Document:

EX-10.1

 Exhibit 10.1 

PURCHASE AGREEMENT 

dated January 15, 2019 

among 
 QUOTIENT
LIMITED, 
 THE SUBSIDIARY GUARANTORS NAMED HEREIN 

and 
 THE PURCHASER
NAMED HEREIN 
 $25,000,000 12% SENIOR SECURED NOTES DUE 2024 

 Table of Contents 
  

							
	 	 	 	  	Page	 
	ARTICLE I	 
	INTRODUCTORY	 
			
	 Section 1.1
	 	Introductory	  	 	1	 
	
	ARTICLE II	 
	RULES OF CONSTRUCTION AND DEFINED TERMS	 
			
	 Section 2.1
	 	Rules of Construction and Defined Terms	  	 	1	 
	
	ARTICLE III	 
	SALE AND PURCHASE OF NOTES; CLOSING; ALLOCATION OF PURCHASE PRICE	 
			
	 Section 3.1
	 	Sale and Purchase of Notes; Closing	  	 	1	 
	 Section 3.2
	 	Allocation of Purchase Price	  	 	2	 
	
	ARTICLE IV	 
	REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF PURCHASER	 
			
	 Section 4.1
	 	Purchase for Investment and Restrictions on Resales	  	 	3	 
	 Section 4.2
	 	Purchaser Status	  	 	4	 
	 Section 4.3
	 	Source of Funds; ERISA Matters	  	 	5	 
	 Section 4.4
	 	Due Diligence	  	 	6	 
	 Section 4.5
	 	Enforceability of this Purchase Agreement	  	 	7	 
	 Section 4.6
	 	Tax Matters	  	 	7	 
	 Section 4.7
	 	Reliance for Opinions	  	 	7	 
	
	ARTICLE V	 
	REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS	 
			
	 Section 5.1
	 	Securities Laws	  	 	8	 
	 Section 5.2
	 	Investment Company Act Matters	  	 	8	 
	 Section 5.3
	 	Use of Proceeds; Margin Regulations	  	 	9	 
	 Section 5.4
	 	Exchange Act Documents	  	 	9	 
	 Section 5.5
	 	Financial Statements	  	 	9	 
	 Section 5.6
	 	Organization; Power; Authorization; Enforceability	  	 	9	 
	 Section 5.7
	 	Equity Interests; Ownership Structure	  	 	10	 
	 Section 5.8
	 	Governmental and Third Party Authorizations	  	 	10	 
	 Section 5.9
	 	No Conflicts	  	 	10	 
	 Section 5.10
	 	No Violation or Default	  	 	11	 
	 Section 5.11
	 	No Material Adverse Change	  	 	11	 
	 Section 5.12
	 	Compliance with ERISA	  	 	11	 
	 Section 5.13
	 	Tax Matters	  	 	12	 
	 Section 5.14
	 	Legal Proceedings	  	 	12	 

  
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	 Section 5.15
	 	Solvency	  	 	13	 
	 Section 5.16
	 	Existing Indebtedness	  	 	13	 
	 Section 5.17
	 	Material Contracts	  	 	13	 
	 Section 5.18
	 	Properties	  	 	13	 
	 Section 5.19
	 	Intellectual Property	  	 	13	 
	 Section 5.20
	 	Environmental Matters	  	 	15	 
	 Section 5.21
	 	Labor Matters	  	 	15	 
	 Section 5.22
	 	Insurance	  	 	16	 
	 Section 5.23
	 	No Unlawful Payments	  	 	16	 
	 Section 5.24
	 	Compliance with Anti-Money Laundering Laws	  	 	16	 
	 Section 5.25
	 	Compliance with OFAC	  	 	17	 
	 Section 5.26
	 	Disclosure Controls	  	 	17	 
	 Section 5.27
	 	Accounting Controls	  	 	18	 
	 Section 5.28
	 	Licenses and Permits	  	 	18	 
	 Section 5.29
	 	No Immunity	  	 	18	 
	 Section 5.30
	 	Feasibility Studies	  	 	18	 
	 Section 5.31
	 	Health Care Laws	  	 	18	 
	 Section 5.32
	 	Regulatory Filings	  	 	19	 
	
	ARTICLE VI	  

	CONDITIONS TO CLOSING	  

			
	 Section 6.1
	 	Obligors’ Counsel Opinion	  	 	20	 
	 Section 6.2
	 	Purchasers’ Counsel Opinions	  	 	21	 
	 Section 6.3
	 	Certification as to Purchase Agreement	  	 	21	 
	 Section 6.4
	 	Authorizations	  	 	21	 
	 Section 6.5
	 	Offering of Notes and Royalty Rights	  	 	22	 
	 Section 6.6
	 	CUSIP Numbers	  	 	22	 
	 Section 6.7
	 	Further Information	  	 	22	 
	 Section 6.8
	 	Consummation of Transactions	  	 	22	 
	 Section 6.9
	 	No Actions	  	 	23	 
	 Section 6.10
	 	Consents	  	 	23	 
	 Section 6.11
	 	Use of Proceeds	  	 	23	 
	 Section 6.12
	 	Royalty Rights	  	 	23	 
	 Section 6.13
	 	CE Marking Securities Triggering Event	  	 	23	 
	
	ARTICLE VII	  

	ADDITIONAL COVENANTS	  

			
	 Section 7.1
	 	DTC	  	 	23	 
	 Section 7.2
	 	Expenses	  	 	23	 
	 Section 7.3
	 	Confidentiality; Public Announcement	  	 	23	 
	 Section 7.4
	 	Channel Islands Listing	  	 	24	 
	 Section 7.5
	 	CE Marking Securities Triggering Event Notice	  	 	24	 

  
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	ARTICLE VIII	  

	SURVIVAL OF CERTAIN PROVISIONS	  

	 Section 8.1
	 	Survival of Certain Provisions	  	 	25	 
	
	ARTICLE IX	  

	NOTICES	  

			
	 Section 9.1
	 	Notices	  	 	25	 
	
	ARTICLE X	  

	SUCCESSORS AND ASSIGNS	  

			
	 Section 10.1
	 	Successors and Assigns	  	 	26	 
	
	ARTICLE XI	  

	SEVERABILITY	  

			
	 Section 11.1
	 	Severability	  	 	26	 
	
	ARTICLE XII	  

	WAIVER OF JURY TRIAL	  

			
	 Section 12.1
	 	WAIVER OF JURY TRIAL	  	 	26	 
	
	ARTICLE XIII	  

	GOVERNING LAW; CONSENT TO JURISDICTION	  

			
	 Section 13.1
	 	Governing Law; Consent to Jurisdiction	  	 	26	 
	
	ARTICLE XIV	  

	COUNTERPARTS	  

			
	 Section 14.1
	 	Counterparts	  	 	26	 
	
	ARTICLE XV	  

	TABLE OF CONTENTS AND HEADINGS	  

			
	 Section 15.1
	 	Table of Contents and Headings	  	 	27	 
	
	ARTICLE XVI	  

	TAX DISCLOSURE	  

			
	 Section 16.1
	 	Tax Disclosure	  	 	27	 
	
	ARTICLE XVII	  

	TERMINATION	  

	 Section 17.1
	 	Termination	  	 	27	 

  
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	Annex A	  	Rules of Construction and Defined Terms
		
	Exhibit A	  	Form of Royalty Right Agreement
		
	Schedule 1	  	Purchaser
	Schedule 5.7	  	Equity Interests; Ownership Structure
	Schedule 5.8	  	Governmental and Third Party Authorizations
	Schedule 5.19	  	Intellectual Property

  
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 PURCHASE AGREEMENT 

January 15, 2019 
 To the Purchaser named in
Schedule 1 
 Ladies and Gentlemen: 

Quotient Limited, a public limited liability company formed under the Laws of Jersey, Channel Islands (the “Issuer”), and the
Subsidiaries of the Issuer named on the signature pages hereto (the “Subsidiary Guarantors”), hereby covenant and agree with you as follows: 

ARTICLE I 
 INTRODUCTORY

 Section 1.1 Introductory. The Issuer proposes, subject to the terms and conditions stated herein, to issue and sell to
the purchaser named in Schedule 1 (the “Purchaser”) and to the Other Purchasers $25,000,000 in aggregate principal amount of the Issuer’s 12% Senior Secured Notes due 2024. The principal amounts of Notes to be purchased by the
Purchaser pursuant to this Purchase Agreement are set forth opposite the Purchaser’s name in Schedule 1. The Notes to be sold to the Purchaser and the Other Purchasers are to be issued on the Closing Date pursuant to, and subject to the terms
and conditions of, the Indenture. 
 The Notes and the Guarantees will be offered and sold to the Purchaser and the Other Purchasers
(collectively, the “Purchasers”), and the Royalty Rights will be offered and sold to the Purchasers or Affiliates of the Purchasers, in transactions exempt from the registration requirements of the Securities Act. 

ARTICLE II 
 RULES OF
CONSTRUCTION AND DEFINED TERMS 
 Section 2.1 Rules of Construction and Defined Terms. The rules of construction set forth
in Annex A shall apply to this Purchase Agreement and are hereby incorporated by reference into this Purchase Agreement as if set forth fully in this Purchase Agreement. Capitalized terms used but not otherwise defined in this Purchase Agreement
shall have the respective meanings given to such terms in Annex A, which is hereby incorporated by reference into this Purchase Agreement as if set forth fully in this Purchase Agreement. 

ARTICLE III 
 SALE AND PURCHASE
OF NOTES; CLOSING; ALLOCATION OF PURCHASE PRICE 
 Section 3.1 Sale and Purchase of Notes; Closing. On the basis of the
representations and warranties contained in, and subject to the terms and conditions of, this Purchase Agreement and the Indenture, the Issuer will issue and sell to the Purchaser, and the Purchaser will purchase, on the Closing Date, the principal
amount of Notes set forth opposite the Purchaser’s name in Schedule 1. The “Closing Date” shall be a Business Day selected by the Issuer (but not during the period between the day immediately after the relevant Record Date
immediately preceding the 

  
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next related Payment Date and such Payment Date) that is no less than five (5) Business Days and no more than ten (10) Business Days following the delivery of the CE Marking Securities
Triggering Event Notice to the Purchaser. It is acknowledged and agreed, for the avoidance of doubt, that the Notes shall not be issued, and the Closing Date shall not occur, if the CE Marking Securities Triggering Event has not occurred on or
before April 30, 2019 and the Issuer has not provided to the Purchaser the CE Marking Securities Triggering Event Notice within the time frame set forth in, and otherwise in accordance with, Section 7.5. The Purchaser will purchase the
principal amount of Notes set forth in Schedule 1 on the Closing Date at a purchase price equal to 100% of the principal amount thereof (the “Price”). Contemporaneously with entering into this Purchase Agreement, the Obligors are
entering into separate purchase agreements (the “Other Agreements”) substantially identical to this Purchase Agreement with other purchasers (the “Other Purchasers”), providing for the sale on the Closing Date to
each of the Other Purchasers of the Notes in the principal amounts specified opposite its name in Schedule 1 to such Other Agreement, at a purchase price equal to 100% of the principal amounts thereof (the purchase prices to be paid pursuant to such
Other Agreements are collectively referred to, together with the Price, as the “Purchase Price”). The Issuer shall not be obligated to deliver, and the Purchaser shall not be required to purchase, any of the Notes except upon
delivery of and payment for all the Notes to be purchased by the Other Purchasers under the Purchase Agreements on the Closing Date and subject to the satisfaction or waiver of the respective terms and conditions hereunder and thereunder. 

On the Closing Date, the Issuer will deliver one or more Global Securities for the account of DTC, as well as any Definitive Securities to the
relevant Purchasers, evidencing the aggregate principal amount of Notes to be acquired by all Purchasers pursuant to the Purchase Agreements on the Closing Date against payment by each such Purchaser of its respective portion of the aggregate
Purchase Price for its beneficial interest therein by wire transfer of immediately available funds to the Trustee Closing Account. The Issuer shall cause U.S. Bank National Association, as trustee under the Indenture (the
“Trustee”), to hold all such funds in trust for the Purchasers pending completion of the closing of the transactions contemplated by the Purchase Agreements. Upon receipt by the Trustee of the Purchase Price and the satisfaction of
the applicable conditions to closing set forth in Article VI, the Issuer shall cause the Trustee to disburse the Purchase Price in accordance with written instructions provided by the Issuer to the Trustee. If the aggregate Purchase Price shall not
have been received by the Trustee by 3:30 p.m. (New York City time) on the Closing Date, or if the closing of the transactions contemplated by the Purchase Agreements shall not otherwise be capable of being consummated by 3:30 p.m. (New York City
time) on the Closing Date, then the Trustee shall return, and the Issuer shall cause the Trustee to return, such portion of the Purchase Price to the Purchaser prior to the close of business on the Closing Date or as soon thereafter as reasonably
practicable, in which case the Purchaser shall, at its election, be relieved of all obligations (other than confidentiality obligations) under the applicable Purchase Agreement. 

Section 3.2 Allocation of Purchase Price. The Issuer and the Purchaser hereby acknowledge and agree that the Notes to be issued to
the Purchaser and the Royalty Right to be sold by the Issuer to the Purchaser (or its Affiliates) on the Closing Date will constitute an “investment unit” for purposes of Section 1273(c)(2) of the Code. In accordance with
Section 1273(b)(2) of the Code and Section 1273(c)(2)(A) of the Code, the issue price of the investment unit will be 100% of the principal amount of such Notes. Allocating that issue price between such Notes and such Royalty Right based on
their relative fair market values, as required by Section 

  
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1273(c)(2)(B) of the Code and U.S. Treasury Regulations Section 1.1273-2(h)(1), results in (a) such Notes having an issue price of 83.63% of the
principal amount of such Notes and (b) such Royalty Right having a purchase price of 16.37% of the principal amount of such Notes. The Issuer and the Purchaser agree to prepare their respective U.S. federal income tax returns, including
statements and reports related thereto, as the case may be, in a manner consistent with the foregoing agreement, to the extent such returns, statements and reports are required to be filed. 

ARTICLE IV 
 REPRESENTATIONS,
WARRANTIES AND AGREEMENTS OF PURCHASER 
 The Purchaser agrees and acknowledges that (a) the Obligors and counsel to the Obligors
may rely upon the accuracy of and performance of obligations under the representations, warranties and agreements of the Purchaser contained in this Article IV and (b) the Placement Agent may rely upon the accuracy of and performance of
obligations under the representations, warranties and agreements of the Purchaser contained in Sections 4.1, 4.2 and 4.4. 

Section 4.1 Purchase for Investment and Restrictions on Resales. The Purchaser (on behalf of itself or any Affiliate thereof
purchasing the Royalty Rights): 
 (a) acknowledges that (i) none of the Notes, the Royalty Rights or the Guarantees have been or will
be registered under the Securities Act or the Laws of any U.S. state or other jurisdiction relating to securities matters and (ii) neither the Notes nor the Royalty Rights may be offered, sold, pledged or otherwise transferred except as set
forth in the Transaction Documents and the legend regarding transfers on the Notes; 
 (b) agrees that, if it should resell or otherwise
transfer the Notes, in whole or in part, it will do so only pursuant to an exemption from, or in a transaction not subject to, registration under the Securities Act, the Laws of any applicable state or other jurisdiction relating to securities
matters and in accordance with the restrictions and requirements of the provisions of the Transaction Documents and the legend regarding transfers on the Notes and only to a Person whom it reasonably believes, at the time any buy order for such
Notes is originated, is (i) the Issuer or a Subsidiary of the Issuer, (ii) for so long as such Notes are eligible for resale pursuant to Rule 144A, a QIB that purchases for its own account or for the account of a QIB, to whom notice is
given that the transfer is being made in reliance on Rule 144A, (iii) a Person outside the United States in an offshore transaction in compliance with Rule 903 or 904 of Regulation S (if available) or (iv) an Accredited Investor that is
purchasing such Notes for its own account or for the account of such an Accredited Investor for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act, in each case
unless consented to by the Issuer in writing; 
 (c) agrees not to make available or disclose any Information (as defined in the form of
confidentiality agreement attached as Exhibit E to the Indenture) to any Person to whom the Purchaser intends to transfer (or any prospective purchaser of) the Notes or the Royalty Rights until such intended transferee executes and delivers a
Confidentiality Agreement (and the parties hereto acknowledge and agree that the Purchaser and its Affiliates shall not be liable in respect of the actions or omissions to act of any Person to whom the Purchaser intends to transfer (or any
prospective purchaser of) the Notes or the Royalty Rights that is provided after such Person executes and delivers such Confidentiality Agreement); 

  
 3 

 (d) acknowledges the restrictions and requirements contained in the Transaction Documents
applicable to transfers of the Notes and Royalty Rights and the legend regarding transfers on the Notes and agrees that it will only offer or sell the Notes and the Royalty Rights in accordance with such restrictions and requirements; 

(e) represents that it is purchasing the Notes for investment purposes and not with a view to resale or distribution thereof in contravention
of the requirements of the Securities Act; however, the Purchaser reserves the right to sell the Notes at any time in accordance with applicable Laws, the restrictions and requirements contained in the Transaction Documents applicable to transfer of
the Notes, the legend regarding transfer of the Notes and its investment objectives; 
 (f) represents that it has a substantive, pre-existing relationship with the Issuer; 
 (g) represents that it became aware of the Issuer’s
offering of Notes, and the Notes were offered to it, solely by direct contact between the Purchaser and the Issuer (or the Placement Agent), and not by any other means, and the Purchaser is unaware of, and is in no way relying on, any form of
general solicitation or general advertising, including, without limitation, any article, notice, advertisement or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or electronic mail
over the Internet, in connection with the offering of the Notes and is not agreeing to purchase the Notes and did not become aware of the offering of the Notes through or as a result of any seminar or meeting to which the Purchaser was invited by,
or any solicitation of a subscription by, a person not previously known to the Purchaser in connection with investments in securities generally; and 

(h) represents, as of the date hereof and the Closing Date, that it is not an Affiliate (as such term is defined in the Indenture as of the
date hereof) of the Issuer. 
 Section 4.2 Purchaser Status. The Purchaser (on behalf of itself or any Affiliate thereof
purchasing the Royalty Rights) represents and warrants that, as of the date hereof and the Closing Date, (a) if it is purchasing a Rule 144A Global Security (as defined in the Indenture) or would purchase a Rule 144A Global Security except that
it cannot or opts not to hold a beneficial interest in a Global Security (as defined in the Indenture), it is a QIB and is purchasing the Notes and the Royalty Rights for its own account or for the account of a QIB, (b) if it is purchasing a
Regulation S Global Security (as defined in the Indenture) or would purchase a Regulation S Global Security except that it cannot or opts not to hold a beneficial interest in a Global Security, it is a Person outside the United States purchasing the
Notes and the Royalty Rights in an offshore transaction in compliance with Regulation S or (c) if neither clause (a) or clause (b) is applicable, it is an Accredited Investor. 

  
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 Section 4.3 Source of Funds; ERISA Matters. 

(a) The Purchaser (on behalf of itself or any Affiliate thereof purchasing the Royalty Rights) represents, warrants and covenants that at least
one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser (or such Affiliate) to pay the purchase price of any Note or Royalty Rights to be purchased by such
Purchaser (or such Affiliate) under the Transaction Documents and with respect to its holding of such Note or such Royalty Rights: 

(i) the Source either (A) does not and will not include Plan Assets of any employee benefit plan, other than a plan exempt
from the coverage of ERISA, or (B) includes and will include only assets that are not considered Plan Assets by reason of being held in a separate account of an insurance company that is maintained solely in connection with fixed contractual
obligations of the insurance company under which the amounts payable, or credited, to the plan and to any participant or beneficiary of the plan (including an annuitant) are not affected in any manner by the investment performance of the separate
account; 
 (ii) the Source is a governmental plan; or 

(iii) the Source does include Plan Assets of an employee benefit plan subject to ERISA, but the use of such Plan Assets to
purchase and hold one or more Notes or Royalty Rights will not constitute a non-exempt prohibited transaction within the meaning of Section 406 or 407 of ERISA or Section 4975 of the Code, and one of
the following applies: 
 (w) (A) the Source is an “insurance company general account” within the meaning of
United States Department of Labor Prohibited Transaction Exemption (“PTE”) 95-60 (issued July 12, 1995, as subsequently amended), (B) there is no employee benefit plan, treating as a
single plan, all plans maintained by the same employer or employee organization, with respect to which the amount of the general account reserves and liabilities for all contracts held by or on behalf of such plan exceeds ten percent (10%) of the
total reserves and liabilities of such general account (exclusive of separate account liabilities) plus surplus, as set forth in the NAIC Annual Statement filed with the Purchaser’s state of domicile and (C) the purchase and holding of
Notes or Royalty Rights is exempt under the provisions of PTE 95-60; 
 (x) the
Source is either (A) an insurance company pooled separate account, within the meaning of PTE 90-1 (issued January 29, 1990), or (B) a bank collective investment fund, within the meaning of PTE 91-38 (issued July 12, 1991, as subsequently amended), and no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than ten percent (10%) of
all assets allocated to such pooled separate account or collective investment fund, and the purchase and holding of Notes or Royalty Rights is covered by either PTE 90-1 or
91-38, as applicable; 

  
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 (y) the Source constitutes assets of an “investment fund” (within
the meaning of Part VI of the QPAM Exemption) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), and the conditions of Part I of the QPAM Exemption are satisfied;
or 
 (z) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption),
and the conditions of Part I of the INHAM Exemption are satisfied. 
 As used in this Section 4.3(a), the terms “employee benefit plan”,
“governmental plan” and “separate account” shall have the respective meanings assigned to such terms in Section 3 of ERISA. 

(b) The Purchaser (on behalf of itself or any Affiliate thereof purchasing the Royalty Rights) represents, warrants and covenants that, if any
Source to be used by the Purchaser to pay the purchase price of any Note or Royalty Rights under the Transaction Documents consists of assets of a benefit plan that is not subject to ERISA, either (i) such benefit plan is not a governmental
plan, non-U.S. plan (as described in Section 4(b) of ERISA), church plan or other plan subject to Law that is substantially similar to Section 406 or 407 of ERISA or Section 4975 of the Code
(“Similar Law”) or (ii) its purchase and holding of Notes and Royalty Rights will not constitute a violation of Similar Law. 

(c) The Purchaser (on behalf of itself or an Affiliate thereof purchasing the Royalty Rights) acknowledges and agrees that none of the Issuer,
the Subsidiary Guarantors, nor any of their Affiliates have provided any advice or recommendation with respect to the advisability of acquiring, holding, disposing or exchanging of the Notes or the Royalty Rights. 

Section 4.4 Due Diligence. The Purchaser (on behalf of itself or any Affiliate thereof purchasing the Royalty Rights) acknowledges
that, prior to the date of this Purchase Agreement, (a) it has made, either alone or together with its advisors, such separate and independent investigation of the Obligors and their respective businesses, financial condition, prospects and
managements as the Purchaser deems to be, or such advisors have advised to be, necessary or advisable in connection with the purchase of the Notes and the Royalty Rights pursuant to the transactions contemplated by this Purchase Agreement,
(b) it and its advisors have received all information and data that it and such advisors believe to be necessary in order to reach an informed decision as to the advisability of the purchase of the Notes and the Royalty Rights pursuant to the
transactions contemplated by this Purchase Agreement, (c) it understands the nature of the potential risks and potential rewards of the purchase of the Notes and the Royalty Rights, (d) it is a sophisticated investor with investment
experience and has the ability to bear complete loss of its investment, whether as a result of an Event of Default on the Notes or any insolvency, liquidation or winding up of any Obligor or otherwise, and (e) it has such knowledge and
experience in 

  
 6 

 
financial and business matters that it is capable of evaluating the merits and risks of purchasing the Notes and the Royalty Rights and can bear the economic risks of investing in the Notes and
the Royalty Rights for an indefinite period of time, including the complete loss of its investment. The Purchaser acknowledges that it has obtained its own attorneys, business advisors and tax advisors as to legal, business and tax advice (or has
decided not to obtain such advice) and has not relied in any respect on any Obligor or the Placement Agent for such advice. The Purchaser has had a reasonable time prior to the date of this Purchase Agreement to ask questions and receive answers
concerning the Obligors and their business and the terms and conditions of the offering of the Notes and the Royalty Rights and the transactions contemplated hereby and to obtain any additional information that the Obligors possess or could acquire
without unreasonable effort or expense, and has generally such knowledge and experience in business and financial matters and with respect to investments in securities as to enable such Purchaser to understand and evaluate the risks of such
investment and form an investment decision with respect thereto. Except for (i) the representations, warranties and covenants made by the Obligors in the Transaction Documents and (ii) the legal opinions provided to the Purchasers in
connection with the transactions contemplated by the Transaction Documents, the Purchaser is relying on its own investigation and analysis in entering into the transactions contemplated hereby. 

Section 4.5 Enforceability of this Purchase Agreement. This Purchase Agreement has been duly authorized, executed and delivered by
the Purchaser and constitutes the valid, legally binding and enforceable obligation of the Purchaser, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’
rights generally and by general principles of equity. 
 Section 4.6 Tax Matters. 

(a) Except as otherwise required by Law, the Purchaser agrees to treat, and shall treat, the Notes as indebtedness of the Issuer for U.S.
federal income tax purposes. 
 (b) The Purchaser understands and acknowledges that if Definitive Securities are issued, the Purchaser must
provide, the Trustee or any Paying Agent with the applicable U.S. federal income tax certifications (generally, on IRS Form W-9 (or successor applicable form) in the case of a Person that is a United States
person (for purposes of this Section 4.6(b) within the meaning of Section 7701(a)(30) of the Code) or on an appropriate IRS Form W-8 (or successor applicable form) in the case of a Person that is not
a United States person). 
 (c) The Purchaser (on behalf of itself or any Affiliate thereof purchasing the Royalty Rights) represents and
warrants that (i) it has not relied upon any Obligor or the Placement Agent for any tax advice or disclosure of tax consequences arising from the purchase, ownership or disposition of the Notes and the Royalty Rights and (ii) it has relied
upon its own tax counsel or advisors with respect to any tax consequences arising from the purchase, ownership or disposition of the Notes and the Royalty Rights. 

Section 4.7 Reliance for Opinions. The Purchaser acknowledges and agrees that the Obligors and, for purposes of the opinions to be
delivered to the Purchaser pursuant to Sections 6.1 and 6.2, counsel for the Obligors and counsel for the Purchasers, respectively, may rely, without any independent verification thereof, upon the accuracy of the representations and warranties of
the Purchaser, and compliance by the Purchaser with its agreements, contained in Sections 4.1, 4.2 and 4.3, and the Purchaser hereby consents to such reliance. 

  
 7 

 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS 

Each Obligor, jointly and severally, represents and warrants to the Purchaser as of the date hereof as follows: 

Section 5.1 Securities Laws. 

(a) Except for (i) the issuance and sale of the Additional Securities (as defined in the Indenture) and related issuance of royalty rights
on June 29, 2018 and (ii) the amendment of the Indenture on December 4, 2018 and related issuance of royalty rights on December 18, 2018, no securities of the same class (within the meaning of Rule 144A(d)(3)(i) under the
Securities Act) as the Notes, the Guarantees or the Royalty Rights have been issued and sold by any Obligor within the six-month period immediately prior to the date hereof. 

(b) The Issuer has a substantive, pre-existing relationship with the Purchaser. 

(c) Assuming the accuracy of the representations and warranties of the Purchasers in each of the Purchase Agreements and assuming the accuracy
of the statements in the certificate to be delivered by the Placement Agent pursuant to Section 6.5, neither such Obligor nor any affiliate (as defined in Rule 144 under the Securities Act) of such Obligor has directly, or through any agent,
(i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of any security (as defined in the Securities Act) that is or will be integrated with the sale of the Notes, the Guarantees or the Royalty Rights in a manner
that would require the registration under the Securities Act of the Notes, the Guarantees or the Royalty Rights, (ii) engaged in any form of general solicitation or general advertising in connection with the offering of the Notes, the
Guarantees or the Royalty Rights (as those terms are used in Regulation D under the Securities Act), or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, including publication or release of
articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television, radio or internet, or any seminar or meeting whose attendees have been invited by any general solicitation or general
advertising, or (iii) engaged in any directed selling efforts within the meaning of Rule 902(c) of Regulation S. 
 (d) Assuming the
accuracy of the representations and warranties of the Purchasers in each of the Purchase Agreements and assuming the accuracy of the statements in the certificate to be delivered by the Placement Agent pursuant to Section 6.5, (i) the Indenture
is not required to be qualified under the U.S. Trust Indenture Act of 1939, as amended, and (ii) no registration under the Securities Act of the Notes, the Guarantees or the Royalty Rights is required in connection with the sale thereof to the
Purchasers (or, in the case of the Royalty Rights, any of their Affiliates) as contemplated by the Transaction Documents. 

Section 5.2 Investment Company Act Matters. After giving effect to the offering and sale of the Notes and the Royalty Rights, none
of the Obligors will be required to register as an “investment company” or “controlled” by an “investment company” within the meaning of the U.S. Investment Company Act of 1940, as amended. 

  
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 Section 5.3 Use of Proceeds; Margin Regulations. No part of the proceeds from
the sale of the Notes or the Royalty Rights under the Transaction Documents will be used, directly or indirectly, for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System (12 CFR 221), or for the purpose of purchasing or carrying or trading in any securities under such circumstances as to involve such Obligor in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer
in a violation of Regulation T of said Board (12 CFR 220). Such Obligor is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System (12 CFR 221). As used in this Section 5.3, the terms “margin stock” and “purpose of purchasing or carrying” shall have the meanings ascribed to them in said Regulation U. 

Section 5.4 Exchange Act Documents. The documents filed by the Issuer with the Commission pursuant to the Exchange Act since
March 31, 2018 (excluding any documents or portions thereof furnished to, rather than filed with, the Commission) (such documents, the “Exchange Act Documents”), when they were filed with the Commission, conformed in all
material respects to the requirements of the Exchange Act, and none of such documents contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
 Section 5.5 Financial Statements. The financial statements included
in the Exchange Act Documents, together with the related notes and schedules, present fairly the consolidated financial position of the Obligors as of the dates indicated and the consolidated results of operations, cash flows and changes in
shareholders’ equity of the Obligors for the periods specified and have been prepared in all material respects in compliance with the requirements of the Exchange Act and in conformity with U.S. generally accepted accounting principles applied
on a consistent basis during the periods involved; the other financial and accounting data of the Obligors contained in the Exchange Act Documents are accurately and fairly presented and prepared on a basis consistent with the financial statements
or the books and records of the Obligors. 
 Section 5.6 Organization; Power; Authorization; Enforceability. Each of the
Obligors has been duly organized, is legally existing and is in good standing (or equivalent status) under the Laws of its jurisdiction of organization. Each of the Obligors is duly qualified as a foreign corporation (or other equivalent entity) in
all jurisdictions in which the nature of its business or location of its properties require such qualifications except where the failure to be so qualified would not have a Material Adverse Effect. Each of the Obligors has the requisite corporate
(or other equivalent organizational) power and authority to own, lease or operate the properties and assets it purports to own, lease or operate, to carry on its business as presently conducted and to execute, deliver and perform its obligations
under each Transaction Document to which it is a party except where the failure to have such power and authority to own, lease or operate such properties and assets and carry on such business would not have a Material Adverse Effect. Each
Transaction Document entered into as of the date hereof to which any Obligor is a party has been 

  
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duly authorized, executed and delivered by such Obligor and constitutes the valid, legally binding and, assuming due authorization, execution and delivery by all other parties thereto,
enforceable obligation of such Obligor, as the case may be (subject, in each case, to general equitable principles, insolvency, liquidation, reorganization and other Laws of general application relating to creditors’ rights). Each Transaction
Document to be entered into after the date hereof to which any Obligor will be a party will be duly authorized, executed and delivered by such Obligor and will constitute the valid, legally binding and, assuming due authorization, execution and
delivery by all other parties thereto, enforceable obligation of such Obligor, as the case may be (subject, in each case, to general equitable principles, insolvency, liquidation, reorganization and other Laws of general application relating to
creditors’ rights). 
 Section 5.7 Equity Interests; Ownership Structure. Schedule 5.7 sets forth a complete and accurate
list of each Obligor showing the jurisdiction of its organization, the address of its principal place of business and its U.S. taxpayer identification number (where applicable). All of the outstanding Equity Interests in the Obligors have been duly
authorized and validly issued and, to the extent applicable, are fully paid and non-assessable, and, in the case of any Subsidiary of the Issuer, the Equity Interests of such Subsidiary that are owned by the
Issuer or any other Obligor are owned by the Issuer or such other Obligor free and clear of all Liens except Permitted Liens and those Liens created under the Security Documents. 

Section 5.8 Governmental and Third Party Authorizations. No approval, authorization, consent or order of or filing with any
Governmental Authority, or of or with any self-regulatory organization or other non-governmental regulatory authority (including NASDAQ) or approval of the shareholders of the Issuer or any other Person, is
required in connection with (a) the execution or delivery by any Obligor of any Transaction Document to which it is a party or the performance of obligations by any Obligor under any Transaction Document to which it is a party (including the
issuance and sale of the Notes and the Royalty Rights), (b) the transactions contemplated by the Transaction Documents, (c) the grant by the Obligors of the Liens granted or purported to be granted by it pursuant to the Security Documents or
(d) the perfection of the Liens created under the Security Documents, other than (i) such approvals, authorizations, consents, orders, filings and other actions as shall have been taken, given, made or obtained and are in full force and
effect as of the Closing Date, in each case, as set forth in Schedule 5.8 (including the JFSC Consent), (ii) any necessary filings under the securities or blue sky Laws of the various jurisdictions in which the Notes are being offered,
(iii) the filing of financing statements under the UCC, recordings with the PTO and any other recordings (including in any applicable non-U.S. jurisdiction) required to perfect a security interest in the
Notes Collateral; and (iv) such approvals, authorizations, consents, orders, filings and other actions the failure of which to take, give, make or obtain would not have a Material Adverse Effect. 

Section 5.9 No Conflicts. The execution, delivery and performance of each Transaction Document by each Obligor to the extent such
Obligor is a party, the issuance and sale of the Notes and the Royalty Rights and the consummation of the transactions contemplated by the Transaction Documents will not conflict with, result in any breach or violation of or constitute a default
under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to
require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition of a lien, charge or 

  
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encumbrance on any property or assets of any Obligor pursuant to) (A) the respective certificate of incorporation or certificate of incorporation on name change or articles of association,
charter or bylaws or other applicable organizational documents, of any Obligor, (B) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or
instrument to which any Obligor is a party or by which any of them or any of their respective properties may be bound or affected, (C) any federal, state, local or non-U.S. Law, (D) any rule or
regulation of any self-regulatory organization or other non-governmental regulatory authority (including, the rules and regulations of NASDAQ), or (E) any decree, judgment or order applicable to any
Obligor or any of their respective properties, except, in the case of clauses (B), (C) or (D), where such breach, violation, default, event, right, lien, charge or encumbrance would not, individually or in the aggregate, have a Material Adverse
Effect. 
 Section 5.10 No Violation or Default. None of the Obligors is in breach or violation of or in default under (nor has
any event occurred which, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the
repurchase, redemption or repayment of all or a part of such indebtedness under) (A) its respective certificate of incorporation or certificate of incorporation on name change or articles of association, charter or bylaws or other applicable
organizational documents, (B) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which it is a party or by which it or any
of its properties may be bound or affected, (C) any federal, state, local or non-U.S. Law, (D) any rule or regulation of any self-regulatory organization or other
non-governmental regulatory authority (including, the rules and regulations of NASDAQ), or (E) any decree, judgment or order applicable to it or any of its properties, except, in the case of clauses (B),
(C) or (D), where such breach, violation, default, event or right would not, individually or in the aggregate, have a Material Adverse Effect. On the date of this Purchase Agreement, there exists no Event of Default under the Indenture, and on
the Closing Date no Event of Default under the Indenture will exist. 
 Section 5.11 No Material Adverse Change. Except as
disclosed in the Exchange Act Documents, subsequent to the respective dates as of which information is given in the Exchange Act Documents, there has not been (i) any material adverse change, or any development involving a prospective material
adverse change, in the business, properties, management, financial condition or results of operations of the Obligors taken as a whole, (ii) any transaction which is material to the Obligors taken as a whole, (iii) any obligation or
liability, direct or contingent (including any off-balance sheet obligations), incurred by any Obligor, which is material to the Obligors taken as a whole, (iv) any change in the share capital, Capital
Stock or outstanding indebtedness of any Obligor or (v) any dividend or distribution of any kind declared, paid or made on the share capital or Capital Stock of any Obligor. 

Section 5.12 Compliance with ERISA. At no time in the past six years has any Obligor or any ERISA Affiliate maintained, sponsored,
participated in, contributed to or has or had any liability or obligation in respect of any Employee Benefit Plan subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA, or Section 412 of the Code or any “multiemployer
plan” as defined in Section 3(37) of ERISA or any multiple employer plan for which any Obligor or any ERISA Affiliate has incurred or could incur material liability under Section 4063 or 4064 of

  
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ERISA. No “employee welfare benefit plan” as defined in Section 3(1) of ERISA provides or promises, or at any time provided or promised, retiree health, or other retiree welfare
benefits except to the extent such benefit is fully insured or may be required by the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or similar state law and except, on a case by case basis, limited extensions of health
insurance benefits to former employees receiving severance payments from any Obligor. Each Employee Benefit Plan is and has been operated in compliance with its terms and all applicable Laws, including but not limited to ERISA and the Code and, to
the knowledge of the Obligors, no event has occurred and no condition exists that would subject any Obligor to any tax, fine, lien, penalty or liability imposed by ERISA, the Code or other applicable law which would reasonably be expected to have a
Material Adverse Effect. Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code is so qualified and has a favorable determination or opinion letter from the IRS upon which it can rely, and any such determination or
opinion letter remains in effect and has not been revoked; with respect to each Foreign Benefit Plan, such Foreign Benefit Plan (1) if intended to qualify for special tax treatment, meets, in all material respects, the requirements for such
treatment, and (2) if required to be funded, is funded to the extent required by applicable Law; none of the Obligors has any obligations under any collective bargaining agreement with any union. As used in this Purchase Agreement,
“Employee Benefit Plan” means any (a) “employee benefit plan” within the meaning of Section 3(3) of ERISA or (b) stock purchase, stock option, stock-based severance, employment, change-in-control, medical, disability, fringe benefit, bonus, incentive, deferred compensation, employee loan and all other employee benefit plans, agreements, programs, policies or other arrangements,
whether or not subject to ERISA, under which (x) any current or former employee, director or independent contractor of any Obligor has any present or future right to benefits and which are contributed to, sponsored by or maintained by any of
any Obligor or (y) any Obligor has had or has any present or future direct or contingent obligation or liability; and “Foreign Benefit Plan” means any Employee Benefit Plan established, maintained or contributed to outside of the
United States or which covers any employee of any Obligor working or residing outside of the United States. 
 Section 5.13 Tax
Matters. All material tax returns required to be filed by any Obligor have been timely filed (within any applicable time limit extensions permitted by the relevant tax authority), and all material taxes and other assessments of a similar nature
(whether imposed directly or through withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been timely paid, other than those being contested in good faith and for
which adequate reserves have been provided. 
 Section 5.14 Legal Proceedings. Except as disclosed in the Exchange Act
Documents, there are no actions, suits, claims, investigations or proceedings pending or, to the knowledge of the Obligors, threatened or contemplated to which any Obligor or any of their respective directors or officers is or would be a party or of
which any of their respective properties is or would be subject at law or in equity, before or by any Governmental Authority or before or by any self-regulatory organization or other non-governmental
regulatory authority (including NASDAQ), except any such action, suit, claim, investigation or proceeding which, if resolved adversely to any Obligor, would not, individually or in the aggregate, have a Material Adverse Effect. 

  
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 Section 5.15 Solvency. No step has been taken or is currently intended by any
Obligor or, to the knowledge of the Obligors, any other Person for the winding-up, liquidation, dissolution or administration or for the appointment of a receiver or administrator of any Obligor for all or any
of the Obligors’ properties or assets. Immediately after the issuance and sale of the Notes and the Royalty Rights and the consummation of the other transactions contemplated by the Transaction Documents on the Closing Date, the Obligors taken
as a whole will not be rendered insolvent within the meaning of 11 U.S.C. 101(32) or any other applicable insolvency Laws or, taken as a whole, be unable to realize upon their property and pay their debts as they mature. 

Section 5.16 Existing Indebtedness. The Exchange Act Documents disclose all of the following types of material third-party
outstanding indebtedness of each Obligor: (a) indebtedness in respect of borrowed money; (b) any other obligation of such Obligor to be liable for, or to pay, as obligor, guarantor or otherwise, on the indebtedness for borrowed money of
another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and (c) to the extent not otherwise included, indebtedness for borrowed money of another Person secured by a Lien on any
asset owned by such Person (whether or not such indebtedness for borrowed money is assumed by such Person). 
 Section 5.17 Material
Contracts. None of the Obligors have sent or received any communication regarding termination of, or intent not to renew, any Material Contract, and no such termination or non-renewal has been threatened
by any Obligor or, to the knowledge of the Obligors, by any other party to any such contract or agreement. 
 Section 5.18
Properties. Except as disclosed in the Exchange Act Documents, each of the Obligors has good and marketable title to, or valid leasehold interests in or rights to use, all of its tangible properties and assets material to its business as
presently conducted, free and clear of all Liens other than Permitted Liens. Except as disclosed in the Exchange Act Documents, none of the Obligors own any real property. The Exchange Act Documents disclose all material leases of real property to
which any Obligor is party (whether as lessor, lessee or otherwise). To the knowledge of the Obligors, any real property held by any Obligor under lease constitutes the valid, legally binding and enforceable obligation of all parties thereto
(subject, in each case, to general equitable principles, insolvency, liquidation, reorganization and other Laws of general application relating to creditors’ rights) except as would not have a Material Adverse Effect. 

Section 5.19 Intellectual Property.  

(a) Except as disclosed in the Exchange Act Documents, the Obligors own the Intellectual Property described in the Exchange Act Documents as
being owned by them and own or have obtained valid and enforceable licenses for, or other rights to use all Intellectual Property (except that the enforcement thereof may be subject to general equitable principles, insolvency, liquidation,
reorganization and other Laws of general application relating to creditors’ rights) used in and necessary for the conduct of their respective businesses as currently conducted or as currently proposed to be conducted (including the
commercialization of products or services described in the Exchange Act Documents as under development) (collectively, “Relevant Intellectual Property”); to the knowledge of the Obligors, (i) there are no third parties who have
or will be able to establish rights to any Relevant Intellectual Property that is described in the Exchange Act Documents as owned or purported to be owned by any Obligor, except for, and to the extent of, the ownership rights of any co-owners of such Relevant Intellectual Property that are disclosed in the Exchange Act Documents; (ii) there is no infringement by misappropriation or 

  
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other violation by any third parties of any Relevant Intellectual Property owned by or exclusively licensed to any Obligor; (iii) there is no pending or, to the knowledge of the Obligors,
threatened action, suit, proceeding or claim by others challenging any Obligor’s rights in or to any Relevant Intellectual Property, and the Issuer is unaware of any facts which could form a reasonable basis for any such action, suit,
proceeding or claim; (iv) none of the Obligors has received any notice from, and there is no pending or, to the knowledge of the Obligors, threatened action, suit, proceeding or claim by others challenging the validity, enforceability or scope
of any Relevant Intellectual Property, and the Issuer is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (v) none of the Obligors have received any notice from, and there is no pending
or, to the knowledge of the Obligors, threatened action, suit, proceeding or claim by others that any Obligor infringes, misappropriates or otherwise violates, or could, upon the commercialization of any product or service described in the Exchange
Act Documents as under development, infringe, misappropriate or violate any Intellectual Property of others, and the Issuer is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (vi) the
Obligors have complied with the material terms of each agreement pursuant to which Relevant Intellectual Property has been licensed to any Obligor, and all such agreements are in full force and effect; (vii) to the knowledge of the Obligors
there is no Patent or patent application that contains claims that interfere with the issued or pending claims of any Patents included in the Relevant Intellectual Property owned by or exclusively licensed to any Obligor; (viii) the products
described in the Exchange Act Documents as under development by any Obligor fall within the scope of the claims of one or more Patents owned by, or exclusively licensed to, any Obligor; (ix) all Patents and patent applications owned by and, to
the knowledge of the Obligors, exclusively licensed to any Obligor have been duly and properly filed and maintained and the Obligors and, to the knowledge of the Obligors, the applicable licensor have complied in all material respects with their
duty of candor and disclosure to the PTO or other applicable patent office with respect to all patent applications owned by or exclusively licensed to any Obligor and included in the Relevant Intellectual Property and filed with the PTO or other
applicable patent office; (x) the Obligors have taken all steps reasonably necessary to secure their respective interest in the Relevant Intellectual Property owned or purported to be owned by any Obligor, including obtaining all necessary
assignments from its employees, consultants and contractors pursuant to a written agreement; (xi) the Obligors have taken reasonable steps in accordance with normal industry practice to maintain the confidentiality of all material trade secrets
included in any Intellectual Property, and no such Relevant Intellectual Property has been disclosed other than to employees, representatives, independent contractors, collaborators, licensors, licensees, agents and advisors of the Obligors who are
legally bound to a duty of confidentiality; (xii) the Obligors are not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property of any other person or entity that are required to be described in the
Exchange Act Documents that are not so described therein; (xiii) all conditions stated in any license agreement under which Relevant Intellectual Property is exclusively licensed to any Obligor that are required to be satisfied in order for
such Obligor to retain exclusive rights have been timely satisfied; (xiv) to the knowledge of the Obligors, the issued Patents owned by or exclusively licensed to any Obligor are valid and enforceable and the Issuer is unaware of any facts that
would preclude the issuance of a valid and enforceable Patent on any pending patent application owned by any Obligor; and (xv) except as disclosed in the Exchange Act Documents, no government funding, facilities or resources of a university,
college, other educational institution or research center was used in the development of any Relevant Intellectual Property that is owned or purported to be owned by any Obligor that would confer upon any governmental agency or body, university,
college, other educational institution or research center any claim or right in or to any such Relevant Intellectual Property. 

  
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 (b) Schedule 5.19 contains a complete list of (i) all registered trademarks,
copyrights and Patents that are owned by or licensed to any Obligor, in each case that are reasonably necessary for the operation of the business of the Obligors as presently conducted and (ii) all Patent license agreements granting rights to
any of the Obligors to such licensed Patents. 
 (c) Each Obligor is the owner or holder of each biologics license application set forth
opposite its name in Schedule 5.19. No Obligor has granted or assigned to any other Person, directly or indirectly, any rights to any other Person under any such biologics license application; provided, however, that such
Obligor may have assigned or granted to a Person the right to manufacture product under such biologics license application and/or the right to a share of profit from such Obligor’s sales of product under such biologics license application.
Schedule 5.19 sets forth the product that pertains to each such biologics license application. 
 Section 5.20 Environmental
Matters. The Obligors and their respective properties, assets and operations are in compliance with, and the Obligors hold all permits, authorizations and approvals required under, Environmental Laws (as defined below), except to the extent that
failure to so comply or to hold such permits, authorizations or approvals would not, individually or in the aggregate, have a Material Adverse Effect; there are no past, present or, to the knowledge of the Obligors, reasonably anticipated future
events, conditions, circumstances, activities, practices, actions, omissions or plans that could reasonably be expected to give rise to any material costs or liabilities to any Obligor under, or to interfere with or prevent compliance by any Obligor
with, Environmental Laws; except as would not, individually or in the aggregate, have a Material Adverse Effect, none of the Obligors (i) is the subject of any investigation, (ii) has received any notice or claim, (iii) is a party to
or affected by any pending or, to the knowledge of the Obligors, threatened action, suit or proceeding, (iv) is bound by any judgment, decree or order or (v) has entered into any agreement, in each case relating to any alleged violation of
any Environmental Law or any actual or alleged release or threatened release or cleanup at any location of any Hazardous Materials (as defined below) (as used herein, “Environmental Law” means any applicable federal, state, local or
non-U.S. Law, statute, ordinance, rule, regulation, order, decree, judgment, injunction, permit, license, authorization or other binding requirement, or common law, relating to health, safety or the
protection, cleanup or restoration of the environment or natural resources, including those relating to the distribution, processing, generation, treatment, storage, disposal, transportation, other handling or release or threatened release of
Hazardous Materials, and “Hazardous Materials” means any material (including pollutants, contaminants, hazardous or toxic substances or wastes) that is regulated by or may give rise to liability under any Environmental Law). 

Section 5.21 Labor Matters. Except for matters which would not, individually or in the aggregate, have a Material Adverse Effect,
(i) none of the Obligors is engaged in any unfair labor practice, (ii) there is (A) no unfair labor practice complaint pending or, to the knowledge of the Obligors, threatened against any Obligor before the National Labor Relations
Board or any similar non-U.S. body, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or, to the knowledge of the Obligors, threatened, (B) no
strike, 

  
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labor dispute, slowdown or stoppage pending or, to the knowledge of the Obligors, threatened against any Obligor and (C) no union representation dispute currently existing concerning the
employees of any Obligor, (iii) to the knowledge of the Obligors, no union organizing activities are currently taking place concerning the employees of any Obligor and (iv) there has been no violation of any applicable federal, state,
local or non-U.S. Law relating to discrimination in the hiring, promotion or pay of employees of any Obligor, any applicable wage or hour Laws, or the rules and regulations promulgated thereunder, or any
similar applicable non-U.S. law, rule or regulation, concerning the employees of any Obligor. 

Section 5.22 Insurance. The Obligors maintain insurance covering their respective properties, operations, personnel and businesses
as the Issuer reasonably deems adequate; such insurance insures against such losses and risks to an extent which is adequate in accordance with customary industry practice to protect the Obligors and their respective businesses; all such insurance
is fully in force on the date hereof and will be fully in force at the time of purchase; none of the Obligors have any reason to believe that it will not be able to (i) renew any such insurance as and when such insurance expires or
(ii) obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted at a cost that would not result in any Material Adverse Effect. 

Section 5.23 No Unlawful Payments. None of the Obligors, nor any director, officer or employee of any Obligor nor, to the
knowledge of the Obligors, any agent, affiliate or other person associated with or acting on behalf of any Obligor has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to
political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any
government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office;
(iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any
unlawful bribe or other unlawful benefit, including any unlawful rebate, payoff, influence payment, kickback or other unlawful payment or benefit. The Obligors have instituted, maintain and enforce, and will continue to maintain and enforce policies
and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption Laws. 
 Section 5.24
Compliance with Anti-Money Laundering Laws. The operations of the Obligors are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where any Obligor conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving any Obligor with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Obligors, threatened. 

  
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 Section 5.25 Compliance with OFAC. None of the Obligors, directors, officers or
employees, nor, to the knowledge of the Obligors, any agent, affiliate or other person associated with or acting on behalf of any Obligor is currently the subject or the target of any sanctions administered or enforced by the U.S. government
(including the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including the designation as a “specially designated national” or “blocked person”), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”), nor are any of the Obligors located, organized or resident in a country or territory that is the
subject or target of Sanctions, including Cuba, Iran, North Korea, Sudan, Syria and Crimea (each, a “Sanctioned Country”); and the Issuer will not directly or indirectly use the proceeds of the offering of the Notes hereunder, or
lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or
facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person
participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, the Obligors have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any
person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. 

Section 5.26 Disclosure Controls. The Issuer has established and maintains and evaluates “disclosure controls and
procedures” (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) and “internal control over financial reporting” (as such term is
defined in Rules 13a-15 and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the
Issuer, including its Subsidiaries, is made known to the Issuer’s Chief Executive Officer and its Chief Financial Officer by others within those entities, and such disclosure controls and procedures are effective to perform the functions for
which they were established; the Issuer’s independent registered public accountants and the Audit Committee of the Board of Directors of the Issuer have been advised of: (i) all significant deficiencies, if any, in the design or operation
of internal controls which could adversely affect the Issuer’s ability to record, process, summarize and report financial data; and (ii) all fraud, if any, whether or not material, that involves management or other employees who have a
role in the Issuer’s internal controls; all “significant deficiencies” and “material weaknesses” (as such terms are defined in Rule 1-02(a)(4) of Regulation S-X under the Securities Act) of the Issuer, if any, have been identified to the Issuer’s independent registered public accountants and are disclosed in the Exchange Act Documents; since the end of the
Issuer’s most recent audited fiscal year, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant
deficiencies and material weaknesses, and the Issuer has taken all necessary actions to ensure that, the Obligors and their respective officers and directors, in their capacities as such, will be in compliance in all material respects with the
applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder. 

  
 17 

 Section 5.27 Accounting Controls. The Obligors have established and maintains a
system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific
authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

Section 5.28 Licenses and Permits. The Obligors have all necessary licenses, authorizations, consents and approvals and have made
all necessary filings required under any applicable Law and has obtained all necessary licenses, authorizations, consents and approvals from other Persons, in order to conduct their respective businesses, except where the failure to have or have
obtained such licenses, authorizations, consents or approvals or make such filings would not, individually or in the aggregate, have a Material Adverse Effect; none of the Obligors is in violation of, or in default under, or has received notice of
any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or non-U.S. Law, regulation or rule or any decree, order or judgment
applicable to any Obligor, except where such violation, default, revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. 

Section 5.29 No Immunity. None of the Obligors nor any of its properties or assets has any immunity from the jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the Laws of Jersey, Scotland or Switzerland. 

Section 5.30 Feasibility Studies. The feasibility studies that are described in, or the results thereof which are referred to in,
the Exchange Act Documents were conducted in all material respects in accordance with standard accepted medical and scientific research procedures; each description of the results of such studies contained in the Exchange Act Documents is accurate
and complete in all material respects and fairly presents the data derived from such studies, and the Obligors have no knowledge of any other studies or tests or trials the results of which are inconsistent with, or otherwise call into question, the
results described or referred to in the Exchange Act Documents. 
 Section 5.31 Health Care Laws. The Obligors and, to the
knowledge of the Obligors, the Obligors’ respective directors, officers, employees, and agents (while acting in such capacity) are, and at all times prior hereto were, in material compliance with, all health care Laws applicable to the Obligors
or any of their products or activities, including the federal Anti-Kickback Statute (42 U.S.C. Section 1320a-7b(b)), the Anti-Inducement Law (42 U.S.C.
Section 1320a-7a(a)(5)), the civil False Claims Act (31 U.S.C. Section 3729 et seq.), the administrative False Claims Law (42 U.S.C. Section 1320a-7b(a)),
the Stark law (42 U.S.C. Section 1395nn), the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. Section 1320d et seq.) as amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C.
Section 17921 et seq.), the exclusion laws (42 U.S.C. Section 1320a-7), the Federal Food, Drug, and Cosmetic Act (21 U.S.C. Section 301 et seq.), the Controlled Substances Act (21 U.S.C.
Section 801 et seq.), the Public Health Service Act (42 U.S.C. Section 201 et seq.), Medicare (Title XVIII of the Social 

  
 18 

 
Security Act), Medicaid (Title XIX of the Social Security Act), the regulations promulgated pursuant to such Laws, and any other state, federal or non-U.S.
law, accreditation standards, regulation, memorandum, opinion letter, or other issuance which imposes legally binding requirements on the manufacturing, development, testing, labeling, advertising, marketing or distribution of drugs, biological
products and/or medical devices (including diagnostic products), kickbacks, patient or program charges, recordkeeping, claims process, documentation requirements, medical necessity, referrals, the hiring of employees or acquisition of services or
supplies from those who have been excluded from government health care programs, quality, safety, privacy, security, licensure, accreditation or any other aspect of providing health care, clinical laboratory or diagnostics products or services
(collectively, “Health Care Laws”) except, with respect to any of the foregoing, such as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Obligors have received any
notification, correspondence or any other written or oral communication, including notification of any pending or threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Authority,
including the FDA, the EMEA, the United States Federal Trade Commission, the United States Drug Enforcement Administration, the Centers for Medicare & Medicaid Services, HHS’s Office of Inspector General, the United States Department
of Justice and state Attorneys General or similar agencies of potential or actual non-compliance by, or liability of, any Obligor under any Health Care Laws, except, with respect to any of the foregoing, such
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. to the knowledge of the Obligors, there are no facts or circumstances that would reasonably be expected to give rise to material liability of
any Obligor under any Health Care Laws. 
 Section 5.32 Regulatory Filings.  

(a) The manufacture by or on behalf of any Obligor of any of the Obligors’ respective products is being conducted in compliance in all
material respects with all applicable Health Care Laws, including the FDA’s current good manufacturing practice regulations at 21 C.F.R. Parts 210, 211, 600 through 680, and 820, and, to the extent applicable, the respective counterparts
thereof promulgated by governmental authorities in countries outside the United States. 
 (b) The Obligors are complying in all material
respects with all applicable regulatory post-market reporting obligations, including the FDA’s adverse event reporting requirements at 21 C.F.R. Parts 310, 314, 600, and 803, and, to the extent applicable, the respective counterparts thereof
promulgated by governmental authorities in countries outside the United States. 
 (c) Except as disclosed in the Exchange Act Documents,
none of the Obligors have had any product, clinical laboratory or manufacturing site (whether Obligor-owned or that of a third party manufacturer for the Obligors’ respective products) subject to a Governmental Authority (including FDA)
shutdown or import or export prohibition, nor received any FDA Form 483 or other Governmental Authority notice of inspectional observations, “warning letters,” “untitled letters,” requests to make changes to the Obligors’
respective products, processes or operations, or similar correspondence or notice from the FDA or other Governmental Authority alleging or asserting material noncompliance with any applicable Health Care Laws. to the knowledge of the Obligors,
neither the FDA nor any other Governmental Authority is considering such action. 

  
 19 

 (d) Except as disclosed in the Exchange Act Documents, there have been no material recalls,
field notifications, field corrections, market withdrawals or replacements, warnings, “dear doctor” letters, investigator notices, safety alerts or other notice of action relating to an alleged lack of safety, efficacy, or regulatory
compliance with respect to the Obligors’ respective products (“Safety Notices”); to the knowledge of the Obligors, there are no facts that would be reasonably likely to result in (i) a Safety Notice with respect to the
Obligors’ respective products or services, (ii) a material change in labeling of the Obligors’ respective products or services, or (iii) a material termination or suspension of marketing or testing of any the Obligors’
respective products or services. 
 (e) The Obligors have not knowingly made any false statements on, or material omissions from, any
applications, approvals, reports or other submissions to any Regulatory Agency, or in or from any other records and documentation prepared or maintained to comply with the requirements of any Regulatory Agency relating to the Obligors’
respective products. None of the Obligors or, to the knowledge of the Obligors, any officer, employee or agent of any Obligor has been convicted of any crime or engaged in any conduct that would reasonably be expected to result in (a) debarment
under 21 U.S.C. Section 335a or any similar state or non-U.S. law or regulation or (b) exclusion under 42 U.S.C. Section 1320a-7 or any similar state or non-U.S. law or regulation, and none of the Obligors nor any such person has been so debarred or excluded. 

ARTICLE VI 
 CONDITIONS TO
CLOSING 
 The obligations of the Purchaser hereunder on the Closing Date are subject to the accuracy in all material respects (except
for such representations qualified by materiality or Material Adverse Effect, which shall be accurate in all respects) of the representations and warranties of the Obligors contained herein as of the Closing Date (subject to exceptions or updates to
such representations and warranties contemplated by Section 6.3), to the accuracy of the statements of the Obligors and their respective officers made in any certificates delivered pursuant hereto on the Closing Date, to the performance by the
Obligors of their respective obligations hereunder as of the Closing Date and to the satisfaction or waiver by the Purchaser of each of the following additional terms and conditions applicable on the Closing Date: 

Section 6.1 Obligors’ Counsel Opinions. 

(a) Clifford Chance LLP, special counsel to the Obligors, shall have furnished to the Purchasers their opinion, addressed to the Purchasers
(and any Affiliate thereof purchasing the Royalty Rights on the Closing Date) and dated the Closing Date, in form and substance reasonably satisfactory to the Purchasers. 

(b) DWF LLP, special Scottish counsel to the Obligors, shall have furnished to the Purchasers their opinion, addressed to the Purchasers (and
any Affiliate thereof purchasing the Royalty Rights on the Closing Date) and dated the Closing Date, in form and substance reasonably satisfactory to the Purchasers. 

  
 20 

 (c) Mercuris Avocats (f/k/a Lexartis Avocats), special Switzerland counsel to the Obligors,
shall have furnished to the Purchasers their opinion, addressed to the Purchasers (and any Affiliate thereof purchasing the Royalty Rights on the Closing Date) and dated the Closing Date, in form and substance reasonably satisfactory to the
Purchasers. 
 Section 6.2 Purchasers’ Counsel Opinions.  

(a) Pillsbury Winthrop Shaw Pittman LLP, special counsel to the Purchasers (and any Affiliate thereof purchasing the Royalty Rights on the
Closing Date), shall have furnished to the Purchasers their opinion, addressed to the Purchasers (and any Affiliate thereof purchasing the Royalty Rights on the Closing Date) and dated the Closing Date, in form and substance reasonably satisfactory
to the Purchasers. 
 (b) Prager Dreifuss AG, special Switzerland counsel to the Purchasers, shall have furnished to the Purchasers their
opinion, addressed to the Purchasers (and any Affiliate thereof purchasing the Royalty Rights on the Closing Date) and dated the Closing Date, in form and substance reasonably satisfactory to the Purchasers. 

(c) Bedell Cristin Jersey Partnership, special Channel Islands counsel to the Purchasers, shall have furnished to the Purchasers their opinion,
addressed to the Purchasers (and any Affiliate thereof purchasing the Royalty Rights on the Closing Date) and dated the Closing Date, in form and substance reasonably satisfactory to the Purchasers. 

(d) Burness Paull LLP, special Scottish counsel to the Purchasers, shall have furnished to the Purchasers their opinion, addressed to the
Purchasers (and any Affiliate thereof purchasing the Royalty Rights on the Closing Date) and dated the Closing Date, in form and substance reasonably satisfactory to the Purchasers. 

Section 6.3 Certification as to Purchase Agreement. Each Obligor shall have furnished to the Purchasers a certificate, dated the
Closing Date, of its respective Responsible Officer, stating that, as of the Closing Date, the representations and warranties of such Obligor in this Purchase Agreement are true and correct in all material respects (except for such representations
qualified by materiality or Material Adverse Effect, which are true and correct in all respects) and such Obligor has complied in all material respects with all of the agreements and satisfied all of the conditions on its part to be performed or
satisfied hereunder on or before the Closing Date; provided, however, that any such certificate as of the Closing Date may provide exceptions to any representation and warranty made in Sections 5.11 through 5.32 or update any schedule provided
pursuant to Article V. 
 Section 6.4 Authorizations. Each Obligor shall have furnished to the Purchasers (a) a copy of the
resolutions, consents or other documents, certified by a Responsible Officer of such Obligor, as of the Closing Date, duly authorizing the execution and delivery of, and performance of obligations under, the Transaction Documents to which it is a
party and any other documents to be executed on or prior to the Closing Date by or on behalf of it in connection with the transactions contemplated thereby and, in the case of the Issuer, the issuance and sale of the Notes and Royalty Rights, and a
certification that such resolutions, consents or other documents have not been modified, rescinded or amended and are in full force and effect, (b) certified copies of its respective 

  
 21 

 
organizational documents, including as such documents have been amended to effect the transactions contemplated by the Transaction Documents, (c) a certification by a Responsible Officer of
such Obligor, as of the Closing Date, as to the incumbency and specimen signatures of each officer executing any Transaction Document or any other document delivered in connection herewith on behalf of such Obligor (together with a certification of
another Responsible Officer of such Obligor as to incumbency and specimen signature of the first-mentioned Responsible Officer) and (d) a certificate of good standing (or equivalent) of such Obligor as of a recent date from the Secretary of
State (or other applicable Governmental Authority) of its jurisdiction of organization. 
 Section 6.5 Offering of Notes and Royalty
Rights. The Placement Agent shall have delivered to the Issuer a certificate, dated on or about the Closing Date, as to the manner of the offering of the Notes, the Guarantees and the Royalty Rights and the number and character of the offerees
contacted, which certificate shall state that the Placement Agent (a) did not solicit offers for, or offer, the Notes, the Guarantees or the Royalty Rights by means of any form of general solicitation or general advertising (as those terms are
used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, including publication or release of articles, notices or other communications published in
any newspaper, magazine or similar medium or broadcast over television, radio or internet, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising, and did not engage in any directed selling
efforts within the meaning of Rule 902(c) of Regulation S and (b) solicited offers for the Notes and the Royalty Rights only from, and offered the Notes only to, (i) Persons who it reasonably believed were QIBs or, if any such Person was
buying for one or more institutional accounts for which such Person was acting as fiduciary or agent, only when such Person reasonably believed that each such account was a QIB, (ii) in the case of offers outside the United States, to Persons
that are not U.S. persons (as defined in Regulation S) in accordance with Rule 903 of Regulation S, and (iii) Accredited Investors, and shall further state that counsel to the Obligors and to the Purchasers may rely thereon in rendering their
respective opinions to be delivered hereunder. 
 Section 6.6 CUSIP Numbers. S&P Global Market Intelligence’s CUSIP
Global Services, as agent for the National Association of Insurance Commissioners, shall have issued CUSIP numbers and ISIN numbers for the Notes. 

Section 6.7 Further Information. On or prior to the Closing Date, the Obligors shall have furnished to the Purchaser such further
information, certificates and documents as such Purchaser may reasonably request in connection with this Purchase Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby; provided, however, that the
Purchaser shall not be entitled to receive any information or data of the type contemplated by Section 4.4 following the date hereof. 

Section 6.8 Consummation of Transactions. All of the transactions contemplated by the Transaction Documents to be completed on or
before the Closing Date shall have been consummated or shall be consummated concurrently with the transactions contemplated hereby, and the Purchaser shall have received executed copies of the Transaction Documents (which shall be in full force and
effect). 

  
 22 

 Section 6.9 No Actions. No action shall have been taken and no Law has been
enacted, adopted or issued by any Governmental Authority that would, as of the Closing Date, prevent the issuance or sale of the Notes or the Royalty Rights, and no injunction, restraining order or order of any other nature by any court of competent
jurisdiction shall have been issued as of the Closing Date that would prevent the issuance or sale of the Notes or the Royalty Rights. 

Section 6.10 Consents. The Purchasers shall have received copies of all consents, approvals, authorizations, orders, registrations
and qualifications set forth in Schedule 5.8. 
 Section 6.11 Use of Proceeds. The Issuer will apply the proceeds of the sale of
the Notes and the Royalty Rights to fund the Cash Reserve Account on the Closing Date in the amount of the CE Marking Cash Reserve Amount, to pay fees, costs and expenses arising in connection with the issuance of the Notes and for general corporate
purposes. 
 Section 6.12 Royalty Rights. On the Closing Date, (a) the Royalty Right shall have been received by the
Purchaser (or any Affiliate thereof) pursuant to the applicable Royalty Right Agreement and (b) the Issuer and the Purchaser shall execute and deliver such Royalty Right Agreement in the form of Exhibit A. 

Section 6.13 CE Marking Securities Triggering Event. The CE Marking Securities Triggering Event shall have occurred on or prior to
April 30, 2019. 
 ARTICLE VII 

ADDITIONAL COVENANTS 

Section 7.1 DTC. The Issuer will use reasonable best efforts to comply with the agreements set forth in the representation letter
of the Issuer to DTC relating to the approval of the Notes by DTC for “book-entry” transfer. 
 Section 7.2 Expenses.
The Issuer agrees to pay or cause to be paid from the proceeds of the issuance of the Notes and the Royalty Rights all reasonable, documented fees and expenses of Pillsbury Winthrop Shaw Pittman LLP, acting as special counsel to the Purchasers,
Bedell Cristin Jersey Partnership, acting as special Jersey, Channel Islands counsel to the Purchasers, Prager Dreifuss AG, acting as special Switzerland counsel to the Purchasers, and Burness Paull LLP, acting as special Scotland
counsel to the Purchasers (the amount of any such payment of the reasonable, documented fees and expenses of Pillsbury Winthrop Shaw Pittman LLP (excluding such fees and expenses related to intellectual property work and opinions) not to exceed in
the aggregate the amount set forth in paragraph 2 of the letter agreement dated November 27, 2018 between the Issuer and the Placement Agent (unless otherwise agreed to by the Issuer)), it being understood that the Issuer will not reimburse any
other expenses of any Purchasers (including expenses of any other counsel). 
 Section 7.3 Confidentiality; Public
Announcement. 
 (a) Except as otherwise required by Law or judicial or administrative proceedings (by oral questions,
interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) or the rules and regulations of any securities exchange or trading system or any Governmental Authority or pursuant to requests from
regulatory agencies 

  
 23 

 
having oversight over any of the Obligors and except as otherwise set forth in this Section 7.3, each Obligor will, and will cause each of its Affiliates, directors, officers, employees,
agents, representatives and similarly situated persons who receive such information to, treat and hold as confidential and not disclose to any Person any and all Confidential Information furnished to it by the Purchaser, as well as the information
on Schedule 1 to this Purchase Agreement, and to use any such Confidential Information and other information only in connection with this Purchase Agreement and any other Transaction Document and the transactions contemplated hereby and
thereby. Notwithstanding the foregoing, the Obligors may disclose such information solely on a need-to-know basis and solely to their members, directors, employees,
managers, officers, agents, brokers, advisors, lawyers, bankers, trustees, representatives, investors, co-investors, insurers, insurance brokers, underwriters and financing parties; provided,
however, that such Persons shall be informed of the confidential nature of such information and shall be obligated to keep such Confidential Information and other information confidential pursuant to obligations of confidentiality no less
onerous than those set forth herein. 
 (b) The Purchaser acknowledges that it will not, after the execution of this Purchase Agreement, make
a public announcement or filing with respect to the transactions contemplated by the Transaction Documents or reference or describe such transactions in a public announcement or filing, without the Issuer’s prior written consent (such consent
not to be unreasonably withheld, delayed or conditioned). Except as required by applicable Law or judicial or administrative proceedings (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigation demand
or similar process) or the rules and regulations of any securities exchange or trading system or any Governmental Authority or pursuant to requests from regulatory agencies having oversight over any of the Obligors, in no event shall the
Purchaser’s name (in any variation) be used in any public announcement or filing, or in any type of mail or electronic distribution intended for an audience that is not solely limited to the Affiliates of the Issuer, without the
Purchaser’s written consent. 
 (c) Except as required by applicable Law or judicial or administrative proceedings (by oral questions,
interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) or the rules and regulations of any securities exchange or trading system or any Governmental Authority or pursuant to requests from
regulatory agencies having oversight over any of the Obligors, neither the Issuer nor any of its Affiliates shall disclose to any Person, or use or include in any public announcement or any public filing, the identity of any shareholders, members,
directors or Affiliates of the Purchaser, without the prior written consent of such shareholder, member, director or Affiliate. 

Section 7.4 Channel Islands Listing. The Issuer will use commercially reasonable efforts to list the Notes on the Official List of
the Channel Islands Securities Exchange Authority Limited (or any other recognized stock exchange as the Issuer may in its sole discretion determine) as soon as reasonably practicable after the Closing Date. 

Section 7.5 CE Marking Securities Triggering Event Notice. The Issuer shall, within five (5) Business Days of the occurrence
of the CE Marking Securities Triggering Event (the “Notice Period”), (1) deliver written notice of the occurrence of the CE Marking Securities Triggering Event to the Purchaser (the “CE Marking Securities Triggering Event
Notice”), which CE Marking Securities Triggering Event Notice shall state the date of the occurrence of the CE 

  
 24 

 
Marking Securities Triggering Event and the Closing Date and (2) issue a press release of the Issuer publicly announcing the European CE marking of the Issuer’s initial MosaiQTM IH
Microarray (the “Press Release”). Notwithstanding anything to the contrary herein, the Issuer may delay the issuance of the Press Release if the issuance of the Press Release during the Notice Period is not, in the good faith
opinion of the board of directors of the Issuer and its counsel, in the best interest of the Issuer and otherwise required (a “Grace Period”); provided, that the Issuer shall promptly (i) notify the Purchaser in
writing during the Notice Period of the existence of the Grace Period and the date on which the Grace Period will begin, and (ii) notify the Purchaser in writing of the date on which the Grace Period ends; provided further, that
Grace Period shall not exceed five (5) consecutive days following the expiration of the Notice Period; provided further, however, if the Issuer fails to issue the Press Release prior to the expiration of the Grace Period, the
Purchaser is permitted to thereafter disclose the occurrence of the CE Marking Securities Triggering Event in its sole discretion. 
 ARTICLE
VIII 
 SURVIVAL OF CERTAIN PROVISIONS 

Section 8.1 Survival of Certain Provisions. The representations, warranties, covenants and agreements contained in this Purchase
Agreement shall survive (a) the execution and delivery of this Purchase Agreement, the Notes, the Guarantees and the Royalty Rights and (b) the sale or transfer by any Purchaser of any Note or Royalty Right or portion thereof or interest
therein. All such provisions are binding upon and may be relied upon by any subsequent holder or beneficial owner of a Note or Royalty Right, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder or
beneficial owner of a Note or Royalty Right. All statements contained in any certificate or other instrument delivered by or on behalf of any party hereto pursuant to this Purchase Agreement shall be deemed to have been relied upon by each other
party hereto and shall survive the consummation of the transactions contemplated hereby regardless of any investigation made by or on behalf of any such party. The Transaction Documents embody the entire agreement and understanding among the parties
hereto and supersede all prior agreements and understandings relating to the subject matter hereof. Notwithstanding anything to the contrary elsewhere in this Purchase Agreement, no party shall, in any event, be liable to any other Person for any
consequential, incidental, indirect, special or punitive damages of such other Person, including loss of revenue, income or profits, diminution of value or loss of business reputation or opportunity relating to the breach or alleged breach hereof
(provided that such limitation with respect to lost profits or otherwise shall not limit the Issuer’s right to recover contract damages in connection with the Purchaser’s failure to close in violation of this Purchase Agreement). 

ARTICLE IX 
 NOTICES 

Section 9.1 Notices. All statements, requests, notices and agreements hereunder shall be in writing and delivered by hand, mail,
overnight courier or telefax as follows: 
 (a) if to the Purchaser, in accordance with Schedule 1; and 

(b) if to any Obligor, in accordance with Section 12.01 of the Indenture. 

  
 25 

 ARTICLE X 

SUCCESSORS AND ASSIGNS 

Section 10.1 Successors and Assigns. This Purchase Agreement will inure to the benefit of and be binding upon the parties hereto
and their respective successors, permitted assignees and permitted transferees. So long as any of the Notes or Royalty Rights are outstanding, no Obligor may assign any of its rights or obligations hereunder or any interest herein without the prior
written consent of the Purchaser except as permitted in accordance with the Indenture and the Royalty Rights Agreement, as applicable. 

ARTICLE XI 
 SEVERABILITY

 Section 11.1 Severability. Any provision of this Purchase Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
full extent permitted by Law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 ARTICLE XII 

WAIVER OF JURY TRIAL 

Section 12.1 WAIVER OF JURY TRIAL. THE PURCHASER AND EACH OBLIGOR HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH
RESPECT TO THIS PURCHASE AGREEMENT. 
 ARTICLE XIII 

GOVERNING LAW; CONSENT TO JURISDICTION 

Section 13.1 Governing Law; Consent to Jurisdiction. THIS PURCHASE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. The parties hereto hereby submit to the non-exclusive jurisdiction of the U.S. federal and state
courts of competent jurisdiction in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Purchase Agreement or the transactions contemplated hereby. 

ARTICLE XIV 
 COUNTERPARTS

 Section 14.1 Counterparts. This Purchase Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but all such counterparts shall together constitute one and the same Purchase Agreement. Any counterpart may be executed by facsimile or other electronic transmission, and such facsimile or other electronic transmission
shall be deemed an original. 

  
 26 

 ARTICLE XV 

TABLE OF CONTENTS AND HEADINGS 

Section 15.1 Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this Purchase
Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

ARTICLE XVI 
 TAX DISCLOSURE

 Section 16.1 Tax Disclosure. Notwithstanding anything expressed or implied to the contrary herein, the Purchaser, on the
one hand, and each Obligor, on the other hand, and its respective employees, representatives and agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and the tax structure of the transactions contemplated by
this Purchase Agreement and the agreements and instruments referred to herein and all materials of any kind (including opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax structure; provided,
however, that neither such Person nor any employee, representative or other agent thereof shall disclose any other information that is not relevant to understanding the tax treatment and tax structure of such transactions (including the identity of
any party and any information that could lead another to determine the identity of any party) or any other information to the extent that such disclosure could reasonably result in a violation of any Law relating to U.S. federal or state securities
matters. For these purposes, the tax treatment of the transactions contemplated by this Purchase Agreement and the agreements and instruments referred to herein means the purported or claimed U.S. federal or state tax treatment of such transactions.
Moreover, the tax structure of the transactions contemplated by this Purchase Agreement and the agreements and instruments referred to herein includes any fact that may be relevant to understanding the purported or claimed U.S. federal or state tax
treatment of such transactions. 
 ARTICLE XVII 

TERMINATION 

Section 17.1 Termination. This Purchase Agreement will terminate upon any of the following: (a) if the CE Marking
Securities Triggering Event has not occurred on or before April 30, 2019, on April 30, 2019 and (b) the mutual written agreement of the parties hereto. 

{SIGNATURE PAGE FOLLOWS} 

  
 27 

 If the foregoing is in accordance with your understanding of this Purchase Agreement, kindly
sign and return to us one of the counterparts hereof, whereupon it will become a binding agreement among us and you in accordance with its terms. 
  

			
	Very truly yours,
	
	QUOTIENT LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 {Signature Page to the Purchase Agreement} 

 
			
	QBD (QS IP) LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 {Signature Page to the Purchase Agreement} 

 
			
	QUOTIENT BIODIAGNOSTICS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 {Signature Page to the Purchase Agreement} 

 
			
	ALBA BIOSCIENCE LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 {Signature Page to the Purchase Agreement} 

 
			
	QUOTIENT SUISSE SA
		
	By:	 	  

		 	Name:
		 	Title:

 {Signature Page to the Purchase Agreement} 

 
			
	QUOTIENT BIOCAMPUS LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 {Signature Page to the Purchase Agreement} 

 [PURCHASER SIGNATURE PAGE] 

{Signature Page to the Purchase Agreement} 

 ANNEX A 

RULES OF CONSTRUCTION AND DEFINED TERMS 

Unless the context otherwise requires, in this Annex A and each Transaction Document (or other document) to which this Annex A is attached: 

 

	(a)	 A term has the meaning assigned to it and an accounting term not otherwise defined has the meaning assigned to
it in accordance with GAAP, unless any Transaction Document (or other document) otherwise provides. 

  

	(b)	 Where any payment is to be made, any funds are to be applied or any calculation is to be made under any
Transaction Document (or other document) on a day that is not a Business Day, unless any Transaction Document (or other document) otherwise provides, such payment shall be made, such funds shall be applied and such calculation shall be made on the
succeeding Business Day, and payments shall be adjusted accordingly, including interest unless otherwise specified. 

  

	(c)	 Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other
genders. 

  

	(d)	 The definitions of terms shall apply equally to the singular and plural forms of the terms defined.

  

	(e)	 The terms “include”, “including” and similar terms shall be construed as if followed by the
phrase “without limitation”. 

  

	(f)	 Unless otherwise specified, references to an agreement or other document include references to such agreement
or document as from time to time amended, restated, reformed, supplemented or otherwise modified in accordance with the terms thereof (subject to any restrictions on such amendments, restatements, reformations, supplements or modifications set forth
in this Annex A or any Transaction Document (or other document)) and include any Annexes, Exhibits and Schedules attached thereto. 

  

	(g)	 References to any Law shall include such Law as from time to time in effect, including any amendment,
modification, codification, replacement or reenactment thereof or any substitution therefor. 

  

	(h)	 References to any Person shall be construed to include such Person’s successors and permitted assigns
(subject to any restrictions on assignment, transfer or delegation set forth in this Annex A or any Transaction Document (or other document)), and any reference to a Person in a particular capacity excludes such Person in other capacities.

  

	(i)	 The word “will” shall be construed to have the same meaning and effect as the word “shall”.

  

	(j)	 The words “hereof”, “herein”, “hereunder” and similar terms when used in this
Annex A or any Transaction Document (or other document) shall refer to this Annex A or such Transaction Document (or other document) as a whole and not to any particular provision hereof or thereof, and Article, Section, Annex,
Schedule and Exhibit references herein and therein are references to Articles and Sections of, and Annexes, Schedules and Exhibits to, the relevant Transaction Document (or other document) unless otherwise specified. 

  
 Annex A-1 

	(k)	 In the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and each of the words “to” and “until” means “to but excluding”. 

  

	(l)	 References to any action, remedy or method of judicial proceeding for the enforcement of the rights of
creditors or of security shall be deemed to include, in respect of any jurisdiction other than the State of New York, references to such action, remedy or method of judicial proceeding for the enforcement of the rights of creditors or of security
available or appropriate in such jurisdiction as shall most nearly approximate such action, remedy or method of judicial proceeding described or referred to in the relevant Transaction Document (or other document). 

  
 Annex A-2 

 “$” means lawful money of the United States. 

“Accredited Investor” means an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3) or (a)(7) under
the Securities Act that is not (i) a QIB or (ii) a Person other than a U.S. person (as defined in Regulation S) that acquires Notes in reliance on Regulation S. 

“Affiliate” means, with respect to any specified Person, another Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with the specified Person. For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise, and “controlled” has a meaning correlative thereto. 

“Anti-Money Laundering Laws” has the meaning set forth in Section 5.24 of the Purchase Agreements. 

“Business Day” means any day other than a Saturday, a Sunday or any other day on which banking institutions are authorized or
required by Law to close in New York City, Jersey, Channel Islands, or the city in which the Trustee’s corporate trust office is located. 

“Capital Stock” means (a) in the case of a corporation, corporate stock or shares, (b) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership or membership
interests (whether general or limited) and membership rights, and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, in
each case to the extent treated as equity in accordance with GAAP, but excluding from all of the foregoing any debt securities convertible into or exchangeable for Capital Stock whether or not such debt securities include any right of participation
with Capital Stock. 
 “Cash Reserve Account” means the Deposit Account (as defined in the Uniform Commercial Code) in the
name of the Trustee maintained at U.S. Bank, National Association, in the United States of America with account number 276831004. 

“CE Marking Cash Reserve Amount” means $1,500,000. 

“CE Marking Securities Triggering Event” means the occurrence of both of the following: (a) the Issuer has received
written notice from Underwriters Limited that the initial MosaiQTM IH Microarray has achieved European CE marking and (b) the issuance of the JFSC Consent. 

“CE Marking Securities Triggering Event Notice” has the meaning set forth in Section 7.5 of the Purchase Agreement. 

“Closing Date” has the meaning set forth in Section 3.1 of the Purchase Agreements. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

  
 Annex A-3 

 “Collateral Agent” means U.S. Bank National Association in its capacity as
“Collateral Agent” under the Indenture and under the Security Documents and any successor thereto in such capacity. 

“Collateral Agreement” means that certain collateral agreement, dated as of October 14, 2016, among the Obligors, the
other subsidiary parties from time to time party thereto, the Trustee and the Collateral Agent. 
 “Commission” means the
U.S. Securities and Exchange Commission or any successor thereto. 
 “Confidential Information” means, as it relates to the
Purchaser (or its Affiliates), all information (whether written or oral, or in electronic or other form) furnished before or after the date of the Purchase Agreement concerning the Purchaser or its Affiliates (including any of its equityholders),
including any and all information regarding any aspect of the Purchaser’s business, including its owners, funds, strategy, market views, structure, investors or potential investors. Such Confidential Information includes any IRS Form W-9 or W-8BEN (or any similar type of form) provided by the Purchaser to the Issuer or its Affiliates. Notwithstanding the foregoing definition, “Confidential
Information” shall not include information that is (v) independently developed or discovered by any Obligor without use of or access to any information described in the second preceding sentence, as demonstrated by documentary
evidence, (w) already in the public domain at the time the information is disclosed or has become part of the public domain after such disclosure through no breach of the Purchase Agreement, (x) lawfully obtainable from other sources,
(y) required to be disclosed in any document to be filed with any Governmental Authority or otherwise required to be disclosed under applicable Law or judicial or administrative proceedings (by oral questions, interrogatories, requests for
information or documents, subpoena, civil investigation demand or similar process) or pursuant to requests from regulatory agencies having oversight over any of the Obligors or (z) required to be disclosed by court or administrative order or
under securities Laws applicable to any party to the Purchase Agreement or pursuant to the rules and regulations of any stock exchange or stock market on which securities of any Obligor or its Affiliates or the Purchaser or its Affiliates may be
listed for trading. 
 “Confidentiality Agreement” means a confidentiality agreement substantially in the form of
Exhibit E to the Indenture. 
 “Definitive Security” has the meaning set forth in Appendix A to the Indenture
as of the date of the Purchase Agreement. 
 “DTC” means The Depository Trust Company (including its nominees). 

“Employee Benefit Plan” has the meaning set forth in Section 5.12 of the Purchase Agreements. 

“Environmental Laws” has the meaning set forth in Section 5.20 of the Purchase Agreements. 

  
 Annex A-4 

 “Equity Interests” means Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with an Obligor within the
meaning of Section 414(b) of the Code or Section 414(c) of the Code (and Section 414(m) of the Code and Section 414(o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“Event of Default” has the meaning set forth in the Indenture as of the date of the Purchase Agreement. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Exchange Act Documents” has the meaning set forth in Section 5.4 of the Purchase Agreements. 

“FDA” means the U.S. Food and Drug Administration or any successor thereto. 

“Foreign Benefit Plan” has the meaning set forth in Section 5.12 of the Purchase Agreements. 

“GAAP” means generally accepted accounting principles in effect in the United States from time to time. 

“Global Security” has the meaning set forth in Appendix A to the Indenture as of the date of the Purchase Agreement.

 “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, arbitrator, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” means any guarantee of the obligations of the Issuer under the Indenture and the Notes by any Person in
accordance with the provisions of the Indenture. 
 “Hazardous Material” has the meaning set forth in Section 5.20 of
the Purchase Agreements. 
 “Health Care Laws” has the meaning set forth in Section 5.31 of the Purchase Agreements.

 “HHS” means the United States Department of Health and Human Services. 

  
 Annex A-5 

 “Indenture” means that certain indenture for the Notes, dated as of
October 14, 2016, as amended by that certain first supplemental indenture, dated as of December 4, 2018, by and among the Obligors, the Trustee and the Collateral Agent. 

“INHAM Exemption” has the meaning set forth in Section 4.3(a)(iii)(z) of the Purchase Agreements. 

“Intellectual Property” means, with respect to any Person, all intellectual property and proprietary rights in any
jurisdiction throughout the world, and all corresponding rights, presently or hereafter existing, including: (a) all inventions (whether or not patentable or reduced to practice), all improvements thereto, and all patents, patent applications,
industrial designs, industrial design applications, and patent disclosures, together with all reissues, continuations, continuations-in-part, revisions, divisionals,
extensions, and reexaminations in connection therewith; (b) all trademarks, trademark applications, tradenames, servicemarks, servicemark applications, trade dress, logos and designs, business names, company names, Internet domain names, and
all other indicia of origin, all applications, registrations, and renewals in connection therewith, and all goodwill associated with any of the foregoing; (c) all copyrights and other works of authorship, mask works, database rights and moral
rights, and all applications, registrations, and renewals in connection therewith; (d) all trade secrets, know-how, technologies, processes, techniques, new drug applications, abbreviated new drug
applications, biologic license applications or 351(k) biologic license applications (or equivalent non-U.S. applications of any of the foregoing), protocols, methods, industrial models, designs, drawings,
plans, specifications, research and development, and confidential information (including technical data, customer and supplier lists, manufacturing processes, pricing and cost information, and business and marketing plans and proposals); (e) all
software (including source code, executable code, data, databases, and related documentation); (f) all rights of privacy and publicity, including rights to the use of names, likenesses, images, voices, signatures and biographical information of real
persons; (g) licenses and commercial marketing rights; and (h) all copies and tangible embodiments or descriptions of any of the foregoing (in whatever form or medium). 

“IRS” means the U.S. Internal Revenue Service. 

“Issuer” has the meaning set forth in the preamble to the Purchase Agreements. 

“JFSC Consent” means the consent of the Jersey Financial Services Commission to the issuance of the Notes under Article 4 of
the Control of Borrowing (Jersey) Order 1958. 
 “Laws” means, collectively, all international, foreign, federal, state and
local laws, statutes, treaties, rules, guidelines, regulations, ordinances, judgments, orders, writs, injunctions, decrees, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law. 

  
 Annex A-6 

 “Lien” means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable Law (including any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the UCC (or equivalent statutes) of any jurisdiction); provided, that in no event shall an
operating lease be deemed to constitute a Lien. 
 “Material Adverse Effect” means a material adverse effect on
(a) the business, properties, management, financial condition, results of operations or prospects of the Obligors taken as a whole, or (b) the ability of the Obligors to perform their obligations under the Transaction Documents. 

“Material Contract” means a contract or other agreement that is required to be filed by the Issuer with the Commission
pursuant to Item 601(b)(1) of Regulation S-K as an exhibit to the Exchange Act Documents. 

“NASDAQ” means The NASDAQ Global Market. 

“Notes” means the 12% Senior Secured Notes due 2024 of the Issuer in the initial Outstanding Principal Balance of $25,000,000
that are issued on the Closing Date pursuant to Section 2.01(d) of the Indenture and Section 3.1 of the Purchase Agreements. 

“Notes Collateral” means all property subject, or purported to be subject from time to time, to a Lien under any Security
Documents. 
 “Obligors” means, collectively, the Issuer and the Subsidiary Guarantors. 

“Other Agreements” has the meaning set forth in Section 3.1 of the Purchase Agreements. 

“Other Purchasers” has the meaning set forth in Section 3.1 of the Purchase Agreements. 

“Outstanding Principal Balance” means, with respect to any Note or other evidence of indebtedness outstanding, the total
principal amount of such Note or other evidence of indebtedness unpaid and outstanding at any time. 
 “Patents” means
(i) an issued patent or a patent application, (ii) all registrations and recordings thereof, (iii) all continuations and continuations-in-part to an
issued patent or patent application, (iv) all divisions, patents of addition, reissues, renewals and extensions of any patent, patent application, continuation or
continuation-in-part and (v) all counterparts of any of the above in any jurisdiction. 

“Paying Agent” means an office or agency where Notes may be presented for payment maintained by the Issuer in accordance with
Section 2.04(a) of the Indenture. 
 “Payment Date” means each April 15 and October 15. 

“Permitted Lien” has the meaning set forth in the Indenture as of the date of the Purchase Agreements. 

  
 Annex A-7 

 “Person” means an individual, corporation, partnership, association,
limited liability company, unincorporated organization, trust, joint stock company or joint venture, a Governmental Authority or any other entity. 

“Placement Agent” means Morgan Stanley & Co. LLC. 

“Plan Assets” has the meaning given to such term by Section 3(42) of ERISA and regulations issued by the U.S. Department
of Labor. 
 “Price” has the meaning set forth in Section 3.1 of the Purchase Agreements. 

“PTE” has the meaning set forth in Section 4.3(a)(iii)(w) of the Purchase Agreements. 

“PTO” means the U.S. Patent and Trademark Office. 

“Purchase Agreement” means that certain purchase agreement dated January 15, 2019 among the Obligors and the Purchaser
party thereto. 
 “Purchase Agreements” means, collectively, each Purchase Agreement and the Other Agreements. 

“Purchase Price” has the meaning set forth in Section 3.1 of the Purchase Agreements. 

“Purchaser” has the meaning set forth in Section 1.1 of the Purchase Agreements. 

“Purchasers” has the meaning set forth in Section 1.1 of the Purchase Agreements. 

“QIB” means a qualified institutional buyer within the meaning of Rule 144A. 

“QPAM Exemption” means PTE 84-14 (issued December 21, 1982, as subsequently
amended). 
 “Record Date” means each April 1 and October 1. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulatory Agencies” has the meaning set forth in Section 5.28 of the Purchase Agreements. 

“Relevant Intellectual Property” has the meaning set forth in Section 5.19 of the Purchase Agreements. 

“Responsible Officer” means, with respect to any Obligor, any manager, director or officer of such Obligor. 

“Royalty Right Agreements” means the separate royalty right agreements between the Issuer and each Purchaser (or an Affiliate
thereof). 

  
 Annex A-8 

 “Royalty Rights” means the royalty rights sold by the Issuer to each
Purchaser (or an Affiliate thereof) pursuant to and subject to the terms and conditions of the Royalty Right Agreements. 
 “Rule
144A” means Rule 144A under the Securities Act. 
 “Safety Notices” has the meaning set forth in
Section 5.32(d) of the Purchase Agreements. 
 “Sanctioned Country” has the meaning set forth in Section 5.25 of
the Purchase Agreements. 
 “Sanctions” has the meaning set forth in Section 5.25 of the Purchase Agreements. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Security Documents” means the security agreements, pledge agreements, mortgages, collateral assignments and related
agreements, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating, perfecting or otherwise evidencing the security interests in the Notes Collateral as
contemplated by the Indenture. 
 “Similar Law” has the meaning set forth in Section 4.3(b) of the Purchase
Agreements. 
 “Source” has the meaning set forth in Section 4.3(a) of the Purchase Agreements. 

“Subsidiary” means, with respect to any Person, (a) any corporation, association or other business entity (other than a
partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (b) any partnership, joint venture or limited
liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is
a controlling general partner or otherwise controls such entity. For purposes of clarity, a Subsidiary of a Person shall not include any Person that is under common control with the first Person solely by virtue of having directors, managers or
trustees in common and shall not include any Person that is solely under common control with the first Person (i.e., a sister company with a common parent). 

“Subsidiary Guarantors” has the meaning set forth in the preamble to the Purchase Agreements. 

“Transaction Documents” means the Indenture, the Notes, the Royalty Right Agreements, the Guarantees, the Security Documents,
the Purchase Agreements, any intercreditor agreement in the form of Exhibit D to the Indenture, and each other agreement pursuant to which the Collateral Agent (or its agent) is granted a Lien to secure the obligations under the Indenture,
the Notes or the Guarantees. 

  
 Annex A-9 

 “Trustee” has the meaning set forth in Section 3.1 of the Purchase
Agreements. 
 “Trustee Closing Account” means the account maintained with the Trustee at U.S. Bank National Association,
ABA No. 091000022, Account No. 1731 0332 1092, Ref. Quotient Limited Senior Notes, Attention: Alison D.B. Nadeau. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided, that, if perfection, the
effect of perfection or non-perfection or the priority of any security interest in any Notes Collateral is governed by the Uniform Commercial Code (or equivalent Law) as in effect in a jurisdiction other than
the State of New York, then “UCC” means the Uniform Commercial Code (or equivalent Law) as in effect from time to time in such other jurisdiction for purposes of the provisions relating to such perfection, effect of perfection or non-perfection or priority. 
 “U.S.” or “United States” means the
United States of America, its 50 states, each territory thereof and the District of Columbia. 
 “Voting Stock” of any
Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

  
 Annex A-10EX-10.2

 Exhibit 10.2 

ROYALTY RIGHT AGREEMENT 

dated as of [__________], 2019 

between 
 QUOTIENT
LIMITED 
 and 

THE PURCHASER NAMED HEREIN 

 Table of Contents 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  

	RULES OF CONSTRUCTION AND DEFINED TERMS	  

			
	 Section 1.1
	 	Rules of Construction and Defined Terms	  	 	1	 
	
	ARTICLE II	  

	ROYALTY RIGHT	  

			
	 Section 2.1
	 	Sale of Royalty Right	  	 	1	 
	 Section 2.2
	 	Payment Procedures	  	 	1	 
	 Section 2.3
	 	Notice of First Sale Date	  	 	3	 
	 Section 2.4
	 	Information Rights	  	 	3	 
	 Section 2.5
	 	Audit Rights	  	 	4	 
	 Section 2.6
	 	Transferability of Royalty Right	  	 	4	 
	 Section 2.7
	 	Allocation of Purchase Price	  	 	5	 
	 Section 2.8
	 	No Partnership or Joint Venture	  	 	5	 
	
	ARTICLE III	  

	MERGERS	  

			
	 Section 3.1
	 	Mergers	  	 	5	 
	
	ARTICLE IV	  

	CONFIDENTIALITY	  

			
	 Section 4.1
	 	Confidentiality	  	 	6	 
	
	ARTICLE V	  

	SURVIVAL OF CERTAIN PROVISIONS	  

			
	 Section 5.1
	 	Survival of Certain Provisions	  	 	6	 
	
	ARTICLE VI	  

	NOTICES	  

			
	 Section 6.1
	 	Notices	  	 	7	 
	
	ARTICLE VII	  

	SUCCESSORS AND ASSIGNS	  

			
	 Section 7.1
	 	Successors and Assigns	  	 	7	 

  
 i 

							
	
	ARTICLE VIII	  

	SEVERABILITY	  

			
	 Section 8.1
	 	Severability	  	 	8	 
	
	ARTICLE IX	  

	WAIVER OF JURY TRIAL	  

			
	 Section 9.1
	 	WAIVER OF JURY TRIAL	  	 	8	 
	
	ARTICLE X	  

	GOVERNING LAW; CONSENT TO JURISDICTION	  

			
	 Section 10.1
	 	Governing Law; Consent to Jurisdiction	  	 	8	 
	
	ARTICLE XI	  

	COUNTERPARTS	  

			
	 Section 11.1
	 	Counterparts	  	 	8	 
	
	ARTICLE XII	  

	TABLE OF CONTENTS AND HEADINGS	  

			
	 Section 12.1
	 	Table of Contents and Headings	  	 	9	 
	
	ARTICLE XIII	  

	TAX MATTERS; TAX DISCLOSURE	  

			
	 Section 13.1
	 	Tax Matters	  	 	9	 
	 Section 13.2
	 	Tax Disclosure	  	 	9	 

  

					
	 Annex A
	 	 Rules of Construction and Defined Terms
	  	

  
 ii 

 ROYALTY RIGHT AGREEMENT 

Dated as of [__________], 2019 
 To the Purchaser
named on the signature page hereto 
 Ladies and Gentlemen: 

Quotient Limited, a public limited liability company formed under the Laws of Jersey, Channel Islands (the “Seller”), hereby
covenants and agrees with you as follows: 
 ARTICLE I 

RULES OF CONSTRUCTION AND DEFINED TERMS 

Section 1.1 Rules of Construction and Defined Terms. The rules of construction set forth in Annex A shall apply to this
Royalty Right Agreement and are hereby incorporated by reference into this Royalty Right Agreement as if set forth fully in this Royalty Right Agreement. Capitalized terms used but not otherwise defined in this Royalty Right Agreement shall have the
respective meanings given to such terms in Annex A, which is hereby incorporated by reference into this Royalty Right Agreement as if set forth fully in this Royalty Right Agreement. 

ARTICLE II 
 ROYALTY RIGHT

 Section 2.1 Sale of Royalty Right. The Seller hereby sells to the purchaser named on the signature page hereto (together
with any Person to whom the Royalty Right is Transferred pursuant to the terms hereof, the “Purchaser”) the Royalty Right in consideration for the consideration set forth in Section 2.7(b). The Royalty Right shall only be
evidenced by this Royalty Right Agreement and shall not be evidenced by a certificate or other instrument. 
 Section 2.2 Payment
Procedures. (a) On or prior to each Royalty Right Payment Date, the Seller shall (i) pay, by wire transfer in immediately available funds in U.S. dollars to the Purchaser Account, the Royalty Right Payment Amount with respect to the
corresponding Royalty Right Period and (ii) deliver to the Purchaser a report (a “Report”) setting forth (A) such Royalty Right Payment Amount and (B) MosaiQTM Net Sales for such Royalty Right Period, calculated
in reasonable detail. Each Report and the contents thereof shall be subject to the Confidentiality Agreement. Notwithstanding the foregoing, the Seller shall not be obligated to deliver any Report pursuant to this Section 2.2 unless the
Confidentiality Agreement is effective and has a remaining term of not less than six (6) months at the time such Report is to be delivered, 

(b) All payments made by or on behalf of the Seller (including any Successor Company) in respect of this Royalty Right Agreement or the Royalty
Right will be made free and clear of and without withholding or deduction for, or on account of, any Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes
imposed or levied by or on behalf of a Relevant Taxing Jurisdiction, will 

  
 1 

 
at any time be required by law to be made from any payments made by or on behalf of the Seller or paying agent with respect to this Royalty Right Agreement or the Royalty Right the Seller will
pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received by the Purchaser in respect of such payments, after such withholding or deduction
(including any such deduction or withholding from such Additional Amounts), will not be less than the amounts which would have been received by the Purchaser in respect of such payments on this Royalty Right Agreement or the Royalty Right, as
applicable, in the absence of such withholding or deduction; provided, however, that no such Additional Amounts will be payable for or on account of: 

(1) any Taxes that would not have been so imposed but for the existence of any present or former connection between the
Purchaser and a Relevant Taxing Jurisdiction (it being understood that a Relevant Taxing Jurisdiction is to be determined as though a payment with respect to this Royalty Right Agreement or the Royalty Right were made on the date of this Royalty
Right Agreement) but excluding, in each case, any connection arising solely from the acquisition, ownership or holding of this Royalty Right Agreement or the Royalty Right or the receipt of any payment or the exercise or enforcement of rights under
this Royalty Right Agreement or the Royalty Right; 
 (2) any Tax that is imposed or withheld by reason of the failure by the
Purchaser or the beneficial owner of this Royalty Right Agreement or the Royalty Right to comply with a reasonable written request of the Seller addressed to the Purchaser, after reasonable notice (at least 30 days before any such withholding or
deduction would be payable), to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Purchaser or such beneficial owner or to make any declaration or similar claim or satisfy any
other reporting requirement relating to such matters that is required by a statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of deduction of, all
or part of such Tax but only to the extent the Purchaser or such beneficial owner is legally entitled to provide such certification or documentation; 

(3) any Taxes that are payable otherwise than by deduction or withholding from a payment under or with respect to this Royalty
Right Agreement or the Royalty Right; 
 (4) any estate, inheritance, gift, sales, excise, transfer, personal property or
similar tax, assessment or other governmental charge; 
 (5) any tax imposed by reason of the Purchaser’s or beneficial owner’s
past or present status (or the past or present status of a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, the Purchaser or beneficial owner, if the Purchaser or beneficial owner is an estate, a trust, a
partnership or a corporation) as a personal holding company, private foundation or other tax exempt organization, passive foreign investment company, controlled foreign corporation with respect to the United States, bank, or as a corporation that
accumulates earnings to avoid U.S. federal income tax; or 
 (6) any combination of items (1) through (5) above. 

  
 2 

 Notwithstanding anything to the contrary herein, the Seller shall be permitted to withhold
or deduct any amounts required by FATCA and the Seller shall not be required to pay any additional amounts with respect to any FATCA withholding or deduction imposed on or with respect to this Royalty Right Agreement or the Royalty Right. 

The Seller will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant
Taxing Jurisdiction in accordance with applicable Law. The Seller will provide certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld to each Relevant Taxing Jurisdiction imposing such Taxes, or if such tax
receipts are not available, certified copies of other reasonable evidence of such payments as soon as reasonably practicable to the Purchaser. 

Wherever in this Royalty Right Agreement there is mentioned, in any context: 

(1) the Royalty Right Payment Amount; or 

(2) interest, if any, pursuant to Section 2.5 of this Royalty Right Agreement such reference shall be deemed to include
payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

The foregoing obligations will survive any termination, defeasance or discharge of this Royalty Right Agreement or Royalty Right and any
transfer by the Purchaser or beneficial owner of this Royalty Right Agreement or the Royalty Right, and will apply mutatis mutandis to any jurisdiction in which any Successor Company is organized, engaged in business for tax purposes or
otherwise resident for tax purposes, or any jurisdiction from or through which any payment under, or with respect to this Royalty Right Agreement or Royalty Right is made by or on behalf of the Seller, or any political subdivision or governmental
authority thereof or therein having the power to tax. 
 Section 2.3 Notice of First Sale Date. Within fifteen
(15) days following the occurrence of the First Sale Date, the Seller shall provide notice in writing to the Purchaser of the date on which the First Sale Date occurred (the “First Sale Notice”). 

Section 2.4 Information Rights. Upon the Purchaser’s prior written request, the Seller shall meet at reasonable times during
normal business hours with the Purchaser up to two times per calendar year to discuss the content of any Report or First Sale Notice (or reasons for the lack of any Report or First Sale Notice). The Seller shall promptly furnish to the Purchaser all
relevant information and documentation in connection with this Royalty Right Agreement that the Purchaser may reasonably request in connection with the determination of whether or when the First Sale Date occurred and whether the calculation of
MosaiQTM Net Sales or a Royalty Right Payment Amount is in error. The Seller agrees to maintain books and records relevant to the calculation of MosaiQTM Net Sales and Royalty Right Payment Amounts. Any information or documentation
discussed, provided or made available by the Seller pursuant to this Section 2.4 shall be subject to the Confidentiality Agreement. Notwithstanding the foregoing, the Seller shall not be obligated to meet to discuss any Report or First Sale
Notice (or reasons for the lack of any Report or First Sale Notice), or provide or make available any information or documentation, pursuant to this Section 2.4 unless the Confidentiality Agreement is effective and has a remaining term of not
less than six (6) months at the time such information or documentation is to be discussed, provided or made available. 

  
 3 

 Section 2.5 Audit Rights. Subject to reasonable advance written notice from the
Purchaser within six (6) months of each Royalty Right Payment Date, the Seller shall permit an independent accounting firm of national reputation chosen by the Purchaser to have access during normal business hours to the books and records of
the Seller as may be reasonably necessary to audit the calculation of MosaiQTM Net Sales and Royalty Right Payment Amounts (or reasons for the lack of any calculation therefor) for the applicable Royalty Right Period pertaining to such Royalty
Right Payment Date. Any such audit shall be at the expense of the Purchaser; provided, however, that if any such audit reveals a discrepancy in favor of the Purchaser of at least 5% of a Royalty Right Payment Amount, then the cost of
such audit shall instead be borne by the Seller. In the event that any audit reveals an underpayment of any Royalty Right Payment Amount, then the underpayment amount shall be paid within thirty (30) days after Purchaser makes a demand
therefor, plus interest thereon if such amount is in excess of five percent (5%) of the amount that actually should have been paid. Such interest shall be calculated from the date such amount was due until the date such amount is actually paid, at
the rate of one-half percent (0.5%) over the prime rate of interest as published in The Wall Street Journal, Eastern Edition, in effect on the date such amount was due. The independent
accounting firm conducting any audit pursuant to this Section 2.5 shall agree to be bound by the terms of the Confidentiality Agreement or shall otherwise agree to confidentiality provisions acceptable to the Seller. Any books and records,
information or other documentation provided or made available by the Seller pursuant to this Section 2.5 shall be subject to the Confidentiality Agreement. Notwithstanding the foregoing, the Seller shall not be obligated to provide or make
available any books and records, information or other documentation pursuant to this Section 2.5 unless the Confidentiality Agreement is effective and has a remaining term of not less than six months at the time such books and records,
information or other documentation is to be provided or made available. 
 Section 2.6 Transferability of Royalty Right. Subject
to the final sentence of this Section 2.6, at the option of the Purchaser, the Royalty Right may be Transferred, in whole but not in part, but only in compliance with applicable Laws and upon three (3) Business Days’ notice to the
Seller. Any request to Transfer the Royalty Right must be in writing and accompanied by a written instrument or instruments of Transfer and any other documentation reasonably requested by the Seller (including a Confidentiality Agreement executed by
the transferee and any new information in respect of the Purchaser Account contemplated by the definition thereof) in a form reasonably satisfactory to the Seller. Upon receipt of such written request and other instruments and documentation
reasonably satisfactory to the Seller, the Seller shall recognize the requested Transfer, and Seller’s recognition of any such Transfer shall not be unreasonably withheld, delayed or conditioned. Any duly Transferred Royalty Right shall be the
valid obligation of the Seller, evidencing the same right and entitling the transferee to the same benefits and rights under this Royalty Right Agreement as those previously held by the transferor. Any Transfer of the Royalty Right shall be without
charge (other than the cost of any transfer tax, which shall be the responsibility of the transferor). Notwithstanding anything to the contrary herein, the consent of the Seller shall be required with respect to, and the Seller shall have the right
to decline to consent to and recognize, any Transfer that is proposed to be made to any Person that the Seller reasonably determines is a competitor of the Seller. 

  
 4 

 Section 2.7 Allocation of Purchase Price. The Seller and the Purchaser hereby
acknowledge and agree that the Notes issued to the Purchaser (or its Affiliate) and the Royalty Right sold by the Seller to the Purchaser on the date hereof constitute an “investment unit” for purposes of Section 1273(c)(2) of the
Code. In accordance with Section 1273(b)(2) of the Code and Section 1273(c)(2)(A) of the Code, the issue price of the investment unit is 100% of the principal amount of such Notes. Allocating that issue price between such Notes and such
Royalty Right based on their relative fair market values, as required by Section 1273(c)(2)(B) of the Code and U.S. Treasury Regulations Section 1.1273-2(h)(1), results in (a) such Notes having
an issue price of 83.63% of the principal amount of such Notes and (b) such Royalty Right having a purchase price of 16.37% of the principal amount of such Notes. The Seller and the Purchaser agree to prepare their respective U.S. federal
income tax returns, including statements and reports related thereto, in a manner consistent with the foregoing agreement, to the extent such returns, statements and reports are required to be filed. 

Section 2.8 No Partnership or Joint Venture. For the avoidance of doubt, the Royalty Right shall not represent any equity or
ownership interest in the Seller or have any voting, management or dividend rights. The Seller and the Purchaser are not partners, associates or joint venturers with each other, and nothing herein shall be construed to impose any liability as such
on either of them or make them a partnership, an association, a joint venture or any other kind of entity or legal form. 
 ARTICLE III 

MERGERS 
 Section 3.1
Mergers. The Seller shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the Seller is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose
of all or substantially all of its properties or assets in one or more related transactions, to any Person unless (a) the Seller is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding
up or conversion (if other than the Seller) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership, limited liability company or similar entity organized or existing
under the Laws of an Approved Jurisdiction (the Seller or such Person, as the case may be, being herein called the “Successor Company”), (b) the Successor Company (if other than the Seller) expressly assumes all the obligations of
the Seller under this Royalty Right Agreement pursuant to documents or instruments in form reasonably satisfactory to the Purchaser, and (c) the Seller shall have delivered to the Purchaser an Officer’s Certificate stating that such
consolidation, amalgamation, merger, winding up, conversion, sale, assignment, transfer, lease, conveyance or other disposition and such documents or instruments (if any) comply with this Royalty Right Agreement. The Successor Company (if other than
the Seller) shall succeed to, and be substituted for, the Seller under this Royalty Right Agreement, and in such event the Seller will automatically be released and discharged from its obligations under this Royalty Right Agreement. 

  
 5 

 ARTICLE IV 

CONFIDENTIALITY 

Section 4.1 Confidentiality. Except as otherwise required by applicable Law or judicial or administrative proceedings (by oral
questions, interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) or the rules and regulations of any securities exchange or trading system or any Governmental Authority or pursuant to
requests from regulatory agencies having oversight over the Seller and except as otherwise set forth in this Section 4.1, the Seller will, and will cause each of its Affiliates, directors, officers, employees, agents, representatives and
similarly situated persons who receive such information to, treat and hold as confidential and not disclose to any Person any and all Confidential Information furnished to it by the Purchaser, as well as the information on the signature page to this
Royalty Right Agreement, and to use any such Confidential Information and other information only in connection with this Royalty Right Agreement and the transactions contemplated hereby. Notwithstanding the foregoing, the Seller may disclose such
information solely on a need-to-know basis and solely to its members, directors, employees, managers, officers, agents, brokers, advisors, lawyers, bankers, trustees,
representatives, investors, co-investors, insurers, insurance brokers, underwriters and financing parties; provided, however, that such Persons shall be informed of the confidential nature of
such information and shall be obligated to keep such Confidential Information and other information confidential pursuant to obligations of confidentiality no less onerous than those set forth herein. Except as otherwise required by applicable Law
or judicial or administrative proceedings (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) or the rules and regulations of any securities exchange or trading system
or any Governmental Authority or pursuant to requests from regulatory agencies having oversight over the Seller, in no event shall the Purchaser’s name (in any variation) be used in any public announcement or filing, or in any type of mail or
electronic distribution intended for an audience that is not solely limited to the Affiliates of the Seller. Except as required by applicable Law or judicial or administrative proceedings (by oral questions, interrogatories, requests for information
or documents, subpoena, civil investigation demand or similar process) or the rules and regulations of any securities exchange or trading system or any Governmental Authority or pursuant to requests from regulatory agencies having oversight over the
Seller, neither the Seller nor any of its Affiliates shall disclose to any Person, or use or include in any public announcement or any public filing, the identity of any shareholders, members, directors or Affiliates of the Purchaser, without the
prior written consent of such shareholder, member, director or Affiliate. 
 ARTICLE V 

SURVIVAL OF CERTAIN PROVISIONS 

Section 5.1 Survival of Certain Provisions. The covenants and agreements contained in this Royalty Right Agreement shall survive
(a) the execution and delivery of this Royalty Right Agreement and (b) any Transfer by the Purchaser of the Royalty Right or any interest therein. All such provisions are binding upon and may be relied upon by the Purchaser, regardless of
any investigation made at any time by or on behalf of the Purchaser. All statements contained in any certificate or other instrument delivered by or on behalf of either party hereto 

  
 6 

 
pursuant to this Royalty Right Agreement shall be deemed to have been relied upon by the other party hereto and shall survive the consummation of the transactions contemplated hereby regardless
of any investigation made by or on behalf of any such party. This Royalty Right Agreement and the Purchase Agreement embody the entire agreement and understanding between the parties hereto and supersede all prior agreements and understandings
relating to the subject matter hereof, other than the separate Confidentiality Agreement entered into between the Purchaser (or its Affiliate) and the Seller relating to the transactions contemplated hereby. The Royalty Right shall remain in full
force and effect following any Change of Control (as defined in that certain indenture, dated as of October 14, 2016, by and among the Seller, certain Subsidiaries of the Seller and U.S. Bank National Association, as trustee and collateral
agent (the “Indenture”)). 
 ARTICLE VI 

NOTICES 
 Section 6.1
Notices. All statements, requests, notices and agreements hereunder shall be in writing and delivered by hand, mail or overnight courier as follows: 

(a) if to the Purchaser, as set forth on the signature page hereto; and 

(b) if to the Seller, to: 

Quotient Limited 
 B1, Business
Park Terre Bonne 
 Route de Crassier 13 

1262 Eysins 
 Switzerland 

Attention: Christopher Lindop, Chief Financial Officer 

With a copy by email to: 

Email: Chris.Lindop@quotientbd.com 

ARTICLE VII 
 SUCCESSORS AND
ASSIGNS 
 Section 7.1 Successors and Assigns. This Royalty Right Agreement will inure to the benefit of and be binding upon
the parties hereto and their respective successors, permitted assignees and permitted transferees. The Seller may not assign any of its rights or obligations hereunder or any interest herein without the prior written consent of the Purchaser, other
than in accordance with the terms of Section 3.1. 

  
 7 

 ARTICLE VIII 

SEVERABILITY 

Section 8.1 Severability. Any provision of this Royalty Right Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent
permitted by Law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 ARTICLE IX 

WAIVER OF JURY TRIAL 

Section 9.1 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PURCHASER AND THE SELLER HEREBY WAIVE TRIAL BY
JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS ROYALTY RIGHT AGREEMENT. 
 ARTICLE X 

GOVERNING LAW; CONSENT TO JURISDICTION 

Section 10.1 Governing Law; Consent to Jurisdiction. THIS ROYALTY RIGHT AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. To the extent permitted by applicable Law, the parties hereto hereby submit to the
non-exclusive jurisdiction of the federal and state courts of competent jurisdiction in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Royalty
Right Agreement or the transactions contemplated hereby. 
 ARTICLE XI 

COUNTERPARTS 

Section 11.1 Counterparts. This Royalty Right Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but all such counterparts shall together constitute one and the same Royalty Right Agreement. Any counterpart may be executed by facsimile or other electronic transmission, and such facsimile or other electronic
transmission shall be deemed an original. 

  
 8 

 ARTICLE XII 

TABLE OF CONTENTS AND HEADINGS 

Section 12.1 Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this Royalty Right
Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

ARTICLE XIII 
 TAX MATTERS; TAX
DISCLOSURE 
 Section 13.1 Tax Matters. The Seller and the Purchaser intend that the Royalty Right be treated for
U.S. federal, state and local tax purposes as a contractual right to receive the Royalty Right Payment Amounts, if any. The Seller and the Purchaser do not intend that the Royalty Right be treated as an equity or ownership interest in the Seller or
that any amount allocated to the Royalty Right pursuant to Section 2.7 be treated as a contribution to capital, and neither the Seller nor the Purchaser shall take any action inconsistent with such treatment. The Purchaser shall treat the
Royalty Right Payment Amounts, if any, as ordinary income for U.S. federal, state and local tax purposes, and neither the Seller nor the Purchaser shall take any action inconsistent with such treatment.

Section 13.2 Tax Disclosure. Notwithstanding anything expressed or implied to the contrary herein, the Purchaser, on the one hand,
and the Seller, on the other hand, and its respective employees, representatives and agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and the tax structure of the transactions contemplated by this Royalty
Right Agreement and the agreements and instruments referred to herein and all materials of any kind (including opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax structure; provided,
however, that neither such Person nor any employee, representative or other agent thereof shall disclose any other information that is not relevant to understanding the tax treatment and tax structure of such transactions (including the
identity of any party and any information that could lead another to determine the identity of any party) or any other information to the extent that such disclosure could reasonably result in a violation of any Law relating to federal or state
securities matters. For these purposes, the tax treatment of the transactions contemplated by this Royalty Right Agreement and the agreements and instruments referred to herein means the purported or claimed U.S. federal or state tax treatment of
such transactions. Moreover, the tax structure of the transactions contemplated by this Royalty Right Agreement and the agreements and instruments referred to herein includes any fact that may be relevant to understanding the purported or claimed
U.S. federal or state tax treatment of such transactions. 
 {SIGNATURE PAGE FOLLOWS} 

  
 9 

 If the foregoing is in accordance with your understanding of this Royalty Right Agreement,
kindly sign and return to us one of the counterparts hereof, whereupon it will become a binding agreement among us and you in accordance with its terms. 
  

			
	Very truly yours,
	
	QUOTIENT LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 {Signature Page to the Royalty Right Agreement} 

 
			
	PURCHASER:
	
	  
 {Insert Purchaser’s
name on line above}

		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:
		 	Email:
	      Purchaser Account Information:
		 	    Bank:                                 
                   
		 	    ABA
#:                                        
          
		 	    Account
#:                                        
     
		 	    Name/Attention:                               
     
	      Percentage Purchased:
                            %

 {Signature Page to the Royalty Right Agreement} 

 ANNEX A 

RULES OF CONSTRUCTION AND DEFINED TERMS 

Unless the context otherwise requires, in this Annex A and otherwise in this Royalty Right Agreement: 

 

	(a)	 A term has the meaning assigned to it and an accounting term not otherwise defined has the meaning assigned to
it in accordance with GAAP, unless any Transaction Document (or other document) otherwise provides. 

  

	(b)	 Where any payment is to be made, any funds are to be applied or any calculation is to be made under this
Royalty Right Agreement on a day that is not a Business Day, unless this Royalty Right Agreement otherwise provides, such payment shall be made, such funds shall be applied and such calculation shall be made on the succeeding Business Day, and
payments shall be adjusted accordingly, including interest unless otherwise specified. 

  

	(c)	 Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other
genders. 

  

	(d)	 The definitions of terms shall apply equally to the singular and plural forms of the terms defined.

  

	(e)	 The terms “include”, “including” and similar terms shall be construed as if followed by the
phrase “without limitation”. 

  

	(f)	 Unless otherwise specified, references to an agreement or other document include references to such agreement
or document as from time to time amended, restated, reformed, supplemented or otherwise modified in accordance with the terms thereof (subject to any restrictions on such amendments, restatements, reformations, supplements or modifications set forth
in this Annex A or otherwise in this Royalty Right Agreement) and include any Annexes, Exhibits and Schedules attached thereto. 

  

	(g)	 References to any Law shall include such Law as from time to time in effect, including any amendment,
modification, codification, replacement or reenactment thereof or any substitution therefor. 

  

	(h)	 References to any Person shall be construed to include such Person’s successors and permitted assigns
(subject to any restrictions on assignment, transfer or delegation set forth in this Annex A or otherwise in this Royalty Right Agreement), and any reference to a Person in a particular capacity excludes such Person in other capacities.

  

	(i)	 The word “will” shall be construed to have the same meaning and effect as the word “shall”.

  

	(j)	 The words “hereof”, “herein”, “hereunder” and similar terms when used in this
Annex A or otherwise in this Royalty Right Agreement shall refer to this Royalty Right Agreement as a whole and not to any particular provision hereof or thereof, and Article, Section, Annex, Schedule and Exhibit references herein and therein
are references to Articles and Sections of, and Annexes, Schedules and Exhibits to, this Royalty Right Agreement unless otherwise specified. 

  
 A-1 

	(k)	 In the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and each of the words “to” and “until” means “to but excluding”. 

  
 A-2 

 “Additional Amounts” has the meaning set forth in Section 2.2(b) of
this Royalty Right Agreement. 
 “Affiliate” means, with respect to any specified Person, another Person that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with the specified Person. For purposes of this definition, “control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise, and “controlled” has a meaning correlative thereto. 

“Applicable Market” means the donor testing market in the United States and the European Union. For purposes of this
definition, “donor testing market” means the collection of blood or plasma from donors and in relation to which blood grouping (characterizing blood-group antigens and antibodies to such antigens in a given blood sample) and/or
serological disease screening (detecting the presence of pathogens in a blood sample that are associated with particular diseases or conditions) is performed, in each case, by agencies that collect blood or plasma from donors. 

“Approved Jurisdiction” means Jersey, Channel Islands, the United States of America, any state or commonwealth thereof or the
District of Columbia or any other country which is on the date of this Royalty Right Agreement a member of the Organization of Economic Cooperation and Development. 

“Business Day” means any day other than a Saturday, a Sunday or any other day on which banking institutions are authorized or
required by Law to close in New York City or Jersey, Channel Islands. 
 “Capital Stock” means: (a) in the case of a
corporation, corporate stock or shares; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited) and membership rights; and (d) any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing Person; in each case to the extent treated as equity in accordance with GAAP, but excluding from all of the foregoing any debt securities convertible into or exchangeable for Capital Stock
whether or not such debt securities include any right of participation with Capital Stock 
 “Code” means the U.S. Internal
Revenue Code of 1986, as amended. 
 “Confidential Information” means all information (whether written or oral, or in
electronic or other form) furnished before or after the date hereof concerning the Purchaser or its Affiliates (including any of its equityholders), including any and all information regarding any aspect of the Purchaser’s business, including
its owners, funds, strategy, market views, structure, investors or potential investors. Such Confidential Information includes any tax exemption form provided by the Purchaser to the Seller or its Affiliates. Notwithstanding the foregoing
definition, “Confidential Information” shall not include information that is (v) independently developed or discovered by the Seller without use of or access to any information described in

  
 A-3 

 
the second preceding sentence, as demonstrated by documentary evidence, (w) already in the public domain at the time the information is disclosed or has become part of the public domain
after such disclosure through no breach of this Royalty Right Agreement, (x) lawfully obtainable from other sources, (y) required to be disclosed in any document to be filed with any Governmental Authority or (z) required to be
disclosed by court or administrative order or under securities Laws applicable to any party to this Royalty Right Agreement or pursuant to the rules and regulations of any stock exchange or stock market on which securities of the Seller or its
Affiliates or the Purchaser or its Affiliates may be listed for trading. 
 “Confidentiality Agreement” means a
confidentiality agreement substantially in the form of Exhibit E to the Indenture or substantially in the form of the confidentiality agreement attached to Schedule 2 to the Purchase Agreement. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). For the avoidance of doubt, Equity Interests shall not include the Royalty Right. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Royalty Right Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with) or any regulations thereunder or official interpretations thereof or an intergovernmental agreement between the United States and another jurisdiction
facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement). 

“First Sale Date” means the date of first sale of MosaiQTM consumables in respect of the Applicable Market by the Seller
(or any Affiliate, licensee or other commercial partner thereof). 
 “First Sale Notice” has the meaning set forth in
Section 2.3 of this Royalty Right Agreement. 
 “GAAP” means generally accepted accounting principles in effect in the
United States from time to time. 
 “Governmental Authority” means the government of the United States or any other nation,
or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Indenture” has the meaning set forth in Section 5.1 of this Royalty Right Agreement. 

“IRS” means the U.S. Internal Revenue Service or any successor thereto. 

“Laws” means, collectively, all international, foreign, federal, state and local laws, statutes, treaties, rules, guidelines,
regulations, ordinances, judgments, orders, writs, injunctions, decrees, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law. 

  
 A-4 

 “MosaiQTM”
means the technology platform being developed by the Seller and its Subsidiaries that is known as MosaiQTM (whether marketed under such name or any other name), comprised of a high-throughput
instrument and the related consumables for use with such instrument. 

“MosaiQTM Net Sales” means the gross amount invoiced for
sales of MosaiQTM instruments and related consumables in arm’s length sales by the Seller, any of its Affiliates or the Seller’s licensees, sublicensees, assignees, transferees or other
commercial partners (or any of their respective Affiliates) to independent, unrelated third parties, less the following deductions from such gross amounts that are actually incurred, allowed, accrued or specifically allocated: (i) credits,
price adjustments or allowances for damaged products (to the extent not covered by insurance), defective goods, returns or rejections of MosaiQTM instruments and/or related consumables;
(ii) normal and customary trade, cash and quantity discounts, allowances and credits (other than price discounts granted at the time of invoicing that have been already reflected in the gross amount invoiced); (iii) chargeback payments, rebates
and similar allowances (or the equivalent thereof) granted to group purchasing organizations, managed health care organizations, distributors or wholesalers or to federal, state/provincial, local and other governments, including their agencies, or
to trade customers; (iv) any fees paid to any third party logistics providers, wholesalers and distributors; (v) any freight, postage, shipping, insurance and other transportation charges incurred by the selling Person in connection with
shipping MosaiQTM instruments and/or related consumables to third party logistics providers, wholesalers and distributors and to customers; (vi) adjustments for billing errors or recalls;
(vii) sales, value-added (to the extent not refundable in accordance with applicable Law), and excise taxes, tariffs and duties, and other taxes (including annual fees due under Section 9008 of the United States Patient Protection and
Affordable Care Act of 2010 (Pub. L. No. 111-48) and other comparable Laws), levied on, absorbed, determined or imposed with respect to such sale (but not including taxes assessed against the income
derived from such sale); and (viii) amounts written off by reason of uncollectible debt, provided that if the debt is thereafter paid, the corresponding amount shall be added to the MosaiQTM
Net Sales of the period during which it is paid. MosaiQTM Net Sales, as set forth in this definition, shall be calculated applying, in accordance with GAAP, the standard accounting practices the
selling Person customarily applies to other branded products sold by it or its Affiliates under similar trade terms and conditions. 

“Notes” means the 12% Senior Secured Notes of the Seller. 

“Officer’s Certificate” means a certificate signed by the chief executive officer, president, chief financial officer,
any vice president, the controller, the treasurer or the secretary of the Seller in his or her capacity as such an officer. 

“Person” means an individual, corporation, partnership, association, limited liability company, unincorporated organization,
trust, joint stock company or joint venture, a Governmental Authority or any other entity. 

  
 A-5 

 “Purchase Agreement” means that certain purchase agreement dated
January 15, 2019 to which the Seller and the Purchaser (or an Affiliate thereof), among others, are party. 

“Purchaser” has the meaning set forth in Section 2.1 of this Royalty Right Agreement. 

“Purchaser Account” means the account described as such on the signature page hereto, as such account may be changed by the
Purchaser in its sole discretion from time to time (including in connection with any Transfer of the Royalty Right in accordance with Section 2.6) upon five (5) Business Days’ prior written notice to the Seller in accordance with
Section 6.1 of this Royalty Right Agreement. 
 “Relevant Taxing Jurisdiction” means, with respect to any payment
under this Royalty Right Agreement or the Royalty Right made by the Seller or a paying agent appointed by it, (1) any jurisdiction, or any political subdivision or governmental authority thereof or therein having the power to tax, from or
through which the Seller or such paying agent makes such payment or (2) any jurisdiction in which the Seller or such paying agent is incorporated or organized, engaged in business for tax purposes, or otherwise considered to be a resident for
tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax. 

“Report” has the meaning set forth in Section 2.2(a) of this Royalty Right Agreement. 

“Royalty Right” means the right to receive the Royalty Right Payment Amounts pursuant to, and subject to the terms and
conditions of, this Royalty Right Agreement. 
 “Royalty Right Agreement” means this royalty right agreement to which this
Annex A is attached and made part. 
 “Royalty Right Payment Amount” means, with respect to any Royalty Right
Period, the product of (a) the Royalty Right Percentage multiplied by (b) MosaiQTM Net Sales in the Applicable Market during such Royalty Right Period. 

“Royalty Right Payment Date” means each March 20 and September 20 during the Royalty Right Term and the first
March 20 or September 20 following the end of the Royalty Right Term. 
 “Royalty Right Percentage” means the
percentage set forth on the signature page hereto.1 
 “Royalty Right
Period” means the two full calendar quarters preceding the applicable Royalty Right Payment Date (or, in the case of the first such Royalty Right Payment Date, for the period beginning on the First Sale Date and ending on the last day of
the calendar quarter preceding such Royalty Right Payment Date). 
  

	1 	 The aggregate “Royalty Right Percentage” for all Purchasers will be 0.4% (this footnote is to be
deleted in the execution version of this agreement). 

  
 A-6 

 “Royalty Right Term” means the period commencing on the First Sale Date and
ending on the last day of the calendar quarter in which the eighth anniversary of the First Sale Date occurs. 
 “Seller”
has the meaning set forth in the preamble to this Royalty Right Agreement. 
 “Subsidiary” means, with respect to any
Person, (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof, and (b) any partnership, joint venture, limited liability company or similar entity of which (i) more than 50% of the capital accounts, distribution rights, total equity and voting
interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of
membership, general, special or limited partnership interests or otherwise, and (ii) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. For purposes of clarity, a Subsidiary of a
Person shall not include any Person that is under common control with the first Person solely by virtue of having directors, managers or trustees in common and shall not include any Person that is solely under common control with the first Person
(i.e., a sister company with a common parent). 
 “Successor Company” has the meaning set forth in Section 3.1 of this
Royalty Right Agreement. 
 “Taxes” means any present or future tax, fee, duty, levy, tariff, impost, assessment or other
governmental charge (including penalties, interest and other liabilities related thereto). 
 “Transfer” means sell,
assign, transfer, pledge, hypothecate, encumber, gift or in any other manner dispose of. 
 “U.S.” or “United
States” means the United States of America, its 50 states, each territory thereof and the District of Columbia. 
 “Voting
Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

  
 A-7

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