacture of such Product) in accordance with the BioXcel Technical Requirements and Applicable Laws (including cGMPs), as well as the applicable Specifications.   If BioXcel is unable to collect the Product at the time of delivery, at BioXcel’s written request, ARx will provide storage for the Product for up to an additional [***] period, without charge to BioXcel (it being understood that ARx shall be entitled to charge BioXcel, at ARx’s then-prevailing storage rates, for any Product that is stored by ARx for longer than such [***] period). For the avoidance of doubt, if BioXcel requests ARx to store product for up to [***], ARx shall be entitled to invoice BioXcel for the Product upon finished goods release. 
6.2Delivery.  ARx shall supply and deliver the Product [***] and at the Confirmed Order ship date as specified in the relevant Order (unless otherwise agreed upon by the Parties in writing) (collectively, the “Delivery Terms”).  [***]  ARx shall ensure that each shipping container or carton shall be marked as to the quantity, the contents, BioXcel item code, and any other information as reasonably required by the relevant Order, and ARx shall include the site of Manufacture among the documents accompanying each shipment of Product. ARx shall provide to BioXcel the content of all labels in the packaging specification for pre-approval.  No Product may be shipped under quarantine, unless expressly agreed by BioXcel in writing. 
6.3Transfer of Title.  Except with respect to the BioXcel Supplied Materials (which shall continue to be owned by BioXcel in accordance with Section 3.5), title to Product supplied hereunder shall pass to BioXcel contemporaneously with the transfer of risk of loss, as established by the Delivery Terms.  [***] 
6.4Packaging.  All Product supplied hereunder shall be packaged by ARx in accordance with the Quality Agreement, and ARx shall ensure that such packaging is otherwise in accordance with the BioXcel Technical Requirements and Applicable Laws (including cGMPs), as well as the applicable Specifications.  [***]
7.Representations, Warranties and Covenants.
7.1General Representations and Warranties.  Each of BioXcel and ARx represents, warrants, covenants and agrees that, at all times during the Term: 
7.1.1it is duly organized and validly existing and in good standing under the laws of its jurisdiction of organization; 
7.1.2it is qualified or licensed to do business and in good standing in every jurisdiction where such qualification or licensing is required; 
7.1.3it has the corporate power and authority to execute, deliver and perform its obligations under this Agreement, and the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary corporate action; 
7.1.4this Agreement has been duly executed and delivered by it; 

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7.1.5this Agreement constitutes the valid and binding obligations of it, enforceable against it in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditor’s rights generally, or general principles of equity;
7.1.6the execution, delivery and performance of this Agreement by it does not and will not (a) conflict with the limited liability company agreements, articles, bylaws or other constitutive or governing documents of it, (b) violate any (1) Applicable Law or (2) order, award, injunction, judgment, decree, ruling or verdict or other decision issued, promulgated or entered by or with any Governmental Authority of competent jurisdiction, in each case of (1) and (2), applicable to it, or (c) result in any breach of, constitute a default under or give to any Person any rights of termination, acceleration or cancellation of, any contract to which it is a party; and
7.1.7with respect to all filings to obtain marketing authorizations or Governmental Approvals, the data and information provided or submitted by ARx or BioXcel in connection therewith shall be free from fraud or material falsity, accurate and reliable for purposes of supporting approval of the submissions and the Governmental Approvals were and shall be obtained without illegal or unethical behavior of any kind.
7.2Representations, Warranties and Covenants for Product.  ARx represents, warrants and covenants to BioXcel that: 
7.2.1all Product shall, at the time of shipment: (i) be Manufactured in accordance with the Specifications, Quality Agreement, Applicable Laws (including cGMPs) in effect on the day of shipment, and the BioXcel Technical Requirements; (ii) have at least [***] of its maximum shelf-life, as evidenced by expiry dating, remaining (it being understood that any Product for which BioXcel requests additional storage pursuant to Section 6.1 shall satisfy the requirements of this Section 7.2.1(ii) at the time it is placed into storage); and (iii) not be adulterated within the meaning of the Federal Food, Drug and Cosmetic Act to the extent applicable to Product;
7.2.2to the best of its knowledge, ARx is not aware that the use of the ARx Background IP and ARx Developed IP in the Manufacture of Product would infringe any Third Party Intellectual Property rights and ARx has not been notified by any Third Party that the Manufacture of Product would infringe any Intellectual Property rights; 
7.2.3it has received and is in current compliance with all Governmental Approvals, licenses, consents and permits required to lawfully Manufacture the Products pursuant to this Agreement, in the Facility, and as of the Effective Date it has not received any notice of adverse findings or similar letter from any Governmental Authority with respect to the Product or the Facility that prevent its ability to do so; 
7.2.4it and all of its employees and personnel that shall be performing any work in connection with this Agreement shall have the appropriate training and skill necessary to perform their job functions; 

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7.2.5ARx shall not enter into any agreement or arrangement with any other entity that would prevent or materially interfere with ARx’s ability to perform its obligations hereunder;
7.2.6 (i) the Manufacturing Process and test methods for Product (including all future process changes or test method changes prepared in connection with the Manufacture of Product) shall be validated prior to the filling of any Confirmed Orders; provided, however, that BioXcel may, in its sole discretion, accept Product from ARx prior to the completion of such validation; and (ii) the Manufacturing Process and test methods (and any change in the Manufacturing process or test methods) for Product shall, in each case, comply with Applicable Laws (including cGMPs), and any such changes thereto shall be made in accordance with Section 8.2 (to the extent applicable) and the Quality Agreement; and 
7.2.7except to the extent that BioXcel is responsible for supplying a given BioXcel Supplied Material, and save for security interests expressly given in favor of BioXcel or BioXcel Affiliates, all Product supplied to BioXcel shall be free and clear of all pledges, liens, restrictions, claims, charges, security interests and/or other encumbrances at the time of delivery.
7.2.8Notwithstanding anything herein to the contrary, ARx makes no representations or warranties for any Product not manufactured by ARx pursuant to the Agreement. 
7.3Inspection.  
7.3.1ARx shall target to provide to BioXcel, no less than [***] prior to the date of delivery of Product, as set forth in the relevant Confirmed Order, the applicable batch records for such Product and no less than [***] prior, the applicable certificate of analysis. BioXcel (or its agent) shall have [***], respectively, to inspect and review such batch records and certificate of analysis, provided by ARx in accordance with this Agreement and the Quality Agreement) and to indicate, on the basis of such records, whether BioXcel accepts or rejects such batch(es) of Product. After physical receipt of the Product following shipment by ARx, BioXcel shall physically inspect such Product for variances and defects, or non-compliance with the warranties set forth in Section 7.2.  If BioXcel claims that any shipment of Product did not, at the time of shipment, meet the representations, warranties or covenants set forth in Section 7.2 or the quality requirements set forth in Article 8 (other than as a result of BioXcel Supplied Materials that were defective as of the time of delivery to ARx’s Facility) (a “Deficiency”) based on the foregoing inspection, BioXcel shall give written and detailed notice thereof to ARx within [***] after receipt of such Product at BioXcel’s (or its designated Affiliate’s) site, which notice shall provide the quantities affected and the basis for the claim.  Notwithstanding the foregoing, if BioXcel accepts delivery of a Product but later determines that such Product has a Deficiency and the nature of the defect could have not been discovered through the exercise of reasonable diligence within the [***] period (such Deficiency, a “Latent Defect”), BioXcel may revoke its acceptance by providing written notice within [***] after BioXcel’s discovery of such Latent Defect.  
7.3.2If BioXcel and ARx are unable to agree as to whether such Product contains a Deficiency, the Parties shall cooperate to cause the Product in dispute to be analyzed by an independent testing laboratory of recognized repute selected by BioXcel and approved by ARx, 

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which approval shall not be unreasonably withheld, delayed or conditioned.  Absent manifest error, the results of such laboratory testing shall be final and binding on the Parties on the issue of whether the subject Product contains a Deficiency.  [***]  
7.3.3If the Parties agree, or if the laboratory has determined, that the Product contains a Deficiency, ARx shall: [***]. 
7.3.4Any Product that is determined pursuant to this Section 7.3 to contain a Deficiency and that is in BioXcel’s possession shall, at ARx’s option, either be: [***].  
7.4DISCLAIMER.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY NOR ITS AFFILIATES MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR ANY IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT, ALL OF WHICH ARE HEREBY SPECIFICALLY EXCLUDED AND DISCLAIMED. 
8.Quality.
8.1Quality Agreement.  Concurrent with the execution of this Agreement, the Parties are entering into a Quality Agreement, attached hereto as Attachment B. In the event of a conflict between the terms of this Agreement and the Quality Agreement, the Quality Agreement shall control solely for matters related to quality matters, and the terms and conditions of this Agreement shall control with respect to all other matters. 
8.2Changes to Specifications.  
8.2.1Without the prior written consent of BioXcel, ARx shall not modify any aspect of the Specifications, Materials, supply sources, Facilities, production batch records or any aspect of the Manufacturing Process for the Product nor alter the batch size of Products, unless otherwise agreed upon in the Quality Agreement. All such changes set forth in the immediately preceding sentence shall be in accordance with the remainder of this Section 8.2 and the change control provisions of the Quality Agreement. 
8.2.2BioXcel may request changes to the Specifications in its discretion, provided that any amendment that proposes to change the Manufacturing Process of a Product shall not be effective until agreed upon by the Parties. If ARx proposes changes to the Specifications, it shall notify BioXcel as early as practicable and the Parties shall agree on whether and when to implement such modification. The final decision on modifications of the Specifications remains solely at BioXcel’s discretion. To the extent that such modifications result in an increase or decrease in the cost of Manufacturing the Products, the Parties shall jointly examine and mutually agree upon the consequences thereof and shall make appropriate adjustments to the Supply Price. ARx shall promptly notify BioXcel of the date of implementation of any modification. 
8.2.3Each Party shall notify the other promptly of any request that it receives from a Governmental Authority to change, or which would have the effect of requiring a change to, the Specifications and/or Manufacturing Process. After written approval by BioXcel, 

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ARx shall promptly implement any such change in the Specifications and/or Manufacturing Process that may be requested by a Governmental Authority. Any additional costs incurred by ARx due to such change shall be borne by BioXcel; provided that, ARx shall provide BioXcel with the documentation required to evidence such changes and to support their approval by Governmental Authorities. 
8.3Manufacturing at Facility.  ARx shall Manufacture, or cause to be Manufactured, all Product supplied hereunder at the Facility.  Manufacturing of Product may not be relocated from the Facility without BioXcel’s prior written consent, unless otherwise specified in the Quality Agreement.  Any such relocation of the Manufacturing of Product shall comply with Applicable Laws (including cGMPs) and shall be made in accordance with the Quality Agreement, to the extent applicable.  
8.4Audits and Inspections.  Provisions covering inspections and audits of Manufacturer, including with respect to the Facility, whether by BioXcel or a Governmental Authority, are set forth in the Quality Agreement and Section 5.6.    
8.5Quality Control.   
8.5.1ARx shall perform all quality control tests (chemical and/or microbial) on the Materials and on the finished Product to ensure the quality of the Products as required by the Specifications and the Quality Agreement. Any tests required to be performed by the Specifications or the Quality Agreement, including any in-process controls for such testing, shall be agreed upon in the batch release pricing provided in Schedule 5.1, Supply Price. 
8.6 Each shipment of Product hereunder shall be accompanied by (a) a certificate of analysis and the certificate of compliance certifying that Products have been Manufactured in conformity with the Specifications, and cGMP’s, (b) batch records for BioXcel review and approval; and (c) any other documents as may be required by the relevant Governmental Authority of the country in which the Product will be sold.
8.6.1The Quality Agreement further details the quality assurance obligations and responsibilities of the Parties.
8.7Reference Standards; Retention Samples. Provisions covering ARx’s obligation to store and retain appropriate samples (identified by batch number) of Product that it supplies to BioXcel, as well as analytical reference standards relating to Product, and access by BioXcel to the same are set forth in the Quality Agreement. 
8.8Stability Testing.  ARx shall perform stability testing in compliance with regulatory guidance standards and requirements if, and as, set forth in the Quality Agreement. Pricing for such activity is specified in Schedule 5.1 Supply Price.
8.9Governmental Authority Action.  ARx shall promptly notify BioXcel of any information ARx receives regarding any threatened or pending action by any Governmental Authority, including any Governmental Authority non-approval or regulatory action,that may materially impact the Manufacture of Product.  Upon receipt of any such information, ARx shall consult with BioXcel in an effort to arrive at a mutually acceptable procedure for taking 

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appropriate action; provided, however, that nothing contained herein shall be construed as restricting the right of either Party to make a timely report of such matter to any Governmental Authority or take other action that it deems to be appropriate in order to protect the safety of patients or as may be required by Applicable Laws.
8.10Safety or Efficacy Claims.  Each Party shall promptly notify the other of any information related to the Manufacture of Product hereunder of which it is aware concerning Product supplied to BioXcel hereunder that may materially affect the safety or efficacy claims or the continued marketing of the Product.  Any such notification will include all related information in detail.  Subject to Section 8.11, upon receipt of any such information, ARx shall consult with BioXcel in an effort to arrive at a mutually acceptable procedure for taking appropriate action; provided, however, that nothing contained herein shall be construed as restricting the right of either Party to make a timely report of such matter to any Governmental Authority or take other action that it deems to be appropriate in order to protect the safety of patients or as may be required by Applicable Laws.  Each Party will notify the other immediately of any health hazards of which it becomes aware with respect to Product or Product that may adversely impact employees involved in the Manufacture of Product.
8.11Recalls. Provisions covering voluntary and involuntary recalls, product withdrawals, field corrections, field alerts, or other related actions of the Product are set forth in the Quality Agreement and defined as a recall, removal, recovery of possession or control, withdraw or disposal of, or purposeful destruction of the Product because it is either defective or potentially harmful solely because the use or consumption thereof has resulted in bodily injury or property damage or because the use or consumption thereof posed actual or imminent danger of resulting in bodily injury or property damage or because of a Governmental Agency order (“Recall”).  To the extent such Recall is [***].
8.12Materials Suppliers and Subcontractors.  ARx shall maintain an adequate supplier and Subcontractor management program to assess, on a risk-basis, quality of supply and assurance of supply from its suppliers of Materials that are components of, or may come in contact with, the Product.  ARx management program shall include site based audits of suppliers and Subcontractors on a risk basis.  Furthermore, to the extent that ARx has the rights to enforce compliance by suppliers of Materials and Subcontractors (provided that ARx shall use Commercially Reasonable Efforts to obtain such right from the suppliers of Materials and Subcontractors), BioXcel may, at its option, independently conduct audits or participate in ARx audits (including quality, safety, social responsibility and environmental) of ARx’s suppliers of such Materials and Subcontractors, on a routine or for-cause basis, with ARx’s reasonable approval.  As a result of such audits, if necessary, BioXcel, acting reasonably, shall have the right to direct ARx to disqualify a supplier as a source of Materials or a Subcontractor, and ARx shall identify a new supplier of such Materials or a Subcontractor and replace the disqualified supplier or Subcontractor with such new supplier or Subcontractor, pursuant to the provisions set forth in Section 8.2. Regulatory strategy and cost for such replacement shall be agreed upon by the Parties in writing. Notwithstanding the foregoing, ARx shall be fully responsible for supplier selection, sourcing and testing of Materials, qualification and management of its supplier(s) of Materials and Subcontractors, and negotiating the pricing of such Materials.  

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9.Records; Documents for Regulatory Support.
9.1.1Records.  ARx shall prepare and maintain ARx’s (or its Subcontractor’s, as applicable) complete and accurate records related to the Manufacture of Product under this Agreement, which shall include Manufacturing documents, batch records, test results, reports, correspondence, memoranda, and any other similar non-financial (except for Product invoices) documentation related to the Manufacture of Product under this Agreement (collectively, the “Records”), in a safe place, reasonably secure from theft or destruction.  ARx shall provide access to an electronic document storage system which houses all current documentation, including specifications, manufacturing, packaging, and labeling batch records, appropriate test results, certificates of analysis and conformance, stability reports, and other relevant manufacturing, testing, and batch documentation, and shall provide copies of the Records to BioXcel to review and approve prior to Product shipment.  All Records shall be retained by ARx for the longer of: (i) the term specified in the Quality Agreement; or (ii) such longer period of time as required by Applicable Laws or ARx standard operating procedures.  ARx shall provide BioXcel with complete and accurate copies of the appropriate documents for each Manufacturing batch, upon BioXcel’s reasonable request.
9.2Regulatory Support.  ARx shall make available to BioXcel such documents and information in its possession related to the Manufacture of such Product supplied hereunder as are reasonably requested by BioXcel or any Governmental Authority and necessary for obtaining or maintaining regulatory approvals for the Product in any country in which the Products are imported, marketed, sold or offered for sale by or on behalf of BioXcel (or its Affiliate), including transfer of testing methods. In the event that any such information required to be provided by ARx pursuant to this Section 9.2 is highly confidential, ARx may provide such information directly to the requesting Governmental Authority.  In the event that any documents or information referenced in this Section 9.2 are requested by a Governmental Authority in connection with obtaining or maintaining regulatory approval of the Product, ARx shall promptly provide such information, assistance and support to BioXcel as is reasonably necessary in order to satisfy such request within the timeframe designated by the relevant Governmental Authority. BioXcel shall pay for ARx’s reasonable costs in providing such assistance, provided that such costs have been approved in writing by BioXcel prior to their occurrence. 
9.3Subcontractors.  For clarity, ARx shall ensure that any Subcontractor performing any Manufacturing activities complies with the foregoing provisions of this Article 9. 
10.Compliance With Applicable Law. 
10.1Compliance with Applicable Law.  In addition to, and without limiting, compliance obligations set forth in the Quality Agreement, ARx and BioXcel shall observe and comply with, and give all notices required by, Applicable Laws in connection with its activities under this Agreement. Either party shall notify the other if it becomes aware of any noncompliance with Applicable Laws in connection with its activities under this Agreement (including debarment of ARx or BioXcel under any such Applicable Laws), and shall take all appropriate action necessary to ensure compliance with Applicable Laws in connection with its activities under this Agreement.

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10.2Export Licenses.  BioXcel shall notify ARx in writing if the Product is identified on: (i) the Commodity Control List (“CCL”), maintained by the Bureau of Industry and Security, U.S. Department of Commerce (“BIS”), as controlled by Export Administration Regulations (“EAR”); or (ii) the International Traffic of Arms Regulations (“ITAR”), maintained by the U.S. State Department.  If the Product is identified on CCL, said notice shall include: (a) the applicable Export Classification Control Number (“ECCN”); (b) the license number, for export, granted to BioXcel by the BIS (if applicable); and (c) a listing of the forms, review or reporting requirements required of BioXcel for the export of the Product.  If the Product is identified on ITAR, said notice shall include: (1) the category of the Product from the United States Munitions List (22 CFR Part 121); (2) the license number, for export, granted to BioXcel by the Directorate of Defense Trade Controls (“DDTC”) (if applicable); and (3) a listing of the forms, applications, licenses and other similar documentation required of BioXcel for export of the subject Product.  BioXcel shall be responsible for obtaining the appropriate export licenses for the Product.
10.3Safety; Waste.  In connection with the Manufacture of Product hereunder, ARx shall be solely responsible for maintaining safety procedures in connection with the Manufacture of Product and for the generation, treatment, storage and/or disposal of Waste relating thereto, all of which shall comply with all applicable environmental and occupational safety and health requirements in the jurisdiction of the Facility.
10.4Excluded Entities.
ARx represents and warrants that, as of the date of this Agreement, neither: it, nor any of its Affiliates nor any of their respective officers, or directors, or any of its (or their) employees, agents or personnel performing (or having performed) activities under this Agreement or the Work Plan (collectively, “ARx Representatives”), has been the subject of on actual or threatened Violation.  ARx shall notify BioXcel in writing immediately if any such Violation occurs or comes to its attention.  If a Violation exists with respect to ARx or any of its Affiliates or any of their respective ARx Representatives, ARx shall promptly remove such individual(s) or entities from performing any service, function or capacity related to the Manufacture of Product.
BioXcel represents and warrants that, as of the date of this Agreement, neither it, nor any of its Affiliates, nor any of their respective officers, directors, or any of its (or their) employees, agents or personnel performing (or having performed) activities under this Agreement or the Work Plan (collectively, “BioXcel Representatives”), has been the subject of an actual or threatened Violation.  BioXcel shall notify ARx in writing immediately if any such Violation occurs or comes to its attention.  If a Violation exists with respect to BioXcel or any of its Affiliates, or any of their respective BioXcel Representatives, BioXcel shall promptly remove such individual(s) or entities from performing any service, function or capacity relating to this Agreement.
11.Indemnification; Damages. 
11.1ARx Indemnification.  [***] ARx shall protect, defend, indemnify, and hold harmless BioXcel, its Affiliates and its and their respective officers, directors, employees, and agents, and their respective successors and permitted assigns (“BioXcel Indemnitees”) from and against any and all Third Party Damages  [***]; in each case, except to the extent such Third Party 

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Damages or Third Party Claims result from a circumstance for which BioXcel was also involved or is obligated to indemnify ARx pursuant to Section 11.2. 
11.2BioXcel Indemnification.  BioXcel shall protect, defend, indemnify, and hold harmless ARx, its Affiliates and its and their respective officers, directors, employees, and agents, and their respective successors and permitted assigns (“ARx Indemnitees”) from and against any and all Third Party Damages from Third Party Claims occurring, growing out of, incident to, or resulting from: [***] in each case, except to the extent such Third Party Damages or Third Party Claims result from a circumstance for which ARx is obligated to indemnify BioXcel pursuant to Section 11.1.
11.3Indemnification Procedures. The indemnified Party will notify the indemnifying Party of any demand by the indemnified Party for indemnification from the indemnifying Party that is based on any Third Party Claim, but the indemnified Party’s failure to provide or delay in providing that notice or those copies will not release the indemnifying Party from its obligations under Section 11.1 or 11.2, as applicable, except to the extent that the failure or delay materially prejudices the indemnifying Party. The indemnifying Party has the exclusive right to conduct the defense of any such Third Party Claim and any negotiations for its settlement, except that: (i) the indemnifying Party may not enter into any compromise or settlement unless the indemnified Party consents to such compromise or settlement, which consent shall not be unreasonably withheld or delayed, and which consent shall be deemed to be given with respect to any settlement that does not adversely affect the indemnified Party’s rights hereunder or impose any obligations on the indemnified Party in addition to those set forth herein in order for it to exercise such rights; (ii) the indemnified Party may participate at its expense in the indemnifying Party’s defense of or settlement negotiations for any Third Party Claim with counsel of the indemnified Party’s own selection; and (iii) the indemnified Party may, at its option and the indemnifying Party’s expense, and on prior written notice to the indemnifying Party, conduct the defense of and any settlement negotiations for any Third Party Claim in place of the indemnifying Party if the indemnifying Party fails to promptly defend the Third Party Claim as required in this Article 11. 
11.4Damages.  [***] IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES OR ITS OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS BE LIABLE TO THE OTHER PARTY OR ITS AFFILIATES OR ITS OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS FOR ANY INDIRECT OR CONSEQUENTIAL DAMAGES OR INDIRECT OR CONSEQUENTIAL LOSSES, OR FOR ANY LOSS OF REVENUES OR LOST PROFITS, IN EACH CASE OF ANY KIND, NATURE OR DESCRIPTION WHATSOEVER, SUFFERED OR INCURRED BY SUCH PARTY ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE QUALITY AGREEMENT OR ANY AGREEMENT ENTERED INTO IN CONNECTION WITH EITHER OF THE FOREGOING, OR AS A RESULT OF ANY ACTIVITIES HEREUNDER, REGARDLESS OF WHETHER ARISING FROM BREACH OF CONTRACT, WARRANTY, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF SUCH PARTY IS ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE OR IF SUCH LOSS OR DAMAGE COULD HAVE BEEN REASONABLY FORESEEN.  

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11.5Liability Cap.  NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, THE TOTAL AND AGGREGATE LIABILITY OF ARX (AND ITS AFFILIATES) ARISING OUT OF, OR OTHERWISE IN CONNECTION WITH, THIS AGREEMENT (INCLUDING, FOR CLARITY, THE QUALITY AGREEMENT) (INCLUDING BREACH OF CONTRACT, TORT, OR OTHERWISE) SHALL NOT EXCEED [***]; PROVIDED, HOWEVER, THAT AS TO [***].
12.Agreement Term. 
12.1Term.  This Agreement shall commence on the Effective Date and shall continue in full force and effect until the ten (10) year anniversary of the Effective Date, unless earlier terminated pursuant to Section 12.2 or mutually terminated by the Parties in writing (the “Initial Term”).   After the Initial Term, the Agreement will automatically renew for successive (1) year periods, so long as Product is still being marketed or sold, or unless terminated earlier as provided for in this Agreement (such renewal term, together with the Initial Term, the “Term”). 
12.2Termination. 
At Will. BioXcel shall have the right to terminate this Agreement upon [***] written notice to ARx, if the Product is no longer being marketed or sold by or on behalf of BioXcel (including any Affiliate or their respective (sub)licensees) or assignee of this Agreement.  
Breach.  If either Party shall materially breach this Agreement the non-breaching Party may give written notice to the other Party, specifying the nature of the material breach and, if such material breach is not remedied within [***] or reasonably addressed, to the non-breaching Party’s reasonable satisfaction, within an additional [***] period (with the breaching Party providing the non-breaching Party notice within the initial [***] period that includes an updated timeline and justification as to why the breach cannot be remedied within the initial [***]) of receipt of such notice, then the non-breaching Party shall have the right, in its sole discretion, to immediately terminate this Agreement upon written notice to the breaching Party.  For clarity, a breach by ARx of Section 3.2 shall constitute a material breach of this Agreement.
Bankruptcy.  This Agreement may be terminated by written notice given by a Party upon the occurrence of any of the following with respect the other Party: (i) such other Party becomes insolvent; or (ii) voluntary or involuntary proceedings by or against such other Party are instituted in bankruptcy or under any insolvency law, which proceedings, if involuntary, shall not have been dismissed within [***] after the date of filing; or (iii) a receiver or custodian is appointed for such other Party, or proceedings are instituted by or against such other Party for corporate reorganization or the dissolution of such other Party, which proceedings, if involuntary, shall not have been dismissed within [***] after the date of filing; or (iv) such other Party makes an assignment of substantially all of its assets for the benefit of its creditors, or substantially all of the assets of such other Party are seized or attached and not released within [***] thereafter. All licenses granted under or pursuant to this Agreement by a Party to the other are and will otherwise be deemed to be, for purposes of Section 365(n) of Title 11, United States Code, as amended, or analogous provisions of Applicable Law outside the United States (the “Bankruptcy Code”), licenses of right to “intellectual property” as defined under Section 101 of the Bankruptcy Code.  The Parties agree that the Parties and their respective sublicensees, as sublicensees of such rights 

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under this Agreement, will retain and may fully exercise all of their rights and elections under the Bankruptcy Code and any foreign counterpart thereto.  The Parties further agree that upon commencement of a bankruptcy proceeding by or against a Party (the “Bankrupt Party”) under the Bankruptcy Code, the other Party (the “Non-Bankrupt Party”) will be entitled to a complete duplicate of, or complete access to (as the Non-Bankrupt Party deems appropriate), all such intellectual property and all embodiments of such intellectual property.  Such intellectual property and all embodiments of such intellectual property will be promptly delivered to the Non-Bankrupt Party (a) upon any such commencement of a bankruptcy proceeding and upon written request by the Non-Bankrupt Party, unless the Bankrupt Party elects to continue to perform all of its obligations under this Agreement, or (b) if not delivered under clause (a) above, upon the rejection of this Agreement by or on behalf of the Bankrupt Party and upon written request by the Non-Bankrupt Party.  The Bankrupt Party (in any capacity, including debtor in possession) and its successors and assigns (including any trustee) agree not to interfere with the exercise by the Non-Bankrupt Party or its Affiliates of its rights and licenses to such intellectual property and such embodiments of intellectual property in accordance with this Agreement, and agrees to assist the Non-Bankrupt Party and its Affiliates in obtaining such intellectual property and such embodiments of intellectual property in the possession or Control of Third Parties as are reasonably necessary or desirable for the Non-Bankrupt Party to exercise such rights and licenses in accordance with this Agreement.  The foregoing provisions are without prejudice to any rights the Non-Bankrupt Party may have arising under the Bankruptcy Code or other Applicable Laws.
12.3Consequences of Expiration and Termination. 
Outstanding Orders in the event of Termination.  In the event that this Agreement is terminated, then ARx shall, upon BioXcel’s request, fulfill, any or all Orders for Products submitted by BioXcel prior to the effective date of termination, in accordance with the terms of this Agreement, and BioXcel shall pay the Supply Price for the quantities of Product supplied thereunder (provided that such Product complies with this Agreement, including meeting the warranties set forth in this Agreement). If BioXcel elects not to receive any Confirmed Orders, then, other than in the event of termination by BioXcel pursuant to Section 12.2.2 or 12.2.3, ARx shall invoice BioXcel for the Supply Price for the quantities of Product set forth in Confirmed Orders placed prior to the effective date of termination. 
Materials in Termination or Expiration.  
With respect to Materials other than BioXcel Supplied Materials, the following shall apply:  [***]   
With respect to BioXcel Supplied Materials, upon the expiration or termination of this Agreement, at BioXcel’s request and cost, ARx shall promptly return to BioXcel any remaining inventory of BioXcel Supplied Materials.  BioXcel shall specify the location to which delivery is to be made.
For clarity, the foregoing provisions of this Section 12.3.2 shall not apply to the extent that Materials are needed to Manufacture Product as set forth in Section 12.3.1.

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(i)The Parties shall enter into a supply agreement for the supply and manufacture by ARx of any Materials that are manufactured exclusively by ARx or any of its Affiliates, to the extent such Materials are (A) not commercially available and (B) are necessary to manufacture the Product. The Parties shall use commercially reasonable efforts to enter into such supply agreement within [***] after the effective date of termination of this Agreement.
12.3.2Termination Assistance. ARx shall, upon BioXcel’s request during the Termination Assistance Period provide the Termination Assistance for an agreed upon cost to BioXcel.  
12.3.3Technical Transfer. Upon BioXcel’s request within [***] after termination for ARx’s breach, ARx shall conduct a full technical transfer to BioXcel, or its designee, in order to allow BioXcel or its designee (as applicable) to Manufacture Product. Such technical transfer shall include the provision of copies of the physical embodiment of all processes, protocols, procedures, methods, tests and other know-how owned or controlled by ARx, in each case, necessary to Manufacture or have Manufactured Product (including, for clarity, all ARx Background IP, ARx Work Plan IP and ARx Developed IP relating to the then-current Manufacturing Process for the Product) (collectively, the “ARx Manufacturing Technology”). In addition, ARx shall make available to BioXcel (and/or its designees), on a mutually convenient timetable, reasonable technical assistance with respect to the use of such information to enable BioXcel to Manufacture Product for itself or through a third party manufacturer, which assistance may include in-person meetings. Notwithstanding the foregoing, any such data, know-how, technology, or information that is Confidential Information shall continue to be Confidential Information under this Agreement, but may be disclosed by BioXcel to bona fide third party manufacturers (and those employees, agents, consultants, and subcontractors of such third party manufacturers who “need to know” such Confidential Information for the sole purpose of manufacturing the Product) pursuant to a written agreement containing confidentiality and non-use provisions no less restrictive than those set forth herein, with written approval from ARx (not be unreasonably withheld) of such Confidential Information to be shared. In consideration for the technical transfer and assistance pursuant to this Section 12.3.4, and the right to Manufacture or have Manufactured Product using ARx Manufacturing Technology per Section 3.3.1, BioXcel shall pay ARx the amount specified in Schedule 5.1 on a per-unit basis for commercial sales of Product Manufactured using the ARx Manufacturing Technology. 
12.4Payment of Outstanding Amounts; Accrued Rights: No Further Liabilities.  Upon expiration or termination of this Agreement, BioXcel and ARx shall immediately settle all outstanding invoices and other monies owed to the other pursuant to this Agreement. The termination or expiration of this Agreement shall not affect the rights and obligations of the Parties accruing prior to such termination or expiration. Subject to the foregoing, expiration or termination of this Agreement shall relieve and release all Parties from any liabilities and obligations under this Agreement, other than those specifically set forth in this Section 12.4, those that survive termination in accordance with Section 12.5, and any and all obligations of indemnification in accordance with Article 11.
12.5Survival.  The terms, provisions, representations and warranties contained in this Agreement that by their sense and context are intended to survive the performance thereof by either Party or both Parties hereunder, including Articles 1, 9, 11, 13, 15, and 16 and Sections 

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2.1, 3.5.5, 5.3, 5.5, 7.4, 12.2.3, 12.3, 12.4, 14.2, 14.3, 14.4, 14.5 (except in the event of termination by ARx pursuant to Section 12.2 or by BioXcel pursuant to Section 12.2.1), 14.6 (except as to Licensed Patents in the event of termination by ARx pursuant to Section 12.2 or by BioXcel pursuant to Section 12.2.1), 14.7 and this 12.5 shall so survive the completion of performance, expiration or termination of this Agreement. 
13.Insurance.  [***]  
14.Intellectual Property Matters. 
14.1Invention Disclosure and Record-Keeping.  
14.1.1Each Party shall disclose to the other Party all Developed Intellectual Property, including copies of all invention disclosures and other similar documents created in the ordinary course of its business that disclose any conception or reduction to practice of any Intellectual Property constituting Developed Intellectual Property. A party shall make all such disclosures to the other party at least thirty (30) Business Days before any public disclosure of such Intellectual Property or any required submission to government agencies in compliance with the requirements of government supported research. 
14.1.2Each Party shall maintain contemporaneous, complete, and accurate written records of its Representatives' activities concerning Developed Intellectual Property that provide proof of the conception date and reduction to practice date of any Developed Intellectual Property for which the party's Representative claims inventorship status.
14.2Background IP. All Intellectual Property rights that are (a) owned or controlled by either Party as of the Effective Date, or (b) invented or developed independently by either Party outside the scope of this Agreement or the Work Plan, and without using any of the other Party’s Confidential Information or Intellectual Property (with respect to each Party, such Intellectual Property in (a) and (b) shall be deemed its “Background IP”) shall remain under the ownership or control of such Party throughout the Term and thereafter.  For clarity, ARx’s Background IP shall be deemed “ARx Background IP”, and BioXcel’s Background IP shall be deemed “BioXcel Background IP”.  
14.3Intellectual Property under Work Plan; Additional Product Formulation IP. 
14.3.1All Intellectual Property owned by BioXcel pursuant to Section 9(a) of the Work Plan, as amended per Section 2.1.3, shall be deemed “BioXcel Work Plan IP”.
14.3.2 All Intellectual Property owned by ARx pursuant to Section 9(b) of the Work Plan, as amended per Section 2.1.4, other than any Additional Product Formulation IP, shall be deemed “ARx Work Plan IP”. 
14.3.3The Parties understand and agree that the Intellectual Property owned by ARx pursuant to the Work Plan may include formulations of the Product other than the Clinical Trial Formulation (as defined in the Work Plan, and as further amended by Section 2.1.3) and the Filed Product Formulation (as defined in the Work Plan) (such formulations, the 

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“Additional Product Formulations”; such intellectual property, the “Additional Product Formulation IP”). ARx shall own all Additional Product Formulation IP. 
14.4 Ownership of Inventions.
14.4.1ARx Developed IP. ARx shall own any Developed Intellectual Property that constitutes an improvement to any ARx Background IP, to the extent such Intellectual Property (i) is generally applicable to ARx’s business and was not made exclusively for BioXcel, (ii) is not specific to the Deliverables or the Product  (except to the extent related to the process development and Manufacturing Process for the Product) and (iii) was not made using, is not based on and does not incorporate, any BioXcel Background IP or BioXcel Confidential Information (collectively, “ARx Developed IP”); provided, that ARx shall own new formulations or compositions of film products, including any and all inactive backing layers,  that are used to administer compounds, other than any new formulations or compositions comprising the Product). BioXcel hereby assigns, and shall cause its Affiliates, and its and their employees, contractors or personnel to assign, all right, title and interest in and to the ARx Developed IP to ARx. BioXcel agrees to assist ARx in securing for ARx any patents, if requested by ARx, copyrights or other proprietary rights in such ARx Developed IP, and to perform all acts that may be reasonably required to vest in ARx all right, title and interest in such ARx Developed IP, and BioXcel shall be compensated at its standard rates for such time of BioXcel employees spent on such assistance and reimbursed for its reasonable out-of-pocket expenses incurred to provide such assistance requested by ARx. For clarity, ARx Developed IP excludes ARx Work Plan IP.  
14.4.2 BioXcel Developed IP. BioXcel shall own all Developed Intellectual Property other than ARx Developed IP (which BioXcel Developed IP, for clarity, shall include any Intellectual Property that is  (a) related to the Products (including any new formulations or compositions of Products and all Intellectual Property Rights in and to the foregoing, but excluding any Intellectual Property related to aspects of the process development and Manufacturing Process for the Product) or (b) otherwise based on, uses or incorporates any BioXcel Confidential Information or BioXcel Background IP (collectively, “BioXcel Developed IP”). ARx hereby assigns, and shall cause its Affiliates, and its and their employees, contractors or personnel to assign, all right, title and interest in and to the BioXcel Developed IP to BioXcel. ARx agrees to assist BioXcel in securing for BioXcel any patents, copyrights or other proprietary rights in such BioXcel Developed IP, and to perform all acts that may be reasonably required to vest in BioXcel all right, title and interest in such BioXcel Developed IP, and ARx shall be compensated at its standard rates for such time of ARx employees spent on such assistance and reimbursed for its reasonable out-of-pocket expenses incurred to provide such assistance requested by BioXcel. For clarity, BioXcel Developed IP excludes BioXcel Work Plan IP.
14.5License of Intellectual Property.
14.5.1 License to BioXcel. 
(a)ARx hereby grants BioXcel an exclusive (even as to ARx (subject to ARx’ continued right and obligation to manufacture Product as provided for under this Agreement)), royalty-bearing (in accordance with Sections 3.3.2 and 12.3.4), perpetual, transferable, worldwide license (with the right to grant and authorize sublicenses through multiple tiers) under the 

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Additional Product Formulation IP,  ARx Developed IP, ARx Work Plan IP and ARx Background IP, to make or have made the Product solely in accordance with Section 3.3.2 and 12.3.4.
(b) ARx hereby grants BioXcel an exclusive (even as to ARx), royalty-bearing (in accordance with Sections 3.3.2 and 12.3.4), perpetual, transferable, worldwide license (with the right to grant and authorize sublicenses through multiple tiers) under the Additional Product Formulation IP, the ARx Background IP, ARx Work Plan IP and ARx Developed IP, to use (including to clinically develop the Product in the Permitted Field), import, offer for sale, sell, have sold, commercialize (including marketing), have commercialized and otherwise exploit (including, for clarity, for all regulatory (including filings) purposes related to the Product) the Deliverables or Product.  For clarity, BioXcel acknowledges and agrees that ARx shall retain the right to use the Additional Product Formulation IP for the exploitation of products other than the Deliverables, or Product. 
ARx will not knowingly incorporate any invention, improvement, development, concept, discovery, work of authorship or other proprietary information owned by any Third Party into any Product without BioXcel’s prior written permission. 
14.5.2 License to ARx. BioXcel hereby grants ARx a non-exclusive, royalty-free, non-transferable, non-sublicenseable, worldwide license under the BioXcel Background IP, BioXcel Work Plan IP and BioXcel Developed IP, to the extent required for ARx to Manufacture the Product during the Term in accordance with this Agreement.
14.5.3 No Implied License. Except as expressly set forth herein, nothing in this Agreement shall be construed to transfer to either Party any patent right, copyright, trademark right, or other proprietary right of the other Party. For avoidance of doubt, BioXcel shall retain all right, title, and interest in and to the Product and any intellectual property rights therein. 
14.5.4 Developed Intellectual Property Ownership Disputes. The Parties shall use commercially reasonable efforts to address all issues concerning the inventorship or ownership of, or any rights to, Developed Intellectual Property in a fair and equitable manner and in accordance with the requirements of U.S. patent law to achieve the goals of this Agreement.
14.5.5. License and Ownership Summary. The Parties agree that Schedule 14 sets forth the ownership and license rights for the subject matter contained thereon.  
14.6ARx Licensed Patents.  
14.6.1For purposes of this Section 14.6, the following capitalized terms shall have the meanings set forth below:
“ARx Licensed Patents” means: (a) the patents and patent applications listed in Schedule 14.6.1(i); (b) any and all patents issuing or claiming priority from any of the patents and patent applications listed in Schedule 14.6.1(i), including any continuations, continuations-in-part, divisionals, renewals, reexaminations, reissues, extensions, substitutions, confirmations, registrations, revalidations, revisions and additions thereof; (c) foreign counterparts of the patents and patent applications described in clauses (a)-(b);

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“Field of Use” means any and all uses;
“Joint Patents” means ARx’s interest in: (a) the patents and patent applications listed in Schedule 14.6.1(iii); (b) any and all patents issuing or claiming priority from any of the patents and patent applications listed in Schedule 14.6.1(iii), including any continuations, continuations-in-part, divisionals, renewals, reexaminations, reissues, extensions, substitutions, confirmations, registrations, revalidations, revisions and additions thereof; (c) foreign counterparts of the patents and patent applications described in clauses (a)-(b);
“Licensed Patents” means, collectively, (A) the ARx Licensed Patents, and (B) the Joint Patents;
“Territory” means worldwide;
(i)“Valid Claim” means (a) a claim in an issued and unexpired patent included in a Licensed Patents that: (i) has not been  held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction, and not subject to appeal, (i) has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise, (iii) has not been lost through an interference, reexamination, or reissue proceeding; or (b) a pending claim of a pending patent application included in the Licensed Patents.
Prosecution of ARx Licensed Patents.
ARx will be responsible for the preparation, filing, prosecution, and maintenance (collectively, “Prosecution”) of the ARx Licensed Patents during the Term, at ARx’s sole cost and expense. ARx will use diligent efforts to conduct Prosecution of the ARx Licensed Patents and shall keep BioXcel reasonably informed of the status of the ARx Licensed Patents in the Territory. 
Upon BioXcel’s request from time to time, ARx shall provide BioXcel reasonable opportunity to review and comment on its Prosecution efforts regarding the ARx Licensed Patents, which shall include review of material communications and drafts of material filings or responses to be made to such patent authorities, in connection with the ARx Licensed Patents, provided that such disclosure does not impact attorney client privilege. ARx shall consider in good faith comments thereto provided by BioXcel in connection with the Prosecution of the ARx Licensed Patents. At BioXcel’s reasonable request from time to time, ARx shall file and prosecute continuations and similar extensions of the ARx Licensed Patents with such claims and responses as prepared by BioXcel, at BioXcel’s cost and expense.  ARx shall not permit any of the ARx Licensed Patents to be lapsed or abandoned without first providing a written notice to BioXcel at least [***] prior to any pending lapse or abandonment thereof. BioXcel shall thereafter have the right (but not the obligation) to assume responsibility for the Prosecution of such ARx Licensed Patents, at BioXcel’s cost and expense, by providing written notice to ARx.
As between the Parties, BioXcel will have the first right, but not the obligation for the Prosecution of the Joint Patents, at its sole cost and expense; provided that, BioXcel shall provide ARx on request with a reasonable opportunity to review and comment on its Prosecution efforts and shall consider in good faith comments thereto provided by ARx in connection therewith.  BioXcel shall not permit any of the Joint Patents to be lapsed or abandoned without first providing a written 

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notice to ARx at least [***] prior to any pending lapse or abandonment thereof. ARx shall thereafter have the right (but not the obligation) to assume responsibility for the Prosecution of such Joint Patents, at ARx’s cost and expense, by providing written notice to BioXcel.
Each Party shall provide the other Party with all reasonable assistance and cooperation, at the other Party’s request and expense, in the patent Prosecution efforts provided above, including providing any necessary powers of attorney and executing any other required documents or instruments for such Prosecution. 
Enforcement of ARx Licensed Patents and Joint Patents. 
Each Party will promptly notify the other Party if it becomes aware of any known or suspected infringement of any Licensed Patent or Joint Patent or any related declaratory judgment, opposition or similar action alleging the invalidity, unenforceability or non-infringement of any of the ARx Licensed Patents or Joint Patents in the Territory (collectively, “Infringement”).  Such notice will include the identity of the party or parties known or suspected to have infringed the Licensed Patent or Joint Patent and any available information that is relevant to such Infringement.   
BioXcel will have the first right, but not the obligation, to bring and control the enforcement and defense of the ARx Licensed Patents and the Joint Patents with respect to any Infringement resulting from a third party’s use, manufacture or sale of a Product or a product that competes with the Product in the Field of Use, or filing of an application for regulatory approval to perform those acts, in the Territory (“Product Infringement”), as BioXcel reasonably determines appropriate.  If (i) BioXcel notifies ARx that it does not intend to commence or assert any claim (including counterclaims), suit, or action (an “Action”) against such Product Infringement, or (ii) BioXcel does not institute any Action against such Product Infringement within [***] after having been made aware of such Product Infringement, then in each case of (i) and (ii), ARx shall have the right, but not the obligation, to commence such Action, at ARx’s cost and expense; provided, that, with respect to the Joint Patents, if BioXcel has a good faith belief that the institution of any Action with respect to a Joint Patent would be reasonably likely to result in a material adverse impact on the commercialization of the Product by or on behalf of BioXcel, then, BioXcel shall inform ARx of such belief and the rationale for such belief and ARx shall refrain from instituting such an Action with respect to such Joint Patent. 
Each Party shall provide to the Party bringing an Action under this Section 14.6.3 (the “Enforcing Party”) with reasonable assistance in such enforcement, at such Enforcing Party’s request and expense, including joining such action as a party plaintiff if required by applicable laws to pursue such action.  The Enforcing Party shall keep the other Party regularly informed of the status and progress of such enforcement efforts, and shall reasonably consider the other Party’s comments on any such efforts.  The non-enforcing Party shall be entitled to separate representation in such matter by counsel of its own choice and at its own expense, but such Party shall at all times cooperate fully with the Enforcing Party. 
The Enforcing Party shall be solely responsible for any expenses it incurs as a result of such enforcement action. If the Enforcing Party recovers monetary damages in such Action brought under this Section 14.6.3, such recovery shall be allocated first to the reimbursement of any 

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documented expenses incurred by the Parties in such enforcement action, and any remaining amounts shall be shared by the Parties as follows: [***].    
ARx will have the sole right to enforce all ARx Licensed Patents in connection with any Infringement that is not a Product Infringement, at ARx’s sole cost and expense, and shall retain all recoveries with respect thereto. 
For clarity, if BioXcel is the Enforcing Party and brings an Action against a Third Party for Product Infringement, as well as Infringement of Joint Patents or any other Intellectual Property owned or controlled by BioXcel, such recoveries shall, to the extent not specifically apportioned in the award of damages in such Action, be reasonably apportioned by BioXcel amongst the ARx Licensed Patents, Joint Patents and any other applicable Intellectual Property owned or controlled by BioXcel. 
14.7Use Outside of Permitted Field.  Notwithstanding anything contained in this Agreement to the contrary, BioXcel hereby agrees that it shall not, directly or indirectly, develop, have developed, use, import, offer for sale, sell, have sold, commercialize (including marketing), have commercialized and otherwise exploit (including, for clarity, for all regulatory (including filings) purposes related to the Product) the Deliverables or Product for use outside of the Permitted Field without the prior written consent of ARx.
15.Confidentiality and Publicity.  
15.1Disclosure of Confidential Information.  The Receiving Party shall retain in strict confidence all Confidential Information of the Disclosing Party and will protect such information against unauthorized use and disclosure to Third Parties with at least the same degree of care as the Receiving Party uses for its own similar information, but in no event less than a reasonable degree of care. The Receiving Party shall not use the Confidential Information of the Disclosing Party for any purpose other than as expressly permitted under this Agreement in connection with the performance of its obligations or exercise of its rights hereunder.
15.2Permitted Disclosures.
Notwithstanding Section 15.1, Receiving Party shall be permitted to disclose Confidential Information of the Disclosing Party, if such Confidential Information:
is disclosed by BioXcel (or its Affiliates) to a Governmental Authority in order to maintain or obtain approval to Manufacture and/or market Product or Product, but such disclosure may be only to the extent reasonably necessary to obtain such authorizations;
is disclosed by the Receiving Party (or its Affiliates) to its or their employees, agent(s), consultant(s), and/or other Third Parties (upon written approval of the Disclosing Party, not to be unreasonably withheld) who have a need to know such information  in connection with the performance of obligations of the Receiving Party or the exercise of rights granted to the Receiving Party under this Agreement; provided that, such persons agree to be bound by confidentiality and non-use obligations that substantially are no less stringent than those confidentiality and non-use provisions contained in this Agreement;

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is deemed necessary by counsel to the Receiving Party to be disclosed to such Party’s attorneys, independent accountants or financial advisors for the sole purpose of enabling such attorneys, independent accountants or financial advisors to provide advice to the Receiving Party, on the condition that such attorneys, independent accountants and financial advisors agree to be bound by confidentiality and non-use obligations that substantially are no less stringent than those confidentiality and non-use provisions contained in this Agreement; or
is disclosed by the Receiving Party with notification to Disclosing Party, to its bona fide prospective or actual licensees, investors, acquirors, or other financial or commercial partners solely for the purpose of evaluating potential investment in such Party, provided that such Third Parties agrees to be bound by confidentiality and non-use obligations that substantially are no less stringent than those confidentiality and non-use provisions contained in this Agreement. 
In addition, if Receiving Party is required by judicial or administrative process or Applicable Law to disclose Confidential Information that is subject to the non-disclosure provisions of Section 15.1, such Party shall promptly inform the Disclosing Party of the disclosure that is being sought in order to provide the Disclosing Party an opportunity to challenge or limit the disclosure obligations.  Confidential Information that is disclosed by judicial or administrative process or as required by Applicable Law shall remain otherwise subject to the confidentiality and non-use provisions of Section 15.1, and the Party disclosing Confidential Information pursuant to law or court order or as required by Applicable Law shall take all steps reasonably necessary, including obtaining an order of confidentiality, to ensure the continued confidential treatment of such Confidential Information and take measures to minimize of the extent of Confidential Information disclosed. 
15.3Return of Confidential Information.  Upon the written request of the Disclosing Party, the receiving Party shall immediately either return to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party, in accordance with the instructions of the disclosing Party, including all notes, summaries, and translations that have been made regarding such Confidential Information, and all copies of the foregoing.  In the event destruction is requested by the Disclosing Party, the Receiving Party shall certify such destruction in writing.  Notwithstanding the foregoing, the Receiving Party may retain a copy for purposes of exercising any licenses under this Agreement (including any licenses that survive the termination or expiration of this Agreement) and may archive one (1) copy of Confidential Information for purposes of demonstrating its compliance with this Agreement and for regulatory purposes, subject to confidentiality requirements of this Agreement. The Receiving Party shall not be obligated to erase Confidential Information maintained in an archived computer system back up in accordance with its security and/or disaster recovery procedures.
15.4Publicity.  Except as otherwise required by Applicable Laws or by judicial or administrative process (or as otherwise agreed to by the other Party in writing), each Party agrees not to: (i) advertise or otherwise make known to Third Parties any information regarding this Agreement (including, for clarity, the terms of this Agreement); or (ii) use or reference in any advertising, press release, interview, presentation to prospective clients, article, promotional material, or other communication, in connection with this Agreement, any company or representative name, endorsement, direct or indirect quote, code, drawing, logo, trademark, specification, or picture of the other Party without the prior written consent of such other Party, 

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which consent may be withheld at such other Party’s discretion; provided, that in the event Applicable Laws or judicial or administrative process requires such disclosure, use or reference, such Party shall promptly notify the other Party and allow such other Party a reasonable time and opportunity to oppose such process before making such disclosure, use or reference.  Notwithstanding the foregoing, BioXcel shall have the right to use ARx’s name in order to identify ARx as the manufacturer of Product as may be required by Applicable Laws or as may otherwise be reasonably necessary in connection with obtaining and maintaining regulatory approvals for Product or as may otherwise be reasonably necessary in connection with marketing and sale of Product (e.g., listing ARx as the manufacturer of Product on the packaging, if required); provided that, BioXcel shall follow all reasonable instructions and guidelines of ARx in connection with the use of its name (and any other of its trademarks or trade dress as applicable), and if ARx reasonably objects to the manner in which its name (or any other of its trademarks or trade dress as applicable) is being used, BioXcel shall cease the use thereof in such manner upon written notice from ARx thereof.
16.Miscellaneous Provisions.
16.1Independent Contractor. It is expressly agreed that ARx and BioXcel are and shall remain independent contractors and that the relationship between the Parties shall not constitute a partnership, joint venture or agency.  Neither ARx nor BioXcel shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other Party, without the prior written consent of the other Party. Each Party shall bear its own costs incurred in the performance of its obligations hereunder without charge or expense to the other except as expressly provided in this Agreement.
16.2Use of Affiliates.  Each Party shall have the right to exercise its rights and perform its obligations under this Agreement either itself or through any of its Affiliates, provided that such Party shall remain solely responsible for the acts, omissions and performance of such Affiliate as if such acts, omissions and performance had been provided by such Party itself under this Agreement.  In addition, in each case where a Party’s Affiliate has an obligation pursuant to this Agreement or performs an obligation pursuant to this Agreement: (i) such Party shall cause and compel such Affiliate to perform such obligation and comply with the terms of this Agreement; and (ii) any breach of the terms or conditions of this Agreement by such Affiliate shall be deemed a breach by such Party of such terms or conditions. 
16.3Force Majeure.  No Party shall be liable for a failure or delay in performing any of its obligations under this Agreement (except for the payment of money) if, but only to the extent that, such failure or delay is due to causes beyond the reasonable control of the affected Party, including: (i) acts of God; (ii) fire or explosion (except to the extent caused by the negligence or willful misconduct of the affected Party); (iii) unusually severe weather; (iv) war, invasion, riot or other civil unrest; (v) governmental laws, orders, restrictions, actions, embargoes, or blockages; (vi) national or regional emergency; (vii) injunctions, strikes, lockouts, labor trouble, or other industrial disturbances; (viii) pandemic or disease; and (ix) shortage of supply of non-commodity materials on a global basis (each, a “Force Majeure Event”); provided that the Party affected shall promptly notify the other of the Force Majeure Event and shall exert reasonable efforts to eliminate, cure, or overcome any such causes and to resume performance of its obligations as soon as practicable. 

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16.4Dispute Resolution. 
Disputes.  The Parties hereby agree that the dispute between the Parties shall first be referred to a senior executive of each Party (the “Representatives”).  If any such matter has not been resolved within [***] of such referral to the Representatives either Party may invoke the provisions of Section 16.4.2 for such dispute.  No dispute resolution procedure set forth in this Agreement shall be construed as an agreement to arbitrate under any federal or state arbitration law, including but not limited to the Federal Arbitration Act, and shall not deprive a court of competent jurisdiction from resolving any dispute arising under, or related to, this Agreement.  
Jurisdiction; Venue.  Any legal action or other proceeding (including arbitration) to resolve any dispute, controversy or claim arising out of, in connection with or related to this Agreement or its subject matter or formation will take place in the state or federal court(s) sitting in and for the State of Delaware. Each Party expressly consents to the exclusive personal jurisdiction and venue of such courts for the purpose of any such legal action or other proceeding. The Parties further expressly waive any defenses of lack of personal jurisdiction, venue, or forum non conveniens. 
Expenses.  All expenses and fees of the arbitrators and expenses for hearing facilities and other expenses of the arbitration shall be borne equally by the Parties to the dispute unless the Parties agree otherwise in writing or unless the arbitrators in the award assess such expenses against one of the Parties or allocate such expenses other than equally between the Parties to the dispute  Each of the Parties shall bear its own counsel fees and the expenses of its witnesses except (a) to the extent otherwise provided in this Agreement or by Applicable Law or (b) to the extent the arbitrators in their discretion determine for any reason to allocate such fees and expenses among the Parties in a different manner.
Injunctive Relief.  Notwithstanding anything to the contrary in this Agreement, either Party will have the right to seek injunctive relief in the state or federal courts located in the State of New York as may be available to such Party under the laws and rules applicable in such jurisdiction with respect to any matters arising out of the other Party’s performance of its obligations, or the observance of restrictions upon it, under this Agreement. For the avoidance of doubt, either Party may pursue such relief in the event of a breach of the other Party’s obligations of confidentiality pursuant to Section 15.1, or, in the case of BioXcel, ARx’s breach of Section 3.2.
16.5Governing Law; Jurisdiction.
This Agreement shall be construed and governed under and in accordance with the laws of the State of Delaware, without giving effect to the principle of conflict of laws thereof. 
16.6No Waiver.  Any Party’s failure to enforce any of the terms or conditions herein or to exercise any right or privilege pursuant hereto, or any Party’s waiver of any breach under this Agreement, shall not be construed to be a waiver of any other terms, conditions, or privileges, whether of a similar or different type.

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16.7Assignment.  
ARx shall not assign this Agreement, in whole or in part, to any person or entity (including by operation of law, judicial process or otherwise) without the prior written consent of BioXcel, which consent may be withheld for any reason or without reason.  
BioXcel shall be entitled to assign this Agreement, in whole or in part, to any of its Affiliates (including by operation of law, judicial process or otherwise) or to any entity with which or into which BioXcel may merge or consolidate or any entity acquiring all or substantially all of the assets of BioXcel or of BioXcel’s business or operations to which this Agreement relates (whether by way of merger, sale of stock, sale of assets or otherwise), in each case, without the prior consent of ARx. Any other assignment of this Agreement by BioXcel may not be made without the prior written consent of ARx, which may not be unreasonably withheld, conditioned or delayed. 
Any permitted assignee shall assume all obligations of its assignor under this Agreement; provided, however, that in the event of an assignment to an Affiliate, the assignor Party shall remain as principal obligor for all or any obligations and liabilities assigned to such Affiliate under the terms of this Agreement.  No assignment shall relieve any Party of responsibility for the performance of any accrued obligation which such Party has hereunder as of the time of such assignment.  Any other attempted assignment of this Agreement in violation of this Section 16.7 shall be null and void.
The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefit of, the Parties hereto and their respective successors and permitted assigns.
16.8Severability.  If any provision of this Agreement is found invalid or unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall continue in full force and effect.  The Parties shall negotiate in good faith to substitute a valid, legal, and enforceable provision that reflects the intent of such invalid or unenforceable provision
16.9Notices.
The term “notice” as used throughout this Agreement, shall mean written notice, except where specifically provided herein to the contrary.  Notice shall be delivered by: (i) certified mail, return receipt requested (or the equivalent); (ii) hand delivery with receipt acknowledged; or (iii) overnight courier service that provides a delivery receipt.  Notices shall be delivered to the following addresses or to such other address or person as a Party may specify by notice given in accordance with this Section 16.9.1.
If to ARx:

ARx, LLC
400 Seaks Run Road
Glen Rock, PA 17327
Attention:  ARx Legal Counsel
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With a copy to:

ARx, LLC
400 Seaks Run Road
Glen Rock, PA 17327
Attention:  General Manager, ARx, LLC
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If to BioXcel:

BioXcel Therapeutics, Inc. 
555 Long Wharf Drive,
New Haven, 
CT 06511
Attn: [***]
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and
BioXcel Therapeutics, Inc.
555 Long Wharf Drive,
New Haven, 
CT 06511
Attn:  [***]
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With a copy to:

Cooley LLP
1299 Pennsylvania Avenue, NW, Suite 700
Washington, DC 20004-2400
Attention:  [***]
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Notice given in accordance with Section 16.9.1 shall be deemed delivered when received, or upon refusal of receipt.
16.10Cumulative Remedies.  Except as otherwise expressly set forth herein, no remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy available under the terms of this Agreement or otherwise available at law or in equity.
16.10.1Entire Agreement/Amendments; Conflicts. This Agreement, together with all attachments hereto, and any Orders issued hereunder, as well as the Quality Agreement, constitutes the entire agreement between the Parties hereto and shall supersede and take the place of any and all agreements, documents, minutes of meetings, or letters concerning the subject matter hereof that may, prior to the Effective Date, be in existence, including the Confidentiality Agreement and the Work Plan.  Furthermore, this Agreement shall supersede any and all pre-printed terms on any orders, invoices, and other related documents issued by ARx (or 

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any of its Affiliates) or BioXcel (or any of its Affiliates), as applicable. This Agreement may only be amended by a statement in writing to that effect signed by duly authorized representatives of BioXcel and ARx. 
16.11Headings.  The headings assigned to the Articles and Sections of this Agreement are for convenience only and shall not limit the scope and applicability of the Articles and Sections.
16.12Further Assurances.  Each Party agrees to execute such further papers, agreements, documents, instruments and the like as may be necessary or desirable to effect the purpose of this Agreement and to carry out its provisions.
16.13English Language.  If there exist versions of this Agreement, or any Schedules or attachments, or any amendments hereto or thereto, in any language other than English, the binding version of all of the foregoing shall be the English version, except as otherwise required by Applicable Law.  All notices and other written documentation provided by a Party to the other Party under this Agreement shall be in English, unless otherwise agreed to by the Parties.
16.14Review By Legal Counsel.  Each of the Parties agrees that it has read and had the opportunity to review this Agreement with its legal counsel.  Accordingly, the rule of construction that any ambiguity contained in this Agreement shall be construed against the drafting Party shall not apply.
16.15Third Party Beneficiaries.  Nothing in this Agreement, express or implied, is intended to confer upon any Third Party, any rights, remedies, obligations or liabilities.
16.16Interpretation.  In this Agreement, unless otherwise specified: (i) “includes” and “including” and words of similar import shall mean includes and including without limitation; (ii) words denoting any gender shall include all genders; (iii) words denoting the singular shall include the plural and vice versa; (iv) the Exhibits, Schedules, and other attachments form part of the operative provision of this Agreement and references to this Agreement shall, unless the context otherwise requires, include references to the Exhibits, Schedules, and attachments; (v) the word “or” is disjunctive but not necessarily exclusive; (vi) references to “Articles”, “Sections” “subsections” and “clauses” in this Agreement shall be to Articles, Sections, subsections and clauses, respectively, of this Agreement unless otherwise specifically provided; and (vii) references to any Articles or Sections include Sections and subsections that are part of the reference Article or Section (e.g., a section numbered “Section 2.2(a)” would be part of “Section 2.2”, and references to “Article 2” or “Section 2.2” would refer to material contained in the subsection described as “Section 2.2(a)”).  Words and abbreviations that have known or technical trade meanings are used in this Agreement in accordance with such recognized meanings.
16.17Counterparts.  This Agreement may be executed in two (2) or more counterparts, each of which shall for all purposes be deemed an original and all of which together shall constitute one and the same instrument.  In addition, this Agreement may be executed by facsimile or “PDF” and such facsimile or “PDF” signature shall be deemed to be an original.
[Signature Page Follows]
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IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be duly executed and delivered in its name and on its behalf, all as of the day and year first above written.
BioXcel Therapeutics, Inc.:
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Name: ​ ​
Title:​ ​
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ARx, LLC:
By:​ ​
Name: ​ ​
Title:​ ​
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[Signature Page to Commercial Supply Agreement]

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Attachment A 
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Work Plan
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Attachment B

Form of Quality Agreement

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Schedule 1.23
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BioXcel Technical Requirements
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Schedule 1.64
Specifications
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Schedule 3.3
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Schedule 5.1
Supply Price
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Schedule 14.6.1(i)
ARx Licensed Patents
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Schedule 14.6.1(iii)
Joint Patents
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