Document:

Form of Sublease Agreement

 Exhibit 10.1 
 STATE OF NORTH CAROLINA 
 COUNTY OF WAKE 
 SUBLEASE AGREEMENT 
 THIS SUBLEASE AGREEMENT
(“Sublease”) made and entered into      this day of                     , 2010, by and between PPD
DEVELOPMENT, LP, a Texas limited partnership (“Sublessor”) and Furiex Pharmaceuticals, Inc., a Delaware corporation (“Sublessee”). 
 WITNESSETH: 
 WHEREAS, Sublessor has leased from Duke Realty Limited Partnership,
an Indiana limited partnership doing business in North Carolina as Duke Realty of Indiana Limited Partnership as successor by merger to Weeks Realty, L.P. (“Prime Landlord”) those certain premises (“Leased Premises”) more
particularly described in that lease agreement dated January 28, 1998 by and between Prime Landlord as landlord and PPD Development, Inc. predecessor in interest to Sublessor as tenant, and as amended by that certain First Amendment to Lease
Agreement dated July 9, 1997, and as amended by that certain Second Amendment to Lease Agreement dated June 26, 1998, and as amended by that certain Third Amendment to Lease Agreement dated February 18, 1999, and as amended by that
certain Fourth Amendment to Lease Agreement July 6, 1999, and as amended by that certain Fifth Amendment to Lease Agreement dated October 1, 2002, and as amended by that certain Sixth Amendment to Lease Agreement dated February 6,
2006, and as further amended by that certain Seventh Amendment to Lease Agreement dated September 1, 2009 (collectively the “Prime Lease”); 
 WHEREAS, Sublessor desires to sublease a portion of the Leased Premises (hereinafter the “Space”) described on Exhibit “A” attached hereto and made a part hereof to Sublessee;

 NOW THEREFORE, for and in consideration of the mutual covenants flowing between the parties hereto, the receipt and
sufficiency of which are hereby acknowledged, Sublessor and Sublessee do hereby covenant and agree as follows: 
 DEMISE

 1.01     Sublessee does hereby take and hire the Space from Sublessor, subject and subordinate to the
terms and conditions of said Prime Lease. 
 TERM 
 2.01     The term of this Sublease shall commence on                     ,
2010 and shall terminate on                     , 2012 unless sooner terminated as hereinafter provided (the “Term”). Sublessee may
extend the Term for one (1) year. Sublessee shall furnish written notice to Sublessor of Sublessee’s intent to extend the Term at least sixty (60) days prior to the expiration of the then Term. Notwithstanding the foregoing, this
Sublease shall immediately terminate upon the expiration or termination of the Prime Lease. Sublessor shall use commercially reasonable efforts to notify Sublessee at least thirty (30) days prior to such termination. Upon expiration or earlier
termination of this Sublease, Sublessee shall surrender the Space broom clean, in good order and condition, with all repairs and maintenance required by Sublessor hereunder having been performed, ordinary wear and tear excepted, in a manner
consistent with Section 13(b) of the Prime Lease. 

 RENTAL 
 3.01     Sublessee shall pay to Sublessor, without offset or deduction, the following rent on the first day of each month in advance for each month of the Term. In the event the Term
shall commence or terminate on a day other than the first or last day of a calendar month, the rental for such month shall be prorated. 
  

			
	 Time Period
	 	 Monthly Rental Payments

	     /    /2010 - 12/31/2010
	 	$7,606.43
	 1/1/2011 - 12/31/2011
	 	$7,758.56
	 1/1/2012 -     /    / 2012
	 	$7,913.73
	 1/1/2013 -     /    /2013
	 	$8,072.01

 3.02
    Sublessee shall pay to Sublessor, without offset or deduction, 4.41% of Sublessor’s Proportionate Share of Operating Expenses (as that term is defined in the Prime Lease) under the Prime Lease. Sublessor shall invoice
Sublessee monthly for the costs and expenses specified in this paragraph 3.02 and Sublessee shall pay such costs and expenses within thirty (30) days of receipt of such invoices. 
 3.03     Sublessee agrees to pay its proportionate share of “Additional Rent” (as that term is defined in the
Prime Lease and including any Annual Rent Adjustment) payable by Sublessor under the Prime Lease, and all other costs and expenses of Sublessor and Prime Landlord which are incurred in connection or associated with (A) the performance of any of
Sublessee’s obligations under this Sublease, (B) the adjustment, settlement or compromise of any insurance claims involving or arising from the Space, (C) the prosecution, defense or settlement of any litigation involving or arising
from the Space or this Sublease, in which Sublessor is the prevailing party, (D) the exercise or enforcement by Sublessor, its successors and assigns, of any of its rights under this Sublease, (E) the provision of the services specified in
Exhibit “B” attached hereto and made a part hereof (“Sublessor Services”), together with an administrative fee of 5% of the costs and expenses associated with such Sublessor Services, and (E) any other costs associated with
Sublessee’s use or occupancy of the Space or other items specifically required to be paid by Sublessee under this Sublease. Sublessor shall invoice Sublessee for the costs and expenses specified in this paragraph 3.03 and Sublessee shall pay
such costs and expenses within thirty (30) days of receipt of such invoices. 
 USE OF SPACE 
 4.01     Sublessee shall use the Space for those purposes allowed in the Prime Lease and no other and at all times in
compliance with the terms of the Prime Lease. 
 CONDITION OF SPACE 
 5.01     Sublessee accepts the Space in its existing condition, without representation or warranty, express or implied,
in fact or by law, and no representation, statement or warranty, express or implied, has been made by or on behalf of Sublessor as to such condition, or as to the use that may be made of said Space

 
and expressly waives, to the maximum extent permitted by law, any claim it has, may have, or ought to have against the Sublessor, based on or arising from any breach by Sublessor of those
representations and warranties set forth in this Sublease. Neither Prime Landlord nor Sublessor, nor any of Sublessor’s partners, officers, directors, shareholders, agents, employees or representatives, shall be liable to Sublessee, or any of
Sublessee’s agents, employees, servants, customers, guests, invitees, or contractors, for any injury, damage or loss to persons or property due to the condition, design, or any defect in the Space or its mechanical systems that may exist on the
effective date of this Sublease or that may subsequently occur. Sublessee, with respect to itself and its agents, employees, servants, customers, guests, invitees, and contractors, hereby expressly assumes all risks of damage to person or property,
either proximate or remote, by reason of the present or future condition of the Space. 
 MAINTENANCE / REPAIRS 
 6.01     Sublessee shall maintain all parts of the Space (except those for which Prime Landlord is expressly responsible
under the terms of the Prime Lease) in good condition and repair, promptly making all necessary repairs and replacements as provided in the Prime Lease, including, but not limited to, Section 4 of the Prime Lease. 
 6.02     Sublessee shall make all repairs to the Space desired by Sublessee or which are the responsibility of Sublessor
pursuant to the terms and conditions of the Prime Lease, and Sublessor shall have no obligation to perform any repairs whatsoever pursuant to this Sublease. 
 6.03     Sublessee shall not make any alterations to the Space without the prior written consent of Sublessor. All Sublessee alterations will be subject to the Prime Lease, including,
but not limited to Section 5 of the Prime Lease. Sublessee shall be responsible for the costs and expenses associated with all such alterations. 
 COMPLIANCE WITH PRIME LEASE 
 7.01     Sublessor shall comply
with all terms of the Prime Lease, and shall permit no default or breach thereunder except to the extent relating to any acts or omissions of Sublessee. Sublessee acknowledges that Sublessor has provided Sublessee a true and correct copy of the
Prime Lease. 
 7.02     Relationship to Prime Lease. Sublessee hereby assumes and agrees to perform
all obligations of Sublessor as tenant under the Prime Lease to the extent and only to the extent the same relate to the Space, and Sublessee agrees to abide by and comply with all of the provisions of the Prime Lease during the Term of this
Sublease, as the same relate to the Space, except that: (i) the payment of rent by Sublessee will be replaced by the provisions of paragraph 3 of this Sublease; (ii) Sublessee shall not have any right to renew or extend the term of the
Lease or expand the Leased Premises granted to Sublessor in the Prime Lease, all parties hereby agreeing that such rights shall be exclusive to Sublessor; (iii) the value of the general commercial liability insurance policy required to be
maintained by Sublessee will be as provided in paragraph 11 of this Sublease, and (iv) Sublessee shall not have any right to any “Extension Allowance”, tenant improvement allowance, any payments due under any Profits Interest
Agreement between Sublessor and Landlord, or any other type of incentive or inducement granted to Sublessor as tenant under the Prime Lease. Except as otherwise specifically set forth in this Sublease, Sublessor expressly retains and reserves all
rights and benefits applicable to Sublessor as tenant under the Prime Lease and any Profits Interest Agreement. 
 7.03
    Incorporation of Prime Lease. Except as specifically excluded from application to Sublessee pursuant to Section 7.02 hereinabove, the provisions of the Prime Lease, to the extent that they

 
do not conflict with specific provisions contained in this Sublease and relate to the Space are fully incorporated into this Sublease. In the event of any conflict between the provisions of the
Prime Lease and the provisions contained in this Sublease, the provisions of this Sublease will be controlling as between Sublessor and Sublessee. 
 7.04     Neither Sublessor, nor any of Sublessor’s partners, officers, directors, shareholders, agents, employees or representatives, be liable to Sublessee for any of the
following: (i) any of the Prime Landlord’s obligations under the Prime Lease unless Prime Landlord fails to perform such obligations due to an uncured default by Sublessor under the Prime Lease; (ii) any interruption in utilities or
services to the Space unless caused by or resulting from the gross negligence or willful misconduct of Sublessor; (iii) any loss of or damage to any property of Sublessee or of Sublessee’s employees, agents, contractors, customers, guests
or invitees (whether by theft or otherwise), unless due to the gross negligence or willful misconduct of Sublessor, its employees, agents or contractors; or (iv) the failure of Prime Landlord to perform any obligation of Prime Landlord under
the Prime Lease unless it results from an uncured default by Sublessor under the Prime Lease; and (v) any damage or disturbance caused by others, provided that Sublessor shall enforce the terms of the Prime Lease to the extent reasonably
possible to eliminate such disturbance. Neither Sublessor nor any of Sublessor’s partners, officers, directors, shareholders, employees, agents or representatives has any personal liability under this Sublease. The liability of Sublessor for
any default by Sublessor under the terms of this Sublease will be limited to Sublessee’s actual direct, but not consequential, damages therefore, shall be limited to the amount of Sublease Rent payable under this Sublease, and shall be
recoverable solely from the equity interest of Sublessor in and to the Leased Premises and in, to and under the Prime Lease and the proceeds of any insurance required to be maintained by the Sublessor under the Prime Lease. 
 RIGHT OF SUBLESSEE TO CURE DEFAULT 
 UNDER PRIME LEASE 
 8.01     Sublessor shall promptly furnish
to Sublessee copies of any and all notices of default or termination under the Prime Lease. In the event Sublessor defaults in the performance of any term or condition of the Prime Lease, Sublessee shall be entitled to cure such default, provided
Sublessee notifies Sublessor of such curing simultaneously with the performance thereof. In the event Sublessee shall so incur any expense by virtue of the curing of any such default, Sublessee shall be entitled to deduct such amount from its
subsequent monthly installment or installments of rental payable to Sublessor hereunder. 
 DEFAULT UNDER SUBLEASE 
 9.01    (a) In the event Sublessee shall default in the payment of rent herein reserved, when due, and fails to cure
said default within ten (10) days after the giving of written notice thereof by Sublessor; or if Sublessee shall be in default in performing any of the terms or provisions of this Sublease other than the provision requiring the payment of rent,
and fails to cure such default within thirty (30) days after the date of receipt of written notice of default from Sublessor; or if Sublessee is adjudicated bankrupt; or if a permanent receiver is appointed for Sublessee’s property and
such receiver is not removed within thirty (30) days after written notice from Sublessor to Sublessee to obtain such removal; or if, whether voluntarily or involuntarily, Sublessee takes advantage of any debtor relief proceedings under any
present or future law, whereby the rent or any part thereof is, or is proposed to be, reduced or payment thereof deferred; or if Sublessee makes an assignment for benefit of creditors; or if Sublessee’s effects should be levied upon or attached
under process against Sublessee, not satisfied or dissolved within thirty (30) days after written notice from Sublessor to Sublessee to obtain satisfaction thereof; then, and in any of said events, Sublessor

 
at its option may (but only during continuance of such default or condition), (i) terminate this Sublease by written notice to Sublessee; whereupon this Sublease shall end, (ii) avail
itself of any remedy available to Prime Landlord under the Prime Lease, and (iii) avail itself of any remedy provided by the laws of the state in which the Space is located. Any notice provided in this paragraph 9 may be given by Sublessor, or
its attorney. Upon such termination by Sublessor, Sublessee will at once surrender possession of the Space to Sublessor and remove all of Sublessee’s effects therefrom. (b) Sublessor shall have the right, at Sublessor’s option,
without terminating this Sublease, upon Sublessee’s breaching this Sublease, to enter upon and, as Sublessee’s agent, rent the Space at the best price obtainable by reasonable effort, without advertisement and by private negotiations and
for any term Sublessor deems proper. Sublessee shall be liable to Sublessor for the deficiency, if any, between Sublessee’s rent payable hereunder and the price obtained by Sublessor on reletting. (c) All remedies granted Sublessor
hereunder shall be cumulative of and in addition to any other right or remedy given or hereafter existing in law. 
 INDEMNITY

 10.01     Sublessee hereby agrees to indemnify, defend (with counsel approved in advance in writing by
Sublessor) and hold harmless Sublessor, and Sublessor’s agents, from and against any and all claims, liability, causes of action, loss, damages, costs and expenses, including attorney’s fees and court costs, arising from (i) any
breach, violation or non-performance by Sublessee of any of the terms and provisions of the Prime Lease or this Sublease, (ii) Sublessee’s use or occupancy of the Space, or (iii) any personal or bodily injury to persons or damage to
property to the extent that such damage or injury was caused, either proximately or remotely, by any act or omission, whether negligent or not, of Sublessee or any of Sublessee’s agents, servants, employees, contractors, customers, guests, or
invitees or of any other person entering onto the Space under or with the express or implied invitation of Sublessee. Sublessee’s obligations of indemnification pursuant to this Section 10.01 will survive the expiration or earlier
termination of this Sublease. 
 INSURANCE 
 11.01     Insurance. Sublessee shall provide and maintain during the Term a general commercial liability insurance policy, with a company acceptable to Sublessor insuring
against any and all liability arising out of the condition, use, alteration or maintenance of the Space and the Leased Premises by Sublessee or Sublessee’s agents, employees, contractors, guests and invitees, and covering the contractual
liability referred to in paragraph 10 of this Sublease, having a combined single limit for both bodily injury and property damage in an amount no less than ONE MILLION AND NO/100 DOLLARS ($1,000,000.00). In addition, Licensee shall maintain
workers’ compensation insurance in any required statutory amounts covering all persons employed by Sublessee in connection with anything done on or about the Space or Leased Premises. Any and all insurance required to be maintained by Sublessee
hereunder must: (i) name Sublessor and Prime Landlord as additional loss payees and additional insureds; (ii) contain a waiver of subrogation applicable to Sublessor and Prime Landlord; and (iii) require at least thirty
(30) days’ advance written notice to Sublessor prior to the cancellation or modification. Sublessee shall furnish Sublessor with a certificate of insurance evidencing such coverage prior to taking occupancy under this Sublease. 

ENTIRE AGREEMENT 
 12.01     This Sublease, including the Prime Lease, contains the entire agreement of Sublessor and Sublessee, and no representations, warranties, inducements, promises or agreements, oral or written, between the parties
not embodied herein shall be of any force or effect. 

 SUCCESSORS 
 13.01     The within Sublease shall inure to the benefit of Sublessor, Sublessee, and their respective heirs, successors and assigns. 
 13.02     Except upon the prior written consent of Sublessor, Sublessee will not voluntarily or involuntarily transfer,
convey, assign, mortgage or pledge this Sublease or any right or interest of Sublessee hereunder, nor sublet any part of the Space, nor permit the use or occupancy of any portion of the Space by anyone other than Sublessee. 
 REPRESENTATIONS AND WARRANTIES 
 14.01     Sublessor represents and warrants: (a) Sublessor has provided Sublessee with a true and complete copy of the Prime Lease; (b) the Prime Lease is in full force and
effect; (c) the Prime Lease has not been modified or amended in any manner, except as expressly mentioned herein; (d) the term of said Prime Lease expires on November 30, 2023; (e) Sublessor has made no assignment, sublease,
hypothecation or transfer of the Space under the Prime Lease. 
 14.02     Sublessee represents and warrants
that (i) Sublessee is a corporation existing and in good standing under the laws of Delaware and is duly authorized to enter into this Sublease and (ii) the officer executing this Sublease on behalf of Sublessee is duly authorized to do so
and to bind the Sublessee hereto. 
 CONSENT OF PRIME LANDLORD 
 15.01     This Sublease is subject to and conditioned upon the consent of the Prime Landlord. 
 ACCESS TO SPACE 
 16.01     Sublessor shall be permitted access to the Space at all reasonable times, upon advance notice, or in any time in case of an emergency, to inspect the Space or to show the Space to other potential sublessees.
Sublessor shall use commercially reasonable efforts to conduct its activities permitted hereunder in a manner which will not unreasonably inconvenience, annoy or disturb Sublessee in its use and occupancy of the Space. 
 HOLDOVER 
 17.01
    Sublessee shall not be permitted to hold over after expiration or earlier termination of the Prime Lease, and Sublessee shall indemnify Sublessor from and against any and all loss, cost, or damage resulting therefrom.

 SIGNATURES APPEAR ON NEXT PAGE 

 IN WITNESS WHEREOF, the parties hereto have caused this Sublease to be duly executed by
their proper officers and their respective corporate seals to be affixed hereunto as of the day and year first above written. 
  

													
	 SUBLESSOR:
 PPD DEVELOPMENT, LP
	  	 SUBLESSEE
 FURIEX PHARMACEUTICALS, INC.
	  	
		  	By: PPD GP, LLC	  		  		  		  	
		  	Its: General Partner	  		  		  		  	
							
		  	 BY:
	  	  
	  		  	 BY:
	  	  
	  	
		  	 NAME:
	  	  
	  		  	 NAME:
	  	  
	  	
		  	 ITS:
	  	  
	  		  	 ITS:
	  	  
	  	

 Exhibit A 
 Space 
 The Space consists of 4,657 square feet and is
commonly known as Suite 150, 3900 Paramount 
 Parkway, Morrisville, Wake County, North Carolina 27560. 

 Exhibit B 
 Sublessor Services 
 WAN Connection 
 Sublessor shall provide Sublessee employees located in the Space with access to Sublessor’s WAN connection. 
 Sublessee shall send requests to Sublessor for access to Sublessor’s WAN connection that shall specify the name of the Sublessee employee. Sublessor
shall grant the Sublessee employee with the non-exclusive, non-transferable limited right to use Sublessor’s WAN connection solely to (i) access any e-mail services, document collaboration and file sharing services (if necessary) provided
by Sublessor pursuant to that certain Transition Services Agreement between Sublessor and Sublessee, and (ii) facilitate general access to the internet for Sublessee business matters. All such Sublessee employees shall be subject to
Sublessor’s policies regarding internet usage and other reasonable rules and restrictions as Sublessor may implement from time to time. Sublessor shall have no liability to Sublessee in the event the WAN connection is unavailable to any
Sublessee employee or for any downtime of the WAN connection, including, but not limited to, any downtime resulting from the maintenance of the WAN connection. 
 Sublessor may temporarily suspend or terminate a Sublessee employee’s access to the Sublessor WAN connection immediately upon notice to Sublessee for any period of time in which such Sublessee
employee breaches Sublessor’s policies regarding internet usage or any other reasonable rules and restrictions as Sublessor may implement from time to time until such time as Sublessee provides Sublessor with assurances and security measurers
deemed acceptable by Sublessor, in its sole discretion, as to the prevention of future breaches. Sublessor shall give written notice to Sublessee of any such breach and Sublessee shall promptly undertake action to cure any such breach. 

Information Technology Helpdesk Support Services 
 With respect to those Sublessee employees with access to the WAN connection, the IT department of Sublessor shall provide substantially the same level of helpdesk support services that is being delivered
to Sublessor employee end users as of the effective date of this Sublease. These services include both helpdesk phone support, desk-side support, and warranty parts replacement for standard equipment. Additional costs will be added non-standard and
non-warranty equipment on a per incident basis). 
 Compensation 
 In consideration of the Sublessor Services, Sublessee shall compensate Sublessor (i) on a time and materials basis using hourly rates calculated in accordance with this paragraph, and
(ii) $             per month for each Newco employee with access to Sublessor’s WAN connection. In addition, Sublessee shall also reimburse Sublessor for the out-of-pocket
expenses incurred in connection with providing the Sublessor Services. The Sublessor hourly rates shall be calculated based on the sum of: (i) the gross annual pre-tax salary of the Sublessor or Sublessor affiliate employee providing the
Sublessor Services, divided by 2080 hours, and (ii) a charge that includes fringes, benefits, facilities, IT, equipment and supplies associated with such Sublessor or Sublessor affliate employee to be determined by Sublessor in its
reasonable discretion.Form of Tax Sharing Agreement

 Exhibit 10.2 
 TAX SHARING AGREEMENT 
 This Tax Sharing Agreement
(this “Agreement”) is entered into as of                      , 2010 between Pharmaceutical Product Development, Inc., a North
Carolina corporation (“PPD”), and Furiex Pharmaceuticals, Inc., a Delaware corporation that currently is wholly owned subsidiary of PPD (“Furiex” each of PPD and Furiex is a “Party” and, together
are the “Parties”. Terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed to such terms in the Separation and Distribution Agreement, dated as of
[             OR the date hereof], by and between PPD and Furiex (the “Separation Agreement”). 
 RECITALS 
 WHEREAS, PPD is the common parent corporation of an affiliated group of
corporations within the meaning of section 1504(a) of the Internal Revenue Code of 1986, as amended (the “Code”), which has filed consolidated federal income tax returns; 
 WHEREAS, Furiex is a newly formed, wholly owned subsidiary of PPD; 
 WHEREAS, pursuant to the Separation Agreement, among other transactions PPD will transfer to Furiex all of the Furiex Assets and Furiex will
issue to PPD shares of Furiex Common Stock (the “Contribution”); 
 WHEREAS, on the Distribution Date at the
Effective Time, PPD will distribute all of the issued and outstanding shares of Furiex Common Stock on a pro rata basis to holders of PPD Common Stock (the “Distribution”); 
 WHEREAS, the Parties intend that the Distribution qualify as a non-taxable distribution described in section 355 of the Code (the
“Distribution Tax Treatment”); 
 WHEREAS, the Parties intend that after the Distribution Date Furiex will not
be a member of the PPD Group and will not be includable within PPD’s tax return for federal income tax purposes; 
 WHEREAS, the Parties intend that the Contribution, taking into account the Distribution, qualify as a series of tax-free transfers under the Code (the “Contribution Tax Treatment”); and 
 WHEREAS, the Parties desire to set forth their rights and obligations with respect to Taxes (as defined herein) due for periods before and
after the Distribution Date; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.01 General. As used in this Agreement,
the following terms shall have the following meanings: 
 “Affiliate” shall have the meaning set forth in the
Separation Agreement. 
 “Agreement” shall have the meaning set forth in the preamble to this Agreement.

 “Ancillary Agreements” shall mean the Ancillary Agreements as set forth in
the Separation Agreement, together with the Separation Agreement. 
 “Code” shall have the meaning set forth in
the recitals. 
 “Compound Business” shall have the meaning set forth in the Separation Agreement. 

“Contribution” shall have the meaning set forth in the recitals. 
 “Contribution Tax Treatment” shall have the meaning set forth in the recitals. 
 “Dispute” shall have the meaning set forth in Article VIII. 
 “Distribution” shall have the meaning set forth in the recitals. 
 “Distribution Date” shall mean the date hereof. 
 “Distribution Tax Treatment” shall have the meaning set forth in the recitals. 
 “Effective Time” shall mean 11:59 p.m., Wilmington, North Carolina time, on the Distribution Date, at which time the
Distribution is effective. 
 “Final Determination” shall mean a determination within the meaning of section
1313 of the Code or any similar provision of state or local Tax law. 
 “Governmental Authority” shall have the
meaning set forth in the Separation Agreement. 
 “Group” shall have the meaning set forth in the Separation
Agreement. 
 “Liability” shall mean any particular single debt, liability or obligation that is included
within the definition of Liabilities. 
 “Liabilities” shall have the meaning set forth in the Separation
Agreement. 
 “Furiex” shall have the meaning set forth in the preamble to this Agreement. 
 “Furiex Assets” shall have the meaning set forth in the Separation Agreement. 
 “Furiex Common Stock” shall have the meaning set forth in the Separation Agreement. 
 “Furiex Filed Tax Return” shall have the meaning set forth in Section 2.01(b). 
 “Furiex Group” shall have the meaning set forth in the Separation Agreement. 
 “Furiex Indemnitees” shall have the meaning set forth in Section 4.01(a). 
 “Furiex Taxes” shall have the meaning set forth in Section 2.03(a). 
 “Party” or “Parties” shall have the meaning set forth in the preamble to this Agreement. 
 “Person” shall have the meaning set forth in the Separation Agreement. 
 “Post-Distribution Period” shall mean any taxable year or other taxable period beginning after the Distribution Date and,
in the case of any taxable year or other taxable period that begins before and ends after the Distribution Date, that part of the taxable year or other taxable period that begins at the beginning of the day after the Distribution Date. 

 

 2 

 “PPD” shall have the meaning set forth in the preamble to this Agreement.

 “PPD Filed Tax Return” shall have the meaning set forth in Section 2.01(a). 
 “PPD Group” shall have the meaning set forth in the Separation Agreement. 
 “PPD Indemnitees” shall have the meaning set forth in Section 4.01(b). 
 “PPD Taxes” shall have the meaning set forth in Section 2.03(b). 
 “Pre-Distribution Period” shall mean any taxable year or other taxable period that ends on or before the Distribution Date
and, in the case of any taxable year or other taxable period that begins before and ends after the Distribution Date, that part of the taxable year or other taxable period through the close of the Distribution Date. 
 “Separation Agreement” shall have the meaning set forth in the preamble to this Agreement. 
 “Subsidiary” shall have the meaning set forth in the Separation Agreement. 
 “Tax” or “Taxes” shall mean any and all taxes, charges, fees, duties, levies, imposts, rates or other
assessments or governmental charges of any kind imposed by any federal, state, local or foreign Governmental Authority, including, without limitation, income, gross receipts, employment, excise, severance, stamp, occupation, premium, windfall
profits, environmental, custom duties, property, sales, use, license, capital stock, transfer, franchise, registration, payroll, withholding, social security, unemployment, disability, value-added, alternative or add-on minimum or other taxes,
whether disputed or not, and including any interest, penalties, charges or additions attributable thereto, (ii) liability for the payment of any amount of the type described in clause (i) above arising as a result of being (or having been)
a member of any group or being (or having been) included or required to be included in any Tax Return related thereto, and (iii) liability for the payment of any amount of the type described in clauses (i) or (ii) above as a result of
any express or implied obligation to indemnify or otherwise assume or succeed to the liability of any other Person. 
 “Tax Advisor” shall have the meaning set forth in Article VIII. 
 “Tax Contest”
shall have the meaning set forth in Section 5.01. 
 “Tax Information Packages” shall mean any information
required in order to prepare and file any PPD Filed Tax Return. 
 “Tax Return” shall mean any return, report,
certificate, form or similar statement or document (including any related supporting information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated tax) required to be supplied
to, or filed with, a Governmental Authority or any bill for or notice related to ad valorem or other similar Taxes received from a Governmental Authority, in each case, in connection with the determination, assessment or collection of any Tax or the
administration of any laws, regulations or administrative requirements relating to any Tax. 
  

 3 

 “Transfer Taxes” shall have the meaning set forth in Section 2.03(g).

 1.02 References; Interpretation. References in this Agreement to the singular shall be held to include the plural and
vice versa and words of one gender shall be held to include the other gender as the context requires. The terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed
to refer to this Agreement (or the applicable Ancillary Agreement) as a whole (including all of the Schedules and Exhibits hereto and thereto) and not to any particular provision of this Agreement (or such Ancillary Agreement). Article, Section,
Exhibit, Schedule and Appendix references are to the Articles, Sections, Exhibits, Schedules and Appendices to this Agreement (or the applicable Ancillary Agreement) unless otherwise specified. The word “including” and words of similar
import when used in this Agreement (or the applicable Ancillary Agreement) shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive. Any
definition of or reference to any statute shall be construed as referring also to any rules and regulations promulgated thereunder. 
 ARTICLE II 
 TAX RETURNS AND TAX PAYMENTS 
 2.01 Obligations to File Tax Returns. 
 (a) PPD shall have the sole and exclusive responsibility for the preparation and filing of each Tax Return that (i) includes any member of the PPD Group or the Furiex Group and is for a Tax year
ending on or before the Distribution Date or (ii) includes any member of the PPD Group and is required to be filed after the Distribution Date (each, a “PPD Filed Tax Return”); provided, however, that (A) all
PPD Filed Tax Returns shall be prepared on a basis that is consistent with both the Contribution Tax Treatment and the Distribution Tax Treatment, (B) Furiex shall promptly prepare and deliver to PPD in a manner consistent with past practices
pro forma Tax Returns and Tax Information Packages for any taxable period in which any member of the Furiex Group is included in, or any portion of the Compound Business is reflected on, a PPD Filed Tax Return, (C) PPD shall provide to Furiex
sufficiently in advance of the due date for the filing thereof, and Furiex shall have a reasonable opportunity to review and comment on, any such PPD Filed Tax Return (or the relevant portion thereof) to the extent that Furiex is responsible for any
portion of the Taxes reported on such PPD Filed Tax Return, and (D) in the case of any PPD Filed Tax Return that includes any member of the Furiex Group or the Compound Business for only the portion of the relevant taxable period that ends on
the Distribution Date, Taxes shall be allocated to the portion of such taxable period that ends on the Distribution Date based on an actual or hypothetical closing of the books at the Effective Time. Each member of the Furiex Group hereby
irrevocably authorizes and designates PPD as its agent, coordinator and administrator for the purpose of taking any and all actions necessary or incidental to the filing of any such PPD Filed Tax Returns and, except as otherwise provided herein, for
the purpose of making payments to, or collecting refunds from, any Governmental Authority in respect of a PPD Filed Tax Return. Except as otherwise provided herein, PPD shall have the exclusive right to file, prosecute, compromise or settle any
claim for, or refund of, Taxes in respect of a PPD Filed Tax Return for which PPD bears responsibility hereunder and to determine whether any refunds of Taxes to which the PPD Group may be entitled shall be received by way of refund or credit
against the Tax liability of the PPD Group. 
  

 4 

 (b) Furiex shall have the sole and exclusive responsibility for the preparation and filing
of each Tax Return that (i) is required to be filed after the Distribution Date, (ii) includes any member of the Furiex Group or otherwise relates to the Compound Business and (iii) is not a PPD Filed Tax Return (each, a
“Furiex Filed Tax Return”); provided, however, that, except as otherwise required by law, (A) all Furiex Filed Tax Returns shall be prepared on a basis that is consistent with both the Contribution Tax Treatment
and the Distribution Tax Treatment, (B) Furiex shall provide to PPD sufficiently in advance of the due date for the filing thereof, and PPD shall have a reasonable opportunity to review and comment on, any such Furiex Filed Tax Return (or the
relevant portion thereof) to the extent that PPD is responsible for any portion of the Taxes reported on such Furiex Filed Tax Return, and (C) in the case of any Furiex Filed Tax Return that includes any member of the Furiex Group or the
Compound Business for only the portion of the relevant taxable period that begins after the Distribution Date, Taxes shall be allocated to the portion of such taxable period that begins after the Distribution Date based on an actual or hypothetical
closing of the books at the Effective Time. 
 2.02 Obligation to Remit Taxes. Subject to Section 2.01 and subject
always to the ultimate division of responsibility for Taxes set out in Section 2.03, PPD and Furiex shall each remit or cause to be remitted to the applicable Governmental Authority in a timely manner any Taxes due in respect of any Tax Return
that such Party is required to file (or, in the case of a Tax for which no Tax Return is required to be filed, which is otherwise payable by such Party or a member of such Party’s Group to any Governmental Authority); provided,
however, that in the case of any Tax Return, the Party not required to file such Tax Return shall remit to the Party required to file such Tax Return in immediately available funds the amount of any Taxes reflected on such Tax Return for
which the former Party is responsible hereunder at least two Business Days before payment of the relevant amount is due to a Governmental Authority. 
 2.03 Tax Sharing Obligations and Prior Agreements. 
 (a) Furiex and the
members of the Furiex Group shall be responsible for the payment of (and shall be entitled to any refund of or credit for) all Taxes (i) that are attributable to any member of the Furiex Group or the Compound Business for any taxable period, in
accordance with the principles set forth in clause (D) of the proviso in Section 2.01(a), but applying the principles or assumptions that (A) the determination of any such Taxes for any Pre-Distribution Period shall be made treating
the Furiex Group or the Compound Business, as applicable, as a stand-alone corporation, using methods and conventions consistent with past practices, (B) such Taxes shall not include any Taxes incurred by any member of any Group in connection
with either the Contribution or the Distribution except as required by 2.03(a)(ii), and (C) such Taxes shall be net of any Tax attributes attributable to the Furiex Group, the Compound Business or the PPD Group that are available (taking into
account any Tax liability incurred by any member of the PPD Group in connection with either the Contribution or the Distribution) to reduce (whether or not they actually reduce) the Tax Liability of any member of any Group for any Pre-Distribution
Period or any member of the PPD Group for any Post-Distribution Period, or (ii) resulting from any breach of or inaccuracy in any representation, covenant or obligation of any member of the Furiex Group under this Agreement (all such taxes
described in this subsection (a) are, collectively, “Furiex Taxes”). 
 (b) PPD and the members of the PPD
Group shall be responsible for the payment of (and shall be entitled to any refund of or credit for) all Taxes (i) that are attributable

  

 5 

 
to any member of the PPD Group, other than Furiex Taxes, or (ii) resulting from any breach of or inaccuracy in any representation, covenant or obligation of any member of the PPD Group under
this Agreement (collectively, “PPD Taxes”). 
 (c) If, prior to the Distribution, a deposit (including a
payment of estimated Taxes) was made with respect to any Tax for which Furiex or the members of the Furiex Group are responsible under this Agreement, such deposit shall be assigned to Furiex, and Furiex shall be liable only for the amount of such
Tax ultimately due in excess of the applicable deposit. To the extent the amount of such deposit exceeds the amount of Tax attributable to such deposit that is ultimately due, PPD shall pay such excess over to Furiex within five days after the
filing of the applicable PPD Filed Tax Return. 
 (d) If one party receives refunds or claims credits with respect to Taxes for
which the other Party or the members of such other Party’s Group are responsible under this Agreement, the receiving or claiming party shall remit payment to such other Party in the amount of such received refund or claimed credit within five
days after the first Party receives such refund or files the Tax Return claiming such credit, as applicable. If and to the extent that any such refund is ultimately returned by the recipient or credit is subsequently reduced as a result of any
adjustment required by any Governmental Authority, such other Party shall pay the amount of such returned refund or reduction to the first Party within five days of receiving notice of such returned refund or reduction from the first Party.

 (e) At Furiex’s request, the PPD Group shall, at Furiex’s expense, use its reasonable commercial efforts to obtain
any refund or credit of a Tax or item included in a PPD Filed Tax Return to which any member of the Furiex Group is entitled pursuant to this Agreement, including through filing appropriate Tax Returns or related forms with the applicable
Governmental Authority; provided, however, that the PPD Group shall not be required to comply with such request if PPD reasonably determines that attempting to obtain such refund or credit will have a material adverse impact on any
member of the PPD Group. 
 (f) Except as set forth in this Agreement, any and all prior Tax sharing or allocation agreements or
practices between any member of the PPD Group and any member of the Furiex Group shall be terminated with respect to the Furiex Group as of the Distribution Date, and no member of the Furiex Group shall have any continuing rights or obligations
thereunder. 
 (g) PPD shall be liable for and shall pay on a timely basis, and pursuant to Article IV shall indemnify, defend
and hold harmless Furiex from and against, all transfer, documentary, sales, use, registration and such other Taxes (excluding any Taxes based on or attributable to income or gains) and related fees (including any penalties, interest, and addition
to Tax) arising out of or incurred in connection with the Contribution or the Distribution (“Transfer Taxes”), provided, however, nothing herein shall require PPD to pay any amounts for which Furiex is required to indemnify PPD
under Section 2.03(a)(ii) hereof. 
 2.04 Amended Returns. 
 (a) Furiex shall not, and shall not permit any member of the Furiex Group to, file any amended Tax Return that includes any member of the
PPD Group. 
  

 6 

 (b) PPD shall not, and shall not permit any member of the PPD Group to, file any amended Tax
Return that increases any Furiex Tax or otherwise gives rise to indemnification pursuant to Section 4.01(b). 
 ARTICLE III

 COVENANTS 
 3.01 Furiex Covenants. Notwithstanding anything else to the contrary contained in this Agreement or any other agreement, Furiex (on behalf of itself and all other members of the Furiex Group) hereby confirms and agrees that neither
Furiex nor any member of the Furiex Group will take or permit to be taken any action at any time that jeopardizes the Contribution Tax Treatment, the Distribution Tax Treatment or both. Notwithstanding the foregoing, Furiex may take or permit to be
taken any action prohibited by the preceding sentence, subject to, and without limiting or modifying, Furiex’s continuing indemnification obligation under Section 4.01(b), if (a) Furiex obtains the written consent of PPD (which
consent shall not be unreasonably withheld) or (b) Furiex obtains a ruling from the Internal Revenue Service or an opinion of a nationally recognized firm, in form and substance reasonably satisfactory to PPD, that the taking of such action
should not materially adversely affect either the Contribution Tax Treatment or the Distribution Tax Treatment. 
 3.02 PPD
Covenants. Notwithstanding anything else to the contrary contained in this Agreement or any other agreement, PPD (on behalf of itself and all other members of the PPD Group) hereby confirms and agrees that neither PPD nor any member of the PPD
Group will take or permit to be taken any action at any time that jeopardizes the Contribution Tax Treatment, the Distribution Tax Treatment or both. Notwithstanding the foregoing, PPD or a member of the PPD Group may take or permit to be taken any
action prohibited by the preceding sentence, subject to, and without limiting or modifying, PPD’s continuing indemnification obligation under Section 4.01(a), if (a) PPD obtains the written consent of Furiex (which consent shall not
be unreasonably withheld) or (b) PPD obtains a ruling from the Internal Revenue Service or an opinion of a nationally recognized firm, in form and substance reasonably satisfactory to Furiex, that the taking of such action should not materially
adversely affect either the Contribution Tax Treatment or the Distribution Tax Treatment. 
 ARTICLE IV 
 INDEMNITY OBLIGATIONS AND PAYMENTS 
 4.01 Indemnity Obligations. 
 (a) Notwithstanding whether any action is
permitted or consented to hereunder and notwithstanding anything else to the contrary contained herein, PPD shall indemnify and hold harmless Furiex, each member of the Furiex Group and their respective directors, officers and employees
(collectively, the “Furiex Indemnitees”) from and against, and will reimburse the Furiex Indemnitees for, (i) all PPD Taxes, (ii) any Transfer Taxes, and (iii) all Taxes, Liabilities and related costs, expenses and
losses arising out of, based upon or relating or attributable to any breach of or inaccuracy in any representation, covenant or obligation of any member of the PPD Group under this Agreement. 
  

 7 

 (b) Notwithstanding whether any action is permitted or consented to hereunder and
notwithstanding anything else to the contrary contained herein, Furiex shall indemnify and hold harmless PPD, each member of the PPD Group and their respective directors, officers and employees (collectively, the “PPD Indemnitees”)
from and against, and will reimburse the PPD Indemnities, for, (i) all Furiex Taxes and (ii) all Taxes, Liabilities and related costs, expenses and losses arising out of, based upon or relating or attributable to any breach of or
inaccuracy in any representation, covenant or obligation of any member of the Furiex Group under this Agreement. 
 (c) Any
claim for indemnification under this Section 4 shall be governed by, and be subject to, the provisions of Article V of the Separation Agreement, which provisions are hereby incorporated by reference into this Agreement and any references to
“Agreement” in such Article V as incorporated herein shall be deemed to be references to this Agreement. 
 4.02
Notice. The Parties shall give each other prompt written notice of any payment that may be due to the provider of such notice under this Agreement. 
 4.03 Treatment Of Payments. The Parties agree that any payment made between the Parties pursuant to this Agreement or any other Ancillary Agreement with respect to a Pre-Distribution Period or as a
result of an event or action occurring in a Pre-Distribution Period shall be treated, to the extent permitted by law, for all Tax purposes as a nontaxable payment (i.e., a distribution or a capital contribution) made immediately prior to the
Distribution as made pursuant to an obligation existing between the Parties as of the Distribution. 
 ARTICLE V 
 TAX CONTESTS 
 5.01
Notice. PPD shall promptly notify Furiex in writing upon receipt by PPD or any member of the PPD Group of a written communication from any Governmental Authority with respect to any pending or threatened audit, dispute, suit, action, proposed
assessment or other proceeding (a “Tax Contest”) concerning any Taxes for which Furiex may be liable under this Agreement. Furiex shall promptly notify PPD in writing upon receipt by Furiex or any member of the Furiex Group of a
written communication from any Governmental Authority with respect to any Tax Contest concerning any Taxes for which PPD may be liable under this Agreement. 
 5.02 Control of Contests by PPD. PPD shall have the sole responsibility and control over the handling of any Tax Contest, including the exclusive right to communicate with agents of the
Governmental Authority and to control, resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of any such Tax Contest, involving (a) any PPD Filed Tax Return, or
(b) the Contribution or the Distribution or any transaction associated therewith as described in the Separation Agreement. Subject to PPD’s control right, upon request by Furiex, Furiex shall, at Furiex’s expense, be allowed to
participate in the handling of any such Tax Contest with respect to any item that may affect the liability of Furiex or any member of the Furiex Group under this Agreement or that relates to the Contribution Tax Treatment or the Distribution Tax
Treatment, and PPD shall not settle any such Tax Contest without the consent of Furiex, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything else to the contrary contained herein, in the

  

 8 

 
case of any such Tax Contest relating to the Contribution Tax Treatment or the Distribution Tax Treatment, absent a settlement of such Tax Contest pursuant to the preceding sentence, PPD shall be
required to exhaust, at Furiex’s expense, all administrative remedies available with respect to such Tax Contest. 
 5.03
Control of Contests by Furiex. Furiex shall have the full responsibility and control over the handling of any Tax Contest, including the exclusive right to communicate with agents of the Governmental Authority and to control, resolve, settle
or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of any such Tax Contest, involving any Furiex Filed Tax Return. Subject to Furiex’s control right, upon request by PPD, PPD shall,
at PPD’s expense, be allowed to participate in the handling of any such Tax Contest with respect to any item that may affect the liability of PPD or any member of the PPD Group under this Agreement, and Furiex shall not settle any such Tax
Contest with respect to any such items without the consent of PPD, which consent shall not be reasonably withheld, conditioned or delayed. 
 ARTICLE VI 
 COOPERATION 
 6.01 General. Each Party shall fully cooperate, and shall cause all members of such Party’s Group to fully cooperate, with the
other Party in connection with the preparation and filing of any Tax Return or the conduct of any Tax Contest (including, where appropriate or necessary, providing a power of attorney) concerning any issues or any other matter contemplated under
this Agreement. Each Party shall make its employees and facilities available on a mutually convenient basis to facilitate such cooperation. 
 6.02 Consistent Treatment. Unless and until there has been a Final Determination to the contrary, each Party agrees not to take any position on any Tax Return in connection with any Tax Contest or
otherwise that is inconsistent with (a) the allocation of Taxes between the PPD Group and the Furiex Group as set forth in this Agreement or (b) the Contribution Tax Treatment and the Distribution Tax Treatment. 
 ARTICLE VII 
 RETENTION OF RECORDS; ACCESS 
 7.01 Retention of Records; Access. For so long as the contents thereof may
become material in the administration of any matter under applicable Tax law, but in any event until the later of (a) the expiration of any applicable statute of limitation and (b) seven years after the Distribution Date, the Parties shall
(i) retain records, documents, accounting data and other information (including computer data) necessary for the preparation and filing of all Tax Returns in respect of Taxes of any member of either the PPD Group or the Furiex Group for any
Pre-Distribution Period or any Post-Distribution Period or for any Tax Contests relating to such Tax Returns, and (ii) provide to the other Party reasonable access to such records, documents, accounting data and other information (including
computer data) and to its personnel (ensuring their cooperation) and premises, for the purpose of the review or audit of such Tax Returns to the extent relevant to an obligation or liability of the requesting Party under this Agreement or for

  

 9 

 
purposes of the preparation or filing of any such Tax Return of the requesting Party, the conduct of any Tax Contest or any other matter reasonably and in good faith related to the Tax affairs of
the requesting Party. At any time thereafter that a Party proposes to destroy such material or information, it shall notify the other Party in writing at least 30 days in advance, and the other Party shall be entitled to receive such materials or
information proposed to be destroyed. 
 ARTICLE VIII 
 DISPUTE RESOLUTION 
 8.01 Dispute Resolution. The
Parties shall attempt in good faith to resolve any disagreement arising under this Agreement, including any dispute in connection with a claim by a third party (a “Dispute”). Either Party may give the other Party written notice of
any Dispute not resolved in the normal course of business. If such a Dispute is not resolved within 60 days following the date on which one Party gives such notice, the Parties shall jointly retain a nationally recognized law or accounting firm,
reasonably acceptable to the Parties (the “Tax Advisor”), to act as an arbitrator in order to resolve the Dispute. The Tax Advisor’s determination as to any Dispute shall be made in accordance with the terms of this Agreement
and shall be final and binding on the Parties and not subject to collateral attack for any reason (other than manifest error). All fees and expenses of the Tax Advisor shall be shared equally by PPD, on the one hand, and Furiex, on the other hand.

 ARTICLE IX 
 MISCELLANEOUS PROVISIONS 
 9.01 Governing Law. This Agreement, except as expressly provided herein, shall be
governed by and construed and interpreted in accordance with the laws of the State of North Carolina, irrespective of the choice of laws principles of the State of North Carolina as to all matters, including matters of validity, construction,
effect, enforceability, performance and remedies. 
 9.02 Application to Present and Future Subsidiaries. This Agreement
is being entered into by PPD and Furiex on behalf of themselves and the members of their respective Groups. This Agreement shall constitute a direct obligation of each such entity. Articles III and VI of this Agreement shall be deemed to have been
readopted and affirmed on behalf of any entity that becomes a Subsidiary of PPD or Furiex in the future. 
 9.03 Further
Assurances. Subject to the provisions hereof, the Parties hereto shall make, execute, acknowledge and deliver such other instruments and documents, and take all such other actions, as reasonably required in order to effectuate the purposes of
this Agreement and to consummate the transactions contemplated hereby. 
 9.04 Survival. Notwithstanding any other
provision of this Agreement to the contrary, all representations, covenants and obligations contained in this Agreement shall survive until the expiration of the applicable statute of limitations with respect to any such matter (including extensions
thereof). 
  

 10 

 9.05 Addresses and Notices. All notices, consents, requests, instructions, approvals,
statements, reports and other communications provided for herein shall be in writing and shall be deemed to be duly given when (a) delivered in person or (b) deposited in the United States mail or private express mail, postage prepaid,
addressed as follows: 
 If to PPD: 
 Pharmaceutical Product Development, Inc. 
 929 Front Street 
 Wilmington, North Carolina 28401 
 Attention: CFO 
 Phone: (910) 251-0081 
 Facsimile: (910) 762-5280 
 With a copy to its General Counsel at the same address. 
 If to Furiex:

 Furiex Pharmaceuticals, Inc. 
 3900 Paramount Parkway, Suite 150 
 Morrisville, North Carolina 27560 

Attention: CFO 
 Phone: (919) 380-2000 
 Facsimile:
(919)         -         
 Either Party may, by written notice to the other Party, change the address to which such notices are to be given. Notice delivered personally shall be deemed delivered when received by the recipient. Notice given by mail as set out above
shall be deemed delivered five calendar days after the date the same is mailed. 
 9.06 Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the Parties and their successors and assigns. 
 9.07 Waivers of
Default. The failure of either Party to require strict performance by the other Party of any provision in this Agreement, or to exercise any right or remedy under this Agreement will not waive or diminish such Party’s right to demand strict
performance or exercise thereafter of that or any other provision, right or remedy hereof. 
 9.08 Invalidity of
Provisions. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application
of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long
as the economic or legal substance of the transactions contemplated hereby or thereby, as the case may be, is not affected in any manner adverse to any Party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree
upon such a suitable and equitable provision to affect the original intent of the Parties. 
  

 11 

 9.09 Complete Agreement. This Agreement contains the entire agreement between the
Parties pertaining to the subject matter of this Agreement and supersedes all prior agreements, negotiations, discussions, writings, understanding, commitments and conversations pertaining thereto and there are no agreements or understandings
between the Parties other than those set forth or referred to in this Agreement. In the event of any inconsistency between this Agreement and the Separation Agreement or any other agreements relating to the transactions contemplated by the
Separation Agreement, the provisions of this Agreement shall control. 
 9.10 Construction. The language in all parts of
this Agreement shall in all cases be construed according to its fair meaning and shall not be strictly construed for or against any Party. 
 9.11 No Double Recovery. No provision of this Agreement shall be construed to provide an indemnity or other recovery for any costs, damages or other amounts for which the damaged Party has been
fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity. Unless expressly required in this Agreement, a Party shall not be required to exhaust all remedies available under other
agreements or at law or equity before recovering under the remedies provided in this Agreement. 
 9.12 Setoff. All
payments to be made by any Party under this Agreement may be netted against payments due to such Party under this Agreement, but otherwise shall be made without setoff, counterclaim or withholding, all of which are hereby expressly waived.

 9.13 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be considered one
and the same agreement, and shall become effective when each counterpart has been signed by each of the Parties and delivered to the other Party. 
 9.14 No Third-Party Rights. This Agreement is only intended to allocate the responsibility for certain Taxes between PPD and Furiex and to address the other Tax matters stated herein. Nothing in
this Agreement, express or implied, is intended or shall confer any right, benefit, claim or remedy of any nature whatsoever under or by reason of this Agreement upon any member of a Party’s Group or Person other than PPD and Furiex. PPD and
Furiex acknowledge and agree that the respective rights of the PPD Indemnitees and the Furiex Indemnitees expressly provided under this Agreement may only be enforced by PPD and Furiex, respectively. 
 9.15 Separation Agreement. To the extent not inconsistent with any specific term of this Agreement, the provisions of the Separation
Agreement shall apply in relevant part to this Agreement, including Article VII (Confidentiality), Sections 9.5 (Limitation of Liability,) 11.1 (Termination), 12.10 (Headings), 12.13 (Specific Performance), 12.14 (Amendments) and 12.15 (Waiver of
Jury Trial) thereof. 
 [Signature Page Follows] 
  

 12 

 IN WITNESS WHEREOF, the Parties have caused this Tax Sharing Agreement to be executed by
their duly authorized representatives as of the day and year first above written. 
  

			
	PHARMACEUTICAL PRODUCT
DEVELOPMENT, INC.
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

			
	FURIEX PHARMACEUTICALS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 13

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