Document:

EX-10.14

 Exhibit 10.14 

EXECUTION COPY 
 AMENDMENT NO. 1 TO LIMITED
FORBEARANCE AGREEMENT 
 This Amendment No. 1 to the Limited Forbearance Agreement (this “Amendment”) is made
this 28th day of September 2015 by and among VALERITAS, INC., a Delaware corporation (the “Borrower”), VALERITAS HOLDINGS, LLC, a Delaware limited liability company (“Parent”) and VALERITAS SECURITY CORPORATION, each as a
Guarantor (as such term is defined in the Credit Agreement) and the undersigned Lenders. 
 RECITALS 

A. The Borrower, Parent, the other Guarantors, the Control Agent and the other Lenders signatory thereto have entered into that certain
Amended and Restated Term Loan Agreement dated as of August 5, 2014 (as amended from time to time, the “Credit Agreement” and together with all other agreements, instruments and documents executed in connection therewith, the
“Loan Documents”). 
 B. As of May 18, 2015, certain Events of Default (as that term is defined in the Credit
Agreement) had occurred and were continuing. Notwithstanding the existence of the Events of Default, the Borrower and the Guarantors requested that the Lenders temporarily forbear from exercising certain rights or remedies with respect to such
Events of Default (and only with respect thereto). 
 C. Accordingly, the Borrower, Guarantors, Control Agent and Lenders entered into a
Limited Forbearance Agreement, dated as of May 18, 2015 (the “Forbearance Agreement”) pursuant to which, subject to the terms and conditions of the Forbearance Agreement, the Lenders and the Control Agent agreed to temporarily
forbear from exercising their rights and remedies under the Credit Agreement with respect to the Designated Defaults. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Forbearance
Agreement. 
 D. At the request of the Borrower and Guarantors, subject to the terms and conditions set forth herein, and without waiving
any existing or future rights or remedies that the Lenders or Control Agent may have against the Borrower or Guarantors, and without creating a custom or course of dealing among the parties, the Control Agent and the other Lenders are willing to
amend and extend the Forbearance Agreement and forbear from exercising certain of their default-related rights and remedies against the Borrower and the Guarantors with respect to the Designated Defaults (and only with respect thereto). 

E. This Amendment shall constitute a Loan Document, and these Recitals shall be construed as part of this Amendment. 

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 NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which is hereby
acknowledged, and in consideration of the premises and the mutual covenants contained herein, subject to the satisfaction of the conditions described in Section 3 hereof, the parties hereto hereby agree as follows: 

SECTION 1. AMENDMENT TO FORBEARANCE AGREEMENT 

This Amendment shall become effective on the date that each of the conditions set forth in Section 3 hereof are satisfied (the
“Effective Date”) and the Forbearance Agreement shall be deemed amended as follows: 
 1.1 Exhibit A to the
Forbearance Agreement shall be deleted in its entirety and replaced with Exhibit A attached hereto. 
 1.2 Section 3(a)
of the Forbearance Agreement is hereby deleted in its entirety and replaced with the following: 
 SECTION 3. Forbearance 

(a) As used herein, the term “Forbearance Period” shall mean the period commencing on the date hereof and ending on the
earlier to occur of (i) October 30, 2015 (5:00 p.m. Central time) and (ii) the occurrence of any one or more of the following events: 

(A) the occurrence of any default or Event of Default under the Credit Agreement or the other Loan Documents (including, for
the avoidance of doubt, the Waiver Agreement), other than the Designated Defaults, or any Designated Default either is repeated or worsens; 

(B) any failure by any Credit Party to timely comply with any other term, condition or provision contained in this Agreement,
whether or not notice is given of such failure, after giving effect to any notice, lapse of time or both; 
 (C) any
representation made by any Credit Party in this Agreement or the other Loan Documents proves to be incorrect or misleading (or more incorrect or misleading) in any material respect as of the date when made; and 

(D) any Material Adverse Effect (other than any Designated Default, except to the extent that any Designated Default either is
repeated or worsens) shall occur as determined by Control Agent (after giving effect to the financial condition of the Borrower and the other Credit Parties as of the date hereof); 

(E) Any failure by any Credit Party to timely comply with any term, condition or provision contained in the documents
evidencing the Second Bridge Equity Financing, whether or not notice is given of such failure, after giving effect to an notice, lapse of time or both. 

The occurrence of any of the events set forth in clauses (A) through (E) above shall constitute an immediate Event of Default under
the Credit Agreement and the other Loan Documents. 

  
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 1.3 Section 4(b)(i) of the Forbearance Agreement is hereby deleted in its
entirety and replaced with the following: 
 (b) Permitted Expenditures. 

(i) Attached hereto as Exhibit B is a draft 13-week detailed expense statement containing a projection of cash receipts and
disbursements for the period reflected thereon, a final version of which shall be delivered to the Control Agent and the other Lenders on or before September 30, 2015 (as set forth thereon or as modified in accordance with the terms of this
Agreement, the “Budgeted Cash Flow”). The Borrower represents and warrants that such Budgeted Cash Flow (and each modification thereof) was prepared in good faith in accordance with GAAP consistently applied (using reasonable and
conservative assumptions and estimates) and contains only those expenditures that are necessary to avoid immediate or irreparable harm to the Collateral and as are necessary and reasonable for the Borrower to preserve the going-concern value of the
Borrower’s business during the Forbearance Period. The Borrower may modify the Budgeted Cash Flow upon the prior written consent of the Control Agent and the Majority Lenders so long as the Borrower’s total expenditures do not exceed the
aggregate funds approved in the Budgeted Cash Flow. 
 1.4 Section 4(e) of the Forbearance Agreement is hereby deleted in its
entirety and replaced with the following: 
 (e) Use of Valeritas Security Cash. All cash or cash equivalents in the Valeritas
Security Control Account as of the Effective Date, and all cash or cash equivalents deposited or transferred into the Valeritas Security Control Account after the Effective Date shall be hereinafter referred to as the “VSCA Cash.”
Borrower shall be prohibited from using the VSCA Cash to fund the Budgeted Cash Flow until all other cash in the Borrower’s Control Accounts and the proceeds of the Second Bridge Equity Financing have been used in full. 

1.5 Section 4(n) of the Forbearance Agreement shall be supplemented by adding the following at the end of
Section 4(n): 
 (n) Second Bridge Equity Financing. By no later than September 30, 2015, the Borrower shall
consummate a transaction for equity financing of no less than $3 million, inclusive of any amounts invested or advanced by the Lenders, (the “Second Bridge Equity Financing”), pursuant to documentation in form and substance
acceptable to the Majority Lenders. The proceeds resulting from the Second Bridge Equity Financing (and all cash contained in the Borrowers’ Control Accounts other than the VSCA Cash) shall be used by the Credit Parties to fund the Budgeted
Cash Flow and none of the VSCA Cash shall be used until all proceeds of the Seconded Bridge Equity Financing and cash contained in the other Control Accounts have been used in accordance with the Budgeted Cash Flow. For the avoidance of doubt,
during the Forbearance Period, no Credit Party shall make any Restricted Payment on account of such equity, whether directly or indirectly. 

1.6 Section 4(q) of the Forbearance Agreement is hereby deleted in its entirety and replaced with the following: 

(q) Waiver of Default. Subject to the consummation, in accordance with Section 4(p) hereof, of a Qualified Equity Financing
by the Borrower by October 30, 2015, the Lenders concurrent with the closing of a Qualified Equity Financing will waive the Designated Defaults. 

  
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 Such waiver shall only apply to the Designated Defaults. Upon closing a Qualified Equity Financing, the
Lenders agree to reinstate the Loans upon the terms set forth in the Credit Agreement and the Loan Documents, provided, however, that (i) the Credit Parties agree and acknowledge that the Loans will accrue interest from
January 1, 2015 through and including the date a Qualified Equity Financing is closed at the Post-Default Rate, and that such accrued interest shall be capitalized as an additional PIK Loan under the Credit Agreement, to be compounded quarterly
as provided in the Credit Agreement, and such additional PIK Loans shall be evidenced by a separate promissory note bearing interest at a rate per annum equal to 11.00% from the date a Qualified Equity Financing is closed and be payable upon the
Maturity Date and (ii) in the event the Loans are reinstated pursuant to this subsection, Valeritas Security shall, notwithstanding such reinstatement, remain a Subsidiary Guarantor under the Credit Agreement and other Loan Documents. All
calculations of interest, including without limitation, all interest constituting PIK Loans, shall be calculated pursuant to Section 4.02 of the Credit Agreement. 

SECTION 2. REPRESENTATIONS AND WARRANTIES. 

To induce Lenders to enter into this Amendment, the Borrower and Guarantors each represent and warrant to the Lenders that: 

2.1 Representations, Warranties and Covenants. (a) After giving effect to this Amendment, no representation or warranty of any
Credit Party contained in the Credit Agreement or any of the Loan Documents, including this Amendment, shall be untrue or incorrect in any material respect as of the date hereof, except to the extent that such representation or warranty expressly
relates to an earlier date, and (b) no Default or Event of Default (other than the Designated Defaults) has occurred or is continuing, or would result after giving effect hereto. 

2.2 Authorization, Etc. Each Credit Party has the power and authority to execute, deliver and perform this Amendment. Each Credit Party
has taken all necessary action (including, without limitation, obtaining approval of its stockholders, if necessary) to authorize its execution, delivery and performance of this Amendment. No consent, approval or authorization of, or declaration or
filing with, any Governmental Authority, and no consent of any other Person, is required in connection with any Credit Party’s execution, delivery and performance of this Amendment, except for those already duly obtained. This Amendment has
been duly executed and delivered by each Credit Party and constitutes the legal, valid and binding obligation of each Credit Party, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, or similar laws affecting the enforcement of creditor rights generally or by equitable principles relating to enforceability. No Credit Party’s execution, delivery or performance of this Amendment (i) contravenes
the terms of any of such Credit Party’s organization documents; (ii) conflicts with or constitutes a violation or breach of, or constitutes a default under, or results in the creation or imposition of any Lien (other than pursuant to the
Security Documents) upon the property of any Credit Party by reason of the terms of any material obligation under any Contract to which such Credit Party is a party (including without limitation obligations arising from agreements relating to any
such Contract to which any Credit Party is a party or which is binding upon it); or (iii) violates any Requirement of Law in any material respect. 

  
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 2.3 Acknowledgment of Obligations. Each Credit Party hereby acknowledges, confirms and
agrees that as of April 3, 2015, the Credit Parties are indebted to the Lenders in respect of the Loans in an aggregate amount no less than the amounts set-forth in the notice attached in Exhibit C hereto. The foregoing amounts and all
other Obligations under or in connection with the Loans, together with interest accrued and accruing thereon, and fees, costs, expenses and other charges now or hereafter payable by the Borrower or any Guarantor to the Control Agent and the other
Lenders (including, without limitation, the Prepayment Premium, which each Credit Party acknowledges, confirms and agrees is immediately due and payable in accordance with Section 11.02 of the Credit Agreement and otherwise pursuant to
the Loan Documents), are unconditionally and immediately due and payable by the Borrower and the Guarantors to the Control Agent and the other Lenders, without offset, recoupment, defense or counterclaim of any kind, nature or description
whatsoever, all of which (if any exist, and which the Credit Parties hereby acknowledge do not exist) are hereby waived by the Credit Parties. 

2.4 Security. The Secured Parties’ security interests in the Collateral continue to be perfected, valid, binding and enforceable
first-priority security interests which secure the Obligations (subject only to the Permitted Liens) and no tax or judgment liens are currently of record against Borrower or any other Credit Party. Neither the Borrower nor any Guarantor holds or
controls, or will hold or control during the Forbearance Period, cash or cash equivalents that is unencumbered and the Borrower and the Guarantors have granted to the Control Agent and the other Lenders enforceable first-priority security interests
on all of the Borrower’s and the Guarantors’ cash and cash equivalents. 
 2.5 Acknowledgment of Default. Each Credit Party
hereby acknowledges and agrees that the Designated Defaults have occurred and are continuing as of the date hereof, each of which constitutes an Event of Default, and, as a result of the Designated Defaults, as well as any other Defaults or Events
of Default that may exist, the Control Agent and the other Lenders are entitled to exercise any and all default-related rights and remedies under the Credit Agreement, the other Loan Documents, and/or applicable law, including without limitation, to
accelerate the Obligations (and have done so as set forth in 0 of the Forbearance Agreement) or to exercise rights against Collateral and that no Credit Party has any valid defense to the enforcement of such default-related rights and
remedies. Each Credit Party hereby acknowledges and agrees that the first to occur of the Designated Defaults occurred no later than January 1, 2015 and have continued to date. 

2.6 Acknowledgment of Exercise of Remedies. Each Credit Party hereby acknowledges, confirms, and agrees that (i) on April 3,
2015, the Control Agent and the other Lenders duly provided notice to the Borrower that various defaults and Events of Default (including, without limitation, the Designated Defaults) had occurred and are continuing, declared all of the Obligations
of the Borrower under the Credit Agreement and all other Loan Documents to be then immediately due and payable, and terminated the Commitments as of January 1, 2015, and any other obligations to extend any further credit under any of the Loan
Documents; (ii) such actions by the Control Agent and the other Lenders were a proper exercise of their rights and remedies, and were made in accordance with the provisions of the Credit Agreement, the other Loan Documents, and applicable law;
and (iii) payment in full in cash of the Obligations (in the case of the Loans, at the Redemption Price) is immediately due and payable. 

  
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 2.7 Cash on Hand. Schedule I attached hereto accurately sets forth all cash and cash
equivalents deposited or contained in each Control Account as of the Effective Date. 
 SECTION 3. CONDITIONS TO EFFECTIVENESS. 

The effectiveness of Section 1 of this Agreement is expressly conditioned upon the satisfaction and delivery of each of the
applicable conditions set forth below: 
 3.1 Documentary Deliveries. The Lenders shall have received the following documents, each of
which shall be in form and substance acceptable to the Lenders: 
 (a) this Amendment duly executed and delivered by the Borrower and each of
the other parties hereto; 
 (b) a draft Budgeted Cash Flow in accordance with Section 4(b)(i) hereof; 

(c) documentation evidencing the closing, in toto, of the Second Bridge Equity Financing in accordance with Section 1.5
hereof; and 
 (d) documentation evidencing the consent by WCAS under Section 7(c) of the Subordination Agreement to permit Lenders to
increase the maximum amount of Senior Debt by any and all PIK interest that accrues on such Senior Debt. 
 3.2 No Default. The
representations and warranties contained herein shall be true and correct in all material respects as of the date hereof, and no Default or Event of Default, other than the Designated Defaults, shall exist on the date hereof. 

3.3 Forbearance Agreement; Consent. The Control Agent shall have received duly executed copies of (i) this Amendment from the
Borrower, each Guarantor and other Credit Party, the Control Agent and the other Lenders, (ii) the Consent and Affirmation by WCAS attached hereto, and (iii) a fully executed Amendment No. 1 to the Subordination Agreement between the
Lenders and WCAS in form and substance acceptable to the Lenders in their sole discretion. 
 3.4 Expense Reimbursement. The Control
Agent and the other Lenders shall have received reimbursement for all expenses for which invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Control Agent and the other Lenders) in accordance
with Section 12.03(a) of the Credit Agreement. 
 3.5 Other Further Assurances. The Control Agent shall have received
such other certificates, documents and agreements as the Control Agent may reasonably request. 
 SECTION 4. MISCELLANEOUS 

4.1 Successors and Assigns. This Amendment shall be binding on and shall inure to the benefit of the Credit Parties, the Control Agent
and the other Lenders and their respective successors and assigns, except as otherwise provided herein (none of which include WCAS, who is not a party or a third-party beneficiary of this Amendment). No Credit Party may assign, 

  
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 delegate, transfer, hypothecate or otherwise convey any of its rights, benefits, obligations or duties
hereunder without the prior written consent of the Control Agent and the other Lenders. The consent by WCAS included in the signature pages hereto shall not be deemed a part of this Amendment and shall not, directly or indirectly, create any
obligation or duty of the Control Agent or the other Lenders to WCAS or any rights, interests, or defenses of WCAS against the Control Agent or the other Lenders. 

4.2 Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part
of this Agreement for any other purpose. 
 4.3 Severability. Wherever possible, each provision of this Amendment shall be
interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment. 
 4.4 Conflict of
Terms. Except as otherwise provided in this Amendment, if any provision contained in this Amendment is in conflict with, or inconsistent with, any provision in any of the Loan Documents, the provision contained in this Amendment shall govern and
control. 
 4.5 Incorporation of Credit Agreement. The provisions contained in Sections 12.09 (Governing Law), 12.10
(Jurisdiction, Service of Process and Venue), 12.11 (Waiver of Jury Trial) and 12.12 (Waiver of Immunity) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety, except
with reference to this Agreement rather than the Credit Agreement. 
 4.6 Continued Effectiveness. Notwithstanding anything contained
in this Amendment, the terms of this Amendment are not intended to and do not serve to effect a novation as any of the Loan Documents, including the Forbearance Agreement. The Loan Documents, including the Forbearance Agreement, remain in full force
and effect and the terms and provisions of the Loan Documents, including the Forbearance Agreement, are ratified and confirmed as amended by the terms of this Amendment. This Amendment is only applicable and shall only be effective in the specific
instances and for the specific purposes for which made or given. Except as specifically provided in this Amendment, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver or forbearance of any right, power or
remedy of the Control Agent or any other Lender under the Credit Agreement or any of the Loan Documents, or constitute a consent, waiver or modification with respect to any provision of the Credit Agreement or any of the Loan Documents which shall
remain in full force and effect. Upon the effectiveness of this Amendment each reference in (i) the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” or words of similar import and (ii) any Loan
Document, including the Forbearance Agreement, to “the Agreement” shall, in each case and except as otherwise specifically stated therein, mean and be a reference to the Credit Agreement as modified hereby. 

  
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 4.7 Further Assurances. Borrower and each other Credit Party agrees to, and to cause
any other Credit Party to, take all further actions and execute all further documents as Control Agent may from time to time reasonably request to carry out the transactions contemplated by this Amendment and all other agreements executed and
delivered in connection herewith. 
 4.8 Counterparts. This Amendment may be executed in any number of separate counterparts, each of
which shall collectively and separately constitute one agreement. Delivery of an executed signature page to this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed signature page to this
Amendment. 
 4.9 Warrants. Borrower and the Lenders are party to that certain Consent, Waiver and Amendment Agreement, dated
June 19, 2014 (the “Consent Agreement”), pursuant to which, among other things, Borrower agreed to issue warrants to purchase common stock of Borrower (the “Lender Warrants”). The Control Agent and the Lenders
acknowledge and agree that no additional Lender Warrants will be issued to the Lenders under the Consent Agreement in connection with the consummation of the Second Bridge Equity Financing. 

SECTION 5. Affirmation of Guarantors. 

5.1 Each Guarantor hereby acknowledges and agrees that it has reviewed the terms and provisions of this Amendment and consents to any
modification of the Loan Documents effected pursuant to this Amendment. Each Guarantor hereby confirms to the Control Agent and the other Secured Parties that, after giving effect to this Amendment, the Guarantee of such Guarantor and each other
Loan Document to which such Guarantor is a party continues in full force and effect and is the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms except as enforceability may be
limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. Each Guarantor further acknowledges, confirms and agrees that Control
Agent and the other Lenders have and shall continue to have a valid, enforceable and perfected first-priority lien (subject only to Permitted Liens) upon and security interest in the Collateral granted to Control Agent and the other Lenders pursuant
to the Loan Documents or otherwise granted to or held by Control Agent and the other Lenders. 
 5.2 Each Guarantor acknowledges and agrees
that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the waivers or modifications to the Credit
Agreement or any other Loan Document effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future waivers or
modifications to the Credit Agreement or any other Loan Document. 
 [signature pages follow] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to
be duly executed and delivered as of the date first above written. 
  

			
	BORROWER:
	
	VALERITAS, INC.
		
	By:	 	/s/ Kristine Peterson
		 	Name: Kristine Peterson
		 	Title: CEO
	
	 GUARANTORS:
  

	VALERITAS HOLDINGS, LLC.
		
	By:	 	/s/ Kristine Peterson
		 	Name: Kristine Peterson
		 	Title:
	
	VALERITAS SECURITY CORPORATION
		
	By:	 	/s/ Kristine Peterson
		 	Name: Kristine Peterson
		 	Title:

  

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	LENDERS:
	
	CAPITAL ROYALTY PARTNERS II L.P.
		 	By CAPITAL ROYALTY PARTNERS II GP L.P., its General Partner
		 		 	By CAPITAL ROYALTY PARTNERS II GP LLC, its General Partner
		
	By: 	 	/s/ Nathan Hukill
		 	Name: Nathan Hukill
		 	Title: Authorized Signatory
	
	PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II L.P.
		 	By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP L.P., its General Partner
		 		 	By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP LLC, its General Partner
		
	By: 	 	/s/ Nathan Hukill
		 	Name: Nathan Hukill
		 	Title: Authorized Signatory
	
	CAPITAL ROYALTY PARTNERS II-PARALLEL FUND “A” L.P.
		 	By CAPITAL ROYALTY PARTNERS II-PARALLEL FUND “A” GP L.P., its General Partner
		 		 	By CAPITAL ROYALTY PARTNERS II-PARALLEL FUND “A” GP LLC, its General Partner
		
	By: 	 	/s/ Nathan Hukill
		 	Name: Nathan Hukill
		 	Title: Authorized Signatory

  
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	CAPITAL ROYALTY PARTNERS II (CAYMAN) L.P.
		 	By CAPITAL ROYALTY PARTNERS II (CAYMAN) GP L.P., its General Partner
		 		 	By CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LLC, its General Partner
		
	By: 	 	/s/ Nathan Hukill
		 	Name: Nathan Hukill
		 	Title: Authorized Signatory
		
		 	WITNESS: /s/ Nicole Nesson
		 	 Name: Nicole Nesson

	
	CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “B” (CAYMAN) L.P.
		 	By CAPITAL ROYALTY PARTNERS II (CAYMAN) GP L.P., its General Partner
		 		 	By CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LLC, its General Partner
		
	By: 	 	/s/ Nathan Hukill
		 	Name: Nathan Hukill
		 	Title: Authorized Signatory
		
		 	WITNESS: /s/ Nicole Nesson
		 	 Name: Nicole Nesson

  
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 CONSENT AND AFFIRMATION OF AMENDMENT NO. 1 TO FORBEARANCE 

AGREEMENT BY WCAS 
 As an accommodation to
the Borrower and without directly or indirectly creating any obligations or duties of the Control Agent or any other Lender to WCAS or any rights or defenses by WCAS against the Control Agent or any other Lender, WCAS hereby acknowledges and
consents to any modification of the Loan Documents effected pursuant to the Amendment No. 1 to the Limited Forbearance Agreement (the “Amendment”) dated as of September 28, 2015 by and among Valeritas, Inc., a Delaware
corporation, each of the Guarantors party thereto and the Lenders party thereto. Capitalized terms used herein and not otherwise defined herein shall have the same meanings assigned thereto in the Amendment. Notwithstanding anything herein to the
contrary, nothing in the Amendment shall be deemed to violate, breach, modify, adversely affect, or otherwise infringe the terms of the Subordination Agreement, and WCAS hereby confirms to the Control Agent and the other Lenders that, after giving
effect to the Amendment, the Subordination Agreement continues in full force and effect, as amended by the Amendment No. 1 to the Subordination Agreement, dated of even date herewith, and is the legal, valid and binding obligation of WCAS,
enforceable against WCAS in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to
enforceability. WCAS further acknowledges, confirms and agrees that (i) the Subordinated Debt (to the extent it remains outstanding Indebtedness) is and shall remain subordinate in right and time of payment to payment in full of the Senior, and
(ii) WCAS has not and shall not obtain any security interests in the Collateral to secure the Subordinated Debt, in each case in accordance with and on the terms and conditions set forth in the Subordination Agreement. For the avoidance of
doubt, no party should rely in any way upon this Consent and Affirmation, as a consent, acknowledgement or undertaking of any kind by WCAS to participate in the equity financing contemplated by Section 4(n) of the Forbearance Agreement as
amended by Section 1.5 of this Amendment. 
  

			
	SUBORDINATED CREDITOR:
	
	WCAS CAPITAL PARTNERS IV, L.P.
		
	By:	 	/s/ Sean M. Traynor
		 	Name: Sean M. Traynor
		 	Title:

  

 SCHEDULE I 

CONTROL ACCOUNT BALANCES 

 Valeritas, Inc 

Cash Position September 19, 2015 
  

					
	 SVB
	  	$	4,039,575	  
	 State Street
	  	$	1,626	  
	 State Street—Security Corp
	  	$	1,000	  
		  	  
	  
	 
	 Unencumbered Cash
	  	$	4,042,201	  
	 Restricted Cash—Cap Royalty
	  	 	500,000	(a) 
	 Restricted Cash—Amex
	  	 	504,000	(b) 
		  	  
	  
	 
	 Total Cash and Cash Equivalents
	  	$	5,046,201	  
		  	  
	  
	 

  

	(a)	per Series AA agreement with Cap Royalty, reserved for Cap Royalty related legal and shut-down costs 

	(b)	secured deposit for Amex Corporate Card program 

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 EXHIBIT A  

DESIGNATED DEFAULTS 
 1.
The occurrence of a Material Adverse Change in violation of Section 11.01(1) of the Credit Agreement, including without limitation by reason of (a) the failure of the Borrower to conduct an initial public offering as anticipated,
without providing any adequate and feasible alternative source of equity or other liquidity; (b) the failure of the Borrower to maintain reasonably adequate operating cash and working capital, including without limitation by reason of notice
that the Lenders received from the Borrower’s investment bankers that the Borrower has only approximately $9 million in cash remaining and that the Borrower is chronically operating at a negative cash-flow basis and is spending net operating
cash at a rate of approximately $4 million per month; (c) the failure of the Borrower to raise additional capital from its existing shareholders and notice that the Lenders received that the Borrower’s existing shareholders do not intend
to invest further in or otherwise finance the Borrower; and (d) the Borrower’s inability to be able to provide adequate assurance of its making its interest payment due on March 31, 2015. 

2. The failure of the Borrower to timely pay interest due on March 31, 2015, in violation of Section 11.01(b) of the Credit
Agreement. 
 3. The failure of the Borrower to provide adequate assurances that it will continue to maintain a minimum daily balance of
cash and Permitted Cash Equivalent Investments of at least the amounts required under Section 10.02 of the Credit Agreement. 

4. The failure of the Borrower to provide adequate assurances that it is or will remain solvent and will not violate
Section 11.01(h) of the Credit Agreement. 
 5. The failure of the Borrower to comply with Section 7 of the Waiver
Agreement, including without limitation by reason of the Borrower’s failure (a) to timely conduct an initial public offering, (b) to timely complete a private financing in the amounts required in Section 7(ii) of the
Waiver Agreement, and (c) to timely complete a strategic investment by a publicly listed company in the Borrower in the amount required in Section 7(iii) of the Waiver Agreement. 

6. The failure of the Borrower to comply with Section 10.01(a)(ii) of the Credit Agreement, in violation of
Section 11.01(d) of the Credit Agreement, by reason of the Borrower’s failure, during the twelve-month period beginning on January 1, 2014, to have at least $25 million in Revenue (which failure is not deemed to have been
waived due to the failure of the Borrower to satisfy the condition described in paragraph 5 above). 
 Notwithstanding the foregoing,
the Designated Defaults identified above constitute “Designated Defaults” under this Agreement solely at the level, amount, or degree of such factors constituting defaults as of March 31, 2015, and any repeat or worsening of such
Designated Defaults shall constitute new Events of Default under the Credit Agreement and the other Loan Documents and shall not constitute “Designated Defaults” hereunder. 

  
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 EXHIBIT B 

BUDGETED CASHFLOW 

  
 16 

 Valeritas, Inc. 

Cash Forecast—Inflows & Outflows 
  

																																																									
	 	 	fcst	 	 	Actual	 	 	fcst	 	 	Actual	 	 	fcst	 	 	Actual	 	 	o	 	 	Actual	 	 	0	 	 	Actual	 	 	1	 	 	2	 	 	3	 	 	4	 
	 Week Ended

	 	8/22/15	 	 	8/22/15	 	 	8/29/15	 	 	8/29/15	 	 	9/5/15	 	 	9/5/15	 	 	9/12/15	 	 	9/12/15	 	 	9/19/15	 	 	9/19/15	 	 	9/26/15	 	 	10/3/15	 	 	10/10/15	 	 	10/17/15	 
	 Sources
	 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Gross Receipts
	 	 	751	  	 	 	598	  	 	 	495	  	 	 	506	  	 	 	522	  	 	 	385	  	 	 	430	  	 	 	462	  	 	 	496	  	 	 	533	  	 	 	497	  	 	 	498	  	 	 	485	  	 	 	568	  
	 Uses
	 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 GTN Costs
	 	 	—  	  	 	 	7	  	 	 	311	  	 	 	457	  	 	 	311	  	 	 	—  	  	 	 	75	  	 	 	76	  	 	 	195	  	 	 	414	  	 	 	300	  	 	 	175	  	 	 	225	  	 			
	 Inventory Purchases/COS
	 	 	650	  	 	 	312	  	 	 	339	  	 	 	285	  	 	 	339	  	 	 	113	  	 	 	500	  	 	 	154	  	 	 	400	  	 	 	12	  	 	 	300	  	 	 	200	  	 	 	575	  	 	 	595	  
	 Consol Spend:
	 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Payroll & Benefits, EE and Contract cost
	 	 	—  	  	 	 	57	  	 	 	700	  	 	 	1,495	  	 	 	220	  	 	 	258	  	 	 	700	  	 	 	646	  	 	 	—  	  	 	 	54	  	 	 	700	  	 	 	—  	  	 	 	700	  	 	 	—  	  
	 Qtrly Bonus Payout
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 				 	 	—  	  	 				 	 	—  	  	 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 T&E
	 	 	140	  	 	 	46	  	 	 	140	  	 	 	79	  	 	 	140	  	 	 	68	  	 	 	120	  	 	 	87	  	 	 	120	  	 	 	129	  	 	 	120	  	 	 	120	  	 	 	100	  	 	 	80	  
	 Rents/Facility Costs
	 				 	 	—  	  	 				 	 	—  	  	 	 	0	  	 				 				 				 				 				 				 	 	160	  	 				 			
	 Professional Services
	 	 	50	  	 	 	—  	  	 	 	50	  	 	 	—  	  	 	 	50	  	 				 				 				 				 	 	131	  	 	 	150	  	 	 	100	  	 	 	50	  	 	 	50	  
	 Other SG&A
	 	 	225	  	 	 	320	  	 	 	225	  	 	 	68	  	 	 	225	  	 	 	29	  	 	 	395	  	 	 	49	  	 	 	150	  	 				 	 	225	  	 	 	175	  	 	 	345	  	 	 	120	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 	 	1,065	  	 	 	742	  	 	 	1,765	  	 	 	2,384	  	 	 	1,285	  	 	 	468	  	 	 	1,790	  	 	 	1,011	  	 	 	865	  	 	 	740	  	 	 	1,795	  	 	 	930	  	 	 	1,995	  	 	 	845	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Est Cash Outflow
	 	 	(314	) 	 	 	(144	) 	 	 	(1,270	) 	 	 	(1,878	) 	 	 	(763	) 	 	 	(83	) 	 	 	(1,360	) 	 	 	(548	) 	 	 	(369	) 	 	 	(207	) 	 	 	(1,298	) 	 	 	(432	) 	 	 	(1,510	) 	 	 	(277	) 
	 Cash Funding
	 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Ending Cash Balance
	 	$	6,588	  	 	$	6,758	  	 	$	5,488	  	 	$	4,880	  	 	$	4,117	  	 	$	4,797	  	 	$	3,437	  	 	$	4,249	  	 	$	3,880	  	 	$	4,042	  	 	$	2,744	  	 	$	2,312	  	 	$	802	  	 	$	525	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

 Valeritas, Inc. 

Income Statement Forecast 
  

																																																									
	 	 	0	 	 	Actuals	 	 	0	 	 	Actuals	 	 	0	 	 	Actuals	 	 	0	 	 	Actuals	 	 	0	 	 	Actuals	 	 	1	 	 	2	 	 	3	 	 	4	 
	 Week Ended 

	 	8/22/15	 	 	8/22/15	 	 	8/29/15	 	 	8/29/15	 	 	9/5/15	 	 	9/5/15	 	 	9/12/15	 	 	9/12/15	 	 	9/19/15	 	 	9/19/15	 	 	9/26/15	 	 	10/3/15	 	 	10/10/15	 	 	10/17/15	 
	 Sales/AR Volume (Kits)
	 	 	2,663	  	 	 	1,916	  	 	 	2,663	  	 	 	2,336	  	 	 	2,865	  	 	 	2,252	  	 	 	2,865	  	 	 	1,892	  	 	 	2,866	  	 	 	2,416	  	 	 	2,866	  	 	 	2,462	  	 	 	2,462	  	 	 	2,462	  
	 Revenue Volume (Kits)
	 	 	2,663	  	 	 	2,343	  	 	 	2,663	  	 	 	2,190	  	 	 	2,865	  	 	 	2,123	  	 	 	2,865	  	 	 	2,892	  	 	 	2,866	  	 	 	2,613	  	 	 	2,866	  	 	 	2,462	  	 	 	2,462	  	 	 	2,462	  
	 Gross Sales (net of PP discount)
	 	$	686	  	 	$	494	  	 	$	686	  	 	$	602	  	 	$	738	  	 	$	580	  	 	$	738	  	 	$	488	  	 	$	738	  	 	$	623	  	 	$	738	  	 	$	635	  	 	$	635	  	 	$	635	  
	 Net Price
	 	$	5.31	  	 	$	5.35	  	 	$	5.31	  	 	$	5.35	  	 	$	5.31	  	 	$	5.35	  	 	$	5.31	  	 	$	5.35	  	 	$	5.31	  	 	$	5.35	  	 	$	5.31	  	 	$	5.36	  	 	$	5.36	  	 	$	5.36	  
	 Net Revenue
	 	$	424	  	 	$	376	  	 	$	424	  	 	$	352	  	 	$	456	  	 	$	341	  	 	$	456	  	 	$	464	  	 	$	457	  	 	$	419	  	 	$	457	  	 	$	396	  	 	$	396	  	 	$	396	  
	 GTN Costs
	 	$	262	  	 	$	118	  	 	$	262	  	 	$	250	  	 	$	282	  	 	$	240	  	 	$	282	  	 	$	23	  	 	$	282	  	 	$	203	  	 	$	282	  	 	$	239	  	 	$	239	  	 	$	239	  
	 Inventory Purchases/COS
	 	$	165	  	 	$	145	  	 	$	165	  	 	$	136	  	 	$	178	  	 	$	132	  	 	$	178	  	 	$	180	  	 	$	178	  	 	$	162	  	 	$	178	  	 	$	153	  	 	$	153	  	 	$	153	  
	 Production slow-down costs (Providence)
	 	$	28	  	 	$	23	  	 	$	28	  	 	$	23	  	 	$	28	  	 	$	23	  	 	$	28	  	 	$	23	  	 	$	28	  	 	$	23	  	 	$	28	  	 	$	28	  	 	$	28	  	 	$	28	  
	 Consol Spend:
	 				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Salaries & Benefits
	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  	 	$	401	  
	 Stock Comp
	 	$	76	  	 	$	76	  	 	$	76	  	 	$	76	  	 	$	63	  	 	$	63	  	 	$	63	  	 	$	63	  	 	$	63	  	 	$	63	  	 	$	63	  	 	$	49	  	 	$	49	  	 	$	49	  
	 Contract Labor
	 	$	11	  	 	$	4	  	 	$	11	  	 	$	0	  	 	$	11	  	 	$	5	  	 	$	11	  	 	$	5	  	 	$	11	  	 	$	3	  	 	$	11	  	 	$	8	  	 	$	8	  	 	$	8	  
	 Bonus and Commissions Accruals
	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  	 	$	110	  
	 Auto Expense
	 	$	23	  	 	$	21	  	 	$	23	  	 	$	21	  	 	$	23	  	 	$	21	  	 	$	23	  	 	$	21	  	 	$	23	  	 	$	21	  	 	$	23	  	 	$	23	  	 	$	23	  	 	$	23	  
	 T&E
	 	$	65	  	 	$	62	  	 	$	65	  	 	$	28	  	 	$	68	  	 	$	35	  	 	$	68	  	 	$	53	  	 	$	68	  	 	$	65	  	 	$	68	  	 	$	80	  	 	$	80	  	 	$	80	  
	 Equipment Expense
	 	$	3	  	 	$	0	  	 	$	3	  	 	$	0	  	 	$	4	  	 	$	0	  	 	$	4	  	 	$	0	  	 	$	4	  	 	$	0	  	 	$	4	  	 	$	3	  	 	$	3	  	 	$	3	  
	 Supplies & Freight
	 	$	22	  	 	$	19	  	 	$	22	  	 	$	19	  	 	$	31	  	 	$	15	  	 	$	31	  	 	$	14	  	 	$	31	  	 	$	29	  	 	$	31	  	 	$	27	  	 	$	27	  	 	$	27	  
	 Sterilization and Cold Soak
	 	$	7	  	 	$	1	  	 	$	7	  	 	$	0	  	 	$	8	  	 	$	0	  	 	$	8	  	 	$	0	  	 	$	8	  	 	$	2	  	 	$	8	  	 	$	12	  	 	$	12	  	 	$	12	  
	 Non-revenue V-Go/EZ Fills
	 	$	43	  	 	$	0	  	 	$	43	  	 	$	0	  	 	$	46	  	 	$	0	  	 	$	46	  	 	$	0	  	 	$	46	  	 	$	0	  	 	$	46	  	 	$	47	  	 	$	47	  	 	$	47	  
	 External Services
	 	$	522	  	 	$	427	  	 	$	522	  	 	$	427	  	 	$	428	  	 	$	410	  	 	$	428	  	 	$	400	  	 	$	428	  	 	$	346	  	 	$	428	  	 	$	418	  	 	$	418	  	 	$	418	  
	 Facilities
	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	37	  	 	$	29	  	 	$	29	  	 	$	29	  
	 Depreciation
	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	57	  	 	$	45	  	 	$	45	  	 	$	45	  
	 Administration
	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	32	  	 	$	27	  	 	$	27	  	 	$	27	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 	$	1,408	  	 	$	1,246	  	 	$	1,408	  	 	$	1,207	  	 	$	1,317	  	 	$	1,186	  	 	$	1,317	  	 	$	1,192	  	 	$	1,317	  	 	$	1,166	  	 	$	1,317	  	 	$	1,277	  	 	$	1,277	  	 	$	1,277	  
	 Other (Income)/Expense
	 	$	149	  	 	$	149	  	 	$	149	  	 	$	149	  	 	$	149	  	 	$	149	  	 	$	149	  	 	$	149	  	 	$	150	  	 	$	150	  	 	$	150	  	 	$	120	  	 	$	120	  	 	$	120	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Net Income
	 	($	1,325	) 	 	($	1,187	) 	 	($	1,325	) 	 	($	1,163	) 	 	($	1,215	) 	 	($	1,148	) 	 	($	1,215	) 	 	($	1,078	) 	 	($	1,216	) 	 	($	1,081	) 	 	($	1,216	) 	 	($	1,182	) 	 	($	1,182	) 	 	($	1,182	) 
	 Cumulative Net Income
	 	($	22,941	) 	 	($	22,802	) 	 	($	24,128	) 	 	($	23,965	) 	 	($	25,180	) 	 	($	25,113	) 	 	($	26,328	) 	 	($	26,191	) 	 	($	27,407	) 	 	($	27,272	) 	 	($	28,488	) 	 	($	29,669	) 	 	($	30,851	) 	 	($	32,033	) 

 EXECUTION COPY 
  

 EXHIBIT C 

OUTSTANDING AMOUNTS DUE 

  
 17EX-10.21

 Exhibit 10.21 

AGREEMENT OF LEASE 

FOR AND IN CONSIDERATION of the mutual covenants herein contained, as of this 20th day
of October, 2009, the parties hereto do hereby agree as follows: 
 1. Incorporated Terms. The following terms are
incorporated by reference into this Agreement: 
  

	 	(a)	NAME AND ADDRESS OF LANDLORD: 

 BTCT ASSOCIATES, L.L.C., 

a New Jersey limited liability company 

c/o Steiner Equities Group, L.L.C. 

75 Eisenhower Parkway 

Roseland, New Jersey 07068-1696 
  

	 	(b)	NAME AND ADDRESS OF TENANT: 

 VALERITAS, INC., 

a Delaware corporation 
 9
Campus Drive, 2nd Floor East 
 Parsippany, New Jersey 07054 

 

	 	(c)	DESCRIPTION OF PREMISES: 

 The space shown shaded on the First Floor Plan Rider attached
hereto, in the building known as 750 Route 202, Bridgewater, Somerset County, New Jersey. 
  

	 	(d)	AREA OF PREMISES AND BUILDING: 

 Premises:
            7,655 rentable square feet 
 Building:
            104,425 rentable square feet 
  

	 	(e)	TERM OF LEASE: 

 Three (3) “Lease Years” (as hereinafter defined in Par.
3(c)), commencing and expiring as set forth in Par. 3(a). 
  

	 	(f)	PERMITTED USE: 

 General office use only. 

 

	 	(g)	MAXIMUM VEHICLE PARKING: 

 31 

 

	 	(h)	SECURITY DEPOSIT: 

 $45,930.00 

 

	 	(i)	TENANT’S SHARE: 

 7.33% 

 

	 	(j)	BASE TAX YEAR: 

 2010 

  

					
	 ICM: 09/18/02
 FORM: AmberJc2.meb Rev.
09/18/02
 MTNT-Msty-Office G+TE – AJ Lease

F:\wpdata\meb2\Leases\ValeritasLse3.doc
 10/16/09 5:30p.m.
	  	1	  	

	 	(k)	BASE EXPENSE YEAR: 

 2010 

 

	 	(l)	BROKER: 

 CB Richard Ellis, Inc. and Steiner Equities Group, L.L.C.; commission to be
paid by Landlord. 
  

	 	(m)	RIDERS TO LEASE: 

 Annual Rent Rider 

Extension Option Rider 
 Real
Estate Tax Rider 
 Operating Expense Rider 

Landlord’s Services Rider 

Energy Rider 
 Rules and
Regulations Rider 
 Landlord’s Work Rider 

First Floor Plan Rider 
 2.
Description of Premises. (a) Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the premises described in Par. 1(c) (the “Premises”). The Premises are located in the building identified in
Par. 1 (c) (the “Building”) (the Building, the land upon which the Building is located and the other improvements located on the land are hereinafter collectively called the “Property”). 

(b) The parties acknowledge that there are multiple methods of computing rentable area and hereby agree for the purposes of this Lease that
the rentable area of the Premises is the number of square feet set forth in Par. 1 (d), and the rentable area of the Building is the number of square feet set forth in Par. 1(d). 

(c) Landlord and Tenant acknowledge and agree that the Premises shall be divided in two parts as shown on the First Floor Plan Rider attached
hereto. The portion of the Premises identified on the First Floor Plan Rider as the “Part A Premises” shall consist of a left unit containing approximately 1,445 rentable square feet and a rear unit containing approximately 4,225 rentable
square feet. The portion of the Premises identified on the First Floor Plan Rider as the “Part B Premises” shall consist of a right unit containing approximately 1,985 rentable square feet. 

(d) Landlord shall improve the premises in conformity with, and to the extent of, Landlord’s Work Rider attached hereto
(“Landlord’s Work”), and shall have no other obligation to do any work in and to the Premises or the Building to render them ready for Tenant’s occupancy. Tenant has inspected the Premises and agrees to take the Premises in its
present “as is” condition, except as otherwise expressly provided herein. 
 3. Term. (a) Landlord
agrees to deliver possession of the Part A Premises to Tenant on the Commencement Date (as hereinafter defined), broom clean and free of tenancies and the rights of occupants. The term of this Lease (the “Term”) shall commence on the date
(the “Commencement Date”) which shall be the earlier of November 1, 2009, or the date on which Tenant occupies any portion of the Part A Premises, but until delivery of possession of the Part B Premises to Tenant in accordance with
the terms and conditions of this Lease, this Lease shall only apply to the Part A Premises. The terms and conditions of this Lease shall apply to the entire Premises from and after the date (the “Part B Premises Commencement Date”) which
shall be the earlier of the date on which Landlord’s Work has been substantially completed (or would have been substantially completed except by reason of Tenant Delay (as hereinafter defined)), or the date on which Tenant occupies any portion
of the Part B Premises for the purpose of using the Part B Premises in the conduct of its business. “Substantially completed” shall mean that time when the only items to be completed are those which do not substantially interfere with
Tenant’s use and 

  

					
	 ICM: 09/18/02
 FORM: AmberJc2.meb Rev.
09/18/02
 MTNT-Msty-Office G+TE – AJ Lease

F:\wpdata\meb2\Leases\ValeritasLse3.doc
 10/16/09 5:30p.m.
	  	2	  	

 
occupancy of the Premises for the use set forth in Par. 1(f). The Term of this Lease shall expire on the date (the “Expiration Date”) which shall be three (3) Lease Years (as
hereinafter defined) after the Part B Premises Commencement Date. Tenant acknowledges that a portion of Landlord’s Work consists of improvements to the Part A Premises and will be performed subsequent to Tenant taking possession of the Part A
Premises. Tenant agrees to provide reasonable access to Landlord for the purpose of performing Landlord’s Work in both the Part A Premises and the Part B Premises, and agrees not to interfere with the performance of Landlord’s Work. 

(b) Should Landlord be delayed in completing Landlord’s Work by reason of Tenant’s delay, default, lack of cooperation, request for
changes in Landlord’s Work or for Tenant Extras (as defined in Landlord’s Work Rider) (“Tenant Delay”), the Part B Premises Commencement Date shall be accelerated by the number of days of delay occasioned by any such event of
Tenant Delay. 
 (c) The first “Lease Year” shall be the period commencing on the Commencement Date and ending twelve
(12) calendar months after the “Rent Commencement Date” (as hereinafter defined in Par. 4(c)), provided, however, that if the Rent Commencement Date is not the first day of a calendar month, the first Lease Year shall end twelve
(12) calendar months from the last day of the month in which the Rent Commencement Date occurs. Each succeeding twelve (12) calendar month period thereafter shall be a Lease Year. The parties acknowledge that the first Lease Year shall be
for a period greater than twelve (12) calendar months. 
 (d) Within ten (10) days after Landlord’s request, Tenant shall
execute and deliver to Landlord a written confirmation of the Commencement Date, the Part B Premises Commencement Date, the Rent Commencement Date and the Expiration Date of this Lease. 

4. Annual Rent; Additional Rent. (a) Tenant shall pay to Landlord at the address set forth in Par. 1 (a), or to
such other person or at such other place as the Landlord may from time to time designate, without previous demand therefor and without counterclaim, deduction or set-off, the annual rent (“Annual Rent”) set forth on the Annual Rent Rider
attached hereto. Annual Rent shall be payable in monthly installments as set forth on the Annual Rent Rider in advance on the first day of each month during the Term of the Lease. Annual Rent for a partial month shall be prorated. The first monthly
installment of Annual Rent in the amount of $15,310.00 shall be paid by Tenant on the execution of this Lease. 
 (b) All other sums other
than Annual Rent payable by Tenant under this Lease shall be deemed to be “Additional Rent” regardless of to whom such sums may be payable. Additional Rent shall be payable without counterclaim, deduction or set-off. In the event of
Tenant’s failure to make timely payment of any item of Additional Rent, Landlord shall have available to it all rights and remedies provided by this Lease and by law as for non-payment of Annual Rent. The term “rent” in the Lease
means Annual Rent and Additional Rent. 
 (c) Notwithstanding anything to the contrary contained herein, for and during the period of time
commencing on the Commencement Date and ending at 11:59 p.m. on the day immediately preceding the Part B Premises Commencement Date, Tenant shall be obligated to pay Annual Rent for the Part A Premises but not for the Part B Premises. Commencing on
the Part B Premises Commencement Date and ending fifteen (15) weeks thereafter (the “Rent Concession Period”), Tenant shall not be obligated to pay Annual Rent for either the Part A Premises or the Part B Premises. Commencing on the
day immediately following the expiration of the Rent Concession Period (the “Rent Commencement Date”), Tenant shall pay the Annual Rent set forth on the Annual Rent Rider attached hereto. The first monthly installment of Annual Rent
payable by Tenant on the execution of this Lease shall be for the first full calendar month following the Rent Commencement Date. 
 5.
Insurance. (a) Tenant shall procure and maintain comprehensive general liability insurance with respect to the Premises. Landlord, Steiner Building Company, L.L.C. (“SBC”), Landlord’s Manager (presently
Steiner Equities Group, L.L.C.) and Landlord’s mortgagee(s) shall be named as additional insureds. The liability insurance policy shall protect Landlord, Tenant and Landlord’s Manager and mortgagee(s) against any liability which arises
from any occurrence on or about the Premises, or which arises from any liability, claims or costs indicated in Par. 14 against which Tenant is required to indemnify Landlord. 

  

					
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 (b) The policy is to be written by a good and solvent insurance company authorized to transact
insurance business in the state in which the Property is located. The coverage limits of the policy shall be at least $2,000,000 in combined single limit with respect to personal injury, death or property damage arising out of any one occurrence.
Such amount shall be subject to periodic increase as reasonably required by Landlord. A certificate evidencing such insurance policy shall be deposited with Landlord at least ten (10) days prior to the Commencement Date. Certificates evidencing
renewals of such policy shall be deposited with Landlord not less than thirty (30) days prior to the end of the term of such policy. Such insurance shall not be subject to cancellation except after at least ten (10) days prior written
notice to Landlord, and any loss shall be payable notwithstanding any act or negligence of Tenant or Landlord or any agent or employee thereof. 

(c) Landlord shall procure and maintain (i) “All Risk” or “Special Form-Causes of Loss” insurance in an amount not
less than the full replacement cost of the Premises and the Building; and (ii) during the period in which Landlord is performing Landlord’s Work, “Builder’s Risk” insurance. All such policies shall be written by good and
solvent insurance companies authorized to transact business in the state in which the Property is located. 
 (d) Landlord and Tenant
hereby release each other from any and all liability or responsibility to the other or anyone claiming through or under it or them by way of subrogation or otherwise, for any loss or damage occasioned to Landlord or Tenant, as the case may be, or to
their respective property, whether or not such damage or loss shall have been caused by any acts or omissions of the other party, which loss or damage is insured under any insurance policy carried by Landlord or Tenant (or which would have been
insured if the insurance required by this Lease had been maintained). This waiver is in addition to any other waiver or release contained in this Lease. Every insurance policy carried by Landlord or Tenant shall include provisions waiving the
insurer’s subrogation rights against the other party. 
 (e) Tenant shall comply with the requirements of any insurance policy carried
by Landlord or Tenant covering the Property or the Premises, all requirements of the issuer of any such policy, and the applicable regulations and requirements of the National Board of Fire Underwriters, any applicable local board of fire
underwriters, and any other body exercising a similar function. If the premiums for any insurance policy maintained by Landlord applicable to the Property exceed the rate that would have been applicable for the permitted use of Tenant as a result of
the failure by Tenant to comply with such requirements, or as a result of or in connection with the use to which the Premises are put by Tenant, Tenant shall reimburse Landlord for such excess within thirty (30) days after Landlord’s
request therefor. 
 6. Services Furnished by Landlord. (a) Landlord shall furnish to the Premises only during
Work Hours (hereinafter defined) the services set forth on the Services Rider attached hereto. 
 (b) “Work Hours” shall mean the
period from 8:00 A.M. to 6:00 P.M. on Monday through Friday, excluding Building Holidays. Building Holidays are defined as New Year’s Day, Martin Luther King Day, President’s Day, Memorial Day, the Monday preceding or Friday following
Independence Day if Independence Day falls on a Tuesday or Thursday respectively, Independence Day, Labor Day, Columbus Day, Veteran’s Day, Thanksgiving and the day following, Christmas Eve day, Christmas, New Year’s Eve day. Tenant may
have access to and use the Premises other than during Work Hours, provided Tenant complies with Landlord’s security procedures with respect to such access and use, and provided further that Landlord shall not be required to supply any services
during such other times. If Tenant shall require any services other than during Work Hours, Tenant shall pay to Landlord as additional rent, within ten (10) days after demand therefor the sum of $65.00 per hour for each hour that HVAC and/or
electric services shall be provided to Tenant other than during Work Hours. The said hourly charge shall be subject to an appropriate increase to the extent that the public utility supplying electricity to the Building increases its charge for
electricity from time to time. 

  

					
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 (c) Landlord reserves the right to suspend any of the services agreed to be supplied by Landlord
hereunder when necessary by reason of accident or for repairs, alterations, replacements or improvements necessary or desirable in the judgment of Landlord for as long as shall be required by reason thereof and Landlord shall not be liable to Tenant
and Tenant shall not be entitled to any abatement or reduction of rent by reason thereof. The foregoing notwithstanding, if the Premises (or a material portion of the Premises) is made untenantable for a period in excess of three
(3) consecutive business days as a result of any suspension or interruption in such services caused by the gross negligence or willful misconduct of Landlord, then Tenant shall be entitled to receive an abatement of rent beginning on the fourth
(4th) consecutive business day of such service suspension and ending on the day the service has been restored to a condition under which Tenant can occupy the Premises for the use set forth
in Par. 1(f) hereinabove. If such suspension or interruption in services caused by Landlord’s gross negligence or willful misconduct shall continue for a period of thirty (30) days or more, Tenant shall have the right to terminate this
Lease upon written notice to Landlord given at anytime following the expiration of such thirty (30) day period and prior to the restoration of such services to a condition under which Tenant can occupy the Premises for the use set forth in Par.
1(f) hereinabove, and in the event of such termination, neither party shall have any further rights or obligations hereunder thereafter except for any such rights and/or obligations occurring prior the effective date of termination. 

7. Permitted Uses. Tenant may use the Premises only for the uses set forth in Par. 1(f) above. Notwithstanding the
foregoing, Tenant shall not use or permit the Premises to be used for any unlawful purpose or in violation of any certificate of occupancy covering the Property or which may constitute a public or private nuisance or make voidable any insurance in
force relating to the Property. 
 8. Common Areas; Parking. (a) Tenant shall have the non-exclusive right, in
common with others, to use any common entrances, lobbies, drives, elevators, stairs, and similar access and serviceways in and adjacent to the Building (hereinafter sometimes referred to as Common Area), if any, subject to such reasonable rules and
regulations as the Landlord may adopt, provided that such rules and regulations do not materially impair Tenant’s rights under this Lease and are applied to Tenant in a non-discriminatory manner. 

(b) Tenant and its employees and invitees shall have the right, in common with Landlord and other tenants of the Property and their employees
and invitees, to use the parking areas provided by Landlord on the Property for the parking of passenger automobiles. Tenant’s parking shall not be reserved and shall be limited to vehicles no larger than standard sized automobiles or light
pickup vehicles. Tenant and its employees and invitees shall not park in the parking areas more than the number of vehicles set forth in Par. 1 (g). Tenant shall not cause large trucks or other large vehicles to be parked within the parking areas,
except that temporary parking of larger delivery vehicles may be permitted in the area designated therefor by Landlord. Vehicles shall be parked only in striped parking spaces and not in driveways, access roads, loading areas or other locations not
specifically designated for parking. Landlord shall have the right to assign parking spaces for the exclusive use of other tenants of the Property and/or Landlord and their employees and invitees, and Tenant and its employees and invitees shall not
park their vehicles in parking spaces allocated to others by Landlord. Landlord shall not be required to keep parking spaces clear of unauthorized vehicles or to otherwise supervise the use of the parking areas. Landlord shall not be responsible for
any damage to or theft of any vehicles in the parking areas. Landlord may issue parking permits, install a gate system or impose any other system as Landlord deems necessary for the use of the parking areas. Landlord reserves the right from time to
time (i) to change or reduce the parking areas, roads and driveways; and (ii) to make any alterations or repairs that it deems necessary (in Landlord’s reasonable discretion) to the parking areas, roads or driveways, and to
temporarily revoke or modify the parking rights granted to Tenant without any abatement or reduction of rent by reason thereof provided that Tenant shall at all times have the right to use at least 31 parking spaces in the parking area on the
Property. Landlord may require Tenant to furnish it with the automobile license numbers assigned to vehicles of Tenant and its employees and invitees and to notify Landlord of any changes thereof. Landlord may limit parking in the front yard of the
Property to visitors. 
 9. No Representations. Tenant acknowledges that Landlord has not made any representation with
respect to any matter or thing affecting or related to the Premises, other than as expressly provided herein. 

  

					
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 10. Compliance with Law. (a) Tenant shall take all necessary action to
conform to and comply with all laws, orders and regulations of any governmental authority or Landlord’s or Tenant’s insurers, now or hereafter applicable to Tenant’s particular manner of use or occupancy of the Premises (as opposed to
general office use), including the federal Occupational Safety and Health Act. Landlord, at its sole cost and expense, shall obtain all required permits and certificates of occupancy for Tenant’s initial occupancy of the Premises, unless
Landlord is unable to obtain such permits and certificates of occupancy because of the practices of the local municipality, or because of any work being performed by Tenant, or for any other reason caused by Tenant, in which event Tenant shall
obtain any such required permits and certificates of occupancy at its sole cost and expense. 
 (b) Tenant shall not cause or permit the
release, discharge, or disposal nor the presence, use, transportation, generation, or storage of any Hazardous Materials (as hereinafter defined) in, on, under, about, to, or from the Premises by either Tenant, Tenant’s employees, agents,
contractors, or invitees (for this Par. 10 only, all of the foregoing shall be collectively referred to as “Tenant”) other than the use of such materials in de minimus quantities reasonably necessitated by the Tenant’s regular
business activities. 
 (c) Tenant further agrees and covenants to Landlord, its agents, employees, affiliates and shareholders (for this
Par. 10 only, all of the foregoing shall be collectively referred to as “Landlord”) the following: 
 1. To comply with all
Environmental Laws (as hereinafter defined) in effect, or which may come into effect, applicable to the Tenant or Tenant’s use and occupancy of the Premises; 

2. To immediately notify Landlord, in writing, of any existing, pending or threatened (a) investigation, inquiry, claim or action by any
governmental authority in connection with any Environmental Laws; (b) third party claims; (c) regulatory actions; and/or (d) contamination of the Premises; 

3. Tenant shall, at Tenant’s expense, investigate, monitor, remediate, and/or clean up any Hazardous Materials or other environmental
condition on, about, or under the Premises required as a result of Tenant’s use or occupancy of the Premises; 
 4. To keep the
Premises free of any lien imposed pursuant to any Environmental Laws; and 
 5. To indemnify, defend, and save Landlord harmless from and
against any and all claims (including personal injury, real, or personal property damage), actions, judgments, damages, penalties, fines, costs, liabilities, interest, or attorney’s fees that arise, directly or indirectly, from Tenant’s
violation of any Environmental Laws or the presence of any Hazardous Materials on, under or about the Premises. 
 (d) Notwithstanding
anything to the contrary contained herein, Landlord, at its sole cost and expense, (i) shall be responsible for the cleanup of any Hazardous Materials at the Property which were in existence at the Property prior to the Commencement Date (the
“Preexisting Hazardous Materials”), and (ii) shall be responsible for the cleanup of any Hazardous Materials at the Property whose presence is cause by Landlord after the Commencement Date (the “Landlord Caused Hazardous
Materials”). Tenant shall have no obligation to contribute to the cost of any such cleanup of Preexisting Hazardous Materials and Landlord Caused Hazardous Materials. 

(e) Landlord’s and Tenant’s obligations, responsibilities, and liabilities under this Par. 10 shall survive the expiration of this
Lease. 
 (f) For purposes of this Par. 10 the following definitions apply: 

  

					
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 “Hazardous Materials” shall mean (1) any “hazardous waste” and/or
“hazardous substance” defined pursuant to any Environmental Laws; (2) asbestos or any substance containing asbestos; (3) polychlorinated biphenyls; (4) lead; (5) radon; (6) pesticides; (7) petroleum or any
other substance containing hydrocarbons; (8) any substance which, when on the Premises, is prohibited by any Environmental Laws; and (9) any other substance, material, or waste which (i) by any Environmental Laws requires special
handling or notification of any governmental authority in its collection, storage, treatment, or disposal or (ii) is defined or classified as hazardous, dangerous or toxic pursuant to any legal requirement. 

“Environmental Laws” shall mean: any and all federal, state and local laws, statutes, codes, ordinances, regulations, rules or
other requirements, relating to human health or safety or to the environment, including, but not limited to, those applicable to the storage, treatment, disposal, handling and release of any Hazardous Materials, all as amended or modified from time
to time. 
 11. Care and Repair of Premises; No Waste. (a) Except to the extent such repair is an obligation of
Landlord as expressly set forth in this Lease, Tenant shall take good care of the Premises and make all repairs to the interior portions of the Premises which are necessary or desirable to keep the Premises in good order and repair. All repairs by
Tenant shall be performed in a good and workmanlike manner. Fluorescent lamps, ballasts and incandescent bulbs shall be replaced by Landlord as required and the cost thereof shall be included as an operating expense of the Building as defined in the
Operating Expense Rider attached hereto. 
 (b) Tenant shall not commit or suffer, and shall use all reasonable precaution to prevent
waste, damage or injury to the Premises or Property and the equipment thereon. 
 12. Alterations, Additions and
Improvements. (a) Tenant shall not make any alterations, additions or improvements to the Premises (“Alterations”) without Landlord’s prior written consent. Landlord shall not unreasonably withhold its consent to
non-structural Alterations. Landlord shall not be required to consent to and Tenant shall not make any Alterations to the electrical, plumbing, heating, ventilation or air-conditioning systems. Prior to making any Alterations, Tenant shall submit to
Landlord detailed plans and specifications for Alterations and reimburse Landlord for all expenses incurred by Landlord in connection with its review thereof, and Tenant shall also provide to Landlord for its approval the identity of the contractor
Tenant proposes to employ to construct the Alterations. All Alterations shall be accomplished in accordance with the following conditions: 

(i) Tenant shall procure all governmental permits and authorizations for the Alterations, and obtain and provide to Landlord an official
certificate of occupancy upon completion of the Alterations, if appropriate. 
 (ii) Tenant shall arrange for extension of the liability
insurance provided for in Par. 5 to apply to the construction of the Alterations. 
 (iii) The employment of any employee, contractor or
laborer in or about the Premises in connection with the Alterations, or Tenant’s moving of furniture and equipment in or out of the Premises or otherwise, shall not interfere or cause any conflict with any employee, contractor or laborer of
Landlord or union representing any of them engaged in the construction, operation, maintenance or repair of the Property. In the event of such interference, upon demand of Landlord, Tenant will cause such employee, contractor or laborer to leave the
Property immediately. 
 (iv) The work with respect to the Alterations shall be done in a neat, clean and quiet manner, and shall not
interfere with the use and occupancy of the Building by other tenants. 
 (v) Tenant shall construct the Alterations in a good and
workmanlike manner utilizing materials of first quality and in compliance with all laws and governmental regulations. 
 (vi) Within ten
(10) days after completion of the Alterations, Tenant shall provide Landlord with “as built” plans of the Alterations and AutoCAD files thereof on disk. 

  

					
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 (b) Except for Tenant’s trade fixtures, all Alterations shall be the property of Landlord
and shall remain on and be surrendered with the Premises upon termination of the Lease, unless Landlord shall notify Tenant at the time Landlord grants its consent to such Alterations, or if no consent is required, at the time Tenant notifies
Landlord of such Alterations, that it desires that such Alterations be removed at the expiration of the Lease, in which event Tenant agrees to remove such Alterations on or prior to the Expiration Date, restore the Premises to its existing condition
prior to construction of the Alterations and repair any damage to the Premises or the Building caused by such removal. 
 13.
Covenant Against Liens. Tenant shall not have any right to subject the Landlord’s interest in the Property to any construction lien or any other lien whatsoever. If any construction lien or other lien, charge or order for
payment of money shall be filed as a result of the act or omission of Tenant, Tenant shall cause such lien, charge or order to be discharged or appropriately bonded within ten (10) days after notice from Landlord thereof, and Tenant shall
indemnify and save Landlord harmless from all liabilities and costs resulting therefrom. 
 14. Indemnification by Tenant.
Tenant shall indemnify and hold harmless Landlord, SBC and Landlord’s managing agent from and against all liability, claims or costs, including reasonable legal fees, arising from (i) any breach of this Lease by Tenant; (ii) any
injury to person or damage to property occurring on or about the Premises except to the extent caused by the gross negligence or willful misconduct of Landlord; (iii) any injury to person or damage to property occurring on the Property
resulting from any negligence or misconduct of Tenant or any of its employees or agents. Tenant shall defend Landlord against any such liability, claim or cost with counsel reasonably acceptable to Landlord or, at Landlord’s election, Tenant
shall reimburse Landlord for legal fees and costs incurred by Landlord by employment of its own counsel. The obligation of Tenant under this subparagraph shall survive expiration or earlier termination of the Term. 

15. Landlord Not Liable. Landlord shall not be liable for any injury or damage to the person, business, equipment,
merchandise or other property of Tenant or any of Tenant’s employees, invitees or customers or any other person on or about the Property, resulting from any cause whatsoever, including, but not limited to: (i) fire, steam, electricity,
water, gas or rain; (ii) leakage, obstruction or other defects of pipes, sprinklers, wires, plumbing, air conditioning, boilers or lighting fixtures; or (iii) any act or omission, negligent or otherwise, of any other tenant of the
Property. 
 16. Assignment and Subletting. (a) Except as otherwise provided in this paragraph, Tenant shall not
assign or encumber Tenant’s interest in this Lease, or sublet any portion of the Premises, or grant concessions or licenses with respect to the Premises, without Landlord’s prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed. The cumulative change of more than 50% of the ownership interest of Tenant shall be deemed to be an assignment of this Lease requiring Landlord’s consent. However, Tenant may assign this Lease or sublet the
Premises, without Landlord’s consent, to any corporation which controls, is controlled by or is under common control with Tenant, or to any corporation resulting from the merger of or consolidation with Tenant, or to any entity acquiring all or
substantially all of the assets or ownership interests of Tenant (all of the foregoing, a “Permitted Transfer”), provided such assignee shall assume all of Tenant’s obligations under this Lease, and such assignee or sublessee shall
then have a net worth at least equal to that of Tenant on the date hereof. 
 (b) If Tenant desires to assign this Lease or sublet all or
any portion of the Premises, Tenant shall submit to Landlord a written request for Landlord’s approval thereof, setting forth the name, principal business address, and nature of business of the proposed assignee or sublessee; the financial,
banking and other credit information relating to the proposed assignee or sublessee; and the details of the proposed assignment or subletting, including a copy of the proposed assignment or sublease instrument and plans for any Alterations required
for the proposed assignee or sublessee. Tenant shall also furnish any other information reasonably requested by Landlord. Landlord shall have the option (i) to withhold its consent; (ii) to grant consent; or (iii) in the event of 

  

					
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a proposed assignment of this Lease or sublease of a substantial portion of the Premises, to terminate this Lease as of the effective date of such proposed assignment or sublease. In the event of
a proposed sublease of less than a substantial portion of the Premises, Landlord shall have the right to terminate this Lease with respect to the portion of the Premises to be sublet, and this Lease shall continue with respect to the remaining
portion of the Premises. In the event Landlord terminates this Lease pursuant to this Par. 16(b), Landlord may enter into a direct lease with the proposed assignee or sublessee, if Landlord so elects. Landlord’s acceptance of rent from a
proposed assignee or sublessee shall not be construed to constitute its consent to an attempted assignment or subletting. This Par. 16(b) shall not apply to a Permitted Transfer. 

(c) In the event of a permitted assignment or subletting, Tenant shall remit to Landlord as additional rent each month during the remainder
of the Term any rent or other sums received by Tenant from its assignee or sublessee in excess of the Annual Rent and other charges paid by Tenant allocable to the Premises or portion thereof sublet, as the case may be. 

(d) No assignment or subletting hereunder, whether or not with Landlord’s consent, shall release Tenant from any obligations under this
Lease, and Tenant shall continue to be primarily liable hereunder. If Tenant’s assignee or sublessee defaults under this Lease, Landlord may proceed directly against Tenant without pursuing its remedies against the assignee or sublessee.
Consent to one assignment or subletting shall not be deemed a consent to any subsequent assignment or subletting. Landlord may consent to subsequent assignments or modifications of this Lease or sublettings without notice to Tenant and Tenant shall
not be relieved of liability under this Lease. 
 (e) Tenant shall pay to Landlord upon demand all actual, out-of-pocket costs, including
reasonable legal fees, which Landlord shall incur in reviewing any proposed assignment or subletting. 
 17. Landlord’s
Access. Landlord and its representatives may enter the Premises at all reasonable times during Work Hours upon reasonable prior notice to Tenant (or at any time without notice in the event of emergency) for the purpose of inspecting
the Premises, or making any necessary repairs, or to show the Premises to prospective purchasers, investors, encumbrancers, tenants or other parties, or for any other purpose Landlord deems necessary. During the final six (6) months of the
Term, Landlord may place customary “For Sale” or “For Lease” signs on the Premises. 
 18. Signs.
Tenant shall not place any signs on the Property except that the name of the Tenant may appear in the area of the entrance door of the Premises. The design of such sign shall be subject to Landlord’s reasonable approval. Tenant shall remove
its signs upon expiration or earlier termination of the Term, and shall repair any damage caused by installation or removal of its signs. If Landlord provides a tenant directory within the Building, Tenant shall be entitled to one listing in such
tenant directory. The cost of such listing shall be paid by Landlord. 
 19. Casualty. If the Building is damaged by
fire or other casualty, and if the proceeds received from the insurance policies maintained by Landlord therefor are sufficient to pay for the necessary repairs, and the Building can be fully repaired within six (6) months after such casualty
occurred, this Lease shall remain in effect and Landlord shall repair the damage within such six (6) month period, subject to delays beyond Landlord’s control. If the insurance proceeds received by Landlord are not sufficient to pay the
entire cost of repair, or no proceeds are payable with respect to such casualty, or the Building cannot be fully repaired within six (6) months after the casualty occurred, Landlord may elect either to (i) terminate this Lease, provided
Landlord shall so notify Tenant within thirty (30) days after occurrence of such casualty, or (ii) repair the damage as soon as reasonably possible, in which event this Lease shall remain in full force and effect; but if Landlord elects
not to terminate this Lease, Tenant shall then have the right to terminate this Lease if the Premises cannot be fully repaired within nine (9) months after such casualty occurred. Tenant’s notification, if any, shall be required within ten
(10) days after Landlord’s notice. In addition to the foregoing, if the damage to the Building occurs during the last two (2) years of the Lease Term, Landlord may elect to terminate this Lease as of the date the damage occurred in
any event. If this Lease is not terminated following a casualty, rent shall abate from the date of the occurrence in the proportion that the area of the portion of the Premises rendered unusable by such casualty bears to the entire area of the
Premises. The abatement shall continue until the portion of the Premises which 

  

					
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shall have been damaged shall be rebuilt or repaired. Tenant waives the protection of any law which grants a tenant the right to terminate a lease in the event of the substantial destruction of a
leased property, and agrees that the provisions of this paragraph shall govern in the event of any substantial destruction of the Premises. 

20. Condemnation. If all or any portion of the Premises, or such portions of the Property as may be required for
Tenant’s use of the Premises for the use set forth in Par. 1(f), shall be taken under the power of eminent domain or sold under the threat thereof (the “Condemnation”), this Lease shall terminate on the date on which title to the
Premises, the Property or portion thereof shall vest in the condemning authority. If a portion of the Property shall be taken but the Premises shall not be affected, then Landlord may at its option terminate this Lease by written notice to Tenant
and the Term shall expire on the date on which title is vested in the condemning authority. If this Lease shall remain in effect following a Condemnation, Tenant’s obligation to pay rent hereunder shall not be affected and Tenant shall not be
entitled to any abatement or reduction of rent. Landlord shall be entitled to receive the entire award in any Condemnation proceeding relating to the Premises or Property, except that Tenant may assert a separate claim to an award for its moving
expenses and for fixtures and personal property installed by Tenant at its expense. It is understood that Tenant shall have no claim against Landlord for the value of the unexpired Term of this Lease or any options granted under this Lease. 

21. Surrender of Premises. Upon termination of the Lease, Tenant shall surrender the Premises to Landlord in the same
condition it was in as of the Commencement Date (with respect to the Part A Premises) and the Part B Premises Commencement Date (with respect to the Part B Premises), except for ordinary wear and tear and damage by casualty which Tenant was not
obligated to remedy under any provision of this Lease. Tenant shall remove its machinery or equipment and repair any damage to the Premises caused by such removal. Tenant shall not remove any power wiring or power panels, lighting or lighting
fixtures, wall coverings, blinds or other window coverings, carpets or other floor coverings, or heaters or air conditioners, unless Landlord, by notice to Tenant, elects to have any of the foregoing removed by Tenant, in which event the same shall
be removed from the Premises by Tenant prior to the expiration of the Lease, and Tenant shall repair any damage to the Premises due to such removal. All property of Tenant remaining on the Premises after Tenant’s surrender of the Premises shall
be deemed abandoned and at Landlord’s election may either be retained by Landlord or may be removed from the Premises at Tenant’s expense. Tenant shall deliver to Landlord all keys to the Premises. 

(b) If during the last sixty (60) days of the Term, Tenant shall have removed all or substantially all of Tenant’s property and all
of its personnel from the Premises, Landlord may at any time thereafter enter, alter, renovate and redecorate the Premises without any reduction or abatement of the Tenant’s rent or incurring any liability for any compensation to Tenant or
adverse effect on this Lease or Tenant’s obligations hereunder. If Landlord commences alterations, renovations or redecorations to the Premises, Tenant shall not thereafter occupy the Premises. 

22. Holdover. In the event Tenant remains in possession of the Premises after the expiration of the term of this Lease
(the “Holdover Period”), in addition to any damages to which Landlord may be entitled or other remedies Landlord may have by law, Tenant shall pay to Landlord a monthly rental for the Holdover Period, as follows: (i) for the first
month of the Holdover Period, at the rate of 150% of the monthly installments of Annual Rent payable during the last Lease Year of the Term, plus all items of Additional Rent and other charges with respect to the Premises payable by Tenant during
the last Lease Year of the Term; and (ii) for any month of the Holdover Period after the first month, at the rate of twice the monthly installments of Annual Rent payable during the last Lease Year of the Term, plus all items of Additional Rent
and other charges with respect to the Premises payable by Tenant during the last Lease Year of the Term. Nothing herein contained shall be deemed to give Tenant any right to remain in possession of the Premises after the expiration of the Term of
this Lease. 
 23. Events of Default; Remedies. (a) Tenant shall be in default upon the occurrence of one or more of the
following events (an “Event of Default”): 
 (i) Tenant fails to pay rent or any other sum of money required to be paid

  

					
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by Tenant hereunder within ten (10) days of the date when due without the need for any notice thereof by Landlord (except Landlord agrees to give written notice of such failure to pay rent
or other sum of money not more than once per Lease Year, and no Event of Default shall be deemed to have occurred if Tenant makes the required payment within ten (10) days after such notice); 

(ii) Tenant fails to perform any of Tenant’s non-monetary obligations under this Lease or violates any covenant required to be observed
by Tenant hereunder for a period of thirty (30) days after written notice thereof from Landlord and such additional time, if any, as is reasonably necessary to cure such failure provided Tenant promptly commences to cure such failure and
thereafter prosecutes such cure to completion with reasonable diligence; or 
 (iii) Tenant abandons the Premises for sixty (60) days
or more; or 
 (iv) Tenant makes an assignment for the benefit of creditors, or a petition for adjudication of bankruptcy or for
reorganization is filed by or against Tenant and is not dismissed within sixty (60) days, or a receiver or trustee is appointed for a substantial part of Tenant’s property and such appointment is not vacated within sixty (60) days.

 (b) On the occurrence of an Event of Default, Landlord may, at any time thereafter, without notice or demand, and without limiting any
other right or remedy Landlord may have: 
 (i) Terminate this Lease and Tenant’s right to possession of the Premises by any lawful
means, in which event Tenant shall immediately surrender possession of the Premises to Landlord. At its option, Landlord may occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining property,
or otherwise prepared for reletting, and may relet the Premises or any part thereof for a term or terms to expire prior to, at the same time or subsequent to the original Expiration Date, and receive the rent therefor, applying the sums received
first to the payment of such expenses as Landlord may have incurred in connection with the recovery of possession, preparing for reletting and the reletting itself, including brokerage and attorneys’ fees, and then to the payment of damages in
amounts equal to the rent hereunder and to the cost and expense of performance of the other covenants of Tenant under this Lease. Tenant agrees to pay to Landlord damages equal to the rent and other sums payable by Tenant under this Lease, reduced
by the net proceeds of the reletting, if any, as ascertained from time to time. In reletting the Premises, Landlord may grant rent concessions, and Tenant shall not be entitled to any credit therefor. Tenant shall not be entitled to any surplus
resulting from any reletting. Landlord shall use commercially reasonable efforts to mitigate its damages in the event of any Event of Default by Tenant hereunder. In so doing, however, Landlord shall not be required to undertake any actions
inconsistent with its then current leasing practices, nor shall Landlord be obligated to market the Premises preferentially to any other space or property which Landlord or its affiliates have available for rent or sale. 

(ii) Permit Tenant to remain in possession of the Premises, in which event this Lease shall continue in effect. Landlord shall be entitled to
enforce all of Landlord’s rights and remedies under this Lease, including the right to receive the rent as it becomes due under this Lease. 

(iii) Pursue any other remedy now or hereafter available under the laws of the jurisdiction in which the Premises is located. 

(c) The remedies available to Landlord herein specified are not intended to be exclusive and prevent Landlord from exercising any other
remedy or means of redress to which Landlord may be lawfully entitled. In addition to other remedies provided in this Lease, Landlord shall be entitled to restraint by injunction of any violation or threatened violation by Tenant of any of the
provisions of this Lease. Landlord’s exercise of any right or remedy shall not prevent Landlord from exercising any other right or remedy. 

(d) To the extent permitted by law, Tenant, for itself and any person claiming through or under Tenant, waives any equity or right of
redemption provided by any law. 

  

					
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 (e) Tenant agrees to pay as Additional Rent all reasonable attorneys’ fees and other actual
out-of-pocket expenses incurred by Landlord in the enforcement of any of the obligations or agreements of Tenant under this Lease. 
 (f)
If this Lease shall terminate by reason of the occurrence of any default of Tenant or any contingency mentioned in this Par. 23, Landlord shall at its option and election be entitled, notwithstanding any other provision of this Lease, or any present
or future law, to recover from Tenant or Tenant’s estate (in lieu of all claims against Tenant relating to unpaid Annual Rent or additional rent), as agreed and liquidated damages for loss of the bargain and not as a penalty, a lump sum which
at the time of such termination of this Lease equals the then present worth of the Annual Rent and all other charges payable by Tenant hereunder that were unpaid or would have accrued for the balance of the Term, less the fair and reasonable rental
value of the Premises for the balance of such Term, such lump sum being discounted to the date of termination at the rate of six (6%) percent per annum, unless any statute or rule of law governing the proceeding in which such damages are to be
proved shall limit the amount of such claim capable of being so proved, in which case Landlord shall be entitled to prove as and for liquidated damages by reason of such breach and termination of this Lease, the maximum amount which may be allowed
by or under any such statute or rule of law. 
 24. Service Fee; Interest. (a) Tenant’s failure to pay
Annual Rent, Additional Rent or make other payments required under this Lease promptly may cause Landlord to incur unanticipated costs, which are impractical to ascertain. Therefore, if Landlord does not receive any payment of Annual Rent,
Additional Rent or other sums due from Tenant to Landlord within five (5) days after it becomes due, Tenant shall pay Landlord a service fee equal to eight (8%) percent of the overdue amount. 

(b) Any amount owed by Tenant to Landlord which is not paid when due shall bear interest at the rate of eighteen (18%) percent per annum
(“Default Interest”) from the due date of such amount. The payment of Default Interest on such amounts shall not extend the due date of any amount owed. If the interest rate specified in this Lease shall exceed the rate permitted by law,
the Default Interest shall be deemed to be the maximum legal interest rate permitted by law. 
 25. Landlord’s Right to Cure
Tenant’s Default. If Tenant fails to make any payment or perform any act on its part to be made or performed, then Landlord, without waiving or releasing Tenant from such obligation, may make such payment or perform such act on
Tenant’s part, and the actual out-of-pocket costs incurred by Landlord in connection with such payment or performance, together with any service fee and Default Interest thereon, shall be paid by Tenant to Landlord on demand as Additional Rent.

 26. Notice of Landlord’s Default. (a) Tenant shall give written notice of any failure by Landlord to
perform any of its obligations under this Lease. Landlord shall not be in default under this Lease unless Landlord fails to cure such non-performance within thirty (30) days after receipt of Tenant’s notice. If more than thirty
(30) days are required to cure such non-performance, Landlord shall not be in default if such cure is commenced within such thirty (30) day period and thereafter diligently pursued to completion. 

(b) In the event of any act or omission by the Landlord which would give the Tenant the right to terminate this Lease or to claim a partial
or total eviction, Tenant will not exercise any such right until (i) it has given written notice of such act or omission to Landlord’s Mortgagee whose name and address shall have previously been furnished to Tenant, by delivering such
notice to the address so furnished, and (ii) Landlord’s act or omission is not remedied within thirty (30) days after receipt by Landlord’s Mortgagee of Tenant’s notice, or if more than thirty (30) days are required to
cure same, such cure is commenced within such thirty (30) day period and thereafter diligently pursued to completion. 
 27.
Landlord’s Liability Limited. There shall be no personal liability of the Landlord or any member, partner, stockholder, officer, director or other principal of Landlord in connection with this Lease. Tenant agrees to look
solely to the interest of Landlord in the Property and the proceeds therefrom for the collection of any judgment or other judicial process requiring the payment of money by Landlord in the event of any default or breach by Landlord with respect to
this 

  

					
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Lease or in any way relating to the Property. No other assets of Landlord or any principal of Landlord shall be subject to levy, execution or other procedures for the satisfaction of
Tenant’s remedies. 
 28. Waiver of Jury Trial. Landlord and Tenant hereby waive trial by jury in any legal
proceeding brought by either of them against the other with respect to any matters arising out of or in any way connected with this Lease or the Property. 

29. Subordination; Attornment. (a) This Lease is subject and subordinate to any ground lease or mortgage which may
now or hereafter encumber the Property, and any renewals, modifications, consolidations, replacements or extensions thereof. 
 (b) If
Landlord’s interest in the Property is acquired by any ground lessor, mortgagee, or purchaser at a foreclosure sale, Tenant shall attorn to the transferee of or successor to Landlord’s interest in the Property and recognize such transferee
or successor as landlord under this Lease. Such transferee or successor shall not be liable for any act or omission of any prior landlord; or be subject to any offsets or defenses which Tenant might have against any prior landlord; or be bound by
any rent which Tenant might have paid for more than the current month to any prior landlord; or be liable for any security deposit under this Lease unless actually transferred to such transferee or successor. 

(c) Tenant agrees that this Lease shall be modified in accordance with the reasonable request of any mortgagee now or hereafter encumbering
the Property (“Landlord’s Mortgagee”), provided no such modification materially adversely affects the business terms of this Lease. 

(d) The foregoing provisions shall be self-operative and no further instrument or act on the part of Tenant shall be necessary to effect the
same. Tenant shall nevertheless sign and deliver any document necessary or appropriate to evidence the subordination, attornment or agreement above provided within ten (10) days after Landlord’s request therefor. Tenant further agrees to
execute and deliver within ten (10) days after Landlord’s request therefor any other documents reasonably required by Landlord’s Mortgagee in connection with the financing or refinancing of the Property. 

30. Tenant’s Estoppel; Financial Statement. (a) Upon Landlord’s request, Tenant shall execute,
acknowledge and deliver to Landlord a written statement certifying: (i) the Commencement Date; (ii) the date the Term expires; (iii) that this Lease is in full force and effect (if such is the case) and unmodified (or if modified,
stating the modifications); (iv) the last date of payment of the Annual Rent, Additional Rent and other charges and the time period covered by each payment; (v) that Landlord is not in default under this Lease (or, if Landlord is claimed
to be in default, stating the nature of the default); and (vi) such other matters as may be reasonably required by Landlord or any Landlord’s Mortgagee. Tenant shall deliver such statement to Landlord within twenty (20) days after
Landlord’s request. Any such statement may be given to and relied upon by any prospective purchaser or encumbrancer of the Property. 

(b) Within thirty (30) days after Landlord’s request, Tenant shall deliver to Landlord such audited financial statements prepared
by a certified public accountant as are reasonably required to verify the net worth of Tenant. Landlord shall keep such financial statements confidential, provided that any such statements may be disclosed by Landlord to any Landlord’s
Mortgagee or prospective purchaser of the Property if, prior to such disclosure, the Landlord’s Mortgagee or prospective purchaser of the Property agrees in writing to keep the financial statements confidential. Tenant represents to Landlord
that each such financial statement is a true and accurate statement as of the date of such statement. 
 31. Quiet
Enjoyment. (a) Landlord covenants that as long as Tenant pays the Annual Rent and Additional Rent and performs its other obligations under this Lease, Tenant shall peaceably and quietly have, hold and enjoy the Premises for the
term provided by this Lease, subject to the provisions of this Lease, and to any mortgage or other agreement to which this Lease is subordinate. 

  

					
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 (b) Landlord reserves to itself such access and utility easements over, under and across the
Premises as may be required by Landlord from time to time in connection with the ownership, use or operation of the Property and/or any other property of Landlord or any affiliated party of Landlord. No such easement shall materially interfere with
Tenant’s use of the Premises. 
 32. Security Deposit. Upon execution of this Lease, Tenant shall deposit with
Landlord the sum set forth in Par. 1(h) as security for the performance by Tenant of its obligations under this Lease (the “Security Deposit”). Landlord shall have the right to use the Security Deposit to cure any default of Tenant
hereunder, including, but not limited to, payment of Annual Rent, Additional Rent, service fees, Default Interest or other debts of Tenant due Landlord, or repair or replacement of damage to the Premises. If Landlord uses any part of the Security
Deposit, Tenant shall restore the Security Deposit to its full amount within ten (10) days after Landlord’s demand therefor. Provided Tenant has fully complied with all of the terms of this Lease, Landlord shall return the Security Deposit
to Tenant without interest within thirty (30) days after the surrender of the Premises by Tenant. Landlord may deliver the Security Deposit to the purchaser or other transferee of Landlord’s interest in the Property in the event the
Property is sold or otherwise transferred, and Landlord shall be discharged from any further liability with respect to the Security Deposit. 

33. Notices. All notices in connection with this Lease, the Premises or the Property shall be in writing and shall be
personally delivered, or delivered by courier service (e.g., Federal Express, Airborne) or sent by certified mail, return receipt requested, postage prepaid. Notices to Landlord shall be delivered to the address specified in Par. 1(a). Notices to
Tenant shall be delivered to the address specified in Par. 1(b) until Tenant takes possession of the Premises; thereafter notices to Tenant shall be delivered to the Premises. All notices shall be effective upon delivery or attempted delivery in
accordance with this provision. Either party may change its notice address upon written notice to the other party given in accordance with this provision. 

34. Force Majeure. If Landlord is unable to perform any of its obligations or to supply or is delayed in supplying any
service expressly or impliedly to be supplied or is unable to make or is delayed in making any repair, additions, alterations or decorations, or is unable to supply or is delayed in supplying any equipment or fixtures, due to events beyond
Landlord’s control, the time provided to Landlord for performing such obligations shall be extended by a period of time equal to the duration of such events, and Tenant shall not be entitled to any claim against Landlord by reason thereof, and
the obligation of Tenant to pay rent and perform all its other obligations under this Lease shall not be affected, impaired or excused thereby. Events beyond Landlord’s control include, but are not limited to, acts of God, war, civil commotion,
labor disputes, strikes, casualty, labor or material shortages, government regulation or restriction and weather conditions. Landlord shall not be liable to Tenant nor shall Tenant be entitled to any abatement or reduction of rent, in the event of
the suspension, interruption, failure or inadequacy of any of the services to be provided by Landlord pursuant to this Lease. 
 35.
Waivers; Modifications. The failure of either party to insist on strict performance of any provision of this Lease shall not be construed as a waiver of such provision in any other instance. All amendments to this Lease shall be
in writing and signed by both parties. 
 36. Interpretation. The captions in this Lease are intended to assist the
parties in reading this Lease and are not a part of the provisions of this Lease. Whenever required by the context of this Lease, the singular shall include the plural and the plural shall include the singular. The masculine, feminine and neuter
genders shall each include the others. 
 37. Applicable Law. The laws of the state in which the Property is located
shall govern this Lease. 
 38. Authority of Lease Signatories. If Tenant is a corporation, partnership or other
entity, each person signing this Lease on behalf of Tenant represents that he has full authority to do so and that this Lease binds the corporation, partnership or other entity, as the case may be. 

  

					
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 39. Brokerage. Each party represents to the other that it did not deal with
any real estate broker in connection with this Lease, other than the brokers named in Par. 1(1). The commission of such brokers (if any) shall be paid by Landlord. Each party indemnifies and holds the other harmless from any claim for a commission
or other fee made by any broker with whom the indemnifying party has dealt, other than the foregoing named brokers. 
 40. Binding
Effect. This Lease is binding upon any party who legally acquires any rights or interest in this Lease from Landlord or Tenant; provided, however, Landlord shall have no obligation to Tenant’s successor unless the interest of
Tenant’s successor in this Lease is acquired in accordance with the provisions of this Lease. The term “Landlord” as used in this Lease means only the owner, or the mortgagee in possession, for the time being of the Property, so that
in the event of any sale of the Property, the said Landlord shall be and hereby is entirely freed and relieved of any liability for performance of all covenants and obligations of Landlord set forth in this Lease. 

41. Patriot Act Compliance. (a) Tenant will use good faith and commercially reasonable efforts to comply with the
Patriot Act (defined below) and all applicable requirements relating to money laundering and terrorism of governmental authorities having jurisdiction over Tenant and the Premises. Landlord shall have the right to audit Tenant’s compliance with
the Patriot Act and such other applicable requirements. If Tenant fails to comply with the Patriot Act and such other applicable requirements, then Landlord may, at its option, cause Tenant to comply therewith and all reasonable costs and expenses
incurred by Landlord in connection therewith shall be immediately due and payable. For the purposes hereof, “Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA Patriot Act) Act of 2001, as the same may be amended from time to time and corresponding provisions of future laws. Tenant’s failure to comply with the Patriot Act shall be a default under the Lease, and Landlord shall have the
right to immediately terminate the Lease and accelerate the Annual Rent and Additional Rent hereunder. 
 (b) Tenant represents that Tenant
(i) is not listed on any Government Lists (defined below), (ii) is not an entity who has been determined by competent authority to be subject to the prohibitions contained in Presidential Executive Orders No. 13224 (Sept 23, 2001) or
any other similar prohibitions contained in the rules and regulations of OFAC (defined below) or in any enabling legislation or other Presidential Executive Order in respect thereof, (iii) has not been previously indicted for or convicted of
any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense (defined below), or (iv) is not currently under investigation by any governmental authority for alleged criminal activity. For the purposes hereof,
“Government Lists” means (i) the Specially Designated Nationals and Blocked Persons Lists maintained by Office of Foreign Asset Control (“OFAC”), (ii) any other lists of terrorists, terrorist organizations or narcotics
traffickers maintained pursuant to any of the Rules and Regulations of OFAC, or (iii) similar lists maintained by the U.S. Department of State, the U.S. Department of Commerce or any other governmental authority. For the purposes hereof,
“Patriot Act Offense” means any violation of the Patriot Act or of the criminal laws of the U.S.A. or any of the several states relating to terrorism or the laundering of monetary instruments, including the Bank Secrecy Act and the Money
Laundering Control Act of 1986. 
 42. Miscellaneous. (a) Landlord reserves the right to decrease or increase the
size of the Building, and to build additional buildings or improvements on the land, in which event Tenant’s Share referred to in Par. 1(i) shall be appropriately adjusted. 

(b) Landlord shall have the right, without incurring any liability to Tenant or affecting this Lease, to change the arrangement and location
of public entrances, passageways, doors, corridors, elevators, stairs, toilets and other public parts of the Property. 
 (c) The
submission of this Lease to Tenant shall not be deemed to be an offer and shall not bind either party until duly executed by Landlord and Tenant. 

(d) Except with respect to Par. 22, Landlord and Tenant shall not be liable for consequential damages arising from any negligence, tortious
act, breach of any term, covenant or obligation under this Lease, or any other act or omission affecting this Lease. 

  

					
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	  	15	  	

 (e) This Lease may be executed in counterparts, and when all counterpart documents are executed,
the counterparts shall constitute a single binding instrument. 
 (f) A determination by a court of competent jurisdiction that any
provision of this Lease or part thereof is illegal or unenforceable shall not invalidate the remainder of this Lease or such provision, Which shall continue to be in effect. 

(g) Tenant shall not record this Lease or a memorandum hereof. 

(h) Tenant shall observe the rules and regulations set forth in the Rules and Regulations Rider attached hereto, and such other reasonable
rules and regulations as Landlord may from time to time adopt, on written notice to Tenant. Landlord shall not be obligated to enforce the rules and regulations against any tenant, and Landlord shall not be liable for violation of same by any
tenant, or any of its employees or invitees. 
 (i) Landlord and Tenant acknowledge that there is certain furniture (the
“Furniture”) currently located at the Premises. Tenant has requested, and Landlord hereby agrees, that Tenant may use the Furniture during the Term of this Lease. Landlord makes no representation or warranty whatsoever, whether expressed,
implied or statutory, of any kind, with respect to the Furniture, and hereby disclaims any such warranty, including, but not limited to merchantability and fitness for a particular purpose, and Tenant agrees to accept the Furniture “as
is”, “where is” subject to all faults. Landlord shall not be responsible for replacing, repairing or removing or disposing of the Furniture. The Furniture shall remain the property of Landlord and shall remain on and be surrendered
with the Premises upon termination of the Lease, unless Landlord shall notify Tenant at least thirty (30) days prior to the expiration Date that it desires that such Furniture be removed at the expiration of the Lease, in which event Tenant
agrees to remove such Furniture at the expiration or earlier termination of the Term of this Lease and Tenant shall, at its sole cost and expense, repair all damage resulting from such removal. 

THE RIDERS ENUMERATED IN PAR. 1(m) ABOVE ARE ATTACHED HERETO AND MADE A PART OF THIS LEASE AS FULLY AS IF SET FORTH HEREIN AT LENGTH. The
terms used in the Riders have the same meanings set forth in this Lease. The provisions of a Rider shall prevail over any provisions of this Lease which are inconsistent or conflict with the provisions of such Rider. 

IN WITNESS WHEREOF, the parties hereby have duly executed this Lease as of the date first above set forth. 

 

									
		 		 	LANDLORD:
			
	WITNESS:	 		 	BTCT ASSOCIATES, L.L.C.
					
		 	

	 		 	By:	 	

					
		 		 		 	Its:	 	Manager

  

									
		 		 	TENANT:
			
	ATTEST:	 		 	VALERITAS, INC.
					
	By:	 	

	 		 	By:	 	/s/ Kristine Peterson
					
	Its:	 	CFO	 		 	Its:	 	Kristine Peterson, CEO

  

					
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	  	16	  	

 ANNUAL RENT RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 
 The
Annual Rent payable by Tenant to Landlord during the Term shall be in the amounts and for the Lease Years and payable in the monthly installments as follows (subject to Par. 4(c) of the Lease): 

 

							
	 Lease Years
	  	 PSF
	  	 Monthly Installment
	  	 Annual Amount

	 1 — 3
	  	$24.00	  	$15,310.00	  	$183,720.00

  

							
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  
  
  

  

					
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	  	17	  	

 EXTENSION OPTION RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 
 1.
Grant of Option. Subject to the provisions of Section 3 of this Rider, Landlord hereby grants to Tenant one (1) option (the “Option”) to extend the Term following the expiration of the original term hereof (the
“Initial Term”) for an additional term of three (3) years (the “Extension Term”). 
 2. Exercise of
Option. The Option shall be exercised only by written notice (the “Extension Notice”) delivered to Landlord in accordance with Par. 33 of the Lease not more than eighteen (18) nor less than twelve (12) months before the
expiration of the Initial Term. Time shall be of the essence with respect to delivery of the Extension Notice and if Tenant fails to deliver the Extension Notice within the specified time period, the Option shall lapse, and Tenant shall have no
right to extend the Term. 
 3. Conditions Precedent to Option. The Option shall be exercisable by Tenant and the Lease shall
continue for the Extension Term provided both of the following conditions are satisfied: 
 (a) At the time Landlord receives the Extension
Notice and at the commencement of the Extension Term, Tenant shall not be in default under any of the provisions of the Lease (after giving effect to any applicable notice and cure periods). 

(b) At the time Landlord receives the Extension Notice and at the commencement of the Extension Term, the Tenant named in Par. 1(b) of the
Lease shall not have assigned the Lease or sublet any portion of the Premises, except as permitted in Par. 16(a) of the Lease. 
 4.
Extension Term Provisions. The Extension Term shall be on all of the same terms and conditions set forth in the Lease and applicable to the Initial Term, except Tenant shall have no further option to extend the Term following the
Extension Term, and the Annual Rent payable by Tenant for the Extension Term shall be as follows: 
  

							
	 Lease Years
	  	 PSF
	  	 Monthly Installment
	  	 Annual Amount

	 4 - 6
	  	$26.16	  	$16,687.90	  	$200,254.80

  

							
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	18	  	

 REAL ESTATE TAX RIDER 

 

			
	Date of Lease:	  	October 20th, 2009
	Landlord:	  	     
 BTCT Associates,
L.L.C.

	Tenant:	  	     
 Valeritas,
Inc.

	Premises:	  	     
 Portion of First
Floor

		  	750 Route 202
		  	Bridgewater, New Jersey

 Tenant shall pay as Additional Rent the Tenant’s Share referred to in Par. 1(i) of the Lease of all real
estate taxes assessed against the Property for any tax fiscal year which occurs wholly or partially during the Term of this Lease in excess of the real estate taxes assessed against the Property for the tax fiscal year referred to in Par.
1(j) (the “Base Tax Year”) (such Additional Rent is hereinafter called the “Tax Rent”). The term “real estate taxes” shall mean (i) any tax or assessment levied, assessed or imposed at any time by any
governmental authority on or against the Property or any part thereof; (ii) any assessment for public betterments or improvements levied, assessed or imposed upon or against the Property; (iii) the cost of prosecuting any appeal of real
estate taxes with respect to the Property, including attorneys’ fees, appraisers’ fees and any administrative charge of the managing agent of the Property; and (iv) any tax levied, assessed or imposed at any time upon or against the
receipt of income or rents or any other tax upon Landlord as a substitute or supplement in whole or in part for a real estate tax or assessment. Real estate taxes for any tax fiscal year beginning before the Commencement Date or terminating after
the Expiration Date shall be apportioned so that Tenant shall pay only such portion of the increase in real estate taxes as shall be attributable to the portion of such tax fiscal year occurring during the Term of this Lease. The term “real
estate taxes” shall not include income taxes, estate taxes, inheritance taxes, transfer taxes, recording taxes, succession taxes, franchise taxes, excise taxes, business privilege taxes, gross receipts or profit taxes, or capital levy that is
or may be imposed upon Landlord or the Property. 
 Tenant shall pay its Tax Rent in monthly installments on the first day of each month on
an estimated basis as determined by Landlord. Landlord may adjust such estimate at any time and from time to time based upon Landlord’s anticipation of the real estate taxes which may be assessed against the Property. Within sixty
(60) days after the real estate taxes for any tax fiscal year shall be fixed by the appropriate governmental authorities, Landlord shall deliver to Tenant a statement (“Landlord’s Tax Statement”) setting forth the actual real
estate taxes assessed against the Property for such tax fiscal year, the amount paid by Tenant as Tax Rent on account thereof, Tenant’s Share of such real estate taxes, and the amount due to or from Tenant. If Tenant has paid less than the
actual amount due, Tenant shall pay the difference to Landlord within ten (10) days after Landlord’s request therefor. Any amount paid by Tenant which exceeds the actual amount due shall be credited to the next succeeding payments due as
Tax Rent hereunder, unless the Term has then expired in which event such excess amount shall be refunded to Tenant. For the avoidance of doubt, for and during the period of time commencing on the Commencement Date and ending at 11:59 p.m. on the day
immediately preceding the Part B Premises Commencement Date, Tenant’s Share shall be based on the square footage of the Part A Premises only and Tenant shall be obligated to pay Tax Rent for the Part A Premises but not for the Part B Premises.

 Tenant shall have the right, at its cost and expense, to audit the Tax Rent for the immediately preceding calendar year only in order to
verify the accuracy of any sum which was charged to Tenant pursuant to this Real Estate Tax Rider, provided that: (i) Tenant shall notify Landlord of its election to audit the Tax Rent within thirty (30) days following Tenant’s
receipt of the Landlord’s Tax Statement (the “Audit Notice”); (ii) such audit shall be conducted at the office where Landlord maintains its records and only after Tenant gives Landlord at least thirty (30) days prior written
notice; (iii) Tenant shall deliver to Landlord a copy of the results of such audit within thirty (30) days following Tenant’s receipt of the Landlord’s Tax Statement; (iv) no assignee shall conduct an audit for any period
during which such assignee was not in possession of the Premises; 

  

					
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(v) Tenant shall keep the results of such audit strictly confidential and shall not disclose the same to any other party; (vi) no subtenant shall have any right to conduct an audit;
(vii) no audit shall be conducted at any time that Tenant is in default of any of the terms of this Lease beyond the expiration of any applicable notice and grace period provided for herein; (viii) such audit shall only be conducted by a
certified public accountant not compensated on a contingent fee basis and (ix) no such audit shall be conducted if any other tenant has conducted an audit for the time period Tenant intends to audit and Landlord furnishes to Tenant a copy of
the results of said audit. In the event that Tenant’s audit alleges that an error was made by Landlord, Landlord shall have sixty (60) days following receipt of the results of such audit to obtain an audit from an accountant of
Landlord’s choice, at Landlord’s cost and expense, or Landlord shall be deemed to have accepted the results of Tenant’s audit. In the event that Landlord’s and Tenant’s accountants shall be unable to reconcile the results,
both accountants shall mutually agree upon a third accountant whose determination shall be conclusive. The cost of any such third accountant shall be shared equally between Landlord and Tenant. If it is determined that Tenant has paid less than the
actual amount due, Tenant shall pay the difference to Landlord within thirty (30) days after the date of such determination. If it is determined that Tenant has paid any amount in excess of the amount due, such excess amount shall be refunded
to Tenant within thirty (30) days after the date of such determination. In the event Tenant fails to send Landlord the Audit Notice within thirty (30) days following Tenant’s receipt of the Landlord’s Tax Statement, such
Landlord’s Tax Statement shall be conclusive and binding upon Tenant and (i) Tenant waives its right to audit the real estate taxes for the immediately preceding calendar year, (ii) Tenant waives any objections and is barred from
asserting any claims pertaining to such Landlord’s Tax Statement, and (iii) all payments made by Tenant on account of real estate tax for the calendar year shown on the Landlord’s Tax Statement shall then be conclusively accepted by
Tenant as correct, final and not subject to questions, claim, reduction, audit or rebate in whole or in part. 
  

							
				
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	20	  	

 OPERATING EXPENSE RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 

Tenant shall pay as Additional Rent Tenant’s Share referred to in Par. 1(i) of the Lease of the expenses of the Property for any
calendar year which occurs wholly or partially during the Term of this Lease in excess of the operating expenses of the Property for the calendar year referred to in Par. 1 (k) of the Lease (the “Base Expense Year”) (such Additional
Rent is hereinafter called the “Expense Rent”). The term “operating expenses” shall mean all costs incurred by Landlord in connection with the operation, maintenance, care and repair of the Property, including, but not limited
to, gardening and landscaping; snow removal; repairing, resurfacing or repaving the parking areas, roads or driveways on the Property; premiums for fire and other casualty insurance, rent insurance, liability insurance, workers compensation
insurance and other insurance with respect to the Property; wages, medical insurance, pension payments and other fringe benefits of all employees servicing the Property; payroll taxes; labor and materials for repairs and replacements for the
Building and other improvements on the Property; trash removal; cleaning; service contracts; electricity, gas, water, sewer and other utility charges and rents; fuel oil; painting; security; professional fees; administrative expenses; management
fees not to exceed five (5%) percent of the gross rents collected for the Building; and alterations and improvements made by reason of governmental or insurance company requirements. If the Commencement Date is other than the first day of a
calendar year, or the Expiration Date is prior to the last day of a calendar year, the Expense Rent shall be apportioned so that Tenant shall pay only such portion of the expenses of the Property attributable to such calendar year occurring during
the Term of this Lease. 
 Notwithstanding anything herein to the contrary, if snow plowing expenses for the Base Expense Year shall exceed
the cost of plowing two (2) snowfalls of not more than two (2) inches each, said snow plowing expenses for the Base Expense Year shall be appropriately adjusted so that the amount thereof shall reflect such expenses as would have been
incurred if there had been two (2) snowfalls of not more than two (2) inches each (the “Base Snowplowing Expense”). In addition to Tenant’s obligation to pay Tenant’s Share of snowplowing costs in excess of the
snowplowing costs for the Base Expense Year, Tenant shall also pay Tenant’s Share of all snowplowing costs for the Base Expense Year which exceed the Base Snowplowing Expense. 

The term “operating expenses” shall include capital improvements provided, however, that the cost for any “Major Capital
Improvement” (as hereinafter defined) shall be amortized on a straight-line basis over a useful life period (not to exceed ten (10) years), and Tenant shall reimburse Landlord for the portion of such cost allocable to the applicable
amortization period which falls within the Term of the Lease as extended pursuant to the Extension Option Rider (if applicable). Such reimbursement shall be paid by Tenant in monthly installments, as Additional Rent, at the same time and in the same
manner as Annual Rent, which installments shall be paid together with interest on the outstanding amount at the rate of ten and one half (10.5%) percent per annum. For purposes hereof, the term “Major Capital Improvement” shall mean
any capital improvement having a cost in excess of Two Hundred Fifty Thousand and 00/100 ($250,000.00) Dollars. 
 Operating expenses shall
not include the following: 
 (A) Interest, points, fees, principal payments of any mortgage, financing costs and amortization of funds borrowed by
Landlord, whether secured or unsecured; 
 (B) Depreciation of the Premises or the Building; 

  

					
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 (C) Advertising, legal and space planning expenses and leasing commissions and other costs and expenses incurred
in procuring and leasing space to tenants for the Building, including any leasing office maintained in the Building or outside of the Building, free rent and construction allowances for tenants and dues paid to trade associations; 

(D) Legal and other expenses incurred in the negotiation or enforcement of leases or the securing or defense of Landlord’s title to the Property; 

(E) Completing, fixturing, improving, renovating, painting, redecorating or other work, which Landlord pays for or performs for other tenants within their
premises, and costs of correcting defects in such work; 
 (F) Costs to be reimbursed by other tenants of the Building or taxes to be paid directly by
Tenant or other tenants of the Building, whether or not actually paid; 
 (G) Salaries, wages, benefits and other compensation paid to officers and
employees of Landlord who are not assigned in whole or in part to the operation, management, maintenance or repair of the Building and salaries and benefits and other compensation to executives, officers or partners of Landlord above the grade of
building manager or to any other person above the grade of building manager; 
 (H) General organizational, administrative and overhead costs relating to
creating or maintaining Landlord’s existence, either as a corporation, partnership, or other entity, including general corporate, legal and accounting expenses and all general corporate overhead and general administrative expenses not related
to the operation of the Property; 
 (I) Costs (including attorneys’ fees and costs of settlement, judgments and payments in lieu thereof) incurred in
connection with disputes with tenants, other occupants, or prospective tenants, and costs and expenses, including legal fees, incurred in connection with negotiations or disputes with employees, consultants, management agents, leasing agents,
purchasers or mortgagees of the Property; 
 (J) Costs incurred by Landlord due to the violation by Landlord, its employees, agents or contractors or any
tenant of the terms and conditions of any lease of space in the Building or any laws; 
 (K) Penalties, fines or interest incurred as a result of
Landlord’s inability or failure to make payment of taxes and/or to file any tax or informational returns when due, or from Landlord’s failure to make any payment of taxes required to be made by Landlord hereunder before delinquency; 

(L) Costs of Landlord’s charitable or political contributions, or of fine art maintained at the Property; 

(M) Costs in connection with services, items or other benefits of a type which are not standard for the Property and which are not available to Tenant or any
other tenant in the Building without specific charges therefor, but which are provided to another tenant or occupant of the Building, whether or not such other tenant or occupant is specifically charged therefor by Landlord; 

(N) Costs incurred in the sale, financing or refinancing of the Property (including, without limitation, transfer taxes); 

(O) Real estate taxes, as described in the Real Estate Tax Rider to this Lease, and net income taxes of Landlord or the owner of any interest in the Property,
franchise, transfer, capital stock, gift, estate or inheritance taxes or any federal, state or local documentary taxes imposed against the Property or any portion thereof or interest therein; 

(P) Any expenses otherwise includable within operating expenses to the extent actually reimbursed by persons other than tenants of the Building; 

  

					
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 (Q) Landlord’s costs of electricity and other services sold or provided to tenants in the Building
(including Tenant) and for which Landlord is entitled to be reimbursed by such tenants as a separate additional charge or rental over and above the rent or expenses payable under the lease with such tenant; 

(R) Ground rent payments to a ground lessor and the cost of consummating any ground lease; 

(S) Reserves for bad debts and rent loss reserves; 
 (U) The
cost of repairs or other work to the extent Landlord is actually reimbursed by insurance or condemnation proceeds. 
 Tenant shall pay its
Expense Rent in monthly installments on the first day of each month on an estimated basis as determined by Landlord. Landlord may adjust such estimate at any time and from time to time based upon Landlord’s experience and anticipation of costs.
After the end of each calendar year during the Term, Landlord shall deliver to Tenant a statement (“Expense Statement”) setting forth the actual expenses of the Property for such calendar year, the amount paid by Tenant as Expense Rent on
account thereof, Tenant’s Share of such expenses, and the amount due to or from Tenant. If Tenant has paid less than the actual amount due, Tenant shall pay the difference to Landlord within ten (10) days after Landlord’s request
therefor. Any amount paid by Tenant which exceeds the amount due shall be credited to the next succeeding payments due as Expense Rent hereunder, unless the Term has then expired in which event such excess amount shall be refunded to Tenant. For the
avoidance of doubt, for and during the period of time commencing on the Commencement Date and ending at 11:59 p.m. on the day immediately preceding the Part B Premises Commencement Date, Tenant’s Share shall be based on the square footage of
the Part A Premises only and Tenant shall be obligated to pay Expense Rent for the Part A Premises but not for the Part B Premises. 

Tenant shall have the right, at its cost and expense, to audit the Expense Rent for the immediately preceding calendar year only in order to
verify the accuracy of any expense which was charged to Tenant pursuant to this Operating Expense Rider, provided that: (i) Tenant shall notify Landlord of its election to audit the Expense Rent within thirty (30) days following
Tenant’s receipt of the Expense Statement (the “Audit Notice”); (ii) such audit shall be conducted at the office where Landlord maintains its records and only after Tenant gives Landlord at least thirty (30) days prior
written notice; (iii) Tenant shall deliver to Landlord a copy of the results of such audit within thirty (30) days following Tenant’s receipt of the Expense Statement; (iv) no assignee shall conduct an audit for any period during
which such assignee was not in possession of the Premises; (v) Tenant shall keep the results of such audit strictly confidential and shall not disclose the same to any other party; (vi) no subtenant shall have any right to conduct an
audit; (vii) no audit shall be conducted at any time that Tenant is in default of any of the terms of this Lease beyond the expiration of any applicable notice and grace period provided for herein; (viii) such audit shall only be conducted
by a certified public accountant not compensated on a contingent fee basis and (ix) no such audit shall be conducted if any other tenant has conducted an audit for the time period Tenant intends to audit and Landlord furnishes to Tenant a copy
of the results of said audit. In the event that Tenant’s audit alleges that an error was made by Landlord, Landlord shall have sixty (60) days following receipt of the results of such audit to obtain an audit from an accountant of
Landlord’s choice, at Landlord’s cost and expense, or Landlord shall be deemed to have accepted the results of Tenant’s audit. In the event that Landlord’s and Tenant’s accountants shall be unable to reconcile the results,
both accountants shall mutually agree upon a third accountant whose determination shall be conclusive. The cost of any such third accountant shall be shared equally between Landlord and Tenant. If it is determined that Tenant has paid less than the
actual amount due, Tenant shall pay the difference to Landlord within thirty (30) days after the date of such determination. If it is determined that Tenant has paid any amount in excess of the amount due, such excess amount shall be refunded
to Tenant within thirty (30) days after the date of such determination. In the event Tenant fails to send Landlord the Audit Notice within thirty (30) days following Tenant’s receipt of the Expense Statement, such Expense Statement
shall be conclusive and binding upon Tenant and (i) Tenant waives its right to audit the operating expenses for the immediately preceding calendar year, (ii)

  

					
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	  	23	  	

 
Tenant waives any objections and is barred from asserting any claims pertaining to such Expense Statement, and (iii) all payments made by Tenant on account of operating expenses for the
calendar year shown on the Expense Statement shall then be conclusively accepted by Tenant as correct, final and not subject to questions, claim, reduction, audit or rebate in whole or in part. 

 

							
				
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
	 ICM: 09/18/02
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09/18/02
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	  	24	  	

 LANDLORD’S SERVICES RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 
 1.
Maintenance and Repairs by Landlord. Landlord shall make necessary repairs to the roof, foundation and exterior walls of the Building and any load-bearing interior walls of the Premises, the parking areas, access roads and
driveways, and all components of the electrical, mechanical, plumbing, heating and air-conditioning systems and facilities located on Property which are used in common by tenants of the Building, provided, however, if any such repair is necessitated
by the act or omission of Tenant or any of its employees or invitees, such repair shall be at the expense of Tenant. 
 2. Snow
Removal. Landlord shall arrange for removal of accumulations of snow and ice from the drives, parking areas and walkways of the Property. If requested by Landlord, to facilitate snow removal work, Tenant and its employees and invitees shall
park vehicles only in areas designated by Landlord. 
 3. Landscape Maintenance. Landlord shall maintain landscaping in the
Common Area of the Building and Property. 
 4. Water Service. Landlord shall cause the applicable public utility company to
provide to the Building water in quantities sufficient for lavatory facilities, drinking fountains and incidental kitchen uses. If Tenant uses water for any purposes other than those for which Landlord is required to provide water in unusual
quantities, Tenant shall pay to Landlord as Additional Rent the cost of such usage as reasonably determined by Landlord within ten (10) business days after Landlord’s request therefor. At Landlord’s option, and at Tenant’s
expense, a separate water meter or check meter may be installed or survey made to determine Tenant’s water usage. If there shall be such water usage without Landlord’s consent, Landlord may require Tenant to cease such water usage, and
Landlord may suspend the supply of water to the Premises until Tenant so ceases its water usage. 
 5. Cleaning. Landlord
shall clean the Premises substantially in accordance with the following: 
 All carpeting shall be vacuumed nightly. Carpet shampooing is
excluded. 
 Dust furniture nightly. 

Empty and dust all waste receptacles nightly and remove from the Premises waste paper and waste materials incidental to normal office usage.

 Empty wastepaper baskets and clean ashtrays and sand urns nightly. 

Dust telephones as required. 

6. Heating, Ventilating and Air Conditioning. 

(a) Landlord shall provide in the Building a heating, ventilation and air conditioning system to furnish heating, ventilation and air
conditioning to the Premises. 

  

					
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 (b) Tenant shall at all times cooperate fully with Landlord and abide by all the regulations and
requirements which Landlord may prescribe for the proper functioning and protection of its ventilating, heating and air conditioning system and shall keep operable peripheral windows (if any) closed and use white Venetian blinds to keep direct
sunlight from entering the Premises. 
 7. Landlord shall provide all services hereunder and for maintaining the Property in a first class
manner. 
  

							
				
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	26	  	

 ENERGY RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 
 1.
Tenant Electric. “Tenant Electric” is all electric consumed by Tenant in connection with Tenant’s occupancy of the Premises including but not limited to electric for lighting, office machinery, equipment, and all other
appliances, machinery, equipment and systems Tenant uses in connection with the occupancy of the Premises. Tenant Electric does not include electric for the building heating, ventilating and air-conditioning system. 

2. Tenant Electric Usage. Commencing on the Commencement Date, Tenant shall pay Landlord as Additional Rent the cost of Tenant
Electric (“Energy Rent”) based upon, at Landlord’s option: (a) $1.50 per square foot of rentable area of the Premises or (b) a separate submeter or check meter installed by Landlord (at Landlord’s sole cost and expense)
as part of the Landlord Work (as defined in the Landlord’s Work Rider) to determine Tenant’s electrical consumption. For the avoidance of doubt, for and during the period of time commencing on the Commencement Date and ending at 11:59 p.m.
on the day immediately preceding the Part B Premises Commencement Date, the Energy Rent shall be based upon Tenant’s electrical consumption in the Part A Premises and Tenant shall only be obligated to pay Energy Rent for the Part A Premises but
not for the Part B Premises. 
 If Landlord elects to charge for Tenant Electric under Section 2(a) of this Rider, Tenant shall pay
Landlord for such electric energy the annual amount which shall be determined by multiplying the gross rentable area of the Premises by One and 50/100 ($1.50) Dollars per square foot. Said sum shall be paid by Tenant in equal monthly installments on
the first day of each calendar month during the Term commencing on the Commencement Date. Such sum shall be subject to increase in accordance with increases in electric charges payable by Landlord. 

If Landlord elects to charge for Tenant Electric under Section 2(b) of this Rider, 

(i) For the purposes of this Lease, the average kilowatt hour cost of electric during the first Lease Year and each Lease Year thereafter
shall be determined by dividing Landlord’s total cost of electricity charged by the utility company (including rate, fuel adjustments, demand charges, applicable taxes and any other charges the utility company may impose) by the total kilowatt
hours of electric consumed, the result of which shall be the average kilowatt hour cost for such Lease Year. Since the current kilowatt-hour cost of electric will not be available for any Lease Year until after such Lease Year, Landlord may estimate
such kilowatt-hour cost for the year and estimate the charges subject to adjustment as provided in Paragraph 2(ii) of this Rider; and 

(ii) Tenant shall pay its Energy Rent in monthly installments on the first day of each month on an estimated basis as determined by Landlord.
Landlord may adjust such estimate at any time and from time to time based upon Landlord’s experience and anticipation of the costs of electricity used in connection with the Property. After the end of such calendar year during the Term,
Landlord shall deliver to Tenant a statement (“Energy Statement”) setting forth the amount of Energy Rent payable by Tenant for such calendar year, the amount paid by Tenant as Energy Rent on account thereof, and the amount due to or from
Tenant. If Tenant has paid less than the actual amount due, Tenant shall pay the difference to Landlord within ten (10) days after Landlord’s request therefor. Any amount paid by Tenant which exceeds the amount due shall be credited to the
next succeeding payments due as Energy Rent hereunder, unless the Term has then expired in which event such excess amount shall be refunded to Tenant. 

  

					
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	  	27	  	

 3. General Conditions. Tenant shall not maintain or install in the Premises any fixture
or equipment requiring electric power in excess of 1800 volt-amperes without Landlord’s prior written consent. Tenant’s total connected load shall not exceed three (3) volt-amperes per square feet. Tenant shall not maintain or install
in the Premises any fixture, equipment or systems which will overload the feeders, risers or require additional wiring without Landlord’s consent. The Landlord shall have no responsibility for failure to supply the electricity when prevented
from doing so by strikes, repairs, necessary alterations or necessary improvements or by reason of the failure of the public utility to furnish electric current, or for any cause beyond the Landlord’s reasonable control, or by order or
regulation of any federal, state, county or municipal authority. The Landlord’s obligation to furnish electricity shall not be deemed breached nor shall there by any abatement in rent or any liability on the part of the Landlord to the Tenant
for failure to furnish electricity. In no event shall Landlord be obligated to increase the existing electrical capacity of any portion of the Building’s system, nor to provide any additional wiring or capacity to meet the Tenant’s
additional requirements. 
 4. Tenant’s Audit Rights. Tenant shall have the right, at its cost and expense, to audit the Energy
Rent for the immediately preceding calendar year only in order to verify the accuracy of any sum which was charged to Tenant pursuant to this Energy Rider, provided that: (i) Tenant shall notify Landlord of its election to audit the Energy Rent
within thirty (30) days following Tenant’s receipt of the Energy Statement (the “Audit Notice”); (ii) such audit shall be conducted at the office where Landlord maintains its records and only after Tenant gives Landlord at
least thirty (30) days prior written notice; (iii) Tenant shall deliver to Landlord a copy of the results of such audit within thirty (30) days following Tenant’s receipt of the Energy Statement; (iv) no assignee shall
conduct an audit for any period during which such assignee was not in possession of the Premises; (v) Tenant shall keep the results of such audit strictly confidential and shall not disclose the same to any other party; (vi) no subtenant shall
have any right to conduct an audit; (vii) no audit shall be conducted at any time that Tenant is in default of any of the terms of this Lease beyond the expiration of any applicable notice and grace period provided for herein; (viii) such
audit shall only be conducted by a certified public accountant not compensated on a contingent fee basis and (ix) no such audit shall be conducted if any other tenant has conducted an audit for the time period Tenant intends to audit and
Landlord furnishes to Tenant a copy of the results of said audit. In the event that Tenant’s audit alleges that an error was made by Landlord, Landlord shall have sixty (60) days following receipt of the results of such audit to obtain an
audit from an accountant of Landlord’s choice, at Landlord’s cost and expense, or Landlord shall be deemed to have accepted the results of Tenant’s audit. In the event that Landlord’s and Tenant’s accountants shall be unable
to reconcile the results, both accountants shall mutually agree upon a third accountant whose determination shall be conclusive. The cost of any such third accountant shall be shared equally between Landlord and Tenant. If it is determined that
Tenant has paid less than the actual amount due, Tenant shall pay the difference to Landlord within thirty (30) days after the date of such determination. If it is determined that Tenant has paid any amount in excess of the amount due, such
excess amount shall be refunded to Tenant within thirty (30) days after the date of such determination. In the event Tenant fails to send Landlord the Audit Notice within thirty (30) days following Tenant’s receipt of the Energy
Statement, such Energy Statement shall be conclusive and binding upon Tenant and (i) Tenant waives its right to audit the energy expenses for the immediately preceding calendar year, (ii) Tenant waives any objections and is barred from
asserting any claims pertaining to such Energy Statement, and (iii) all payments made by Tenant on account of Tenant Electric for the calendar year shown on the Energy Statement shall then be conclusively accepted by Tenant as correct, final
and not subject to questions, claim, reduction, audit or rebate in whole or in part. 
  

							
				
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		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	28	  	

 RULES AND REGULATIONS RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 

Landlord hereby promulgates the following Rules and Regulations with respect to the Property: 

1. The roads, driveways, parking areas, sidewalks, entrances, elevators, stairways and halls shall not be obstructed by any tenant or used
for any purpose other than for ingress to and egress from such tenant’s leased premises. No tenant shall store on a temporary or permanent basis any of its property (including waste receptacles) outside of its leased premises. 

2. No tenant shall use or keep any foul or noxious gas or substance in its leased premises, or permit its leased premises to be used in a
manner offensive or objectionable to Landlord or other tenants of the Building by reason of noise, odors or vibrations. No animals or birds shall be kept on the Property. 

3. No sign, advertisement, notice or other lettering (however worthy the cause might be) shall be exhibited, inscribed, painted or affixed by
any tenant on any part of the outside of its leased premises or the Building, or anywhere on the exterior of the Property, or on the inside of its leased premises which is visible from the outside of the premises, without the consent of the
Landlord, except as provided in the Lease. 
 4. No smoking is permitted in any part of the Building. Smoking is also prohibited in the
front of the Building and at the rear entrance to the Building. Smoking is only permitted outside at the loading dock area. Any violation of this smoking policy may result in a $50.00 charge per occurrence to the Tenant employing an individual
violating this smoking policy. 
 5. If a tenant installs any additional locks or changes the locks on any of the entrance doors or
interior doors of its leased premises, Tenant shall provide to Landlord duplicate keys to such locks. (All lock cylinders in doors into the Premises shall work with Landlord’s master keying system.) 

6. Tenant shall not install any window coverings other than Venetian blinds as specified by Landlord. 

7. No tenant shall place a load upon any floor of its leased premises exceeding the floor load per square foot area which it was designed to
carry and which is allowed by law. Landlord reserves the right to prescribe the weight and position of all safes, office machines, other machines and mechanical equipment. Such installations shall be placed in locations in the leased premises and in
such manner sufficient to absorb and prevent vibration, noise and annoyance. 
 8. Freight, furniture, equipment, supplies, merchandise and
bulky matter shall be delivered to and removed from the leased premises only on the elevator designated therefor by Landlord, only through the entrances and corridors designated by Landlord, and only during the hours and in the manner prescribed by
Landlord. The persons engaged by any tenant for such work shall be reasonably acceptable to Landlord. 
 9. No tenant shall bring or keep
in its leased premises any inflammable, combustible or explosive fluid, material, chemical or substance, or cause any odors of cooking or other processes, or any objectionable odors to permeate in or emanate from its leased premises. 

  

					
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 10. There is a $25.00 charge for the reprogramming of any access card, a $50.00 charge for a new
access card, and a $25.00 charge for any lost or damaged access card. There is a $25.00 charge for each individual reprogramming of the Sentex access system and a $50.00 charge, per pair of doors, for each change in door locking schedule not set
forth in an annual schedule. If alarmed doors are opened for a non-emergency, Tenant shall be assessed a $150.00 charge per occurrence. 

11. Employees (whether full time or part time) of Tenant, and independent contractors regularly employed by Tenant and based at the Premises,
parking in spaces designated for visitors will result in a $50.00 charge to Tenant per car per day. 
 12. No doors opening onto common
areas of the Building shall be permitted to be propped-open except on a temporary, as-needed basis for the moving of furniture, supplies or equipment only. 

13. No pallets shall be left in the common areas. No pallets shall be disposed of in the common dumpsters. The storage and proper disposal of
such pallets shall be the sole responsibility of the tenant receiving goods on such pallets. All cardboard waste shall be segregated by Tenant and broken down as directed by Landlord. 

14. Each of the above charges are subject to increase from time to time. 

 

							
				
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		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	30	  	

 LANDLORD’S WORK RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 
 1.
Landlord’s Work. (a) Landlord shall, at its cost and expense, prepare a full set of construction documents, including specifications and signed and sealed plans (the “Plans and Specifications”), for the work to be
performed substantially in accordance with the space plans prepared by Landlord’s architect dated August 20, 2009, in order to render the Premises ready for Tenant’s occupancy thereof. 

(b) Landlord shall, at its sole cost and expense, perform the work (“Landlord’s Work”) shown on the Plans and Specifications,
as follows: 
 (i) Construct new 5/8” sheetrock walls as indicated on the Plans and Specifications. 

(ii) New sheetrock walls shall be painted with one (1) coat of primer and two (2) coats of latex paint to match existing walls.

 (iii) Furnish and install building standard laminate countertop, with upper and lower cabinets, and sink in kitchen. 

(iv) Furnish and install building standard dishwasher and associated plumbing, and microwave in kitchen. 

(v) Furnish and install electrical outlets in kitchen as required by code and to support appliances. Furnish and install new and/or relocate
electrical outlets and light switches as required by alterations. 
 (vi) Furnish and install VCT with vinyl base in kitchen. 

(vii) Repair carpet and vinyl base or install new in altered areas as required. 

(viii) Furnish and install building standard 7’ 0” stain grade solid core birch doors, bucks and hardware in conference room,
hallway, and three offices. 
 (ix) Furnish and install and/or relocate exit lights pursuant to applicable code. 

(x) Furnish and install and/or relocate fire alarm horn strobes pursuant to applicable code. 

(xi) Furnish and install and/or repair ceiling grid in altered areas as required. 

(xii) Furnish and install new 2’ x 4’ “second look” ceiling tiles in altered areas as required. 

(xiii) Relocate existing flourescent light fixtures in altered areas as required. 

(xiv) Relocate fire sprinkler drops and heads as required by code. 

  

					
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	  	31	  	

 (xv) Furnish and install blinds on the Premises windows, both perimeter and overlooking the
Building lobby. 
 (c) Any work with respect to the installation of computer wiring, security system(s), telephone systems, furniture
and/or furniture systems including connection of data cabling, panels, conduits, power poles, electrical connection(s), etc., interior signage, trade fixtures, and fire extinguishers, shall be the responsibility of Tenant at its sole cost and
expense. Tenant shall secure any applicable permits required for such work. Tenant shall supply its own furniture plan at its expense. 

(d) Landlord reserves the right to make changes, additions and/or deletions in Landlord’s Work which are deemed reasonably necessary or
advisable based upon special job conditions or availability of materials, and to meet requirements of any governmental authority or agency having jurisdiction over the Building and the Premises. 

(e) Landlord’s Work shall be the property of Landlord and shall remain on and be surrendered with the Premises upon termination of the
Lease. 
 2. Tenant’s Construction Representative. Upon execution of the Lease, Tenant shall designate an individual to serve
as Tenant’s Construction Representative. Such designation may be changed at any time in accordance with the notice provision of the Lease, but only one (1) individual may be so designated at any one time. Tenant’s Construction
Representative shall be the only individual authorized to communicate with Landlord regarding Landlord’s Work and to make decisions regarding the Plans and Specifications and Tenant Extras. 

3. Tenant Extras. Tenant may request any change, addition or alteration in Landlord’s Work set forth in the Plans and
Specifications, subject to the reasonable approval of Landlord (“Tenant Extras”). Substitution of materials in place of materials set forth in the Plans and Specifications and additions of quantities of materials in excess of quantities of
materials set forth on the Plans and Specifications shall be deemed Tenant Extras. Tenant agrees to pay for Tenant Extras based on Landlord’s actual cost therefor, including field supervision, together with ten (10%) percent of such cost
for Landlord’s overhead plus five (5%) percent of such sum for Landlord’s profit (“Landlord’s Charges”). Tenant shall pay to Landlord Landlord’s Charges for Tenant Extras as Additional Rent within thirty
(30) days after Landlord’s request therefor. 
 4. Tenant Delay. Landlord shall not be required to proceed with the
Landlord’s Work or Tenant Extras unless and until Landlord receives payment of Landlord’s Charges requested by Landlord. Tenant shall be responsible for, and pay any and all expenses incurred by Landlord in connection with any delay in the
commencement or completion of the Landlord’s Work or Tenant Extras, and any increase in the cost of the Landlord’s Work or Tenant Extras, caused by (i) Tenant’s requirement of Tenant Extras; (ii) the postponement of any of
the Landlord’s Work required to perform Tenant Extras; (iii) any other delay requested or caused by Tenant; (iv) Tenant’s failure to promptly pay Landlord’s Charges; (v) Tenant’s selection of materials not
available for immediate delivery; and (vi) the request of Tenant to hold any portion of the Landlord’s Work in abeyance. 
 5.
Miscellaneous. (a) The Landlord’s Work shall be performed by Landlord in a good and workmanlike manner and in compliance with all laws. 

(b) Upon substantial completion (as defined in Par. 1(a) of the Lease) of the Premises, Landlord shall notify Tenant and Landlord and
Tenant’s Construction Representative shall together inspect the Premises and prepare a so-called punch-list of items to be completed and Landlord shall diligently proceed to complete such items. Landlord shall not be responsible for any damage
or destruction caused by Tenant or Tenant’s contractor. The existence of punchlist items shall not delay the Commencement Date of the Term of this Lease. 

  

					
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 6. Default. A default under this Rider shall be a default under the Lease and shall
entitle the Landlord to any remedies under the Lease (notwithstanding that the Term has not commenced). 
  

							
				
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		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	33	  	

 FIRST FLOOR PLAN RIDER 

 

	 Date of Lease: 
	October 20th, 2009 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Premises: 
	Portion of First Floor 

 750 Route 202 

Bridgewater, New Jersey 
  

 
 FIRST FLOOR PLAN 

							
				
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
	 ICM: 09/18/02
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09/18/02
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	  	34	  	

 FIRST AMENDMENT TO LEASE 

This First Amendment to Lease (this “Agreement”) made this 17th day of
January, 2013 by and between BTCT ASSOCIATES, L.L.C., a New Jersey limited liability company, having an address c/o Steiner Equities Group, L.L.C., 75 Eisenhower Parkway, Suite 150, Roseland, New Jersey 07068-1696 (“Landlord”), and
VALERITAS, INC., a Delaware corporation, having an address at 750 Route 202, Bridgewater, New Jersey 08807 (“Tenant”). 

WITNESSETH: 

WHEREAS, by lease agreement dated October 20, 2009 (the “Lease”), Landlord leases to Tenant and Tenant leases from Landlord
certain premises (the “Original Premises”) consisting of 7,655 rentable square feet in the building (the “Building”) commonly known as 750 Route 202, Bridgewater, Somerset County, New Jersey; and 

WHEREAS, Landlord and Tenant wish to modify and amend the Lease as hereinafter set forth. 

NOW, THEREFORE, for and in consideration of the above premises, the mutual covenants hereinafter contained, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
 1.
Premises. (a) On the “Replacement Space Commencement Date” (as hereinafter defined), the definition and description of the Premises in the Lease shall be modified and amended (i) to delete the Original Premises, and
(ii) to substitute for the Original Premises certain premises consisting of approximately 9,700 rentable square feet, constituting a portion of the sixth (6th) floor of the Building (the “Replacement Space”) which Replacement
Space is shown shaded on the Sixth Floor Plan Rider attached hereto. As a result of the foregoing, the definition and description of the Premises in the Lease shall as of the Replacement Space Commencement Date, no longer refer to the Original
Premises but shall refer to the Replacement Space described herein. 
 (b) Promptly following the date that the “Plans and
Specifications” (as defined in the Landlord’s Work Rider attached hereto) are prepared by Landlord, Landlord’s architect shall measure the area of the Premises and furnish to Tenant its certification of the rentable square foot area
of the Premises. Landlord’s architect shall measure the Premises from the outside face of exterior walls and from the centerline of interior demising walls. The figure thus obtained shall be multiplied by 123.20% to arrive at the rentable
square foot area of the Premises. If the rentable square foot area of the Premises is other than 9,700 square feet, the Annual Rent set forth in Section 3 hereof and Tenant’s Share shall be adjusted proportionately. The parties acknowledge
that there are multiple methods of computing rentable area and hereby agree for the purposes of this Lease that the rentable area of the Premises shall be determined as set forth above. 

(c) Landlord shall improve the Replacement Space in conformity with and to the extent of the Landlord’s Work Rider attached hereto (the
“Landlord’s Work”), and shall have no other obligation to do any work in and to the Replacement Space or the Building to render them ready for Tenant’s occupancy. Subject to the Landlord’s Work Rider, Tenant has inspected
the Replacement Space and agrees to take the Replacement Space in its present “as is” condition. 
 2. Term.
(a) The Term of the Lease for the Replacement Space shall commence on the date (the “Replacement Space Commencement Date”) which shall be the earlier of the date on which Landlord’s Work has been substantially completed (or
would have been substantially completed except by reason of any delay caused by Tenant), or the date on which Tenant occupies any portion of the Replacement Space except as set forth in Section 2(d) hereinbelow. Landlord’s Work shall be
deemed substantially completed at such time as the only items of Landlord’s Work to be completed are those of a “punch-list” nature which do not substantially interfere with Tenant’s use and occupancy of the Replacement Space.
The Term of the Lease is hereby extended to June 30, 2018 (the “New Expiration Date”), subject to Tenant’s option to extend the Term as set forth in Section 2(c) hereinbelow. 

(b) At 11:59 p.m. on the day immediately preceding the Replacement Space Commencement Date (the “Original Premises Termination
Date”), the Lease shall be terminated 

  

					
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with respect to the Original Premises. All Annual Rent, Additional Rent and other charges required to be paid by Tenant with respect to the Original Premises shall be paid and all of
Tenant’s other obligations under the Lease with respect to the Original Premises shall be performed, up to and including the Original Premises Termination Date; provided, however, that certain Additional Rent and other charges allocable to the
month or months immediately prior to the Original Premises Termination Date, shall be forwarded to Tenant and payable not later than thirty (30) days following Tenant’s receipt thereof. Tenant shall, on or before the Original Premises
Termination Date, surrender the Original Premises to Landlord in the condition in which the Premises is required to be surrendered by Tenant in accordance with the provisions of the Lease. Tenant’s failure to comply with its obligations
pursuant to this Section 2(b) shall constitute a holdover in accordance with Par. 22 of the Lease and entitle Landlord to all rights and remedies pursuant to said Par. 22. Nothing herein contained shall be deemed to give Tenant any right to
remain in possession of the Original Premises after the Original Premises Termination Date. Promptly following the Replacement Space Commencement Date, Landlord and Tenant shall execute an instrument setting forth the Replacement Space Commencement
Date. 
 (c) The Extension Option Rider attached to the Lease is hereby declared null and void and of no further force and effect and the
following is substituted therefor: 
 “Tenant shall have the further right and option to renew and extend the Term of the Lease after
the New Expiration Date for one (1) additional period (the “Additional Extension Term”) of five (5) years. Said option to renew the Term for the Additional Extension Term shall be exercised by Tenant giving written notice to
Landlord not more than eighteen (18) or less than twelve (12) months before the New Expiration Date. The date for giving such notice for the Additional Extension Term is of the essence and Tenant’s failure to give such notice on or
before such date shall automatically constitute an irrevocable waiver by Tenant of its right to exercise the option to renew the Term for the Additional Extension Term. Tenant’s right to exercise the option to renew the Term for the Additional
Extension Term shall be contingent upon Tenant not being in default under the Lease, as defined under Par. 23 thereof, as of the date of its exercise of the option to renew the Term for the Additional Extension Term and/or as of the date of
commencement of the Additional Extension Term. This condition may be waived by Landlord at its sole discretion and may not be used by Tenant as a means to negate the effectiveness of Tenant’s exercise of the option to renew. Without limiting
the foregoing, the Additional Extension Term shall be upon all of the same terms and conditions as are in effect under the Lease immediately preceding the commencement date of the Additional Extension Term, except that Annual Rent payable by Tenant
during the Additional Extension Term shall be as set forth in Section 3(b) hereinbelow. Tenant shall have no further right to renew or extend the Term of the Lease upon the expiration of the Additional Extension Term and any such right to renew
or extend the Term set forth in the Lease shall be null and void and of no further force or effect.” 
 (d) From and after the date
which shall be two (2) weeks prior to the Replacement Space Commencement Date, Landlord shall permit Tenant to enter the Replacement Space for the purposes of: installing cabling and wiring and performing similar minor work in connection with
Tenant’s initial occupancy of the Replacement Space; and relocating office furniture and other materials from the Original Premises to the Replacement Space. Tenant shall not be obligated to pay Annual Rent and/or Additional Rent while
performing the foregoing work prior to the Replacement Space Commencement Date, but Tenant shall otherwise be obligated to comply with all of the other terms and provisions of this Lease, including Tenant’s obligation to maintain insurance in
accordance with Section 5 hereinbelow. In addition to the foregoing, all waiver and indemnity provisions of this Lease shall apply to the Replacement Space upon Tenant’s entry onto the Replacement Space. Tenant’s right to enter the
Replacement Space prior to the Replacement Space Commencement Date as aforesaid shall be upon reasonable prior written notice to Landlord and any such entry shall be limited to “Work Hours” (as defined in Par. 6(b) of the Lease). The
performance of the foregoing work by Tenant and Landlord shall in no way interfere with the other, and Tenant and Landlord shall perform such work in harmony with other labor on the Property. Tenant shall pay for any additional labor or security
personnel required to be employed by Landlord for the performance of work by Tenant and any stand-by labor, if required, by any union labor and otherwise comply with union requirements, if any, applicable thereto. Tenant shall comply with the
requirements of Par. 12 of the Lease in the performance of any work at or to the Replacement Space hereunder. Tenant shall not be permitted to conduct its business operations at the Replacement Space until the Replacement Space Commencement Date;
provided, however, that for purposes of 

  

					
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	  	36	  	

 
this Agreement, Tenant’s relocation of office furniture and other materials from the Original Premises to the Replacement Space shall not be considered the commencement or conducting of
business operations. If Tenant commences its business operations at the Replacement Space prior to the date set forth hereinabove as the Replacement Space Commencement Date, the Replacement Space Commencement Date shall occur as of the date Tenant
commences its business operations at the Replacement Space. 
 3. Rent. (a) Commencing on the date which shall be thirty
(30) days after the Replacement Space Commencement Date (the “Replacement Space Rent Start Date”), Tenant shall pay to Landlord Annual Rent for the Replacement Space as follows: 

 

													
	 Period
	  	PSF	 	  	Monthly Installment	 	  	Annual Amount	 
	 Replacement Space Rent Start Date through the New Expiration Date
	  	$	25.00	  	  	$	20,208.33	  	  	$	242,500.00	  

 (b) If Tenant validly exercises its option to extend the Term for the Additional Extension Term, as provided
in Section 2(c) hereinabove, Tenant shall pay to Landlord Annual Rent for the Replacement Space as follows: 
  

													
	 Period
	  	PSF	 	  	Monthly Installment	 	  	Annual Amount	 
	 Additional Extension Term
	  	$	28.00	  	  	$	22,633.33	  	  	$	271,600.00	  

 (c) Annual Rent shall be payable in equal monthly installments, as aforesaid, in advance on the first day of
each and every calendar month of the Term of the Lease in lawful money of the United States of America in the office of Landlord or at such other place as may hereafter be designated by Landlord. Annual Rent shall be paid to Landlord without notice
or demand and without deduction, set-off or other charge therefrom or against the same. Annual Rent for a partial month shall be prorated. 

4. Tenant’s Share. The Lease is amended to provide that effective as of the Replacement Space Commencement Date, provided
that Tenant has vacated the Original Premises in accordance with the terms hereof, Tenant’s Share, as set forth in the Lease, shall be changed from 7.33% to 9.3%. Effective on the Replacement Space Commencement Date, all provisions for the
payment of Additional Rent set forth in the Lease, including, without limitation, all provisions pertaining to the payment of “Tax Rent” and “Expense Rent” (as said terms are defined in the Real Estate Tax Rider and the Operating
Expense Rider attached to the Lease) shall apply to the Replacement Space, except that the “Base Tax Year” and the “Base Expense Year” (as said terms are defined in Par. 1(j) and Par. 1(k) of the Lease) with respect to the
Replacement Space shall be the calendar year 2013. 
 5. Insurance. The Lease is supplemented to provide that Tenant shall,
at its cost and expense, procure all policies of insurance for the purpose of insuring the Replacement Space in accordance with the terms set forth in Par. 5 of the Lease. Policies of such insurance, or certificates thereof, together with reasonable
evidence of premium payment therefor, shall be delivered to Landlord upon execution of this Agreement. 
 6. Common Areas;
Parking. Effective on the Replacement Space Commencement Date, Par. 1(g) of the Lease shall be amended by deleting “31” and by inserting “38”. 

7. Intentionally Omitted. 

  

					
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 8. Right of First Offer. Subject to prior rights granted to any other tenants or
other parties to lease available space in the Building and/or renew their existing leases at the Building, regardless of whether such rights are specified in such existing leases, in the event that at any time during the Term and/or Additional
Extension Term as the case may be, any space contiguous to the Premises on the sixth (6th) floor of the Building shall become available for lease (the “Available Space”), then provided that Tenant is in possession of the Premises and
not in default as set forth in Par. 23 of the Lease, and provided further that Tenant’s financial condition and creditworthiness are reasonably satisfactory to Landlord, Landlord shall notify Tenant of the availability of the Available Space
and the terms upon which Landlord proposes the same to be leased (the “Available Space Lease Terms”). Tenant shall have a period of ten (10) days from the date of delivery of such notice within which to notify Landlord of its election
to lease the Available Space on the Available Space Lease Terms. In the event Tenant does not so notify Landlord of its election to lease the Available Space within the aforesaid ten (10) day period, time being of the essence, Landlord shall be
free to lease the Available Space to any party as Landlord may elect upon such terms as Landlord and any proposed tenant of the Available Space may agree upon. In the event Tenant elects to lease the Available Space as aforesaid, a lease amendment
shall be prepared incorporating the Available Space Lease Terms, and such lease amendment shall be executed by Tenant within ten (10) days of receipt thereof or Tenant’s right to lease the Available Space shall, at Landlord’s option,
be rendered null and void. If Tenant does not exercise its right to lease the Available Space in accordance with this provision, Landlord shall not be required to offer the Available Space to Tenant again. This option shall not be applicable during
the last Lease Year of the Initial Term, nor the last two (2) Lease Years of the Additional Extension Term, as the case may be. The aforesaid right of first notification is personal to the Tenant named herein and shall not apply to any assignee
or subtenant of Tenant. 
 9. Satellite Dish/Antenna. (a) Provided and on condition that Tenant, as of the date on which
Landlord’s consent is requested as hereinafter described, has not assigned this Lease or sublet all or any portion of the Premises, Tenant may erect on the roof of the Building, at Tenant’s sole cost and expense, one (1) satellite
antenna/dish transmission/reception device (the “Antenna”) subject to the terms and conditions set forth in Par. 12 of the Lease and subject further to the terms and conditions set forth hereinafter. Prior to installing the Antenna, Tenant
shall provide Landlord with plans and specifications therefor, as well as structural calculations and such other information pertaining to the Antenna as Landlord may reasonably require. Landlord’s prior consent to such plans and
specifications, as well as the location, manner of installation and control of the Antenna shall be required, but shall not be unreasonably withheld, conditioned or delayed. Tenant shall, within ten (10) days of being billed therfor by
Landlord, reimburse Landlord for all reasonable expenses incurred by Landlord in connection with its review of the foregoing. Tenant shall obtain, at its sole cost and expense, and with the reasonable cooperation of Landlord, all governmental
permits and approvals required for the installation and use of the Antenna. Tenant shall install the Antenna in a good and workmanlike manner using a roofing contractor designated by Landlord. Once installed, the Antenna shall be deemed to be a part
of the Premises and all references in this Lease to the Premises shall include said Antenna. Tenant shall be solely responsible, at its sole cost and expense, for the maintenance and repair of the Antenna, and shall indemnify and hold harmless
Landlord from and against all liability, claims or costs, including reasonable legal fees, arising from the installation and/or use of the Antenna. Tenant shall also be solely responsible for the repair of any damage to the Building or the roof
caused by the installation and/or use of the Antenna. Tenant agrees that in the event that any repair or replacement of the roof is required pursuant to this Section, Tenant will use the roofing contractor designated by Landlord. Under no
circumstances shall Landlord be liable for any damage to or vandalism of the Antenna. In addition, Landlord shall in no event be responsible if, for any reason whatsoever, the Antenna does not perform to the expectations of Tenant. In using the
Antenna, Tenant agrees: (i) not to disrupt, adversely affect or interfere with any other tenant’s or other occupant’s use and enjoyment of its leased premises or any other part of the Property, and (ii) not to disrupt, adversely
affect or interfere with any other providers of telecommunications services to the Property. Tenant agrees not to grant any third parties the right to utilize in any manner, or otherwise benefit from, the Antenna. Tenant further agrees that Landlord
may install and operate, and may permit the installation and operation by others of, additional satellite antenna/dish transmission/reception devices at the Property. Tenant agrees to remove the Antenna on or prior to the Expiration Date or earlier
termination of the Lease, restore the roof to its existing condition prior to the installation of the Antenna and repair any damage cause by such removal. In addition, if Tenant fails to remove the Antenna on or before the Expiration Date or earlier
termination of the Lease then, Landlord, at its sole option, may, at Tenant’s sole cost and expense, remove the Antenna and repair any damage caused by such removal. 

  

					
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 (b) Landlord hereby grants Tenant, at no additional charge, reasonable access to the existing
vertical riser space in the Building for the purpose of running telecommunications cables and wiring between the lowest level of the Building and the roof of the Building. Tenant shall request access to the riser by providing prior reasonable notice
to Landlord. Such notice shall contain the reason for Tenant’s need to access the riser. Tenant’s installation of any cabling or wiring within the riser shall be subject to Landlord’s approval, which approval shall not be unreasonably
withheld. Landlord shall have the option to have a representative of Landlord present at the time that Tenant accesses the riser. Any work performed within the riser shall not interfere with the use and occupancy of the Building by other tenants.
Tenant shall repair any damage caused by Tenant’s access to the riser and shall indemnify and hold Landlord harmless against all liability, losses, damages, costs, expenses, causes of action and/or claims arising by reason of Tenant’s
access and/or use of the riser. Said telecommunications, cables and wiring shall be removed by Tenant, at Tenant’s sole cost and expense, at the expiration or earlier termination of this Lease, and Tenant shall restore the Building to its
existing condition prior to the installation of said telecommunications, cables and wiring and repair any damage caused by such removal. In addition, if Tenant fails to remove its telecommunications, cables and wiring from the riser at the
expiration or earlier termination of this Lease, then, Landlord may, at Tenant’s sole cost and expense, remove such telecommunications, cables and wiring from the riser and repair any damage caused by such removal. 

10. Supplemental HVAC. In consideration of this Amendment, Landlord shall install and activate one (1) supplemental two
(2) ton air-conditioning unit within the Premises (the “Supplemental HVAC Unit”) to cool Tenant’s server/equipment room. Such installation and activation shall be included as part of Landlord’s Work. Once installed, the
Supplemental HVAC Unit shall be deemed a part of the Premises and all references in the Lease to the Premises shall include said Supplemental HVAC Unit. Tenant shall be solely responsible, at its sole cost and expense, for maintenance, repair and
use of the Supplemental HVAC Unit, and shall indemnify and hold harmless Landlord from and against all liability, claims or costs, including reasonable legal fees, arising from the maintenance, repair and use thereof. Under no circumstances shall
Landlord be liable for any damage to or vandalism of the Supplemental HVAC Unit. The Supplemental HVAC Unit shall be the property of Landlord and shall remain at the Building upon the expiration or earlier termination of this Lease. 

11. Brokerage. Each party represents to the other that it did not deal with any real estate broker in connection with this
Agreement other than the Brokers named in the Lease (the “Brokers”). The commission of the Brokers, if any, shall be paid by Landlord in accordance with a separate agreement between Landlord and the Brokers. Each party indemnifies and
holds the other harmless from any claim for a commission or other fee made by any broker with whom the indemnifying party has dealt other than the Brokers. 

12. Recording. Neither this Agreement nor any memorandum of this Agreement shall be recorded in any public records. 

13. No Default. Tenant represents, warrants and covenants that Landlord is not currently in default under any of its
obligations under the Lease and Tenant is not in default under any of its obligations under the Lease and no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a default by either Landlord or Tenant
under the Lease. 
 14. Authority of Signatories. Each person signing this Agreement represents that he or she has full
authority to do so. 
 15. Defined Terms. The capitalized terms used in this Agreement and not defined herein shall have the
respective meanings indicated in the Lease, unless the context requires otherwise. 
 16. No Other Changes. The intent of
this Agreement is only to modify and amend those provisions of the Lease as herein specified. Except as herein specifically modified, changed and amended, all of the terms and conditions of the Lease shall remain in full force and effect. 

  

					
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	  	39	  	

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

									
		 		 	LANDLORD:
			
	WITNESS:	 		 	BTCT ASSOCIATES, L.L.C.
					
		 	

	 		 	By:	 	

					
		 		 		 	Its:	 	Manager

  

									
		 		 	TENANT:
			
	ATTEST:	 		 	VALERITAS, INC.
					
	By:	 	 	 		 	By:	 	/s/ Kristine Peterson
					
	Its:	 	 	 		 	Its:	 	CEO

  

					
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	  	40	  	

 LANDLORD’S WORK RIDER 

Date of First 

	 Amendment to Lease: 
	January 17th, 2013 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Replacement Space: 
	Portion of the Sixth Floor 

 750 Route 202 

Bridgewater, New Jersey 
 1.
Landlord’s Work. (a) Landlord shall, at its cost and expense, prepare a full set of construction documents, including specifications and signed and sealed plans (the “Plans and Specifications”) for the work to be performed
substantially in accordance with the space plan prepared by Charles P. Dietz dated November 27, 2012, in order to render the Replacement Space ready for Tenant’s occupancy thereof. Landlord shall, at its cost and expense, prepare the
Replacement Space for Tenant’s occupancy in accordance with the Plans and Specifications. All such work to be performed by Landlord is referred to herein and in the Lease as “Landlord’s Work”. The scope of Landlord’s Work
contemplates the following: 
  

	 	(a)	Demolition, construction and alterations as required to create the rooms shown on the plan. 

  

	 	(b)	Install locksets on all office, conference room, storage, and server room doors. 

  

	 	(c)	Install sidelights in offices as shown on the space plan. 

  

	 	(d)	Install one pair of Herculite entrance doors. 

  

	 	(e)	Install new carpet and cove base throughout. 

  

	 	(f)	Install new vinyl tile in storage, copier and lunch rooms. 

  

	 	(g)	Paint the entire Premises. 

  

	 	(h)	Relocate existing sprinkler heads and add new as required by code. 

  

	 	(i)	Install new countertops, dishwasher and water line for coffee maker in Break Room and countertop, cabinets and electrical outlet for refrigerator in Board Room Kitchenette. 

 

	 	(j)	Install and activate 2 ton supplemental air-conditioning unit in Tenant’s server room. 

  

	 	(k)	Extend demising walls to underside of deck in four executive offices and three conference rooms. 

  

	 	(1)	Install floor boxes with power feed and pull string for data for cubicles not located adjacent to walls and/or columns. 

  

	 	(m)	Install floor box with receptacle and pull string for data in center of floor in the Board Room and Large Conference Room. 

  

	 	(n)	Install separate lighting circuit for dimmable incandescent high- hats in Board Room and Large Conference Room. 

  

	 	(o)	Provide ceiling mounted receptacle for Tenant’s LCD projector and power source for drop down screen in Board Room and Large Conference Room (projectors, screens and final connections by others). 

 

	 	(p)	Provide separate temperature controls for Board Room, Large Conference Room and four Executive Offices. 

  

	 	(q)	Install window blinds as needed in all windowed offices to match existing. 

  

	 	(r)	All doors to common areas as required by code to be equipped with card access capability. 

  

	 	(s)	Install key switch override at main entrance doors to provide additional Premises access control. 

(b) Any work with respect to the installation of computer wiring, security system(s), telephone systems, furniture and/or furniture systems
including connection of data cabling, panels, conduits, power poles, electrical connection(s), etc., interior signage, trade fixtures, 

  

					
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	  	41	  	

 
and fire extinguishers, shall be the responsibility of Tenant at its sole cost and expense, with the exception of the installation of the Supplemental HVAC Unit. Tenant shall secure any
applicable permits required for such work. Tenant shall supply its own furniture plan at its expense. 
 (c) Landlord reserves the right to
make changes, additions and/or deletions in Landlord’s Work which are deemed reasonably necessary or advisable based upon special job conditions or availability of materials, and to meet requirements of any governmental authority or agency
having jurisdiction over the Building and the Premises. 
 (d) Landlord’s Work shall be the property of Landlord and shall remain on
and be surrendered with the Premises upon termination of the Lease. 
 2. Tenant’s Construction Representative. Upon execution
of this Agreement, Tenant shall designate an individual to serve as Tenant’s Construction Representative. Such designation may be changed at any time in accordance with the notice provision of the Lease, but only one (1) individual may be
so designated at any one time. Tenant’s Construction Representative shall be the only individual authorized to communicate with Landlord regarding Landlord’s Work and to make decisions regarding Tenant’s Schematic Plans, the Plans and
Specifications and Tenant Extras. 
 3. Tenant Extras. Tenant may request any change, addition or alteration in Landlord’s Work
set forth in the Plans and Specifications, subject to the reasonable approval of Landlord (“Tenant Extras”). Substitutions of materials in place of materials set forth in the Plans and Specifications and additions of quantities of
materials in excess of quantities of materials set forth on the Plans and Specifications shall be deemed Tenant Extras. Tenant agrees to pay for Tenant Extras based on Landlord’s cost therefor, including field supervision, together with ten
(10%) percent of such cost for Landlord’s overhead plus ten (10%) percent of such sum for Landlord’s profit (“Landlord’s Charges”). Tenant shall pay to Landlord Landlord’s Charges for Tenant Extras as
Additional Rent within thirty (30) days after Landlord’s request therefor. 
 4. Tenant Delay. Landlord shall not be
required to proceed with the Landlord’s Work or Tenant Extras unless and until Landlord receives payment of Landlord’s Charges requested by Landlord. Tenant shall be responsible for, and pay any and all expenses incurred by Landlord in
connection with any delay in the commencement or completion of the Landlord’s Work or Tenant Extras, and any increase in the cost of the Landlord’s Work or Tenant Extras, caused by (i) Tenant’s requirement of Tenant Extras;
(ii) the postponement of any of the Landlord’s Work required to perform Tenant Extras; (iii) any other delay requested or caused by Tenant; (iv) Tenant’s failure to promptly pay Landlord’s Charges;
(v) Tenant’s selection of materials not available for immediate delivery; and (vi) the request of Tenant to hold any portion of the Landlord’s Work in abeyance. 

5. Miscellaneous. (a) The Landlord’s Work shall be performed by Landlord in a good and workmanlike manner. 

(b) Upon substantial completion of the Replacement Space, Landlord shall notify Tenant and Landlord and Tenant’s Construction
Representative shall together inspect the Replacement Space and prepare a so-called punchlist of items to be completed and Landlord shall diligently proceed to complete such items. Landlord shall not be responsible for any damage or destruction
caused by Tenant or Tenant’s contractor. The existence of punchlist items shall not delay the Replacement Space Commencement Date. 

6. Default. A default under this Rider shall be a default under the Lease and shall entitle the Landlord to any remedies under the
Lease (notwithstanding that the Term has not commenced). 
  

							
				
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	42	  	

 SIXTH FLOOR PLAN RIDER 

 

	 Date of First 
Amendment to Lease: 
	January 17th, 2013 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Replacement Space: 
	Portion of the Sixth Floor 

 750 Route 202 

Bridgewater, New Jersey 
  

							
				
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	43	  	

 SIXTH FLOOR PLAN RIDER 

 

	 Date of First 
Amendment to Lease: 
	January 17th, 2013 

  

	 Landlord: 
	BTCT Associates, L.L.C. 

  

	 Tenant: 
	Valeritas, Inc. 

  

	 Replacement Space: 
	Portion of the Sixth Floor 

 750 Route 202 

Bridgewater, New Jersey 
  

 
  

							
				
		  		  	Initials:	  	
				
		  		  	

 	  	
		  		  	Landlord	  	
				
		  		  	

 	  	
		  		  	Tenant	  	

  

					
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	  	44

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