Document:

EX-10.12

 Exhibit 10.12 

Royalty Purchase Agreement 

This Royalty Purchase Agreement (the “Agreement”), dated as of October 27, 2020, is by and between Arena
Pharmaceuticals, Inc. (“Parent”), 356 Royalty Inc., a Delaware corporation and wholly-owned subsidiary of Parent (“356”), and Longboard Pharmaceuticals, Inc., a Delaware corporation and wholly-owned subsidiary of
Parent (the “Company”). Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in that certain Transaction Agreement, dated as of December 28, 2016, by and among 356, Eisai Inc. and Eisai
Co., Ltd. (the “Transaction Agreement”). 
 WHEREAS, 356 has the sole right to receive certain payments pursuant to and in
accordance with the Transaction Agreement; 
 WHEREAS, 356 desires to sell, assign, convey and transfer to the Company, and the Company
desires to purchase from 356, the Purchased Rights (defined below), upon and subject to the terms and conditions hereinafter set forth; and 

WHEREAS, Parent, 356 and the Company desire to enter into this Agreement to memorialize the sale and assignment of the Purchased Rights to the
Company, on the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual
covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

ARTICLE I 

1.    Definitions. 

(a)    “Purchased Rights” means the right to receive one hundred percent (100%) of (i) all milestone
payments paid, owed, or otherwise payable by Eisai under Section 8.2 of the Transaction Agreement on or after the date of this Agreement, (ii) all royalties paid, owed or otherwise payable by Eisai under Section 8.3 of the Transaction
Agreement on or after the date of this Agreement, (iii) all amounts paid, owed or otherwise payable by Eisai under Section 8.5 of the Transaction Agreement on or after the date of this Agreement, (iv) all amounts paid, owed or
otherwise payable by Eisai pursuant to Section 8.7 of the Transaction Agreement (other than amounts for audit costs) with respect to such milestone payments and/or royalties, (v) all interest paid, owed or otherwise payable by Eisai
pursuant to Section 8.8 of the Transaction Agreement with respect to such milestone payments and/or royalties, and (vi) all amounts equal to the royalty payable under Section 8.3 of the Transaction Agreement with respect to all
proceeds (including any damages, monetary awards or other amounts recovered, whether by judgment or settlement) deemed Net Sales pursuant to Section 10.3(d) of the Transaction Agreement. 

  
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 2.    Purchase and Sale. 

(a)    Purchase and Sale of Purchased Rights. On the terms and subject to the conditions set forth in this
Agreement, 356 hereby sells, assigns, transfers, conveys and delivers to Company, and Company does hereby purchase, acquire and accept from 356, all of 356’s right, title and interest in, to and under the Purchased Rights. In full consideration
for the sale of the Purchased Rights, and subject to the terms and conditions set forth herein, the Company shall pay to 356, on the date hereof, the sum of one hundred twenty thousand nine hundred thirty dollars ($120,930), by wire transfer to an
account designated in writing by 356. If requested by the Company, 356 shall execute and deliver a Bill of Sale in such form as may be reasonably required by the Company, to further evidence the sale, assignment and conveyance of the Purchased
Rights. 
 (b)    Excluded Assets. Company does not, by assignment of the Purchased Rights hereunder, acquire any
assets or contract rights of 356 under the Transaction Agreement, or any other assets or rights of 356, other than the Purchased Rights. 

(c)    True Sale. 356 and the Company intend and agree that the sale, assignment and transfer of the Purchased
Rights under this Agreement shall be, and is, a true sale by the 356 to the Company that is absolute and irrevocable and that provides the Company with the full benefits of ownership of the Purchased Rights, and neither 356 nor the Company intends
the transactions contemplated hereunder to be, or for any purpose (including tax purposes) characterized as, a loan from the Company to 356 or a pledge or security agreement. 356 waives any right to contest or otherwise assert that this Agreement is
other than a true sale by 356 to the Company under applicable law, which waiver shall be enforceable against 356 in any bankruptcy or insolvency proceeding relating to 356. 356 intends for the conveyance to the Company of the Purchased Rights to be
reflected on the balance sheets and other financial statements of 356 as a sale of the Purchased Rights to the Company and shall be reflected on the Company’s balance sheet and other financial statements as a purchase of the Purchased Rights
from 356. 
 (d)    Financing Statements. 356 hereby consents to the Company recording and filing, at the
Company’s sole cost and expense, financing statements (and continuation statements with respect to such financing statements when applicable) meeting the requirements of applicable law in such manner and in such jurisdictions as are necessary
or appropriate to (i) evidence or perfect the sale, assignment, transfer, and conveyance by 356 to the Company, and the purchase, acquisition and acceptance by the Company from 356, of the Purchased Rights and (ii) perfect the security
interest in the Purchased Rights granted by 356 to the Company pursuant to Section 2(e) below. 

(e)    Security Interest. Notwithstanding that 356 and the Company expressly intend for the sale, assignment,
transfer, and conveyance of the Purchased Rights to be a true, complete, 

  
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absolute and irrevocable sale and assignment, in the event that any transfer contemplated by this Agreement is held not to be a sale, 356 hereby assigns, conveys, grants and pledges to the
Company, as security for its obligations created hereunder, a security interest in and to all of 356’s right, title and interest in, to and under the Purchased Rights, whether now owned or hereafter acquired, and any proceeds (as such term is
defined in the Uniform Commercial Code) thereof and, solely in such event, this Agreement shall constitute a security agreement. 

3.    Section 8.5 of Transaction Agreement; No Assumption of Liabilities. The Company hereby assumes and shall perform and
discharge, when due, those obligations expressly set forth in Section 8.5 of the Transaction Agreement, as and to the extent exclusively resulting from, relating to or arising out of payments made to the Company after the date of this Agreement
under the Purchased Rights. Other than as expressly set forth in the preceding sentence, the Company does not assume, and shall not be deemed to have assumed or guaranteed, any liability or obligation of any nature of 356 or Parent. 

4.    Representations and Warranties of 356. 356 hereby represents and warrants to the Company that: 

(a)    Organization of 356. 356 is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. 
 (b)    Authority. 356 has all requisite power and authority to execute and
deliver this Agreement, to carry out its obligations hereunder, and to consummate the transactions contemplated hereby. 356 has obtained all necessary corporate approvals for the execution and delivery of this Agreement, the performance of its
obligations hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly executed and delivered by 356 and (assuming due authorization, execution and delivery by the Company) shall constitute a legal, valid
and binding obligation of 356, enforceable against it in accordance with its terms. 
 (c)    Ownership and Transfer
of Purchased Rights. 356 is the sole owner of, and has valid, good and marketable title to, all of the Purchased Rights. 356 has the unrestricted right to assign, transfer, convey and deliver to the Company all right, title and interest in and
to the Purchased Rights without penalty or other adverse consequences. 356 is not a party to any contract or agreement (other than this Agreement) that could require 356 to sell, transfer or otherwise dispose of any of the Purchased Rights. 

5.    Representations and Warranties of the Company. The Company hereby represents and warrants to 356 that: 

(a)    Organization of the Company. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware. 

  
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 (b)    Authority. The Company has all requisite power and
authority to execute and deliver this Agreement, to carry out its obligations hereunder, and to consummate the transactions contemplated hereby. The Company has obtained all necessary corporate approvals for the execution and delivery of this
Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Company and (assuming due authorization, execution and delivery by 356)
shall constitute a legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms. 

6.    Covenants 

(a)    Affirmative Covenants. 356 shall: 

(i)    reasonably perform and comply with each of its duties and obligations, including all covenants, conditions and
other provisions, with respect to the Purchased Rights under the Transaction Agreement, and take all reasonable steps in furtherance of protecting and preserving the Purchased Rights; 

(ii)    promptly after receipt of any Quarterly Report pursuant to Section 8.3(c) of the Transaction Agreement, then,
in each such case, subject to applicable confidentiality restrictions, (a) inform the Company in writing of such receipt, and (b) furnish the Company with a copy of such report; 

(iii)    promptly after receipt of any written correspondence or written communication relating to the Transaction
Agreement or the Purchased Rights that references or describes changes, effects, events, occurrences, states of facts, developments or conditions that would reasonably be expected, individually or in the aggregate, to have an adverse effect in any
significant respect on the timing, amount or duration of the milestone payments or royalties payable under Sections 8.2 or 8.3 of the Transaction Agreement, or the right of the Company to receive such milestone payments or royalties (collectively,
an “Adverse Effect”), then, in each such case, subject to applicable confidentiality restrictions, (a) inform the Company in writing of such receipt, (b) provide to the Company in writing a reasonably detailed description
of the substance thereof, and (c) furnish the Company with a copy of such correspondence or communication; 

(iv)    promptly after becoming aware of a breach or default or alleged breach or default under Article 8 of the
Transaction Agreement by Eisai, or of the existence of any facts, circumstances or events that, alone or together with other facts, circumstances or events, would reasonably be expected (with or without the giving of notice or passage of time, or
both) to give rise to a material breach or default under Article 8 of the Transaction Agreement by Eisai, then, in each such case, subject to applicable confidentiality restrictions, 356 shall (i) give a written notice to the Company describing
in reasonable detail the relevant breach or default, and (ii) at the Company’s expense, follow any reasonable direction of the Company and, as may be reasonably requested by the Company, take such permissible actions (including commencing
legal action against Eisai and the selection of legal counsel reasonably satisfactory to the 

  
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Company) to enforce compliance by Eisai with the relevant provisions of Article 8 of the Transaction Agreement and to exercise any or all of 356’s rights and remedies, whether under the
Transaction Agreement or by operation of law, with respect thereto; 
 (v)    make available its records and personnel
to the Company in connection with any litigation by 356 against Eisai to enforce the Company’s entitlement to the Purchased Rights; 

(vi)    promptly after becoming aware of any facts or circumstances that demonstrate a likelihood that the applicable
royalty rate set forth in the Transaction Agreement will be reduced or eliminated, permanently or temporarily, subject to applicable confidentiality restrictions, give written notice to the Company describing in reasonable detail the relevant
royalty reduction, including a copy of any written notice received from Eisai, and describing in reasonable detail any corrective action 356 proposes to take, if any, to object to or rectify such royalty reduction; 

(vii)    promptly, and in no event later than thirty (30) days following receipt thereof, deliver and pay to the
Company any amount received by 356 after the date of this Agreement to the extent such amount constitutes any portion of the Purchased Rights hereunder. Any amount due under this Section 6(a)(vii) that is not paid on or before the date such
payment is due shall bear interest, to the extent permitted by applicable law, at 1.5 percentage points above the U.S. Prime Rate, as reported in the Wall Street Journal, Eastern Edition from time to time, calculated on the number of days such
payment is overdue; and 
 (viii)    cooperate with the Company to minimize withholdings under Section 8.5 of the
Transaction Agreement. 
 (b)    Confidentiality. The Company agrees that, to the extent it receives any
Confidential Information, it shall be subject to obligations of confidentiality and non-use with respect to such Confidential Information in substantially the same manner as a Receiving Party pursuant to
Article 9 of the Transaction Agreement. 
 (c)    Limitations. Notwithstanding anything to the contrary in this
Agreement, to the extent that delivery or disclosure required to be made by 356 to the Company under this Agreement would constitute a breach or violation by 356 of any applicable confidentiality restrictions (including those in the Transaction
Agreement), 356 shall cooperate with the Company to implement a procedure to permit access to or disclosure of, or otherwise provide a summary of, such information in a manner that would not reasonably be expected to cause a breach or violation of
the applicable confidentiality restriction, provided that, for clarity, 356 shall not be required to contact, engage in any discussions with or solicit any consent of Eisai to satisfy its obligations under Section 6(a). 

(d)    Infringement Proceedings. The Company shall have the right, at its sole expense, to consult with Parent and
356 regarding any action, suit or proceeding involving the 

  
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infringement, legality, validity or enforceability of any Arena Licensed Patent or the Transaction Agreement or the misappropriation of Arena Licensed
Know-How, in each case to the extent that any such action, suit or proceeding would reasonably be expected to have an Adverse Effect. Parent agrees, at the Company’s expense and to the extent reasonably
requested by the Company, to cooperate with the Company with respect to any such action, suit or proceeding. If requested by the Company, 356 shall, at the Company’s expense, exercise and enforce its rights (to the extent it has applicable
rights) to participate in, and control, any such action, suit or proceeding to the fullest extent permissible under the terms of the Transaction Agreement. 

(e)    Negative Covenants. Parent and 356 agrees that it shall not, without the prior written consent of the
Company: 
 (i)    sell, transfer or otherwise dispose of any of the Purchased Rights (other than pursuant to this
Agreement), or attempt to do any of the foregoing, or enter into any contract or agreement (other than this Agreement) that could require 356 to sell, transfer or otherwise dispose of any of the Purchased Rights; 

(ii)    forgive, release or compromise any milestone payment or royalty owed under the Transaction Agreement; 

(iii)    waive, amend, cancel or terminate, or exercise or fail to exercise any of its material rights under the
Transaction Agreement to the extent constituting, involving or relating to the right to receive milestone payments or royalties thereunder; or 

(iv)    amend, modify, restate, cancel, supplement, terminate or waive any provision of the Transaction Agreement, or
grant any consent under the Transaction Agreement, or agree to do any of the foregoing, including entering into any agreement with Eisai under the provisions of the Transaction Agreement, unless any such action would reasonably be expected to not
have an Adverse Effect. 
 7.    Further Assurances. Parent, 356 and the Company agree to execute any and all documents and
instruments of transfer, assignment, assumption or novation and to perform such other acts as may be reasonably necessary or expedient to further the purposes of this Agreement and the transactions contemplated by this Agreement. 

8.    Notices. All notices, consents, waivers and communications hereunder given by any party to the other shall be in writing and
delivered personally, by hand, by a recognized overnight courier, or by sending the same by certified or registered mail, return receipt requested, with postage prepaid, or by email (provided any notice given by email shall also be given by another
method of delivery permitted by this Section 8), in each case addressed: 
 If to Parent: 

Arena Pharmaceuticals, Inc. 
 6154
Nancy Ridge Drive 
 San Diego, CA 92121 

Attention: General Counsel 

  
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 If to 356: 

356 Royalty Inc. 
 6154 Nancy
Ridge Drive 
 San Diego, CA 92121 

Attention: Chief Executive Officer 

If to the Company: 
 Longboard
Pharmaceuticals, Inc. 
 6154 Nancy Ridge Drive 

San Diego, CA 92121 
 Attention:
Chief Executive Officer 
 or to such other address or addresses as 356 or the Company may from time to time designate by notice as provided herein, except
that notices of changes of address shall be effective only upon receipt. All such notices, consents, waivers and communications shall: (a) when posted by certified or registered mail, postage prepaid, return receipt requested, be effective
three (3) business days after being sent, (b) when delivered by a recognized overnight courier or in person, be effective upon receipt when hand delivered or (c) on the date sent by e-mail if
sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, and in either case followed by a transmission pursuant to another method of delivery permitted by this
Section 8. 
 9.    Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this
Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, representations and warranties and agreements, both written and oral, with respect to such subject matter. 

10.    Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and,
subject to this Section 10, their respective successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be sold, transferred, conveyed or assigned, in whole or in part, by operation
of law or otherwise, by 356 or the Company without the prior written consent of the other party, except that, subject to this Section 10: 

(a)    Parent and/or 356 may, without the consent of the Company, sell, transfer, convey or assign its rights and
obligations under this Agreement, in whole but not in part, to any person 

  
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or entity, (i) with which Parent or 356, respectively, merges or consolidates or to which Parent or 356, respectively, sells all or substantially all of its assets, and (ii) to which
356 assigns the Transaction Agreement in accordance with its terms; and 
 (b)    The Company may, without the consent
of 356, sell, transfer, convey or assign its rights and obligations under this Agreement, in whole but not in part, to any person or entity with which the Company merges or consolidates or to which the Company sells all or substantially all of its
assets. 
 Any permitted sale, transfer, conveyance or assignment under this Section 10 shall only be effective upon the written notification by the
applicable party to the other party hereto of such sale, transfer, conveyance or assignment.     
 11.    No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal
or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 
 12.    Headings. The
headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 
 13.    Amendment and
Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

14.    Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of California without giving effect to the principles of conflicts of laws thereof. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the
federal courts of the United States or the courts of the State of California in each case located in the city and County of San Diego, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or
proceeding. Service of process, summons, notice or other document by mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. 

  
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 15.    Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

 

			
	ARENA PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Amit D. Munshi

	Name:	 	Amit D. Munshi
	Title:	 	President and Chief Executive Officer
	
	356 ROYALTY INC.
		
	By:	 	 /s/ Amit D. Munshi

	Name:	 	Amit D. Munshi
	Title:	 	President and Chief Executive Officer
	
	LONGBOARD PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Kevin Lind

	Name:	 	Kevin Lind
	Title:	 	President and Chief Executive Officer

  
 10EX-10.13

 Exhibit 10.13 

SERVICES AGREEMENT 

THIS SERVICES AGREEMENT (this “Agreement”),
effective as of October 27, 2020 (the “Effective Date”) by and between Arena Pharmaceuticals, Inc., a Delaware corporation (“Arena”) and Longboard Pharmaceuticals, Inc., a Delaware corporation
(“Longboard”). Longboard and Arena are referred to individually as a “Party” and collectively as the “Parties”. 

RECITALS 

WHEREAS, Arena and Longboard are entering into that certain License Agreement between the Parties dated
of even date herewith (the “License Agreement”); 
 WHEREAS, Arena and
Longboard are both engaged in the business of developing drug products, with Longboard focusing on drug products targeting neurological diseases; and 

WHEREAS, Longboard desires to engage Arena to perform services for Longboard and Arena desires to perform
such services for Longboard. 
 NOW, THEREFORE, in consideration of the mutual covenants
and undertakings herein, the adequacy of which is acknowledged by the Parties, Longboard and Arena hereby agree as follows. 
 SECTION 1 

DEFINITIONS 

1.1    “Affiliate” means any company or entity controlled by, controlling, or under common
control with a Party or another entity. For the purpose of this definition only, an entity shall be deemed to “control” another entity, if it owns directly or indirectly, more than 50% of the outstanding voting securities, capital stock,
or other comparable equity or ownership interest of such entity, or exercises equivalent influence over such entity. For purposes of this Agreement, Longboard shall not be considered an Affiliate of Arena, and Arena and its Affiliates shall not be
considered Affiliates of Longboard. 
 1.2    “Applicable Law” means any applicable
federal, state, local or other domestic or foreign law (including common law), statute, ordinance, rule, regulation, judgment, order, writ, decree or other court orders, or other requirement issued, enacted, adopted, promulgated, implemented or
otherwise put into effect by or under the authority of any Governmental Authority. 

1.3    “Compensation” has the meaning given such term in Section 2.7(a) of this
Agreement. 
 1.4    “Confidential Information” means any and all information, ideas,
inventions, discoveries, concepts, formulas, practices, procedures, processes, methods, knowledge, Know-How, trade secrets, technology, inventories, machines, techniques, development, designs, drawings,
computer programs, skill, experience, documents, apparatus, results, clinical and regulatory strategies, documentation, information and submissions pertaining to, or made in 

 
association with, filings with any Regulatory Authority, data, including pharmacological, toxicological, pre-clinical and clinical data, analytical and
quality control data, manufacturing data and descriptions, patent and legal data, market data, financial data or descriptions, devices, assays, chemical formulations, specifications, material, compositions of matter, product samples and other
samples, physical, chemical and biological materials and compounds, and the like, in written, electronic or other form, now known or hereafter developed, whether or not patentable, including all information concerning any Product and any other
technical or business information of whatever nature. 
 1.5    “Disclosing Party” has
the meaning given such term in Section 3.2 of this Agreement. 
 1.6    “EMA” means
the European Medicines Agency or any successor agency thereto. 
 1.7    “FDA” means the
U.S. Food and Drug Administration, or any successor agency thereto. 
 1.8    “General Scientific
Knowledge” means any methods, processes or scientific knowledge used or developed by or for Arena for performance of discovery, research and development activities generally, and any documentation, records, raw materials (other than
Materials), specimens, Know-How, or writings related to such methods, processes or scientific knowledge, but excluding (a) any methods or processes disclosed or provided to Arena by or on behalf of
Longboard as specified in writing and agreed to by Arena or (b) any methods, processes or scientific knowledge identified or developed in the course of performing the Services that are applicable only to Products. 

1.9    “Governmental Authority” means any court, agency, department, authority or other
instrumentality of any foreign, federal, state, county, city or other political subdivision. 

1.10    “Intellectual Property” means Know-How,
Patents, any other indicia of ownership of an invention, trademarks, service marks, trade names, trade dress, domain names, copyrights, trade secrets, inventions, technology, discoveries, software, formulae, processes, confidential and proprietary
information and any other similar proprietary rights and registrations and applications for registration for any of the foregoing recognized by any Governmental Authority. 

1.11    “Know-How” means technical information and know-how, including biological, chemical, pharmacological, toxicological, clinical, assay and related know-how and trade secrets, and manufacturing data, pre-clinical and clinical data, the specifications of ingredients, the manufacturing processes, formulation, specifications, sourcing information, quality control and testing procedures and related know-how and trade secrets. 
 1.12    “License
Agreement” has the meaning given to such term in the preamble to this Agreement. 

1.13    “Longboard Property” has the meaning given such term in Section 4.1 of this
Agreement. 

  
 2. 

 1.14    “Longboard Work Product” means
any and all results (including data) and products (interim or final) of the Services performed by Arena hereunder, whether tangible or intangible, including each and every invention (whether or not patentable), discovery, design, drawing, protocol,
process, technique, formula, trade secret, device, compound, substance, material, pharmaceutical, method, software program (including object code, source code, flow charts, algorithms and related documentation), listing, routine, manual and
specification, whether or not patentable or copyrightable, that are made, developed, perfected, designed, conceived or first reduced to practice by Arena, either solely or jointly with others, in the course of and as a result of the performance of
the Services, and Intellectual Property rights in and to the foregoing, including any and all inventions and Intellectual Property covering the composition, manufacture or use of Products first made in the course of performing the Services.
Notwithstanding the foregoing, Longboard Work Product shall exclude General Scientific Knowledge and the Retained Rights. 

1.15     “Materials” means any chemical or biological materials provided by Longboard to
Arena for use in performing the Services, including any progeny or unmodified derivatives of such materials. 

1.16    “Patents” means (a) patents and patent applications (provisional and non-provisional) anywhere in the world, (b) all divisionals, continuations, continuations in-part thereof, or any other patent application claiming priority, or entitled
to claim priority, directly or indirectly to (i) any such patents or patent applications or (ii) any patent or patent application from which such patents or patent applications claim, or is entitled to claim, direct or indirect priority,
and (c) all patents issuing on any of the foregoing anywhere in the world, together with all registrations, reissues, re-examinations, patents of addition, renewals, supplemental protection certificates,
or extensions of any of the foregoing anywhere in the world. 
 1.17    “Person” shall
mean an individual, firm, corporation, partnership, limited liability company, trust, business trust, joint venture, Governmental Authority, association or other entity. 

1.18    “Product” means any Licensed Product (as defined in the License Agreement). 

1.19    “Receiving Party” has the meaning given such term in Section 3.2 of this
Agreement. 
 1.20    “Regulatory Authority” means any Governmental Authority that has
responsibility in any country or group of countries over the development, manufacture or commercialization of a Product, including the FDA and EMA. 

1.21    “R&D Plan” has the meaning given to such term in Exhibit A to this
Agreement. 
 1.22    “Retained Rights” means the rights to Intellectual Property
retained by Arena pursuant to the License Agreement, including all right, title and interest in and to any New Compound IP (as defined in the License Agreement), and any other rights to Intellectual Property designated by the Parties as to be owned
by Arena pursuant to the R&D Plan. 
 1.23    “Services” has the meaning given such
term in Section 2.1 of this Agreement. 

  
 3. 

 1.24    “Term” has the meaning given such
term in Section 5.1 of this Agreement. 
 1.25    “Third Party” or “Third
Parties” shall mean any entity other than a Party. 
 SECTION 2 

SERVICES AND COMPENSATION 

2.1    Performance of Services. Subject to the terms of this Agreement, Arena shall perform or cause to be
performed such executive management, administrative support and development activities with respect to Products and provide or cause to be provided to Longboard such other services, in each case, as may reasonably be requested by Longboard and
reasonably approved by Arena from time to time and set forth on Exhibit A to this Agreement (“Services”). Arena will perform the Services in compliance with all Applicable Laws and the terms of this Agreement. Without
limiting the foregoing, Arena will perform the Services in compliance with good laboratory practice, good clinical practice and good manufacturing practices, in each case as applicable under the Applicable Laws of the country and the state and local
government wherein such activities are conducted, and with respect to the care, handling and use in research and development activities of any non-human animals by or on behalf of Arena, shall comply in all
material respects with Applicable Laws. 
 2.2    Qualified Personnel. Arena will make available qualified
personnel to perform the Services and shall perform the Services in a timely, efficient and professional manner. Arena shall comply and shall cause its employees and subcontractors to comply with all personnel, facility, safety and security rules
and regulations of Longboard, and shall conduct its work in such a manner as to avoid endangering the safety of any person. 

2.3    Subcontractors. Subject to the terms of this Agreement, Arena may engage subcontractors to perform
Services. The engagement of a subcontractor by Arena shall not relieve Arena of any of its obligations under this Agreement. Arena shall be responsible for the performance or nonperformance of its subcontractors as if such performance or
nonperformance were that of Arena. Arena shall require all subcontractors to maintain adequate controls to ensure subcontractors perform in accordance with the standards required of Arena in this Agreement. 

2.4    No Debarment. Arena shall not employ (or use any subcontractor or consultant that employs) any
individual or entity that it knows (a) is debarred by the FDA (or subject to a similar sanction of EMA or other applicable Regulatory Authority), (b) is the subject of an FDA debarment investigation or proceeding (or similar proceeding of
EMA or other applicable Regulatory Authority), or (c) has been charged with or convicted under Applicable Laws for conduct relating to the development or approval, or otherwise relating to the regulation of any product under the Generic Drug
Enforcement Act of 1992, in each case, in the conduct of its activities under this Agreement. 

2.5    Changes. The Parties acknowledge that changes may be made to the Services described in
Exhibit A as agreed in writing by the Parties. Arena will provide the Services in accordance with Exhibit A, as updated from time to time. The Parties acknowledge that Arena may make changes from
time to time in the manner of performing the Services, provided that any such changes shall be made in consultation with Longboard. 

  
 4. 

 2.6    Communications. On a regular basis, Arena and
Longboard shall conduct meetings, either in person or by telephone or video conference, to discuss the progress and results of the Services. Arena shall deliver to Longboard the Longboard Work Product from time to time as provided in
Exhibit A or as agreed in writing by the Parties. 
 2.7    Payment by
Longboard. 
 (a)    Compensation. In consideration for performance of the Services, Longboard
shall pay Arena fees for the provision of Services in accordance with Exhibit B (the “Compensation”). 

(b)    Payment. Payment by Longboard shall be made in U.S. dollars (unless otherwise agreed to by the
Parties) and may be made by way of a cash payment to Arena. Payments shall be subject to all Applicable Laws, including the withholding of any taxes required by law. Arena will pay any and all taxes levied on account of any payments made to it under
this Agreement. 
 (c)    Time of Payment. The Compensation set forth in an invoice shall be due
and payable no later than thirty (30) days following receipt by Longboard of such invoice from Arena. Any payment due under this Section 2.7 that is not paid on or before the date such payment is due shall bear interest, to the extent
permitted by Applicable Law, at 1.5 percentage points above the U.S. Prime Rate, as reported in the Wall Street Journal, Eastern Edition from time to time, calculated on the number of days such payment is overdue. 

2.8    Third Party Contracts. 

(a)    Arena and Longboard may mutually agree to assign to Longboard certain contracts related to the Products to which
Arena is a party, including but not limited to the contracts listed in Exhibit C (each, an “Assumed Contract”), which shall be documented by an assignment and assumption agreement in a form mutually agreed by the
Parties. If such an assignment of an Assumed Contract or an attempt to make such an assignment without the consent or approval of a third party would constitute a breach or violation thereof or affect adversely the rights of Arena thereunder, such
Assumed Contract shall not be assigned in the absence of such consent or approval. For a period of six (6) months after the Parties’ agreement to assign an Assumed Contract, Arena shall use its commercially reasonable efforts to seek
the consent of third parties required to assign such Assumed Contract to Longboard, and shall in the interim continue to maintain such Assumed Contract on behalf of and for the benefit of Longboard, at Longboard’s sole expense. During such
six (6) month period Arena shall not amend or modify any such Assumed Contract without the prior written consent of Longboard. 

(b)    In the event that Arena’s performance of the Services hereunder requires Arena to exercise its rights under
any contract to which Arena is a party (which contract is not, for clarity, an Assumed Contract), including but not limited to the contracts listed in Exhibit D (each, a “Third Party Contract”), then Arena agrees to
use commercially reasonable efforts to exercise such rights, and provide Longboard with substantially equivalent benefits and subject Longboard 

  
 5. 

 
to substantially equivalent burdens, at Longboard’s sole expense, as if Longboard were directly a party to such Third Party Contract, provided that to the extent such actions would
reasonably be expected to constitute a breach of such Third Party Contract, then Arena shall be entitled to cease performing the portion of the Services which requires such Third Party Contract. Upon Longboard’s written notice to Arena that
Longboard no longer requires the Services to be performed with respect to a Third Party Contract, the Parties shall cooperate to wind down Arena’s activities on behalf of Longboard under such Third Party Contract. Arena shall not amend or
modify any such Third Party Contract, or waive any rights thereunder, without the prior written consent of Longboard, unless such amendment, modification or waiver does not relate to Arena’s performance of the Services. Longboard shall
reimburse Arena’s out-of-pocket expenses incurred under a Third Party Contract to the extent paid in accordance with the terms of the relevant Third Party Contract,
provided, that to the extent a Third Party Contract provides for services unrelated to the Products, Longboard shall only be required to reimburse such
out-of-pocket expenses to the extent related primarily to the Products and the Services. If reasonably requested by Longboard and at Longboard’s sole expense, Arena
agrees to exercise its rights under the Third Party Contracts (which may include enforcing contractual provisions against a Third Party), provided, if an action requested by Longboard would be reasonably expected to adversely affect Arena,
then Arena shall not be obligated to take such action and the Parties will cooperate to find a mutually agreeable alternative. 
 SECTION 3

 EXCHANGE OF INFORMATION AND CONFIDENTIALITY 

3.1    Use of Materials and Confidential Information Provided by Longboard. During the Term, Longboard shall
provide to Arena Materials and Confidential Information of Longboard that Arena reasonably needs to perform the Services. Arena shall have a nonexclusive right to use any such Materials and Confidential Information of Longboard solely for the
purpose of performing the Services subject to and in accordance with the terms and conditions of this Agreement. Arena understands and agrees that Materials may have unpredictable and unknown biological or chemical properties, and that they are to
be used with caution. Arena shall not sell, transfer, disclose or otherwise provide access to any Materials, any method or process relating thereto, or any material that could not have been made but for receipt of the foregoing from Longboard, or
any Confidential Information of Longboard to any Person without the prior written consent of Longboard, except that Arena may allow access to the Materials and Confidential Information of Longboard solely to those employees and subcontractors of
Arena who require such access in order to perform the Services and solely for purposes of performing the Services; provided that any such employees and subcontractors are bound by confidentiality,
non-disclosure, non-use and transfer of ownership obligations with respect to the Materials, Confidential Information of Longboard and Longboard Work Product consistent
with those contained in this Agreement. 
 3.2    Confidentiality. The Parties agree that the Party (in
such capacity, the “Receiving Party”) receiving Confidential Information of the other Party (in such capacity, the “Disclosing Party”) (or that has received any such Confidential Information from the
Disclosing Party prior to the Effective Date) shall (a) maintain in confidence such Confidential Information using not less than the efforts such Receiving Party uses to maintain in confidence its own proprietary industrial information of
similar kind and value, but in no event less than reasonable 

  
 6. 

 
efforts, (b) not disclose such Confidential Information to any Person without the prior written consent of the Disclosing Party, except for disclosures expressly permitted by this Agreement,
and (c) not use such Confidential Information for any purpose except as expressly permitted by this Agreement or any other written agreement between the Parties (it being understood that this clause (c) shall not create or imply any rights
or licenses not expressly granted under any such agreement). Notwithstanding anything to the contrary herein, (a) the Longboard Work Product shall be Confidential Information of Longboard, and Longboard shall be the Disclosing Party and Arena
shall be the Receiving Party with respect thereto and (b) Longboard can disclose and use any Confidential Information licensed to Longboard under the License Agreement in accordance with the terms of such agreement. 

3.3    Confidentiality Exceptions. The obligations in Section 3.2 shall not apply with respect to any
portion of Confidential Information that the Receiving Party can show by competent written proof: 
 (a)    is
publicly disclosed by the Disclosing Party, either before or after it is disclosed to the Receiving Party hereunder; 

(b)    was known to the Receiving Party, without any obligation to keep it confidential or any restriction on its
use, prior to disclosure by the Disclosing Party; 
 (c)    is subsequently disclosed to the Receiving Party by a
Third Party lawfully in possession thereof and without any obligation to keep it confidential or any restriction on its use; 

(d)    is published by a Third Party or otherwise becomes publicly available or enters the public domain, either
before or after it is disclosed to the Receiving Party; or 
 (e)    is independently developed by or for the
Receiving Party without reference to or reliance upon the Disclosing Party’s Confidential Information. 

3.4    Authorized Disclosures. Notwithstanding Section 3.2, the Receiving Party may disclose
Confidential Information of the Disclosing Party: 
 (a)    to the extent such disclosure is required in response
to an order of a court or other Governmental Authority or is otherwise required by Applicable Laws to be disclosed, provided that, where reasonably possible, the Receiving Party shall notify the Disclosing Party of the Receiving Party’s intent
to make any disclosures pursuant to this Section 3.4 sufficiently prior to making such disclosure so as to allow the Disclosing Party adequate time to take whatever action it may deem appropriate to protect the confidentiality of the
information, and the Receiving Party will provide reasonable assistance to the Disclosing Party with respect thereto; provided that, in any event, the Receiving Party will use reasonable measures to ensure confidential treatment of such information
and shall only disclose such Confidential Information of the Disclosing Party as is necessary to comply with such Applicable Laws or judicial process; and 

(b)    solely on a “need to know basis” to permitted subcontractors and to employees and agents of the
Receiving Party and its permitted subcontractors, each of whom 

  
 7. 

 
prior to disclosure must be bound by written obligations of confidentiality and non-use no less restrictive than the obligations set forth in this
Section 3, which for avoidance of doubt, will not permit use of such Confidential Information for any purpose except those permitted by this Agreement; provided, however, that the Receiving Party shall remain responsible for any failure by any
Person who receives Confidential Information pursuant to this Section 3.4(b) to treat such Confidential Information as required under this Section 3. 

3.5    Publicity. Except as may be required by Applicable Laws (including disclosure requirements of the
U.S. Securities and Exchange Commission or any stock exchange on which securities issued by a Party or its Affiliates are traded) or as set forth in Section 3.3, each Party agrees not to publicize or disclose the existence or terms of this
Agreement to any Third Party without the prior written consent of the other Party, except that Longboard may also disclose the terms of this Agreement on a confidential basis to investors, potential investors, creditors, advisors, and consultants to
the extent that such disclosure is in connection with due diligence or similar investigations for a potential financial relationship between Longboard and a Third Party. 

3.6    Equitable Relief. Given the nature and value of the Confidential Information and the competitive
damage and irreparable harm that might result to the Disclosing Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages would not be a sufficient remedy for any
breach of this Section 3. If the Receiving Party becomes aware of any breach or threatened breach of this Section 3 by a Third Party to whom the Receiving Party disclosed the Disclosing Party’s Confidential Information, the Receiving
Party promptly shall notify the Disclosing Party and cooperate with the Disclosing Party to regain possession of its Confidential Information and prevent any further breach. In addition to all other remedies, a Party shall be entitled to specific
performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Section 3 without furnishing proof of actual damages. 

SECTION 4 
 INTELLECTUAL
PROPERTY 
 4.1    Ownership. Longboard shall own all right, title and interest in and to all
Materials and Longboard Work Product, including all Intellectual Property rights therein (collectively, the “Longboard Property”). Neither this Agreement, nor the provision of the Services hereunder, shall give
Arena any right, title or interest in or to any Longboard Property or other Intellectual Property of Longboard or its licensors disclosed or made available by Longboard to Arena for purposes of performance of the Services. 

4.2    Assignment; Assistance. As necessary to establish the ownership set forth in Section 4.1, Arena
hereby irrevocably assigns to Longboard all of its right, title and interest worldwide in and to the Longboard Property without royalty or any other consideration and agrees to execute all applications, assignments or other instruments reasonably
requested by Longboard in order for Longboard to establish its ownership of the Longboard Property and to obtain whatever protection for the Longboard Property, including Patent rights in any and all countries as Longboard shall determine. Arena
agrees to assist Longboard, or its designee, in every reasonable way (but at Longboard’s expense) to secure Longboard’s rights in Longboard Property, including the disclosure to Longboard of all pertinent information and data with respect

  
 8. 

 
to all Longboard Property, the execution of all applications, specifications, oaths, assignments and all other instruments that Longboard may deem necessary in order to apply for and obtain such
rights and in order to assign and convey to Longboard, its successors, assigns and nominees the sole and exclusive right, title and interest in and to all Longboard Property. The obligation of Arena to execute or cause to be executed any such
instrument or papers shall continue after the expiration or termination of this Agreement. Arena agrees that, if Longboard is unable because of Arena’s unavailability, dissolution, or otherwise, to secure Arena’s signature for the purpose
of applying for or pursuing any application for any Patents or copyright registrations covering the Longboard Property assigned to Longboard herein, then, until such time Arena becomes available, Arena hereby designates and appoints Longboard and
its duly authorized officers and agents as its agent and attorney-in-fact, to act for and on Arena’s behalf to execute and file any such applications and to do all
other lawfully permitted acts only to further the prosecution and issuance of Patents and copyright registrations with the same legal force and effect as if executed by Arena. 

4.3    Waiver or Assignment of Other Rights. As necessary to establish the ownership set forth in
Section 4.1, if Arena has any rights to Longboard Property that cannot be assigned to Longboard, Arena unconditionally and irrevocably waives the enforcement of such rights, and all claims and causes of action of any kind against Longboard or
its licensors with respect to such rights to Longboard Property. As necessary to establish the ownership set forth in Section 4.1, if Arena has any right to the Longboard Property that cannot be assigned to Longboard or waived by Arena, Arena
unconditionally and irrevocably grants to Longboard during the term of such rights, an exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple levels of sublicensees, to use,
practice, reproduce, create derivative works of, distribute, publicly perform and publicly display by all means now known or later developed such rights. Without limitation to the foregoing, Arena hereby concurrently and permanently waives all
paternity, integrity, special, moral or similar rights, if any, that vest or may vest in Arena as of the date any Longboard Property owned by Longboard is created under the provisions of any Applicable Laws, and Arena hereby agrees to secure such
permanent waiver of such rights, if any, that vest or may vest in Arena’s employees or subcontractors under such Applicable Laws. Arena further acknowledges and agrees that through the complete and permanent waiver contained herein Arena will
ensure that Arena’s employees’ legal heirs do not retain any paternity, integrity, moral, special or similar rights in and to the Longboard Property owned by Longboard. 

4.4    General Scientific Knowledge; Retained Rights. Notwithstanding the foregoing provisions of this
Section 4, Arena retains all right, title and interest in and to any and all General Scientific Knowledge and Retained Rights developed by Arena in the course of performing the Services, including, without limitation, all patent, copyright or
other intellectual property rights therein. 
 SECTION 5 

TERM AND TERMINATION 

5.1    Term. The term of this Agreement shall commence on the Effective Date and, unless earlier
terminated in accordance with this Section 5, shall continue until December 31, 2021, and shall automatically renew for successive one (1)-year terms, unless either Party provides written notice of its desire not to renew at least thirty
(30) days prior to the expiration of the then-current term (the initial term, together with any renewal terms, collectively, the “Term”). 

  
 9. 

 5.2    Termination. 

(a)    By Either Party. Longboard may terminate this Agreement either with respect to all, or with respect to
any one or more, of the Services provided hereunder at any time and from time to time, for any reason or no reason, by giving written notice to Arena at least thirty (30) days prior to the date of such termination. Arena may terminate this
Agreement either with respect to all, or with respect to any one or more, of the Services provided by it hereunder at any time and from time to time, for any reason or no reason, by giving written notice to Longboard (i) if prior to
June 30, 2021, at least one-hundred eighty (180) days prior to the date of such termination or (ii) if after June 30, 2021, at least sixty (60) days prior to the date of such
termination, and after delivery of such notice, shall reasonably cooperate with Longboard on any activities necessary to transition the Services to Longboard. In addition, the Parties may at any time agree in writing to terminate this Agreement with
respect to some or all of the Services, effective immediately or as indicated in such writing. In the event of any termination with respect to one or more, but less than all, Services, this Agreement shall continue in full force and effect with
respect to any Services not terminated thereby. 
 (b)    Payment Upon Termination. In the event of
termination of this Agreement or any Services hereunder, Longboard shall pay Arena for all Services completed through the date of termination in accordance with this Agreement, including any non-cancelable
commitments incurred by Arena in accordance with this Agreement. 
 (c)    Delivery of Longboard Work
Product. Upon expiration or termination of this Agreement, Arena shall deliver to Longboard any and all Longboard Work Product not previously delivered to Longboard. 

(d)    Return of Confidential Information. Upon expiration or termination of this Agreement, each Receiving
Party shall promptly, at the Disclosing Party’s election, either return to the Disclosing Party or destroy, at no cost to the Disclosing Party, all Confidential Information of the Disclosing Party; provided that each Party may keep one copy of
such Confidential Information for archival purposes subject to continuing confidentiality and non-use obligations under this Agreement. 

(e)    Survival. Expiration or termination of this Agreement will not relieve any Party of any obligation
accruing prior to such expiration or termination. Sections 1, last sentence of 2.8(b) (but only for so long as the License Agreement is in effect), 3.2, 3.3, 3.4, 3.5, 3.6, 4, 5.2, 6.4, 6.5 and 7 will survive expiration or termination of this
Agreement. 
 SECTION 6 

REPRESENTATIONS AND WARRANTIES; DISCLAIMER; LIMITATION OF LIABILITY 

6.1    Mutual Representations and Warranties. Each Party represents and warrants to the other that:
(a) it has full power and authority to enter into this Agreement and to perform 

  
 10. 

 
its obligations hereunder; (b) this Agreement is legally binding upon it, enforceable against it in accordance with its terms, and does not conflict with any agreement, instrument or
understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material law or regulation of any court, Governmental Authority or administrative or other agency having jurisdiction over it; and (c) such
Party is not under any pre-existing obligation inconsistent with the provisions of this Agreement. 

6.2    Arena. Arena is not currently, and will not voluntarily become, subject to any agreement or
obligation that would conflict with the terms of this Agreement or prevent Arena from performing Services in accordance with the terms of this Agreement. 

6.3    Longboard. To the extent Longboard provides Arena with any Materials pursuant to this
Agreement, Longboard has the right to provide such Materials to Arena for use as contemplated by this Agreement, and to Longboard’s knowledge, the use of such Materials by Arena in accordance with the terms of this Agreement will not infringe
the Intellectual Property rights of any Third Party. 
 6.4    Disclaimer. EXCEPT AS EXPRESSLY SET
FORTH IN SECTIONS 6.1, 6.2 AND 6.3, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OR VALIDITY OF ANY PATENTS ISSUED OR PENDING, OR WITH RESPECT TO THE OUTCOME OR RESULTS OF ANY ACTIVITIES TO BE PERFORMED PURSUANT TO THIS AGREEMENT. 

6.5    Limitation of Liability. EXCEPT FOR (A) A BREACH OF SECTION 3 (CONFIDENTIALITY),
OR (B) DAMAGES DUE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE LIABLE PARTY, NEITHER PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, SHALL BE LIABLE TO ANY OTHER PARTY OR ITS AFFILIATES FOR ANY INCIDENTAL, INDIRECT, SPECIAL, EXEMPLARY,
PUNITIVE, MULTIPLE OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS, LOSS OF USE, DAMAGE TO GOODWILL, OR LOSS OF BUSINESS) ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR
EQUITABLE THEORY AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT PARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE. 

SECTION 7 
 MISCELLANEOUS
PROVISIONS 
 7.1    Notices. Any and all notices, deliveries and other communications permitted or
required to be made under this Agreement shall be in writing, signed by the person giving such notice, delivery or other communication and shall be delivered personally, or sent by registered or certified mail, or sent by email to the Party, at the
address set forth in the opening paragraph of this Agreement or at such other address as may be supplied in writing. 

  
 11. 

 Notices sent to Longboard shall be sent to the attention of: 

Longboard Pharmaceuticals, Inc. 

6154 Nancy Ridge Drive 
 San
Diego, CA 92121 
 Attn: Chief Executive Officer 

and if sent by email shall be sent to [●] . 

Notices sent to Arena shall be sent to the attention of: 

Arena Pharmaceuticals, Inc. 

6154 Nancy Ridge Drive 
 San
Diego, CA 92121 
 Attention: General Counsel 

and if sent by email shall be sent to legal@arenapharm.com. 

In either case of notice to Longboard or notice to Arena, a copy of such notice shall also be sent to: 

Cooley LLP 
 4401 Eastgate Mall

 San Diego, CA 92121 USA 

Attention: L. Kay Chandler 

Email: kchandler@cooley.com 
 The
date of personal delivery or the date of mailing or emailing, as the case may be, shall be the date of such notice, delivery or communication. 

7.2    Successors and Assigns. Except as expressly provided hereunder, neither this Agreement nor any rights
or obligations hereunder may be assigned or otherwise transferred by any Party without the prior written consent of Longboard (in the case of a proposed assignment or transfer by Arena) or by Arena (in the case of a proposed assignment or transfer
by Longboard), in either case which consent shall not be unreasonably withheld; provided, however, that either Party may assign this Agreement and its rights and obligations hereunder without the other Party’s consent in connection with the
transfer or sale of all or substantially all of such Party’s business or assets to which this Agreement relates to a Third Party, whether by merger, sale of stock, sale of assets or otherwise. The rights and obligations of the Parties under
this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties. Any assignment not in accordance with this Agreement shall be void. 

7.3    Amendment. No change, modification, or amendment of this Agreement shall be valid or binding on the
Parties unless such change or modification shall be in writing signed by both Parties. 
 7.4    Remedies
Cumulative. The remedies of the Parties under this Agreement are cumulative and shall not exclude any other remedies to which a Party may be lawfully entitled. 

  
 12. 

 7.5    Force Majeure. Except for the payment, expenditure
or contribution of money, neither Party shall be liable for delay or failure in the performance of any of its obligations hereunder if such delay or failure is due to causes beyond its reasonable control, including acts of God, epidemic, pandemic,
fires, earthquakes, acts of war, terrorism, or civil unrest; provided, however, that the affected Party promptly notifies the other Party and further provided that the affected Party shall use commercially reasonable efforts to avoid or remove such
causes of non-performance and to mitigate the effect of such occurrence, and shall continue performance with the utmost dispatch whenever such causes are removed. When such circumstances arise, the Parties
shall negotiate in good faith any modifications of the terms of this Agreement that may be necessary or appropriate in order to arrive at an equitable solution. 

7.6    No Waiver. The failure of any Party to insist on strict performance of a covenant hereunder, or of
any obligation hereunder, shall not be a waiver of such Party’s right to demand strict compliance therewith in the future, nor shall the same be construed as a novation of this Agreement. 

7.7    Integration. This Agreement and any Exhibits constitute the full and complete agreement of the
Parties as to the subject matter hereof. 
 7.8    Insurance. Each Party agrees to maintain during the
Term usual and customary liability and workers compensation insurance, and to the extent customary in the industry for a company the size of such Party errors and omissions insurance, in each case in amounts consistent with industry standards and to
provide a certificate of insurance evidencing such coverage to the other Party upon request. 

7.9    Interpretation. 

(a)    The definitions of the terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The word “will” shall be construed to have the same meaning and effect as the word “shall”, and vice
versa. The word “any” shall mean “any and all” unless otherwise clearly indicated by context. The word “including” will be construed as “including without limitation.” The word “or” is disjunctive
but not necessarily exclusive. 
 (b)    Unless the context requires otherwise, (i) any definition of or
reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, or otherwise modified (subject to any restrictions on such
amendments, supplements, or modifications set forth herein or therein), (ii) any reference to any Applicable Laws herein shall be construed as referring to such Applicable Laws as from time to time enacted, repealed or amended, (iii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, and (iv) all references herein to Sections or Exhibits, unless otherwise specifically provided, shall be construed to refer to Sections and
Exhibits of this Agreement. 
 (c)    Headings and captions are for convenience only and are not be used in the
interpretation of this Agreement. 

  
 13. 

 7.10    Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the
U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other Applicable Law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all
purposes. 
 7.11    Choice of Law. This Agreement shall be governed by, enforced, and shall be construed
in accordance with the laws of the State of California without regard to any conflict of laws provision that would result in the application of the laws of any State other than the State of California and excluding the United Nations Convention on
Contracts for the International Sale of Goods; provided, however, that with respect to matters involving the enforcement of rights in or to Intellectual Property, the Applicable Laws of the applicable country shall apply. 

7.12    Severability. In the event any provision, clause, sentence, phrase, or word hereof, or the
application thereof in any circumstances, is held to be invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder hereof, or of the application of any such provision, sentence,
clause, phrase, or word in any other circumstances. 
 7.13    Costs and Expenses. Unless otherwise
provided in this Agreement, each Party shall bear all fees and expenses incurred in performing its obligations under this Agreement. 

7.14    Independent Contractors. Each Party is an independent contractor under this Agreement. Nothing
contained herein is intended or is to be construed so as to constitute the Parties as partners, agents or joint venturers. Neither Party shall have any express or implied right or authority to assume or create any obligations on behalf of or in the
name of the other Party or to bind the other Party to any contract, agreement or undertaking with any Third Party. There are no express or implied Third Party beneficiaries hereunder. 

7.15    License Agreement. For the avoidance of doubt, nothing in this Agreement, including Sections 3 and
4, shall supersede or replace the rights, obligations or agreements of the Parties under the License Agreement. 
 [The remainder of this
page intentionally left blank]f 

  
 14. 

 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed on the date first written above by their duly authorized officers. 
  

									
	ARENA PHARMACEUTICALS, INC.	 	LONGBOARD PHARMACEUTICALS, INC.
					
	By:	 	 /s/ Amit D. Munshi
	 		 	By:	 	 /s/ Kevin Lind

	Name:	 	Amit D. Munshi	 		 	Name:	 	Kevin Lind
	Title:	 	President and Chief Executive Officer	 	        	 	Title:	 	President and Chief Executive Officer
					
	Date:	 	October 27, 2020	 		 	Date:	 	October 27, 2020

  

  

SIGNATURE PAGE TO SERVICES AGREEMENT 

 EXHIBIT A 

DESCRIPTION OF SERVICES 

 EXHIBIT B 

SERVICES FEES 

 EXHIBIT B-1 

RATE CHANGE NOTIFICATION 

 EXHIBIT C 

ASSUMED CONTRACTS 

 EXHIBIT D 

THIRD PARTY CONTRACTS

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