Document:

Prepared by R.R. Donnelley Financial -- EX-10.28

 Exhibit 10.28 

 
 

 
 EMPLOYMENT TRANSITION AND GENERAL RELEASE AGREEMENT 

This Employment Transition and General Release Agreement (“Agreement”) is entered between Rinko Ghosh
(“you” or “Employee”) and Nektar Therapeutics, a Delaware corporation (the “Company”). 
 1. Resignation Date and Transition Period.  
 (a) Resignation
Date. You agree to resign as an at-will employee of the Company on March 15, 2014 (the “Resignation Date”), unless you and the Company mutually agree to a different Resignation Date. 

(b) Title and Duties. From the Effective Date of this Agreement (as defined in Section 8(h) below) through the Resignation
Date (referred to herein as the “Transition Period”), your duties and responsibilities will include, but are not limited to, providing transition assistance and performing other duties as assigned by the Senior Vice President
of Human Resources of the Company. The current expectation is that you will be working on specified collaboration partnering activities during the Transition Period, the scope of which will be defined by the Senior Vice President of Human Resources.
During the Transition Period, (i) you will not supervise employees or have any employees report to you and you will work remotely and will only be required to be on-site at Nektar facilities as is agreed in advance between you and the Senior
Vice President of Human Resources; and (ii) you will have no authority to represent the Company to third parties or to bind the Company to any contractual obligations, whether written, oral or implied, or represent that you have such authority,
unless authorized to do so in writing by an officer of the Company. During the Transition Period, you shall continue to abide by all of the Company’s policies and procedures in effect from time to time and perform your job duties in good faith
to the best of your abilities. 
 (c) Compensation and Benefits. During the Transition Period, you will be paid at your
current base salary subject to applicable withholdings and deductions, payable on the Company’s customary payroll dates. Effective February 1, 2014, your base salary will increase by three percent (3%) from $455,100 to $468,753 per
annum. If eligible, you may continue to participate in the Company’s benefit plans, subject to the terms and conditions of those plans including without limitation the Company’s Change of Control Severance Benefit Plan. Stock options,
restricted stock units, and equity incentives, if any, will continue to vest, pursuant to the terms of any applicable equity incentive plans (the “Plans”) and any agreements issued to you pursuant to such plans (the
“Option Agreements”). During the Transition Period, you will not earn any bonus or performance-based incentive compensation, notwithstanding any provision to the contrary in any incentive compensation or bonus plan.

 2. Employee Acknowledgements. You acknowledge: (a) receipt of all compensation and benefits due through the date
of this Agreement, as a result of services performed for the Company; (b) you have reported to the Company any and all work-related injuries incurred during employment; (c) the Company properly provided any leave of absence because of your
or a family member’s health condition, and you have not been subjected to any improper treatment, conduct or actions due to a request for or taking such leave. 

 3. Consideration. In consideration of your promises in this Agreement and your
agreement to sign a supplemental resignation date release in the form attached to this Agreement after your actual Resignation Date, the Company will pay to you the gross amount of $204,795, subject to applicable deductions and withholdings, less
any amount due for a negative paid time off balance payable after this Agreement becomes effective as described below in Section 8(h). 
 4. Release.  
 (a) General Release. In exchange for the
consideration described above, you, personally and for your heirs, executors, administrators, successors and assigns, hereby generally and completely release the Company and its subsidiaries, successors, predecessors and affiliates, and its and
their respective partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns (all of whom are referred to throughout this Agreement as “Released
Parties”), from any and all claims, demands, actions, causes of action, suits, damages, losses, expenses, liabilities, and obligations, both known and unknown, individually or as part of a group action, that arise out of or are in any
way related to events, acts, conduct, or omissions occurring at any time through the date you sign this Agreement. This general release includes, but is not limited to, to all matters in law, equity, contract, tort, or pursuant to statute, including
but not limited to (i) any and all claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, and the Age Discrimination in Employment Act (“ADEA”), (ii) any and all claims relating
to, or arising from, any right to receive or purchase equity of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud,
and (iii) any and all claims under any state or federal law or any other federal, state or local statute, rule, ordinance, or regulation. 

You are releasing all rights under section 1542 of the California Civil Code. Section 1542 provides as follows: 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of
executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 
 You intend these
consequences even as to claims for damages that may exist as of the date this Agreement is executed that you do not know exist and which if known, would materially affect your decision to execute this Agreement, regardless of whether the lack of
knowledge is the result of ignorance, oversight, error, negligence or any other cause. 
 You represent that you have no lawsuits, claims or
actions pending in your name, or on behalf of any other person or entity, against the Released Parties or any of them. 

  

					
	Confidential	  	Page 2	  	

 (b) Exclusions from General Release. The above release does not waive claims:
(i) for unemployment or workers’ compensation, (ii) for vested rights under ERISA-covered employee benefit plans as applicable on the date you sign this Agreement, (iii) that may arise after you sign this Agreement, and
(iv) which cannot be released by private agreement. Nothing in this Agreement prevents you from filing a charge or complaint with or from participating in an investigation or proceeding conducted by any federal, state or local agency charged
with the enforcement of any employment laws, including but not limited to the Equal Employment Opportunity Commission (“EEOC”) and the National Labor Relations Board (“NLRB”), although by signing this
release you are waiving rights to individual relief based on claims asserted in such a charge or complaint. 
 5.
Confidentiality. Except as disclosed in the Company’s filings with the Securities and Exchange Commission, the provisions of this Agreement shall be held in strictest confidence by you and shall not be publicized or disclosed in any manner
whatsoever by you at any time to any person other than your lawyer or accountant, a governmental agency, or your immediate family without the prior written consent of an officer of the Company, except as necessary in any legal proceedings directly
related to the provisions and terms of this Agreement, to prepare and file income tax forms, or as required by court order after reasonable notice to the Company. Nothing in this Agreement shall prevent you from providing information to the NLRB
upon request, nor shall this provision prevent Employee from exercising Employee’s rights under Section 7 of the National Labor Relations Act. You and the Company specifically disclaim any intent to enter into this Agreement in exchange
for a promise not to reveal to any government entity, including any court or agency, conduct that could be construed as a violation of federal law. 
 6. Proprietary Information. You acknowledge access to and receipt of confidential business and proprietary information regarding the Company and its clients while working. This information may be
in a variety of paper and electronic forms. You agree not to make any such information known to any member of the public and to comply with all applicable ethical responsibilities related to client confidences and secrets. You further agree to
maintain and not destroy any such information in your possession, and to return to the Company prior to the Resignation Date all confidential and proprietary information and all other Company property, as well as all copies or excerpts of any
property, files or documents obtained as a result of employment with the Company, except those items that the Company specifically agrees in writing to permit you to retain. 
 7. Non-Disparagement. You agree to refrain from any disparaging statements about Nektar or any of the other Released Parties including, without limitation, the Company’s directors, officers,
employees, customers, collaboration partners, business, products, research, services, or methods of doing business. Similarly, Nektar agrees that its executive officers and directors shall not make any disparaging statements to any third party about
you. Notwithstanding the foregoing, it shall not be a violation of this Section 7 for either party to enforce the terms of this Release, initiate or engage in any legal proceeding to enforce any provision of this Release, provide truthful
statements in response to a subpoena, Court order or arbitral order, or provide truthful information to a governmental agency in connection with any governmental, regulatory or administrative agency proceeding.  

  

					
	Confidential	  	Page 3	  	

 8. Advice of Counsel, Consideration and Revocation, Other Information. You
acknowledge and agree that: 
 (a) your waiver and release of rights under this Agreement are voluntary, and that you are
acting of your own free will in executing this Agreement; 
 (b) through this Agreement, you are releasing the Released Parties
from any and all claims, including age discrimination claims, that you may have against any of the Released Parties; 

(c) your waiver and release, as set forth in this Agreement, do not apply to any rights or claims that may arise after the date you
sign this Agreement; 
 (d) the Company hereby advises you that, before signing this Agreement, you should consult with an
attorney, although you may choose voluntarily not to do so; 
 (e) you have twenty-one (21) days to consider whether
to sign this Agreement, although you may choose voluntarily to sign it earlier; 
 (f) changes to this Agreement, whether
material or immaterial, do not restart the running of the twenty-one (21) day consideration period; 
 (g) you may
challenge the knowing and voluntary nature of this release under the Older Workers Benefit Protection Act and the ADEA before a court, the EEOC, the NLRB, or any other federal, state, or local agency charged with the enforcement of any employment
laws; 
 (h) you have seven (7) days following the date you sign this Agreement to revoke it by delivering written
notice to the Company’s General Counsel at the address below. If the revocation period expires on a weekend or holiday, you will have until the end of the next business day to revoke it. This Agreement will become effective on the eighth day
after you sign this Agreement, provided you do not revoke this Agreement (“Effective Date”); and 
 Gil
M. Labrucherie, General Counsel 
 Nektar Therapeutics 
 455 Mission Bay Boulevard South 
 San Francisco, CA 94158 

(415) 339-5322 (fax) 
 9. Governing Law and Jurisdiction; Entire Agreement; Modification. This Agreement shall be governed by California law without reference to its conflicts of law principles. You and the Company each
hereby irrevocably and unconditionally submit to the exclusive jurisdiction of (i) the United States District Court for the Northern District of California, and (ii) the state courts located in the County of San Francisco, for purposes of
any claim, action, suit or proceeding arising out of this Agreement, and agree that all claims in respect thereof shall be heard and determined only in such courts. This Agreement, the Plans, the Option Agreements, the Employee Agreement between you
and the Company executed by on April 24, 2001 (the “Employee Agreement”), and the Indmenity Agreement dated as of November 20, 2008 between you and the Company (the “Indemnity Agreement”), if
any, constitute the complete and only agreement between you and the Company on these subjects. In entering this Agreement, you are not relying on any promise or representation, written or oral, other than those expressly contained in this Agreement.
Any prior agreements between or 

  

					
	Confidential	  	Page 4	  	

 
directly involving you and the Company are superseded by this Agreement, except for your Indemnity Agreement, Employee Agreement, the Plans, and the Option Agreements. This Agreement may not be
modified except in a writing signed by both you and the Company’s Senior Vice President and General Counsel. This Agreement shall bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the
benefit of both you and the Released Parties, their heirs, successors and assigns. Any determination that a provision of this Agreement is invalid or unenforceable, in whole or in part, will not affect any other provision of this Agreement, and the
provision in question shall be modified by the court so as to be rendered enforceable in accordance with the intent of the parties to the extent possible. The headings in this Agreement are provided for reference only and shall not affect the
substance of this Agreement. This Agreement may be signed in counterpart. 
 If this Agreement is acceptable to you, please sign below and
return the original to Human Resources on or before February 20, 2014. The Company’s offer to enter this Agreement will automatically expire if we do not receive the fully executed Agreement by the aforementioned date. 

In exchange for the promises contained in this Agreement, the Company promises to provide the benefits set forth in this Agreement. 

 

					
	NEKTAR THERAPEUTICS	 		 	
			
	/s/ Dorian Hirth	 		 	Dated: February 11, 2014
	 DORIAN HIRTH

SVP, HUMAN RESOURCES
	 		 	

 Employee has read and understood this Agreement, signs this Agreement waiving valuable rights, and acknowledges that this
Agreement is final and binding. 

					
			
	RINKO GHOSH	 		 	 
			
	/s/ Rinko Ghosh	 		 	Dated: February 10, 2014

  

					
	Confidential	  	Page 5	  	

 GENERAL RELEASE 

This General Release (“Release”) is entered into between Rinko Ghosh (“you” or
“Employee”) and Nektar Therapeutics, a Delaware corporation (the “Company”). 

1. Resignation Date. Your last day of employment with the Company is March 15, 2014 (“Resignation
Date”). 
 2. Accrued Salary and Paid Time Off. 

(a) Accrued Salary. The Company will pay me on the Resignation Date all accrued and unpaid salary through the Resignation Date
subject to applicable payroll deductions and withholding. 
 (b) Accrued Paid Time Off. The Company will pay me any
accrued and unused paid time off earned by me through the Resignation Date, subject to applicable payroll deduction and withholding. 
 3. Employee Acknowledgements. You acknowledge: (a) receipt of all compensation and benefits due through the Resignation Date, as a result of services performed for the Company; (b) you
have reported to the Company any and all work-related injuries incurred during employment; (c) the Company properly provided any leave of absence because of your or a family member’s health condition, and you have not been subjected to any
improper treatment, conduct or actions due to a request for or taking such leave; and (d) the terms and conditions of this Release satisfies in full all of the Company’s obligations under the letter agreement between you and the
Company dated March 30, 2009 (the “Severance Letter Agreement”). 
 4. Stock Options.
Pursuant to the applicable Equity Incentive Plan (“Plan”) and the stock option notices and agreements that may have been issued to you thereunder if any (collectively, the “Option Agreements”) and the
Severance Letter Agreement, your right to exercise the Options as to vested shares, if any, shall end on the earlier of (i) twelve (12) months following your Resignation Date, or (ii) the expiration of the term of your
Options. The Options also continue to remain subject to all other terms and conditions of the Option Agreements. In the event of any conflict between the terms of the Plan, Option Agreements, Options and this Agreement, the terms of the Plan,
Option Agreements, and Options will control. 
 5. Consideration. You acknowledge and agree that the consideration given
under this Release is in addition to anything of value to which you already were entitled. In consideration of your promises in this Release, after this Release becomes effective as described below in Section 12(h): 

(a) Lump Sum Severance. The Company will pay to you the gross amount of $703,230, subject to applicable deductions and withholding,
less any amount due for a negative paid time off balance. This payment will be made within five (5) business days following the Effective Date defined in Section 12(h). 

  

					
	Confidential	  	1	  	

 (b) COBRA Payments. If you are eligible for and meet all requirements for timely
election of COBRA coverage, the Company will pay certain premiums for you and your dependent’s group medical, dental, and vision plan COBRA coverage through the end of the calendar month in which your Severance Period (as defined in the Plan)
ends (March, 2015); provided, however, that the Company may cease paying the premiums for such continuation coverage at any time you become eligible for similar group coverage (medical, dental, or vision, as applicable) from another
employer. No provision of this Release will affect the continuation coverage rules under COBRA, except that the Company’s payment of COBRA premiums, if any, will be credited as payment by you for purposes of payments required for COBRA
coverage. 
 (c) Laptop Computer. On or before the Resignation Date, you will return your Company issued laptop computer
to the IT department. Company IT personnel will assist you in retrieving any personal data and contacts from your laptop computer. You will also be given a substantially comparable laptop computer to the one currently issued to you that you may keep
following the Resignation Date. 
 (d) Outplacement Services. To assist you in your job search, the Company will pay for
outplacement services to be provided by the Company’s outplacement services provider during the six (6) months following your Resignation Date, provided that you must initiate your request for outplacement services no later than three
months following your Resignation Date. 
 6. Release.  

(a) General Release. In exchange for the consideration described above, you, personally and for your heirs, executors,
administrators, successors and assigns, hereby generally and completely release the Company and its subsidiaries, successors, predecessors and affiliates, and its and their respective partners, members, directors, officers, employees, stockholders,
shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns (all of whom are referred to throughout this Release as “Released Parties”), from any and all claims, demands, actions, causes of action, suits,
damages, losses, expenses, liabilities, and obligations, both known and unknown, individually or as part of a group action, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time through the date you
sign this Release. This general release includes, but is not limited to, to all matters in law, equity, contract, tort, or pursuant to statute, including but not limited to (i) any and all claims under Title VII of the Civil Rights Act of 1964,
the Americans with Disabilities Act, and the Age Discrimination in Employment Act (“ADEA”), (ii) any and all claims relating to, or arising from, any right to receive or purchase equity of the Company, including, without
limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud, and (iii) any and all claims under any state or federal law or any other federal, state or
local statute, rule, ordinance, or regulation. 
 You are releasing all rights under section 1542 of the California Civil Code.
Section 1542 provides as follows: 
 A general release does not extend to claims which the creditor does not know or suspect
to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

  

					
	Confidential	  	2	  	

 You intend these consequences even as to claims for damages that may exist as of the date this Release is
executed that you do not know exist and which if known, would materially affect your decision to execute this Release, regardless of whether the lack of knowledge is the result of ignorance, oversight, error, negligence or any other cause.

 You represent that you have no lawsuits, claims or actions pending in your name, or on behalf of any other person or entity, against the
Released Parties or any of them. 
 (b) Exclusions from General Release. The above release does not waive claims:
(i) for unemployment or workers’ compensation, (ii) for vested rights under ERISA-covered employee benefit plans as applicable on the date you sign this Release, (iii) that may arise after you sign this Release, and
(iv) which cannot be released by private agreement. Nothing in this Release prevents you from filing a charge or complaint with or from participating in an investigation or proceeding conducted by any federal, state or local agency charged with
the enforcement of any employment laws, although by signing this release you are waiving rights to individual relief based on claims asserted in such a charge or complaint. 
 (c) Release of Claims by the Company. The Company hereby unconditionally releases, waives, and discharges any and all claims, causes of action, or charges whatsoever, known or unknown, that arose
at any time prior to and through the date of this Release, or that may hereafter accrue in favor of the Company, against you, arising from any act or omission you committed or omitted prior to the date of this Agreement in connection with your
employment with the Company. Notwithstanding any provision of this Release, the Company does not hereby release you for any (i) claims or obligations arising out of this Agreement, (ii) any past, present or future claims or obligations
arising out of the Employee Agreement between you and the Company executed by you on April 24, 2001 (“Employment Agreement”), and (iii) any past, present or future conduct that would bar you from indemnification
under Section 4 of the Indmenity Agreement dated as of November 20, 2008 between you and the Company (“Indemnity Agreement”). 
 7. Confidentiality. Except as disclosed in the Company’s filings with the Securities and Exchange Commission, the provisions of this Release shall be held in strictest confidence by you and
shall not be publicized or disclosed in any manner whatsoever by you at any time to any person other than your lawyer or accountant, a governmental agency, or your immediate family without the prior written consent of an officer of the Company,
except as necessary in any legal proceedings directly related to the provisions and terms of this Release, to prepare and file income tax forms, or as required by court order after reasonable notice to the Company. Nothing in this Release shall
prevent you from providing information to the National Labor Relations Board (NLRB) upon request, nor shall this provision prevent Employee from exercising Employee’s rights under Section 7 of the National Labor Relations Act. You and the
Company specifically disclaim any intent to enter into this Release in exchange for a promise not to reveal to any government entity, including any court or agency, conduct that could be construed as a violation of federal law. 

  

					
	Confidential	  	3	  	

 8. Proprietary Information. You acknowledge access to and receipt of confidential
business and proprietary information regarding the Company and its clients while working. This information may be in a variety of paper and electronic forms. You agree not to make any such information known to any member of the public and to comply
with all applicable ethical responsibilities related to client confidences and secrets. 
 9. Return of Company Property.
You agree that, on the Resignation Date, you will return to the Company all Company documents (and all copies thereof) and other Company property in your possession or control, including, but not limited to: Company files, email, electronic
messages, notes, memoranda, correspondence, agreements, draft documents, notebooks, logs, drawings, records, plans, proposals, reports, forecasts, financial information, sales and marketing information, research and development information,
personnel information, specifications, computer-recorded information, tangible property and equipment, computers, smart phones, cell phones, pagers, credit cards, entry cards, identification badges and keys; and any materials of any kind that
contain or embody any proprietary or confidential information of the Company (and all reproductions thereof in whole or in part). If you have used any personal computer, server, or electronic system to receive, store, review, prepare or transmit any
Company confidential or proprietary data, materials or information, you agree to provide the Company with a computer-useable copy of such information and then permanently delete and expunge such Company confidential or proprietary information from
those systems. You agree to provide the Company access to my system as requested to verify that the necessary copying and/or deletion is done. You agree not to retain any paper or electronic copies of any Company documents or data (including but not
limited to email and electronic messages) other than this Release and other documents evidencing your employment relationship with the Company. Company IT personnel will assist you in transferring your current cell phone number to a private account
established by you with a telecommunications carrier. 
 10. Non-Disparagement. You agree to refrain from any disparaging
statements about Nektar or any of the other Released Parties including, without limitation, the Company’s directors, officers, employees, customers, collaboration partners, business, products, research, services, or methods of doing business.
Similarly, Nektar agrees that its executive officers and directors shall not make any disparaging statements to any third party about you. Notwithstanding the foregoing, it shall not be a violation of this Section 10 for either party to enforce
the terms of this Release, initiate or engage in any legal proceeding to enforce any provision of this Release, provide truthful statements in response to a subpoena, Court order or arbitral order, or provide truthful information to a governmental
agency in connection with any governmental, regulatory or administrative agency proceeding. 
 11. Non-Solicitation of
Employees. I agree that, for twelve (12) months following the Resignation Date, I shall not, directly or indirectly (e.g. through directing a recruiting firm to target Company employees), without prior written consent of the Company,
solicit or induce any employee of the Company to leave the employ of the Company.  
 12. Advice of Counsel,
Consideration and Revocation, Other Information. You acknowledge and agree that: 
 (a) your waiver and release of rights
under this Release are voluntary, and that you are acting of your own free will in executing this Release; 

  

					
	Confidential	  	4	  	

 (b) through this Release, you are releasing the Released Parties from any and all claims,
including age discrimination claims, that you may have against any of the Released Parties; 
 (c) your waiver and release, as
set forth in this Release, do not apply to any rights or claims that may arise after the date you sign this Release; 
 (d) the
Company hereby advises you that, before signing this Release, you should consult with an attorney, although you may choose voluntarily not to do so; 
 (e) you have twenty-one (21) days to consider whether to sign this Release, although you may choose voluntarily to sign it earlier; 

(f) changes to this Release, whether material or immaterial, do not restart the running of the twenty-one (21) day consideration
period; 
 (g) you may challenge the knowing and voluntary nature of this release under the Older Workers Benefit Protection Act
and the ADEA before a court, the EEOC, the NLRB, or any other federal, state, or local agency charged with the enforcement of any employment laws; 
 (h) you have seven (7) days following the date you sign this Release to revoke it by delivering written notice to the Company’s General Counsel at the address below. If the revocation period
expires on a weekend or holiday, you will have until the end of the next business day to revoke it. This Release will become effective on the eighth day after you sign this Release, provided you do not revoke this Release (“Effective
Date”): 
 Gil M. Labrucherie, General Counsel 

Nektar Therapeutics 
 455 Mission Bay Boulevard South 
 San Francisco, CA 94158 

(415) 339-5322 (fax) 
 13. Cooperation. You agree to cooperate as reasonably necessary in defense of any actual or potential obligation, claim, demand, judgment, recovery, dispute, lawsuit, subpoena or grievance
(collectively “Disputes”) initiated or currently in progress against the Company, even if you are not named as a party. Such cooperation shall include, without limitation, making yourself available, upon reasonable notice, to
the Company and its counsel to provide information relating to such Disputes and appearing for depositions, trial, settlement negotiations, or other activities in defense of the Disputes as requested by the Company and/or its counsel. The Company
will pay you a fee of $250.00 per hour for each hour of assistance given to the Company pursuant to the terms of this paragraph and the Company will reimburse you for all associated reasonable expenses. In addition, you agree that you will not
knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against

  

					
	Confidential	  	5	  	

 
any of the Released Parties, unless under a subpoena or other court order to do so or as related directly to the ADEA waiver in this Agreement. You agree both to immediately notify the Company
upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution
of any disputes, differences, grievances, claims, charges, or complaints against any of the Released Parties, you shall state no more than that you cannot provide counsel or assistance. Notwithstanding anything to the contrary, nothing in this
Agreement prevents you from providing truthful information with respect to any Dispute including in governmental, regulatory or administrative agency proceeding 
 14. Governing Law and Jurisdiction; Entire Agreement; Modification. This Release shall be governed by California law without reference to its conflicts of law principles. You and the Company each
hereby irrevocably and unconditionally submit to the exclusive jurisdiction of (i) the United States District Court for the Northern District of California, and (ii) the state courts located in the County of San Francisco, for purposes of
any claim, action, suit or proceeding arising out of this Release, and agree that all claims in respect thereof shall be heard and determined only in such courts. This Release sets forth the entire agreement between you and the Company. In entering
this Release, you are not relying on any promise or representation, written or oral, other than those expressly contained in this Release. Any prior agreements between or directly involving you and the Company are superseded by this Release, except
for the Plan, the Option Agreements, Employment Agreement, and the Indmenity Agreement. This Release may not be modified except in a writing signed by both you and the Company’s Senior Vice President and General Counsel. This Release shall bind
the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Released Parties, their heirs, successors and assigns. Any determination that a provision of this Release is
invalid or unenforceable, in whole or in part, will not affect any other provision of this Release, and the provision in question shall be modified by the court so as to be rendered enforceable in accordance with the intent of the parties to the
extent possible. The headings in this Release are provided for reference only and shall not affect the substance of this Release. This Release may be signed in counterparts. 
 [Remainder of Page Intentionally Left Blank] 

  

					
	Confidential	  	6	  	

 If this Release is acceptable to you, please sign below between March 15, 2014 and April 5, 2014,
and return the original to Human Resources on or before April 5, 2014. The Company’s offer to enter this Release will automatically expire if we do not receive the fully executed Release by the aforementioned date. The Company will not
accept this Release if it is signed or returned before your Resignation Date. 
 In exchange for the promises contained in this Release, the
Company promises to provide the benefits set forth in this Release. 
  

									
	NEKTAR THERAPEUTICS	 		 	
					
	By:	 	 	 		 	Dated:	 	 
		 	 DORIAN HIRTH
 SVP, HUMAN RESOURCES
	 		 		 	
	  
 Employee has read and understood this Release, signs
this Release waiving valuable rights, and acknowledges that this Release is final and binding.
  

	RINKO GHOSH	 		 		 	
					
	  	 	  	 		 	Dated:	 	  

  

					
	Confidential	  	7Prepared by R.R. Donnelley Financial -- EX-10.29

 Exhibit 10.29 

TERM LOAN AND SECURITY AGREEMENT 
 among 
 NEKTAR THERAPEUTICS, 

as Borrower, 
 the
Guarantors from time to time party hereto, 
 as Guarantors, 

and 

ASTRAZENECA AB, 
 as Agent 
 October 7, 2013 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Article I         Definitions
	  	 	1	  
	 Section 1.1
	  	Accounting Terms	  	 	1	  
	 Section 1.2
	  	General Terms	  	 	1	  
	 Section 1.3
	  	Uniform Commercial Code Terms	  	 	9	  
	 Section 1.4
	  	Certain Matters of Construction	  	 	9	  
		
	 Article II         Term Loan; Payments
	  	 	9	  
	 Section 2.1
	  	Term Loan	  	 	9	  
	 Section 2.2
	  	Repayment	  	 	10	  
	 Section 2.3
	  	Prepayments	  	 	11	  
		
	 Article III         Interest and Fees
	  	 	11	  
	 Section 3.1
	  	Interest	  	 	11	  
	 Section 3.2
	  	Computation of Interest	  	 	11	  
	 Section 3.3
	  	Maximum Charges	  	 	11	  
	 Section 3.4
	  	Taxes	  	 	11	  
		
	 Article IV         Collateral
	  	 	13	  
	 Section 4.1
	  	Security Interest in the Collateral	  	 	13	  
	 Section 4.2
	  	Perfection of Security Interest	  	 	14	  
	 Section 4.3
	  	Disposition of Collateral	  	 	14	  
	 Section 4.4
	  	Preservation of Collateral	  	 	14	  
	 Section 4.5
	  	Ownership of Collateral	  	 	14	  
	 Section 4.6
	  	Defense of Agent’s and Lenders’ Interests	  	 	14	  
	 Section 4.7
	  	Compliance with Laws and Contracts	  	 	15	  
	 Section 4.8
	  	Exculpation of Liability	  	 	15	  
	 Section 4.9
	  	Financing Statements	  	 	15	  
		
	 Article V         Representations and Warranties
	  	 	15	  
	 Section 5.1
	  	Authority	  	 	15	  
	 Section 5.2
	  	Formation and Qualification	  	 	16	  
	 Section 5.3
	  	Solvency; No Litigation, Violation, Indebtedness or Default	  	 	16	  
	 Section 5.4
	  	No Default	  	 	16	  
	 Section 5.5
	  	Conflicting Agreements	  	 	16	  
		
	 Article VI         Affirmative Covenants
	  	 	16	  
	 Section 6.1
	  	Conduct of Business and Maintenance of Existence and Assets	  	 	16	  
	 Section 6.2
	  	Execution of Supplemental Instruments	  	 	17	  
	 Section 6.3
	  	Future Guarantors	  	 	17	  
		
	 Article VII         Negative Covenants
	  	 	17	  
	 Section 7.1
	  	Merger, Consolidation, Acquisition; Sale of Assets; Change of Jurisdiction	  	 	17	  

  
 i 

							
	 Article VIII         Delivery Requirements Upon
Conversion
	  	 	18	  
	 Section 8.1
	  	Delivery Requirements Upon Conversion	  	 	18	  
		
	 Article IX         Information as to Borrower
	  	 	18	  
	 Section 9.1
	  	Disclosure of Material Matters	  	 	18	  
	 Section 9.2
	  	Litigation	  	 	18	  
	 Section 9.3
	  	Material Occurrences	  	 	18	  
	 Section 9.4
	  	Annual Financial Statements	  	 	19	  
	 Section 9.5
	  	Additional Information	  	 	19	  
	 Section 9.6
	  	Additional Documents	  	 	19	  
		
	 Article X         Events of Default
	  	 	19	  
	 Section 10.1
	  	Nonpayment	  	 	19	  
	 Section 10.2
	  	Breach of Representation	  	 	19	  
	 Section 10.3
	  	Noncompliance	  	 	19	  
	 Section 10.4
	  	Bankruptcy	  	 	19	  
	 Section 10.5
	  	Inability to Pay	  	 	20	  
	 Section 10.6
	  	Lien Priority	  	 	20	  
	 Section 10.7
	  	Cross Default	  	 	20	  
	 Section 10.8
	  	Breach of Guaranty	  	 	20	  
	 Section 10.9
	  	Change of Control	  	 	20	  
	 Section 10.10
	  	Invalidity	  	 	20	  
		
	 Article XI         Lenders’ Rights and Remedies After
Default
	  	 	20	  
	 Section 11.1
	  	Rights and Remedies	  	 	20	  
	 Section 11.2
	  	Agent’s Discretion	  	 	22	  
	 Section 11.3
	  	Setoff	  	 	22	  
	 Section 11.4
	  	Rights and Remedies not Exclusive	  	 	22	  
	 Section 11.5
	  	Allocation of Payments After Event of Default	  	 	22	  
		
	 Article XII         Waivers and Judicial Proceedings
	  	 	23	  
	 Section 12.1
	  	Waiver of Notice	  	 	23	  
	 Section 12.2
	  	Delay	  	 	23	  
	 Section 12.3
	  	Jury Waiver	  	 	23	  
		
	 Article XIII         Effective Date and Termination
	  	 	23	  
	 Section 13.1
	  	Term	  	 	23	  
	 Section 13.2
	  	Termination and Release	  	 	23	  
		
	 Article XIV         Regarding Agent
	  	 	24	  
	 Section 14.1
	  	Appointment	  	 	24	  
	 Section 14.2
	  	Nature of Duties	  	 	24	  
	 Section 14.3
	  	Lack of Reliance on Agent and Resignation	  	 	25	  
	 Section 14.4
	  	Certain Rights of Agent	  	 	25	  
	 Section 14.5
	  	Reliance	  	 	26	  
	 Section 14.6
	  	Notice of Default	  	 	26	  
	 Section 14.7
	  	Indemnification	  	 	26	  

  
 ii 

							
	 Section 14.8
	  	Agent in its Individual Capacity	  	 	26	  
	 Section 14.9
	  	Delivery of Documents	  	 	26	  
	 Section 14.10
	  	Loan Parties’ Undertaking to Agent	  	 	26	  
	 Section 14.11
	  	Other Agreements	  	 	27	  
		
	 Article XV         Miscellaneous
	  	 	27	  
	 Section 15.1
	  	Governing Law	  	 	27	  
	 Section 15.2
	  	Entire Understanding	  	 	28	  
	 Section 15.3
	  	Successors and Assigns; New Lenders	  	 	29	  
	 Section 15.4
	  	Application of Payments	  	 	29	  
	 Section 15.5
	  	Indemnity	  	 	30	  
	 Section 15.6
	  	Notice	  	 	30	  
	 Section 15.7
	  	Survival	  	 	32	  
	 Section 15.8
	  	Severability	  	 	32	  
	 Section 15.9
	  	Expenses	  	 	32	  
	 Section 15.10
	  	Injunctive Relief	  	 	32	  
	 Section 15.11
	  	Consequential Damages	  	 	32	  
	 Section 15.12
	  	Captions	  	 	32	  
	 Section 15.13
	  	Counterparts; Facsimile Signatures	  	 	32	  
	 Section 15.14
	  	Construction	  	 	32	  
		
	 Article XVI Guaranty
	  	 	32	  
	 Section 16.1
	  	Guaranty	  	 	32	  
	 Section 16.2
	  	Waivers	  	 	33	  
	 Section 16.3
	  	No Defense	  	 	33	  
	 Section 16.4
	  	Guaranty of Payment	  	 	33	  
	 Section 16.5
	  	Liabilities Absolute	  	 	33	  
	 Section 16.6
	  	Waiver of Notice	  	 	34	  
	 Section 16.7
	  	Agent’s Discretion	  	 	35	  
	 Section 16.8
	  	Reinstatement	  	 	35	  
	 Section 16.9
	  	Limit	  	 	36	  

  
 iii

 LIST OF EXHIBITS AND SCHEDULES 

 

			
	 Exhibits
	  	 
	 Exhibit A
	  	Form of Term Note
		
	 Exhibit B
	  	Form of Assignment Agreement
		
	 Schedules
	  	 
	 Schedule 5.2(b)
	  	Subsidiaries

  
 iv 

 TERM LOAN AND SECURITY AGREEMENT 

Term Loan and Security Agreement dated as of October 7, 2013 among Nektar Therapeutics, a Delaware corporation
(“Borrower”), the Guarantors from time to time party hereto, the lenders from time to time party hereto (collectively, the “Lenders” and each, individually, a “Lender”) and AstraZeneca AB, a Swedish
corporation, as agent for the Lenders (in such capacity, “Agent”). 
 IN CONSIDERATION of the mutual covenants
and undertakings herein contained, Loan Parties, Lenders and Agent hereby agree as follows: 
 I. DEFINITIONS. 

1.1. Accounting Terms. As used in this Agreement, the Other Documents or any certificate, report or other document made or
delivered pursuant to this Agreement, accounting terms not defined in Section 1.2 or elsewhere in this Agreement and accounting terms partly defined in Section 1.2 to the extent not defined, shall have the respective meanings
given to them under GAAP. 
 1.2. General Terms. For purposes of this Agreement the following terms shall have the
following meanings: 
 “Affiliate” of any Person shall mean (a) any Person which, directly or indirectly,
is in control of, is controlled by, or is under common control with such Person, or (b) any Person who is a director, managing member, general partner or officer (i) of such Person, (ii) of any Subsidiary of such Person or
(iii) of any Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to vote 10% or more of the Voting Stock of such Person or other Persons performing
similar functions for any such Person, or (y) to direct or cause the direction of the management and policies of such Person whether by ownership of Voting Stock, contract or otherwise. 

“Agent” shall have the meaning set forth in the preamble to this Agreement and shall include its successors and assigns.

 “Agreement” shall mean this Term Loan and Security Agreement, as the same may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Applicable Law” shall mean all laws, rules and
regulations applicable to the Person, conduct, transaction, covenant, Other Document or contract in question, including all applicable common law and equitable principles; all provisions of all applicable state, federal and foreign constitutions,
statutes, rules, regulations, treaties, directives and orders of any Governmental Body, and all orders, judgments and decrees of all courts and arbitrators. 
 “Assignment Agreement” shall have the meaning set forth in Section 15.3(b). 
 “AstraZeneca” shall mean AstraZeneca AB, a Swedish corporation. 

 “Bankruptcy Code” shall mean the United States Bankruptcy Code (11 U.S.C.
§101 et seq.), as amended from time to time and any successor statute. 
 “Beneficial Owner” shall have
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
after the passage of time. 
 “Board of Directors” shall mean: (a) with respect to a corporation, the
board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; (b) with respect to a partnership, the Board of Directors of the general partner of the partnership; (c) with respect to a
limited liability company, the managing member or members or any controlling committee of managing members thereof; and (d) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Borrower” shall have the meaning set forth in the preamble to this Agreement and shall extend to all permitted
successors and assigns of such Person. 
 “Business Day” shall mean any day other than Saturday or Sunday or a
legal holiday on which commercial banks are authorized or required by law to be closed for business in New York, New York. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior
to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital
Stock” shall mean: (a) in the case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of
corporate stock; (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and (d) any other interest or participation in a Person that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any
right of participation with Capital Stock. 
 “Change in Law” shall mean the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption or taking effect of any Applicable Law, (b) any change in any Applicable Law or in the administration, interpretation, implementation or application thereof by any Governmental Body or
(c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Body. 

  
 2 

 “Change of Control” shall mean the occurrence of any of the following:

 (a) the direct or indirect sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions,
of (i) all or substantially all of the properties or assets of the Borrower and its Subsidiaries taken as a whole to any Person other than the Borrower or a Guarantor; or (ii) assets of the Borrower or any Subsidiary of the Borrower to a
Person other than the Borrower or a Guarantor for a purchase price equal to more than 50% of the consolidated total assets of the Borrower (based upon the Borrower’s most recent audited balance sheet); 

(b) the adoption of a plan relating to, or the occurrence of, the liquidation, dissolution or winding up of the Borrower; 

(c) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any
“person” or “group” (each as defined above) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Borrower, measured by voting power rather than number of shares; 

(d) the Borrower consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the
Borrower, or the Borrower consummates an exchange of shares, recapitalization, reorganization, business combination or other similar event, in any such event pursuant to a transaction following which the holders of Voting Stock immediately preceding
such consolidation, merger, exchange, recapitalization, reorganization, business combination or similar event either (a) no longer hold a majority of the Voting Stock of the Borrower or (b) no longer have the ability elect a majority of
the Board of Directors of the Borrower; or 
 (e) the first day on which a majority of the members of the Board of Directors of
the Borrower are not Continuing Directors. 
 “Code” shall mean the Internal Revenue Code of 1986, as the same
may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 
 “Collateral” shall mean all of the Loan Parties’ right, title and interest, whether now owned or hereafter acquired and wherever located, in, to and under the License Agreement,
including all proceeds thereof. 
 “Compliance Certificate” shall mean a compliance certificate to be signed by
the Chief Financial Officer or President of Borrower, which shall state that, based on an examination sufficient to permit such officer to make an informed statement, to such officer’s knowledge, no Default or Event of Default exists, or if
such is not the case, specifying such Default or Event of Default, its nature, when it occurred, whether it is continuing and the steps being taken by Loan Parties with respect to such default. 

“Consents” shall mean all filings and all licenses, permits, consents, approvals, authorizations, qualifications and
orders of Governmental Bodies and other third parties, domestic or foreign, necessary (including to avoid a conflict or breach under any agreement, instrument, other document, license, permit or other authorization) for the execution, delivery or
performance of this Agreement and the Other Documents, including any Consents required under all applicable federal, state or other Applicable Law. 

  
 3 

 “Continuing Directors” shall mean, as of any date of determination, any
member of the Board of Directors of the Borrower who (a) was a member of such Board of Directors on the Effective Date, or (b) was nominated for election or elected to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 

“Conversion Date” shall mean the date on which AstraZeneca exercises its right to terminate the License Agreement
pursuant to Section 18.4(a), subparagraph (d) thereof as in effect on the Effective Date, either in whole or with respect to the United States only. 
 “Default” shall mean an event, circumstance or condition which, with the giving of notice or passage of time or both, would constitute an Event of Default. 

“Dollar” and the sign “$” shall mean lawful money of the United States of America. 

“Domestic Subsidiary” shall mean any Subsidiary of Borrower that is organized and existing under the laws of the United
States or any state or commonwealth thereof or under the laws of the District of Columbia. 
 “Effective Date”
shall mean the date hereof. 
 “Event of Default” shall have the meaning set forth in Article X.

 “Exchange Act” shall have the mean the Securities Exchange Act of 1934, as amended. 

“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 materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any
intergovernmental agreement between the United States and one or more other governmental authorities that is entered into in order to facilitate compliance with the foregoing. 
 “Foreign Lender” shall mean any Lender that is organized under the Applicable Laws of a jurisdiction other than that in which Borrower is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “GAAP” shall mean generally accepted accounting principles in the United States of America in effect from time to time. 

“Governmental Body” shall mean any nation or government, any state or other political subdivision thereof or any entity,
authority, agency, division or department exercising the legislative, judicial, regulatory or administrative functions of or pertaining to a government. 

  
 4 

 “Guarantor” shall mean any Person who may hereafter guarantee payment or
performance of the whole or any part of the Obligations and “Guarantors” shall mean, collectively, all such Persons. 
 “Guaranty” shall mean any guaranty of the Obligations of Borrower executed by a Guarantor in favor of Agent for its benefit and for the ratable benefit of Lenders, in form and substance
satisfactory to Agent (including the guaranty under Article XVI). 
 “Health Registration Approval”
shall have the meaning set forth in the License Agreement. 
 “Hedging Obligations” means, with respect to any
specified Person, the obligations of such Person under: 
 (a) interest rate swap agreements (whether from fixed to floating or
from floating to fixed), interest rate cap agreements and interest rate collar agreements; 
 (b) other agreements or
arrangements designed to manage interest rates or interest rate risk; and 
 (c) other agreements or arrangements designed to
protect such Person against fluctuations in currency exchange rates or commodity prices. 
 “Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses, deferred or prepaid revenue, trade payables and guarantees incurred in the ordinary course of business and not in respect of borrowed money),
whether or not contingent: 
 (a) in respect of borrowed money; 

(b) evidenced by bonds, notes, debentures or similar instruments; 

(c) all obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction;

 (d) representing Capital Lease Obligations; 
 (e) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 

(f) representing any Hedging Obligation, 
 if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with
GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise
included, the guarantee by the specified Person of any Indebtedness of any other Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business). 

  
 5 

 “Lender” and “Lenders” shall have the meaning ascribed to
such term in the preamble to this Agreement and shall include each Person which becomes a transferee, successor or assign of any Lender. 
 “License Agreement” shall mean the License Agreement, dated as of September 20, 2009, by and between AstraZeneca and Borrower, as amended by Amendment No. 1 to License
Agreement, dated as of August 8, 2013, and as further amended from time to time by the parties thereto. 

“Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether
statutory or otherwise), claim or encumbrance, as security, including any conditional sale or other title retention agreement, or any lease having substantially the same economic effect as any of the foregoing. 

“Loan Parties” shall mean, collectively, Borrower and Guarantors (if any) and “Loan Party” shall mean,
individually, Borrower and each Guarantor (if any). 
 “Material Adverse Effect” shall mean a material adverse
effect on (a) the financial condition, results of operations, assets, business or properties of the Loan Parties, taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to duly and punctually pay or perform the
Obligations in accordance with the terms thereof, (c) Agent’s Liens on the Collateral or the priority of such Liens or (d) the practical realization of the benefits of Agent’s and each Lender’s rights and remedies under this
Agreement and the Other Documents taken as a whole. 
 “Milestone Date” shall mean the date on which the
Milestone Payment is paid. 
 “Milestone Payment” shall mean the $70,000,000 milestone payment payable by
AstraZeneca to Borrower pursuant to Section 7.1(b)(i) of the License Agreement. 
 “Obligations” shall
mean and include any and all loans, advances, debts, liabilities, obligations, covenants and duties owing by any Loan Party to Lenders or Agent of any kind or nature, present or future (including any interest accruing thereon and fees and expenses
incurred after maturity, or after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to any Loan Party, whether or not a claim for post-filing or post-petition interest or fees
or expenses is allowed in such proceeding), whether or not evidenced by any note, guaranty or other instrument, in each case, arising under this Agreement and the Other Documents and any amendments, extensions or renewals thereof. 

“Offset Royalties” shall have the meaning set forth in Section 2.2(a). 

“Other Documents” shall mean the Term Note, any Guaranty and any and all other agreements, instruments and documents,
including guaranties, pledges, powers of attorney, consents or other similar agreements and all other writings heretofore, now or hereafter executed by any Loan Party and/or delivered to Agent or any Lender in respect of the transactions
contemplated by this Agreement. For the avoidance of doubt, the parties hereby agree that the License Agreement does not constitute an “Other Document”. 

  
 6 

 “Other Taxes” shall mean all present or future stamp or documentary taxes
or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any Other Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any Other
Document. 
 “Payment Date” shall mean the last day of each Period. 

“Payment Office” shall mean initially the office of the Agent listed in Section 15.6; thereafter, such other
office of Agent, if any, which it may designate by notice to Borrower and to each Lender to be the Payment Office. 

“Period” shall have the meaning set forth in Section 2.1. 

“Permitted Disposition” shall mean a disposition of Specified Collateral in connection with a royalty monetization
transaction with respect to licenses or sublicenses of the intellectual property of the Borrower or any of its Subsidiaries, including but not limited to sales of royalty streams, royalty bonds and other royalty financings, synthetic royalty and
revenue interest transactions and hybrid monetization transactions. 
 “Permitted Encumbrances” shall mean
(a) Liens securing the Borrower’s 12% Senior Secured Notes due 2017 and Liens that do not continue after the Conversion Date on any replacements or refinancings thereof; provided that such replacements or refinancings shall not have
a final maturity date earlier than the obligations being replaced or refinanced or a principal amount in excess of the principal amount of the obligations secured on the Effective Date plus any premiums or fees incurred in connection with such
replacements or refinancings, (b) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted;
provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor, (c) Liens on any Specified Collateral in connection with a Permitted Disposition, and (d) Liens on proceeds of
the License Agreement consisting of cash or assets acquired with any such cash. 
 “Person” shall mean any
individual, sole proprietorship, partnership, corporation, business trust, joint stock company, trust, unincorporated organization, association, limited liability company, limited liability partnership, institution, public benefit corporation, joint
venture, entity or Governmental Body (whether federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof). 

“Register” shall have the meaning set forth in Section 15.3(c). 

“Required Lenders” shall mean Lenders holding more than fifty percent (50%) of the outstanding Term Loan;
provided that, if the Conversion Date has not occurred, “Required Lenders” shall mean Agent. 

  
 7 

 “Royalty Term Date” shall mean the earlier of (a) the date of
expiration of the royalty term for the first Stand-Alone Product, as determined under Section 7.9(a) of the License Agreement as in effect on the Effective Date and (b) in the event the License Agreement is terminated in whole pursuant to
the terms thereof, the effective date of such termination. 
 “SEC” shall mean the Securities and Exchange
Commission or any successor thereto. 
 “Specified Collateral” shall mean all royalties payable by AstraZeneca
to Borrower under the License Agreement (other than the any such royalties payable on and after the Conversion Date). 

“Stand-Alone Product” shall have the meaning set forth in the License Agreement. 

“Stated Maturity” means, with respect to any installment of principal on any series of Indebtedness, the date on which
the payment of principal was scheduled to be paid in the documentation governing such Indebtedness as of the date hereof, and will not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof. 
 “Subsidiary” of any Person shall mean (a) a corporation or other
entity of which more than 50% of the Capital Stock having ordinary voting power (other than Capital Stock having such power only by reason of the happening of a contingency and after giving effect to any voting agreement or stockholders’
agreement) to vote in the election of directors of such corporation, or other Persons performing similar functions for such entity, is owned, directly or indirectly, by such Person and (b) any partnership (i) the sole general partner or
the managing general partner of which is such Person or (ii) the only general partners of which are that Person and one or more Subsidiaries of that Person (or any combination thereof). 

“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Body, including any interest, additions to tax or penalties applicable thereto; provided, however, that Taxes shall not include Other Taxes. 

“Term Loan” shall have the meaning set forth in Section 2.1. 

“Term Note” shall have the meaning set forth in Section 2.1. 

“Transferee” shall have the meaning set forth in Section 15.3(b). 

“Uniform Commercial Code” shall have the meaning set forth in Section 1.3. 

“Voting Stock” of any specified Person as of any date shall mean the Capital Stock of such Person that is at the time
entitled to vote in the election of the Board of Directors of such Person. 

  
 8 

 1.3. Uniform Commercial Code Terms. All terms used herein and defined in the Uniform
Commercial Code as adopted in the State of New York from time to time (the “Uniform Commercial Code”) shall have the meaning given therein unless otherwise defined herein. Without limiting the foregoing, the terms
“instruments”, “documents” and “proceeds” as and when used in the description of Collateral shall have the meanings given to such terms in Article 9 of the Uniform Commercial Code. To the extent the definition of any
category or type of collateral is expanded by any amendment, modification or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the date of such amendment, modification or revision. 

1.4. Certain Matters of Construction. The terms “herein”, “hereof” and “hereunder” and other words
of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Unless otherwise provided, all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Exhibits and Schedules to, this Agreement. Any pronoun used shall be deemed to cover all genders. Wherever appropriate in the context, terms used herein in the singular also include the plural and vice versa. All references to
statutes and related regulations shall include any amendments of same and any successor statutes and regulations. Unless otherwise provided, all references to any instruments or agreements to which Agent is a party, including references to any of
the Other Documents, shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof. All references herein to the time of day shall mean the time in New York, New York. Whenever the words
“including” or “include” shall be used, such words shall be understood to mean “including, without limitation” or “include, without limitation”. Any Lien referred to in this Agreement or any of the Other
Documents as having been created in favor of Agent, any agreement entered into by Agent pursuant to this Agreement or any of the Other Documents, any payment made by or to or funds received by Agent pursuant to or as contemplated by this Agreement
or any of the Other Documents, or any act taken or omitted to be taken by Agent, shall, unless otherwise expressly provided, be created, entered into, made or received, or taken or omitted, for the benefit or account of Agent and Lenders.

 II. TERM LOAN; PAYMENTS. 
 2.1. Term Loan. Subject to the terms and conditions of this Agreement, on the Conversion Date, the Milestone Payment shall convert to a $70,000,000 term loan from the Lenders to Borrower (the
“Term Loan”), which Term Loan shall be payable in annual installments commencing on January 15, 2015 in the amounts set forth below on the last day of each period set forth below (each, a “Period”), subject
Section 2.2 below and subject further to acceleration that may occur after the occurrence of an Event of Default under this Agreement. If the Conversion Date occurs on any date after January 15, 2015, amortization payments for all
prior Periods (including accrued interest from the Conversion Date) shall become due and payable on the fifth (5th) Business Day following the Conversion Date. 

  
 9 

			
	 Period
	  	Amortization Payment
	 Conversion Date through January 15, 2015
	  	$10,000,000 plus
accrued interest
for such Period
	 January 16, 2015 through January 15, 2016
	  	$10,000,000 plus
accrued interest
for such Period
	 January 16, 2016 through January 15, 2017
	  	$20,000,000 plus
accrued interest
for such Period
	 January 16, 2017 through January 15, 2018
	  	$30,000,000 plus
accrued interest
for such Period

 The Term Loan shall be evidenced by one or more secured promissory notes (collectively, the “Term Note”)
in substantially the form attached hereto as Exhibit A. 
 2.2. Repayment. 

(a) The Term Loan shall be due and payable as provided in Section 2.1 and in the Term Note. Notwithstanding the foregoing
sentence, Section 2.1, or anything in this Agreement to the contrary, if the Conversion Date has occurred by reason of AstraZeneca’s termination of the License Agreement with respect to the United States only, the Term Loan shall be
repaid (and such payment shall be applied first to accrued interest and then to principal) by offsetting 50% of any royalties (but not including any milestone payments) (such 50% of royalties, the “Offset Royalties”) that would
otherwise be payable by AstraZeneca to Borrower under the License Agreement (which Offset Royalties shall reduce the Term Loan dollar for dollar and be deemed to have been paid in full by AstraZeneca to Borrower under the License Agreement), and any
amount of the Term Loan that remains outstanding after the Royalty Term Date shall become due and payable within thirty (30) days of the Royalty Term Date; provided that if the Royalty Term Date is prior to January 15, 2018 and such
outstanding amount exceeds $10 million, then such outstanding amount shall be instead be payable pursuant to the amortization schedule set forth in Section 2.1 until fully paid (it being understood that (i) if such outstanding
amount on a given Payment Date is less than the amortization payment set forth in Section 2.1 for such date, such lesser amount will be due and (ii) if such outstanding amount on the Royalty Term Date is greater than the
amortization payments set forth in Section 2.1 for all future Periods, then the amount of such excess shall be paid within thirty (30) days after the Royalty Term Date). 

(b) Except as provided in Section 2.2(a), all payments of principal, interest and other amounts payable hereunder, or under
any of the Other Documents, shall be made to Agent at the Payment Office not later than 4:00 P.M. (New York time) on the due date therefor in lawful money of the United States of America in federal funds or other funds immediately available to
Agent. Borrower shall pay principal, interest, and all other amounts payable hereunder, or under any related agreement, without any deduction whatsoever, including, but not limited to, any deduction for any setoff or counterclaim. 

  
 10 

 (c) Each payment (including each prepayment) by Borrower on account of the principal of and
interest on the Term Loan shall be applied pro rata in accordance with each Lender’s proportionate share of the Term Loan. 

2.3. Prepayments. Borrower, at its option, may prepay the Term Loan in full or in part at any time without premium or penalty, and
any such prepayments shall be accompanied by accrued but unpaid interest and applied to principal payments (a) if AstraZeneca has terminated the License Agreement with respect to the United States only, in inverse order of maturity, and
(b) if AstraZeneca has terminated the License Agreement in full, pro rata. 
 III. INTEREST AND FEES. 

3.1. Interest. Interest on the Term Loan shall be payable in arrears on each Payment Date. Interest charges shall be computed on
the actual principal amount of the Term Loan outstanding during the applicable Period at a rate per annum equal to 4.5%, compounded annually on each anniversary of the Conversion Date. 

3.2. Computation of Interest. Interest hereunder shall be computed on the basis of a year of 360 days and for the actual number of
days elapsed. If any payment to be made hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day and interest shall be payable during such extension. 

3.3. Maximum Charges. In no event whatsoever shall interest and other charges charged hereunder exceed the highest rate
permissible under law. In the event interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under law, such excess amount shall be first applied to any unpaid principal balance owed by Borrower, and if the
then remaining excess amount is greater than the previously unpaid principal balance, Lenders shall promptly refund such excess amount to Borrower and the provisions hereof shall be deemed amended to provide for such permissible rate. 

3.4. Taxes. 
 (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. Any and all payments by or on account of any obligation of Borrower under this Agreement shall to the extent
permitted by Applicable Law be made free and clear of and without reduction or withholding for any Taxes. If, however, Applicable Law requires Borrower or Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with
such Applicable Law as determined by Borrower or Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (d) below. 

(i) If Borrower or Agent shall be required by any Applicable Law to withhold or deduct any Taxes from any payment, then
(A) Borrower or Agent, as required by such Applicable Law, shall withhold or make such deductions as are determined by it to be 

  
 11 

 
required based upon the information and documentation it has received pursuant to subsection (e) below, and (B) Borrower or Agent, to the extent required by such Applicable Law, shall
timely pay the full amount so withheld or deducted by it to the relevant Governmental Body in accordance with such Applicable Laws. 
 (b) Payment of Other Taxes by Borrower. Without limiting the provisions of subsection (a) above, Borrower shall timely pay any Other Taxes to the relevant Governmental Body in accordance with
Applicable Law. 
 (c) Evidence of Payments. Upon request by Borrower or Agent, as the case may be, after any payment of
Taxes by Borrower or by Agent to a Governmental Body as provided in this Section 3.4, Borrower shall deliver to Agent or Agent shall deliver to Borrower, as the case may be, the original or a certified copy of a receipt issued by such
Governmental Body evidencing such payment, a copy of any return required by Applicable Laws to report such payment or other evidence of such payment reasonably satisfactory to Borrower or Agent, as the case may be. 

(d) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to Borrower and to Agent, at the time or times
prescribed by Applicable Law or when reasonably requested by Borrower or Agent, such properly completed and executed documentation prescribed by Applicable Law or by the taxing authorities of any jurisdiction and such other reasonably requested
information (which for the avoidance of doubt includes any documentation or information necessary to prevent withholding Taxes imposed under FATCA) as will permit Borrower or Agent, as the case may be, to determine (A) whether or not payments
made hereunder are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to
be made to such Lender by Borrower pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. 
 (ii) Without limiting the generality of the foregoing, 
 (A) any
Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to Borrower and Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information
prescribed by Applicable Law or reasonably requested by Borrower or Agent as will enable Borrower or Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and

 (B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or
reduction of withholding tax with respect to payments hereunder or shall deliver to Borrower and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of Borrower or Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(I) executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty
to which the United States is a party, 

  
 12 

 (II) executed originals of Internal Revenue Service Form W-8ECI, 

(III) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation, 

(IV) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of
the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of such Borrower within the meaning of
section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN, or 

(V) executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a
reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit Borrower or Agent to determine the withholding or deduction required to be made. 

(iii) Without limiting the generality of the foregoing, if a payment made to a Lender under this Agreement or any Other Document would
be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such
Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (iii), “FATCA” shall include any amendments made to FATCA after the
date of this Agreement. 
 IV. COLLATERAL. 
 4.1. Security Interest in the Collateral. To secure the prompt payment and performance to Agent and each Lender of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for
its benefit and for the ratable benefit of each Lender, effective as of the Milestone Date, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter acquired or arising and wherever
located. On and following the Milestone Date, each Loan Party shall mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s security interest and shall cause its financial statements to reflect
such security interest. 

  
 13 

 4.2. Perfection of Security Interest. On and following the Milestone Date, each Loan
Party shall promptly take all action that Agent may reasonably request, so as at all times to maintain the validity, perfection, enforceability and priority of Agent’s security interest in and Lien on the Collateral or to enable Agent to
protect, exercise or enforce its rights hereunder and in the Collateral. By its signature hereto, each Loan Party hereby authorizes Agent to file against such Loan Party, one or more financing, continuation or amendment statements pursuant to the
Uniform Commercial Code in form and substance satisfactory to Agent. 
 4.3. Disposition of Collateral. On and following
the Milestone Date, each Loan Party will safeguard and protect all Collateral for Agent’s general account and, on and following the date hereof, make no disposition thereof or of any assets underlying the Collateral (including assets of the
Loan Parties necessary to perform their obligations under the License Agreement) to a third party whether by sale, lease or otherwise except for (i) dispositions consisting of Permitted Encumbrances, (ii) Permitted Dispositions, and
(iii) dispositions of cash proceeds actually received by a Loan Party under the License Agreement or assets acquired with such cash proceeds. For the avoidance of doubt, nothing in this Agreement shall limit or modify, in any respect, any
provision in the License Agreement or any other agreement between or among the Borrower or any of its Affiliates, on the one hand, and the Agent or any of its Affiliates, on the other hand, including provisions that may restrict or prohibit the
terms of a proposed Permitted Disposition. 
 4.4. Preservation of Collateral. Following the occurrence and during the
continuance of an Event of Default, (i) in addition to the rights and remedies set forth in Section 11.1, Agent may at any time take such steps as Agent deems reasonably necessary to protect Agent’s interest in and to preserve
the Collateral, and (ii) each Loan Party shall cooperate fully with all of Agent’s efforts to preserve the Collateral and will take such actions to preserve the Collateral as Agent may direct. All of Agent’s expenses of preserving the
Collateral shall be added to the Obligations. 
 4.5. Ownership of Collateral. With respect to the Collateral, on the
Milestone Date: (i) each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in each and every item of its portion of the Collateral to Agent (subject to
Permitted Encumbrances); and, except for Permitted Encumbrances, the Collateral shall be free and clear of all Liens and encumbrances whatsoever; (ii) each document and agreement executed by each Loan Party or delivered to Agent or any Lender
in connection with this Agreement shall be true and correct in all material respects; and (iii) all signatures and endorsements of each Loan Party that appear on such documents and agreements shall be genuine and each Loan Party shall have full
capacity to execute same. 
 4.6. Defense of Agent’s and Lenders’ Interests. From and after the Milestone Date
until (a) payment and performance in full of all of the Obligations (other than contingent indemnification or reimbursement obligations) and (b) termination of this Agreement, Agent’s interests in the Collateral shall continue in full
force and effect. During such period no Loan Party shall, without Agent’s prior written consent create or suffer to exist a Lien upon, except for Permitted Encumbrances, any part of the Collateral. With respect to all Collateral, Agent and
Lenders shall be entitled to all of the rights and remedies set forth herein and further provided by the Uniform Commercial Code or other Applicable Law. In each such case, on and following 

  
 14 

 
the Milestone Date and following the occurrence and during the continuance of an Event of Default, each Loan Party, at the request of Agent, shall, and Agent may, at its option, instruct all
suppliers, carriers, forwarders, warehousers or others receiving or holding cash, checks, documents or instruments in which Agent holds a security interest to deliver same to Agent and/or subject to Agent’s order and if they shall come into any
Loan Party’s possession, they, and each of them, shall be held by such Loan Party in trust as Agent’s trustee, and such Loan Party will immediately deliver them to Agent in their original form together with any necessary endorsement.

 4.7. Compliance with Laws and Contracts. Each Loan Party shall comply with all Applicable Laws and all applicable
contracts, agreements, documents, and instruments of the Loan Parties, in each case the non-compliance with which could reasonably be expected to have a Material Adverse Effect. 

4.8. Exculpation of Liability. Nothing herein contained shall be construed to constitute Agent or any Lender as any Loan
Party’s agent for any purpose whatsoever. Neither Agent nor any Lender, whether by anything herein or in any assignment or otherwise, assume any of any Loan Party’s obligations under any contract or agreement assigned to Agent or such
Lender, and neither Agent nor any Lender shall be responsible in any way for the performance by any Loan Party of any of the terms and conditions thereof. 
 4.9. Financing Statements. Except as respects the financing statements filed by Agent and the financing statements describing the security interest securing the Borrower’s 12% Senior Secured
Notes due 2017, as of the date hereof, no financing statement covering any of the Collateral or any proceeds thereof is on file in any public office. 
 V. REPRESENTATIONS AND WARRANTIES. 
 Each Loan Party represents and warrants as
follows, as of the date hereof and as of the Milestone Date, the Conversion Date and any Payment Date, as applicable: 
 5.1.
Authority. Each Loan Party has full power, authority and legal right to enter into this Agreement and the Other Documents and to perform all its respective Obligations hereunder and thereunder. This Agreement and the Other Documents have been
duly executed and delivered by each Loan Party, and this Agreement and the Other Documents constitute the legal, valid and binding obligation of such Loan Party enforceable in accordance with their terms, except as such enforceability may be limited
by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally. The execution, delivery and performance of this Agreement and of the Other Documents (a) are within such Loan Party’s
corporate or limited liability company powers, as applicable, have been duly authorized by all necessary corporate or company action, as applicable, are not in contravention, in any material respect, of law or the terms of such Loan Party’s
by-laws, certificate of incorporation, operating agreement, certificate of formation or other applicable documents relating to such Loan Party’s formation or to the conduct of such Loan Party’s business or of any material agreement or
undertaking to which such Loan Party is a party or by which such Loan Party is bound, (b) do not and will not conflict with or violate, in any material respect, any law or regulation, or any judgment, order or decree of any Governmental Body,
(c) will not require the Consent of any 

  
 15 

 
Governmental Body or any other Person, and (d) will not, in any material respect, conflict with, or result in any breach in any of the provisions of or constitute a default under or result
in the creation of any Lien upon any asset of such Loan Party under the provisions of any agreement, charter document, instrument, by-law, operating agreement or other instrument to which such Loan Party is a party or by which it or its property is
a party or by which it may be bound, including any agreement or instrument involving any material Indebtedness of any Loan Party. 
 5.2. Formation and Qualification. 
 (a) Each Loan Party is duly
incorporated or formed, as applicable, and in good standing under the laws of its state of formation and is qualified to do business and is in good standing in each state in which qualification and good standing are necessary for such Loan Party to
conduct its business and own its property and where the failure to so qualify could reasonably be expected to have a Material Adverse Effect. Each Loan Party has delivered to Agent true and complete copies of its certificate of incorporation and
by-laws or certificate of formation and operating agreement, as applicable, and will promptly notify Agent of any material amendment or changes thereto. 
 (b) As of the date hereof, the only Subsidiaries of each Loan Party are listed on Schedule 5.2(b). 
 5.3. No Violation. No Loan Party is in violation of any applicable statute, law, rule, regulation or ordinance in any respect which could reasonably be expected to have a Material Adverse Effect.

 5.4. No Default. No Loan Party is in default in the payment or performance of any of its contractual obligations,
except as could not reasonably be expected to have a Material Adverse Effect and no Default has occurred. 
 5.5. Conflicting
Agreements. No provision of any material mortgage, indenture, contract, agreement, judgment, decree or order binding on any Loan Party or affecting the Collateral conflicts in any material respect with, or requires any Consent which has not
already been obtained to, or would in any way prevent the execution, delivery or performance in any material respect of, the terms of this Agreement or the Other Documents. 
 VI. AFFIRMATIVE COVENANTS. 
 Each Loan Party shall, until payment in full of the
Obligations, if any, and termination of this Agreement: 
 6.1. Conduct of Business and Maintenance of Existence and
Assets. (a) Except as could not reasonably be expected to have a Material Adverse Effect, maintain all of its properties useful or necessary in its business in good working order and condition (reasonable wear and tear excepted and except
as may be disposed of in accordance with the terms of this Agreement), including all licenses, patents, copyrights, design rights, tradenames, trade secrets and trademarks and take all actions necessary to enforce and protect the validity of any
material intellectual property right or other material right included in the Collateral; (b) keep in full force and effect its existence and comply with all applicable laws and regulations where the failure to

  
 16 

 
do so could reasonably be expected to have a Material Adverse Effect; and (c) make all such reports and pay all such franchise and other taxes and license fees and do all such other acts and
things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of the United States or any political subdivision thereof where the failure to do so could reasonably be expected to have a Material
Adverse Effect. 
 6.2. Execution of Supplemental Instruments. Execute and deliver to Agent from time to time, upon
demand, such supplemental agreements, statements, assignments and transfers, or instructions or documents relating to the Collateral, and such other instruments as Agent may reasonably request, in order that the full intent of this Agreement may be
carried into effect. 
 6.3. Future Guarantors. Borrower will cause each of its Domestic Subsidiaries, within thirty
(30) days (or such later date as Agent may agree in its sole discretion) of its acquisition or organization, to become a Guarantor under this Agreement pursuant to a joinder agreement in form and substance reasonably satisfactory to Agent.

 VII. NEGATIVE COVENANTS. 
 No Loan Party shall, until satisfaction in full of the Obligations, if any, and termination of this Agreement: 
 7.1. Merger, Consolidation; Sale of Assets; Change of Jurisdiction. 
 (a)
Enter into any merger, consolidation or other reorganization with or into any other Person or permit any other Person to consolidate with or merge with it, or sell, lease, transfer or otherwise dispose of all or substantially all of its assets,
other than any such merger, consolidation, reorganization, sale, lease, transfer or disposition in which (i) (A) the successor Person is organized under the laws of the United States or any state or commonwealth thereof or under the laws
of the District of Columbia or (B) there would be no adverse legal or tax consequences to the Lenders as a result thereof (it being understood that there may be no adverse tax consequences if at the time of such transaction, Borrower agrees
that payments to the Lenders will be “grossed-up” and Lenders will otherwise made whole by the Borrower, in a manner satisfactory to the Lenders in their reasonable discretion, for any withholding or similar taxes that may be imposed as a
result of such transaction), and (ii) the successor Person assumes all obligations of such Loan Party under this Agreement; or 
 (b) Otherwise change its jurisdiction of incorporation or domicile, unless there would be no adverse legal or tax consequences to the Lenders as a result thereof (it being understood that there may be no
adverse tax consequences if at the time of such transaction, Borrower agrees that payments to the Lenders will be “grossed-up” and Lenders will otherwise made whole by the Borrower, in a manner satisfactory to the Lenders in their
reasonable discretion, for any withholding or similar taxes that may be imposed as a result of such transaction). 

  
 17 

 VIII. DELIVERY REQUIREMENTS UPON CONVERSION. 

8.1. Delivery Requirements Upon Conversion. Within five (5) Business Days after the Conversion Date (or such later date as
Agent may agree in its sole discretion): 
 (a) Term Note. Each Loan Party shall duly execute and deliver the Term Note to
the Agent; 
 (b) Certificates. Each Loan Party shall deliver to the Agent a copy of the charter documents of such Loan
Party, and all amendments thereto, certified by the Secretary of State or other appropriate official of its jurisdiction of formation, together with copies of the bylaws, operating agreement or similar governing documents of each Loan Party,
certified as accurate and complete by the Secretary of such Loan Party; 
 (c) Good Standing Certificates. Each Loan
Party shall deliver to the Agent good standing certificates for each such Loan Party dated not more than ten (10) days prior to the Conversion Date (or such earlier date as the Agent may agree in its sole discretion), issued by the Secretary of
State or other appropriate official of each Loan Party’s jurisdiction of formation; 
 (d) Closing Certificate. The
Chief Financial Officer, Chief Executive Officer or President of each Loan Party shall deliver a conversion certificate to the Agent, dated as of its date of delivery, stating that (i) all representations and warranties set forth in this
Agreement and the Other Documents are true and correct in all material respects on and as of such date, except for such representations and warranties that speak as of an earlier date, which shall be true and correct in all material respects as of
such earlier date (ii) Loan Parties are on such date in compliance in all material respects with all the terms and provisions set forth in this Agreement and the Other Documents and (iii) on such date no Default or Event of Default has
occurred and is continuing; 
 IX. INFORMATION AS TO BORROWER. 
 Borrower shall, until satisfaction in full of the Obligations (other than contingent indemnification or reimbursement obligations) and the termination of this Agreement: 

9.1. Disclosure of Material Matters. Promptly upon learning thereof, report to Agent all matters materially affecting the value,
enforceability or collectability of any portion of the Collateral, including any Loan Party’s reclamation or repossession of, or the return to any Loan Party of, a material amount of goods or claims or disputes asserted by any other obligor.

 9.2. Litigation. Promptly notify Agent in writing of any claim, litigation, suit or administrative proceeding
affecting any Loan Party, whether or not the claim is covered by insurance, and of any litigation, suit or administrative proceeding, which in any such case affects a material portion of the Collateral or which could reasonably be expected to have a
Material Adverse Effect. 
 9.3. Material Occurrences. Promptly notify Agent in writing upon the occurrence of
(a) any Event of Default or Default; and (b) any event, development or circumstance whereby any financial statements or other reports furnished to Agent fail in any material respect to present fairly, in accordance with GAAP consistently
applied, the financial condition or operating results of any Loan Party as of the date of such statements. 

  
 18 

 9.4. Annual Financial Statements. Furnish Agent and Lenders within one hundred twenty
(120) days after the end of each fiscal year of the Loan Parties, financial statements of the Loan Parties on a consolidated basis, in each case including, but not limited to, statements of income and stockholders’ equity and cash flow
from the beginning of the current fiscal year to the end of such fiscal year and the balance sheet as at the end of such fiscal year, all prepared in accordance with GAAP applied on a basis consistent with prior practices, and in reasonable detail
and reported upon without qualification by an independent certified public accounting firm selected by such Persons; provided that the foregoing requirement shall be satisfied by the availability of the Borrower’s 10-K for such fiscal
year on SEC’s EDGAR service (or any successor thereto); it being understood that Agent shall have no obligation whatsoever to determine if such information has been posted. In addition, the reports shall be accompanied by a Compliance
Certificate. 
 9.5. Additional Information. Furnish Agent with such additional information as Agent shall reasonably
request in order to enable Agent to determine whether the terms, covenants, provisions and conditions of this Agreement and the Term Note have been complied with by Loan Parties. 

9.6. Additional Documents. Execute and deliver to Agent, upon request, such documents and agreements as Agent may, from time to
time, reasonably request to carry out the purposes, terms or conditions of this Agreement. 
 X. EVENTS OF DEFAULT. 

The occurrence of any one or more of the following events shall constitute an “Event of Default”: 

10.1. Nonpayment. Failure by Borrower to pay when due, whether at maturity or by reason of acceleration pursuant to the terms of
this Agreement (i) any principal on the Obligations or (ii) any interest on the Obligations or any other liabilities, payment or charge provided for herein or in any Other Document, and, in each case, such failure is not cured within
thirty (30) days; 
 10.2. Breach of Representation. Any representation or warranty made or deemed made by any Loan
Party in this Agreement, any Other Document or in any certificate furnished at any time in connection herewith or therewith shall prove to have been untrue in any material respect on the date when made or deemed to have been made; 

10.3. Noncompliance. Except as otherwise provided for in Section 10.1, failure or neglect of any Loan Party to
perform, keep or observe any covenant herein contained, or contained in any Other Document and such failure or neglect is not cured within sixty (60) days following the earlier of the date (x) Agent provides written notice to Borrower
thereof or (y) any Loan Party learns of such failure or neglect; 
 10.4. Bankruptcy. Any Loan Party shall
(i) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (ii) make a general
assignment for the benefit of creditors, (iii) commence a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take
advantage of any other law providing for the relief of debtors, (vi) acquiesce to, or fail to have dismissed, within sixty (60) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (vii) take any
action for the purpose of effecting any of the foregoing; 

  
 19 

 10.5. Inability to Pay. Any Loan Party shall admit in writing its inability, or be
generally unable, to pay its debts as they become due or cease operations of its present business; 
 10.6. Lien
Priority. Any Lien created hereunder or provided for hereby or under any related agreement for any reason ceases to be or is not a valid and perfected Lien having a first priority interest, subject to Permitted Encumbrances; 

10.7. Cross Default. A default of the obligations of any Loan Party under any other agreement for Indebtedness individually or in
the aggregate in excess of $5,000,000 which permits the holder thereof to declare such Indebtedness immediately due and payable; 
 10.8. Breach of Guaranty. Termination (without the written consent of Agent) or breach in any material respect of any Guaranty or similar agreement executed and delivered to Agent in connection
with the Obligations of any Loan Party, or if any Guarantor attempts to terminate, challenges the validity of, or its liability under, any such Guaranty; 
 10.9. Change of Control. Any Change of Control shall occur, unless the direct and, if applicable, indirect acquiring Persons enter into a Guaranty or assume all Obligations of Borrower under this
Agreement, pursuant to an agreement reasonably satisfactory to Agent and Lenders; or 
 10.10. Invalidity. Any material
provision of this Agreement or any Other Document shall, for any reason, cease to be valid and binding on Loan Party, or any Loan Party shall so claim in writing to Agent or any Lender; 
 XI. LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT. 
 11.1. Rights and
Remedies. 
 (a) Upon the occurrence of (i) an Event of Default pursuant to Section 10.4 all Obligations
shall be immediately due and payable and this Agreement, and (ii) any of the other Events of Default and at any time thereafter (such default not having previously been cured or waived), at the option of Required Lenders, all Obligations shall
be immediately due and payable. Upon the occurrence and during the continuance of any Event of Default, Agent shall have the right to exercise any and all rights and remedies provided for herein, under the Other Documents, under the Uniform
Commercial Code and at law or equity generally, including the right to foreclose the security interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take possession of and sell any or all of the
Collateral with or without judicial process. If reasonably required, Agent may enter any of any Loan Party’s premises or other premises without legal process and without incurring liability to any Loan Party therefor (except for Agent’s
gross negligence or willful misconduct), and Agent may thereupon, or at any time thereafter, in its discretion without notice or demand (except for any notice required by Applicable Law), take the Collateral and remove the same to such place as
Agent may deem advisable and Agent may require Loan Parties to make the Collateral available 

  
 20 

 
to Agent at a convenient place. With or without having the Collateral at the time or place of sale, Agent may sell the Collateral, or any part thereof, at public or private sale, at any time or
place, in one or more sales, at such price or prices, and upon such terms, either for cash, credit or future delivery, as Agent may elect. Agent shall give Loan Parties reasonable notification of such sale or sales, it being agreed that in all
events written notice mailed to Borrower at least ten (10) days prior to such sale or sales is reasonable notification. At any public sale Agent or any Lender may bid for and become the purchaser, and Agent, any Lender or any other purchaser at
any such sale thereafter shall hold the Collateral sold absolutely free from any claim or right of whatsoever kind, including any equity of redemption and all such claims, rights and equities are hereby expressly waived and released by each Loan
Party. The cash proceeds realized from the sale of any Collateral shall be applied to the Obligations in the order set forth in Section 11.5 hereof. Noncash proceeds will only be applied to the Obligations as they are converted into
cash. If any deficiency shall arise, Loan Parties shall remain liable to Agent and Lenders therefor. 
 (b) To the extent that
Applicable Law imposes duties on Agent to exercise remedies in a commercially reasonable manner, each Loan Party acknowledges and agrees that it is not commercially unreasonable for Agent (i) to fail to incur expenses reasonably deemed
significant by Agent to prepare Collateral for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party
consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against any Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral,
(iv) to exercise collection remedies against any Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media
of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as any Loan Party, for expressions of interest in acquiring all or any portion of such
Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide
for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to
disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure Agent against risks of loss, collection or disposition of Collateral or to provide to Agent a guaranteed
return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist Agent in the collection or
disposition of any of the Collateral. Each Loan Party acknowledges that the purpose of this Section 11.1(b) is to provide non-exhaustive indications of what actions or omissions by Agent would not be commercially unreasonable in
Agent’s exercise of remedies against the Collateral and that other actions or omissions by Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 11.1(b). Without limitation upon
the foregoing, nothing contained in this Section 11.1(b) shall be construed to grant any rights to any Loan Party or to impose any duties on Agent that would not have been granted or imposed by this Agreement or by Applicable Law in the
absence of this Section 11.1(b). 

  
 21 

 11.2. Agent’s Discretion. Agent shall have the right in its sole discretion to
determine which rights, Liens, security interests or remedies Agent may at any time pursue, relinquish, subordinate, or modify or to take any other action with respect thereto and such determination will not in any way modify or affect any of
Agent’s or Lenders’ rights hereunder. 
 11.3. Setoff. Subject to Section 14.11, in addition to any
other rights which Agent or any Lender may have under Applicable Law, upon the occurrence and during the continuance of an Event of Default hereunder, Agent and such Lender shall have a right, immediately and without notice of any kind, to apply any
Loan Party’s property held by Agent and such Lender to reduce the Obligations. 
 11.4. Rights and Remedies not
Exclusive. The enumeration of the foregoing rights and remedies is not intended to be exhaustive and the exercise of any rights or remedy shall not preclude the exercise of any other right or remedies provided for herein or otherwise provided by
law, all of which shall be cumulative and not alternative. 
 11.5. Allocation of Payments After Event of Default.
Notwithstanding any other provisions of this Agreement to the contrary, after the occurrence and during the continuance of an Event of Default, all amounts collected or received by Agent on account of the Obligations or any other amounts outstanding
under any of the Other Documents or in respect of the Collateral may, at Agent’s discretion, be paid over or delivered as follows: 
 FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of Agent in connection with enforcing its rights and the rights of the Lenders under
this Agreement and the Other Documents and any protective advances made by Agent with respect to the Collateral under or pursuant to the terms of this Agreement; 
 SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of each of the Lenders to the extent owing to such Lender pursuant to the terms of
this Agreement; 
 THIRD, to the payment of all of the Obligations consisting of accrued interest; 

FOURTH, to the payment of the outstanding principal amount of the Obligations; 

FIFTH, to all other Obligations and other obligations which shall have become due and payable under the Other Documents or otherwise and
not repaid pursuant to clauses “FIRST” through “FOURTH” above; and 
 SIXTH, to the payment of the surplus,
if any, to whoever may be lawfully entitled to receive such surplus. 
 In carrying out the foregoing, (i) amounts received
shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; and (ii) each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that the amount of
the then outstanding Term Loan held by such Lender bears to the aggregate then outstanding Term Loan) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH” and “FIFTH” above. 

  
 22 

 XII. WAIVERS AND JUDICIAL PROCEEDINGS. 

12.1. Waiver of Notice. Each Loan Party hereby waives demand, presentment, protest and notice thereof with respect to any and all
instruments, notice of acceptance hereof, notice of loans or advances made, credit extended, Collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices of any description, except such as are
expressly provided for herein. 
 12.2. Delay. No delay or omission on Agent’s or any Lender’s part in
exercising any right, remedy or option shall operate as a waiver of such or any other right, remedy or option or of any Default or Event of Default. 
 12.3. Jury Waiver. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH
PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 XIII. EFFECTIVE DATE AND TERMINATION.

 13.1. Term. This Agreement, which shall inure to the benefit of and shall be binding upon the respective successors
and permitted assigns of each Loan Party, Agent and each Lender, shall become effective on the Effective Date and shall continue in full force and effect until terminated (which termination shall occur automatically) upon the earlier to occur of
(a) payment in full of the Obligations (other than contingent indemnification and reimbursement obligations) and (b) if occurring prior the Conversion Date, initial approval of the application for the Health Registration Approval for the
first Stand-Alone Product in the United States. 
 13.2. Termination and Release. (a) Upon the termination of this
Agreement in accordance with its terms, all security interests created under this Agreement and the Other Documents shall be automatically released and Agent shall take all actions reasonably requested by Borrower at Borrower’s expense to
evidence the termination of such security interest including without limitation, the filing of UCC-3 financing statements. If such termination and 

  
 23 

 
release occurs on or following the Conversion Date, to the extent that any payments or proceeds previously received by the Agent or any Lender, or any part of such payments, shall be subsequently
invalidated, declared to be fraudulent, a fraudulent conveyance, or preferential, set aside and/or required to be repaid to a trustee, receiver, debtor in possession, or any other party under any bankruptcy law, state or federal law, common law or
equitable cause, then to the extent that such payment or proceeds received by any such Person is rescinded or must be otherwise restored by any such Person, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, the
security interests granted hereunder shall be revived and reinstated and continue in full force and effect, as if such payment or proceeds had never been received by such Person. 

(b) Upon the sale or other disposition of any portion of the Collateral in a transaction not prohibited by this Agreement, all security
interests created in such portion of the Collateral under this Agreement and the Other Documents shall be automatically released and Agent shall take all actions reasonably requested by Borrower at Borrower’s expense to evidence the termination
of such security interest. 
 XIV. REGARDING AGENT. 
 14.1. Appointment. Each Lender hereby designates AstraZeneca to act as Agent for such Lender under this Agreement and the Other Documents. Each Lender hereby irrevocably authorizes Agent to take
such action on its behalf under the provisions of this Agreement and the Other Documents and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of Agent by the terms hereof and
thereof and such other powers as are reasonably incidental thereto and Agent shall hold all Collateral, payments of principal and interest, fees, charges and collections (without giving effect to any collection days) received pursuant to this
Agreement, for the ratable benefit of Lenders. Agent may perform any of its duties hereunder by or through its agents or employees. As to any matters not expressly provided for by this Agreement (including collection of the Term Note), Agent shall
not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such
instructions shall be binding; provided, however, that Agent shall not be required to take any action which exposes Agent to liability or which is contrary to this Agreement or the Other Documents or Applicable Law unless Agent is
furnished with an indemnification reasonably satisfactory to Agent with respect thereto. 
 14.2. Nature of Duties. Agent
shall have no duties or responsibilities except those expressly set forth in this Agreement and the Other Documents. Neither Agent nor any of its officers, directors, employees or agents shall be (i) liable for any action taken or omitted by
them as such hereunder or in connection herewith, unless caused by their gross (not mere) negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment), or (ii) responsible in any
manner for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement, or in any of the Other Documents or in any certificate, report, statement or other document referred to or
provided for in, or received by Agent under or in connection with, this Agreement or any of the Other Documents or for the value, validity, effectiveness, genuineness, due execution, enforceability or sufficiency of this Agreement, or any of the
Other Documents or 

  
 24 

 
for any failure of any Loan Party to perform its obligations hereunder. Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any
of the agreements contained in, or conditions of, this Agreement or any of the Other Documents, or to inspect the properties, books or records of any Loan Party. The duties of Agent as respects the Term Loan shall be mechanical and administrative in
nature; Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement, expressed or implied, is intended to or shall be so construed as to impose upon Agent any obligations in
respect of this Agreement except as expressly set forth herein. 
 14.3. Lack of Reliance on Agent and Resignation.
Independently and without reliance upon Agent or any other Lender, each Lender has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of each Loan Party in connection with the making and
the continuance of the Term Loan hereunder and the taking or not taking of any action in connection herewith, and (ii) its own appraisal of the creditworthiness of each Loan Party. Agent shall have no duty or responsibility, either initially or
on a continuing basis, to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Term Loan or at any time or times thereafter except as shall be provided by any Loan
Party pursuant to the terms hereof. Agent shall not be responsible to any Lender for any recitals, statements, information, representations or warranties herein or in any agreement, document, certificate or a statement delivered in connection with
or for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Agreement or any Other Document, or of the financial condition of any Loan Party, or be required to make any inquiry concerning either
the performance or observance of any of the terms, provisions or conditions of this Agreement, the Other Documents or the financial condition of any Loan Party, or the existence of any Event of Default or any Default. 

Agent may resign on sixty (60) days’ written notice to each of Lenders and Borrower and upon such resignation, the Required
Lenders will promptly designate a successor Agent reasonably satisfactory to Loan Parties. 
 Any such successor Agent shall
succeed to the rights, powers and duties of Agent, and the term “Agent” shall mean such successor agent effective upon its appointment, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any other
or further act or deed on the part of such former Agent. After any Agent’s resignation as Agent, the provisions of this Article XIV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under
this Agreement. 
 14.4. Certain Rights of Agent. If Agent shall request instructions from Lenders with respect to any
act or action (including failure to act) in connection with this Agreement or any Other Document, Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions from the Required
Lenders; and Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, Lenders shall not have any right of action whatsoever against Agent as a result of its acting or refraining from acting hereunder
in accordance with the instructions of the Required Lenders. 

  
 25 

 14.5. Reliance. Agent shall be entitled to rely, and shall be fully protected in
relying, upon any note, writing, resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram, order or other document or telephone message believed by it to be genuine and correct and to have been signed, sent or
made by the proper person or entity. Agent may employ agents and attorneys-in-fact and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact selected by Agent with reasonable care. 

14.6. Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of
Default hereunder or under the Other Documents, unless Agent has received notice from a Lender or Borrower referring to this Agreement or the Other Documents, describing such Default or Event of Default and stating that such notice is a “notice
of default”. In the event that Agent receives such a notice, Agent shall give notice thereof to Lenders. Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders;
provided, that, unless and until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable in the best interests of Lenders. 
 14.7. Indemnification. To the extent Agent is not reimbursed and
indemnified by Loan Parties, each Lender will reimburse and indemnify Agent in proportion to its respective portion of the Term Loan, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against Agent in performing its duties hereunder, or in any way relating to or arising out of this Agreement or any Other Document;
provided that, Lenders shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Agent’s gross (not mere) negligence or
willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment). 
 14.8. Agent in
its Individual Capacity. With respect to the portion of the Term Loan held by Agent, Agent shall have the same rights and powers hereunder as any other Lender and as if it were not performing the duties as Agent specified herein; and the term
“Lender” or any similar term shall, unless the context clearly otherwise indicates, include Agent in its individual capacity as a Lender. Agent may engage in business with any Loan Party as if it were not performing the duties specified
herein, and may accept fees and other consideration from any Loan Party for services in connection with this Agreement or otherwise without having to account for the same to Lenders. 

14.9. Delivery of Documents. To the extent Agent receives financial statements required under Section 9.4 from any
Loan Party pursuant to the terms of this Agreement which such Loan Party is not obligated to deliver to each Lender, Agent will promptly furnish such documents and information to Lenders. 

14.10. Loan Parties’ Undertaking to Agent. Without prejudice to their respective obligations to Lenders under the other
provisions of this Agreement, each Loan Party hereby undertakes with Agent to pay to Agent from time to time on demand all amounts from time to time due and payable by it for the account of Agent or Lenders or any of them pursuant to this Agreement
to the extent not already paid. Any payment made pursuant to any such demand shall pro tanto satisfy the relevant Loan Party’s obligations to make payments for the account of Lenders or the relevant one or more of them pursuant to this
Agreement. 

  
 26 

 14.11. Other Agreements. Each of the Lenders agrees that it shall not, without the
express consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the request of Agent, set off against the Obligations, any amounts owing by such Lender to any Loan Party or any deposit accounts of any Loan Party now
or hereafter maintained with such Lender. Anything in this Agreement to the contrary notwithstanding, each of the Lenders further agrees that it shall not, unless specifically requested to do so by Agent, take any action to protect or enforce its
rights arising out of this Agreement or the Other Documents, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the Other Documents shall be taken in concert and at the direction or with the
consent of Agent or Required Lenders. 
 XV. MISCELLANEOUS. 
 15.1. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed wholly within the State of New York.
Any judicial proceeding brought by or against any Loan Party with respect to any of the Obligations, this Agreement, the Other Documents or any related agreement may be brought in any court of competent jurisdiction in the State of New York, United
States of America, and, by execution and delivery of this Agreement, each Loan Party accepts for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, and irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Agreement. Each Loan Party hereby waives personal service of any and all process upon it and consents that all such service of process may be made by registered mail (return
receipt requested) directed to Borrower at its address set forth in Section 15.6 and service so made shall be deemed completed five (5) days after the same shall have been so deposited in the mails of the United States of America,
or, at Agent’s option, by service upon Borrower which each Loan Party irrevocably appoints as such Loan Party’s Agent for the purpose of accepting service within the State of New York. Nothing herein shall affect the right to serve process
in any manner permitted by law or shall limit the right of Agent or any Lender to bring proceedings against any Loan Party in the courts of any other jurisdiction. Each Loan Party waives any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Each Loan Party waives the right to remove any judicial proceeding brought against such Loan Party in any state court to
any federal court. Any judicial proceeding by any Loan Party against Agent or any Lender involving, directly or indirectly, any matter or claim in any way arising out of, related to or connected with this Agreement or any related agreement, shall be
brought only in a federal or state court located in the County of New York, State of New York. 

  
 27 

 15.2. Entire Understanding. 

(a) This Agreement and the documents executed concurrently herewith contain the entire understanding between each Loan Party, Agent and
each Lender and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations, warranties or guarantees not herein contained and hereinafter made shall have no force and effect
unless in writing, signed by each Loan Party’s, Agent’s and each Lender’s respective officers. Neither this Agreement nor any portion or provisions hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled
or terminated orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the party to be charged. Each Loan Party acknowledges that it has been advised by counsel in connection with the execution of this
Agreement and Other Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Agreement. 
 (b) The Required Lenders, Agent with the consent in writing of the Required Lenders, and Loan Parties may, subject to the provisions of this Section 15.2(b), from time to time enter into
written supplemental agreements to this Agreement or the Other Documents executed by Loan Parties, for the purpose of adding or deleting any provisions or otherwise changing, varying or waiving in any manner the rights of Lenders, Agent or Loan
Parties thereunder or the conditions, provisions or terms thereof or waiving any Event of Default thereunder, but only to the extent specified in such written agreements; provided, however, that no such supplemental agreement shall,
without the consent of all Lenders adversely affected thereby: 
 (i) extend, with respect to such Lender, the maturity of the
Term Note or the due date for any amount payable hereunder, or decrease the rate of interest or reduce any fee payable by Borrower to Lenders pursuant to this Agreement; 
 (ii) alter the definition of the term Required Lenders or alter, amend or modify this Section 15.2(b); 
 (iii) release all or substantially all of the Collateral (other than in accordance with the provisions of this Agreement or any Other Document); 

(iv) change the rights and duties of Agent; or 
 (v) release any material Guarantor (other than in accordance with the terms of this Agreement or any Other Document). 
 Any such supplemental agreement shall apply equally to each Lender and shall be binding upon Loan Parties, Lenders and Agent and all future holders of the Obligations. In the case of any waiver, Loan
Parties, Agent and Lenders shall be restored to their former positions and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver of a specific Event of Default shall extend to any subsequent Event of
Default (whether or not the subsequent Event of Default is the same as the Event of Default which was waived), or impair any right consequent thereon. 

  
 28 

 15.3. Successors and Assigns; New Lenders. 

(a) This Agreement shall be binding upon and inure to the benefit of Loan Parties, Agent, each Lender, all future holders of the
Obligations and their respective successors and permitted assigns, except that no Loan Party may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Agent and each Lender. 

(b) Any Lender, with the consent of Agent, may sell, assign or transfer all or any part of its rights and obligations under or relating
to the Term Loan under this Agreement and the Other Documents to one or more of its Affiliates (each a “Transferee”), pursuant to an assignment agreement substantially in the form attached hereto as Exhibit B (an
“Assignment Agreement”) executed by the Transferee, the transferor Lender, and Agent and delivered to Agent for recording. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date
determined pursuant to such Assignment Agreement, (i) the Transferee thereunder shall be a party hereto and, to the extent provided in such Assignment Agreement, have the rights and obligations of a Lender thereunder with respect to the portion
of the Term Loan set forth therein, and (ii) the transferor Lender thereunder shall, to the extent provided in such Assignment Agreement, be released from its obligations under this Agreement, the Assignment Agreement creating a novation for
that purpose. Such Assignment Agreement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Transferee and the resulting adjustment of the Lenders’ proportionate shares of the
Term Loan arising from the purchase by such Transferee of all or a portion of the rights and obligations of such transferor Lender under this Agreement and the Other Documents. Each Loan Party hereby consents to the addition of such Transferee and
the resulting adjustment of the Lenders’ proportionate shares of the Term Loan arising from the purchase by such Transferee of all or a portion of the rights and obligations of such transferor Lender under this Agreement and the Other
Documents. The Loan Parties shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing. 
 (c) Agent shall maintain at its address a copy of each Assignment Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of each Lender
and the outstanding principal, accrued and unpaid interest and other fees due hereunder. The entries in the Register shall be conclusive, in the absence of manifest error, and each Loan Party, Agent and Lenders may treat each Person whose name is
recorded in the Register as the owner of the portion of the Term Loan recorded therein for the purposes of this Agreement. The Register shall be available for inspection by Borrower or any Lender at any reasonable time and from time to time upon
reasonable prior notice. 
 (d) Each Loan Party authorizes each Lender to disclose to any Transferee and any prospective
Transferee any and all financial information in such Lender’s possession concerning such Loan Party which has been delivered to such Lender by or on behalf of such Loan Party pursuant to this Agreement or in connection with such Lender’s
credit evaluation of such Loan Party. 
 15.4. Application of Payments. Agent shall have the continuing and exclusive
right to apply or reverse and re-apply any payment and any and all proceeds of Collateral to any portion of the Obligations in accordance with the terms hereof. To the extent that Borrower makes a payment or Agent or any Lender receives any payment
or proceeds of the Collateral for Borrower’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party
under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Agent or such Lender.

  
 29 

 15.5. Indemnity. Each Loan Party shall indemnify Agent, each Lender and each of their
respective officers, directors, Affiliates, attorneys, employees and agents from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature
whatsoever (including fees and disbursements of counsel) which may be imposed on, incurred by, or asserted against Agent or any Lender in any claim, litigation, proceeding or investigation instituted or conducted by any Governmental Body or
instrumentality or any other Person arising out of any breach by any Loan Party of any representation, warranty or covenant in this Agreement or the Other Documents, whether or not Agent or any Lender is a party thereto, except, with respect to any
indemnitee, for claims resulting from the gross negligence or willful misconduct of such indemnitee or any of its respective officers, directors, Affiliates, attorneys, employees and agents, as determined by final judgment of a court of competent
jurisdiction. 
 15.6. Notice. Any notice or request hereunder may be given to Borrower or any Loan Party or to Agent or
any Lender at their respective addresses set forth below or at such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section 15.6. Any notice, request, demand, direction or
other communication (for purposes of this Section 15.6 only, a “Notice”) to be given to or made upon any party hereto under any provision of this Agreement shall be given or made by telephone or in writing (which
includes by means of facsimile transmission). Any such Notice must be delivered to the applicable parties hereto at the addresses and numbers set forth under their respective names on Section 15.6 hereof or in accordance with any
subsequent unrevoked Notice from any such party that is given in accordance with this Section 15.6. Any Notice shall be effective: 
 (a) In the case of hand-delivery, when delivered; 
 (b) If given by mail, four
(4) days after such Notice is deposited with the United States Postal Service, with first-class postage prepaid, return receipt requested; 
 (c) In the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such telephonic Notice is confirmed no later than the next Business Day by hand delivery, a facsimile
transmission or an overnight courier delivery of a confirmatory Notice (received at or before noon on such next Business Day); 

(d) In the case of a facsimile transmission, when sent to the applicable party’s facsimile machine’s telephone number, if the
party sending such Notice receives confirmation of the delivery thereof from its own facsimile machine; 
 (e) If given by any
other means (including by overnight courier), when actually received. 
 Any Lender giving a Notice to Borrower or any Loan
Party shall concurrently send a copy thereof to Agent, and Agent shall promptly notify the other Lenders of its receipt of such Notice. 

  
 30 

	 	(A)	If to Agent: 

  AstraZeneca AB 
   c/o AstraZeneca UK Limited 
   2 Kingdom
Street 
   London, England W2 6BD 

  Attention:         Vice President Corporate Finance 

  Telephone:       +44 20 7604 8073 

  and 
   AstraZeneca PLC 
   2 Kingdom Street

   London, England W2 6BD 

  Attention:         General Counsel 

  with an additional copy (which shall not constitute notice) to: 

  Covington & Burling LLP 

  The New York Times Building 

  620 Eighth Avenue 
   New York, New York 10018 
   Attention:
        Peter Schwartz, Esq. 

  Telephone:       (212) 841-1268 

  Facsimile:         (646) 441-9268 

 

	 	(B)	If to a Lender other than Agent, as specified on the signature pages hereof. 

 

	 	(C)	If to Borrower or any Loan Party: 

   Nektar Therapeutics 
   455 Mission Bay
Boulevard South 
   San Francisco, California 94158 

  Attention:         Gil Labrucherie, Esq. 

  Telephone:       (415) 482-5570 

  Facsimile:         (415) 339-5322 

  with an additional copy (which shall not constitute notice) to: 

  O’Melveny & Myers LLP 

  7 Times Square 
   New York, New York 10036 
   Attention:
        Sam Zucker, Esq. and Sung Pak, Esq. 

  Telephone:       (212) 326-2000 

  Facsimile:         (212) 326-2061 

  
 31 

 15.7. Survival. The obligations of Loan Parties under Section 15.5 and
the obligations of Lenders under Section 14.7 shall survive termination of this Agreement and the Other Documents and payment in full of the Obligations. 
 15.8. Severability. If any part of this Agreement is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so
contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible. 
 15.9. Expenses. All costs and expenses including reasonable attorneys’ fees and disbursements incurred by Agent on its behalf or on behalf of Lenders in all efforts made to enforce payment of
any Obligation or effect collection of any Collateral shall be part of the Obligations. 
 15.10. Injunctive Relief. Each
Loan Party recognizes that, in the event any Loan Party fails to perform, observe or discharge any of its obligations or liabilities under this Agreement, or threatens to fail to perform, observe or discharge such obligations or liabilities, any
remedy at law may prove to be inadequate relief to Lenders; therefore, Agent, if Agent so requests, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving that actual damages are not an
adequate remedy. 
 15.11. Consequential Damages. Neither Agent nor any Lender, nor any agent or attorney for any of
them, shall be liable to any Loan Party (or any Affiliate of any such Person) for indirect, punitive, exemplary or consequential damages arising from any breach of contract, tort or other wrong relating to the establishment, administration or
collection of the Obligations or as a result of any transaction contemplated under this Agreement or any Other Document. 

15.12. Captions. The captions at various places in this Agreement are intended for convenience only and do not constitute and
shall not be interpreted as part of this Agreement. 
 15.13. Counterparts; Facsimile Signatures. This Agreement may be
executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a
party by facsimile transmission or email transmission of a .pdf or similar file shall be deemed to be an original signature hereto. 
 15.14. Construction. The parties acknowledge that each party and its counsel have reviewed this Agreement and that the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments, schedules or exhibits thereto. 
 XVI. GUARANTY. 
 16.1. Guaranty. Each Guarantor hereby
unconditionally guarantees, as a primary obligor and not merely as a surety, jointly and severally with each other Guarantor when and as due, whether at maturity, by acceleration, or otherwise, the due and punctual payment and performance of all
Obligations of Borrower. Each payment made by any Guarantor pursuant to this Guaranty shall be made in lawful money of the United States in immediately available funds. 

  
 32 

 16.2. Waivers. Each Guarantor hereby absolutely, unconditionally and irrevocably
waives (i) promptness, diligence, notice of acceptance, notice of presentment of payment and any other notice hereunder, (ii) demand of payment, protest, notice of dishonor or nonpayment, notice of the present and future amount of the
Obligations and any other notice with respect to the Obligations, (iii) any requirement that Agent or any Lender protect, secure, perfect or insure any security interest or Lien on any property subject thereto or exhaust any right or take any
action against any other Loan Party, or any Person or any Collateral, (iv) any other action, event or precondition to the enforcement hereof or the performance by each such Guarantor of the Obligations, and (v) any defense arising by any
lack of capacity or authority or any other defense of any Loan Party or any notice, demand or defense by reason of cessation from any cause of Obligations other than payment in full of the Obligations (other than contingent indemnification or
reimbursement obligations) by the Loan Parties and any defense that any other guarantee or security was or was to be obtained by Agent. 
 16.3. No Defense. No invalidity, irregularity, voidableness, voidness or unenforceability of this Agreement or any Other Document or any other agreement or instrument relating thereto, or of all or
any part of the Obligations or of any collateral security therefor shall affect, impair or be a defense hereunder. 
 16.4.
Guaranty of Payment. The Guaranty hereunder is one of payment and performance, not collection, and the obligations of each Guarantor hereunder are independent of the Obligations of the other Loan Parties, and a separate action or actions may
be brought and prosecuted against any Guarantor to enforce the terms and conditions of this Article XVI, irrespective of whether any action is brought against any other Loan Party or other Persons or whether any other Loan Party or other
Persons are joined in any such action or actions. Each Guarantor waives any right to require that any resort be had by Agent or any Lender to any security held for payment of the Obligations or to any balance of any deposit account or credit on the
books of Agent or any Lender in favor of any Loan Party or any other Person. No election to proceed in one form of action or proceedings, or against any Person, or on any Obligations, shall constitute a waiver of Agent’s right to proceed in any
other form of action or proceeding or against any other Person unless Agent has expressed any such right in writing. Without limiting the generality of the foregoing, no action or proceeding by Agent against any Loan Party under any document
evidencing or securing indebtedness of any Loan Party to Agent shall diminish the liability of any Guarantor hereunder, except to the extent Agent receives actual payment on account of Obligations by such action or proceeding, notwithstanding the
effect of any such election, action or proceeding upon the right of subrogation of any Guarantor in respect of any Loan Party. 

16.5. Liabilities Absolute. The liability of each Guarantor hereunder shall be absolute, unlimited and unconditional and shall not
be subject to any reduction, limitation, impairment, discharge or termination for any reason other than payment in full of the Obligations, including, without limitation, any claim of waiver, release, surrender, alteration or compromise, and shall
not be subject to any claim, defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any other Obligation or otherwise. Without limiting the generality of the foregoing,
the obligations of each Guarantor shall not be discharged or impaired, released, limited or otherwise affected by: 
 (i) any
change in the manner, place or terms of payment or performance, and/or any change or extension of the time of payment or performance of, release, renewal or alteration of, or any new agreements relating to any Obligation, any security therefor, or
any liability incurred directly or indirectly in respect thereof, or any rescission of, or amendment, waiver or other modification of, or any consent to departure from, this Agreement or any Other Document, including any increase in the Obligations
resulting from the extension of additional credit to Borrower or otherwise; 

  
 33 

 (ii) any sale, exchange, release, surrender, loss, abandonment, realization upon any
property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, all or any of the Obligations, and/or any offset there against, or failure to perfect, or continue the perfection of, any Lien in any such property, or delay
in the perfection of any such Lien, or any amendment or waiver of or consent to departure from any other guaranty for all or any of the Obligations; 
 (iii) the failure of Agent or any Lender to assert any claim or demand or to enforce any right or remedy against Borrower or any other Loan Party or any other Person under the provisions of this Agreement
or any Other Document or any other document or instrument executed and delivered in connection herewith or therewith; 
 (iv)
any settlement or compromise of any Obligation, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and any subordination of the payment of all or any part thereof
to the payment of any obligation (whether due or not) of any Loan Party to creditors of any Loan Party other than any other Loan Party; 
 (v) any manner of application of Collateral, or proceeds thereof, to all or any of the Obligations, or any manner of sale or other disposition of any Collateral for all or any of the Obligations or any
other assets of any Loan Party; and 
 (vi) any other agreements or circumstance of any nature whatsoever that may or might in
any manner or to any extent vary the risk of any Guarantor, or that might otherwise at law or in equity constitute a defense available to, or a discharge of, the Guaranty hereunder and/or the obligations of any Guarantor, or a defense to, or
discharge of, any Loan Party or any other Person or party hereto or the Obligations or otherwise with respect to the Term Loan or other financial accommodations to Borrower pursuant to this Agreement and/or the Other Documents other than payment in
full of the Obligations. 
 16.6. Waiver of Notice. Agent shall have the right to do any of the above without notice to
or the consent of any Guarantor and each Guarantor expressly waives any right to notice of, consent to, knowledge of and participation in any agreements relating to any of the above or any other present or future event relating to Obligations
whether under this Agreement or otherwise or any right to challenge or question any of the above and waives any defenses of such Guarantor which might arise as a result of such actions. 

  
 34 

 16.7. Agent’s Discretion. Agent may at any time and from time to time (whether
prior to or after the revocation or termination of this Agreement) without the consent of, or notice to, any Guarantor, and without incurring responsibility to any Guarantor or impairing or releasing the Obligations, apply any sums by whomsoever
paid or howsoever realized to any Obligations regardless of what Obligations remain unpaid. 
 16.8. Reinstatement. 

(a) The Guaranty provisions herein contained shall continue to be effective or be reinstated, as the case may be, if claim is ever made
upon Agent or any Lender for repayment or recovery of any amount or amounts received by such Person in payment or on account of any of the Obligations and such Person repays all or part of said amount for any reason whatsoever, including, without
limitation, by reason of any judgment, decree or order of any court or administrative body having jurisdiction over such Person or the respective property of each, or any settlement or compromise of any claim effected by such Person with any such
claimant (including any Loan Party); and in such event each Guarantor hereby agrees that any such judgment, decree, order, settlement or compromise or other circumstances shall be binding upon such Guarantor, notwithstanding any revocation hereof or
the cancellation of any note or other instrument evidencing any Obligation, and each Guarantor shall be and remain liable to Agent and/or Lenders for the amount so repaid or recovered to the same extent as if such amount had never originally been
received by such Person(s). 
 (b) Agent shall not be required to marshal any assets in favor of any Guarantor, or against or in
payment of Obligations. 
 (c) No Guarantor shall be entitled to claim against any present or future security held by Agent from
any Person for Obligations in priority to or equally with any claim of Agent, or assert any claim for any liability of any Loan Party to any Guarantor in priority to or equally with claims of Agent for Obligations, and no Guarantor shall be entitled
to compete with Agent with respect to, or to advance any equal or prior claim to any security held by Agent for Obligations. 

(d) If any Loan Party makes any payment to Agent, which payment is wholly or partly subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be repaid to any Person under any federal or provincial statute or at common law or under equitable principles, then to the extent of such payment, the Obligation intended to be paid shall be revived and
continued in full force and effect as if the payment had not been made, and the resulting revived Obligation shall continue to be guaranteed, uninterrupted, by each Guarantor hereunder. 

(e) All present and future monies payable by any Loan Party to any Guarantor, whether arising out of a right of subrogation or otherwise,
are assigned to Agent for its benefit and for the ratable benefit of Lenders as security for such Guarantor’s liability to Agent and Lenders hereunder and are postponed and subordinated to Agent’s prior right to payment in full of
Obligations. Except to the extent prohibited otherwise by this Agreement, all monies received by any Guarantor from any Loan Party shall be held by such Guarantor as agent and trustee for Agent. This assignment, postponement and subordination shall
only terminate when the Obligations are paid in full and this Agreement is terminated. 

  
 35 

 (f) Each Loan Party acknowledges this assignment, postponement and subordination and, except
as otherwise set forth herein, agrees to make no payments to any Guarantor without the prior written consent of Agent. Each Loan Party agrees to give full effect to the provisions hereof. 

16.9. Limit. Each Guarantor and each of Agent and each Lender (by its acceptable of the benefits of this Agreement) hereby
confirms that it is its intention that the guaranty made by the Guarantors not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act or similar Federal or state law. To effectuate
the foregoing intention, each Guarantor and each of Agent and each Lender (by its acceptable of the benefits of this Agreement) hereby irrevocably agrees that the Obligations guaranteed by such Guarantor shall be limited to such amount as will,
after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such Guarantor that are relevant under such laws, not constitute a fraudulent transfer or conveyance for purposes of such laws. 

  
 36 

 Each of the parties has signed this Agreement as of the day and year first above written.

  

			
	NEKTAR THERAPEUTICS, as Borrower
		
	By:	 	/s/ John Nicholson
	Name:	 	 John Nicholson

	Title:	 	 SVP & Chief Financial Officer

	
	ASTRAZENECA AB,
as Lender and as Agent
		
	By:	 	/s/ Jan-Olof Jacke
	Name:	 	 Jan-Olof Jacke

	Title:	 	 President

  
 [Signature
Page to Term Loan and Security Agreement] 

 Exhibit A 

[Form of] 

TERM NOTE 
  

			
	$70,000,000	  	 New York, New York
 [                    ], 20[    ]

 This Term Note (this “Note”) is executed and delivered under and pursuant to the terms
of that certain Term Loan and Security Agreement dated as of October 7, 2013 (as amended, modified, supplemented or restated from time to time, the “Loan Agreement”) by and among NEKTAR THERAPEUTICS, a Delaware corporation, the
Guarantors from time to time party thereto, the Lenders from time to time party thereto and ASTRAZENECA AB, a Swedish corporation, as agent for the Lenders (in such capacity, “Agent”). Capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Loan Agreement. 
 FOR VALUE RECEIVED, Borrower promises to pay to the order of
Agent at the Payment Office: 
 (i) the principal sum of SEVENTY MILLION DOLLARS ($70,000,000), or if different from such amount,
the unpaid principal balance of the Term Loan as may be due and owing from time to time under the Loan Agreement, payable in accordance with the provisions of the Loan Agreement, subject to acceleration upon the occurrence of an Event of Default
under the Loan Agreement or earlier termination of the Loan Agreement pursuant to the terms thereof; and 
 (ii) interest on the
principal amount of this Note from time to time outstanding, payable at the rate specified in Section 3.1 of the Loan Agreement, in accordance with the provisions of the Loan Agreement. In no event, however, shall interest hereunder exceed the
maximum interest rate permitted by law. 
 This Note is the Term Note referred to in the Loan Agreement and is secured, inter
alia, by the liens granted pursuant to the Loan Agreement and the Other Documents, is entitled to the benefits of the Loan Agreement and the Other Documents, and is subject to all of the agreements, terms and conditions therein contained.

 This Note may be voluntarily prepaid, in whole or in part, on the terms and conditions set forth in the Loan Agreement.

 If an Event of Default under Section 10.4 of the Loan Agreement shall occur, then this Note shall immediately become due
and payable, without notice, together with reasonable attorneys’ fees if the collection hereof is placed in the hands of an attorney to obtain or enforce payment hereof. If any other Event of Default shall occur under the Loan Agreement or any
of the Other Documents which is not cured within any applicable grace period, then this Note may, as provided in the Loan Agreement, be declared to be immediately due and payable, without notice, together with reasonable attorneys’ fees, if the
collection hereof is placed in the hands of an attorney to obtain or enforce payment hereof. 

 In the event of any inconsistency in the terms of this Note and the Loan Agreement, the
terms of the Loan Agreement shall govern. 
 This Note shall be governed by and construed in accordance with the laws of the
State of New York. 

 Borrower expressly waives any presentment, demand, protest, notice of protest, or notice of
any kind except as expressly provided in the Loan Agreement. 
  

			
	NEKTAR THERAPEUTICS
		
	By:	 	 
	Name:
	Title:

  
 [Signature
Page to Term Note] 

 Exhibit B 

[Form of] 

ASSIGNMENT AGREEMENT 
 This Assignment Agreement (this “Assignment”) is made and entered into as of the Effective Date described below, by and between
                     (“Assignor”) and
                     (“Assignee”) and acknowledged and consented to by ASTRAZENECA AB, as agent (“Agent”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Term Loan and Security Agreement identified below (as amended, modified, supplemented or restated from time to time, the “Loan Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set
forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the
Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Loan Agreement, as of the Effective Date inserted by the Agent as contemplated below, the interest in
and to all of the Assignor’s rights and obligations under the Loan Agreement and any other documents or instruments delivered pursuant thereto that represent the amount and percentage interest identified below of all of the Assignor’s
outstanding rights and obligations under the respective facilities identified below (the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and the
Loan Agreement, without representation or warranty by the Assignor. 
 1. “Assignor”: 

2. “Assignee”: 
 3.
“Borrower”: Nektar Therapeutics 
 4. “Agent”: AstraZeneca AB 

5. “Loan Agreement”: Term Loan and Security Agreement dated as of October 7, 2013, by and among Borrower, the Guarantors from time
to time party thereto, the Lenders from time to time party thereto and Agent. 

 6. “Assigned Interest”: 

 

													
	 Facility Assigned
	  	Aggregate Principal
Amount of Loan
Outstanding	 	 	Amount of
Loan Assigned	 	  	Percentage of
Loan Assigned	 
	 Term Loan
	  	$	70,000,000	1 	 	$	            	  	  	 	    	%2 

 7. Effective Date:
                    , 20     [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR.] 
 8. Notice and Wire Instructions: 

 

					
	 [NAME OF ASSIGNOR]
	 		  	[NAME OF ASSIGNEE]
	 Notices:

 
  

 
 Attention:

Telecopier:
	 		  	 Notices:
  

 
  
 Attention:
 Telecopier:

			
	 With a copy to:
  

 
  
	 		  	 With a copy to:
  

 
  

	 Attention:

Telecopier:
	 		  	 Attention:

Telecopier:

			
	Wire Instructions:	 		  	Wire Instructions:

  
  

 

	1 	Adjust as necessary to reflect any payments of principal prior to the Effective Date. 

	2 	Set forth, to at least 9 decimals, as a percentage of the loans of all Lenders thereunder. 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed and
delivered by their duly authorized representatives as of the Effective Date. 
  

			
	 ASSIGNOR:
 [NAME OF
ASSIGNOR]

		
	By:	 	 
	Name:
	Title:

  

			
	 ASSIGNEE:
 [NAME OF
ASSIGNEE]

		
	By:	 	 
	Name:
	Title:

  

			
	 Consented to and Accepted:
 ASTRAZENECA AB,
 as Agent

		
	By:	 	 
	Name:
	Title:

  
 [Signature
Page to Assignment Agreement] 

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AGREEMENT 

1. Representations and Warranties. 
 1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Agreement or any Other Document, or any collateral thereunder, (iii) the financial condition of the Borrower or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower or any other
Person of any of their respective obligations under the Loan Agreement or any Other Document. 
 1.2. Assignee. The
Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment, to consummate the transactions contemplated hereby and to become a Lender under the
Loan Agreement, (ii) it is eligible to be a Lender under the Loan Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Loan Agreement and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it has received a copy of the Loan Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and to
purchase the Assigned Interest on the basis of which it has made such analysis and decision, and (v) if it is a Foreign Lender, attached to the Assignment is any documentation required to be delivered by it pursuant to the terms of the Loan
Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Agent, the Assignor or any other Person, and based on such documents and information as it shall deem
appropriate at that time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement and any Other Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the
terms of the Loan Agreement and any Other Documents are required to be performed by it as a Lender. 
 2. Payments. With
respect to Assigned Interests, unless notice to the contrary is delivered to the Assignor and Assignee from the Agent, payment to the Assignor by the Assignee in respect of the Assigned Interest shall include such compensation to the Assignor as may
be agreed upon by the Assignor and the Assignee with respect to all unpaid interest which has accrued on the Assigned Interest to but excluding the Effective Date. On and after the Effective Date, the Assignee shall be entitled to receive all
interest paid or payable to the Assigned Interest, whether such interest accrued before or after the Effective Date. 

 3. General Provisions. This Assignment shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of
this Assignment by electronic transmission shall be effective as delivery of a manually executed counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the internal laws of the State of New York
without regard to conflict of laws principles thereof (other than Sections 5-140 1 and 5-1402 of the New York General Obligations Law). 

 Schedule 5.2(b) 

Subsidiaries 

Nektar Therapeutics (India) Private Limited 

Nektar Therapeutics UK, Ltd.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]