Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

ROYALTY AGREEMENT 

This ROYALTY AGREEMENT (this “Agreement”), dated January 5, 2018, is made by and between Deerfield Private Design Fund
IV, L.P. (“DPDF IV”), Deerfield Private Design Fund III, L.P. (“DPDF III”), Deerfield Special Situations Fund, L.P. (“DSS” and, collectively with DPDF IV and DPDF III, the “Initial Royalty
Holders” and, together with any transferees or assignees thereof, the “Royalty Holders” and each, a “Royalty Holder”) and Melinta Therapeutics, Inc., a Delaware corporation (the “Borrower”
and, together with the Royalty Holders, collectively, the “Parties” and each, a “Party”). 
 Background
Statement 
 WHEREAS, pursuant to the Purchase and Sale Agreement between The Medicines Company (“Seller Parent”) and
the Borrower, dated as of November 28, 2017 (as amended from time to time, the “Purchase Agreement”), substantially contemporaneously with the execution and delivery of this Agreement, the Borrower is acquiring, among other
things, certain intellectual property and other assets relating to the pharmaceutical products containing meropenem and vaborbactam as the active pharmaceutical ingredients and distributed under the brand name VabomereTM (“Vabomere”); 
 WHEREAS, the Initial Royalty Holders, the Borrower and
the other Loan Parties (as defined in the Facility Agreement) and Cortland Capital Market Services LLC, as agent, have entered into a Facility Agreement (as amended from time to time, the “Facility Agreement”), pursuant to which
(and subject to the terms and conditions thereof) each of the Initial Royalty Holders is making loans to the Borrower (the “Loans”), the proceeds of which are being used to acquire certain assets of Seller Parent, including the
Product (as hereinafter defined); and 
 WHEREAS, in connection with the Initial Distribution (as defined in the Facility Agreement), the
Borrower has agreed to make (or cause one or more of its Affiliates to make) certain payments to the Royalty Holders as set forth herein. 

NOW, THEREFORE, in consideration of the covenants and obligations expressed herein, and intending to be legally bound, the Parties agree as
follows: 
 Statement of Agreement 
 1.
Definitions. Capitalized terms used herein, unless otherwise defined herein, shall have the meanings given to them in the Facility Agreement. The following terms used herein shall have the meanings set forth below: 

“Net Sales” means, with respect to any applicable period, the gross invoiced amount of the Product sold in the U.S. in respect
of such period to any third party that is not an Affiliate of the Selling Entity by the Borrower, its controlled Affiliates or any licensees, sublicensees or transferees to which the Borrower or its controlled Affiliates has granted or otherwise
transferred rights to sell the Product or granted a license under or sold any patents or pending patent applications included in the Acquired Assets (as defined in the Purchase Agreement) in respect of the Product, including, for the avoidance of
doubt, any licensees, sublicensees or transferees of such licensees, sublicensees or transferees (each a “Selling Entity”) for sale to unrelated third 

 
parties in bona fide arm’s length transactions; less, the following deductions, in each case related specifically to the sale of the Product in the U.S., to the extent reasonable and
customary, and actually allowed and not otherwise recovered by or reimbursed to the Selling Entity: (i) refunds, allowance or credits for recalls, breakage, rejected, or returned Product, (ii) excise, use, value added, and sales Taxes (as
defined in the Purchase Agreement) (other than income Taxes) included in the invoiced amounts, (iii) tariffs, import/export duties, customs duties, and other imposts actually paid by the Selling Entity, (iv) quantity, trade, and cash
discounts, including those allowed under group purchasing organization or other commercial customer or payor contracts, stocking incentives and patient assistance programs, (v) price reductions, chargebacks or rebates, retroactive or otherwise,
to the extent required by Applicable Law, including Medicaid, managed care rebates and Medicare rebates, Department of Veterans Affairs and Department of Defense discounts and Public Health Service Act rebates and (vi) distribution or any other
similar service fees. With respect to each relevant period for which Net Sales are calculated hereunder, there shall be included appropriate accruals for all of the items listed in clauses (i) through (v) of the immediately preceding
sentence, calculated according to GAAP, and adjustments to accruals as increases or decreases to Net Sales (as applicable) by the difference between actual paid amounts and accruals for all such items in the prior measurement period. All of the
foregoing (including each of the components of the Net Sales calculation) and the recording of a sale of the Product is deemed to occur and shall be calculated in accordance with GAAP and the normal revenue recognition policies of the Borrower
during the relevant period with respect to the sale of the Product. If the Product is sold in combination with any one or more other products that were not combined with the Product as of the Closing Date, and, if such combined product is also sold
separately on a commercial basis, then the portion of Net Sales attributable to sales of the Product in such combination product sales shall be determined according to the ratio of (A) the invoiced amount at which the Product is sold separately
to (B) the invoiced amount of any such combination of products sold in which the Product is included. 
 “Pro Rata
Share” means, with respect to each Royalty Holder, the percentage set forth opposite such Royalty Holder’s name on Schedule I hereto. 

“Product” means VabomereTM (meropenem and vaborbactam) for injection
(4g), including line extensions thereof, any other pharmaceutical product containing the same active ingredients as such product and any alternate forms or formulations thereof developed after the date hereof by the Borrower or any of its Affiliates
or any of their respective licensees, sublicensees or other transferees based on or derived in any material respect from Vabomere Intellectual Property. 

“Reporting Company” means a company that is required to file reports pursuant to Section 13 or 15(d) of the Exchange
Act, or otherwise files such reports with the SEC. 
 “Representatives” means, with respect to any Person, any officers,
directors, employees, attorneys, investment bankers, financial advisors, agents and other representatives of such Person. 

“Required Holders” means Royalty Holders having an aggregate Pro Rata Share of more than fifty percent (50%). 

“Royalty Percentage” means three percent (3%) per annum; provided, however, that, if, prior to the expiration
of the Royalty Period, all of the Obligations and other amounts payable under the Loan Documents (other than Obligations arising under this Agreement that are not yet 

  
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due and payable) shall have been fully paid in accordance with the provisions of the applicable Loan Document and the Facility Agreement shall have been terminated, the Royalty Percentage
applicable to Net Sales that occur after such termination shall be reduced to two percent (2%) per annum. 
 “Royalty
Period” means the period commencing on the date of this Agreement and ending on (and including) December 31, 2024 (regardless of any earlier repayment of the Obligations or termination of the Facility Agreement). 

“Transfer” means any sale (or any transaction having the effect of a sale), assignment, conveyance of rights, deed of trust,
Lien, license, sublicense, seizure or other transfer of any sort and to any degree, voluntary or involuntary, including by operation of law. 

“U.S.” means the United States of America, including its territories and possessions. 

“Vabomere Intellectual Property” means all Transferred Intellectual Property (as defined in the Purchase Agreement) and
Intellectual Property of the Transferred Group (as defined in the Purchase Agreement), in each case, that relates to the Product. 
 2. Royalty
Payments. The Borrower shall pay (or shall cause one of its Affiliates to pay) to each Royalty Holder in accordance with Section 3, in respect of each fiscal year during the Royalty Period, royalty payments, in cash (the “Royalty
Payments”), equal to such Royalty Holder’s Pro Rata Share of the Royalty Percentage of the amount of Net Sales of the Product in the U.S. for such fiscal year that is greater than seventy-five million dollars ($75,000,000) (the
“Minimum Threshold”) and less than or equal to five hundred million dollars ($500,000,000); provided, however that, solely with respect to the fiscal year ending December 31, 2018, the Minimum Threshold shall be seventy-four
million one hundred seventy-eight thousand dollars ($74,178,000). 
 3. Net Sales Reporting; Royalty Payment Mechanics. 

(a) During the period during which Royalty Payments may be payable hereunder, subject to Section 5(c), within
(i) for so long as the Borrower is a Reporting Company, with respect to each fiscal quarter of the Borrower, one (1) Business Day following the filing by the Borrower of its Quarterly Report on Form
10-Q for such fiscal quarter or, in the case of the fourth fiscal quarter, the filing by the Borrower of its Annual Report on Form 10-K for the fiscal year ending on the
last day of such fiscal quarter (but in no event later than the ninetieth (90th) day following the end of such fiscal year); or (ii) if the Borrower is not then a Reporting Company, ten
(10) days following the end of each fiscal quarter, the Borrower will provide each Royalty Holder with a report (the “Net Sales Statement”) containing the following information with respect to any Net Sales of the Product during such
fiscal quarter and, in the case of the Net Sales Statement required to be delivered following the end of the Borrower’s fiscal year (the “Year End Net Sales Statement”), during such fiscal year: (1) the number of units of
the Product sold in the U.S., (2) gross sales in the U.S., (3) the deductions therefrom, (4) any consideration received by the Borrower or any of its controlled Affiliates in respect of any Product Transfer (whether upfront payments,
royalty payments, milestone payments or otherwise), (5) the resulting calculation of Net Sales for such quarter and year, and (6) the resulting calculation of the Royalty Payments owed to each Royalty Holder. Each Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as applicable, filed in respect of a period (or portion thereof) for which a Net Sales Statement is required to be delivered hereunder
shall disclose the Net Sales of 

  
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the Product during the quarterly and/or annual period covered thereby and, in each case, any material nonpublic information included or reflected in the Net Sales Statement in respect of such
period. For so long as the Borrower is a Reporting Company, if the Borrower fails, for any reason, to file a Quarterly Report on Form 10-Q or Annual Report on Form 10-K,
as applicable, containing the information required by the immediately preceding sentence at or prior to the time the Net Sales Statement is delivered to a Royalty Holder, then, prior to 7:00 a.m. (New York City time) on the first (1st) Business Day
following the date such Net Sales Statement shall have been delivered to such Royalty Holder (the “Mandatory Disclosure Time”), the Borrower shall file a Form 8-K with the SEC disclosing the
amount of Net Sales for the period covered by such Net Sales Statement and any material non-public information contained or reflected in such Net Sales Statement; provided that the filing of such Form 8-K shall in no event excuse any breach of the Borrower’s other obligations under this Section 3(a). If, as of the end of a fiscal year, the Borrower is not a Reporting Company, then no later than 120 days
after the end of such fiscal year, the Borrower shall deliver a final Net Sales Statement for such fiscal year, with a reconciliation of the Net Sales Statement delivered pursuant to clause (ii) of this paragraph to such final Net Sales
Statement. With respect to each reconciliation, each Royalty Holder shall pay an amount equal to any overpayment actually received by it, within ten (10) Business Days following the date the applicable final Net Sales Statement shall have been
delivered to such Royalty Holder and any underpayments shall be paid by the Borrower within five (5) Business Days following the date the applicable final Net Sales Statement shall have been delivered to the Royalty Holders. 

(b) Subject to Section 5(c), upon a Royalty Holder’s reasonable request, the Borrower shall provide to such
Royalty Holder (or, if requested by such Royalty Holder, its Representatives) back-up information used to prepare any Net Sales Statement. The Borrower shall keep such records (and shall require its controlled
Affiliates, licensees, sublicensees, assignees and other transferees to keep such records) as shall be reasonably necessary to support the calculations of Net Sales as set forth in each Net Sales Statement. Such records shall be available for
inspection and audit by each Royalty Holder or its authorized Representatives, at reasonable times and on reasonable advance notice, for a period of three (3) years after such Royalty Holder’s receipt of any Net Sales Statement to which
such records relate. 
 (c) If, as a result of any such audit or inspection, a Royalty Holder reasonably concludes that the Borrower has
underreported the Net Sales for any period, such Royalty Holder (an “Objecting Holder”) shall inform the Borrower of the amount of Net Sales for such period as calculated by such Required Holder in a written notice (a
“Dispute Notice”) setting forth its calculation of such Net Sales in reasonable detail. In the event the Borrower disputes such Royalty Holder’s calculation of Net Sales as set forth in such notice within thirty (30) days
after receipt of such notice, the Borrower will so notify such Objecting Holder in writing within such thirty (30) day period and the Borrower and Objecting Holder will attempt thereafter to resolve such dispute amicably and, if they cannot do
so by the end of such thirty (30) day period, they will (unless the Objecting Holder and the Borrower mutually agree in writing to continue their efforts to resolve such dispute) submit the dispute for resolution by a jointly appointed
independent, impartial and nationally recognized accounting firm in the United States that is not the auditor or independent accounting firm of, and is otherwise independent of, the Parties and any of their respective Affiliates (the
“Transaction Arbitrator”), to be resolved in accordance with the procedures set forth in Exhibit A. If Borrower does not dispute the Objecting Holder’s 

  
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calculation of Net Sales set forth in such notice within the thirty (30) day period set forth above, Net Sales for such audited period shall be deemed to be the amount set forth in such
notice, and if, based upon such calculation, any additional amounts are due to the Objecting Holder in accordance with Section 3(d), the Borrower shall pay such amounts to the Objecting Holder and each other Royalty Holder
that is similarly entitled to payment of additional amounts based on such calculation, in cash, by wire transfer of immediately available funds into an account designated by each Royalty Holder. The Borrower shall pay all fees and disbursements of
the Transaction Arbitrator. 
 (d) All payments hereunder shall be made without setoff or counterclaim and shall be paid in cash in Dollars.
Payments of any amounts due to the Royalty Holders under this Agreement shall be made in Dollars in immediately available funds prior to 11:00 a.m. (New York City time) on the date that any such payment is due, using, in the case of the Initial
Royalty Holders, such wire information or address for such applicable Initial Royalty Holder as is set forth on Schedule 2.4 to the Facility Agreement, or at such bank or place as the applicable Royalty Holder shall from time to time designate in
writing prior to the date such payment is due. The Borrower shall pay all and any fees, costs and expenses (administrative or otherwise) imposed by banks, clearing houses or any other financial institutions in connection with making any payments
under this Agreement. 
 (e) The relevant Royalty Payments for each fiscal year shall be paid on the date the Year End Net Sales Statement is
delivered or, if earlier, the date the Year End Net Sales Statement is required to be delivered. 
 (f) In addition to any other rights and
remedies available to the Royalty Holders under this Agreement, the Facility Agreement and Applicable Law, any Royalty Payment not paid when due shall bear interest at a rate equal to the lower of (i) the highest rate permitted by applicable
law, and (ii) one and one-quarter percent (1.25%) per month, compounded monthly. All obligations of the Borrower hereunder shall constitute Obligations, secured by the Collateral and guaranteed by each
Guarantor. 
 (g) For the avoidance of doubt, any action taken by the Borrower, any other Loan Party or any of their respective Affiliates
under or with respect to this Agreement, shall be at the sole expense of such Loan Party or Affiliate, and the Royalty Holders shall not be required to reimburse any Loan Party or any such Affiliate therefor. 

  
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 4. Commercialization. During the Royalty Period, the Borrower shall, and shall cause its Subsidiaries to,
(i) use commercially reasonable efforts to develop, promote, market, sell, distribute and commercialize the Product in the U.S. with a view towards maximizing Net Sales of the Product in the U.S. and (ii) not take any action, or omit to
take any action, a purpose of which is to reduce the amount of Royalty Payments otherwise due to the Royalty Holders. It is understood and agreed that a Product Transfer (as defined below) will not relieve the Borrower of its obligation under this
Section 4; provided, that, for purposes of this Section 4, the activities of the Borrower and each transferee in a Product Transfer shall be attributed to the Borrower for the purposes of determining the Borrower’s satisfaction
of the foregoing obligations. 
 5. Additional Covenants of the Borrower. During the Royalty Period: 

(a) Product Transfers. 

(i) The Borrower and its Affiliates may not, directly or indirectly, by a sale or swap of assets, merger, reorganization, joint
venture, lease, license, sublicense or any other transaction or arrangement, sell, transfer, license, sublicense, convey or otherwise dispose of all or a portion of their respective rights in and to the Product to a third party (other than the
Borrower or its Affiliates) (collectively, a “Product Transfer”), unless the contract for such sale, transfer, license, conveyance or other disposition (which the Borrower shall take all commercially reasonable actions necessary to
enforce in all material respects) shall require the transferee to comply with the covenants in this Agreement, and to provide the Borrower with all information necessary to calculate Net Sales with respect to the Product. Subject to
Section 5(c), the Borrower shall give each Royalty Holder written notice of any Product Transfer or distribution arrangement within ten (10) Business Days after consummation thereof, which notice shall include a
reasonably detailed description of such Product Transfer or distribution arrangement, including the products and countries or territories subject to such Product Transfer or distribution arrangement and all consideration, whether guaranteed or
contingent, paid or payable to or on behalf of the Borrower and its Affiliates in connection therewith; provided, that substantially contemporaneously with the delivery thereof, the Borrower shall publicly disclose in a press release, Form 8-K or other method of public disclosure in accordance with Regulation FD any material nonpublic information contained or reflected in such notice. For the avoidance of doubt, nothing in this Agreement shall modify
or otherwise affect any restriction on any Product Transfer or Transfer of assets contained in the Facility Agreement or any other Loan Document. 

(ii) The Borrower (and its controlled Affiliates and permitted successors and assigns) shall not engage in any Product Transfer
that would result in the sale, conveyance, transfer or other disposition of all or substantially all of the Borrower’s and its Affiliates’ rights covering Vabomere to an unaffiliated third party, through one or more transactions or a
series of transactions (including by merger or consolidation or otherwise by operation of law), unless, and as a condition thereto, the transferee or successor assumes and succeeds to all of the obligations of the Borrower set forth in this
Agreement and prior to or simultaneously with such transaction delivers to each Royalty Holder an instrument of assumption for the benefit of such Royalty Holder, and in form reasonably acceptable to such Royalty Holder, effecting such assumption
and succession. Any such Product Transfer will not release the Borrower from its obligations under this Agreement. 

  
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 (b) Acceleration of Payments. Any Event of Default that shall have occurred in connection
with which the Obligations are accelerated shall constitute a breach of this Agreement. The Borrower and the Royalty Holders agree that, in the event of any such breach, actual damages would be impractical to compute and further agree that the
damages set forth herein are a reasonable estimate of the damages the Royalty Holders would actually suffer due to such breach. Accordingly, in any such case, each Royalty Holder shall have the right, exercisable by written notice to the Borrower of
such Royalty Holder’s exercise thereof, to recover and receive from the Borrower, as liquidated damages, an amount, in cash, equal to such Royalty Holder’s Pro Rata Share of the sum of (1) all unpaid Royalty Payments in respect of any
completed fiscal year of the Borrower occurring prior to the date of such acceleration, regardless of whether such amount would otherwise then be due and payable, plus (2) the product of (x) the annualized Royalty Payment that would accrue
if average Net Sales for the two fiscal quarters immediately preceding such acceleration remained constant for all succeeding calendar quarters (and without reducing the Royalty Percentage to reflect any reductions or repayments of the Obligations
or termination of the Facility Agreement), multiplied by (y) the number of years (including the then current year) remaining in the Royalty Period; provided, however, that such amount shall immediately and automatically (without the delivery of
any notice or the taking of any action by any Royalty Holder or any other Person) be due and payable to each Royalty Holder upon the occurrence of an Event of Default described in Section 5.5(a) of the Facility Agreement. 

(c) Material Nonpublic Information. The Parties hereby acknowledge and agree that the provisions of Section 5.1(r) of the Facility
Agreement are incorporated by reference herein and made applicable to this Agreement, mutatis mutandis. 
 (d) Fiscal Year. The
Borrower will not change its fiscal year, unless and until the Borrower and the Royalty Holders enter into a mutually acceptable amendment to this Agreement that adjusts the provisions hereof to reflect such change in fiscal year. 

6. Representations and Warranties of Borrower. The Borrower represents and warrants to the Royalty Holders, as of the date hereof, that: 

(a) Organization. The Borrower is conducting its business in compliance with its Organizational Documents and not in violation of its
Organizational Documents. The Borrower’s Organizational Documents are in full force and effect. The Borrower is validly existing as a corporation and is in good standing under the laws of the jurisdiction of its incorporation. The Borrower
(i) has full power and authority (and all governmental licenses, authorizations, Permits, consents and approvals) to (x) own its properties, conduct its business, (y) enter into, and perform its obligations under, this Agreement, and
(z) consummate the transactions contemplated hereby, and (ii) is duly qualified as a foreign corporation, and licensed and in good standing, under the laws of each jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires such qualification or license, in each case of this clause (ii), where the failure to be so qualified, licensed or in good standing could reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect. 

  
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 (b) Authority; Execution; Enforceability. This Agreement has been duly authorized,
executed and delivered by the Borrower and no further consent or authorization is required by the Borrower, the Borrower’s board of directors (or other equivalent governing body) or the holders of the Borrower’s Stock, and constitutes a
valid, legal and binding obligation of the Borrower, enforceable in accordance with its terms, except as such enforceability may be limited by applicable insolvency, bankruptcy, reorganization, moratorium or other similar laws affecting
creditors’ rights generally. No consent, approval, Authorization or order of, or registration or filing with any Governmental Authority is required for (i) the execution, delivery and performance of any of this Agreement, and (ii) the
consummation by the Borrower of the transactions contemplated hereby, except for consents, authorizations and filings that have been obtained or made. 

(c) Current Effect. Other than pursuant to the express terms of the Purchase Agreement, the Facility Agreement and the other Loan
Documents, the Borrower has not granted any license or sublicense with respect to, or entered into any other agreement to Transfer or otherwise encumber, its Vabomere Rights. 

(d) No Violation. The execution, delivery and performance of this Agreement by the Borrower, and the Borrower’s compliance with the
terms and conditions hereof, is not prohibited or limited by, and do not and will not conflict with or result in the breach of or a default under, any provision of the certificate of incorporation, bylaws or other formation documents of the
Borrower, any contract, agreement or instrument binding on or affecting the Borrower or any Applicable Laws. 
 (e) Incorporation by
Reference. The representations and warranties set forth in Sections 3.1 of the Facility Agreement, are true and correct as of the date hereof, with the same force and effect as if fully set forth herein, mutatis mutandis. 

7. General Provisions. 
 (a) Independent
Contracting Parties. The Parties are not joint venturers, partners, principal and agent, master and servant, or employer and employee, and have no relationship, other than as independent contracting parties. No Party shall be a legal
representative of any other or have the power to bind or obligate the other in any manner. 
 (b) Amendment and Modification. The
Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with written consent of the Company and the Required Holders. Any
amendment or waiver effected in accordance with this Section 7(b) shall be binding upon each of the Royalty Holders and the Company. 

(c) Cumulative Remedies. This Agreement shall constitute a Loan Document. Upon the breach by the Borrower of any representation,
warranty, covenant or term of this Agreement, the Royalty Holders shall have all of the rights and remedies under the Loan Documents or applicable law to which they are otherwise entitled. The rights and remedies of the Parties hereunder, under the
other Loan Documents and under Applicable Law are cumulative and not alternative, and may be exercised concurrently or separately. 

  
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 (d) Notices. Any notices or other information (including any financial information)
required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or by facsimile or by
electronic mail and shall be effective five (5) days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service) or by
facsimile, or when received by electronic mail in each case addressed to a party as follows (or such other address, facsimile or electronic mail address provided by such party to such other parties pursuant to the below (or such later address,
facsimile or electronic mail address provided in accordance herewith)): 
  

			
	If to the Borrower, to:	  	Melinta Therapeutics, Inc.
		  	300 George Street, Suite 301
		  	New Haven, Connecticut 06511
		  	Attention: Paul Estrem
		  	Facsimile: (224) 377-8030
		  	E-mail: pestrem@melinta.com
		
	With a copy to:	  	Willkie Farr & Gallagher LLP
		  	787 Seventh Avenue
		  	New York, NY 10019-6099
		  	Attention: Gordon Caplan
		  	                  Sean Ewen
		  	Email: gcaplan@willkie.com
		  	            sewen@willkie.com
		  	Facsimile: 212-728-8111

 If to any Royalty Holder, to its address set forth on Schedule I (as the same may be modified or amended to
reflect, among other things, any assignment or transfer of its interests hereunder). 
 (e) Assignment. This Agreement shall be
binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Except as provided in Section 5(b) of this Agreement (and subject to the terms, conditions and restrictions contained in this Agreement
and the other Loan Documents), neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned or delegated by the Borrower without the prior written consent of the Required Holders. Each Royalty Holder shall have
the right to assign this Agreement (including any rights incorporated herein from the Facility Agreement) and/or its right to receive Royalty Payments, in each case, in whole or in part (and without any requirement to assign any of the Loans or
Notes or any other rights under the Facility Agreement or other Loan Documents), without the consent of the Borrower or any of the other Loan Parties. 

(f) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such State. 

  
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 (g) Severability. If any provision of this Agreement shall be invalid, illegal or
unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof or thereof shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision. 

(h) Construction. Each Party acknowledges that it and its attorneys have been given an equal opportunity to negotiate the terms and
conditions of this Agreement and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party or any similar rule operating against the drafter of an agreement shall not be applicable to the construction
or interpretation of this Agreement. 
 (i) Counterparts. This Agreement and any amendment hereto may be executed in several
counterparts, and by each Party on separate counterparts, each of which and any photocopies, facsimile copies and other electronic methods of transmission thereof shall be deemed an original, but all of which together shall constitute one and the
same agreement. In the event that any signature to this Agreement or any amendment hereto is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. No party hereto shall
raise the use of a facsimile machine or e-mail delivery of a “.pdf” format data file to deliver a signature to this Agreement or any amendment hereto or the fact that such signature was transmitted
or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format data file as a defense to the formation or enforceability of a contract, and each party hereto forever waives any such defense. 

(j) Entire Agreement. This Agreement, the Facility Agreement and the other Loan Documents constitute the entire agreement and
understanding of the Parties hereto in respect of the subject matter hereof. This Agreement, the Facility Agreement and the other Loan Documents supersede all prior agreements, understandings, promises, representations and statements between the
Parties and their representatives with respect to the Royalty Payments contemplated by this Agreement. 
 (k) Independent Nature of
Royalty Holders. The obligations of each Royalty Holder under this Agreement are several and not joint with the obligations of any other Royalty Holder, and no Royalty Holder shall be responsible in any way for the performance of the obligations
of any other Royalty Holder under this Agreement. 
 (l) Incorporation by Reference. In addition to any other provision of the
Facility Agreement incorporated herein by reference as set forth above, the provisions of Sections 1.2 (Interpretation), 6.3 (Cost and Expense Reimbursement), (m) 6.4 (Governing Law), 6.10 (No Waiver), 6.11 (Indemnity), 6.12 (No Usury), 6.13
(Specific Performance), 6.14 (Further Assurances), 6.20 (No Third Party Beneficiaries) and 6.21 (Binding Effect) of the Facility Agreement, together with the portion of any other provision of the Facility Agreement that defines a capitalized term
used in any of the foregoing provisions of the Facility Agreement, are incorporated by reference herein and made applicable to this Agreement, mutatis mutandis. Such incorporation and such provisions and definitions shall survive any
repayment of the Obligations and/or termination of the Facility Agreement. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Royalty Agreement to be executed by their
duly authorized representatives as of the date first set forth above. 
  

			
	INITIAL ROYALTY HOLDERS:
	
	DEERFIELD PRIVATE DESIGN FUND IV, L.P.
	
	By: Deerfield Mgmt IV, L.P., its General Partner
	By: J.E. Flynn Capital IV, LLC, its General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.
	
	By: Deerfield Mgmt III, L.P., its General Partner
	By: J.E. Flynn Capital III, LLC, its General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
	
	By: Deerfield Mgmt, L.P., its General Partner
	By: J.E. Flynn Capital, LLC, its General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	BORROWER:
	
	MELINTA THERAPEUTICS, INC.
		
	By:	 	 /s/ Paul Estrem

	Name:	 	Paul Estrem
	Title:	 	Chief Financial Officer

 [Signature page to Royalty Agreement] 

 Schedule I 

Pro Rata Share 
  

					
	 Royalty Holder
	  	Pro Rata Share	 
	 Deerfield Private Design Fund IV, L.P.

780 Third Avenue, 37th Floor

New York, New York 10017

Attention: David J. Clark
	  	 	68.75	% 
	 Deerfield Private Design Fund III, L.P.

780 Third Avenue, 37th Floor

New York, New York 10017

Attention: David J. Clark
	  	 	20.83	% 
	 Deerfield Special Situations Fund, L.P.

780 Third Avenue, 37th Floor

New York, New York 10017

Attention: David J. Clark
	  	 	10.42	% 
		  	  
	  
	 
	 Total
	  	 	100	% 
		  	  
	  
	 

 Exhibit A 

Dispute Resolution Procedures 
 A. The Transaction
Arbitrator shall review and determine the calculation of Net Sales, Royalty Payments or disputed portion thereof (the “Disputed Items”), and only the Unresolved Items, in a manner consistent with this Exhibit A and the Accounting
Principles (as defined in the Purchase Agreement). The review and determination shall be based solely on the grounds presented by the Borrower and the Objecting Holders. In no event shall the Transaction Arbitrator’s determination of an
Unresolved Item be for an amount outside the ranges proposed by the Borrower and the Objecting Holders in the Net Sales Statement and the Dispute Notice, respectively. 

B. Within ten (10) days after the appointment of the Transaction Arbitrator, the Borrower and the Objecting Holders shall provide to the Transaction
Arbitrator a copy of the Net Sales Statement and Dispute Notice, and shall each provide to the Transaction Arbitrator, with a copy to the other Party, a written report that states for each Unresolved Item the dollar amount in dispute, a narrative
description of how the dollar amount was calculated or derived by such Party, if applicable, and an explanation of the rationale for such Party’s position; provided that each such report shall be consistent with the Net Sales Statement (in the
case of the Borrower) and the Dispute Notice (in the case of the Objecting Holders). The Borrower and the Objecting Holders shall reasonably cooperate with the Transaction Arbitrator and shall provide to the Transaction Arbitrator and to each other
(subject to Section 5(c)), upon the request of the Transaction Arbitrator and in each case to the extent required to complete its review of the Unresolved Items, any non-privileged information and
documentation, including any accountants’ work papers or internal accounting records, and make reasonably available to the Transaction Arbitrator employees of the Borrower, on the one hand, and the Objecting Holders, on the other hand, in each
case that have been involved in the preparation or review of the Net Sales Statement and Dispute Notice; provided, however, that the independent accountants of the Objecting Holders or the Borrower shall not be obligated to make any
working papers available to the Transaction Arbitrator unless and until the Transaction Arbitrator has signed a customary confidentiality and hold harmless agreement relating to such access to working papers in form and substance reasonably
acceptable to such independent accountants. Neither the Borrower, on the one hand, nor the Objecting Holders, on the other hand, shall disclose to the Transaction Arbitrator, and the Transaction Arbitrator shall not consider for any purpose, any
settlement discussions or settlement offer made by the Borrower, on the one hand, or the Objecting Holders, on the other hand, with respect to any objection under Section 3(c) or this Exhibit A, unless otherwise agreed in writing by the
Borrower and the Objecting Holders. 
 C. The place of arbitration shall be New York, New York. 

D. The Borrower and the Objecting Holders shall use their reasonable best efforts to cause the Transaction Arbitrator to issue its final written award
regarding the Unresolved Items within thirty (30) days after such items are submitted for review, and otherwise as soon as practicable. The award shall include a reasonably detailed explanation of the changes, if any, required to be made to the
Net Sales Statement. The award shall be governed by the Federal Arbitration Act, 9 U.S.C. § 1. The award shall be final and binding upon the Parties and may be enforced in any 

 
court having jurisdiction; provided, however, that within seven (7) days after transmittal by the Transaction Arbitrator of the award, either Party may request in writing with a copy to the
other Party, that the Transaction Arbitrator correct any clerical, typographical or computational errors in the award. The other Party shall have seven (7) days to respond and the Transaction Arbitrator shall dispose of the request within five
(5) days after such seven (7) day period, after which the Net Sales Statement shall be revised. 
 E. Each Party shall provide promptly to the
other Party all non-privileged information and reasonable access to employees as such other Party shall reasonably request to the extent required to complete its review of the Net Sales Statement or the
Dispute Notice, as the case may be, including all work papers of the accountants who audited, compiled or reviewed such statements or notices, and shall otherwise cooperate in good faith with such other Party to arrive at a final determination of
the Net Sales Statement; provided, however, that the independent accountants of the non-requesting Party shall not be obligated to make any working papers available to the requesting Party unless and until
such requesting Party has signed a customary confidentiality and hold harmless agreement relating to such access to working papers in form and substance reasonably acceptable to such independent accountants.Exhibit

Exhibit 10.1
SYNNEX Corporation
        

January 4, 2018
Mr. Dennis Polk 

Dear Dennis:
SYNNEX Corporation (the “Company”) is pleased to offer you a promotion on the following terms:
1.    Position.  Commencing March 1, 2018, or such earlier date as is mutually agreed between the parties (the “Promotion Date”) you will be promoted to President and Chief Executive Officer, reporting to the Board of Directors.  
You will be employed at the Company’s headquarters in Fremont, California.  By signing this letter, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.  While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the prior written consent of the Company. 
Employment with the Company is for no specific period of time.  Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause.
2.    Board Membership.  You will continue to serve as a member of the Board of Directors of the Company.  All directors are subject to election and removal by the shareholders of the Company in accordance with its by-laws and Delaware law.  Upon the Company’s written request, you agree to promptly resign as a member of the Board following any termination of your employment with the Company.
3.    Cash and Performance-Based Compensation.  Effective March 1, 2018, the Company will pay you a starting base salary at the rate of $675,000 per year ($56,250 per month).  In addition, you will be eligible to be considered for an incentive bonus for each fiscal year of the Company.  Bonuses will be determined by the Company’s Compensation Committee (the “Compensation Committee”), in its sole discretion.  Your target bonus for the fiscal year ending November 30, 2018 will be $1,687,500, provided you remain employed through November 30, 2018.  The bonus for a fiscal year will be paid within 2-1/2 months after the last day of the fiscal year.  The determinations of the Compensation Committee with respect to your bonus will be final and binding.  Following fiscal year 2018, your base salary and bonus will be determined by the Compensation Committee in its sole discretion.  Your base salary will next be reviewed as of May 1, 2019.  Any increase in base salary approved pursuant to such review, if it is completed after such date, shall be made effective retroactive to such date.  
In addition, you will be eligible to be considered for the Company’s long-term performance-based restricted stock unit (“RSU”) program for each fiscal year.  Long-term performance-based RSU awards will be determined by the Compensation Committee, in its sole 

discretion.  Your target long-term performance-based RSU award for the fiscal year ending November 30, 2018 will be $562,500, provided you remain employed through November 30, 2020.  The long-term performance-based RSU award for a fiscal year will be paid within 2-1/2 months after the last day of the fiscal year.  The determinations of the Compensation Committee with respect to your long-term performance-based RSU award will be final and binding.  Following fiscal year 2018, your long-term performance-based RSU award will be determined by the Compensation Committee in its sole discretion.  
In determining total compensation, the Company has stressed a compensation philosophy that is performance-driven with a high degree of variability achieved through the Company’s profit sharing program.  Bonuses granted to executive officers under this profit sharing program are determined by the Compensation Committee, based upon both qualitative and quantitative considerations, and in past years has been based upon the achievement of certain predetermined, performance-based financial metrics.
4.    Employee Benefits.  As a regular employee of the Company, you will also be eligible to receive all employee benefits consistent with that provided to other senior executive officers.  You should note that the Company reserves the right to modify compensation and benefits from time to time, as it deems necessary.  The Company will reimburse you for ordinary and necessary business expenses you incur in connection with the performance of your duties on behalf of the Company in accordance with the Company’s normal procedures, as they may be amended from time to time.  
5.    Equity Compensation.  You will be granted an option to purchase shares of the Company’s Common Stock (“Stock Option”) pursuant to the Company’s 2013 Stock Incentive Plan, as amended (the “Plan”) with a which Stock Option shall have a fair value of approximately $1,050,000.   The date of grant will be the Promotion Date; provided, however, that if the Company’s trading window is not open on that date, the date of grant will be upon the expiration of three trading days after the Company’s trading window is open, in accordance with the Company’s equity grant making policy.  The exercise price per share of the Stock Option will be equal to the closing price per share of the Company’s Common Stock on the date of grant.  The Stock Option will be subject to the terms and conditions applicable to options granted under Plan and the applicable stock option agreement.  The Stock Option will be subject to vesting over the five-year period following October 3, 2017 (the “Vesting Date”), with 20% of the option shares vesting on the one-year anniversary of the Vesting Date, and monthly vesting over the next succeeding 48 months, conditioned on your continuous common law employment, as described in the applicable stock option agreement.
You will also be granted a restricted stock award for shares of the Company’s Common Stock (“Restricted Stock”) pursuant to the Plan with a fair market value of approximately $375,000.  The date of grant will be the Promotion Date; provided, however, that if the Company’s trading window is not open on that date, the date of grant will be upon the expiration of three trading days after the Company’s trading window is open, in accordance with the Company’s equity grant making policy.  The Restricted Stock will be subject to the terms and conditions applicable to restricted stock awards granted under Plan and the applicable restricted 

stock award agreement.  The Restricted Stock will be subject to vesting over the five-year period following the Vesting Date, with 20% of the shares vesting on each one-year anniversary of the Vesting Date, conditioned on your continuous common law employment, as described in the applicable restricted stock award agreement.
You will be eligible to receive additional equity compensation awards as determined by the Compensation Committee in its sole discretion from time to time.
6.    Stock Ownership Guidelines.  You will be expected not to sell your vested equity compensation from the Company (with the exception of shares sold or withheld by the Company to cover your exercise price or taxes on such compensation) until you achieve ownership of an amount of the Company’s Common Stock having a fair market value of the lower of (i) at least two times annual cash compensation or (ii) $2,000,000 in common stock, with a prohibition against any sale of common stock prior to achieving one or both of the foregoing.  You will be expected to maintain this minimum level of ownership thereafter.  Stock ownership for this purpose includes common stock owned personally or in trust for your benefit and/or vested in-the-money stock options of the Company, and does not include unvested restricted stock or RSUs, or unvested or out-of-the-money stock options.
7.    Severance Pay.  
(a)    Involuntary Termination:  if the Company terminates your employment with the Company after the Promotion Date for a reason other than Cause, Disability or death, as such terms are defined below (“Involuntary Termination”) and you sign a standard release of claims then subject to Section 8, you will receive the following severance benefits from the Company:
(i)    Severance Payments.  You will be paid severance of salary continuation at a rate equal to the average of total salary and bonus over the prior three years, divided by twelve (12), for twelve (12) months, following the employment termination date.  Such payments shall be paid periodically in accordance with the Company’s normal payroll policies.
(ii)    Continued Health Benefits.  You will receive reimbursement from the Company of the group health continuation coverage premiums for you and your eligible dependents under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”) or corresponding provisions of state law (“COBRA”) through the earliest of (x) the twelve-month anniversary of the date of termination of employment, (y) the date upon which you and your eligible dependents become covered under similar plans or (z) the date you no longer qualify as a “Qualified Beneficiary” (as such term is defined in Section 4980B(g) of the Code); provided, however, that you are solely responsible for timely electing COBRA coverage.  
(b)    Change of Control:  if the Company terminates your employment with the Company after the Promotion Date without Cause within two (2) months before or twelve (12) months after a change of control of the Company (including a voluntary termination because of a 

reduction in salary or position or a relocation) and you sign a standard release of claims, then subject to Section 8, you will receive the following severance benefits from the Company:
(i)    Severance Payments.  You will be paid severance of salary continuation at a rate equal to the average of total salary and bonus over the prior three years, divided by twelve (12), for a minimum of eighteen (18) months plus one month per year of employment after the eighteenth year of employment, up to a maximum of twenty-four (24) months, following the employment termination date.  Such payments shall be paid periodically in accordance with the Company’s normal payroll policies. 
(ii)    Continued Health Benefits.  You will receive reimbursement from the Company of the group health continuation coverage premiums for you and your eligible dependents under Section 4980B of the Code or COBRA through the earliest of (x) the twenty-four (24)-month anniversary of the date of termination of employment, (y) the date upon which you and your eligible dependents become covered under similar plans or (z) the date you no longer qualify as a “Qualified Beneficiary” (as such term is defined in Section 4980B(g) of the Code); provided, however, that you are solely responsible for timely electing COBRA coverage.  
8.    Conditions to Receipt of Severance.
(a)    Release of Claims.  The receipt of any severance benefits pursuant to Section 7 will be subject to your signing and not revoking a release of claims in a form acceptable to the Company within such period of time as the Company may require, but not to exceed 21 days following your termination of employment.  
(b)    Noncompetition; Nonsolicitation.  The receipt of any severance benefits pursuant to Section 7 will be subject to your not violating the provisions of Section 10.  In the event you breach the provisions of Section 10, or if you elect not to comply with the terms of Section 10(a) on noncompetition or Section 10(b)(ii) on nonsolicitation of business, all continuing payments and benefits to which you would have been entitled pursuant to Section 7 will immediately cease.
(c)    Section 409A.  Any cash severance to be paid pursuant to Section 7 will not be paid during the six-month period following your termination of employment if the Company determines that you are a “specified employee” within the meaning of Section 409A of the Code and that such amounts are not exempt from Section 409A.  In such event, the Company will pay you a lump-sum amount equal to the cumulative amounts that would have otherwise been paid to you during such six-month period on the first day following such six-month period (or, if earlier, your death).  Thereafter, you will receive your cash severance payments pursuant to Section 7 in accordance with the Company’s normal payroll practices.  The provisions of this agreement which require commencement of payments or benefits subject to Section 409A upon a termination of employment shall be interpreted to require that you have a “separation from service” with the Company (as defined for purposes of Section 409A).  Any series of severance payments or benefits provided under this agreement shall for all purposes of Section 409A be treated as a series of separate payments and not as a single payment.  In any case where the date of your separation from service and the date by which you are required to sign the release 

pursuant to Section 8(a) of this agreement falls in two separate taxable years, any amount required to be paid to you that is conditioned on the effectiveness of such release and is determined by the Company not to be exempt from Section 409A of the Code shall be paid in the later taxable year.
9.    Definition of Terms.  The following terms referred to in this agreement will have the following meanings:
(a)    Cause.  “Cause” means (i) commission of a felony, an act involving moral turpitude, or an act constituting common law fraud, and which has a material adverse effect on the business or affairs of the Company or its affiliates or stockholders, (ii) intentional or willful misconduct or refusal to follow the lawful instructions of the Board or (iii) intentional breach of Company confidential information obligations which has an adverse effect on the Company or its affiliates or stockholders.  For these purposes, no act or failure to act shall be considered “intentional or willful” unless it is done, or omitted to be done, in bad faith without a reasonable belief that the action or omission is in the best interests of the Company.
(b)    Disability.  “Disability” means that you have been unable to perform the principal functions of your duties due to a physical or mental impairment, but only if such inability has lasted or is reasonably expected to last for at least six (6) months.  Whether you have a Disability will be determined by the Board based on evidence provided by one or more physicians selected by the Board.
10.    Restrictive Covenants.
(a)    Noncompete.  For a period beginning on the Promotion Date and ending on the date you cease to provide services to the Company or any parent or subsidiary of the Company (excluding services provided pursuant to Section 11 following your termination of employment) or, if later, the date through which severance is payable pursuant to Section 7, you agree to not, directly or indirectly, engage in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor have any ownership interest in or participate in the financing, operation, management or control of, any person, firm, corporation or business that competes with Company (or any parent or subsidiary of the Company); provided, however, that you shall not be prohibited from owning, solely as an investment, up to 1% of the stock of a publicly traded corporation or up to 5% of the equity of a non-publicly traded company.  You may elect not to comply with the provisions of this Section 10(a) following your termination of employment.  However, all continuing payments and benefits to which you would have been entitled pursuant to Section 7 will immediately cease.
(b)    Nonsolicit.  
(i)  For a period beginning on the Promotion Date and ending on the date twelve (12) months after you cease to provide services to the Company or any parent or subsidiary of the Company (excluding services provided pursuant to Section 11 following your termination of employment), you, directly or indirectly, whether as employee, owner, sole proprietor, partner, director, member, consultant, agent, founder, co-venturer or otherwise, will 

not solicit, induce or influence any person to leave employment with the Company (or any parent or subsidiary of the Company). 
(ii)  For a period beginning on the Promotion Date and ending the date you cease to provide services to the Company or any parent or subsidiary of the Company (excluding services provided pursuant to Section 11 following your termination of employment) or, if later, the date through which severance is payable pursuant to Section 7, you, directly or indirectly, whether as employee, owner, sole proprietor, partner, director, member, consultant, agent, founder, co-venturer or otherwise, will not directly or indirectly solicit business from any of the Company’s customers and users on behalf of any business that directly competes with the principal business of the Company (or any parent or subsidiary of the Company).  You may elect not to comply with the provisions of this Section 10(b)(ii) following your termination of employment.  However, all continuing payments and benefits to which you would have been entitled pursuant to Section 7 will immediately cease.
(c)    Understanding of Covenants.  You represent that you (i) are familiar with the foregoing covenants not to compete and not to solicit, and (ii) are fully aware of your obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and geographic coverage of these covenants.
11.    Litigation.  You agree to cooperate with the Company beginning on the Promotion Date and thereafter (including following your termination of employment for any reason) by making yourself reasonably available to testify on behalf of the Company or any of its affiliates in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, or any affiliate, in any such action, suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any affiliate as reasonably requested.  The Company agrees to reimburse you for all expenses actually incurred in connection with your provision of testimony or assistance, and if you provide testimony or assistance after the one-year anniversary of your termination as an employee and Board member (or during the first year after your termination as an employee and Board member if no severance is being paid with respect to such time), $200 per hour for your time.
12.    Successors.  For all purposes under this agreement, the term “Company” will include any successor to the Company’s business and/or assets which expressly assumes this agreement or which becomes bound by the terms of this agreement by operation of law.  The terms of this agreement and all of your rights hereunder will inure to the benefit of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
13.    Arbitration.    Any controversy involving the construction or application of any terms, covenants or conditions of this agreement, or any claims arising out of any alleged breach of this agreement, will be governed by the rules of the American Arbitration Association and submitted to and settled by final and binding arbitration in Santa Clara County, California, except that any alleged breach of the Company’s Confidentiality and Assignment of Inventions 

Agreement shall not be submitted to arbitration and instead the Company may seek all legal and equitable remedies, including without limitation, injunctive relief.
14.    Miscellaneous Provisions.
(a)    Waiver.  No provision of this agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized officer of the Company (other than you).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(b)    Entire Agreement.  This agreement constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter hereof.  This agreement may only be modified by a signed writing between the parties.
(c)    Choice of Law.  The laws of the State of California (without reference to its choice of laws provisions) will govern the validity, interpretation, construction and performance of this agreement.
(d)    Severability. The invalidity or unenforceability of any provision or provisions of this agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect.
(e)    Withholding. All payments made pursuant to this agreement will be subject to withholding of applicable income and employment taxes.
* * * * *

We hope that you will accept our offer of promotion to President and Chief Executive Officer of the Company.  You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this agreement returning them to me.  This offer, if not accepted, will expire at the close of business on December 18, 2017.
Prior to the Promotion Date, either party may terminate this agreement for any reason without thereby incurring any liability to the other.  
	
			
	 
	 
	Very truly yours,

	 
	 
	 

	 
	 
	SYNNEX Corporation

	 
	 
	 

	 
	 
	 

	 
	By:
	/Dwight A. Steffensen/

	 
	 
	Chairman of the Board of Directors

	 
	 
	January 4, 2018

I have read and accept this employment offer:
/Dennis Polk/                        
Dennis Polk
Dated:  January 4, 2018

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