Document:

EX-10.1

 Exhibit 10.1 

TRANSITION SERVICES AGREEMENT 

THIS TRANSITION SERVICES AGREEMENT (this “Agreement”) is made and entered into as of
            , 2020, by and between PDL BioPharma, Inc., a Delaware corporation (“PDL”) and LENSAR, Inc., a Delaware corporation (“LENSAR”). PDL and LENSAR
are referred to herein individually as a “Party”, and collectively as the “Parties.” 
 R E C I T A L
S 
 WHEREAS, PDL and LENSAR have entered into that certain Separation and Distribution Agreement, dated
            , 2020 (the “Separation Agreement”), pursuant to which the business of LENSAR and the LENSAR Subsidiaries (the “Acquired Business”) will be
separated from the remaining businesses of PDL (the “Retained Business”); and 
 WHEREAS, to facilitate the
transactions contemplated by the Separation Agreement, the Parties deem it to be appropriate and in their best interests that each Party and its Affiliates provide certain services to the other Party on a transitional basis pursuant to the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other
good and valuable consideration, the receipt of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions. With respect to any Service (as defined below), the Party that is, or whose Subsidiary is, receiving such Service is referred to as the “Recipient” and the Party providing such Service is referred to as the
“Provider.” The Acquired Business or the Retained Business may sometimes be referred to herein as the applicable Recipient’s “Business.” Other capitalized terms used but not defined herein shall have the
meanings assigned thereto in the Separation Agreement. In the case of capitalized terms defined herein by definitions inconsistent with the definitions ascribed to such terms in the Separation Agreement, the definitions provided herein shall control
for the purposes of this Agreement. 
 ARTICLE II 

SERVICES 
 Section 2.1
Transition Services. 
 (a) On the terms and subject to the conditions of this Agreement, PDL shall provide the transition services
to the Acquired Business as set forth in Exhibit A and LENSAR shall provide the transition services to the Retained Business as set forth in Exhibit B (collectively, the “Transition
Services”). 
 (b) The Transition Services provided under this Agreement will be provided at a substantially similar level (type,
frequency, quality, timeliness) and in a substantially similar manner as such services were performed by the Retained Business for the benefit of the 

 
Acquired Business or by the Acquired Business for the benefit of the Retained Business, in each case over the twelve (12) month period immediately prior to the Distribution Date (the
“Reference Period”). 
 (c) Provider may perform its obligations through its Affiliates and/or Persons that are
unaffiliated with any Party (each, a “Third Party”); provided that Provider shall not be relieved of its obligations under this Agreement by use of such Affiliates and/or Third Parties and shall be responsible for compliance with
the terms hereof by such Affiliates and/or Third Parties. 
 (d) Without limiting Provider’s obligations pursuant to
Section 2.1(b) or otherwise under this Agreement, Recipient acknowledges that Provider may be providing similar services and/or services that involve the same resources as those used to provide the Transition Services to
its other businesses, Affiliates and/or Third Parties. 
 (e) Provider may suspend any or all of the Transition Services to the extent and
for the period it determines in good faith that the provision of such Transition Service(s) hereunder would violate any Law applicable to Provider. If Provider becomes aware of any such actual or potential violation, Provider shall promptly notify
Recipient in writing of such violation and the Parties shall work together in good faith to seek and implement a reasonable alternative arrangement that resolves such violation, including provision of the applicable Transition Service through a
Third Party. For the avoidance of doubt, Recipient shall not be obligated to pay any Fees (as defined below) or costs in connection with any such suspended Transition Services during the period such services are not provided (other than Fees and
reimbursable costs owed for such Transition Services rendered by but not paid for prior to such suspension). 
 (f) Recipient acknowledges
and agrees that Provider is not in the business of providing services and that the Transition Services will be provided by Provider to Recipient in connection with, and in order to facilitate, the Spin-Off.
This Agreement is not intended by the Parties to have Provider manage and operate the Recipient’s Business or to have any fiduciary duties with respect to Recipient or the Recipient’s Business. 

Section 2.2 Omitted Transition Services. If Recipient reasonably determines that there are additional services that were provided
by Provider to the Recipient’s Business during the Reference Period and are necessary to conduct the Recipient’s Business but were not included in the Transition Services set forth in Exhibit A or
Exhibit B, as applicable (each such service an “Omitted Transition Service”), then Recipient may provide written notice thereof to Provider requesting such additional services. Upon receipt of such a notice
by Provider, the Parties shall negotiate in good faith an amendment to Exhibit A or Exhibit B, as applicable, setting forth the Omitted Transition Service, the terms and conditions for the provision of such
Omitted Transition Service, the duration for such Omitted Transition Service, and the Fees payable by Recipient for such Omitted Transition Service, all of which shall be commercially reasonable and pursuant to which such Omitted Transition Service
shall become a “Transition Service” for all purposes of this Agreement. 
 Section 2.3 Additional Services. Recipient
may request that Provider provide any additional service that does not qualify as an Omitted Transition Service (each, an “Additional Service”), provided that the Provider shall have no obligation to provide such Additional Service

  
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and, if Provider tentatively agrees to provide such Additional Service, such service shall be conditioned on the Parties reaching mutual agreement with respect to the terms and conditions for the
provision of such Additional Service (including the duration) and the Fees payable by Recipient for such service. If the Parties mutually agree on such terms and conditions and Fees, such Additional Service shall become a “Transition
Service” for all purposes of this Agreement. 
 Section 2.4 Consents. 

(a) At Recipient’s sole cost and expense, Provider and Recipient shall, and Provider shall cause its Affiliates to, cooperate and
exercise commercially reasonable efforts to obtain (i) all consents, approvals or authorizations (the “Consents”) for any necessary software or other Intellectual Property that is not owned by Provider or its Affiliates or
otherwise not allowed to be used by or transferred to unaffiliated entities and is related to the provision of the Transition Services sufficient to enable Provider, its Affiliate or a Third Party to perform the Transition Services in accordance
with this Agreement and (ii) all other Consents to allow Provider to provide the Transition Services and to allow Recipient to access and use the Transition Services (collectively, the “Required Consents”). 

(b) In the event that any Required Consent is not obtained, then, unless and until such Required Consent is obtained, the Parties shall
cooperate with each other in achieving a reasonable alternative arrangement for Recipient to continue to operate the Recipient’s Business and for Provider to perform Transition Services (if possible), in each case, in a manner that does not
increase the costs to Provider in providing such Transition Services. Any cost or expense incurred in connection with obtaining a Required Consent or achieving a reasonable alternative arrangement shall be the responsibility of Recipient. 

Section 2.5 Standard for Transition Services. In addition to the standards set forth in Section 2.1(b),
Provider shall at all times perform the Transition Services with reasonable care and in compliance with applicable Laws in all material respects. 

Section 2.6 Provision of Services. 

(a) Employment and Supervision. Provider shall have the sole responsibility to employ, pay, supervise, direct and discharge all of its
personnel, and to supervise and direct its Affiliates and Third Parties, used in its provision of Transition Services hereunder. Provider shall be solely responsible for the payment of all employee benefits and any other direct and indirect
compensation for any of its personnel assigned to perform services under this Agreement, as well as such personnel’s worker’s compensation insurance, employment taxes and other employer liabilities relating to such personnel as required by
Law. 
 (b) Independence. Each of Provider and Recipient acknowledges that they are separate entities, each of which has entered into
this Agreement for independent business reasons. Provider shall be an independent contractor in connection with the performance of Transition Services hereunder for any and all purposes (including federal or state tax purposes), and the employees
performing Transition Services in connection herewith shall not be deemed to be employees or agents of Recipient and nothing contained herein shall be deemed to create a joint venture or partnership. 

  
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 Section 2.7 Cooperation. During the Service Term (as defined below), the Parties
shall, and shall cause each of their agents and representatives to, cooperate with each other in good faith (i) in the performance of the Transition Services and the Parties’ respective obligations under this Agreement and (ii) to
facilitate an orderly and efficient transition of services, processes and functions as contemplated in this Agreement, and in each case in a manner consistent with the intent of this Agreement and without undue burden on any Party or interference
with its business. 
 Section 2.8 Service Interruption. Upon reasonable written notice to Recipient, Provider shall have the
right to temporarily interrupt the provision of Transition Services for routine or emergency maintenance purposes whenever it is the commercially reasonable judgment of Provider that such action is desirable or necessary so long as such maintenance
is consistent with Provider’s policies and standards applicable to provision of similar services to Provider’s own businesses. If maintenance is non-scheduled, with respect to Transition Services
provided by Provider, Provider shall notify Recipient as far in advance as reasonably practicable under the circumstances that maintenance is required. Notwithstanding the foregoing, Recipient acknowledges and agrees that there may be some
circumstances in which advance notice is not practicable, such as in the case of emergency or unanticipated failure. In such case, Provider shall be relieved of its obligations to provide Transition Services only for the period of time that the
relevant facilities or systems are so shut down. Provider shall use commercially reasonable efforts to minimize each period of shut down and to schedule, to the extent reasonably practicable under the circumstances, such period of shut down so as to
not materially inconvenience or disrupt the conduct of the Recipient’s business. Provider shall consult with Recipient prior to temporary shut downs to the extent reasonably practicable or, if not reasonably practicable, promptly thereafter.
This Section 2.8 shall not be applicable to any event that constitutes a Force Majeure Event, which is governed by Section 2.9. 

Section 2.9 Force Majeure. 

(a) If Provider is prevented from or delayed in complying, either totally or in part, with any of the terms or provisions of this Agreement
for any reason beyond its reasonable control, including acts of God, acts of war, terrorism or any public enemy, earthquake, fire, flood, natural disaster, epidemic or pandemic, Laws or any judgment, decree, injunction or order of any Governmental
Authority (a “Force Majeure Event”), then upon notice to Recipient, which shall be provided as promptly as practicable under the circumstances, the affected provisions and/or other requirements of this Agreement shall be suspended
during the period of such disability and Provider shall not have any liability to any Person in connection therewith with respect to such period. Provider shall use commercially reasonable efforts to promptly remove such disability as soon as
reasonably possible and shall use commercially reasonable efforts to provide the Transition Services during such period of disability; provided, however, that nothing in this Section 2.9 will be construed to require the
settlement of any strike, walkout, lockout, other labor dispute or any other claim or litigation on terms which, in the reasonable judgment of Provider, are contrary to its interest. It is understood that the settlement of a strike, walkout,
lockout, other labor dispute or any other claim or litigation will be entirely within the discretion of Provider. If Provider is unable to provide any of the Transition Services due to such a disability, the Parties shall use commercially reasonable
efforts to cooperatively seek a solution that is mutually satisfactory. 

  
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 (b) Notwithstanding anything in this Agreement to the contrary, the obligation of Provider
to resume performance of its obligations hereunder pursuant to this Section 2.9 shall cease to be in effect to the extent and for the period that Recipient has acquired such Transition Services from an alternate source
pursuant to this Section 2.9. Recipient shall be free to acquire such Transition Services from an alternate source, at Recipient’s sole cost and expense, and without liability to Provider, for the period and to the
extent reasonably necessitated by such non-performance and during the continuation of any agreement entered into with the provider of such Transition Service, and for that period that such Transition Service
is provided by an alternate source, Provider shall have no obligation to provide such Transition Service to Recipient. For the avoidance of doubt, Recipient shall not be obligated to pay Provider for such Transition Services during the period when
Provider is not providing itself, or through an Affiliate or Third Party, such Transition Services. 
 Section 2.10 Obligations.
The provision of Transition Services hereunder is subject to the following: 
 (a) Recipient shall not resell, assign or subcontract any of
the Transition Services to any Person whatsoever or permit the use of the Transition Services by any other Person; 
 (b) Provider shall not
be liable for any action or inaction taken or omitted to be taken by it, its Affiliate or a Third Party pursuant to, and in accordance with, instructions received from Recipient; 

(c) Provider may refuse to take any action requested by Recipient if it is not an action required to be taken under this Agreement, and any
services provided beyond the scope of the Transition Services shall be billed on such basis as the Parties may mutually agree in accordance with this Agreement; 

(d) Provider shall have no obligation to perform any Transition Service to the extent that performing such Transition Service is dependent
upon, or otherwise requires, Recipient to perform some service, operation or function prior to Provider performing any such Transition Service unless Recipient shall have, in fact, prior to when Provider is required to perform such Transition
Service, performed such other service, operation or function consistent with commercially reasonable business practices; 
 (e) the Parties
shall, during the term of this Agreement, comply with any applicable Law relating to the Transition Services; 
 (f) In no event shall
Provider be obligated under this Agreement to maintain the employment of any specific employee or acquire any additional equipment, software or other resources; 

(g) the Parties shall not, and shall cause their respective employees not to, break, bypass or circumvent, or attempt to break, bypass or
circumvent any security system of any Party hereunder or obtain access to any program or data other than that to which access has been specifically granted; and 

  
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 (h) the Parties shall, and shall cause their respective Representatives and employees to, at
all times comply with all physical and technological security rules, policies and procedures of Provider and Recipient, as applicable. 

Section 2.11 Modifications. Provider shall have the right to reasonably supplement, modify, substitute or otherwise alter any of
the Transition Services from time to time in a manner consistent with supplements, modifications, substitutions or alterations made for similar services provided or otherwise made available by Provider to itself or its Affiliates; provided that the
standard set forth in Section 2.1(b) shall not be materially decreased as a result of such supplements, modifications, substitutions or alterations. 

ARTICLE III 
 FEES AND PAYMENT 

Section 3.1 Fees and Out-of-Pocket Costs. During
the Service Term for any Transition Service, the fees payable by Recipient for such Transition Service (the “Fees”) shall be as set forth on Exhibit A or Exhibit B, as applicable.
In the event that Purchaser or any of its Affiliates or Third Party service providers incur reasonable and documented out-of-pocket expenses in the provision of any
Transition Service, including, without limitation, license fees, postage or overnight delivery costs, and pre-approved travel expenses, Recipient shall reimburse Provider for all such costs and expenses. 

Section 3.2 Invoice and Payment. Provider shall invoice Recipient for amounts due hereunder on a monthly basis, and amounts due
hereunder shall be paid by Recipient within thirty (30) days of receipt of the applicable invoice. 
 Section 3.3 Disputes and
Resolution. Recipient shall promptly notify Provider in writing of any amounts billed to it that are in dispute. Upon receipt of such notice, Provider shall research the items in question in a reasonably prompt manner and cooperate with
Recipient to resolve any such dispute. Any such dispute shall not relieve Recipient of the obligation to make prompt payment according to the mechanism described in this Article III for any undisputed amounts. In the event that the Parties
agree that any amount that was paid by Recipient was not properly owed, Provider shall refund that amount within thirty (30) days of such agreement. 

Section 3.4 Taxes. To the extent required by applicable Law, there shall be added to any Fees due under this Agreement, and
included on the applicable invoice, and Recipient agrees to pay to Provider, amounts equal to any Taxes, however designated or levied, based upon such Fees, or upon this Agreement or the Transition Services or materials provided under this
Agreement, or their use, as provided by Provider to Recipient hereunder (collectively, “Service Taxes”). Provider agrees to pay any such amounts received by it with respect to any Service Taxes to the appropriate Governmental
Authority plus any interest and penalty that may be imposed as the result of Provider not remitting such Service Taxes in a timely manner. In the event any Service Taxes based upon services provided by Provider are not added to an invoice from
Provider, Recipient shall be responsible, as applicable, to remit to the appropriate Governmental Authority any additional amounts due including Service Tax, interest and penalty (if the penalty is imposed as a result of Recipient’s payment
failure or delay to make payment). If additional amounts are determined to be due on the Transition Services provided to Recipient 

  
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hereunder as a result of an audit by a Tax jurisdiction, Recipient agrees to reimburse Provider for any additional Tax due, including any interest or penalties (if a penalty or interest is
imposed as a result of Recipient’s failure or delay to make payment), unless Recipient has already paid such Tax, interest or penalty itself. The Parties shall use commercially reasonable efforts to cooperate to the extent necessary to obtain
any exemption relating to, or reduced rate of, deduction or withholding for or on account of any Taxes. If any Taxes are required to be deducted or withheld from any payments made by Recipient to Provider hereunder, then Recipient shall
(i) withhold or deduct the required amount and promptly pay such Taxes to the applicable Tax authority, and (ii) pay additional amounts to Provider so that the net amount actually received by Provider after such withholding or deduction of
Tax is equal to the amount that Provider would have received had no such withholding or deduction been required. The Parties further agree that no Party shall be required to pay any franchise Taxes, Taxes based on the net income of the other Party
or personal property Taxes on property owned or leased by a Party. 
 Section 3.5 No Right of
Set-Off. Neither Party shall have any right under this Agreement to offset any amounts owed (or to become due and owing) to the other Party, whether under this Agreement or otherwise, against any other
amount owed (or to become due and owing) to it by the other Party. 
 ARTICLE IV 

DISCLAIMER AND LIMITATION OF LIABILITY 

Section 4.1 Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, EACH PARTY MAKES NO REPRESENTATIONS OR
WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE TRANSITION SERVICES TO BE PROVIDED OR RECEIVED BY IT OR OTHERWISE WITH RESPECT TO THIS AGREEMENT. 

Section 4.2 Limitation of Damages. EXCEPT IN THE CASE OF THIRD PARTY CLAIMS, NEITHER PARTY SHALL UNDER ANY CIRCUMSTANCES BE LIABLE
TO THE OTHER PARTY FOR ANY SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING LOSS OF PROFITS OR REVENUE OR ANY DIMINUTION OF VALUE) RESULTING OR ARISING FROM THIS AGREEMENT, INCLUDING THE TRANSITION SERVICES, ANY PERFORMANCE OR
NONPERFORMANCE OF THE TRANSITION SERVICES OR TERMINATION OF THE TRANSITION SERVICES REGARDLESS OF WHETHER SUCH DAMAGES OR OTHER RELIEF ARE SOUGHT BASED ON BREACH OF WARRANTY, BREACH OF CONTRACT, NEGLIGENCE, STRICT LIABILITY, IN TORT (INTENTIONAL OR
OTHERWISE), OR ANY OTHER LEGAL OR EQUITABLE THEORY, SUBJECT TO SECTION 4.4. 
 Section 4.3 Limitation of Liability. The
maximum liability of Provider to, and the sole remedy of, Recipient for breach of this Agreement shall be an amount not to exceed the Fee scheduled to be paid by Recipient to Provider for the particular Transition Service that is the subject of such
breach. 
 Section 4.4 Exclusions From Section 4.2 and 4.3. Neither the limitations of damages set forth in
Section 4.2 nor the limitations of liability set forth in Section 4.3 shall apply to (i) a Party’s breach of Article VI (Confidentiality) or (ii) to a Party’s gross negligence, willful
misconduct or actual fraud. 

  
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 ARTICLE V 

OWNERSHIP OF ASSETS 

Section 5.1 Systems. Any information system, software, computer network, database or data file owned, licensed, leased or provided
by or for Provider which is used by Provider or its suppliers on behalf of Provider in connection with provision of any Transition Service, each as modified, maintained or enhanced from time to time by Provider or any relevant Third Party
(collectively, the “Systems”) shall remain the sole exclusive property of Provider. Except as provided for in Section 5.2 or in any Transaction Document, under no circumstances will Recipient obtain
hereunder any ownership right or license (implied or otherwise) in or to (i) any custom development work performed hereunder by Provider, an Affiliate or Third Parties working at the direction of Provider, (ii) any intellectual property of
Provider, or (iii) any Systems used in connection with the Transition Services not owned or licensed by Recipient as of the effective date of this Agreement. 

Section 5.2 Intellectual Property. Except with respect to data and intellectual property exclusively created for Recipient as a
Transition Service deliverable or as otherwise agreed to by the Parties, as between Provider, on the one hand, and Recipient, on the other hand, all right, title and interest in and to all data and intellectual property developed or provided by
Provider in connection with its provision of Transition Services shall be owned exclusively by Provider. 
 Section 5.3 Other
Assets. Except as provided in Section 5.1 and Section 5.2, all procedures, methods, systems, strategies, tools, equipment, facilities and other resources used by a Party, an Affiliate or any
relevant Third Party shall remain the property of such party and, except as otherwise provided herein, shall at all times be under the sole direction and control of such Party, Affiliate or Third Party. 

ARTICLE VI 
 CONFIDENTIALITY 

Section 6.1 Confidential Information. As used in this Agreement: 

(a) “Provider Confidential Information” means information owned by or concerning Provider or its Affiliates disclosed in the
course of performance of this Agreement, including the terms and conditions of this Agreement, except for: 
 (i) information
that is or becomes generally publicly available (other than through disclosure in breach of this Agreement by Recipient or its Representatives), from and after the date of public availability; 

(ii) information that is independently derived by the Recipient or its Representatives without use of or reference to Provider
Confidential Information; or 
 (iii) information disclosed to the Recipient or its Representatives by a third party not
known to be bound by any confidentiality agreement with or other contractual, 

  
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legal or fiduciary obligation of confidentiality to Provider or its Representatives; provided that (A) under the circumstances of disclosure, Recipient and its Representatives do not owe a
duty of non-disclosure to such third party and (B) the disclosure by such third party is not otherwise unlawful. 

(b) “Recipient Confidential Information” means information owned by or concerning Recipient disclosed in the course of
performance of this Agreement, including the terms and conditions of this Agreement, except for: 
 (i) information that is
or becomes generally publicly available (other than through disclosure in breach of this Agreement by Provider or its Representatives), from and after the date of public availability; 

(ii) information that is independently derived by Provider or its Representatives without use of or reference to Recipient
Confidential Information; or 
 (iii) information disclosed to Provider or its Representatives by a third party not known to
be bound by any confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Recipient or its Representatives; provided that (A) under the circumstances of disclosure, Provider and its
Representatives do not owe a duty of non-disclosure to such third party and (B) the disclosure by such third party is not otherwise unlawful. 

Section 6.2 Non-Disclosure and Permitted Use. Provider and Recipient shall not, and shall
cause their respective Affiliates and each of their and their Affiliates’ Representative not to, disclose to any other Person or use, except for purposes of this Agreement (and only in accordance with applicable laws), any information that is
Provider Confidential Information or Recipient Confidential Information, respectively; provided that each Party may disclose Provider Confidential Information or Recipient Confidential Information, as the case may be (i) to its Representatives
on a need-to-know basis in connection with the performance of such Party’s obligations under this Agreement, (ii) in a regulatory or securities law filing if
required to be included therein under applicable laws or, subject to Section 6.3, in response to any summons, subpoena or other legal process or formal or informal investigative demand or regulatory request issued by a
Governmental Entity to such Party or its Representatives in the course of any litigation, investigation, inquiry or administrative proceeding, (iii) to enforce its rights under this Agreement, or (iv) with the prior written consent of
Provider (in the case of disclosure by Recipient) or Recipient (in the case of disclosure by Provider). 
 Section 6.3 Compelled
Disclosure. In the event that Provider, Recipient or any of their respective Representatives (such Person(s), collectively, the “disclosing party”) is required or requested by deposition, interrogatory, request for documents,
subpoena, civil investigative demand, regulatory request or similar judicial, regulatory or administrative process to disclose any Provider Confidential Information or Recipient Confidential Information, as the case may be, the disclosing party
shall provide Recipient or Provider, as the case may be (the “non-disclosing party”), with prompt prior written notice of such requirement so that the
non-disclosing party may seek (at the non-disclosing party’s expense) a protective order or similar remedy to cause Provider Confidential Information or Recipient
Confidential Information, as the 

  
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case may be, not to be disclosed. In the event that such protective order is not sought or other similar remedy is not timely obtained or the
non-disclosing party waives compliance with the provisions of this Section 6.3, the disclosing party shall furnish only that portion of Provider Confidential Information or Recipient
Confidential Information, as the case may be, that the disclosing party’s legal counsel has advised is required or requested, and shall exercise commercially reasonable efforts to obtain assurance that confidential treatment shall be accorded
such disclosed Provider Confidential Information or Recipient Confidential Information, as the case may be, to the extent practicable under the circumstances. 

Section 6.4 Survival. The obligations of the Parties and their respective Representatives under this Article VI shall
remain in effect indefinitely following the expiration or termination of this Agreement. Nothing in this Article VI shall limit the obligations of confidentiality and non-use set forth in the Separation
Agreement. 
 ARTICLE VII 

INDEMNIFICATION 
 Section 7.1
Indemnification by Recipient. Recipient shall indemnify, defend and hold harmless Provider, its Affiliates and Representatives, and each of the successors and assigns of any of the foregoing (collectively, the “Provider
Indemnitees”) from and against any and all Third Party Claims (as defined below) relating to, arising out of or resulting from (a) the provision of the Transition Services by Provider or its designees in accordance with the terms of
this Agreement or (b) any other breach of this Agreement by Recipient, in each case, except to the extent the Third Party Claims arise out of any breach by Provider of this Agreement or the gross negligence or willful misconduct of Provider in
providing Transition Services hereunder. Provider shall take all commercially reasonable steps to mitigate any such claims upon becoming aware of any event which would reasonably be expected to, or does, give rise thereto, including incurring costs
only to the minimum extent necessary to remedy the cause which gives rise to such claim. 
 Section 7.2 Indemnification by
Provider. Provider shall indemnify, defend and hold harmless Recipient, its Affiliates, their respective Representatives, and each of the successors and assigns of any of the foregoing (collectively, the “Recipient Indemnitees”)
from and against any Third Party Claims relating to, arising out of or resulting from (a) gross negligence or willful misconduct on the part of Provider in providing the Transition Services or (b) any breach of this Agreement by Provider,
in each case, except to the extent the Third Party Claims arise out of any breach by Recipient of this Agreement. Recipient shall take all commercially reasonable steps to mitigate any such claims upon becoming aware of any event which would
reasonably be expected to, or does, give rise thereto, including incurring costs only to the minimum extent necessary to remedy the cause which gives rise to such claim. 

Section 7.3 Indemnification Obligations Net of Insurance Proceeds. The Parties intend that any liability subject to
indemnification pursuant to this ARTICLE VII will be net of insurance proceeds actually received, realized or recovered by an Indemnified Party. Accordingly, the amount which any Party (an “Indemnifying Party”) is required to
pay to any Person entitled to indemnification hereunder (an “Indemnified Party”) will be reduced or offset by any insurance proceeds theretofore actually received, realized or recovered by or on behalf of

  
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the Indemnified Party in reduction of the related liability. If an Indemnified Party receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying
Party in respect of any liability and subsequently receives insurance proceeds in respect thereof, then the Indemnified Party will pay to the Indemnifying Party an amount equal to the excess of the Indemnity Payment received over the amount of the
Indemnity Payment that would have been due if the insurance proceeds had been received, realized or recovered before the Indemnity Payment was made. 

Section 7.4 Procedures for Indemnification of Third Party Claims. 

(a) If an Indemnified Party shall receive notice or otherwise learn of the assertion by a third party of any claim or of the commencement by
any such third party of any action (collectively, a “Third Party Claim”) with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnified Party pursuant to
Section 7.1 or Section 7.2, such Indemnified Party shall give the Indemnifying Party written notice thereof within thirty (30) days after becoming aware of such Third Party Claim. Any such
notice shall describe the Third Party Claim in reasonable detail. Notwithstanding the foregoing, the failure of any Indemnified Party to give notice as provided in this Section 7.4(a) shall not relieve the relevant
Indemnifying Party of its obligations under this Article VII, except to the extent that such Indemnifying Party is actually materially prejudiced by such failure to give notice. 

(b) An Indemnifying Party may elect to defend (and to seek to settle or compromise), at such Indemnifying Party’s own expense and by such
Indemnifying Party’s own counsel, any Third Party Claim. Within thirty (30) days after the receipt of notice from an Indemnified Party in accordance with Section 7.4(a), the Indemnifying Party shall notify the
Indemnified Party of its election whether the Indemnifying Party will assume responsibility for defending such Third Party Claim, which election shall specify any reservations or exceptions. After notice from an Indemnifying Party to an Indemnified
Party of its election to assume the defense of a Third Party Claim, such Indemnified Party shall have the right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof, but the fees and
expenses of such counsel shall be the expense of such Indemnified Party. 
 (c) If an Indemnifying Party elects not to assume responsibility
for defending a Third Party Claim, or fails to notify an Indemnified Party of its election as provided in Section 7.4(b), such Indemnified Party may defend such Third Party Claim, at the cost and expense of the Indemnifying
Party to the extent indemnifiable hereunder. 
 (d) No Party shall consent to entry of any judgment or enter into any settlement of a Third
Party Claim without the consent of the other Party (which consent shall not be unreasonably withheld, delayed or conditioned). 
 ARTICLE
VIII 
 MANAGEMENT OF TRANSITION; DISPUTE RESOLUTION 

Section 8.1 Management. The day to day management of the transition and the provision and receipt of individual Transition
Services shall be the responsibility of the contact persons for each functional area named on Exhibit A or Exhibit B, as applicable (“Service Coordinators”).

  
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Each Party shall also name a representative with appropriate authority to manage the overall coordination, provision and receipt of the Transition Services and to resolve disputes between the
Parties (together, the “Management Representatives”). The initial Management Representatives are named on Exhibit C. Each Party shall have the right at any time and from time to time to replace its Service
Coordinators and Management Representative by advising the other Party in writing of any change in accordance with Section 10.1 hereof. The Parties agree that all written communications relating to the provision of any
Transition Service shall be directed to the Service Coordinators. Each Party may treat an act of a Service Coordinator or Management Representative on behalf of the other Party as an act authorized by such other Party. 

Section 8.2 Dispute Resolution. Any and all disputes, controversies or claims, including any disputes regarding the enforceability
of this Agreement, including this provision (each, a “Dispute”) arising under or relating to this Agreement shall be resolved in accordance with the terms of this Section 8.2. Either Party may notify the
other of its intent to resolve a Dispute by delivering a written notice to the Service Coordinator of the other Party in accordance with Section 10.1. The written notice shall describe the Dispute in reasonable detail
(including references to the sections of this Agreement that are at issue in such Dispute and, if any claim involves an allegation that the other Party has committed a material breach, reasons as to why the Party serving such notice believes
such breach to be material) (“Initial Notice”). The Service Coordinators shall then meet and confer in good faith to attempt to resolve the Dispute. If the Dispute is not resolved within ten (10) days following the receipt of
the Initial Notice, then either Party may, by a second notice to the other Party, submit such Dispute to the Management Representatives. The Management Representatives shall then meet and confer in good faith to attempt to resolve the Dispute. If
the Management Representatives are unable to resolve the Dispute, within ten (10) days following referral of such Dispute to the Management Representatives, then the Parties agree that any Party shall have the right to submit such Dispute to a
court of competent jurisdiction in accordance with Section 10.8. For avoidance of doubt, nothing contained in this Section 8.2 shall operate as a restriction on a Party’s rights to terminate
this Agreement pursuant to Article IX. 
 Section 8.3 Equitable Remedies. Nothing contained in
Section 8.2 shall restrict or limit any rights that a Party may have to seek injunctive relief (including specific performance) or other equitable relief. 

ARTICLE IX 
 TERM AND TERMINATION

 Section 9.1 Term. 

(a) Term of Agreement. This Agreement shall commence on the date hereof and shall end on the earliest of: (i) the date all
Transition Services have expired in accordance with the terms of this Agreement, (ii) the date all Transition Services have been terminated in accordance with the terms of this Agreement, or (iii) the date on which this Agreement is
terminated (as a whole) pursuant to its terms. 
 (b) Term of Services. Provider shall provide each Transition Service beginning on
the date hereof, or as otherwise set forth in Exhibit A or Exhibit B, as applicable, or agreed to by 

  
 12 

 
the Parties in writing, and continuing for a period equal to the service term set forth in Exhibit A or Exhibit B, as applicable, and any
extension agreed to by the Parties in writing (the “Service Term”), unless sooner terminated in accordance with the provisions of this Agreement. 

Section 9.2 Termination of Services. 

(a) Termination of Particular Transition Services. Recipient may terminate its right to receive any particular Transition Service for
any or no reason, by providing Provider with written notice of termination (the “Termination Notice”), not less than forty five (45) days (or such lesser number of days set forth in Exhibit A or
Exhibit B, as applicable, with respect to a specific Transition Service) prior to the date on which services shall be terminated (the “Termination Date”) setting forth in reasonable detail the applicable
Transition Services to be terminated (the “Terminated Services”) and the Termination Date for each Terminated Service. Upon such termination, Recipient’s obligation to pay for such Terminated Services beyond the Termination
Date will terminate. Notwithstanding the foregoing, no Transition Service that is dependent on another Transition Service provided hereunder may be terminated unless both such Transition Services are terminated concurrently. 

(b) Termination for Breach. If a Party materially breaches any of its obligations under this Agreement, and does not cure such default
within thirty (30) days after receiving written notice thereof from the non-breaching Party, then the non-breaching Party may, at its option, terminate any
Transition Service affected by such breach or this Agreement in its entirety by providing a Termination Notice to the breaching Party, for which termination the effective Termination Date shall be the date of receipt of such Termination Notice. 

(c) Procedures on Termination of Services. Beginning on the Termination Date, Recipient shall not be obligated to pay any Fees or costs
in connection with any Terminated Services other than Fees and reimbursable costs owed for such Terminated Services rendered but not paid for prior to the Termination Date. Any Termination Notice delivered pursuant to this
Section 9.2 shall be irrevocable. 
 Section 9.3 Termination of the Transition Services Agreement. Any
termination of this Agreement pursuant to this Section 9.3 shall be without prejudice to any rights or obligations of the Parties accruing prior to such termination, including the right to payment of unpaid Fees and
reimbursable costs owing for Transition Services performed prior to termination. 
 (a) By Mutual Consent. This Agreement may be
terminated by mutual consent of the Parties in writing at any time. 
 (b) Termination for
Non-Payment. Provider may terminate this Agreement (to be effective immediately) if any Fees or other amounts due by Recipient hereunder fail to be timely paid in accordance with this Agreement or
otherwise, except those amounts that are reasonably contested pursuant to the terms hereof, within thirty (30) days following written notice to Recipient by Provider of such failure. 

(c) Bankruptcy Termination. This Agreement may be terminated by either Party upon at least thirty (30) days prior written notice
if the other Party is declared insolvent or bankrupt, or makes an assignment for the benefit of creditors, or a receiver is appointed or any proceeding is demanded by, for or against the other under any provision of bankruptcy law. 

  
 13 

 Section 9.4 Procedures on Termination of the Agreement. Following any
termination of this Agreement or termination of any Transition Services each Party will cooperate with the other Party, at the requesting Party’s expense, as reasonably necessary to avoid disruption of the ordinary course of the other
Party’s and its Affiliates’ businesses. Termination shall not affect any right to payment for Transition Services provided, or expenses incurred in connection therewith, prior to termination. 

Section 9.5 Survival. Section 2.10, Article III (with respect to Fees, reimbursable costs and
Taxes attributable to periods prior to termination), and Article IV through Article X and shall survive any termination of this Agreement for the periods set forth in the applicable provisions, if any, or if none, indefinitely.
Termination of this Agreement shall not relieve a Party of any liability that has accrued prior to the effective date of such termination. 

ARTICLE X 
 MISCELLANEOUS 

Section 10.1 Notices. All notices and other communications hereunder shall be in writing, shall reference this Agreement and shall
be hand delivered, delivered via electronic mail or facsimile or mailed by registered or certified mail (return receipt requested) to the Parties at the addresses specified in Section 10.6 of the Separation Agreement (or at such other addresses
for a Party as shall be specified by like notice) and will be deemed given on the date on which such notice is received. 

Section 10.2 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 10.3 Entire Agreement. This Agreement, including the Exhibits hereto, and the Separation Agreement shall constitute the
entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 

Section 10.4 Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without
the prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided, however, that either Party may assign this Agreement to a purchaser of all
or substantially all of the properties and assets of such Party so long as such purchases expressly assumes, in a written instrument in form reasonably satisfactory to the non-assigning Party, the due and
punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to be performed or observed. 

  
 14 

 Section 10.5 Successors and Assigns. The provisions to this Agreement shall be
binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns. 

Section 10.6 No Third Party Beneficiaries. This Agreement is solely for the benefit of the Parties and their respective Affiliates
and shall not be deemed to confer upon any other Person (other than an Indemnified Party with respect to Article VII) any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to
this Agreement. 
 Section 10.7 Amendments. This Agreement may not be modified or amended except by an agreement in writing
signed by each of the Parties. 
 Section 10.8 Governing Law Submission to Jurisdiction; Waivers. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware applicable to contracts made and to
be performed in the state of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than
those of the State of Delaware. 
 (b) Subject to Article VIII, all judicial proceedings brought against the Parties arising out of
or relating to this Agreement, or any obligations hereunder, shall be brought in any state or federal court of competent jurisdiction in the state of Delaware. The Parties irrevocably (i) accept generally and unconditionally the exclusive
jurisdiction and venue of these courts; (ii) waive any objections which such Party may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in
the courts referred to in clause (i) above and hereby further irrevocably waive and agree not to plead or claim in any such court that such action or proceeding brought in any such court has been brought in an inconvenient forum;
(iii) agree that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt requested, to such Party at their respective addresses provided in accordance with Section 10.6 of
the Separation Agreement; and (iv) agree that service as provided in clause (iii) above is sufficient to confer personal jurisdiction over such Party in any such proceeding in any such court, and otherwise constitutes effective and binding
service in every respect. 
 (c) The Parties hereby irrevocably waive any and all right to trial by jury in any legal proceeding arising out
of or related to this Agreement. 
 Section 10.9 Rules of Construction. Interpretation of this Agreement shall be governed by
the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms
Article, Section, paragraph, Exhibit and Schedule are references to the Articles, Sections, paragraphs, Exhibits and Schedules to this Agreement unless otherwise specified; (c) the terms “hereof”, “herein”,
“hereby”, “hereto”, and derivative or similar words refer to this entire Agreement, including the Exhibits and Schedules hereto; (d) references to “$”shall mean U.S. dollars; (e) the word “including”
and words of similar 

  
 15 

 
import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive; (g) references to
“written” or “in writing” include in electronic form; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (i) the
Parties have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the Parties thereto and no presumption or
burden of proof shall arise favoring or burdening any Party by virtue of the authorship of any of the provisions in this Agreement; (j) a reference to any Person includes such Person’s successors and permitted assigns; (k) any
reference to “days” means calendar days unless Business Days are expressly specified; and (l) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall be excluded and, if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day. 

Section 10.10 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party. 

[Signature Page Follows] 

  
 16 

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

			
	PDL
	
	PDL BioPharma, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	LENSAR
	
	LENSAR, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Transition Services Agreement]EX-10.2

 Exhibit 10.2 

TAX MATTERS AGREEMENT 

BY AND BETWEEN 
 PDL
BIOPHARMA, INC. 
 AND 

LENSAR, INC. 
 DATED AS
OF [ 🌑 ], 2020 

 TABLE OF CONTENTS 

 

									
	 ARTICLE I. DEFINITIONS
	  	 	1	 
				
		 	 Section 1.1
	  	 General
	  	 	1	 
		 	 Section 1.2
	  	 Reference; Interpretation
	  	 	6	 
		
	 ARTICLE II. ALLOCATION OF TAX LIABILITIES
	  	 	6	 
				
		 	 Section 2.1
	  	 General Rule
	  	 	6	 
		 	 Section 2.2
	  	 General Allocation Principles
	  	 	7	 
		 	 Section 2.3
	  	 Allocation Conventions
	  	 	7	 
		
	 ARTICLE III. PREPARATION AND FILING OF TAX RETURNS
	  	 	8	 
				
		 	 Section 3.1
	  	 PDL Separate Returns and Joint Returns
	  	 	8	 
		 	 Section 3.2
	  	 LENSAR Separate Returns
	  	 	8	 
		 	 Section 3.3
	  	 Tax Reporting Practices
	  	 	8	 
		 	 Section 3.4
	  	 Section 336(e) Elections
	  	 	9	 
		 	 Section 3.5
	  	 LENSAR Carrybacks and Claims for Refund
	  	 	9	 
		 	 Section 3.6
	  	 Apportionment of Tax Attributes
	  	 	10	 
		
	 ARTICLE IV. TAX PAYMENTS
	  	 	11	 
				
		 	 Section 4.1
	  	 Taxes Shown on Tax Returns
	  	 	11	 
		 	 Section 4.2
	  	 Adjustments Resulting in Underpayments
	  	 	11	 
		 	 Section 4.3
	  	 Indemnification Payments
	  	 	11	 
		
	 ARTICLE V. TAX BENEFITS
	  	 	11	 
				
		 	 Section 5.1
	  	 Tax Refunds
	  	 	11	 
		 	 Section 5.2
	  	 Other Tax Benefits
	  	 	12	 
		
	 ARTICLE VI. ASSISTANCE AND COOPERATION
	  	 	12	 
				
		 	 Section 6.1
	  	 Assistance and Cooperation
	  	 	12	 
		 	 Section 6.2
	  	 Tax Return Information
	  	 	13	 
		 	 Section 6.3
	  	 Reliance by PDL
	  	 	13	 
		 	 Section 6.4
	  	 Reliance by LENSAR
	  	 	13	 
		 	 Section 6.5
	  	 Separation Taxes
	  	 	14	 
		
	 ARTICLE VII. TAX RECORDS
	  	 	14	 
				
		 	 Section 7.1
	  	 Retention of Tax Records
	  	 	14	 
		 	 Section 7.2
	  	 Access to Tax Records
	  	 	14	 
		 	 Section 7.3
	  	 Preservation of Privilege
	  	 	15	 

  
 i 

									
		
	 ARTICLE VIII. TAX CONTESTS
	  	 	15	 
				
		 	 Section 8.1
	  	 Notice
	  	 	15	 
		 	 Section 8.2
	  	 Control of Tax Contests
	  	 	15	 
		
	 ARTICLE IX. TAX TREATMENT OF PAYMENTS
	  	 	17	 
				
		 	 Section 9.1
	  	 General Rule
	  	 	17	 
		 	 Section 9.2
	  	 Interest
	  	 	17	 
		
	 ARTICLE X. GROSS-UP OF INDEMNIFICATION
PAYMENTS
	  	 	17	 
				
		 	 Section 10.1
	  	 Gross-Up of Indemnification Payments
	  	 	17	 
		
	 ARTICLE XI. MISCELLANEOUS
	  	 	18	 
				
		 	 Section 11.1
	  	 Complete Agreement; Construction
	  	 	18	 
		 	 Section 11.2
	  	 Other Agreements
	  	 	18	 
		 	 Section 11.3
	  	 Counterparts
	  	 	18	 
		 	 Section 11.4
	  	 Survival of Agreements
	  	 	18	 
		 	 Section 11.5
	  	 Notices
	  	 	18	 
		 	 Section 11.6
	  	 Waivers
	  	 	19	 
		 	 Section 11.7
	  	 Amendments
	  	 	19	 
		 	 Section 11.8
	  	 Assignment
	  	 	19	 
		 	 Section 11.9
	  	 Successors and Assigns
	  	 	19	 
		 	 Section 11.10
	  	 Subsidiaries
	  	 	19	 
		 	 Section 11.11
	  	 Title and Headings
	  	 	19	 
		 	 Section 11.12
	  	 Governing Law
	  	 	19	 
		 	 Section 11.13
	  	 Waiver of Jury Trial
	  	 	19	 
		 	 Section 11.14
	  	 Specific Performance
	  	 	20	 
		 	 Section 11.15
	  	 Severability
	  	 	20	 
		 	 Section 11.16
	  	 Payment Terms
	  	 	20	 
		 	 Section 11.17
	  	 No Admission of Liability
	  	 	21	 

  
 ii 

 TAX MATTERS AGREEMENT 

This Tax Matters Agreement (this “Agreement”) is dated as of [ 🌑 ],
2020, by and between PDL BioPharma, Inc., a Delaware corporation (“PDL”), and LENSAR, Inc, a Delaware corporation and a direct, majority-owned subsidiary of PDL (“LENSAR” and, together with PDL,
the “Parties”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Section 1.1. 

RECITALS: 
 WHEREAS, PDL
and LENSAR have entered into a Separation and Distribution Agreement, dated as of [ 🌑 ], 2020 (the “Separation Agreement”), pursuant to which the Distribution will be consummated;

 WHEREAS, PDL adopted a Plan of Complete Liquidation and Dissolution on [ 🌑 ], 2020;

 WHEREAS, the Parties intend that the Distribution will qualify as part of a liquidating distribution under Sections 331 and 336 of the
Internal Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, PDL and LENSAR desire to set forth their agreement
on the rights and obligations of PDL and LENSAR and the PDL Entities and the LENSAR Entities, respectively, with respect to (A) the administration and allocation of federal, state, local, and foreign Taxes incurred in Tax Periods beginning
prior to the Distribution Date, (B) Taxes resulting from the Distribution and transactions effected in connection with the Distribution and (C) various other Tax matters. 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Section 1.1 General. Unless otherwise defined herein or unless the context otherwise requires, as used in this Agreement,
the following terms shall have the following meanings: 
 “Adjusted Grossed-Up
Basis” shall have the meaning set forth in Section 3.4(b). 
 “Adjustment Request” shall
mean any formal or informal claim or request filed with any Tax Authority, or with any administrative agency or court, for the adjustment, refund, or credit of Taxes, including (i) any amended Tax Return claiming adjustment to the Taxes as
reported on the Tax Return or, if applicable, as previously adjusted, (ii) any claim for equitable recoupment or other offset, and (iii) any claim for refund or credit of Taxes previously paid. 

“Affiliate” shall have the meaning set forth in the Separation Agreement. 

  
 1 

 “Aggregate Deemed Asset Disposition Price” shall have the meaning set forth
in Section 3.4(b). 
 “Agreement” shall have the meaning set forth in the preamble to this
Agreement. 
 “Allocation” shall have the meaning set forth in Section 3.6(b). 

“Ancillary Agreements” shall have the meaning set forth in the Separation Agreement; provided, however,
that for purposes of this Agreement, this Agreement shall not constitute an Ancillary Agreement. 
 “Applicable Rate”
shall mean the rate of interest per annum announced from time to time by the Wall Street Journal as the “prime rate” at large U.S. money center banks. 

“Business Day” shall have the meaning set forth in the Separation Agreement. 

“Closing of the Books Method” shall mean the apportionment of items between portions of a Tax Period based on a closing of
the books and records on the close of the Distribution Date (in the event that the Distribution Date is not the last day of the Tax Period, as if the Distribution Date were the last day of the Tax Period), subject to adjustment for items accrued on
the Distribution Date that are properly allocable to the Tax Period following the Distribution, as jointly determined by PDL and LENSAR; provided, however, that with respect to Property Taxes, such apportionment shall be on the basis
of elapsed days during the relevant portion of the Tax Period. 
 “Code” shall have the meaning set forth in the recitals
to this Agreement. 
 “Controlling Party” shall have the meaning set forth in Section 8.2(c).

 “Distribution” shall have the meaning set forth in the Separation Agreement. 

“Distribution Date” shall have the meaning set forth in the Separation Agreement. 

“Effective Time” shall have the meaning set forth in the Separation Agreement. 

“Entities” shall have the meaning set forth in the Separation Agreement. 

“Final Determination” shall mean the final resolution of liability for any Tax, which resolution may be for a specific issue
or adjustment or for any Tax Period, (i) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of a
state, local, or foreign taxing jurisdiction, except that an IRS Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by
operation of law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such Tax Period (as the case may be); (ii) by a decision, judgment,
decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (iii) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws
of a state, 

  
 2 

 
local, or foreign taxing jurisdiction; (iv) by any allowance of a refund or credit in respect of an overpayment of a Tax, but only after the expiration of all periods during which such
refund may be recovered (including by way of offset) by the jurisdiction imposing such Tax; (v) by a final settlement resulting from a treaty-based competent authority determination; or (vi) by any other final disposition, including by
reason of the expiration of the applicable statute of limitations, the execution of a pre-filing agreement with the IRS or other Tax Authority, or by mutual agreement of the Parties. 

“Governmental Authority” shall have the meaning set forth in the Separation Agreement. 

“Income Tax” shall mean all U.S. federal, state, local and foreign income, franchise or similar Taxes imposed on (or measured
by) net income or net profits, and any interest, penalties, additions to Tax or additional amounts in respect of the foregoing. 

“Intended Tax Treatment” shall mean the qualification of the Distribution as part of a liquidating distribution under
Sections 331 and 336. 
 “IRS” shall mean the U.S. Internal Revenue Service or any successor agency. 

“Joint Return” shall mean any Tax Return that includes, by election or otherwise, one or more PDL Entities together with one
or more LENSAR Entities. 
 “Law” shall have the meaning set forth in the Separation Agreement. 

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

“LENSAR Business” shall have the meaning set forth in the Separation Agreement. 

“LENSAR Carryback” shall mean any net operating loss, net capital loss, excess Tax credit, or other similar Tax Item of any
LENSAR Entity which may or must be carried from one Tax Period to another prior Tax Period under the Code or other applicable Tax Law. 

“LENSAR Entities” shall have the meaning set forth in the Separation Agreement. 

“LENSAR Separate Return” shall mean any Tax Return of or including any LENSAR Entity (including any consolidated, combined or
unitary return) that does not include any PDL Entity. 
 “Loss” shall have the meaning set forth in
Section 5.2(a). 
 “Non-Controlling Party” shall have the
meaning set forth in Section 8.2(c). 
 “Parties” shall have the meaning set forth in the
preamble to this Agreement. 
 “Past Practices” shall have the meaning set forth in
Section 3.3(a). 
 “Payment Date” shall mean, with respect to a Tax Return, (A) the due date
for any required installment of estimated Taxes, (B) the due date (determined without regard to extensions) for filing such Tax Return, or (C) the date such Tax Return is filed, as the case may be. 

  
 3 

 “Payor” shall have the meaning set forth in
Section 4.3(a). 
 “PDL” shall have the meaning set forth in the preamble to this Agreement. 

“PDL Business” shall have the meaning set forth in the Separation Agreement. 

“PDL Entities” shall have the meaning set forth in the Separation Agreement. 

“PDL Separate Return” shall mean any Tax Return of or including any PDL Entity (including any consolidated, combined or
unitary return) that does not include any LENSAR Entity. 
 “Person” means an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a Governmental Authority or any department, agency or political subdivision thereof, without regard to whether any entity
is treated as disregarded for U.S. federal Income Tax purposes. 
 “Post-Distribution Period” shall mean any Tax Period
beginning after the Distribution Date and, in the case of any Straddle Period, the portion of such Tax Period beginning on the day after the Distribution Date. 

“Pre-Distribution Period” shall mean any Tax Period ending on or before the
Distribution Date and, in the case of any Straddle Period, the portion of such Straddle Period ending on and including the Distribution Date. 

“Prior Group” shall mean any group that filed or was required to file (or will file or be required to file) a Tax Return, for
a Tax Period or portion thereof ending at the close of the Distribution Date, on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one
of the LENSAR Entities. 
 “Privilege” shall mean any privilege that may be asserted under applicable law, including, any
privilege arising under or relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

“Property Taxes” shall mean all real property Taxes, personal property Taxes and similar ad valorem Taxes. 

“Required Party” shall have the meaning set forth in Section 4.3(a). 

“Responsible Party” shall mean, with respect to any Tax Return, the Party having responsibility for preparing and filing such
Tax Return under this Agreement. 
 “Retention Date” shall have the meaning set forth in
Section 7.1. 

  
 4 

 “Section 336(e) Allocation Statement” shall have the
meaning set forth in Section 3.4(b). 
 “Section 336(e) Election” shall have
the meaning set forth in Section 3.4(a). 
 “Separation” shall mean, collectively, all of the
transactions undertaken to separate the LENSAR Business from the PDL Business in connection with the Distribution. 
 “Separation
Agreement” shall have the meaning set forth in the recitals to this Agreement. 
 “Straddle Period” shall mean any
Tax Period that begins before and ends after the Distribution Date. 
 “Subsidiary” shall have the meaning set forth in the
Separation Agreement. 
 “Substantial Authority” shall have the meaning set forth in
Section 3.3(a). 
 “Tax” or “Taxes” shall mean any income, gross income, gross
receipts, profits, capital stock, franchise, withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, value added, stamp, excise, severance, occupation, service, sales, use, license, lease,
transfer, import, export, escheat, alternative minimum, universal service fund, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax), imposed by any Governmental Authority or political
subdivision thereof, and any interest, penalty, additions to tax or additional amounts in respect of the foregoing. 
 “Tax
Attribute” shall mean a net operating loss, net capital loss, unused investment credit, unused foreign Tax credit, excess charitable contribution, general business credit, research and development credit, earnings and profits, basis, or any
other Tax Item that could reduce a Tax or create a Tax Benefit. 
 “Tax Authority” shall mean, with respect to any Tax, the
Governmental Authority or political subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 

“Tax Benefit” shall mean any refund, credit, or other item that causes reduction in otherwise required liability for Taxes.

 “Tax Contest” shall mean an audit, review, examination, contest, litigation, investigation or any other administrative
or judicial proceeding with the purpose or effect of redetermining Taxes (including any administrative or judicial review of any claim for refund). 

“Tax Item” shall mean, with respect to any Income Tax, any item of income, gain, loss, deduction, or credit. 

“Tax Law” shall mean the Law of any Governmental Authority or political subdivision thereof relating to any Tax. 

  
 5 

 “Tax Period” shall mean, with respect to any Tax, the period for which the
Tax is reported as provided under the Code or other applicable Tax Law. 
 “Tax Records” shall mean any (i) Tax
Returns, (ii) Tax Return workpapers, (iii) documentation relating to any Tax Contests, and (iv) any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not
stored on electronic or any other medium) maintained or required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority, in each case filed or required to be filed with respect to
or otherwise relating to Taxes. 
 “Tax Return” shall mean any report of Taxes due, any claim for refund of Taxes paid, any
information return with respect to Taxes, or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to Taxes, including any attachments, exhibits, or other materials
submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. 
 “Third Party”
shall mean any Person other than the Parties or any of their respective Subsidiaries. 
 “Treasury Regulations” shall mean
the regulations promulgated from time to time under the Code as in effect for the relevant Tax Period. 
 Section 1.2 Reference;
Interpretation. References in this Agreement to any gender include references to all genders, and references to the singular include references to the plural and vice versa. The words “include,” “includes” and
“including” when used in this Agreement shall be deemed to be followed by the phrase “without limitation.” Unless the context otherwise requires, references in this Agreement to Articles and Sections shall be deemed
to be references to Articles and Sections of this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby” and “herein” and words of similar meaning when used in this
Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement. This Agreement shall not be construed against either Party as the principal draftsperson hereof.  

ARTICLE II. 
 ALLOCATION
OF TAX LIABILITIES 
 Section 2.1 General Rule. 

(a) PDL Liability. Except with respect to Taxes described in Section 2.1(b), PDL shall be liable for, and
shall indemnify and hold harmless the LENSAR Entities from and against any liability for: 
 (i) Taxes that are allocated to
PDL under this Article II; 
 (ii) any Tax resulting from a breach of any of PDL’s covenants in this Agreement,
the Separation Agreement or any Ancillary Agreement; and 

  
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 (iii) Taxes imposed on LENSAR or any LENSAR Entity pursuant to the
provisions of Treasury Regulations § 1.1502-6 (or similar provisions of state, local, or foreign Tax Law) as a result of any such Entity being or having been a member of a Prior Group. 

(b) LENSAR Liability. LENSAR shall be liable for, and shall indemnify and hold harmless the PDL Entities from and against any liability
for: 
 (i) Taxes which are allocated to LENSAR under this Article II; and 

(ii) any Tax resulting from a breach of any of LENSAR’s covenants in this Agreement, the Separation Agreement or any
Ancillary Agreement. 
 Section 2.2 General Allocation Principles. Except as otherwise provided in this Article II, all Taxes shall be
allocated as follows: 
 (a) Allocation of Taxes for Joint Returns. PDL shall be responsible for all Taxes reported, or required
to be reported, on any Joint Return that any PDL Entity files or is required to file under the Code or other applicable Tax Law; provided, however, that to the extent any such Joint Return includes any Tax Item attributable to any
LENSAR Entity or to the LENSAR Business for any Post-Distribution Period, LENSAR shall be responsible for all Taxes attributable to such Tax Items, computed in a manner reasonably determined by PDL. 

(b) Allocation of Taxes for Separate Returns. 

(i) PDL shall be responsible for all Taxes reported, or required to be reported, on a PDL Separate Return. 

(ii) LENSAR shall be responsible for all Taxes reported, or required to be reported, on a LENSAR Separate Return. 

Section 2.3 Allocation Conventions. 

(a) All Taxes allocated pursuant to Section 2.2 shall be allocated in accordance with the Closing of the Books
Method; provided, however, that if applicable Tax Law does not permit a LENSAR Entity to close its Tax Period on the Distribution Date, the Tax attributable to the operations of the LENSAR Entities for any Pre-Distribution Period shall be the Tax computed using the Closing of the Books Method. 
 (b) Any Tax
Item of LENSAR or any LENSAR Entity arising from a transaction engaged in outside of the ordinary course of business on the Distribution Date after the Effective Time shall be properly allocable to LENSAR and any such transaction by or with respect
to LENSAR or any LENSAR Entity occurring after the Effective Time shall be treated for all Tax purposes (to the extent permitted by applicable Tax Law) as occurring at the beginning of the day following the Distribution Date in accordance with the
principles of Treasury Regulation § 1.1502-76(b) or any similar provisions of state, local or foreign Law. 

  
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 ARTICLE III. 

PREPARATION AND FILING OF TAX RETURNS 

Section 3.1 PDL Separate Returns and Joint Returns.  

(a) PDL shall prepare and file, or cause to be prepared and filed, all PDL Separate Returns and Joint Returns, and each LENSAR Entity to
which any such Joint Return relates shall execute and file such consents, elections and other documents as PDL may determine are required or appropriate, or otherwise requested by PDL in connection with the filing of such Joint Return. LENSAR shall
make any requisite consents and will elect and join, and will cause its respective Affiliates to elect and join, in filing any Joint Returns that PDL determines are required to be filed or that PDL elects to file, in each case pursuant to this
Section 3.1(a). 
 (b) The Parties and their respective Affiliates shall elect to close the Tax Period of each
LENSAR Entity on the Distribution Date, to the extent permitted by applicable Tax Law. 
 Section 3.2 LENSAR Separate Returns.
LENSAR shall prepare and file (or cause to be prepared and filed) all LENSAR Separate Returns. 
 Section 3.3 Tax Reporting
Practices.  
 (a) General Rule. Except as provided in Section 3.3(b), PDL shall prepare
any Pre-Distribution Period or Straddle Period Joint Return in accordance with past practices, permissible accounting methods, elections or conventions used by the PDL Entities and LENSAR Entities prior to the
Distribution Date with respect to such Tax Return (“Past Practices”) (unless the Parties jointly determine that there is not at least “substantial authority,” within the meaning of Section 6662(d)(2)(B)(i) of the Code
(or any corresponding or similar provision of state, local or foreign Law) (“Substantial Authority”), for the use of such Past Practices), and to the extent any items, methods or positions are not covered by Past Practices, then PDL
shall prepare such Tax Return in accordance with reasonable Tax accounting practices selected by PDL. Except as provided in Section 3.3(b), LENSAR shall prepare any Pre-Distribution
Period or Straddle Period LENSAR Separate Return in accordance with Past Practices (unless the Parties jointly determine that there is not at least Substantial Authority for the use of such Past Practices, and to the extent any items, methods or
positions are not covered by Past Practices), then LENSAR shall prepare such Tax Return in accordance with reasonable Tax accounting practices selected by LENSAR. 

(b) Consistency with Intended Tax Treatment. The Parties shall prepare all Tax Returns consistent with the Intended Tax Treatment
unless, and then only to the extent, an alternative position is required pursuant to a Final Determination. Notwithstanding the foregoing, but subject to Section 3.4 and Section 3.6, PDL shall have
the right to prepare Joint Returns with any relevant election, statement or other permissible approach to the Tax effects of the departure of the LENSAR Entities from the PDL consolidated or combined group. 

(c) Joint Returns. With respect to any Joint Return, to the extent that the positions taken on such Joint Return would reasonably be
expected to adversely affect the Tax position of any LENSAR Entity in a Post-Distribution Period, PDL shall submit a draft of the portion of such Joint Return that relates solely to the business of any LENSAR Entity to LENSAR at least

  
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thirty (30) days prior to the due date for the filing of such Joint Return (taking into account any applicable extensions), and LENSAR shall have the right to review such portion of such
Joint Return and to submit to PDL any reasonable changes to such portion of such Joint Return no later than fifteen (15) days prior to the due date for the filing of such Joint Return; provided, however, that nothing shall prevent
PDL from timely filing (or causing to be timely filed) such Joint Return. The Parties agree to consult and to attempt to resolve in good faith any issues arising as a result of the review of any such Joint Return. 

Section 3.4 Section 336(e) Elections. 

(a) General. The Parties hereby agree that, if PDL shall determine in its sole discretion, prior to the applicable due dates for such
elections, that the Parties should make elections under Section 336(e) of the Code (and any similar provision of applicable state or local Tax Law) with respect to the Distribution for each LENSAR Entity that is a domestic corporation for U.S.
federal Income Tax purposes (the “Section 336(e) Elections”), then the Parties shall enter into a written, binding agreement to make the Section 336(e) Elections, and the Parties shall timely make the
Section 336(e) Elections in accordance with Treasury Regulations § 1.336-2(h). For the avoidance of doubt, such agreement is intended to constitute a written, binding agreement to make the
Section 336(e) Elections within the meaning of Treasury Regulations § 1.336-2(h)(1)(i). 

(b) Cooperation and Reporting. PDL and LENSAR shall cooperate in making the Section 336(e) Elections, if any, including filing any
statements, amending any Tax Returns or undertaking such other actions reasonably necessary to carry out the Section 336(e) Elections. PDL shall determine the “Aggregate Deemed Asset Disposition Price” and the “Adjusted
Grossed-Up Basis” (each as defined under applicable Treasury Regulations) and the allocation of such Aggregate Deemed Asset Disposition Price and Adjusted
Grossed-Up Basis among the disposition date assets of the applicable PDL Entities or LENSAR Entities, each in accordance with the applicable provisions of Section 336(e) of the Code and applicable
Treasury Regulations (the “Section 336(e) Allocation Statement”). Each Party agrees not to take any position (and to cause each of its Affiliates not to take any position) that is inconsistent with the
Section 336(e) Elections, if any, including the Section 336(e) Allocation Statement, on any Tax Return, in connection with any Tax Contest or for any other Tax purposes (in each case, excluding any position taken for financial accounting
purposes), except as may be required by a Final Determination. 
 Section 3.5 LENSAR Carrybacks and Claims for Refund. 

(a) LENSAR hereby agrees that, unless PDL consents in writing (which consent may not be unreasonably withheld, conditioned, or delayed)
or as required by Law, (i) no LENSAR Entity (nor its successors) shall file any Adjustment Request with respect to any Tax Return that could affect any Joint Return or any other Tax Return reflecting Taxes that are allocated to PDL under
Article II and (ii) any available elections to waive the right to claim any LENSAR Carryback in any Joint Return or any other Tax Return reflecting Taxes that are allocated to PDL under Article II shall be made, including to waive
any relevant LENSAR Carrybacks under Section 172(b) of the Code (or similar provisions of state, local, or foreign Tax Law) or such other provisions available under consolidated Tax rules, and no affirmative election shall be

  
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made to claim any such LENSAR Carryback. In the event that LENSAR (or the appropriate LENSAR Entity) is prohibited by applicable Law from waiving or otherwise forgoing a LENSAR Carryback or PDL
consents to a LENSAR Carryback (which consent may not be unreasonably withheld, conditioned, or delayed), PDL shall cooperate with LENSAR, at LENSAR’s expense, in seeking from the appropriate Tax Authority such Tax Benefit as reasonably would
result from such LENSAR Carryback, to the extent that such Tax Benefit is directly attributable to such LENSAR Carryback, and shall pay over to LENSAR the amount of such Tax Benefit, net of any Tax detriment to the PDL Entities, within ten
(10) days after such Tax Benefit is recognized by the PDL Entities; provided, however, that LENSAR shall indemnify and hold the PDL Entities harmless from and against any and all collateral Tax consequences resulting from or
caused by any such LENSAR Carryback, including, without limitation, the loss or postponement of any benefit from the use of Tax Attributes generated by a PDL Entity if (i) such Tax Attributes expire unused, but would have been utilized but for
such LENSAR Carryback, or (ii) the use of such Tax Attributes is postponed to a later Tax Period than the Tax Period in which such Tax Attributes would have been used but for such LENSAR Carryback. 

(b) PDL hereby agrees that, unless LENSAR consents in writing (which consent may not be unreasonably withheld, conditioned, or delayed) or as
required by Law, no PDL Entity shall file any Adjustment Request with respect to (i) any Joint Return for a Straddle Period if such Adjustment Request could increase the Tax liability of any LENSAR Entity or (ii) any LENSAR Separate
Return. 
 Section 3.6 Apportionment of Tax Attributes. 

(a) Tax Attributes arising in a Pre-Distribution Period will be allocated to (and the benefits and
burdens of such Tax Attributes will inure to) the PDL Entities and the LENSAR Entities in accordance with the Code, Treasury Regulations, and any other applicable Tax Law and permitted elections, methods or statements determined by PDL. For the
avoidance of doubt, the PDL Entities shall be entitled to utilize any Tax Attributes within a Joint Return without remuneration to any LENSAR Entity. 

(b) On or before the first anniversary of the Distribution Date, PDL shall deliver to LENSAR its determination in writing of the portion, if
any, of any earnings and profits, Tax Attributes, overall foreign loss or other affiliated, consolidated, combined, unitary, fiscal unity or other group basis Tax Attribute which is allocated or apportioned to the LENSAR Entities under
applicable Tax Law and this Agreement (the “Allocation”). All PDL Entities and LENSAR Entities shall prepare all Tax Returns in accordance the Allocation. In the event of an adjustment to the earnings and profits, any Tax
Attributes, overall foreign loss or other affiliated, consolidated, combined, unitary, fiscal unity or other group basis attribute, PDL shall promptly notify LENSAR in writing of such adjustment. For the avoidance of doubt, PDL shall not be liable
to any LENSAR Entity for any failure of any determination under this Section 3.6(b) to be accurate under applicable Tax Law; provided such determination was made in good faith. 

(c) Except as otherwise provided herein, to the extent that the amount of any Tax Attribute is later reduced or increased by a
Tax Authority or Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to Section 3.6(a), as agreed by the Parties. 

  
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 ARTICLE IV. 

TAX PAYMENTS 

Section 4.1 Taxes Shown on Tax Returns. PDL shall pay (or cause to be paid) to the proper Tax Authority the Tax shown as due on
any Tax Return that a PDL Entity is responsible for preparing under Article III, and LENSAR shall pay (or cause to be paid) to the proper Tax Authority the Tax shown as due on any Tax Return that a LENSAR Entity is responsible for preparing
under Article III. 
 Section 4.2 Adjustments Resulting in Underpayments. In the case of any adjustment
pursuant to a Final Determination with respect to any Tax, the Party to which such Tax is allocated pursuant to this Agreement shall pay to the applicable Tax Authority when due any additional Tax required to be paid as a result of such adjustment.

 Section 4.3 Indemnification Payments. 

(a) If any Party (the “Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that another Party (the
“Required Party”) is liable for under this Agreement, the Required Party shall reimburse the Payor within twenty (20) Business Days of delivery by the Payor to the Required Party of an invoice for the amount due, accompanied by
evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. Except as otherwise provided in the following sentence, the Required Party shall also pay to the Payor any reasonable
costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses) within five (5) days after the Payor’s written demand therefor. Notwithstanding the foregoing, if PDL or LENSAR disputes in good faith the
fact or the amount of its obligation hereunder, then no payment of the amount in dispute shall be required until any such good faith dispute is resolved; provided, however, that any amount not paid by the due date otherwise provided in
this Article IV shall bear interest from such due date computed at the Applicable Rate. 
 (b) All indemnification payments under
this Agreement shall be made by PDL directly to LENSAR and by LENSAR directly to PDL; provided, however, that if the Parties mutually agree for administrative convenience with respect to any such indemnification payment, any PDL
Entity, on the one hand, may make such indemnification payment to any LENSAR Entity, on the other hand, and vice versa. 
 ARTICLE V.

 TAX BENEFITS 

Section 5.1 Tax Refunds. PDL shall be entitled (subject to the limitations provided in Section 3.5) to any refund (and any
interest thereon received from the applicable Tax Authority) of Taxes for which PDL is liable hereunder, and LENSAR shall be entitled (subject to the limitations provided in Section 3.5) to any refund (and any interest thereon received from
the applicable Tax Authority) of Taxes for which LENSAR is liable hereunder. 

  
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 Section 5.2 Other Tax Benefits. 

(a) If a LENSAR Entity or PDL Entity actually realizes any Tax Benefit as a result of any liability, obligation, loss or payment (each, a
“Loss”) for which any of a Party’s Entities is required to indemnify any of the other Party’s Entities pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement (in each case, without duplication of
any amounts payable or taken into account under this Agreement, the Separation Agreement or any Ancillary Agreement), and such Tax Benefit would not have arisen but for such adjustment or Loss (determined on a “with and without” basis),
the Party whose Entities actually recognize such Tax Benefit in the Tax Period of the applicable Loss shall make a payment to the other Party in an amount equal to the amount of such actually recognized Tax Benefit in cash within ten
(10) Business Days of actually recognizing such Tax Benefit. To the extent that any Tax Benefit (or portion thereof) in respect of which any amounts were paid over pursuant to the foregoing provisions of this
Section 5.2(a) is subsequently disallowed by the applicable Tax Authority, the Party that received such amounts shall promptly repay such amounts (together with any penalties, interest or other charges imposed by the
relevant Tax Authority) to the other Party. 
 (b) No later than ten (10) Business Days after a Tax Benefit described in
Section 5.2(a) is actually recognized by a PDL Entity or a LENSAR Entity in the Tax Period of the applicable Loss, PDL or LENSAR, as the case may be, shall provide the other Party with a written calculation of the amount
payable to such other Party pursuant to Section 5.2(a). In the event that PDL or LENSAR, as the case may be, disagrees with any such calculation described in this Section 5.2(b), such Party shall
so notify the other Party in writing within twenty (20) Business Days of receiving such written calculation. The Parties shall endeavor in good faith to resolve such disagreement. 

ARTICLE VI. 
 ASSISTANCE
AND COOPERATION 
 Section 6.1 Assistance and Cooperation. 

(a) The Parties shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s agents,
including accounting firms and legal counsel, in connection with Tax matters relating to the Parties and their Affiliates, including (i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of any Taxes due
(including estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation
shall include making all information and documents in their possession relating to any other Party and its Affiliates reasonably available to such other Party as provided in Article VII. Each of the Parties shall also make available to any
other Party, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Parties or their respective Affiliates) responsible for preparing, maintaining, and interpreting information and documents
relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. 

  
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 (b) Any information or documents provided under this Agreement shall be kept confidential by
the Party receiving the information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings relating to Taxes. In addition, in the event that
PDL determines that the provision of any information or documents to LENSAR or any LENSAR Affiliate, or LENSAR determines that the provision of any information or documents to PDL or any PDL Affiliate, could be commercially detrimental, violate any
Law or agreement or waive any Privilege, the Parties shall use commercially reasonable efforts to permit each other’s compliance with its obligations under this Article VI in a manner that avoids any such harm or consequence. 

Section 6.2 Tax Return Information. Each of PDL and LENSAR, and each of their respective Entities, acknowledges that time is of
the essence in relation to any request for information, assistance or cooperation made pursuant to Section 6.1 or this Section 6.2. Each of PDL and LENSAR, and each of their respective Entities, acknowledges that failure to
conform to the reasonable deadlines set by the Party making such request could cause irreparable harm. Each Party shall provide to the other Party information and documents relating to its Entities reasonably required by the other Party to prepare
Tax Returns, including any pro forma returns required by the Responsible Party for purposes of preparing such Tax Returns. Any information or documents the Responsible Party requires to prepare such Tax Returns shall be provided in such form as the
Responsible Party reasonably requests and at or prior to the time reasonably specified by the Responsible Party so as to enable the Responsible Party to file such Tax Returns on a timely basis. 

Section 6.3 Reliance by PDL. If any LENSAR Entity supplies information to a PDL Entity in connection with a Tax liability
and an officer of a PDL Entity signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such PDL Entity identifying the information being so relied upon, the
chief financial officer of LENSAR (or any officer of LENSAR as designated by the chief financial officer of LENSAR) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so
supplied is accurate and complete. LENSAR agrees to indemnify and hold harmless each PDL Entity and its directors, officers and employees from and against any fine, penalty or other cost or expense of any kind attributable to a LENSAR Entity having
supplied, pursuant to this Article VI, a PDL Entity with inaccurate or incomplete information in connection with a Tax liability. 

Section 6.4 Reliance by LENSAR. If any PDL Entity supplies information to a LENSAR Entity in connection with a Tax liability and an
officer of a LENSAR Entity signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such LENSAR Entity identifying the information being so relied upon, the
chief financial officer of PDL (or any officer of PDL as designated by the chief financial officer of PDL) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is
accurate and complete. PDL agrees to indemnify and hold harmless each LENSAR Entity and its directors, officers and employees from and against any fine, penalty or other cost or expense of any kind attributable to a PDL Entity having supplied,
pursuant to this Article VI, a LENSAR Entity with inaccurate or incomplete information in connection with a Tax liability. 

  
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 Section 6.5 Separation Taxes. LENSAR shall (and shall cause its Affiliates to)
reasonably cooperate with PDL to correct any errors in the chronology or completion of any transactions intended to facilitate, or otherwise effectuated in connection with, the Separation, and take any and all commercially reasonable actions
requested by PDL to minimize any Taxes incurred in connection with the Separation. 
 ARTICLE VII. 

TAX RECORDS 

Section 7.1 Retention of Tax Records. Each of PDL and LENSAR shall preserve and keep all Tax Records exclusively relating to the
assets and activities of its Entities for Pre-Distribution Periods, and PDL shall preserve and keep all other Tax Records relating to Taxes of the PDL and LENSAR Entities for
Pre-Distribution Periods, for so long as the contents thereof may be or become material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of
(i) the expiration of any applicable statutes of limitations, or (ii) seven (7) years after the Distribution Date (such later date, the “Retention Date”). After the Retention Date, each of PDL and LENSAR may dispose of
such Tax Records upon sixty (60) Business Days’ prior written notice to the other Party. If, prior to the Retention Date, (a) PDL or LENSAR reasonably determines that any Tax Records which it would otherwise be required to preserve
and keep under this Article VII are no longer material in the administration of any matter under the Code or other applicable Tax Law and the other Party agrees, then such first Party may dispose of such Tax Records upon sixty
(60) Business Days’ prior notice to the other Party. Any notice of an intent to dispose given pursuant to this Section 7.1 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file,
book, or other record accumulation being disposed. The notified Parties shall have the opportunity, at their cost and expense, to copy or remove, within such sixty (60) Business Day period, all or any part of such Tax Records. If, at any time
prior to the Retention Date, a Party or any of its Affiliates determines to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax Records, then such program or system may be
decommissioned or discontinued upon ninety (90) Business Days’ prior notice to the other Party and the other Party shall have the opportunity, at its cost and expense, to copy, within such ninety (90) Business Day period, all or any
part of the underlying data relating to the Tax Records accessed by or stored on such program or system. 
 Section 7.2
Access to Tax Records. The Parties and their respective Affiliates shall make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any
pertinent underlying data accessed or stored on any computer program or information technology system) in their possession pertaining to (i) in the case of any Tax Return of the PDL Entities, the portion of such return that relates to Taxes for
which the LENSAR Entities may be liable pursuant to this Agreement or (ii) in the case of any Tax Return of the LENSAR Entities, the portion of such return that relates to Taxes for which the PDL Entities may be liable pursuant to this
Agreement, and shall permit the other Party and its Affiliates, authorized agents and representatives and any representative of a Tax Authority or other Tax auditor direct access, at the cost and expense of the requesting Party, during normal
business hours upon reasonable notice to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Party in connection with the preparation of Tax
Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. 

  
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 Section 7.3 Preservation of Privilege. The Parties and their respective
Affiliates shall not provide access to, copies of, or otherwise disclose to any Person any documentation relating to Taxes existing prior to the Distribution Date to which Privilege may reasonably be asserted without the prior written consent of the
other Party, such consent not to be unreasonably withheld, conditioned or delayed.  
 ARTICLE VIII. 

TAX CONTESTS 

Section 8.1 Notice. Each Party shall provide prompt notice to the other Party of any written communication from a Tax Authority
regarding any pending Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware (i) related to Taxes for Tax Periods for which it is indemnified by the other Party hereunder or for which it may be required to indemnify
the other Party hereunder, (ii) relating to a LENSAR Separate Return that could reasonably be expected to materially adversely affect any PDL Entity, or (iii) otherwise relating to the Intended Tax Treatment or the Separation (including
the resolution of any Tax Contest relating thereto). Such notice shall attach copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax
liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Tax Authority in respect of any such matters. If an indemnified Party has knowledge of an asserted Tax liability with respect to a
matter for which it is to be indemnified hereunder and such Party fails to give the indemnifying Party prompt notice of such asserted Tax liability and the indemnifying Party is entitled under this Agreement to contest the asserted Tax liability,
then (x) to the extent the indemnifying Party is precluded from contesting the asserted Tax liability in any forum as a result of the failure to give prompt notice, the indemnifying Party shall have no obligation to indemnify the indemnified
Party for any Taxes arising out of such asserted Tax liability, and (y) to the extent the indemnifying Party is not precluded from contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material
monetary detriment to the indemnifying Party, then any amount which the indemnifying Party is otherwise required to pay the indemnified Party pursuant to this Agreement shall be reduced by the amount of such detriment.  

Section 8.2 Control of Tax Contests. 

(a) PDL Control. Notwithstanding anything in this Agreement to the contrary, PDL shall have the right to control any Tax Contest with
respect to any Tax matters relating to (i) a Joint Return, (ii) a PDL Separate Return or (iii) the Intended Tax Treatment. Subject to Section 8.2(c) and Section 8.2(d), PDL shall
have absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any such Tax Contest. 

(b) LENSAR Control. LENSAR shall have the right to control any Tax Contest with respect to any LENSAR Separate Return. Subject to
Section 8.2(c) and Section 8.2(d), LENSAR shall have (i) reasonable discretion, after consultation with PDL, with respect to any decisions to be made, or the nature of any action to be taken,
with respect to any such Tax Contest relating to 

  
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a LENSAR Separate Return that could reasonably be expected to materially adversely affect any PDL Entity, and (ii) absolute discretion with respect to any decisions to be made, or the nature
of any action to be taken, with respect to any other such Tax Contest. 
 (c) Settlement Rights. The Controlling Party shall have the
sole right to contest, litigate, compromise and settle any Tax Contest without obtaining the prior consent of the Non-Controlling Party; provided, that to the extent any such Tax Contest (i) could
give rise to a claim for indemnity by the Controlling Party or its Affiliates against the Non-Controlling Party or its Affiliates under this Agreement, or (ii) is with respect to a LENSAR Separate Return
that could reasonably be expected to materially adversely affect any PDL Entity, then the Controlling Party shall not settle any such Tax Contest without the Non-Controlling Party’s prior written consent
(which consent may not be unreasonably withheld, conditioned, or delayed). Subject to Section 8.2(e), and unless waived by the Parties in writing, in connection with any potential adjustment in a Tax Contest as a result of
which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement: (I) the Controlling Party shall
keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest; (II) the
Controlling Party shall timely provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority; (III) the
Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such potential adjustment
in such Tax Contest; (IV) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment
before submitting any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest; and (V) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the
Controlling Party to take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any
liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall such
failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. In the case of any Tax Contest described in this Article VIII,
“Controlling Party” means the Party entitled to control the Tax Contest under this Article VIII and “Non-Controlling Party” means (x) PDL if LENSAR is the
Controlling Party and (y) LENSAR if PDL is the Controlling Party. 
 (d) Tax Contest Participation. Subject to
Section 8.2(e), and unless waived by the Parties in writing, the Controlling Party shall provide the Non-Controlling Party with written notice reasonably in advance of, and the Non-Controlling Party shall have the right to attend, any formally scheduled meetings with Tax Authorities or hearings or proceedings before any judicial authorities in connection with any potential adjustment in a
Tax Contest (i) pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement or (ii) that
is with respect to a LENSAR Separate Return that could reasonably be expected to materially adversely affect any PDL Entity. The failure of the Controlling Party to provide any notice specified in this Section 8.2(d) to the
Non-Controlling Party shall not relieve the Non-Controlling Party of any liability or obligation which it may have to the Controlling Party under this Agreement except
to 

  
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the extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. 

(e) Joint Returns. Notwithstanding anything in this Article VIII to the contrary, in the case of a Tax Contest related to a
Joint Return, the rights of LENSAR and its Affiliates under Section 8.2(c) and Section 8.2(d) shall be limited in scope to the portion of such Tax Contest relating to Taxes for which LENSAR may
reasonably be expected to become liable to make any indemnification payment to PDL under this Agreement. 
 (f) Power of Attorney.
Each LENSAR Entity shall execute and deliver to PDL (or such PDL Entity as PDL shall designate) any power of attorney or other similar document reasonably requested by PDL (or such designee) in connection with any Tax Contest (as to which PDL is the
Controlling Party) described in this Article VIII. Each PDL Entity shall execute and deliver to LENSAR (or such LENSAR Entity as LENSAR shall designate) any power of attorney or other similar document requested by LENSAR (or such designee) in
connection with any Tax Contest (as to which LENSAR is the Controlling Party) described in this Article VIII. 
 ARTICLE IX.

 TAX TREATMENT OF PAYMENTS 

Section 9.1 General Rule. Unless otherwise required by applicable Law, the Parties will treat any indemnity payment made pursuant
to this Agreement or any Ancillary Agreement by PDL to LENSAR, or vice versa, in the same manner as if such payment were a non-taxable distribution or capital contribution, as the case may be, made immediately
prior to the Distribution, except to the extent that PDL and LENSAR treat a payment as the settlement of an intercompany liability; provided, however, that any such payment that is made or received by a Person other than PDL or LENSAR,
as the case may be, shall be treated as if made or received by the payor or the recipient as agent for PDL or LENSAR, in each case as appropriate.  

Section 9.2 Interest. Anything herein or in the Separation Agreement to the contrary notwithstanding, to the extent one
Party makes a payment of interest to the other Party under this Agreement with respect to the period from the date that the Party receiving the interest payment made a payment of Tax to a Tax Authority to the date that the Party making the interest
payment reimbursed the Party receiving the interest payment for such Tax payment, the interest payment shall be treated as interest expense to the Party making such payment (deductible to the extent provided by Law) and as interest income by the
Party receiving such payment (includible in income to the extent provided by Law). The amount of the payment shall not be adjusted to take into account any associated Tax Benefit to the Party making such payment or increase in Tax to the Party
receiving such payment. 
 ARTICLE X. 

GROSS-UP OF INDEMNIFICATION PAYMENTS 

Section 10.1 Gross-Up of Indemnification Payments. Except to the extent provided in Section 9.2, any Tax indemnity payment made
by a Party under this Agreement shall be 

  
 17 

 
increased as necessary so that after making all payments in respect to Taxes imposed on or attributable to such indemnity payment, the recipient Party receives an amount equal to the sum it would
have received had no such Taxes been imposed. 
 ARTICLE XI. 

MISCELLANEOUS 

Section 11.1 Complete Agreement; Construction. This Agreement and the Ancillary Agreements shall constitute the entire agreement
between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. For the avoidance of doubt, the preceding sentence shall apply to all other
agreements, whether or not written, in respect of any Tax between or among any PDL Entity or PDL Entities, on the one hand, and any LENSAR Entity or LENSAR Entities, on the other hand, which agreements shall be of no further effect between the
parties thereto and any rights or obligations existing thereunder shall be fully and finally settled, calculated as of the date hereof. Except as expressly set forth in the Separation Agreement or any Ancillary Agreement: (i) all matters
relating to Taxes and Tax Returns of the Parties and their respective Subsidiaries, to the extent such matters are the subject of this Agreement, shall be governed exclusively by this Agreement; and (ii) for the avoidance of doubt, in the event
of any conflict between the Separation Agreement or any Ancillary Agreement, on the one hand, and this Agreement, on the other hand, with respect to such matters, the terms and conditions of this Agreement shall govern. 

Section 11.2 Other Agreements. Except as may be expressly stated herein, this Agreement is not intended to address, and
should not be interpreted to address, the matters specifically and expressly covered by the Separation Agreement or the Ancillary Agreements. 

Section 11.3 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party.  

Section 11.4 Survival of Agreements. Except as otherwise contemplated by this Agreement, all covenants and agreements of
the Parties contained in this Agreement shall survive the Distribution Date. 
 Section 11.5 Notices. All notices and other
communications hereunder shall be in writing, shall reference this Agreement and shall be hand delivered or mailed by registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other addresses for a
Party as shall be specified by like notice) and will be deemed given on the date on which such notice is received: 
 To PDL BioPharma, Inc.:

 PDL BioPharma, Inc. 
 932
Southwood Boulevard 
 Incline Village, Nevada 89451 

Attention: General Counsel 
 Tel:
(775) 832-8500 
 Fax: [●] 

  
 18 

 To LENSAR, Inc.: 

LENSAR, Inc. 
 2800 Discovery
Drive 
 Orlando, Florida 32826 

Attention: General Counsel 
 Tel:
(888) 536-7271 
 Fax: [●] 

Section 11.6 Waivers. The failure of any Party to require strict performance by any other Party of any provision in this Agreement
will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. 

Section 11.7 Amendments. This Agreement may not be modified or amended except by an agreement in writing signed by each of
the Parties. 
 Section 11.8 Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by
any Party without the prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided, however, that either Party may assign this
Agreement to a purchaser of all or substantially all of the properties and assets of such Party so long as such purchases expressly assumes, in a written instrument in form reasonably satisfactory to the
non-assigning Party, the due and punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to be performed or observed.  

Section 11.9 Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of and be
enforceable by the Parties and their respective successors and permitted assigns. 
 Section 11.10 Subsidiaries. Each of the
Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of such Party after the Distribution Date.
 
 Section 11.11 Title and Headings. Titles and headings to Sections herein are inserted for convenience of
reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 Section 11.12
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and to be performed in the state of Delaware.  

Section 11.13 Waiver of Jury Trial. The Parties hereby irrevocably waive any and all right to trial by jury in any legal
proceeding arising out of or related to this Agreement. 

  
 19 

 Section 11.14 Specific Performance. From and after the Distribution, in the
event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Parties agree that the Party to this Agreement who is or is to be thereby aggrieved shall have the right to specific
performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that, from and
after the Distribution, the remedies at Law for any breach or threatened breach of this Agreement, including monetary damages, are inadequate compensation for any loss, that any defense in any action for specific performance that a remedy at Law
would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived.  

Section 11.15 Severability. In the event any one or more of the provisions contained in this Agreement should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 11.16 Payment Terms. 

(a) Except as otherwise expressly provided to the contrary in this Agreement, any amount to be paid or reimbursed by a Party (where
applicable, or one of such Party’s Entities) to the other Party (where applicable, or one of such other Party’s Entities) under this Agreement shall be paid or reimbursed hereunder within sixty (60) days after presentation of an
invoice or a written demand therefor, in either case setting forth, or accompanied by, reasonable documentation or other reasonable explanation supporting such amount. 

(b) Except as expressly provided to the contrary in this Agreement, any amount not paid when due pursuant to this Agreement (and any amount
billed or otherwise invoiced or demanded and properly payable that is not paid within sixty (60) days of such bill, invoice or other demand) shall bear interest at a rate per annum equal to the Applicable Rate, calculated for the actual number
of days elapsed, accrued from the date on which such payment was due up to the date of the actual receipt of payment. 
 (c) Without the
consent of the Party receiving any payment under this Agreement specifying otherwise, all payments to be made by either PDL or LENSAR under this Agreement shall be made in U.S. dollars. Except as expressly provided herein, any amount which is not
expressed in U.S. dollars shall be converted into U.S. dollars by using the exchange rate published on Bloomberg at 5:00 pm, Eastern time, on the day before the relevant date, or in The Wall Street Journal on such date if not so published on
Bloomberg. Except as expressly provided herein, in the event that any Tax indemnity payment required to be made hereunder may be denominated in a currency other than U.S. dollars, the amount of such payment shall be converted into U.S. dollars on
the date in which notice of the claim is given to the indemnifying Party. 

  
 20 

 Section 11.17 No Admission of Liability. The allocation of assets and
liabilities herein is solely for the purpose of allocating such assets and liabilities between PDL and LENSAR and is not intended as an admission of liability or responsibility for any alleged liabilities
vis-à -vis any Third Party, including with respect to the liabilities of any non-wholly owned subsidiary of PDL or LENSAR.

 [Signature Page Follows] 

  
 21 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written. 
  

			
	PDL BioPharma, Inc.
		
	By:	 	  

	Name:	 	Dominique Monnet
	Title:	 	President and Chief Executive Officer
	
	LENSAR, Inc.
		
	By:	 	  

	Name:	 	Nick Curtis
	Title:	 	Chief Executive Officer

 [Signature Page to Tax Matters Agreement]

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