Document:

ex10-3.htm

Exhibit 10.3

 

GENERAL CONTINUING GUARANTY

 

This GENERAL CONTINUING GUARANTY (this “Guaranty”), dated as of November 2, 2010, is executed and delivered by CO SPACE, INC., a Delaware corporation (“CO Space”), CO SPACE SERVICES, LLC, a Delaware limited liability company (“CO Space Services”), CO SPACE SERVICES TEXAS, L.P., a Delaware limited partnership (“CO Space Texas”), CO SPACE PROPERTIES, LLC, a Delaware limited liability company (“CO Space Properties”), and CO SPACE PROPERTIES TEXAS, L.P., a Delaware limited partnership (“CO Space Properties Texas”; CO Space, CO Space Services, CO Space Texas, CO Space Properties and CO Space Properties Texas are each a “Guarantor” and collectively, joint and severally, the “Guarantors”), in favor of WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns, if any, in such capacity, “Agent”), in light of the following:

 

WHEREAS, Internap Network Services Corporation, a Delaware corporation (“Borrower”), the below defined Lenders, and Agent are, contemporaneously herewith, entering into that certain Credit Agreement of even date herewith (as amended, restated, modified, renewed or extended from time to time, the “Credit Agreement”);

 

WHEREAS, each Guarantor is a Subsidiary of Borrower and, as such, will benefit by virtue of the financial accommodations extended to Borrower by the Lender Group; and

 

WHEREAS, in order to induce the Lender Group to enter into the Credit Agreement and the other Loan Documents and to extend the loans and other financial accommodations to Borrower pursuant to the Credit Agreement, and in consideration thereof, and in consideration of any loans or other financial accommodations heretofore or hereafter extended by the below defined Lender Group to Borrower pursuant to the Loan Documents, Guarantor has agreed to, jointly and severally, guaranty the Guarantied Obligations.

 

NOW, THEREFORE, in consideration of the foregoing, each Guarantor hereby agrees as follows:

 

1.             Definitions and Construction.

 

(a)           Definitions.  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.  The following terms, as used in this Guaranty, shall have the following meanings:

 

“Agent” has the meaning set forth in the preamble to this Guaranty.

 

“Borrower” has the meaning set forth in the recitals to this Guaranty.

 

“Credit Agreement” has the meaning set forth in the recitals to this Guaranty.

 

  

  

  

 

“Guarantied Obligations” means all of the Obligations (including any Bank Product Obligations) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable counsel fees and expenses) incurred by the Agent, the Lenders or the Issuing Lender (or any of them) in enforcing any rights under this Guaranty.  Without limiting the generality of the foregoing, Guarantied Obligations shall include all amounts that constitute part of the Guarantied Obligations and would be owed by the Borrower to the Agent, the Lenders or the Issuing Lender but for the fact that they are unenforceable or not allowable, including due to the existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving Borrower or any other guarantor.

 

“Guarantor” and “Guarantors” have the meaning set forth in the preamble to this Guaranty.

 

“Guaranty” has the meaning set forth in the preamble to this Guaranty.

 

“Lender Group” means, individually and collectively, each of the Lenders and Agent.

 

“Lenders” means, individually and collectively, each of the lenders identified on the signature pages to the Credit Agreement, and shall include any other Person made a lender under the Credit Agreement in accordance with the provisions thereof (together with their respective successors and assigns).

 

“Record” means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.

 

“Voidable Transfer” has the meaning set forth in Section 9 of this Guaranty.

 

(b)           Construction.  Unless the context of this Guaranty clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the part includes the whole, the terms “includes” and  “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.”  The words “hereof,” “herein,” “hereby,” “hereunder,” and other similar terms in this Guaranty refer to this Guaranty as a whole and not to any particular provision of this Guaranty.  Section, subsection, clause, schedule, and exhibit references herein are to this Guaranty unless otherwise specified.  Any reference in this Guaranty to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  Neither this Guaranty nor any uncertainty or ambiguity herein shall be construed or resolved against the Lender Group or any Guarantor, whether under any rule of construction or otherwise.  On the contrary, this Guaranty has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of each Guarantor and Agent.  Any reference herein to the satisfaction, repayment, or payment in full of the Guarantied Obligations shall mean the repayment in full in cash or immediately available funds (or, (a) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, and (b) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization) of all of the Guarantied Obligations (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Guarantied Obligations) under Hedge Agreements provided by Hedge Providers) other than (i) unasserted contingent indemnification Guarantied Obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (iii) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid. Any reference herein to any Person shall be construed to include such Person’s successors and assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record and any Record transmitted shall constitute a representation and warranty as to the accuracy and completeness of the information contained therein.  The captions and headings are for convenience of reference only and shall not affect the construction of this Guaranty

 

  

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2.           Guarantied Obligations.  Guarantors, jointly and severally, hereby irrevocably and unconditionally guaranty to Agent, for the benefit of the Lender Group and the Bank Product Providers, as and for its own debt, until the final payment in full thereof, in cash, has been made, (a) the due and punctual payment of the Guarantied Obligations, when and as the same shall become due and payable, whether at maturity, pursuant to a mandatory prepayment requirement, by acceleration, or otherwise; it being the intent of each Guarantor that the guaranty set forth herein shall be a guaranty of payment and not a guaranty of collection; and (b) the punctual and faithful performance, keeping, observance, and fulfillment by Borrower of all of the agreements, conditions, covenants, and obligations of Borrower contained in the Credit Agreement and under each of the other Loan Documents.

 

3.           Continuing Guaranty.  This Guaranty includes Guarantied Obligations arising under successive transactions, if any, continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part.  To the maximum extent permitted by law, each Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied Obligations.  If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor acknowledges and agrees that (a) no such revocation shall be effective until written notice thereof has been received by Agent, (b) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by Agent of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (c) no such revocation shall apply to any Guarantied Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of the Lender Group in existence on the date of such revocation, (d) no payment by any Guarantor, Borrower, or from any other source, prior to the date of Agent’s receipt of written notice of such revocation shall reduce the maximum obligation of any Guarantor hereunder, and (e) any payment by Borrower or from any source other than a Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum obligation of any Guarantor hereunder.

 

  

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4.           Performance Under this Guaranty.  In the event that Borrower fails to make any payment of any Guarantied Obligations, on or prior to the due date thereof, or if Borrower shall fail to perform, keep, observe, or fulfill any other obligation referred to in clause (b) of Section 2 of this Guaranty in the manner provided in the Credit Agreement or any other Loan Document, Guarantors immediately shall cause, as applicable, such payment in respect of the Guarantied Obligations to be made or such obligation to be performed, kept, observed, or fulfilled.

 

5.           Primary Obligations.  This Guaranty is a primary and original obligation of each Guarantor, is not merely the creation of a surety relationship, and is an absolute, unconditional, and continuing guaranty of payment and performance which shall remain in full force and effect without respect to future changes in conditions.  Each Guarantor hereby agrees that it is directly, jointly and severally with any other guarantor (including each other Guarantor) of the Guarantied Obligations, liable to Agent, for the benefit of the Lender Group and the Bank Product Providers, that the obligations of each Guarantor hereunder are independent of the obligations of Borrower or any other guarantor (including each other Guarantor), and that a separate action may be brought against any Guarantor, whether such action is brought against Borrower or any other guarantor or whether Borrower or any other guarantor is joined in such action.  Guarantor hereby agrees that its liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by any member of the Lender Group or any Bank Product Provider of whatever remedies they may have against Borrower or any other guarantor (including any other Guarantor), or the enforcement of any lien or realization upon any security by any member of the Lender Group or any Bank Product Provider.  Each Guarantor hereby agrees that any release which may be given by Agent to Borrower or any other guarantor (including any other Guarantor), or with respect to any property or asset subject to a Lien, shall not release such Guarantor.  Each Guarantor consents and agrees that no member of the Lender Group nor any Bank Product Provider shall be under any obligation to marshal any property or assets of Borrower or any other guarantor (including any other Guarantor) in favor of such Guarantor, or against or in payment of any or all of the Guarantied Obligations.

 

6.           Waivers.

 

  (a)           To the fullest extent permitted by applicable law, each Guarantor hereby waives: (i) notice of acceptance hereof; (ii) notice to such Guarantor of any loans or other financial accommodations made or extended under the Credit Agreement, or the creation or existence of any Guarantied Obligations; (iii) notice of the amount of the Guarantied Obligations, subject, however, to such Guarantor’s right to make inquiry of Agent to ascertain the amount of the Guarantied Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of Borrower or of any other fact that might increase such Guarantor’s risk hereunder; (v) notice of presentment for payment, demand, protest, and notice thereof as to any instrument among the Loan Documents; (vi) notice to such Guarantor of any Default or Event of Default under any of the Loan Documents; and (vii) all other notices to such Guarantor (except if such notice is specifically required to be given to such Guarantor under this Guaranty or any other Loan Documents to which such Guarantor is a party) and demands to which such Guarantor might otherwise be entitled.

 

  

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(b)           To the fullest extent permitted by applicable law, each Guarantor hereby waives the right by statute or otherwise to require any member of the Lender Group or any Bank Product Provider, to institute suit against Borrower or any other guarantor (including any other Guarantor) or to exhaust any rights and remedies which any member of the Lender Group or any Bank Product Provider, has or may have against Borrower or any other guarantor (including any other Guarantor).  In this regard, each Guarantor agrees that it is bound to the payment of each and all Guarantied Obligations, whether now existing or hereafter arising, as fully as if the Guarantied Obligations were directly owing to Agent, the Lender Group, or the Bank Product Providers, as applicable, by such Guarantor.  Each Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guarantied Obligations shall have been fully and finally performed and indefeasibly paid in full in cash, to the extent of any such payment) of Borrower or by reason of the cessation from any cause whatsoever of the liability of Borrower in respect thereof.

 

(c)           To the fullest extent permitted by applicable law, each Guarantor hereby waives: (i) any right to assert against any member of the Lender Group or any Bank Product Provider, any defense (legal or equitable), set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against Borrower or any other party liable to any member of the Lender Group or any Bank Product Provider; (ii) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; (iii) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of such Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against Borrower or other guarantors or sureties (including any other Guarantor); (iv) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder.

 

(d)           Until the Guarantied Obligations have been finally paid in full in cash, (i) each Guarantor hereby postpones and agrees not to exercise any right of subrogation such Guarantor has or may have as against Borrower with respect to the Guarantied Obligations; (ii) each Guarantor hereby postpones and agrees not to exercise any right to proceed against Borrower or any other Person (including any other Guarantor) now or hereafter liable on account of the Obligations for contribution, indemnity, reimbursement, or any other similar rights (irrespective of whether direct or indirect, liquidated or contingent); and (iii) each Guarantor hereby postpones and agrees not to exercise any right it may have to proceed or to seek recourse against or with respect to any property or asset of Borrower or any other Person now or hereafter liable on account of the Obligations.  Notwithstanding anything to the contrary contained in this Guaranty, no Guarantor shall exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and shall not proceed or seek recourse against or with respect to any property or asset of, Borrower, any other Guarantor or any other guarantor (including after payment in full of the Guaranteed Obligations) if all or any portion of the Obligations have been satisfied in connection with an exercise of remedies in respect of the Stock of Borrower or such other guarantor (including any such other Guarantor) whether pursuant to the Security Agreement or otherwise.

 

  

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(e)           If any of the Guarantied Obligations or the obligations of any Guarantor under this Guaranty at any time are secured by a mortgage or deed of trust upon real property, any member of the Lender Group or any Bank Product Provider may elect, in its sole discretion, upon a default with respect to the Guarantied Obligations or the obligations of any Guarantor under this Guaranty, to foreclose such mortgage or deed of trust judicially or nonjudicially in any manner permitted by law, before or after enforcing this Guaranty, without diminishing or affecting the liability of any Guarantor hereunder.  Each Guarantor understands that (a) by virtue of the operation of antideficiency law applicable to nonjudicial foreclosures, an election by any member of the Lender Group or any Bank Product Provider to nonjudicially foreclose on such a mortgage or deed of trust probably would have the effect of impairing or destroying rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against Borrower or other guarantors or sureties (including the other Guarantors), and (b) absent the waiver given by such Guarantor herein, such an election would estop any member of the Lender Group and the Bank Product Providers from enforcing this Guaranty against such Guarantor.  Understanding the foregoing, and understanding that each Guarantor is hereby relinquishing a defense to the enforceability of this Guaranty, each Guarantor hereby waives any right to assert against any member of the Lender Group or any Bank Product Provider any defense to the enforcement of this Guaranty, whether denominated “estoppel” or otherwise, based on or arising from an election by any member of the Lender Group or any Bank Product Provider to nonjudicially foreclose on any such mortgage or deed of trust or as a result of any other exercise of remedies, whether under a mortgage or deed of trust or under any personal property security agreement.  Each Guarantor understands that the effect of the foregoing waiver may be that such Guarantor may have liability hereunder for amounts with respect to which such Guarantor may be left without rights of subrogation, reimbursement, contribution, or indemnity against Borrower or other guarantors or sureties (including the other Guarantors).

 

(f)           Without limiting the generality of any other waiver or other provision set forth in this Guaranty, each Guarantor waives all rights and defenses that such Guarantor may have if all or part of the Guarantied Obligations are secured by real property.  This means, among other things:

 

(i)           Any member of the Lender Group or any Bank Product Provider may collect from any Guarantor without first foreclosing on any real or personal property collateral that may be pledged by any Guarantor, Borrower, or any other guarantor.

 

(ii)          If any member of the Lender Group or any Bank Product Provider forecloses on any real property collateral that may be pledged by any Guarantor, Borrower or any other guarantor:

 

	
  

	
(1)

	
The amount of the Guarantied Obligations or any obligations of any guarantor in respect thereof may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price.

 

  

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(2)

	
Agent may collect from each Guarantor even if any member of the Lender Group or any Bank Product Provider, by foreclosing on the real property collateral, has destroyed any right such Guarantor may have to collect from Borrower or any other Guarantor.

 

This is an unconditional and irrevocable waiver of any rights and defenses each Guarantor may have if all or part of the Guarantied Obligations are secured by real property.

 

(g)           WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS GUARANTY, EACH GUARANTOR WAIVES ALL RIGHTS AND DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY ANY MEMBER OF THE LENDER GROUP OR ANY BANK PRODUCT PROVIDER, EVEN THOUGH SUCH ELECTION OF REMEDIES, SUCH AS A NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY FOR THE GUARANTIED OBLIGATIONS, HAS DESTROYED SUCH GUARANTOR’S RIGHTS OF SUBROGATION AND REIMBURSEMENT AGAINST BORROWER BY THE OPERATION OF APPLICABLE LAW.

 

(h)         Without limiting the generality of any other waiver or other provision set forth in this Guaranty, each Guarantor hereby also agrees to the following waivers:

 

(i)           Agent’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or enforceability of the Guarantied Obligations or any of the Loan Documents.  Each Guarantor agrees that Agent’s rights under this Guaranty shall be enforceable even if Borrower had no liability at the time of execution of the Loan Documents or the Guarantied Obligations are unenforceable in whole or in part, or Borrower ceases to be liable with respect to all or any portion of the Guarantied Obligations except where Borrower has satisfied in full its obligations under the Credit Agreement in accordance with the terms of the Credit Agreement.

 

(ii)           Each Guarantor agrees that Agent’s rights under the Loan Documents will remain enforceable even if the amount guaranteed hereunder is larger in amount and more burdensome than that for which Borrower is responsible.  The enforceability of this Guaranty against each Guarantor shall continue until all sums due under the Loan Documents have been paid in full and shall not be limited or affected in any way by any impairment or any diminution or loss of value of any security or collateral for Borrower’s obligations under the Loan Documents, from whatever cause, the failure of any security interest in any such security or collateral or any disability or other defense of Borrower, any other guarantor (including any other Guarantor) of Borrower’s obligations under any other Loan Document, any pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Loan Documents.

 

(iii)           Each Guarantor waives the right to require Agent to (A) proceed against Borrower, any guarantor (including any other Guarantor) of Borrower’s obligations under any Loan Document, any other pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Guarantied Obligations, (B) proceed against or exhaust any other security or collateral Agent may hold, or (C) pursue any other right or remedy for any Guarantor’s benefit, and agrees that Agent may exercise its right under this Guaranty without taking any action against Borrower, any other guarantor (including any other Guarantor) of Borrower’s obligations under the Loan Documents, any pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Guarantied Obligations, and without proceeding against or exhausting any security or collateral Agent holds.

 

  

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7.           Releases.  Each Guarantor consents and agrees that, without notice to or by such Guarantor and without affecting or impairing the obligations of such Guarantor hereunder, any member of the Lender Group or any Bank Product Provider may, by action or inaction, compromise or settle, shorten or extend the Maturity Date or any other period of duration or the time for the payment of the Obligations, or discharge the performance of the Obligations, or may refuse to enforce the Obligations, or otherwise elect not to enforce the Obligations, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and provisions of the Credit Agreement or any of the other Loan Documents or may grant other indulgences to Borrower or any other guarantor (including any other Guarantor) in respect thereof, or may amend or modify in any manner and at any time (or from time to time) any one or more of the Obligations, the Credit Agreement or any other Loan Document (including any increase or decrease in the principal amount of any Obligations or the interest, fees or other amounts that may accrue from time to time in respect thereof), or may, by action or inaction, release or substitute the Borrower or any guarantor (including any other Guarantor), if any, of the Guarantied Obligations, or may enforce, exchange, release, or waive, by action or inaction, any security for the Guarantied Obligations or any other guaranty of the Guarantied Obligations, or any portion thereof.

 

8.           No Election.  The Lender Group and the Bank Product Providers shall have the right to seek recourse against each Guarantor to the fullest extent provided for herein and no election by any member of the Lender Group or any Bank Product Provider to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of the Lender Group’s or any Bank Product Provider’s right to proceed in any other form of action or proceeding or against other parties unless Agent, on behalf of the Lender Group or the Bank Product Providers, has expressly waived such right in writing.  Specifically, but without limiting the generality of the foregoing, no action or proceeding by the Lender Group or the Bank Product Providers under any document or instrument evidencing the Guarantied Obligations shall serve to diminish the liability of any Guarantor under this Guaranty except to the extent that the Lender Group and the Bank Product Providers finally and unconditionally shall have realized indefeasible payment in full of the Guarantied Obligations by such action or proceeding.

 

9.           Revival and Reinstatement.  If the incurrence or payment of the Guarantied Obligations or the obligations of any Guarantor under this Guaranty by any Guarantor or the transfer by any Guarantor to Agent of any property of any Guarantor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (collectively, a “Voidable Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of the Lender Group related thereto, the liability of each Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made.

 

  

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10.           Financial Condition of Borrower.  Each Guarantor represents and warrants to the Lender Group and the Bank Product Providers that it is currently informed of the financial condition of Borrower and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guarantied Obligations.  Each Guarantor further represents and warrants to the Lender Group and the Bank Product Providers that it has read and understands the terms and conditions of the Credit Agreement and each other Loan Document.  Each Guarantor hereby covenants that it will continue to keep itself informed of Borrower’s financial condition, the financial condition of other guarantors (including any other Guarantor), if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Guarantied Obligations.

 

11.           Payments; Application.  All payments to be made hereunder by any Guarantor shall be made in Dollars, in immediately available funds, and without deduction (whether for taxes or otherwise) or offset and shall be applied to the Guarantied Obligations in accordance with the terms of the Credit Agreement.

 

12.           Attorneys Fees and Costs.  Each Guarantor agrees to pay, on demand, all reasonable attorneys fees and all other costs and expenses which may be incurred by Agent or the Lender Group in connection with the enforcement of this Guaranty or in any way arising out of, or consequential to, the protection, assertion, or enforcement of the Guarantied Obligations (or any security therefor), irrespective of whether suit is brought.

 

13.           Notices.  All notices and other communications hereunder to Agent shall be in writing and shall be mailed, sent, or delivered in accordance Section 11 of the Credit Agreement.  All notices and other communications hereunder to any Guarantor shall be in writing and shall be mailed, sent, or delivered in care of Borrower in accordance with Section 11 of the Credit Agreement.

 

14.           Cumulative Remedies.  No remedy under this Guaranty, under the Credit Agreement, or any other Loan Document is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and in addition to any and every other remedy given under this Guaranty, under the Credit Agreement, or any other Loan Document, and those provided by law.  No delay or omission by the Lender Group or Agent on behalf thereof to exercise any right under this Guaranty shall impair any such right nor be construed to be a waiver thereof.  No failure on the part of the Lender Group or Agent on behalf thereof to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Guaranty preclude any other or further exercise thereof or the exercise of any other right.

 

15.           Severability of Provisions.  Each provision of this Guaranty shall be severable from every other provision of this Guaranty for the purpose of determining the legal enforceability of any specific provision.

 

  

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16.           Entire Agreement; Amendments.  This Guaranty constitutes the entire agreement between Guarantors and the Lender Group pertaining to the subject matter contained herein.  This Guaranty may not be altered, amended, or modified, nor may any provision hereof be waived or noncompliance therewith consented to, except by means of a writing executed by each Guarantor and Agent, on behalf of the Lender Group.  Any such alteration, amendment, modification, waiver, or consent shall be effective only to the extent specified therein and for the specific purpose for which given.  No course of dealing and no delay or waiver of any right or default under this Guaranty shall be deemed a waiver of any other, similar or dissimilar, right or default or otherwise prejudice the rights and remedies hereunder.

 

17.           Successors and Assigns.  This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Lender Group and the Bank Product Providers; provided, however, no Guarantor shall assign this Guaranty or delegate any of its duties hereunder without Agent’s prior written consent and any unconsented to assignment shall be absolutely null and void.  In the event of any assignment, participation, or other transfer of rights by the Lender Group or the Bank Product Providers, the rights and benefits herein conferred upon the Lender Group and the Bank Product Providers shall automatically extend to and be vested in such assignee or other transferee.

 

18.           No Third Party Beneficiary.  This Guaranty is solely for the benefit of each member of the Lender Group, each Bank Product Provider, and each of their successors and assigns and may not be relied on by any other Person.

 

19.           CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

 

THE VALIDITY OF THIS GUARANTY, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA.

 

THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS GUARANTY SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF FULTON, STATE OF GEORGIA; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.  EACH GUARANTOR AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 19.

 

  

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EACH GUARANTOR AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  EACH GUARANTOR AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS SECTION MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

20.           Counterparts; Telefacsimile Execution.  This Guaranty may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Guaranty.  Delivery of an executed counterpart of this Guaranty by telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Guaranty.  Any party delivering an executed counterpart of this Guaranty by telefacsimile also shall deliver an original executed counterpart of this Guaranty but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Guaranty.

 

21.           Agreement to be Bound.  Each Guarantor hereby agrees to be bound by each and all of the terms and provisions of the Credit Agreement applicable to such Guarantor.  Without limiting the generality of the foregoing, by its execution and delivery of this Guaranty, each Guarantor hereby:  (a) makes to the Lender Group each of the representations and warranties set forth in the Credit Agreement applicable to such Guarantor fully as though such Guarantor were a party thereto, and such representations and warranties are incorporated herein by this reference, mutatis mutandis; and (b) agrees and covenants (i) to do each of the things set forth in the Credit Agreement that Borrower agrees and covenants to cause such Guarantor to do, and (ii) to not do each of the things set forth in the Credit Agreement that Borrower agrees and covenants to cause such Guarantor not to do, in each case, fully as though such Guarantor was a party thereto, and such agreements and covenants are incorporated herein by this reference, mutatis mutandis.

 

[Signature page to follow]

 

  

-11-

  

 

IN WITNESS WHEREOF, the undersigned has executed and delivered this Guaranty as of the date first written above.

	 	 	 	 
	 	CO SPACE, INC., a Delaware corporation
	 	 	 
	 	By: 	/s/ George E. Kilguss III	 
	 	Name: George E. Kilguss III
	 	
Title: Vice President, Treasurer and Director

	 	 	 
	 	CO SPACE SERVICES, LLC, a Delaware limited liability company
	 	 	 
	 	By:	 /s/ George E. Kilguss III	 
	 	Name: George E. Kilguss III
	 	
Title: Vice President, Treasurer and Director of CO Space, Inc., sole member of CO Space Services, LLC

	 	 	 
	 	CO SPACE SERVICES TEXAS, LP, a Delaware limited partnership
	 	 	 
	 	By: 	/s/ George E. Kilguss III 	 
	 	Name: George E. Kilguss III
	 	Title: Vice President, Treasurer and Director of CO Space, Inc., sole member of CO Space Services, LLC, general partner of CO Space Services Texas, LP
	 	 	 
	 	CO SPACE PROPERTIES, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ George E. Kilguss III	 
	 	Name: George E. Kilguss III
	 	
Title: Vice President, Treasurer and Director of CO Space, Inc., sole member of CO Space Services, LLC, sole member of CO Space Properties, LLC

 

Signature Page to Guaranty

  

 

  

 

	 	CO SPACE PROPERTIES TEXAS, LP, a Delaware limited partnership
	 	 	 
	 	By: 	/s/ George E. Kilguss III	 
	 	Name: George E. Kilguss III
	 	
Title: Vice President, Treasurer and Director of CO Space, Inc., sole member of CO Space Services, LLC, general partner of CO Space Properties Texas, LP

 

Signature Page to GuarantyCollaboration Agreement

  
 Exhibit 10.1

 CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE
OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION 
 COLLABORATION AGREEMENT

 BY AND BETWEEN 
 OREXIGEN THERAPEUTICS, INC. 
 AND 

TAKEDA PHARMACEUTICAL COMPANY LIMITED 
 DATED 
 SEPTEMBER 1, 2010 

  
 TABLE OF
CONTENTS 
  

									
	 	  	 	  	 	  	Page	 
	1.	  	DEFINITIONS	  	 	1	  
			
	2.	  	DEVELOPMENT	  	 	15	  
				
		  	2.1	  	Overview	  	 	15	  
		  	2.2	  	Development	  	 	16	  
			
	3.	  	COMMERCIALIZATION; CO-PROMOTION	  	 	19	  
				
		  	3.1	  	Commercialization Activities	  	 	19	  
		  	3.2	  	Additional Diligence Obligations	  	 	20	  
		  	3.3	  	Commercialization	  	 	21	  
		  	3.4	  	Regulatory Responsibilities	  	 	23	  
		  	3.5	  	Orexigen’s Co-Promote Activities	  	 	25	  
		  	3.6	  	Pharmacovigilance	  	 	26	  
		  	3.7	  	Recalls and Product Safety	  	 	27	  
		  	3.8	  	Trademarks	  	 	28	  
			
	4.	  	PRODUCT SUPPLY	  	 	29	  
				
		  	4.1	  	Manufacturing Services Agreement	  	 	29	  
		  	4.2	  	Takeda’s Option to Manufacture	  	 	29	  
		  	4.3	  	Third Party Manufacturers	  	 	30	  
			
	5.	  	GOVERNANCE	  	 	30	  
				
		  	5.1	  	Joint Steering Committee	  	 	30	  
		  	5.2	  	Joint Development Committee	  	 	32	  
		  	5.3	  	Joint Commercialization Committee	  	 	33	  
		  	5.4	  	Joint Manufacturing Committee	  	 	34	  
		  	5.5	  	Additional Committees	  	 	34	  
		  	5.6	  	General Committee Procedures	  	 	35	  
		  	5.7	  	Committee Decision-Making	  	 	36	  
		  	5.8	  	Orexigen’s Membership in Committees	  	 	36	  
		  	5.9	  	Alliance Managers	  	 	37	  
			
	6.	  	LICENSES	  	 	37	  
				
		  	6.1	  	Licenses to Takeda for Products	  	 	37	  
		  	6.2	  	Sublicensing	  	 	38	  
		  	6.3	  	Licenses to Orexigen	  	 	38	  
		  	6.4	  	Patent Marking	  	 	39	  
		  	6.5	  	No Implied Licenses; Upstream Agreements	  	 	39	  

  
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	7.	  	FINANCIAL TERMS	  	 	39	  
				
		  	7.1	  	Upfront Payment	  	 	39	  
		  	7.2	  	Milestone Payments	  	 	40	  
		  	7.3	  	Royalty Payments	  	 	41	  
		  	7.4	  	Royalty Payment Reports	  	 	43	  
		  	7.5	  	Manner of Payment	  	 	43	  
		  	7.6	  	Records Retention	  	 	43	  
		  	7.7	  	Audits	  	 	43	  
		  	7.8	  	Currency Exchange	  	 	44	  
		  	7.9	  	Taxes	  	 	44	  
		  	7.10	  	Interest Due	  	 	45	  
			
	8.	  	REPRESENTATIONS, WARRANTIES, AND COVENANTS; DISCLAIMERS; LIMITATION
OF LIABILITY	  	 	45	  
				
		  	8.1	  	Mutual Representations and Warranties	  	 	45	  
		  	8.2	  	Additional Representations and Warranties of Orexigen	  	 	46	  
		  	8.3	  	Additional Representations and Warranties of Takeda	  	 	48	  
		  	8.4	  	Mutual Covenants	  	 	49	  
		  	8.5	  	Additional Covenants of Orexigen	  	 	49	  
		  	8.6	  	Additional Covenants of Takeda	  	 	50	  
		  	8.7	  	DISCLAIMERS	  	 	52	  
		  	8.8	  	LIMITATION OF LIABILITY	  	 	53	  
		  	8.9	  	Knowledge Standard	  	 	53	  
			
	9.	  	INTELLECTUAL PROPERTY	  	 	53	  
				
		  	9.1	  	Ownership of Inventions	  	 	53	  
		  	9.2	  	Prosecution of Collaboration Patents	  	 	55	  
		  	9.3	  	Enforcement of Collaboration Patents or Product Trademarks Against Infringers	  	 	56	  
		  	9.4	  	Patent Term Extension	  	 	58	  
		  	9.5	  	Regulatory Patent Listing	  	 	58	  
		  	9.6	  	Defense Against Claims of Infringement of Third Party Patents	  	 	59	  
		  	9.7	  	Third Party Licenses	  	 	59	  
			
	10.	  	CONFIDENTIALITY	  	 	60	  
				
		  	10.1	  	Nondisclosure	  	 	60	  
		  	10.2	  	Exceptions	  	 	60	  
		  	10.3	  	Authorized Disclosure	  	 	61	  
		  	10.4	  	Terms of this Agreement	  	 	62	  
		  	10.5	  	Securities Filings	  	 	62	  
		  	10.6	  	Relationship to Confidentiality Agreement	  	 	62	  
		  	10.7	  	Publications	  	 	63	  
		  	10.8	  	Publicity	  	 	63	  
		  	10.9	  	Third Party Information	  	 	63	  

  
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	11.	  	INDEMNITY AND INSURANCE	  	64
				
		  	11.1	  	Takeda Indemnity	  	64
		  	11.2	  	Orexigen Indemnity	  	64
		  	11.3	  	Indemnification Procedure	  	65
		  	11.4	  	Dante Indemnity	  	66
		  	11.5	  	Insurance	  	66
			
	12.	  	TERM AND TERMINATION	  	66
				
		  	12.1	  	Term; Expiration	  	66
		  	12.2	  	Termination for Cause	  	66
		  	12.3	  	Termination for Safety Reasons	  	67
		  	12.4	  	Termination for Insolvency	  	67
		  	12.5	  	Termination for Patent Challenge	  	68
		  	12.6	  	Unilateral Termination by Takeda	  	68
		  	12.7	  	Consequences of Termination	  	68
		  	12.8	  	Consequences of Expiration	  	71
		  	12.9	  	Survival	  	72
		  	12.10	  	No Limitation on Remedies	  	72
			
	13.	  	DISPUTE RESOLUTION	  	72
				
		  	13.1	  	Exclusive Dispute Resolution Mechanism	  	72
		  	13.2	  	Resolution by Executive Officers	  	72
		  	13.3	  	Alternative Dispute Resolution	  	72
		  	13.4	  	Survivability	  	73
		  	13.5	  	Preliminary Injunctions	  	73
		  	13.6	  	Patent Disputes	  	73
		  	13.7	  	Confidentiality	  	73
			
	14.	  	MISCELLANEOUS	  	73
				
		  	14.1	  	HSR	  	73
		  	14.2	  	Severability	  	73
		  	14.3	  	Notices	  	74
		  	14.4	  	Force Majeure	  	75
		  	14.5	  	Assignment	  	75
		  	14.6	  	Further Assurances	  	76
		  	14.7	  	Waivers, Modifications and Amendments	  	76
		  	14.8	  	Governing Law	  	77
		  	14.9	  	Relationship of the Parties	  	77
		  	14.10	  	Entire Agreement	  	77
		  	14.11	  	Exports	  	77
		  	14.12	  	Interpretation	  	77
		  	14.13	  	Performance by Affiliates	  	77
		  	14.14	  	Counterparts; Electronic Delivery	  	77

  
 - 3 -

  
 COLLABORATION
AGREEMENT 
 THIS COLLABORATION AGREEMENT (the
“Agreement”) is made and entered into as of September 1, 2010 (the “Effective Date”), by and between Orexigen Therapeutics, Inc., a Delaware corporation located at 3344 N. Torrey Pines Court, Suite 200,
La Jolla, California 92037, United States of America (“Orexigen”), and Takeda Pharmaceutical Company Limited, a Japanese corporation with a principal place of business at 1-1, Doshomachi 4-Chome Chuo-ku, Osaka 540-8645, Japan
(“Takeda”). Orexigen and Takeda are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

RECITALS 

WHEREAS, Orexigen has certain expertise and experience of interest to Takeda relating to
certain pharmaceutical therapeutic molecules; 
 WHEREAS, Takeda has expertise and
experience in, and resources and funding for, the development, manufacture and commercialization of pharmaceutical therapeutic molecules; 
 WHEREAS, Orexigen has rights under certain patent, know-how and trademark rights relating to such pharmaceutical therapeutic molecules, including Orexigen’s
therapeutic product, Contrave® (as defined below), and Orexigen has invested substantial resources and funding in developing Contrave; 
 WHEREAS, Takeda and Orexigen desire to collaborate to continue the conduct of development and commercialization activities for Contrave, including the
investment of resources and funding by Takeda for reimbursement of past research and development expenditures made by Orexigen and to support the future development and commercialization of Contrave; and 

WHEREAS, Orexigen desires to have the option to Co-Promote (as defined below) Contrave® in the
Territory, and Takeda is willing to grant such option as set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth
below, the Parties agree as follows: 
 1. DEFINITIONS. The terms in this Agreement with initial letters
capitalized, whether used in the singular or the plural, shall have the meaning set forth below or, if not listed below, the meaning designated in places throughout this Agreement. 

“Affiliate” of a Party means any Person that directly or indirectly is controlled by, controls or is under common
control with a Party. For the purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) as used with respect to a Person means
(a) in the case of a corporate entity, direct or indirect ownership of voting securities entitled to cast at least fifty percent (50%) of the votes in the election of directors or (b) in the case of a non-corporate entity, direct or
indirect ownership of at least fifty percent (50%) of the equity interests with the power to direct the management and policies of such entity; provided that, if local Laws restrict foreign ownership, control shall be established by
direct or indirect ownership of the maximum ownership percentage that may, under such local Laws, be owned by foreign interests. 

  
 - 1 -

  
 “Alliance
Manager” has the meaning set forth in Section 5.9. 
 “Bankruptcy Code” has the meaning set forth
in Section 12.4. 
 “Breaching Party” has the meaning set forth in Section 12.2.1. 

“Business Day” means a day other than Saturday, Sunday or any day on which commercial banks located in the State of New
York, U.S., the province of Ontario, Canada, or Japan are authorized or obligated by Laws to close. 
 “Calendar
Quarter” means the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31; provided, however, that (a) the first Calendar
Quarter of the Term shall extend from the Effective Date to the end of the first complete Calendar Quarter thereafter; and (b) the last Calendar Quarter of the Term shall end upon the expiration or termination of this Agreement. 

“Calendar Year” means (a) for the first Calendar Year of the Term, the period beginning on the Effective Date and
ending on December 31, 2011, (b) for each Calendar Year of the Term thereafter, each successive period beginning on January 1 and ending twelve (12) consecutive calendar months later on December 31, and (c) for the last
Calendar Year of the Term, the period beginning on January 1 of the Calendar Year in which this Agreement expires or terminates and ending on the effective date of expiration or termination of this Agreement. 

“Change of Control” means the occurrence of any of the following: 

a Party entering into a merger, consolidation, stock sale or sale or transfer of all or substantially all of its assets, or other similar
transaction or series of related transactions with another entity, unless, following such transaction or transactions, (i) the individuals and entities who were the beneficial owners of the outstanding voting securities of such Party
immediately prior to such transaction or transactions beneficially own, directly or indirectly, at least fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of
directors or similar governing persons of the corporation or other entity resulting from such transaction or transactions (“Successor”) in substantially the same proportions as their ownership immediately prior to such transaction
or transactions of such outstanding voting securities, and (ii) at least fifty percent (50%) of the members of the Board of Directors or similar governing body of the Successor were members of the Board of Directors of such Party at the
time of the execution of the initial agreement, or the action of the Board of Directors of such Party, governing such transaction or transactions; or 
 (a) any transaction or series of related transactions in which any Person or group of Persons acquires beneficial ownership of securities of a Party representing more than fifty percent
(50%) of the combined voting power of the then outstanding securities of such Party; 

  
 - 2 -

  

provided, however, that notwithstanding subsection (a) or (b) above, a stock sale to underwriters of a
public offering of such Party’s capital stock shall not constitute a Change of Control.  
 “Clinical
Trial(s)” means any human clinical study of a pharmaceutical product, including Phase IV Trials. 
 “Clinical
Trial Product Liabilities” means all losses, damages, fees, costs and other liabilities incurred by a Party or its Affiliates and resulting from human use of Product in Clinical Trials during the Term but excluding [***]. 

“Collaboration” means the Development and Commercialization activities conducted by the Parties pursuant to this
Agreement. 
 “Collaboration Patents” means the Orexigen Patents and the Takeda Patents. 

“Combination Product” means any pharmaceutical composition, branded or generic, containing the Licensed Compounds in
combination with any other clinically active ingredient(s) that is not a Licensed Compound, whether packaged together or in the same therapeutic formulation. 
 “Commercialization” means all activities, whether initiated or conducted prior to or following receipt of Regulatory Approval for a Product in the Field and in any jurisdiction in the
Territory, undertaken pursuant to the Commercialization Plan in support of the promotion, marketing, sale and distribution (including importing, exporting, transporting, customs clearance, warehousing, invoicing, handling and delivering Product to
customers) of the Product, including: (a) sales force efforts, detailing, advertising, marketing, sales and distribution (as described in Section 3.3.5), pricing, managed markets and medical affairs, including publications, medical
education, medical information, clinical science liaison activities, investigator initiated sponsored research programs and health economics and outcomes research, (b) the preparation, filing, and maintenance of Regulatory Filings, including
the filing of annual updates, but excluding any such activities relating to obtaining the first, and only the first, Regulatory Approval for such Product, and (c) other similar activities directly relating to the Product anywhere in or for the
Territory. “Commercialization” shall exclude Development and Manufacturing activities. When used as a verb, “Commercialize” means to engage in Commercialization activities. 

“Commercialization Costs” means the [***] costs and expenses incurred by a Party after the Effective Date in connection
with Commercialization activities, [***]. Commercialization Costs shall be considered a cost or expense incurred by a Party after the Effective Date, even though the actual payment for such cost or expense is made prior to the Effective Date, if the
corresponding work is performed after the Effective Date, and shall be considered a cost or expense that is not incurred by a Party after the Effective Date if the actual payment for such cost or expense is made after the Effective Date, but the
corresponding work was performed prior to the Effective Date. Commercialization Costs shall also include (a) all [***] costs incurred by Orexigen and (b) all [***] costs, including [***] costs, [***] incurred by Takeda, in each of
(a) and (b) to the extent relating to Manufacture of Product for Commercialization activities. Commercialization Costs do not include: (i) [***] costs, other than as described in subsection (b) above; (ii) certain costs set
forth in Exhibit 3.5.3 or in the Co-Promote Agreement, if any; (iii) [***]; and (iv) [***]. 

  
 *** Certain information on
this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 
 - 3 - 

  

“Commercialization Plan” means a plan to be agreed upon by the Parties pursuant to Section 3.3.1, that details the
Commercialization activities to be conducted with respect to a Product during the Term, which plan shall describe the strategic Commercialization objectives and activities (including advertising, education, planning, promotion, sales, including
sales force incentive plans and a PDE frequency call plan by prescription decile, medical affairs, including a publications plan, and managed markets, including a pricing and discounting plan) for the Product in the Field and in each country in the
Territory, and the corresponding budget and sales forecast for the Product; provided, further, that following Orexigen’s election to Co-Promote pursuant to Section 3.5, such plan shall also be updated to include a detailed call
target plan, sales force incentive plans, and any other activities to be conducted by Orexigen with respect to the Commercialization of Contrave in the U.S. 
 “Commercially Reasonable Efforts” means, with respect to the efforts to be expended, or considerations to be undertaken, by a Party or its Affiliate with respect to any objective,
activity or decision to be undertaken hereunder, reasonable, good faith efforts to accomplish such objective, activity or decision as such Party would normally use to accomplish a similar objective, activity or decision under similar circumstances,
it being understood and agreed that with respect to the Development or Commercialization of Products, such efforts and resources shall be consistent with those efforts and resources commonly used by a Party for a similar pharmaceutical product
[***]. Commercially Reasonable Efforts shall be determined on a country-by-country and indication-by-indication basis for the Product, and it is anticipated that the level of effort will change over time, reflecting changes in the status of the
Product and the market(s) or country(ies) involved. 
 “Committee” means each of the JSC, the JDC, the JCC, and
the JMC, or any subcommittees created pursuant to Section 5.5. 
 “Competitive Product Infringement” has
the meaning set forth in Section 9.3.1. 
 “Confidential Information” means all trade secrets, processes,
formulae, data, Know-How, improvements, inventions, chemical or biological materials, chemical structures, techniques, marketing plans, strategies, customer lists, or other confidential or proprietary information that is disclosed by a Party to the
other Party, regardless of whether any of the foregoing are marked “confidential” or “proprietary” or communicated to the other Party by the disclosing Party in oral, written, graphic, or electronic form. 

“Contrave” means the Orexigen proprietary formulation of bupropion hydrochloride and naltrexone hydrochloride,
formulated in a sustained release formulation, as described in the NDA No. 20-0063. 
 “Controlled” or
“Controls” means, when used in reference to Know-How, Confidential Information, Patents or other intellectual property rights, the legal authority or right of a Party (or any of its Affiliates) to grant a license or sublicense of such
Know-How or intellectual property rights to the other Party, or to otherwise disclose such Know-How or Confidential Information to such other Party, without breaching the terms of any agreement with a Third Party, or misappropriating such Know-How
or Confidential Information of a Third Party. 

  
 *** Certain information on
this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 
 - 4 - 

  

“Co-Promote” has the meaning set forth in Section 3.5.1. 

“Co-Promote Agreement” means the agreement to be entered into by the Parties in the event that Orexigen exercises its
right to Co-Promote as set forth in Section 3.5.1 or 3.5.2. 
 “Co-Promote Option” has the meaning set
forth in Section 3.5.2. 
 “Cover(ed)” means, with respect to any Patent and the subject matter at issue,
that, but for a license granted under a Valid Claim in such Patent, the manufacture, use, sale, offer for sale or importation of the subject matter at issue would infringe such Valid Claim, or, in the case of a Patent that is a patent application,
would infringe a Valid Claim in such patent application if it were to issue as a patent. 
 “Cure Period” has
the meaning set forth in Section 12.2.1. 
 “Dante License” means the License Agreement between Orexigen
and Lee Dante, M.D., dated June 1, 2004, as amended, and “Dante” means Lee Dante, M.D. 

“Development” means all non-clinical and clinical drug development activities, each to the extent reasonably relating to
the development of Products in or for the Territory. Development shall include toxicology, pharmacology, and other non-clinical efforts, test method development and stability testing, validation batch development, manufacturing process development,
formulation development, delivery system development, quality assurance and quality control development, statistical analysis, the conduct of Clinical Trials or other activities, including Development Approval Activities and Development
Post-Approval Activities, relating to obtaining Regulatory Approval, as detailed in the Development Plan for the Product. “Development” shall exclude all Commercialization and Manufacturing activities. When used as a verb,
“Develop” means to engage in Development activities. 
 “Development Approval Activities”
means all Development activities conducted solely to the extent reasonably necessary to obtain the first, and only the first, Regulatory Approval for the Product for the Initial Indication in the Territory. 

“Development Costs” means, except as otherwise set forth in this Section 1.31, the [***] costs incurred by a Party
after the Effective Date in connection with Development activities set forth in the Development Plan and [***]. Development Costs shall also include: (a) the cost of preparation, filing, and maintenance of Regulatory Filings prior to receipt of
the first, and only the first, Regulatory Approval for the Product for the Initial Indication in the Territory, and (b)(i) all [***] incurred by Orexigen and (ii) all [***], incurred by Takeda, in each of (i) and (ii) to the extent
relating to Manufacture of Product for Development activities. For the avoidance of doubt, Development Costs relating to the Manufacture of Product by Orexigen or Takeda shall be split in accordance with Section 2.2.2(b); provided,
further, by way of example, (i) if Orexigen incurs [***] costs to Manufacture Product [***], and it has already incurred [***] Dollars ($[***]) in Development Costs, Orexigen shall be obligated to pay [***]

  
 *** Certain information on
this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 
 - 5 - 

 
percent ([***]%) of such Manufacturing costs pursuant to Section 2.2.2(b)(ii)(A), or (ii) if Orexigen incurs [***] costs to Manufacture [***] of Product [***], but instead such Product
is used [***], if Orexigen has already incurred [***] Dollars ($[***]) in Development Costs, Takeda shall be obligated to pay [***] percent ([***]%) of such Manufacturing costs pursuant to Section 2.2.2(b)(ii)(B). 

“Development Plan” means a plan to be agreed upon by the Parties pursuant to Section 2.2.1, that details the
Development activities to be conducted pursuant to this Agreement with respect to a Product during the Term, which plan will outline the strategic Development objectives and activities for each Product in the Territory, and contains a detailed
budget identifying the Development Costs associated with such Development activities. 
 “Development Post-Approval
Activities” means all Development activities other than Development Approval Activities. For the avoidance of doubt, “Development Post-Approval Activities” includes: (a) Product formulation development, post-marketing
requirements and other post-marketing development activities, and Phase IV Trials; and (b) any Safety Study.  

“Disclosing Party” has the meaning set forth in Section 10.1. 

“Disputes” has the meaning set forth in Section 13.1. 

“Dollar” means a U.S. dollar, and “$” shall be interpreted accordingly. 

“Effective Date” has the meaning set forth in the first paragraph of this Agreement. 

“Executive Officers” has the meaning set forth in Section 5.7.3. 

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

“Field” means the treatment or prevention of any and all Indications in humans. 

“First Commercial Sale” means, with respect to any Product, the first sale of such Product invoiced to a Third Party in
any country in the Territory after Regulatory Approval of such Product has been granted. 
 “Force Majeure” has
the meaning set forth in Section 14.4. 
 “GAAP” means generally accepted accounting principles in the
United States or Japan, consistently applied. 
 “Generic Competition” means, with respect to all Products in a
given country in the Territory, in [***] consecutive [***], if, during such [***] consecutive [***] period, one (1) or more Generic Products are sold in such country and [***] of the Generic Product(s) sold account for more than [***] percent
([***]%) of the sum of: (a) all [***] of [***] sold in such country, and (b) all [***] of the Generic Products sold in such country, in each case based on [***] for such [***]. 

  
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 “Generic
Product” means, on a country-by-country and Product-by-Product basis, any pharmaceutical product sold by a Third Party, other than pursuant to a sublicense from Takeda, which: (a) contains the [*** ] the applicable Product in [***] and
in the [***] as the applicable Product, [***] (b) is [***] with respect to such Product or otherwise [***] for such Product. For the purposes of this definition, [***]. 
 “Good Clinical Practices” or “GCP” means the standards, practices and procedures set forth in the International Conference on Harmonization guidelines entitled in
“Good Clinical Practice: Consolidated Guideline,” including related regulatory requirements imposed by the FDA and (as applicable) any equivalent or similar standards in jurisdictions outside the United States, to the extent that such
standards are applicable in the jurisdiction in which the relevant Clinical Trial is conducted or required to be followed in the jurisdiction in which Regulatory Approval of a product will be sought. 

“Good Laboratory Practices” or “GLP” means the regulations set forth in 21 C.F.R. Part 58 and the
requirements expressed or implied thereunder imposed by the FDA and (as applicable) any equivalent or similar standards in jurisdictions outside the United States. 
 “Good Manufacturing Practices” or “GMP” means the regulations set forth in 21 C.F.R. Parts 210–211, and the requirements thereunder imposed by the FDA, and, as
applicable, any similar or equivalent regulations and requirements in jurisdictions outside the United States. 
 “GSK
Field” means the [***]. 
 “GSK License” means the License Agreement between Orexigen and GSK,
effective June 10, 2009, as amended, and “GSK” means SmithKline Beecham Corporation, doing business as GlaxoSmithKline, a Pennsylvania corporation located at One Franklin Plaza, Philadelphia, PA 19102 and Glaxo Group Limited, a
private limited company incorporated in England and Wales, having its registered office at Glaxo Wellcome House, Berkeley Avenue, Greenford, Middlesex, England UB6 0NN. 
 “Hatch-Waxman Act” has the meaning set forth in Section 9.4. 

“HSR Act” has the meaning set forth in Section 14.1. 

“IFRS” means the International Financial Reporting Standards. 

“Improvement” means any Invention that is incorporated into, used in connection with, or relates to the Product, whether
or not protected by a Patent. 

  
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 “IND”
means any Investigational New Drug application, as contemplated by Section 505(i) of the United States Federal Food, Drug, and Cosmetic Act, as amended from time to time, and the regulations promulgated thereunder, filed with the FDA pursuant
to Part 312 of Title 21 of the U.S. Code of Federal Regulations, including any amendments thereto. References herein to IND shall include, to the extent applicable, any comparable filing(s) outside the United States necessary to commence or conduct
Clinical Trials. 
 “Indemnification Claim” has the meaning set forth in Section 11.3. 

“Indemnitee” has the meaning set forth in Section 11.3. 

“Indemnitor” has the meaning set forth in Section 11.3. 

“Indication” means any disease or condition which could be listed under the header “INDICATIONS AND USAGE” or
described under the header “CLINICAL STUDIES” of a Product’s label upon Regulatory Approval, or equivalent thereof in the event applicable Laws are modified. 
 “Initial Co-Promote Period” has the meaning set forth in Section 3.5.1. 
 “Initial Indication” means the disease or condition for which Contrave is first approved by the FDA, as described under the header “INDICATIONS AND USAGE” in the first approved
labeling for Contrave. 
 “Initiation” or “Initiate” means, when used with respect to Clinical
Trials, the dosing of the first human patient with the first dose in such Clinical Trials. 
 “Inventions” has
the meaning set forth in Section 9.1.1. 
 “Joint Invention” has the meaning set forth in
Section 9.1.1. 
 “Joint Patent” has the meaning set forth in Section 9.1.1. 

“JCC” has the meaning set forth in Section 5.3.1. 

“JDC” has the meaning set forth in Section 5.2.1. 

“JMC” has the meaning set forth in Section 5.4.1. 

“JSC” has the meaning set forth in Section 5.1.1. 

“Know-How” means technical information and know-how, including biological, chemical, pharmacological, and toxicological
information, know-how and trade secrets, and manufacturing data, preclinical data, Clinical Trial data, the specifications of ingredients, the manufacturing processes, formulation, specifications, sourcing information, quality control and testing
procedures, and related know-how and trade secrets. 

  
 - 8 -

  

“Laws” means all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of
law of any federal, national, multinational, state, provincial, county, city or other political subdivision, domestic or foreign. 
 “Licensed Compounds” means bupropion hydrochloride and naltrexone hydrochloride, including all drug forms, formulations and salts thereof. 

“Losses and Claims” has the meaning set forth in Section 11.1. 

“Manufacture” with a correlative meaning for “Manufacturing,” means all activities related to the
manufacturing of a pharmaceutical product, or any ingredient thereof, including manufacturing Product in finished form for Development, manufacturing finished Product for Commercialization, labelling, packaging, in-process and finished Product
testing, validation, process improvement, and process development, release of Product or any component or ingredient thereof, quality assurance activities related to manufacturing and release of Product, ongoing stability tests and regulatory
activities related to any of the foregoing. 
 “Manufacturing Responsibility Transition Plan” has the meaning
set forth in Section 4.2. 
 “Manufacturing Services Agreement” has the meaning set forth in
Section 4.1. 
 “NDA” means a New Drug Application or supplemental New Drug Application as contemplated by
Section 505(b) of the United States Federal Food, Drug, and Cosmetic Act, as amended from time to time, and the regulations promulgated thereunder, submitted to the FDA pursuant to Part 314 of Title 21 of the U.S. Code of Federal Regulations,
including any amendments thereto. References herein to NDA shall include, to the extent applicable, any comparable applications filed in countries in the Territory outside the United States. 

“Net Sales” means, with respect to a particular time period, the total amounts invoiced to Third Parties by Takeda, its
Affiliates or Sublicensees for sale or other distribution of Products made during such time period to Third Parties in the Territory, less the following deductions to the extent actually allowed or incurred with respect to such sales: 

(a) sales returns and allowances, including trade, quantity and cash discounts and any other adjustments, including those granted
on account of price adjustments, billing errors, bad debt expense (i.e., non-payment on an account receivable) not to exceed an amount equal to [***] percent ([***]%) of such total amounts invoiced, rebates, chargebacks, fees, reimbursements or
similar payments actually granted or given to wholesalers or other distributors, buying groups, healthcare insurance carriers or other institutions, federal, state, or local government and the agencies, and reimbursers of managed health
organizations; 
 (b) credits or allowances actually granted upon damaged goods, rejections, or returns of such
Products, including in connection with recalls; 

  
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 (c) freight,
postage, shipping, transportation, and insurance charges actually allowed or paid for delivery of Products, to the extent billed; and 
 (d) taxes (other than income or withholding taxes), duties, tariffs, or other governmental charges levied on the sale of such Products to the extent billed, including value-added taxes and annual
fees paid pursuant to the U.S. Affordable Care Act, dated March 23, 2010 (as amended), net of all reimbursements and allowances. 
 Notwithstanding the foregoing, amounts billed by Takeda, its Affiliates or Sublicensees for the sale of Products among Takeda, its Affiliates or Sublicensees for resale shall not be included in the
computation of Net Sales hereunder. Net Sales shall be accounted for in accordance with GAAP or IFRS, as applicable. Net Sales shall exclude any samples of Product transferred or disposed of at no cost for promotional or educational purposes.

 In the case of any Combination Product, in any country, Net Sales for such Combination Product in such country shall be
calculated as follows: 
 (i) If Product and other clinically active ingredient(s) each are sold separately in such
country, Net Sales will be calculated by multiplying the total Net Sales (as described above) of the Combination Product by the fraction A/(A+B), where A is the average invoice price in such country of the Product sold separately in the same
formulation and dosage, and B is the sum of the average invoice prices in such country of such other clinically active ingredient(s) sold separately in the same formulation and dosage, during the applicable Calendar Year. 

(ii) If the Product is sold independently of the other clinically active ingredient(s) therein in such country, but the average
invoice price of such other clinically active ingredient(s) cannot be determined, Net Sales will be calculated by multiplying the total Net Sales (as described above) of the Combination Product by the fraction A/C where A is the average invoice
price in such country of such Product sold independently and C is the average invoice price in such country of the entire Combination Product. 
 (iii) If the other clinically active ingredient(s) are sold independently of the Product therein in such country, but the average invoice price of such Product cannot be determined, Net Sales will
be calculated by multiplying the total Net Sales (as described above) of the Combination Product by the fraction [1-B/C], where B is the average invoice price in such country of such other clinically active ingredient(s) and C is the average invoice
price in such country of the entire Combination Product. 
 “Non-Breaching Party” has the meaning set forth in
Section 12.2.1. 
 “OHSU Agreement” means the License Agreement between Orexigen and
OHSU, dated June 27, 2003, as amended, and “OHSU” means the Oregon Health & Science University, having offices at 2525 SW 1st Ave, Portland, Oregon 97201. 
 “Orange Book” has the meaning set forth in Section 9.5.1. 

  
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 “Orexigen
Indemnitees” has the meaning set forth in Section 11.1. 
 “Orexigen Intellectual Property” means
the Orexigen Patents and the Orexigen Know-How. 
 “Orexigen Invention Patent” has the meaning set forth in
Section 9.1.1. 
 “Orexigen Know-How” means all Know-How Controlled by Orexigen or its Affiliates as of
the Effective Date or at any time during the Term that is [***] for the Development or Commercialization. For clarity, the Orexigen Know-How does not include rights with respect to any active ingredient in a Combination Product other than rights to
the Product. 
 “Orexigen Logo” has the meaning set forth on Exhibit 1.86. 

“Orexigen Patents” means any and all (a) Patents that are Controlled by Orexigen or its Affiliates as of the
Effective Date in the Territory as set forth on Exhibit 0, including the Upstream Patents set forth on Exhibit 0 (which Upstream Patents are subject to the respective terms and conditions of the applicable Upstream Agreement); and (b) other
Patents that (i) are Controlled by Orexigen or its Affiliates in the Territory during the Term and (ii) Cover a Product. Orexigen Patents include the Orexigen Invention Patents and Orexigen’s interest in Joint Patents. For clarity,
the Orexigen Patents do not include rights with respect to any active ingredient in a Combination Product other than rights to the Product. 
 “Orexigen Trademarks” has the meaning set forth in Section 3.8.2. 
 “Paragraph IV Certification” has the meaning set forth in Section 9.3.2(c). 
 “Patents” means U.S. patents and patent applications and (a) any foreign counterparts thereof, (b) all divisionals, continuations, continuations in-part thereof or any other
patent or patent application claiming priority directly or indirectly to (i) any such specified patents or patent applications or (ii) any patent or patent application from which such specified patents or patent applications claim direct
or indirect priority, and (c) all patents issuing on any of the foregoing, and any foreign counterparts thereof, together with all registrations, reissues, re-examinations, renewals, supplemental protection certificates, or extensions of any of
the foregoing, and any foreign counterparts thereof; provided, however, that continuations-in-part of the Upstream Patents are only included to the extent that the subject matter claimed in each such continuation-in-part is described in and
enabled by the disclosure of an Upstream Patent to which any particular continuation-in-part claims priority. 

“Patheon Agreement” means the Manufacturing Services Agreement entered into as of March 12, 2010 among Patheon
Pharmaceuticals, Inc, Patheon, Inc., and Orexigen, as amended. 
 “PDE Term” has the meaning set forth in
Section 3.2.1. 

  
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 “PDE
Cost” means [***] percent ([***]%) of Takeda’s [***] cost for each PDE performed by Orexigen, as set forth in paragraph 2 of Exhibit 3.5.3. 
 “Person” means any individual, firm, corporation, partnership, limited liability company, trust, business trust, joint venture, governmental authority, association or other entity.

 “Phase IV Trial” means a human clinical trial of a pharmaceutical product Initiated after receipt of
Regulatory Approval in the country for which such trial is being conducted and that is conducted within the parameters of the Regulatory Approval for the pharmaceutical product. Phase IV Trials may include epidemiological studies, registries,
modeling and pharmacoeconomic studies of pharmaceutical product and post-marketing surveillance studies. 
 “Primary
Detail Equivalent” or “PDE” means a primary detail equivalent for the Product equal to [***] Detail or [***] Details. For the avoidance of doubt, details that are not [***] Details or [***] Details have no Primary Detail
Equivalents. A “[***] Detail” means a detail delivered by a Sales Representative face-to-face to a contact target in which the promotional message involving the Product is [***]; and a “[***] Detail”
means a detail delivered by a Sales Representative face-to-face to a contact target in which the promotional message involving the Product is [***]. For the avoidance of doubt, electronic and telemarketing details are not Primary Detail Equivalents.

 “Product” means any pharmaceutical composition, branded or generic, containing the Licensed Compounds,
including any Improvements to such composition. “Product” shall include Contrave. “Product” shall include “Combination Products.” 
 “Product Plan” means the then-current Development Plan together with the then-current Commercialization Plan for a Product. 

“Product Trademarks” has the meaning set forth in Section 3.8.1. 

“Publication Manager” has the meaning set forth in Section 10.7.1. 

“Quarterly Report” has the meaning set forth in Section 2.2.2(c) 

“Receiving Party” has the meaning set forth in Section 10.1. 

“Regulatory Approval” means, with respect to any Product in any country in the Territory, approval by a Regulatory
Authority of an NDA. 
 “Regulatory Authority” means any national or supranational governmental authority,
including the FDA, that has responsibility or authority in countries in the Territory to regulate the development, manufacture, sale or promotion of pharmaceutical products. 
 “Regulatory Filings” means any and all regulatory applications, filings, approvals and associated correspondence submitted to or received from a Regulatory Authority to further the
Development or Commercialization of Products in, or into, each country or jurisdiction in the Territory. 

  
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 “Royalty
Term” means, on a country-by-country and Product-by-Product basis, the period commencing on the First Commercial Sale of a Product in a country in the Territory and ending upon the later of: (i) the earliest date upon which both of the
following have occurred: (a) the expiration of the last to expire of all Collaboration Patents containing a Valid Claim Covering the composition of matter or method of manufacture or use of such Product (or any Licensed Compound therein), and
(b) the expiration of all applicable exclusivity extensions, including pediatric or data exclusivity, in such country with respect to such Product (such as those periods listed in the FDA’s Orange Book, and equivalents in other countries
in the Territory); or (ii) [***] years after First Commercial Sale of such Product in such country. 
 “Safety
Study” means [***]. 
 “Sales Representatives” means sales representatives employed by a Party, or
employed or contracted by a Third Party that is contracted by a Party to provide sales representatives, to detail and promote the Product in the Territory. 
 “Secondary Co-Promote Period” has the meaning set forth in Section 3.5.2. 
 “SOPs” has the meaning set forth in Section 3.7. 

“Standstill Period” has the meaning set forth in Section 8.6.3(a). 

“Sublicense” means a written agreement pursuant to which a Third Party became a Sublicensee. 

“Sublicensee” means any Third Party granted a Sublicense by Takeda of any of the rights licensed to Takeda by Orexigen
under Section 6.1, including any: (a) Third Party to whom Takeda has granted the right to promote or distribute a Product if such Third Party is principally responsible for marketing and promotion of such Product within a particular
country or territory, or (b) Third Party granted a sublicense by Orexigen of any of the rights granted to it by Takeda hereunder. 
 “Takeda Indemnitees” has the meaning set forth in Section 11.2. 
 “Takeda Intellectual Property” means the Takeda Know-How and the Takeda Patent(s). 
 “Takeda Invention Patent” has the meaning set forth in Section 9.1.1. 
 “Takeda Know-How” means all Know-How Controlled by Takeda or its Affiliates as of the Effective Date or at any time during the Term that is [***] for the composition of matter, method of
making or using, or formulation of a Product, other than the Orexigen Know-How. 

  
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 “Takeda
Patents” means any and all Patents that are Controlled by Takeda or its Affiliates as of the Effective Date in the Territory or at any time during the Term in the Territory and claim or disclose (a) compositions of matter comprising a
Product, or methods of treatment comprising the administration of a Product, or (b) the manufacture, formulation, delivery, use, sale, offer for sale or importation of a Product. Takeda Patents include the Takeda Invention Patents and
Takeda’s interest in Joint Patents. 
 “Takeda Trademarks” has the meaning set forth in
Section 3.8.3. 
 “Term” has the meaning set forth in Section 12.1. 

“Territory” means the United States, Canada (including its provinces and territories) and Mexico. 

“Third Party” means any Person other than Takeda, Orexigen, or their respective Affiliates. 

“Third Party License” has the meaning set forth in Section 9.7.3. 

“Third Party Manufacturers” has the meaning set forth in Section 4.3. 

“United States” or “U.S.” means the United States of America and all its territories and possessions.

 “Upstream Agreements” means (a) the Dante License, (b) the GSK License, and (c) the OHSU
Agreement. 
 “Upstream Party” means, respectively, (a) Dante with respect to the Dante License,
(b) GSK with respect to the GSK License, and (c) OHSU with respect to the OHSU Agreement. 
 “Upstream
Patents” means the Patents licensed or assigned to Orexigen under the Upstream Agreements, and any Patents claiming priority therefrom, subject to the provisions regarding continuations-in-part of Upstream Patents as set forth in Section 0.

 “Valid Claim” means a claim within a Patent application filed in or for the Territory or an issued Patent in
or for the Territory, in each case within the Collaboration Patents, that (i) is not expired, lapsed, or abandoned, (ii) is not dedicated to the public, disclaimed, or admitted to be unenforceable or invalid; and (iii) has not been
invalidated, held unenforceable or cancelled by a court or administrative agency of competent jurisdiction in an order or decision from which no appeal has been or can be taken, including through opposition, re-examination, reissue, disclaimer or
otherwise. 
 Construction. Except where expressly stated otherwise in this Agreement, the following rules of
interpretation apply to this Agreement: (a) “include,” “includes” and “including” are not limiting and shall be deemed to be followed by “without limitation”; (b) definitions contained in this
Agreement are applicable to the singular as well as the plural forms 

  
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of such terms; (c) references to a statute mean such statute as from time to time amended, modified or supplemented; (d) references to a Person are also to its permitted successors and
assigns; (e) captions, the plain meaning of defined terms to the extent different from the definitions provided in Article 1, and other headings to this Agreement are for convenience only, and shall have no force or effect in construing or
interpreting any of the provisions of this Agreement or any other legal effect; (f) references to “Article”, “Section”, or “Exhibit” refer to an Article or Section of, or an Exhibit to, this Agreement, unless
otherwise indicated; (g) the word “will” shall be construed to have the same meaning and effect as the word “shall” and vice versa; and (h) the word “or” has, except where otherwise indicated, the inclusive
meaning represented by the phrase “and/or”. 
 2. DEVELOPMENT 

2.1 Overview. The Parties shall undertake Development in accordance with a Development Plan as provided for herein consisting of
conducting Clinical Trials and other Development activities. 
 2.1.1 Commercially Reasonable Efforts. Each Party shall
use Commercially Reasonable Efforts to Develop each Product in accordance with the Development Plan, including in completion of activities assigned to each Party in the Development Plan. Each Party will participate in the oversight of Development
via membership in the JSC and the JDC.  
 2.1.2 Annual Review of Development Progress. On an annual
basis, the JDC shall consider the Development progress of the Product, objectives of the Development Plan and economic factors impacting Product Development and adjust the Development Plan to reflect the then-current conditions. 

2.1.3 Audit Rights. 
 (a) Not more than [***] per Calendar Year, each Party shall have the right to conduct an audit of the other Party’s compliance with this Section 2.1, including with respect to Development
Costs incurred in connection with activities conducted in the execution of the Development Plan, for purposes of confirming the Development Costs reflected in Quarterly Reports contemplated in Section 2.2.2(c). Such audit shall be conducted
during normal business hours, upon not less than [***] ([***]) Business Days prior notice, and no more than [***] with regard to any given Calendar Year. As appropriate, prompt adjustments to payments made pursuant to Section 2.2.2(c) shall be
made by the Parties to reflect the results of such audit. The Party to whom payment is owed will issue an invoice to the other Party. Such invoice will be paid within [***] days of receipt. The auditing Party shall bear the full cost of such audit
unless such audit discloses an over-reporting by the audited Party of more than [***] percent ([***]%) of the amount of Development Costs for a given Calendar Quarter, in which case, the audited Party shall bear the full cost of such audit.
Notwithstanding anything to the contrary contained in this Section 2.1.3, each Party’s audit shall be limited to the review of information directly relating to Development activities. 

  
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 (b) Each Party
shall have the right to conduct an inspection and audit of the other Party’s compliance with this Section 2.1 and Section 2.2.7, including with respect to any Development activities carried out by subcontractors of a Party. Such
inspection and audit shall be conducted during normal business hours, upon not less than [***] ([***]) Business Days prior notice, and not more than [***] per Calendar Year; provided, however, if an adverse issue arises in connection with the
Development activities of the Party to be audited, then such inspection or audit may be conducted more than [***] per Calendar Year. The auditing Party shall bear the full cost of such audit. The audited Party shall use Commercially Reasonable
Efforts to resolve any material audit findings as promptly as possible. 
 2.2 Development. 

2.2.1 Development Plan. The initial Development Plan shall be agreed upon by the Parties within [***] ([***])[***] after the
Effective Date. The Development Plan shall be consistent with the obligations of the Parties under Sections 2.1 and 2.2.2 through 2.2.9. The Development Plan may be updated or amended only as agreed by the Parties in writing [***]. The Development
Plan will set forth a budget and all Development Costs associated with the Development Plan, consistent with Sections 2.1.2 and 2.2.2. 
 2.2.2 Development Costs. 
 (a) Orexigen shall bear all Development
Costs incurred by either or both of the Parties in the conduct of [***]. 
 (b) The Parties shall share all Development
Costs incurred by either or both of the Parties in the conduct of [***] during the Term as follows: (i) Orexigen shall bear all such Development Costs up to an aggregate amount during the Term equal to Sixty Million Dollars ($60,000,000); and
(ii) after Orexigen has borne Sixty Million Dollars ($60,000,000) in such Development Costs during the Term, (A) each Party shall bear [***] percent ([***]%) of such Development Costs incurred by either or both of the Parties in connection
with the conduct of any [***], and (B) Takeda shall bear [***] percent ([***]%) and Orexigen shall bear [***] percent ([***]%) of such Development Costs incurred by either or both of the Parties in connection with the conduct of any [***],
other than any [***], during the Term. 
 (c) Within [***] ([***]) days after the end of each Calendar Quarter, each
Party will provide a written report to the other Party setting forth in reasonable detail the recorded Development Costs relating to such Calendar Quarter (each, a “Quarterly Report”). Within [***] ([***]) days after the end of such
Calendar Quarter, the Parties will agree upon the Development Costs incurred in such Calendar Quarter and any amount required to be paid to give effect to Section 2.2.2(b). Such amount shall be paid within [***] ([***]) days after the Parties
agree upon such amount. 
 (d) In the event either Orexigen or Takeda discover a need for correction in calculating the
amount of Development Costs incurred by such Party during any previous [***], it will promptly notify the other Party of such discovery. The Parties will then discuss the validity and appropriateness of the correction. If the Parties agree that such
correction should be made and mutually verify the amount to be corrected, then such amounts shall be included in the following [***] reconciliation between the Parties as set forth in Section 2.2.2(c); provided, however, only corrections
for Development Costs that have occurred in the previous [***] prior to the date of the notice described in the first sentence of this subsection (d) shall be eligible for correction. If the Parties do not agree on the validity or
appropriateness of the requested correction, the JDC will be responsible for deciding the issue. 

  
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 (e) Each Party
will use Commercially Reasonable Efforts to complete the Development activities contemplated in the Development Plan and related budget, and to do so within the amounts budgeted. The Parties acknowledge that actual expenditures may differ from
budgeted amounts, and accordingly agree that the aggregate amount actually spent by a Party may be up to [***] percent ([***]%) higher than the amount specified in the budget. In the event a Party’s Development Costs in the aggregate exceed the
amount budgeted in any Development Plan by more than [***] percent ([***]%), the JDC shall determine if such excess amount is reasonable under the circumstances. If the JDC determines such excess amounts are reasonable, such amounts shall be deemed
Development Costs; otherwise, the excess shall be borne by the Party that incurred such excess Development Costs. 
 2.2.3
Cooperation. Each Party will use Commercially Reasonable Efforts to provide the other Party with all reasonable assistance and take all actions reasonably requested by such other Party, without changing the allocation of responsibilities
assigned in the Development Plan, that are necessary or desirable to enable the other Party to comply with the terms and conditions of this Agreement. 
 2.2.4 Development Responsibilities. Each Party will perform, on a Calendar Year basis, the Development activities to be conducted by such Party as set forth in the Development Plan; provided,
however, for the avoidance of doubt, during the process of determining which Party will perform the Development activities set forth in the Development Plan, in no event shall a Party be required to perform a particular Development activity that
it does not then possess reasonable resources or capabilities to perform. Notwithstanding anything to the contrary in this Agreement, Orexigen shall have the right to perform, on a Calendar Year basis, at least [***] percent ([***]%) of the
activities set forth in the applicable Development Plan, as determined based on the percentage of Development Costs associated with such Development activities set forth in the Development Plan for such Calendar Year. 

2.2.5 Development Reports. Each Party will provide the JDC with written Development reports or presentations at JDC meetings at
the request of the other Party’s JDC members. Each report or presentation shall include the Development activities accomplished by or on behalf of such Party since the previous JDC meeting, and other relevant matters, including a summary of
significant results, information, and data generated, or significant challenges relating to Products, and the status of Development activities as compared to the timelines in the Development Plan. Such reports may also include summaries of the costs
incurred by such Party in the performance of such Development activities prior to the date of such report. Upon request by the JDC, each Party shall provide the JDC with summaries of available clinical protocols, investigator brochures, non-clinical
protocols and reports (including activities relating to CMC), regulatory submissions and correspondence from Regulatory Authorities with respect to Products. 

  
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 2.2.6 Records.
In conformity with standard pharmaceutical industry practices and the terms and conditions of this Agreement, each Party shall prepare and maintain, and shall cause its Affiliates and Sublicensees to prepare and maintain, complete and accurate
written records, accounts, notes, reports and data with respect to activities conducted pursuant to the Development Plan for a minimum of [***] ([***]) years following the end of the Calendar Year to which they pertain, or for such longer period of
time as required under applicable Laws. ; provided, further, upon the other Party’s written request, the non-requesting Party shall provide legible copies of such written records, accounts, notes, reports and data to the requesting Party
throughout the Term and for a minimum of [***] ([***]) years following the Term, or for such longer period of time as such written records, accounts, notes, reports and data are required to be maintained under applicable Laws. Upon reasonable
advance notice, at the request of the JDC, each Party agrees to make its employees and contractors reasonably available at their respective places of employment to consult with the other Party on issues arising in connection with Development
activities. 
 2.2.7 Development Standards. Each Party shall conduct all such Development activities in compliance with
applicable Laws, including GCP, GLP, and all legal and regulatory requirements pertaining to the design and conduct of Clinical Trials. 
 2.2.8 Subcontracting. Each Party may perform any activities in support of its Development under this Agreement through subcontracting to a Third Party contractor or contract service organization;
provided that: (a) none of the rights of the other Party hereunder are materially adversely affected as a result of such subcontracting; (b) any such Third Party subcontractor to whom such Party discloses Confidential Information
shall be bound by an appropriate written agreement obligating such Third Party to obligations of confidentiality and restrictions on use of such Confidential Information that are no less restrictive than the obligations in Article 10; (c) such
Party will obligate such Third Party to agree in writing to assign or license (with the right to grant sublicenses) to such Party any inventions (and Patents covering such inventions) made by such Third Party in performing such services for such
Party that are necessary for the Development; (d) such Party shall at all times be responsible for the performance of such subcontractor; and (e) [***]. At Orexigen request, Takeda shall use Commercially Reasonable Efforts to [***].

 2.2.9 Information Sharing. Each Party shall provide the other Party with copies of all material non-clinical,
analytical, Manufacturing, and clinical data (including, for clarity, data sets) and information relating to the Product generated by such Party, or on behalf of such Party by any Third Party, promptly after such data and information are deemed
final. For clarity, information regarding adverse events and serious adverse events shall be provided in accordance with the pharmacovigilance agreement described in Section 3.6. Each Party understands and acknowledges that the other Party and
its Affiliates and sublicensees may need to utilize and include certain data and certain summary and general information regarding the demonstration of efficacy and safety of the Product generated by such Party (for example, adverse event reports
and tabulated data summaries) as required in its filings for Regulatory Approvals outside the Territory or as requested by the Regulatory Authorities outside the Territory. Orexigen shall have the right to share any and all such data, information,
and other regulatory materials received from Takeda with Orexigen’s Affiliates, licensees and sublicensees 

  
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outside the Territory. Takeda shall have the right to share any and all such data and other regulatory materials received from Orexigen with Takeda’s Affiliates and sublicensees in the
Territory. Providing such information shall be performed free of charge. All non-clinical, analytical, Manufacturing, and clinical data and associated reports disclosed by one Party to the other under this Agreement shall be deemed Confidential
Information of the disclosing Party; provided that, except as otherwise set forth in this Agreement, the receiving Party (or its Affiliates or licensees or sublicensees) may use such data solely for the purpose of developing a Product,
seeking and obtaining regulatory approval, or commercializing the Product in its respective territory, including pursuant to Orexigen’s right to Co-Promote pursuant to Section 3.5. 

3. COMMERCIALIZATION; CO-PROMOTION 

3.1 Commercialization Activities. Takeda shall be responsible for Commercializing Products in the Field in the
Territory, subject to the terms and conditions of this Agreement and in compliance in all material respects with applicable Laws. Takeda shall be responsible for paying all Commercialization Costs set forth in the Commercialization Plan approved by
the JCC. Takeda shall use Commercially Reasonable Efforts to Commercialize Products in the Field in the Territory in accordance with the Commercialization Plan and the terms of this Agreement, subject to Orexigen’s Commercialization of Contrave
pursuant to Section 3.5 and the terms of any Co-Promote Agreement. Upon exercise of its right to Co-Promote pursuant to Section 3.5, Orexigen shall use Commercially Reasonable Efforts to Commercialize Contrave in the U.S. in accordance
with the Commercialization Plan, the terms of this Agreement and the Co-Promote Agreement, and in compliance in all material respects with applicable Laws. Except as otherwise provided for in Section 3.5 and any Co-Promote Agreement, Takeda,
its Affiliates or Sublicensees, as the case may be, shall have the sole right and responsibility for all activities relating to Commercialization of all Products in the Field in the Territory including: (a) booking all sales of Products;
(b) determining the price of all Products; (c) sale and distribution of all Products as described in Section 3.3.5 below; (d) conducting all Product marketing activities; (e) creating and approving all marketing programs and
promotional materials; and (f) conducting all Product medical affairs activities, including field based medical liaison activities, investigator initiated sponsored research, publications, medical education, health economics outcomes research
and medical information. 

  
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 3.2 Additional
Diligence Obligations. In addition to the general responsibilities set forth in Section 3.1, Takeda shall have the following specific diligence obligations: 
 3.2.1 Commencing on First Commercial Sale of Contrave in the Initial Indication and ending on the later of the [***] ([***]) anniversary of such date or [***] (the “PDE Term”), Takeda
shall, in accordance with the Commercialization Plan and this Section 3.2.1, provide at least the following Primary Detail Equivalents for such Product; (i) during the first consecutive [***] ([***])[***] period following the First
Commercial Sale, [***] ([***]) Primary Detail Equivalents, of which at least [***] ([***]) shall be [***] Details; (ii) during each of the following [***] periods thereafter, [***] ([***]) Primary Detail Equivalents, of which at least [***]
([***]) shall be [***] Details (pro-rated for any partial [***]). Takeda shall provide its PDE requirements with the goal of achieving the call plan described in Section 3.2.2, and in accordance with the following: (a) during each [***],
at least [***] percent ([***]%) of its PDE requirement under the call plan; and (b) during each [***], at least [***] percent ([***]%) of its PDE requirement under the call plan. If Takeda fails to achieve [***] percent ([***]%) of its PDE
requirement under the call plan in a [***], it must exceed [***] percent ([***]%) of its PDE requirement under such call plan in the following [***] by the number of PDEs that Takeda failed to achieve in the prior [***] (i.e., that caused it to
achieve less than [***] percent ([***]%) of its PDE requirement). If Takeda fails to achieve [***] percent ([***]%) of its PDE requirement under the call plan in any [***], it must exceed [***] percent ([***]%) of its PDE requirement under the call
plan in the following [***] by the number of PDEs that Takeda failed to achieve under the call plan in the prior [***] (i.e., that caused it to achieve less then [***] percent ([***]%) of its PDE requirement under the call plan). Any failure by
Takeda to correct a PDE shortfall (i.e., achieving less than [***] percent ([***]%) of its PDE requirement under the call plan in a [***] or [***] percent ([***]%) of its PDE requirement under the call plan in a [***]) in the timeframe specified
above shall be a material breach of this Agreement; provided, however, for the avoidance of doubt, (1) if Takeda achieves the PDE requirements as set forth above, including through the correction of any shortfall, it may not be held in
material breach for failure to achieve [***] percent ([***]%) of the PDE requirements under the call plan and (2) details that are not [***] shall have no Primary Detail Equivalent value. Upon expiration of the PDE Term, (x) the JCC shall
consider the market conditions on an annual basis and adjust the Commercialization Plan (including the PDE requirements and the number of [***] for the Product) to reflect the then-current market conditions and (y) this Section 3.2.1
(other than, for clarity, subsections (i) and (ii)) shall remain in full force and effect. 
 3.2.2 The Parties
shall establish a Primary Detail Equivalent call plan for Contrave, which shall be supported by a commensurate incentive plan that is aligned with each Sales Representative’s individual call plan, and designed to facilitate achievement of the
overall PDE requirements, including as set forth in Section 3.2.1. By way of example, and without limitation, if a Takeda Sales Representative is directed to sell the Product and other Takeda product(s) that are not the Product such that
[***] percent ([***]%) of such Takeda Sales Representative’s PDEs are for the Product and [***] percent ([***]%) of such Takeda Sales Representative’s PDEs are for such other Takeda product(s), then in any incentive plan for the Takeda
Sales Representatives, such Product would receive a [***] percent ([***]%) incentive weighting and such other Takeda product(s) would receive a [***] percent ([***]%) incentive weighting. For the avoidance of doubt, the incentive weighting for the
Product is not required to be greater than or equal to the incentive weighting for such other Takeda product(s). 

  
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 3.2.3
Commencing on the Effective Date and ending on the [***], Takeda shall, in accordance with the Commercialization Plan, incur at least [***] Dollars ($[***]) in Commercialization Costs (excluding any costs and expenses incurred in connection with
Manufacturing activities) for pre-launch activities associated with such Product. During the PDE Term, Takeda shall incur the following Commercialization Costs (excluding any costs and expenses incurred in connection with Manufacturing activities)
for promotion of such Product: (i) during the first [***] during the PDE Term, [***] Dollars ($[***]); and (ii) during each of the following [***] during the PDE Term, [***] Dollars ($[***]) (pro-rated for any partial [***]). Thereafter,
the JCC shall consider the market conditions on an annual basis and adjust the amount of Commercialization Costs to be incurred by Takeda for such Product to reflect the then-current market conditions. 

3.2.4 Not more than [***] per Calendar Year, and no more than [***] ([***])[***] for each Calendar Year, Orexigen shall have the
right to conduct an inspection and audit of information relating to PDEs, incentive plans, and promotional budget expenditures directly relating to the Product, to confirm Takeda’s compliance with Sections 3.2.1 and 3.2.3. Such inspection and
audit shall be conducted at Orexigen’s expense during normal business hours, and upon not less than [***] ([***]) days prior written notice to Takeda. 
 3.3 Commercialization. 
 3.3.1 Commercialization Plan. The initial
Commercialization Plan for Contrave in the U.S. shall be agreed upon by the Parties within [***] ([***]) days after the Effective Date. The Commercialization Plan for Contrave in countries outside the U.S., or for other Products in countries in the
Territory, shall be mutually agreed upon by the Parties. Notwithstanding the exercise by Orexigen of its right to Co-Promote the Product, all Products in the Field in the Territory shall be sold, and all sales shall be booked by Takeda, its
Affiliates and Sublicensees, as the case may be, and Takeda shall pay milestones and royalties to Orexigen in accordance with Article 7 with respect thereto. 
 3.3.2 Updates to Commercialization Plan. Each Commercialization Plan for each country in the Territory shall be updated or amended by the JCC on an annual basis, or more frequently as necessary,
including promptly after Orexigen exercises its right to Co-Promote pursuant to Section 3.5. Updates and amendments to the Commercialization Plan shall be subject to the approval of the JSC pursuant to Section 5.1.2(c), and, if Orexigen
exercises its right to Co-Promote, made in accordance with the last sentence in Sections 3.2.1. and 3.2.3. Each Calendar Year the JCC will prepare an update to the Commercialization Plan, and submit it in advance to the JSC in order to obtain
approval from the JSC no later than [***]. 
 3.3.3 JCC Commercialization Information and Reports. Each Party shall
provide the other Party, upon request, with copies of all material Product-specific information relating to Commercialization of the Product generated by such Party, or on behalf of such Party by any Third Party, including market research and other
information generated in connection with the conduct of promotional efficiency and other Commercialization activities; provided, however, for the avoidance of doubt, neither Party shall be obligated to disclose information that relates to
products outside the scope of this collaboration. Each Party will 

  
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provide the JCC with written Commercialization reports or presentations at JCC meetings. Each such report or presentation shall include the Commercialization activities accomplished by or on
behalf of such Party since the previous JCC meeting, and other relevant matters, including a summary of Primary Detail Equivalents broken out on a monthly basis, a copy of all then-current incentive plans relating to the Products, and the status of
Commercialization activities as compared to the timelines in the then-existing Commercialization Plan. The Commercialization reports shall also include the reports set forth on Exhibit 3.3.3, and summaries of the costs incurred by each Party in the
performance of its Commercialization activities prior to the date of such report. The JCC shall provide to the JSC copies of the information provided under this Section 3.3.3. Takeda shall provide any reports referred to in this
Section 3.3.3 and received from Third Parties to Orexigen promptly, but in no event later than [***] ([***]) days after receipt of such report from such Third Party. 
 3.3.4 Commercialization Costs. 
 (a) Except as otherwise expressly
provided in this Agreement, Takeda shall bear all Commercialization Costs incurred by either Party in accordance with the Commercialization activities, and corresponding budgeted costs, set forth in the Commercialization Plan approved by the JSC.

 (b) Takeda shall reimburse Orexigen, on a quarterly basis in arrears, for all PDE Costs incurred by Orexigen during
the prior Calendar Quarter. After the end of each Calendar Quarter, Orexigen shall submit to Takeda an itemized invoice for PDE Costs incurred by Orexigen in accordance with the activities assigned to it in the Commercialization Plan during such
Calendar Quarter, and Takeda shall pay to Orexigen an amount equal to such PDE Costs within [***] ([***]) days after delivery of such invoice. Notwithstanding the foregoing, if Takeda disputes all or any portion of the PDE Costs submitted to it by
Orexigen, Takeda shall not be required to pay such disputed PDE Costs within [***] ([***]) days after delivery of the invoice to Takeda, and the Parties shall use good faith efforts to discuss and resolve such disputed amount. 

3.3.5 Sales and Distribution. Notwithstanding the exercise by Orexigen of its right to Co-Promote Contrave pursuant to
Section 3.5, Takeda shall have the sole right and responsibility for handling all sales and distribution activities, including returns, order processing, invoicing and collection, distribution (including importing, exporting, transporting,
customs clearance, warehousing, invoicing, handling and delivering Products to customers), and inventory and receivables for the Products in the Field in the Territory. Orexigen shall not accept orders for the purchase of a Product from Third
Parties, or make sales of Product to Third Parties in the Field in the Territory for its own account or for Takeda’s account. If Orexigen receives any order for a Product in the Field in the Territory, it shall refer such orders to Takeda for
acceptance or rejection. Takeda shall have the sole right and responsibility for: (i) negotiating, establishing or modifying the terms and conditions regarding the sale of the Product in the Field in the Territory, including any terms and
conditions relating to or affecting (a) the price at which the Product shall be sold, (b) discounts available to any Third Party payers (including managed care providers, indemnity plans, unions, self insured entities, and government
payer, insurance or contracting programs such as Medicare, Medicaid, or the U.S. Department of Veterans Affairs, 

  
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or similar programs located in other countries of the Territory), (c) discounts attributable to payments on receivables, (d) distribution of the Product, and (e) credits, price
adjustments, or other discounts and allowances to be granted or refused; and (ii) all activities relating to government price reporting with respect to any Product in the Field in the Territory. 

3.3.6 Bundling. Takeda hereby agrees that it will not, nor, to the extent permitted under applicable Laws, shall it allow its
Affiliates or Sublicensees to, provide a discount on Products as part of a multiple product offering with any other products or services that: (i) [***]; or (ii) [***]. 

3.4 Regulatory Responsibilities. 
 3.4.1 Prior to receipt of Regulatory Approval in the U.S. for the Initial Indication for Contrave: (a) Orexigen shall prepare, file, maintain, and own all Regulatory Filings, including the IND
and the NDA for Contrave in the U.S., and related submissions with respect to Contrave in the U.S.; and (b) Orexigen shall promptly notify Takeda of all material Regulatory Filings with respect to Contrave that it proposes to submit to
Regulatory Authorities, or that it receives from Regulatory Authorities, in the Territory (including all substantive correspondence with such Regulatory Authorities, responses from such Regulatory Authorities, requests for information from such
Regulatory Authorities, briefing documents and other materials relating to interactions with such Regulatory Authorities, and summaries of outputs resulting from substantive correspondence/conversations or meetings with such Regulatory Authorities),
and shall promptly provide Takeda with a copy (which may be wholly or partly in electronic form) of such Regulatory Filings for review by Takeda. Takeda shall provide any comments promptly, but in no event later than [***] ([***]) Business Days
after receiving such Regulatory Filings, Orexigen shall reasonably consider and give due consideration to any such comments provided by Takeda, and, as necessary, it shall discuss such comments with Takeda, and each Party shall use good faith
efforts to mutually agree on the content of any communications that relate to or contain commitments made or to be made by Orexigen to Regulatory Authorities for the purpose of obtaining Regulatory Approvals; provided, however,
(i) Orexigen shall retain the right to make any final decisions with respect to the content of any such communications, which shall be compliant with the Development Plan, this Agreement and applicable Law, and (ii) in the event any
interaction with a Regulatory Authority is time-sensitive, Orexigen shall have the right to communicate with such Regulatory Authority within the time frame requested by such Regulatory Authority. Orexigen shall provide Takeda with reasonable
advance notice of any scheduled meeting with any Regulatory Authority relating to the Product or any Regulatory Approval in the Territory, and Takeda shall have the right to have up to [***] ([***]) individuals attend and participate in any such
meeting; provided, however, Orexigen will retain the lead role and responsibility in any such meetings.  

3.4.2 Within [***] ([***]) days after receipt of written notice of Regulatory Approval in the U.S. for the Initial Indication for
Contrave, but in any event prior to First Commercial Sale of Contrave, Orexigen and Takeda shall take all steps necessary to transfer all Regulatory Filings relating to Contrave, including the IND and the NDA for Contrave in the U.S., into the name
of Takeda and provide Takeda with a copy of all such Regulatory Filings. Takeda shall thereafter be responsible for (a): preparing, filing, maintaining and owning 

  
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all Regulatory Filings and related submissions, including the IND and the NDA for Contrave in the U.S., with respect to Products in all Indications in the Territory, and (b) leading
discussions and meetings with all Regulatory Authorities regarding Products in all Indications in the Territory; provided, however, [***] ([***]) representatives of Orexigen shall be entitled to participate in any such discussions and
meetings with Regulatory Authorities, and, if an appropriate Orexigen representative(s) is requested by Takeda to attend a discussion or meeting with a Regulatory Authority regarding the Products in the Indications in the Territory, Orexigen will
use Commercially Reasonable Efforts to arrange for such individual(s) to participate in such discussions or meetings. 

3.4.3 Upon request, Takeda will provide the JSC with copies of all Regulatory Filings and related material correspondence
submitted to Regulatory Authorities or received from Regulatory Authorities with respect to Products in all Indications in the Territory. Takeda will promptly furnish, but in no event later than [***] ([***]) Business Days after receipt or
generation, Orexigen with copies of all such Regulatory Filings (including all substantive correspondence with such Regulatory Authorities, responses from such Regulatory Authorities, requests for information from such Regulatory Authorities,
briefing documents and other materials relating to interactions with such Regulatory Authorities, and summaries of outputs resulting from substantive correspondence/conversations or meetings with such Regulatory Authorities). In addition, prior to
making a Regulatory Filing relating to Contrave or responding to any such Regulatory Authority correspondence or interactions, except to the extent impracticable with respect to expedited safety reports, timelines imposed by Regulatory Authorities,
Takeda SOPs and other similar time-sensitive issues, Takeda shall provide to the JDC and JSC a complete draft copy for its review and comment. Takeda shall give due consideration to any comments of the JDC and JSC with respect thereto. 

3.4.4 Notwithstanding any transfer of Regulatory Filings or ownership thereof to Takeda, Orexigen shall have, on behalf of
itself, its Affiliates, and licensees and sublicensees, the right to access and reference data and information contained in any Regulatory Filings to the extent useful or necessary in connection with Product regulatory filings outside the Territory.
Orexigen hereby grants to Takeda, its Affiliates and Sublicensees, the right to access and reference data and information contained in any Orexigen’s Product regulatory filings outside the Territory to the extent useful or necessary in
connection with Regulatory Filings inside the Territory. 
 3.4.5 If a Regulatory Authority desires to conduct an
inspection or audit of, or sends a communication to, Takeda or Orexigen or any Third Party engaged by either Party to perform activities under the Development Plan or Commercialization Plan with regard to any Product or this Agreement, Takeda and
Orexigen each agrees to cooperate with the Regulatory Authority and the other Party during such inspection or audit, including by allowing, to the extent practicable, a representative of the other Party to be present during the applicable portions
of such inspection or audit. Following receipt of the inspection or audit observations of the Regulatory Authority (a copy of which the responsible Party will immediately provide to the other Party), the responsible Party will prepare the response
to any observation that concerned this Agreement. The other Party agrees to fully cooperate when it prepares such a response, including by providing to the responsible Party, within [***] ([***]) Business Days after its

  
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request, such information and documentation in the Party’s possession as may be necessary for the responsible Party to prepare such response. Before submitting the response to the Regulatory
Authority, the responsible Party agrees to give the other Party a reasonable opportunity to comment on it. 
 3.4.6 Each
Party (and its Third Party subcontractors) shall notify the other Party within [***] ([***]) Business Day of receipt of notification from a Regulatory Authority of the intention of such Regulatory Authority to audit or inspect a Party’s
facilities with respect to any Product, including facilities being used for Manufacture of any Product. Each Party (and its Third Party subcontractors) shall also provide the other Party with copies of any written communications received from
Regulatory Authorities with respect to such facilities within [***] ([***]) Business Days of receipt. Such Party shall provide the other Party with an opportunity to review and provide input on any proposed response by such Party (or Third Party
subcontractor) to such communications. 
 3.5 Orexigen’s Co-Promote Activities. 

3.5.1 Initial Co-Promote Period. During the period commencing on the date of First Commercial Sale of Contrave in the U.S. for the
Initial Indication and ending on the [***] ([***]) anniversary of such date (the “Initial Co-Promote Period”), Orexigen shall have the right to participate in the Commercialization of the Product by promoting or detailing the
Product in the Field in the U.S. (“Co-Promote”), Orexigen shall have the right to provide up to [***] ([***]) Primary Detail Equivalents per year, of which at least [***] percent ([***]%) shall be [***] Details during the [***], and
[***] percent ([***]%) shall be [***] Details in each [***] thereafter. Orexigen shall perform its Primary Detail Equivalents only through Orexigen’s Sales Representatives and exclusively [***] or other targets approved by the JCC. Takeda shall
be required to pay Orexigen the PDE Costs incurred by Orexigen in connection with such Co-Promote activities under this Section 3.5.1 as provided in Section 3.3.4(b). Orexigen shall provide written notice to Takeda of its intention to
Co-Promote under this Section 3.5.1 no later than [***], in which case Orexigen shall be permitted to begin its Co-Promote activities on [***]. If Orexigen does not provide such written notice to Takeda within such time period, Orexigen shall
be permitted to exercise such right by providing Takeda with written notice either: (a) at any time between [***] and [***], in which case Orexigen shall be permitted to begin its Co-Promote activities on [***], or (b) at any time between
[***] and [***], in which case Orexigen shall be permitted to begin its Co-Promote activities on [***]. 
 3.5.2 Secondary
Co-Promote Period. Except as otherwise provided in Section 3.5.4, during the period commencing on the [***] ([***]) anniversary of the date of the First Commercial Sale of Contrave in the U.S. for the Initial Indication and ending upon
[***] (the “Secondary Co-Promote Period”), Orexigen shall have the exclusive option (the “Co-Promote Option”) to Co-Promote such Product in the Field in the U.S. Orexigen may exercise the Co-Promote Option by
providing written notice to Takeda at any time prior to [***] during [***] during the Secondary Co-Promote Period, in which case Orexigen shall be permitted to: (a) begin its Co-Promote activities on [***] of the following [***],
(b) perform up to [***] ([***]) Primary Detail Equivalents in the [***] ([***]) month period following the start of its Co-Promote activities (i.e., [***] through [***]after exercise of the Co-Promote Option),
(c)

  
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perform up to [***] ([***]) Primary Detail Equivalents in each [***] ([***]) month period thereafter (i.e., after the [***] ([***]) month period referenced in Section 3.5.2(b)), and
(d) only through Orexigen’s Sales Representatives, [***]. Upon exercise of the Co-Promote Option by Orexigen, and during the Secondary Co-Promote Period, [***]. In addition, notwithstanding anything to the contrary contained in this
Agreement: (1) Takeda [***], and (2) Orexigen shall compensate Takeda for all reasonable Third Party costs and internal personnel costs not to exceed [***] Dollars ($[***]), incurred by Takeda in support of Orexigen’s implementation
activities necessary to begin Co-Promoting the Product. 
 3.5.3 Promptly after exercise of the earlier of
Orexigen’s exercise of its right under Section 3.5.1 or the Co-Promote Option under Section 3.5.2, the JCC will amend the Commercialization Plan to address the transition of promotional activities from Takeda to both of the Parties.
In addition, promptly thereafter (and in all events prior to the commencement of any Co-Promotion activities by Orexigen), the Parties shall diligently and in good faith negotiate and enter into a Co-Promote Agreement for the Commercialization of
the Product in the Field in the U.S. by Orexigen and Takeda, on mutually agreeable terms, including the terms set forth in Article 3 and Exhibit 3.5.3; provided, however, if the Parties fail to enter into a Co-Promote Agreement within the
timeframe contemplated in this Section 3.5.3, the terms set forth in Article 3 and Exhibit 3.5.3 shall govern the Commercialization of the Product as if the Parties had entered into a Co-Promote Agreement. 

3.5.4 Notwithstanding anything to the contrary contained in Section 3.5.1 or Section 3.5.2, Orexigen’s Successor
shall have the right to Co-Promote the Product in accordance with this Agreement and the Co-Promote Agreement by providing Takeda with [***] ([***]) months prior written notice if such right is exercised during the Initial Co-Promote Period, or
[***] ([***]) months prior written notice if such right is exercised during the Secondary Co-Promote Period. If Orexigen’s Successor exercises such Co-Promote right, (a) Orexigen’s Successor shall have the right to perform up to [***]
([***]) Primary Detail Equivalents during each [***] thereafter in accordance with a JCC approved Commercialization Plan, [***], (b) during the Initial Co-Promote Period, if Orexigen’s Successor elects to conduct more than [***] ([***])
Primary Detail Equivalents, [***], (c) [***], (d) Orexigen shall compensate Takeda for all reasonable Third Party costs and internal personnel costs not to exceed [***] Dollars ($[***]), incurred by Takeda in support of the implementation
activities necessary for Orexigen’s Successor to begin Co-Promoting the Product, (e) Orexigen’s Successor shall be subject to the terms and conditions of the Co-Promote Agreement, provided that relevant terms and conditions of
the Co-Promote Agreement shall be modified through mutual agreement to address the rights and obligations of Takeda and Orexigen’s Successor contained in this Section 3.5.4, and (f) the [***] for Orexigen’s Successor shall be
discussed at the JCC; provided, further, the JCC shall take into account the following when selecting [***]. 
 3.6
Pharmacovigilance. As soon as possible, but no later than [***], Orexigen and Takeda shall enter into a pharmacovigilance agreement concerning all matters relating to management and exchange of safety information on terms no less stringent than
those required by ICH guidelines. Takeda shall be responsible, at its own expense, for the 

  
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establishment and maintenance of the global safety database for Products in all Indications in the Territory. Each Party shall cooperate (at its sole cost and expense), and shall cause its
Affiliates, licensees and sublicensees to cooperate, in implementing a pharmacovigilance mutual alert process with respect to the Products and to comply with all applicable Laws. Generally, (a) prior to transfer of the Regulatory Filings as set
forth in Section 3.4.2, Orexigen shall be responsible for submitting all required IND safety reports contemplated by 21 C.F.R. 312.32, and post-marketing reports of adverse drug experiences contemplated by 21 C.F.R. 314.80, or the foreign
equivalent in the Territory, relating to Products to the appropriate Regulatory Authorities in the United States, in accordance with applicable Laws; (b) following transfer of the Regulatory Filings as set forth in Section 3.4.2, and with
respect to any other Regulatory Filings, Takeda shall be responsible for reporting all adverse drug reaction experiences required to be reported to the appropriate Regulatory Authorities in the countries in the Territory in which such Product is
being Developed or Commercialized, in accordance with the Laws of the relevant countries; and (c) Orexigen, its Affiliates or licensees or sublicensees shall be responsible for submitting all regulatory filings, including any post-marketing
reports of adverse drug experiences, relating to Products and required to be reported to the appropriate regulatory authorities outside of the Territory, in accordance with the Laws of the relevant countries. Orexigen shall have the right to share
any and all information received from Takeda under this Section 3.6, or the pharmacovigilance agreement entered into between the Parties, with Orexigen’s Affiliates and licensees and sublicensees outside the Territory. Takeda shall have
the right to share any and all information received from Orexigen under this Section 3.6 or such pharmacovigilance agreement with Takeda’s Affiliates and Sublicensees in the Territory. The JSC shall review from time to time Takeda’s
and Orexigen’s pharmacovigilance policies and procedures. The pharmacovigilance agreement shall identify the responsibilities of each Party regarding the information to be exchanged and the timeframes for such exchange, regulatory reporting,
literature review, risk management, and labeling. 
 3.7 Recalls and Product Safety. The Parties shall exchange their
internal standard operating procedures (“SOPs”) for conducting product recalls reasonably in advance of the First Commercial Sale of any Product in the Territory, and shall discuss and resolve any conflicts between such SOPs and
issues relating thereto promptly after such exchange. If either Party becomes aware of information relating to any Product that indicates that a unit or batch of Product may not conform to the specifications therefor, or that potential adulteration,
misbranding, or other issues have arisen that relate to the safety or efficacy of Products, it shall promptly so notify the other Party. The JSC shall meet to discuss such circumstances and to consider appropriate courses of action, which shall be
consistent with the internal SOP of the Party having the right to control such recall pursuant to this Section 3.7. Takeda shall have the right and responsibility to control any product recall, field correction, or withdrawal of any Product in
the Territory that is required by Regulatory Authorities in the Territory, and the allocation of expenses incurred in connection with such recall between the Parties shall be set forth in the Manufacturing Services Agreement. In addition, Takeda
shall have the right, at its discretion, to conduct any product recall, field correction, or withdrawal of any Product in the Territory that is not so required by such Regulatory Authorities but that Takeda deems to be appropriate, with the
allocation of expenses incurred in connection with such recall between the Parties to be set forth in the Manufacturing Services Agreement. As between the Parties, Orexigen shall have the right, at its expense, to control all recalls, field
corrections, and withdrawals of any Product outside the Territory; provided, however, Orexigen shall provide 

  
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Takeda with at least [***] ([***]) days prior written notice before taking any such action. Takeda shall maintain complete and accurate records of any recall in the Territory for such periods as
may be required by Laws, but in no event for less than [***] ([***]) years. 
 3.8 Trademarks. 

3.8.1 Product Trademarks. All packaging, promotional materials, package inserts, and labeling for each Product shall bear one or
more Trademark(s) that pertain specifically to such Product, including the Trademark(s) set forth in Exhibit 3.8.1 (“Product Trademark”). Orexigen shall be the sole and exclusive owner of all Product Trademarks. Orexigen shall [***]
be responsible for filing, prosecuting, and maintaining, including searching and policing, any and all Product Trademarks, and conducting litigation with respect thereto. Except as expressly permitted by Orexigen, Takeda shall make no use of the
Product Trademarks or any Trademark that includes any of the Product Trademarks, or is confusingly similar thereto, on or in connection with any product or service anywhere in the world. Without limiting the generality of the foregoing, Takeda shall
not use any Trademark that is the same as, or similar to (so as to cause confusion in consumers), the Product Trademarks. The foregoing shall not be construed as restricting Takeda from making factual references to the Product Trademarks in its
Regulatory Filings under this Agreement or to satisfy its legal and regulatory obligations. If the Product Trademarks in existence as of the Effective Date are not eligible for trademark protection or for use in connection with the Products in one
or more countries in the Territory, then the JCC shall identify alternative trademarks owned, registered or to be registered by Orexigen and to be used for the Products in such countries only, for Takeda final selection from among such trademarks
identified by the JCC, and the Parties shall amend this Agreement to identify such marks and include them as Product Trademarks for the applicable countries. 
 3.8.2 Orexigen Trademarks. All packaging, promotional materials, package inserts, and labeling for each Product shall bear one or more house Trademark(s) chosen and owned by Orexigen, including the
Orexigen name and Orexigen Logo (“Orexigen Trademark”). Orexigen shall be the sole and exclusive owner of all Orexigen Trademarks. Orexigen shall bear the full costs and expense of and be responsible for filing, prosecuting, and
maintaining, including searching and policing, any and all Orexigen Trademarks, and conducting litigation with respect thereto. Except as expressly permitted by Orexigen, Takeda shall make no use of the Orexigen Trademarks or any Trademark that
includes any of the Orexigen Trademarks, or is confusingly similar thereto, or any of Orexigen’s or its Affiliates’ Trademarks, on or in connection with any product or service anywhere in the world. Without limiting the generality of the
foregoing, Takeda shall not use any Trademark that is the same as, or similar to (so as to cause confusion in consumers), the Orexigen Trademarks. The foregoing shall not be construed as restricting Takeda from making factual references to the
Orexigen Trademarks in its Regulatory Filings under this Agreement or to satisfy its legal and regulatory obligations. 

3.8.3 Takeda Trademarks. All packaging, promotional materials, package inserts, and labeling for each Product shall bear one or
more house Trademark(s) chosen and owned by Takeda, including the Takeda name and logo (“Takeda Trademark”). Takeda shall be the sole and exclusive owner of all Takeda Trademarks. Takeda shall bear the full costs and expense of and
be responsible for filing, prosecuting, and maintaining, including searching 

  
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and policing, any and all Takeda Trademarks, and conducting litigation with respect thereto. Except as expressly permitted by Takeda, Orexigen shall make no use of the Takeda Trademarks or any
Trademark that includes any of the Takeda Trademarks, or is confusingly similar thereto, or any of Takeda’s or its Affiliates’ Trademarks, on or in connection with any product or service anywhere in the world. Without limiting the
generality of the foregoing, Orexigen shall not use any Trademark that is the same as, or similar to (so as to cause confusion in consumers), the Takeda Trademarks. The foregoing shall not be construed as restricting Orexigen from making factual
references to the Takeda Trademarks in its Regulatory Filings under this Agreement or to satisfy its legal and regulatory obligations. 
 3.8.4 Quality Control. Each Party agrees to (a) conduct its business in a manner that will not damage the reputation or integrity of the Trademarks of the other Party, (b) conduct its
business in a manner that will not damage in any way the goodwill associated with the Trademarks of the other Party, (c) use the Trademarks of the other Party in a manner that will not cause a negative impact upon the good name of such other
Party, (d) conduct its business in compliance with all applicable trademark Laws and (e) to use the other Party’s Trademarks only in accordance with this Agreement. 

3.8.5 Product Marking. To the extent permitted under Laws, the packaging, promotional materials, package inserts, and labeling
for Products will bear both the Takeda name and Takeda logo and the Orexigen name and Orexigen Logo, and such names and logos will be presented in a manner agreed to by the Parties. Orexigen will be responsible for registering and policing the
Orexigen Logo in order to enable Takeda to appropriately mark any packaging with the Orexigen Logo, to the extent permitted or required by Laws. Except as set forth in this Section 3.8 and Sections 6.1.2 and 6.1.3, no right or license, express
or implied, is granted to Takeda to use any trademark, trade name, trade dress, or service mark Controlled by Orexigen or any of its Affiliates. No right or license, express or implied, is granted to Orexigen under this Agreement to use any
trademark, trade name, trade dress or service mark Controlled by Takeda or any of its Affiliates. 
 4.
PRODUCT SUPPLY 
 4.1 Manufacturing Services Agreement. The Parties shall use
Commercially Reasonable Efforts to complete within [***] ([***]) months after the Effective Date a manufacturing services agreement containing the terms set forth on Exhibit 4.1 and such other reasonable and customary terms typically associated with
supply of pharmaceutical products in the Territory (the “Manufacturing Services Agreement”). The terms set forth in this Article 4 and Exhibit 4.1 shall govern Manufacture and supply of the Product until the Parties enter into the
Manufacturing Services Agreement. 
 4.2 Takeda’s Option to Manufacture. [***], Takeda may elect, subject to the
provisions of Section 14.1, to assume the exclusive right and responsibility to Manufacture or have Manufactured the Product for the Territory by notifying the JSC and the JMC. Within [***] ([***]) days after such notice, the JMC shall begin
working on a transition plan for transferring responsibility for Manufacturing activities for Products in the Territory from Orexigen to Takeda within a commercially reasonable timeframe (the “Manufacturing 

  
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Responsibility Transition Plan”). The Manufacturing Responsibility Transition Plan will be subject to approval by the JSC. Prior to such transfer, Orexigen shall have the sole right
to make and have made Products in accordance with Exhibit 4.1 for Takeda’s or Orexigen’s use in Development or Commercialization activities under this Agreement. The Manufacturing Responsibility Transition Plan will reasonably take into
account Orexigen’s obligation, if any, to supply the Product for use outside the Territory for purposes unrelated to the Parties’ activities under this Agreement. Each Party shall use Commercially Reasonable Efforts to perform its
responsibilities under the Manufacturing Responsibility Transition Plan. Upon transfer of Manufacturing to Takeda in accordance with the Manufacturing Responsibility Transition Plan, as between the Parties, Takeda shall assume the sole and exclusive
right and responsibility to Manufacture Products for the Territory, itself or through Third Party Manufacturers. Orexigen acknowledges and agrees that following transfer of Manufacture of the Product to Takeda, Takeda will have no obligation to
supply the Product for any use outside the Territory that is unrelated to the Parties’ activities under this Agreement. Upon Takeda’s assumption of such responsibility, the Manufacturing Services Agreement shall automatically terminate.
Orexigen shall continue to have the sole right and obligation to supply Takeda its requirements of Products in the Territory until any such transfer of Manufacturing is successfully achieved in accordance with the Manufacturing Responsibility
Transition Plan and approved by appropriate Regulatory Authorities. 
 4.3 Third Party Manufacturers. Orexigen may
subcontract any or all of its obligations pursuant to this Article 4 to Third Party manufacturers (the “Third Party Manufacturers”) with Takeda’s prior written consent, which consent shall not be unreasonably withheld,
conditioned, or delayed. Orexigen shall not amend any agreement with a Third Party Manufacturer in any manner that could have a material impact on the Manufacture of Products for Takeda under this Agreement or Takeda’s ability to Commercialize
or Develop the Products in the Territory without Takeda’s prior written consent, which consent shall not be unreasonably withheld, conditioned, or delayed. Orexigen shall provide Takeda with a copy of each amendment to an agreement with a Third
Party Manufacturer promptly after its execution. For purposes of this Section 4.3, the term “manufacturer” is considered to be inclusive of all facilities designated in the corresponding section of the NDA. These include but are not
limited to testing laboratories and packaging facilities. Takeda hereby consents to the Manufacture of the Product by the Third Party Manufacturers set forth on Exhibit 4.3. Orexigen acknowledges that it has entered into Manufacturing
agreements with the Third Party Manufacturers set forth on Exhibit 4.3, under which such Third Party Manufacturers undertake the Manufacture of Product or active pharmaceutical ingredients contained in the Product covering a period of at least
[***] ([***]) years after First Commercial Sale. [***] Orexigen shall be responsible for the day-to-day management of all Third Party Manufacturer relationships. 
 5. GOVERNANCE 
 5.1 Joint Steering Committee.

 5.1.1 Formation and Purpose. Within [***] ([***]) days after the Effective Date, the Parties shall establish a joint
steering committee (the “JSC”) to oversee the Collaboration and to make certain decisions regarding the Development and Commercialization 

  
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activities of the Parties during the Term as set forth in this Section 5.1. The JSC shall have review and oversight responsibilities for all Development and Commercialization activities. The
JSC shall also provide a forum for sharing advice, progress and results relating to such activities and shall attempt to facilitate the resolution of any Disputes between the Parties, as described in Section 5.7. The JSC shall have access to
all Development Plans and Commercialization Plans and related budgets and shall be briefed by the Parties regarding the content, execution and results achieved by the respective Parties thereunder. Each Party, through its representatives on the JSC,
shall be permitted to provide advice and commentary with respect to the Development Plans and Commercialization Plans and related budgets. As applicable, each Party shall take such advice and commentary into good faith consideration. 

5.1.2 Specific Responsibilities of the JSC. In addition to its general responsibilities set forth in Section 5.1.1, the JSC
shall, in particular, have responsibility to: 
 (a) oversee and coordinate the Development activities; 

(b) review, provide comments relating to, and approve each Development Plan, and any modifications thereof or amendments thereto,
to ensure that the Development Plan is designed to meet the Development diligence objectives set forth in Section 2.1; 

(c) review, provide comments relating to, and approve each Commercialization Plan, and any modifications thereof or amendments
thereto, to ensure that the Commercialization Plan is designed to meet the Commercialization diligence objectives set forth in Sections 3.1 and 3.2; 
 (d) review and provide comments to the pricing strategy for each Product (as included in the Commercialization Plan), subject to the provisions of Section 3.1 and applicable Law; 

(e) review the overall progress under the Product Plans; 

(f) provide a forum for the Parties to discuss and attempt to resolve Disputes; and 

(g) such other responsibilities as the Parties may allocate to the JSC. 

5.1.3 Membership of the JSC. The JSC shall consist of [***] ([***]) representatives having appropriate decision-making authority
(e.g., at least the Vice President position) designated by each of Orexigen and Takeda, and shall operate by consensus with each Party having one (1) vote. Additional representatives having relevant expertise may from time to time be invited to
attend JSC meetings; provided, however, any such representatives who are not employees of a Party or its Affiliates shall be subject to such representative’s written agreement to comply with the requirements of this Agreement.

  
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 5.1.4 Meetings of
the JSC. The JSC shall meet at least [***] ([***]) times annually during the Term or at such other frequency as mutually agreed by the Parties. The JSC shall meet on such dates and at such times as agreed to by Orexigen and Takeda, with all
scheduled in-person meetings to alternate between an Orexigen site and a Takeda site as designated by the respective Party prior to such meeting, or at other locations as determined by the JSC. Meetings may be held by audio or video conference with
the consent of each Party. Each Party shall be responsible for its own expenses for participating in each JSC. Meetings of the JSC shall be effective only if a majority of the representatives of each Party are present or participating. 

5.2 Joint Development Committee. 
 5.2.1 Formation and Purpose. Within [***] ([***]) days after the Effective Date, the Parties shall establish a joint development committee (the “JDC”), which shall perform the
primary function of designing, implementing, monitoring, reviewing and discussing the Development Plan and Development budget for the Product, including progress and performance thereunder, and for proposing updates or amendments to the Development
Plan and Development budget for approval by the JSC. 
 5.2.2 Specific Responsibilities of the JDC. In addition to its
general responsibilities set forth in Section 5.2.1, the JDC shall, in particular, have responsibility for: 
 (a)
facilitating cooperation and coordination between the Parties regarding Development matters; 
 (b) preparing and
proposing, for JSC approval, amendments to the then-current Development Plan and the corresponding Development budget and proposing such Development Plan and Development budget for approval by the JSC. Any amended Development Plan shall cover the
next Calendar Year (and additional periods as reasonably determined by the Parties) and shall contain a corresponding Development budget; 
 (c) monitoring, reviewing, coordinating, and discussing the overall progress of Development under this Agreement; 
 (d) facilitating the flow of information with respect to Development activities being conducted for Products in or for the Territory, including through the review of data, reports, or other
information submitted by either Party with respect to Development activities conducted by or on behalf of such Party; 
 (e)
assigning lead parties for specific tasks or activities identified in the Development Plan; 
 (f) reviewing,
discussing and proposing appropriate Third Party subcontractors to engage for the purpose of supporting the Development activities to be carried out by each of the Parties; 

  
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 (g)
coordinating communications by the Parties with the Regulatory Authorities with respect to Products in accordance with this Agreement; and 
 (h) reviewing, coordinating, discussing and proposing the overall strategy for Regulatory Filings for approval by the JSC, except to the extent impracticable with respect to expedited safety
reports. 
 5.2.3 Membership of the JDC. The JDC shall consist of [***] ([***]) representatives designated by each of
Orexigen and Takeda and shall operate by consensus with each Party having one (1) vote. Additional representatives having relevant expertise may from time to time be invited to attend JDC meetings; provided, however, any such
representatives who are not employees of a Party or its Affiliates shall be subject to such representative’s written agreement to comply with the requirements of this Agreement. 

5.2.4 Meetings of the JDC. The JDC shall meet at least [***] ([***]) times annually during the Term or at such other frequency as
mutually agreed by the Parties. The JDC shall meet on such dates and at such times as agreed to by Orexigen and Takeda, with all scheduled in-person meetings to alternate between an Orexigen site and a Takeda site as designated by the respective
Party prior to such meeting, or at other locations as determined by the JDC. Meetings may be held by audio or video conference with the consent of each Party. Each Party shall be responsible for its own expenses for participating in each JDC.
Meetings of the JDC shall be effective only if a majority of the representatives of each Party are present or participating. 

5.3 Joint Commercialization Committee. 
 5.3.1 Formation and Purpose. Within [***] ([***]) days after the Effective Date, the Parties shall establish a joint commercialization committee (the “JCC”), which shall perform the
primary functions of: 
 (a) facilitating cooperation and coordination between the Parties regarding Commercialization
matters; 
 (b) designing, implementing, monitoring, reviewing and discussing the Commercialization Plan and
Commercialization budget for the Product, including progress and performance thereunder, and for proposing updates or amendments to the Commercialization Plan and Commercialization budget for approval by the JSC; 

(c) monitoring, reviewing, coordinating, and discussing the overall progress of Commercialization under this Agreement; and

 (d) providing regular updates, and making recommendations (as appropriate), to the JSC regarding the foregoing
matters. 
 5.3.2 Membership of the JCC. The JCC shall consist of [***] ([***]) representatives designated by each of
Orexigen and Takeda and shall operate by consensus with each Party having one (1) vote. Additional representatives having relevant expertise may from 

  
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time to time be invited to attend JCC meetings; provided, however, any such representatives who are not employees of a Party or its Affiliates shall be subject to such
representative’s written agreement to comply with the requirements of this Agreement. 
 5.3.3 Meetings of the JCC.
The JCC shall meet at least [***] ([***]) times annually during the Term or at such other frequency as mutually agreed by the Parties. The JCC shall meet on such dates and at such times as agreed to by Orexigen and Takeda, with all scheduled
in-person meetings to alternate between an Orexigen site and a Takeda site as designated by the respective Party prior to such meeting, or at other locations as determined by the JCC. Meetings may be held by audio or video conference with the
consent of each Party. Each Party shall be responsible for its own expenses for participating in meetings of the JCC. Meetings of the JCC shall be effective only if a majority of the representatives of each Party are present or participating.

 5.4 Joint Manufacturing Committee. 
 5.4.1 Formation and Purpose. Within [***] ([***]) days after the Effective Date, the Parties shall establish a joint manufacturing committee (the “JMC”) which will have strategic
oversight of the manufacture and distribution of the Products including receiving updates from Orexigen regarding the Third Party Manufacturers, and monitoring the production capabilities of the Third Party Manufacturers in order that Takeda may
forecast when Takeda demand for the Products in a given [***] exceed (or are likely to exceed) the maximum production capability of the Third Party Manufacturers in such [***] and overseeing the arrangements for the distribution of Products which
are to be delivered as specified on the relevant binding order. 
 5.4.2 Membership of the JMC. The JMC shall consist of
[***] ([***]) representatives designated by each of Orexigen and Takeda and shall operate by consensus with each Party having one (1) vote. Additional representatives having relevant expertise may from time to time be invited to attend JMC
meetings; provided, however, any such representatives who are not employees of a Party or its Affiliates shall be subject to such representative’s written agreement to comply with the requirements of this Agreement. 

5.4.3 Meetings of the JMC. The JMC shall meet at least [***] ([***]) times annually during the Term or at such other frequency as
mutually agreed by the Parties. The JMC shall meet on such dates and at such times as agreed to by Orexigen and Takeda, with all scheduled in-person meetings to alternate between an Orexigen site and a Takeda site as designated by the respective
Party prior to such meeting, or at other locations as determined by the JMC. Meetings may be held by audio or video conference with the consent of each Party. Each Party shall be responsible for its own expenses for participating in meetings of the
JMC. Meetings of the JMC shall be effective only if a majority of the representatives of each Party are present or participating. 
 5.5 Additional Committees. The Parties shall discuss such other committees as the Parties deem necessary or desirable for the management of the Collaboration. Any Committee may establish and
delegate duties to other committees or sub-Committees on an “as-needed” basis to oversee particular projects or activities. Each such sub-Committee shall be 

  
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constituted and shall operate as the establishing Committee determines; provided that each Party shall have the right to equal representation on any such sub-Committee. Sub-Committees may
be established on an ad hoc basis for purposes of a specific project, or on such other basis as the applicable Committee may determine. Each sub-Committee and its activities shall be subject to the oversight, review and approval of, and shall report
to, the Committee that established such sub-Committee. In no event shall the authority of the sub-Committee exceed that specified for the relevant Committee in this Article 5. 
 5.6 General Committee Procedures. 
 5.6.1 General Responsibilities.
The Committees will be responsible in the first instance for developing mutual agreement between the Parties on matters within the Committee’s jurisdiction, and for making recommendations to the JSC. After approval by the JSC, the designated
lead Party will implement the plan, subject to the oversight of the relevant Committee. 
 5.6.2 Chairperson. Each
Committee will be led by a representative of one of the Parties (the “Chairperson”), appointed as follows: (a) Orexigen shall select from its representatives a Chairperson for each of the JDC for the period commencing on the
Effective Date and ending on [***] and Takeda shall select from its representatives a Chairperson for the JDC for the period commencing on [***] and ending on [***], and (b) Takeda shall select from its representatives a Chairperson for the JSC
for the period commencing on the Effective Date and ending on [***] and Orexigen shall select from its representatives a Chairperson for the JSC for the period commencing on [***] and ending on [***]. Thereafter, selection of the Chairperson for
such Committees will alternate between the Parties on a Calendar Year basis. A Takeda representative shall be the Chairperson of the JCC throughout the Term. An Orexigen representative shall be the Chairperson of the JMC unless or until
Manufacturing responsibilities are transferred to Takeda pursuant to Section 4.2; and thereafter a Takeda representative shall be the Chairperson of the JMC. 
 5.6.3 Responsibilities. The Chairperson shall have only those responsibilities set forth in this Section 5.6.3. The Chairperson of each Committee shall be responsible for calling meetings,
preparing and circulating an agenda in advance of each meeting of such Committee, provided that a Chairperson shall call a meeting of the applicable Committee promptly upon the written request of either Party to convene such a meeting. In
addition, each Chairperson shall bear the responsibility for preparing written draft minutes of that Committee’s meetings in reasonable detail and for distributing such draft minutes to all members of that Committee for comment and review
within [***] ([***]) days after the relevant meeting. The members of the Committee shall have [***] ([***]) days to provide comments. Each Chairperson shall incorporate timely received comments and distribute revised minutes to all members of that
Committee for their final review and approval within [***] ([***]) days after the relevant meeting. 
 5.6.4 Membership on
Committees. Each representative of a Party may serve on more than one Committee as appropriate in view of the individual’s expertise and may be substituted by another person with notice to the other Party. 

  
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 5.6.5 Limitations
of Committee Powers. Each Committee shall have only such powers as are specifically delegated to it hereunder and shall not be a substitute for the rights of the Parties. Without limiting the generality of the foregoing, no Committee shall have
any power to amend this Agreement. Any amendment to the terms and conditions of this Agreement shall be implemented pursuant to Section 14.7. 
 5.6.6 Authority. The Parties agree that, in voting on matters as described in this Article 5, it shall be conclusively presumed that each voting member of the JSC or other Committee has the
authority and approval of such member’s respective senior management in casting his or her vote. 
 5.7 Committee
Decision-Making. 
 5.7.1 Consensus; Good Faith; Action Without Meeting. Subject to the terms of this
Section 5.7, each Committee will take action by consensus, assuming a quorum for such Committee is present, with each Party having one (1) vote. The members of each Committee shall act in good faith to cooperate with one another to reach
agreement with respect to issues to be decided by the Committee. Action that may be taken at a meeting of a Committee also may be taken without a meeting if a written consent setting forth the action so taken is signed by all of the Committee
representatives of each Party. 
 5.7.2 Failure to Reach Consensus by a Committee. In the event that any matter before a
Committee that is required to be resolved by mutual agreement of the members thereof is unable to be resolved and agreed within [***] ([***]) days of its initial consideration (or such other time period as mutually agreed by the Parties), then such
matter shall be escalated to and resolved by the JSC; provided that such Committee may escalate the matter to the JSC prior to the expiration of such period with the consent of both Parties. 

5.7.3 Failure to Reach Consensus by the JSC. If the JSC cannot reach consensus within [***] ([***]) days (or such other time
period as mutually agreed by the Parties) with respect to any Dispute escalated from another Committee or within [***] ([***]) days of such Dispute arising at the JSC, with the exception of Disputes related to the safety of a Product, the JSC shall
submit the respective positions of the Parties with respect to such Dispute for discussion in good faith and resolution by the Chief Executive Officer of Orexigen, or such other person with decision-making authority designated by Orexigen from time
to time, and the Chief Executive Officer of Takeda’s Affiliate, Takeda Pharmaceuticals North America, Inc., or such other person with decision-making authority designated by Takeda from time to time (collectively, the “Executive
Officers”). The Executive Officers shall meet promptly to discuss the Dispute submitted and to determine a resolution. If the Executive Officers are unable to resolve the Dispute within [***] ([***]) days of submission of such Dispute to
the Executive Officers (or such other time period as mutually agreed by the Parties), then, (a) [***], and (b) [***]. 

5.8 Orexigen’s Membership in Committees. Orexigen’s membership in any Committee shall be at its sole discretion, as a
matter of right and not obligation, for the sole purpose of participation in governance, decision-making, and information exchange with respect to activities within the jurisdiction of such Committee. At any time during the Term, Orexigen

  
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shall have the right to withdraw from membership in any or all of the Committees upon [***] ([***]) days’ prior written notice to Takeda, which notice shall be effective as to the relevant
Committee upon the expiration of such [***] ([***]) day period. Following the issuance of such notice for a given Committee, (a) Orexigen’s membership in such Committee shall be terminated and (b) Orexigen shall have the right to
continue to receive the data, plans, reports, and information it would otherwise be entitled to receive under this Agreement. If, at any time, following issuance of such a notice, Orexigen wishes to resume participation in any Committee,
Orexigen shall notify Takeda in writing and, thereafter, Orexigen’s representatives to such Committee shall be entitled to attend any subsequent meeting of such Committee and to participate in the activities of, and decision-making by, such
Committee as provided in this Article 5 as if such notice had not been issued by Orexigen pursuant to this Section 5.8. If the JSC is disbanded, then any data, plans, reports, and information originally to be disclosed through the JSC shall be
provided by such Party directly to the other Party. 
 5.9 Alliance Managers. Promptly after the Effective Date, each
Party shall appoint an individual (other than an existing member of the JSC) to act as the alliance manager for such Party (each, an “Alliance Manager”). Each Alliance Manager shall thereafter be permitted to attend meetings of any
Committee as a nonvoting observer. The Alliance Managers shall be the primary point of contact for the Parties regarding the Collaboration activities contemplated by this Agreement and shall facilitate communication regarding all activities
hereunder. The Alliance Managers shall lead the communications between the Parties and shall be responsible for following-up on decisions made by the JSC. The name and contact information for such Alliance Manager, as well as any replacement(s)
chosen by Orexigen or Takeda, in their sole discretion, from time to time, shall be promptly provided to the other Party in accordance with Section 14.3. 
 6. LICENSES 
 6.1 Licenses to Takeda for Products.

 6.1.1 Subject to the terms and conditions of this Agreement, Orexigen hereby grants to Takeda (a) an exclusive
(even as to Orexigen, except to the extent set forth in Article 4 and Sections 2.2, 3.5, and 6.3), nontransferable (except as provided in Section 14.5) license in the Field in the Territory, with the right to grant sublicenses solely in
accordance with Section 6.2, under the Orexigen Intellectual Property, to make and have made (except to the extent set forth in Article 4), use, sell, offer to sell, import, and otherwise Develop and Commercialize all Products during the Term;
and (b) a non-exclusive license, with the right to grant sublicenses solely in accordance with Section 6.2, under the Orexigen Intellectual Property to (i) make and have made (except to the extent set forth in Article 4) Product
outside the Territory for use or sale solely inside the Territory, and (ii) conduct Clinical Trials outside the Territory for the purpose of submitting Regulatory Filings in the Territory. 

6.1.2 Subject to the terms and conditions of this Agreement, Orexigen hereby grants to Takeda an exclusive (even as to Orexigen,
except to the extent set forth in Section 3.5), nontransferable (except as provided in Section 14.5) license in the Field in the Territory, with the right to grant sublicenses solely in accordance with Section 6.2, under the Product
Trademarks, to use and display the Product Trademarks in connection with Commercialization, as provided under and in accordance with this Agreement. 

  
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 6.1.3 Subject
to the terms and conditions of this Agreement, Orexigen hereby grants to Takeda a non-exclusive, nontransferable (except as provided in Section 14.5) license in the Field in the Territory, with the right to grant sublicenses solely in
accordance with Section 6.2, under the Orexigen Trademarks, to use and display the Orexigen Trademarks in connection with Commercialization, as provided under and in accordance with Section 3.8.2. 

6.2 Sublicensing. Takeda shall have the right to grant sublicenses through multiple tiers with respect to the rights licensed to
Takeda under Section 6.1 to any Affiliate of Takeda solely in accordance with Sections 6.2.1 through 6.2.5. Takeda [***] with respect to the rights licensed to Takeda under Section 6.1 to any Third Party [***] of Orexigen, which shall not
to be unreasonably withheld, conditioned, or delayed. In the event Orexigen consents to the grant of such a Sublicense, such Sublicense shall be granted solely in accordance with Sections 6.2.1 through 6.2.5: 

6.2.1 such Sublicense shall refer to this Agreement and shall be subordinate to and consistent with the terms and conditions of
this Agreement, and shall not limit either the ability of Takeda (individually or through the activities of its Sublicensee) to fully perform all of its obligations under this Agreement or Orexigen’s rights under this Agreement; 

6.2.2 in such Sublicense, the Sublicensee shall agree in writing to be bound to Takeda by terms and conditions substantially
similar to, or less favorable to the Sublicensee than, the corresponding terms and conditions of this Agreement; 
 6.2.3
promptly after execution of the Sublicense, and specifically excluding any sublicenses granted to an Affiliate of Takeda, Takeda shall provide a complete and correct copy of such Sublicense to Orexigen; 

6.2.4 Takeda shall remain responsible for the performance of this Agreement and the performance of its Sublicensees hereunder,
and shall cause such Sublicensee to enable Takeda to comply with all applicable terms and conditions of this Agreement; and 

6.2.5 each Sublicense shall terminate immediately upon the termination of this Agreement (in whole or only with respect to the
rights that are subject to such Sublicense). 
 For clarity, any references to Sublicense or Sublicensee in Sections 6.2.1 through 6.2.5 shall
also mean sublicense or sublicensee, as the case may, be with respect to Takeda’s Affiliates. 
 6.3 Licenses to
Orexigen. 
 6.3.1 Subject to the terms and conditions of this Agreement, Takeda hereby grants to Orexigen a
non-exclusive, royalty-free, non-transferable (except as provided in Section 14.5) license in the Field in the Territory, with the right to grant sublicenses solely in accordance with Section 6.2, under the Takeda Intellectual Property
solely as and to the extent necessary to enable Orexigen to perform Development and Commercialization activities under this Agreement with respect to Products. 

  
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 6.3.2 Subject
to the terms and conditions of this Agreement, Takeda hereby grants to Orexigen a non-exclusive, nontransferable (except as provided in Section 14.5) license in the Field in the Territory, with the right to grant sublicenses solely in
accordance with Section 6.2, under the Takeda Trademarks, to use and display the Takeda Trademarks in connection with Orexigen’s Co-Promotion of the Products in the Field throughout the Territory, as provided under and in accordance with
Section 3.8.3. 
 6.4 Patent Marking. The packaging for each Product Commercialized by Takeda under this Agreement
shall be marked (to the extent not prohibited by Laws) with a notice that such Product is sold under a license from Orexigen.  
 6.5 No Implied Licenses; Upstream Agreements. 
 6.5.1 No Implied
Licenses. No license or other right is or shall be created or granted hereunder by implication, estoppel, or otherwise. All licenses and rights are or shall be granted only as expressly provided in this Agreement. All rights not expressly
granted by Orexigen under this Agreement are reserved by Orexigen and may not be used by Takeda for any purpose. 
 6.5.2
Upstream Agreements. Takeda’s rights under this Agreement with respect to the Upstream Patents are expressly subject to the applicable terms and conditions of the applicable Upstream Agreements as set forth below in this Section 6.5.2.
Without limiting the foregoing, Takeda acknowledges and agrees that: 
 (a) the license granted in Section 6.1.1 is
non-exclusive with respect to the Patents licensed to Orexigen pursuant to the GSK License, and the grant to any and all such Patents is limited to the GSK Field; 
 (b) Takeda’s right to sublicense under Section 6.2, with respect to the GSK License is subject to delivery of notice to GSK pursuant to Section 2.1(ii) of the GSK License; and

 (c) under the OHSU Agreement, OHSU retains the right to use the “Assigned Therapeutic Patent Rights” (as
defined in the OHSU Agreement) for educational and research purposes. 
 7. FINANCIAL TERMS

 7.1 Upfront Payment. As reimbursement for research and development of Products conducted by Orexigen, Takeda
shall pay to Orexigen a payment of Fifty Million Dollars ($50,000,000), subject to Section 7.9, within ten (10) Business Days after the Effective Date. Such payment shall not be refundable or returnable in any event, nor shall it be
creditable against royalties or other payments. 

  
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 7.2 Milestone
Payments. As reimbursement for research and development of Products conducted by Orexigen, Takeda shall make milestone payments to Orexigen described in Sections 7.2.1 and 7.2.2. Such milestone payments shall not be refundable or returnable in
any event, nor shall they be creditable against royalties or other payments. 
 7.2.1 Development Milestones. Takeda
shall make the development milestone payments set forth in the table in this Section 7.2.1, below, to Orexigen with respect to the first and only the first achievement of each of the corresponding milestone events set forth in the table in this
Section 7.2.1, below, within [***] ([***]) days after the date of achievement of the applicable milestone event. 
  

			
	Milestone Event	  	Payment
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]

 For purposes of this
Section 7.2.1, “[***]” shall be deemed to occur if and only if [***]. 
 7.2.2 Net Sales
Milestones. Takeda shall pay, in accordance with Section 7.4, to Orexigen the applicable Net Sales threshold milestone payments set forth in the table in this Section 7.2.2, below, the first and only the first time during the Term that
the total aggregate Net Sales of all Products (including all Indications and formulations of such Products) in any Calendar Year by Takeda, its Affiliates and its Sublicensees in the Territory reach or exceed the relevant amounts set forth in the
table in this Section 7.2.2, below. 
  

			
	Annual Calendar Year Net Sales for Products in the Territory in all Indications	  	Payment
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]

  
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 7.2.3 Anniversary
Milestones. Takeda shall pay to Orexigen a milestone payment of [***] Dollars ($[***]) on each of: (a) the [***] ([***]) anniversary of [***], (b) the [***] ([***]) anniversary of the [***], and (c) the [***] ([***]) anniversary
of the [***]. Such milestone payments shall not be refundable or returnable in any event, nor shall they be creditable against royalties or other payments. 
 7.3 Royalty Payments. 
 7.3.1 Running Royalties. Subject to Sections
7.3.2 through 7.3.5 and in accordance with Section 7.4, Takeda shall pay to Orexigen incremental royalties on aggregate Net Sales by Takeda, its Affiliates and its Sublicensees of all Products in the Territory during a Calendar Year in the
amounts set forth in the table in this Section 7.3.1, below. 
  

			
	Portion of Annual Net Sales for Products in the Territory in all Indications	  	Royalty Rate
	 Up to $[***]
	  	[***]%
	 Over $[***] and up to $[***]
	  	[***]%
	 Over $[***] and up to $[***]
	  	[***]%
	 Over $[***]
	  	[***]%

 7.3.2 Royalty
Duration. All royalties payable under Section 7.3.1 shall be payable for the duration of the Royalty Term for such Product in each country in the Territory subject to the provisions of Sections 7.3.3 through 7.3.5. Such royalties are due
and payable with respect to the substantial value provided to Takeda through access to the information, assistance, materials and data made available to or provided to Takeda pursuant to this Agreement and Orexigen’s substantial expertise
applied to research and Development of the Product. Following the Royalty Term, Takeda shall continue to pay Orexigen a royalty of [***] percent ([***]%) of aggregate Net Sales of the Product by Takeda for [***] the Product Trademarks. 

7.3.3 Royalty Reduction – Generic Competition. In the event a Product is subject to Generic Competition in a country in the
Territory, then, beginning in the [***] following the [***] ([***]) [***] period during which Generic Competition has been determined to exist in accordance with Section 0 at the applicable level noted below, the royalty rates set forth in
Section 7.3.1 (without giving effect to any reduction under Section 7.3.5) shall be reduced in such country: (a) by [***] percent ([***]%) if the [***] of such Generic Product(s) sold during the applicable [***] ([***])[***] period
exceed [***] percent ([***]%) and are not more than [***] percent ([***]%) of the Product’s [***] in such country; (b) by [***] percent ([***]%) if the [***] of such Generic Product(s) sold during the applicable [***] ([***])[***] period
exceed [***] percent ([***]%) and are not more than [***] percent ([***]%) of the Product’s [***] in such country; (c) by [***] percent ([***]%) if the [***] of such Generic Product(s) sold during the applicable [***] ([***])[***] period
exceed [***] percent ([***]%) and are not more than [***] percent ([***]%) of the Product’s [***] in such country; and (d) to [***] percent ([***]%) of Net Sales if the [***] of such Generic Product(s) sold during the applicable [***]
([***])[***] period exceed [***] percent ([***]%) of the Product’s [***] in 

  
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such country. For clarity, the Product’s [***] shall be determined in accordance with Section 1.44(a) and (b). Such reduction shall be first applied with respect to such country
starting with sales in the [***] following the first [***] ([***])[***] period where the sales of the Generic Product(s) in such country exceed the applicable level noted above of the [***] of the applicable Product, and shall expire on the day
after [***]; provided, however, following the Royalty Term Takeda shall continue to pay Orexigen a royalty of [***] percent ([***]%) of aggregate Net Sales of the Product by Takeda for [***] the Product Trademarks. As an example, in the case
where Takeda has total annual Net Sales for two Products of over $[***] [***] and less than $[***] [***] in a country and Generic Competition is established for either or both of the Products such that [***] of Generic Products have exceeded [***]
percent ([***]%), but are less than [***] percent ([***]%), of the sum of all [***] of all Products and all [***] of Generic Products sold in such country, then the royalty rate of [***] percent ([***]%) for aggregate Net Sales of both Products will
be reduced by [***] ([***]%) to a royalty rate of [***][***] percent ([***]%). For the avoidance of doubt, if the royalty rate set forth in Section 7.3.1 has already been reduced pursuant to Section 7.3.4, then the royalty reduction set
forth in Section 7.3.4 shall no longer apply and the royalty reduction set forth in this Section 7.3.3 shall take precedence. 
 7.3.4 Royalty Reduction – Patent Expiry or Sole Takeda Patent. 

(a) Expiration of All Valid Claims Prior to End of Royalty Term. In the event the expiration of the last to expire Collaboration
Patent containing a Valid Claim Covering a Product in the applicable country occurs prior to the expiration of the Royalty Term in such country, the royalty rate set forth in Section 7.3.1 (without giving effect to any reduction under
Section 7.3.5) for such Product in such country shall be reduced by [***] percent ([***]%) for the remainder of the applicable Royalty Term. Such royalty reduction shall become effective on the day after the last day of the Calendar Quarter in
which such last to expire Valid Claim expires. 
 (b) Royalty Term Based Solely on Takeda Patent. With respect to a
Product in a country, if all of the events described in the following subsections (i) through (iv) occur, then the royalty rate set forth in Section 7.3.1 ([***]) for such Product shall be [***] until the [***] containing a [***] in
such country: (i) [***], in such country with respect to such Product ([***]) have expired; (ii) it is after [***] ([***]) [***] after First Commercial Sale of such Product in such country; (iii) [***]; and (iv) there is a
[***]. Such royalty [***] shall become effective on the [***] which the events described in subsections (i) through (iv) occur . 
 7.3.5 Royalty Reduction – Anti-Stacking. Takeda may offset a total of [***] percent ([***]%) of any royalty payments based on Net Sales paid by Takeda to a Third Party pursuant to any
necessary Third Party License against any royalty payments due to Orexigen under Section 7.3.1; provided, however, that in no event shall the total royalty payable to Orexigen on any Product as a result of such offset be less than [***]
percent ([***]%) of the royalty otherwise payable under Section 7.3.1. In the event that [***] percent ([***]%) of such Third Party payments exceeds the amount of payments withheld by Takeda under this Section 7.3.5 in any Calendar
Quarter, the excess may be carried over as a credit on the same basis into succeeding Calendar Quarters. 

  
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 7.4 Royalty Payment
Reports. After the First Commercial Sale of a Product and throughout the Royalty Term for such Product, Takeda shall furnish to Orexigen a written report, within [***] ([***]) days after the end of each Calendar Quarter (or portion thereof if
this Agreement terminates during a Calendar Quarter), showing the amount of royalty or Net Sales milestone payments due for such Product for such Calendar Quarter (or portion thereof). Royalty or Net Sales milestone payments for each Calendar
Quarter shall be due at the same time as such written report for the Calendar Quarter. With each quarterly payment, Takeda shall deliver to Orexigen a full and accurate accounting to include at least the following information: (a) the gross
sales for the applicable Product by Takeda, its Affiliates and Sublicensees in the currency in which sales were made and in Dollars after application of the exchange rate during the reporting period as reported in subsection (e) below;
(b) the deductions by category of permitted deductions set forth in the Net Sales definition; (c) the Net Sales for the applicable Product by Takeda, its Affiliates, and Sublicensees in the currency in which sales were made and in Dollars
after the application of the exchange rate during the reporting period as reported in subsection (e) below; (d) the royalties or Net Sales milestone payments payable in Dollars which shall have accrued hereunder in respect of such Net
Sales and the basis for calculating those royalties; (e) the exchange rates and other methodology used in converting into Dollars, from the currencies in which sales were made; and (f) withholding taxes, if any, required by Laws to be
deducted in respect of such royalties. In addition, Takeda will send to Orexigen no later than [***] ([***]) days following the end of each Calendar Quarter a preliminary statement setting forth the actual Net Sales for the first [***] ([***])
months of such Calendar Quarter and estimated Net Sales for the [***] ([***]) month of such Calendar Quarter, the calculation of royalties or Net Sales milestone payments due on a country-by-country basis (based on such actual and estimated Net
Sales) and, if applicable, the exchange rate to be utilized by Takeda to convert a local currency payment to Dollars. 
 7.5
Manner of Payment. All payments to be made by Takeda hereunder shall be made in Dollars by wire transfer of immediately available funds to such U.S. bank account as shall be designated by Orexigen. Late payments shall bear interest at the rate
provided in Section 7.10. 
 7.6 Records Retention. Commencing with the First Commercial Sale of a Product by
Takeda, Takeda shall keep, and shall cause each of its respective Affiliates, and Sublicensees, if any, to keep, full, true, and accurate books of accounting in accordance with IFRS or GAAP, as applicable, containing all particulars that may be
necessary for the purpose of calculating all royalties payable to Orexigen under this Article 7, for a period of [***] ([***]) years after the Calendar Year in which such sales occurred, in sufficient detail to permit Orexigen to confirm the
accuracy of royalties paid hereunder. 
 7.7 Audits. During the Term and for a period of [***] ([***]) years thereafter,
at the request and expense of Orexigen under this Article 7, Takeda shall permit an independent, certified public accountant of nationally recognized standing appointed by Orexigen, and reasonably acceptable to Takeda, at reasonable times and upon
reasonable notice, but in no case more than [***] per Calendar Year thereafter, to examine such records as may be necessary for the sole purpose of verifying the calculation and reporting of Net Sales and the correctness of any royalty payment made
under this Agreement for any period within the 

  
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 - 43 - 

 
preceding [***] ([***]) Calendar Years. Results of any such examination shall be made available to both Takeda and Orexigen. The independent, certified public accountant shall disclose to
Orexigen only the royalty amounts which the independent auditor believes to be due and payable hereunder to Orexigen, details concerning any discrepancy from the amount paid and the amount due, and shall disclose no other information revealed in
such audit. Any and all records examined by such independent accountant shall be deemed Takeda’s Confidential Information which may not be disclosed by said independent, certified public accountant to any Third Party other than a party to an
Upstream Agreement as required under the Upstream Agreements. If, as a result of any inspection of the books and records of Takeda, it is shown that payments received by Orexigen under this Agreement were less than the amount which should have been
received, then Takeda shall make all payments required to be made to eliminate any discrepancy revealed by said inspection within [***] ([***]) days. Orexigen shall pay for such audits, except that in the event that Takeda underpaid royalty payments
by more than [***] percent ([***]%)[***] during the period in question as per the audit, Takeda shall pay the reasonable costs of the audit. Takeda acknowledges and agrees that Dante shall have the right to audit Orexigen’s books in accordance
with this Section 7.7. 
 7.8 Currency Exchange. All payments under this Agreement shall be payable, in full, in
Dollars, regardless of the country(ies) in which sales of the Product are made. For the purposes of computing Net Sales in a currency other than Dollars, such currency shall be converted into Dollars as calculated using the monthly average exchange
rate between each currency of origin and Dollars as reported by Bloomberg or an equivalent resource as agreed by the Parties. 

7.9 Taxes. 
 7.9.1 Cooperation and Coordination. The Parties acknowledge and agree that it is their mutual objective and intent to appropriately calculate and minimize, to the extent feasible and legal, taxes
payable with respect to any payments under this Agreement and that they shall use Commercially Reasonable Efforts to cooperate and coordinate with each other to achieve such objective. Without limiting the generality of the foregoing, the Parties
shall use Commercially Reasonable Efforts to cooperate and coordinate with each other in completing and filing documents required under the provisions of any applicable Laws (including treaties) in connection with the making of any required tax
payment or withholding payment, in connection with a claim of exemption from, or entitlement to, a reduced or zero rate of withholding or in connection with any claim to a refund of or credit for any such payment. 

7.9.2 Payment of Tax. All payments made by Takeda to Orexigen pursuant to this Agreement shall be made without reduction for any
taxes, charges or remittance fees. If applicable Laws require that taxes be deducted and withheld from a payment made pursuant to this Agreement, the remitting Party shall (a) deduct those taxes from the payment; (b) pay the taxes to the
proper taxing authority; and (c) send evidence of the obligation together with proof of payment to the other Party promptly following that payment. Orexigen shall pay any and all taxes that are due and payable by Orexigen on payments made to
the Orexigen under this Agreement. 

  
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 7.9.3 Tax
Residence Certificate. A Party (including any entity to which this Agreement may be assigned, as permitted under Section 14.5) receiving a payment pursuant to this Agreement shall provide the remitting Party appropriate certification from
relevant governmental authorities that such Party is a tax resident of that jurisdiction, if such receiving Party wishes to claim the benefits of an income tax treaty to which that jurisdiction is a party. Upon the receipt thereof, any deduction and
withholding of taxes shall be made at the appropriate treaty tax rate. 
 7.9.4 Assessment. Either Party may, at its own
expense, protest any assessment, proposed assessment, or other claim by any governmental authority for any taxes, interest or penalties or seek a refund of such amounts paid if permitted to do so by applicable Laws. The Parties shall cooperate with
each other in any protest or refund by providing records and such additional information as may reasonably be necessary for a Party to pursue such protest or refund. 
 7.10 Interest Due. Without limiting any other rights or remedies available to Orexigen, Takeda shall pay Orexigen interest on any payments that are not paid on or before the date such payments are
due under this Agreement at a rate equal to the lesser of (a) [***] percent ([***]%) per month or (b) the maximum applicable legal rate, calculated on the total number of days payment is delinquent. 

8. REPRESENTATIONS, WARRANTIES, AND COVENANTS; DISCLAIMERS;
LIMITATION OF LIABILITY 
 8.1 Mutual Representations and Warranties.
Each Party hereby represents and warrants to the other Party, as of the Effective Date, that: 
 8.1.1 such Party is
duly organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; 

8.1.2 execution of this Agreement and the performance by such Party of its obligations hereunder have been duly authorized;

 8.1.3 this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid,
binding obligation, enforceable against it in accordance with the terms hereof; 
 8.1.4 the performance of this
Agreement by it does not create a material breach or default under any other agreement to which it is a party; 
 8.1.5
the execution, delivery and performance of this Agreement by such Party does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it is bound, nor violate any Law or regulation of any
court, governmental body or administrative or other agency having jurisdiction over such Party; 

  
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 8.1.6 no
government authorization, consent, approval, license, exemption of or filing or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, under any Laws currently in effect, is
or will be necessary for, or in connection with, the transaction contemplated by this Agreement or any other agreement or instrument executed in connection herewith, or for the performance by it of its obligations under this Agreement and such other
agreements except as may be required to obtain clearance under the HSR Act; and 
 8.1.7 neither such Party, nor any of
its employees, officers, subcontractors, or consultants who have rendered services relating to the Products: (a) has ever been debarred or is subject to debarment or convicted of a crime for which an entity or person could be debarred by the
FDA under 21 U.S.C. Section 335a or (b) has ever been under indictment for a crime for which a person or entity could be so debarred. 
 8.2 Additional Representations and Warranties of Orexigen. Orexigen hereby represents and warrants to Takeda, as of the Effective Date, that: 

8.2.1 Orexigen owns or otherwise Controls the Orexigen Patents set forth in Exhibit 0; 

8.2.2 all of its employees and officers involved in Development are obligated to assign to Orexigen all inventions made during
the course of and as a result of their association with Orexigen that are materially related to the Product and to maintain as confidential the Confidential Information of Orexigen; 

8.2.3 Orexigen has not granted any right or license to any Third Party under the Orexigen Intellectual Property that would
materially conflict or interfere with any of the rights or licenses granted to Takeda hereunder; 
 8.2.4 to its
knowledge, Orexigen has no reason to believe that the patents within the Orexigen Patents that are listed on Exhibit 0 as of the Effective Date are invalid or unenforceable; 
 8.2.5 subject to the provisions of the Upstream Agreements, Orexigen’s right, title and interest to all the Orexigen Patents set forth in Exhibit 0 are free of any lien or security interest;

 8.2.6 Orexigen has made available to Takeda all agreements between Orexigen and any Third Party relating to any
clinical trial or other material Development activities that relate to Contrave in the Territory; 
 8.2.7 to its
knowledge, no Third Party (a) is infringing any Orexigen Patents or has misappropriated any Orexigen Know-How or (b) has challenged the ownership, scope, duration, validity, enforceability, priority or right to use any Orexigen Patents
(including, by way of example, through the institution of or written threat of institution of interference, reexamination, protest, opposition, nullity or similar invalidity proceeding before the United States Patent and Trademark Office or any
analogous foreign entity) or any Orexigen Know-How; 

  
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 8.2.8 to its
knowledge, [***] the manufacture, use, offer for sale, sale or importation of Contrave in the Territory, including Development and Commercialization of Contrave, by Orexigen or Takeda (or their respective Affiliates or Sublicensees) does not
infringe any Patent of any Third Party and does not misappropriate any technology of any Third Party; 
 8.2.9 [***]
Orexigen has received no notice from a Third Party regarding, nor has any knowledge that any Third Party intends to assert, any claim that the Development or Commercialization of Contrave infringes the intellectual property rights of a Third Party;

 8.2.10 prior to the Effective Date, Contrave has been developed, manufactured, stored, labeled, distributed and
tested by Orexigen and its Affiliates and, to its knowledge, by any Third Parties acting on behalf of Orexigen, in compliance in all material respects with all applicable Laws; 

8.2.11 [***], the Upstream Patents listed in Exhibit 0 are licensed or assigned to Orexigen under the Upstream Agreements and are
included in the Orexigen Patents licensed to Takeda under this Agreement; and other than the Patents listed in Exhibit 0, Orexigen does not Control, as of the Effective Date, any Patents claiming the Products or their methods of use; 

8.2.12 (a) except as set forth on Exhibit 8.2.12 and except for the Upstream Agreements, there are no written licenses or other
agreements to which Orexigen or any of its Affiliates is a party that relate in any material respect to (i) the Products in the Territory or (ii) any Patents relating to the Products in the Territory; (b) the Upstream Agreements
delivered by Orexigen to Takeda were true, accurate and complete copies of such agreements on the date of delivery and have not been modified, supplemented or amended since the date of delivery; (c) each of the Upstream Agreements is in full
force and effect; (d) Orexigen is not in material breach of any Upstream Agreement, and, to Orexigen’s knowledge, no other party to any Upstream Agreement is in material breach thereof, in each respect in, any manner that would give an
Upstream Party the right to terminate such Upstream Agreement; (e) [***] no party to any Upstream Agreement has notified in writing any other party thereto of any material breach thereof; (f) Dante has executed and delivered to Orexigen
written amendment to the Dante License, which gives Orexigen the right to grant sublicenseable licenses under the Dante License to Takeda under this Agreement; (g) there was no government funding of the research conducted under the OHSU
Agreement, and Section 5 of the OHSU Agreement, which purports to grant the U.S. Government certain rights, has no force or effect; and (h) [***]; 
 8.2.13 Orexigen has made available to Takeda a true, accurate and complete copy of NDA No. 20-0063, as updated as of the Effective Date; 

  
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 8.2.14
Orexigen has made available to Takeda all material written correspondence exchanged between Orexigen and the FDA prior to the Effective Date regarding Contrave in the Territory; 

8.2.15 except for filings pursuant to the HSR Act, if any, neither the execution and delivery of this Agreement nor the
performance hereof by Orexigen requires Orexigen to obtain any permits, authorizations or consents from any governmental authority or from any other person, firm or corporation, and such execution, delivery and performance will not result in the
breach of or give rise to any right of termination, rescission, renegotiation or acceleration under, or trigger any other rights under, any agreement or contract to which Orexigen is a party or to which it may be subject that relates to the Orexigen
Intellectual Property or the Products; 
 8.2.16 to Orexigen’s knowledge, there is no written suit, proceeding,
arbitration, or litigation of any nature, civil, criminal, regulatory or otherwise, in law or in equity, pending against Orexigen, any of its Affiliates or Upstream Party, in each case in connection with the Orexigen Intellectual Property, Products
or the Upstream Agreements; 
 8.2.17 Orexigen has conducted audits of its Third Party Manufacturers and Third Party
contract research organizations in accordance with GCP, GLP, and GMP, as applicable, and has [***]; and 
 8.2.18
Orexigen is not [***] (i) the Development, Manufacturing and/or Commercialization of the Products in the Territory, or (ii) Orexigen’s Third Party Manufacturers’ [***]. 

8.3 Additional Representations and Warranties of Takeda. Takeda hereby represents and warrants to Orexigen, as of the Effective
Date, that, to its knowledge: 
 8.3.1 Takeda does not Control any intellectual property rights that relate to the
Products; 
 8.3.2 Takeda has not granted any right or license to any Third Party under the Takeda Intellectual Property
or other intellectual property rights Controlled by Takeda that would materially conflict or interfere with any of the rights or licenses granted to Orexigen hereunder; and 
 8.3.3 Except for filings pursuant to the HSR Act, if any, neither the execution and delivery of this Agreement nor the performance hereof by Takeda requires Takeda to obtain any permits,
authorizations or consents from any governmental authority or from any other person, firm or corporation, and such execution, delivery and performance will not result in the breach of or give rise to any right of termination, rescission,
renegotiation or acceleration under, or trigger any other rights under, any agreement or contract to which Takeda is a party or to which it may be subject that relates to the Takeda Intellectual Property or Products. 

  
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 8.4 Mutual
Covenants. Each Party hereby covenants to the other Party that: 
 8.4.1 all employees and officers of such Party or
its Affiliates working under this Agreement shall be under the obligation to assign all right, title and interest in and to their Inventions, whether or not patentable, if any, to such Party as the sole owner thereof, and under the obligation to
maintain as confidential the Confidential Information of such Party; 
 8.4.2 such Party shall perform its activities
pursuant to this Agreement in compliance with GLP, GCP, and GMP, in each case as applicable under the Laws and regulations 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 hereunder of any non-human animals by or on behalf of such Party, shall at all times comply (and shall ensure compliance by any of its subcontractors) with all Laws, and also with the standards
in the pharmaceutical industry for the development and commercialization of pharmaceutical products; 
 8.4.3 neither
Party shall employ (or, to its knowledge, use any contractor or consultant that employs) any individual or entity debarred by the FDA (or subject to a similar sanction of a Regulatory Authority), or, to its knowledge, any individual who or entity
which is the subject of an FDA debarment investigation or proceeding (or similar proceeding of a Regulatory Authority), in the conduct of its activities under this Agreement, and each contractor or consultant used by a Party in connection with the
conduct of Clinical Trials under this Agreement shall be subject to a covenant that is the same or substantially the same as the foregoing covenant; and 
 8.4.4 neither Party shall, during the Term, grant any right or license to any Third Party relating to any of the intellectual property rights it Controls which would conflict or interfere with any
of the rights or licenses granted to the other Party hereunder. 
 8.4.5 Competing Products. For the period commencing
on the Effective Date and ending on [***], each of Takeda and Orexigen shall not, and shall ensure that their respective Affiliates and sublicensees do not, (whether directly or through a Third Party), commercialize in the Territory any
pharmaceutical product, other than (a) the Products or (b) [***]. For the avoidance of doubt, this Section 8.4.5 shall apply to any Successor of either Party. 
 8.5 ADDITIONAL COVENANTS OF OREXIGEN. 
 8.5.1 Restrictions on Transfers and Liens. Orexigen covenants that it shall not license, sell, assign or otherwise transfer to any person (including any Affiliate of Orexigen) any Orexigen Patents
or any Orexigen Know-How, or assign or otherwise transfer any of the Upstream Agreements or any of its rights or obligations thereunder to any person (including any Affiliate of Orexigen) (or agree to do any of the foregoing) in any manner that
would have a material adverse impact on the rights granted to Takeda under this Agreement, except to the extent permitted by, and in compliance with, Section 14.5. In addition, Orexigen hereby covenants and agrees that after the Effective Date
Orexigen shall not incur or permit to exist (and shall cause each of its Affiliates not to incur or permit to exist), with respect to any Orexigen Patents or Orexigen Know-How, any lien, encumbrance, or security interest (including

  
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in connection with any indebtedness) in any manner that would have a material adverse impact on the rights granted to Takeda under this Agreement, except to the extent permitted by, and in
compliance with, Section 14.5. 
 8.5.2 Upstream Agreements. Orexigen covenants that it shall not (a) execute
or otherwise permit, and shall cause its Affiliates to refrain from executing or otherwise permitting, any amendment, modification or waiver to any of the Upstream Agreements in any manner that would have a material adverse impact on the rights
granted to Takeda under this Agreement without the prior written consent of Takeda, such consent not to be unreasonably withheld, conditioned, or delayed, or (b) materially breach any Upstream Agreement if such material breach would give rise
to a termination right by the counterparty to such Upstream Agreement or materially adversely impact the rights granted to Takeda under this Agreement. 
 8.6 Additional Covenants of Takeda. 
 8.6.1 Compliance with Laws.
Takeda covenants that it shall not engage in any activities that use the Orexigen Intellectual Property in a manner that is outside the scope of the license rights granted to it hereunder or knowingly infringe the intellectual property rights of
any Third Party in connection with its activities pursuant to this Agreement. 
 8.6.2 Intellectual Property. Takeda
shall not practice or exploit the Orexigen Intellectual Property except to the extent expressly permitted under the terms and conditions of this Agreement. 
 8.6.3 Standstill. 
 (a) Takeda agrees that, for a period of [***]
([***]) years from the Effective Date (the “Standstill Period”), neither it nor any of its Affiliates will, without the prior written consent of Orexigen or the Orexigen Board of Directors: 

(i) acquire, offer to acquire, or agree to acquire, directly or indirectly, by purchase or otherwise: (A) any voting
securities or direct or indirect rights to acquire any voting securities of Orexigen or any subsidiary if, after the completion of such acquisition or proposed acquisition, Takeda would beneficially own more than [***] percent ([***]%) of the
outstanding shares of common stock of Orexigen (the “Common Stock”), or (B) any asset of Orexigen or any subsidiary or division thereof; 
 (ii) make, or in any way participate in, directly or indirectly, any “solicitation” of “proxies” (as such terms are used in the rules of the Securities and Exchange Commission)
to vote, or seek to advise or influence any Person with respect to the voting of, any voting securities of Orexigen; 

(iii) submit or publicly announce a proposal for, or offer to enter into (with or without conditions) any merger, business
combination or similar extraordinary transaction involving Orexigen or its securities or assets; 

  
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 (iv) form,
join or in any way participate in any “group” (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) in connection with any of the foregoing; or 

(v) request that Orexigen amend or waive any provision of this Section 8.6.3. 

(b) Notwithstanding the provisions of Section 8.6.3(a), Takeda’s obligations under this Section 8.6.3 shall
automatically terminate upon the earliest to occur of: 
 (i) the acquisition by any Third Party of beneficial ownership
of more than [***] percent ([***]%) of the outstanding Common Stock (other than by stockholders of Orexigen as of the Effective Date); 
 (ii) the commencement by any Person or Group of a tender offer or exchange offer to acquire securities of Orexigen; 
 (iii) Orexigen publicly announces its execution of any agreement related to a transaction described in (A) or (B) of this Section 8.6.3(b)(iii) or publicly announces its Board of
Directors’ authorization or recommendation of such execution of any such agreement, or Orexigen publicly announces the consummation of any transaction involving (A) the sale of all or substantially all of the assets of Orexigen and its
subsidiaries taken as a whole, or (B) a merger, business combination, restructuring, recapitalization or similar transaction of or with Orexigen and any of its subsidiaries taken as a whole; 

(iv) Orexigen or any of its Affiliates becomes the subject of any bankruptcy, insolvency or similar proceeding (except for any
involuntary proceeding that is dismissed within [***] ([***]) days); or 
 (v) The public announcement by Orexigen or
any other Person of any of the foregoing. 
 (c) Notwithstanding the provisions of Section 8.6.3(a), it is
understood and agreed that Takeda shall not be prohibited from entering into an agreement and having discussions with legal, accounting or financial advisors for the limited purposes of evaluating any of the transactions contemplated in this
Section 8.6.3 and Takeda may initiate private discussions with, and submit proposals confidentially to, the Executive Officer of Orexigen regarding a transaction otherwise prohibited by this Section 8.6.3; provided that any such
proposal shall be expressly conditioned on approval of Orexigen’s Board of Directors and shall by its terms not require public disclosure. Further, notwithstanding the provisions of Section 8.6.3(a), Orexigen agrees that during the
Standstill Period, if the Orexigen Board of Directors has approved the commencement of the solicitation of bids for any transaction within the scope of Section 8.6.3(b)(iii), Orexigen will promptly notify Takeda of, and in good faith permit
Takeda to participate in, such bidding process. 

  
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 (d) The
provisions of this Section 8.6.3 shall not apply to any investment by Takeda or an Affiliate of Takeda in Third-Party mutual funds or other similar passive investment vehicles that hold interests in securities of Orexigen or any of its
Affiliates (and any such interests in securities shall not be taken into account for the purpose of Section 8.6.3(a) including the [***] percent ([***]%) exception contained therein), provided that the provisions of this
Section 8.6.3(d) shall apply with respect to any such fund or vehicle only for so long as such fund or vehicle satisfies the requirements of paragraphs (i) and (ii) of Rule 13d-1(b)(1) promulgated under the Securities Exchange Act of
1934, as amended, with respect to any Orexigen securities held by such fund or vehicle. 
 (e) The termination or
expiration of the Standstill Period will not terminate or otherwise affect any of the provisions of this Agreement other than this Section 8.6.3. 
 8.6.4 Covenant Not to Challenge Patents. Takeda covenants: (a) not to challenge the validity, scope or enforceability of or otherwise oppose any Patent included in the Orexigen Patents or any
foreign counterparts thereof; (b) that it shall include in all of its Sublicenses the obligation binding on the Sublicensee under such Sublicense not to challenge the validity, scope or enforceability of or otherwise oppose any such Patent;
(c) that is shall include provisions in all Sublicenses providing that if the Sublicensee challenges the validity or enforceability of or otherwise opposes any such Patent, Takeda may terminate its Sublicense agreement with such Sublicensee;
and (d) if any such Sublicensee challenges the validity, scope or enforceability of or otherwise opposes any such Patent, Takeda shall terminate such Sublicense, and such Sublicensee shall no longer have any rights under any such Patent. In the
event that all or any portion of this Section 8.6.4 is invalid, illegal or unenforceable, then the Parties will use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s).

 8.7 DISCLAIMERS. 
 8.7.1 EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, OREXIGEN MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE OREXIGEN INTELLECTUAL PROPERTY, ANY OREXIGEN CONFIDENTIAL INFORMATION OR ANY LICENSE GRANTED BY OREXIGEN UNDER ITS INTELLECTUAL PROPERTY RIGHTS HEREUNDER, OR WITH RESPECT TO ANY
PRODUCTS. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, OREXIGEN MAKES NO REPRESENTATIONS OR WARRANTY THAT ANY PATENT OR OTHER PROPRIETARY RIGHTS INCLUDED IN THE OREXIGEN PATENTS ARE VALID OR ENFORCEABLE OR THAT USE OF THE OREXIGEN INTELLECTUAL
PROPERTY CONTEMPLATED HEREUNDER DOES NOT INFRINGE ANY PATENT RIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION OR
WARRANTY THAT USE OF THE OREXIGEN CONFIDENTIAL INFORMATION CONTEMPLATED HEREUNDER DOES NOT INFRINGE ANY PATENT RIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY. 

  
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 8.7.2 EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, TAKEDA MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE
TAKEDA INTELLECTUAL PROPERTY ANY TAKEDA CONFIDENTIAL INFORMATION OR ANY LICENSE GRANTED BY TAKEDA UNDER ITS INTELLECTUAL PROPERTY RIGHTS HEREUNDER. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, TAKEDA MAKES NO REPRESENTATIONS OR WARRANTY THAT ANY
PATENT OR OTHER PROPRIETARY RIGHTS INCLUDED IN THE TAKEDA PATENTS ARE VALID OR ENFORCEABLE OR THAT USE OF THE TAKEDA INTELLECTUAL PROPERTY CONTEMPLATED HEREUNDER DOES NOT INFRINGE ANY PATENT RIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD
PARTY. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION OR WARRANTY THAT USE OF THE TAKEDA CONFIDENTIAL INFORMATION CONTEMPLATED
HEREUNDER DOES NOT INFRINGE ANY PATENT RIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY. 
 8.8 LIMITATION OF
LIABILITY. EXCEPT FOR A BREACH OF ARTICLE 10, OR FOR CLAIMS OF A THIRD PARTY THAT ARE SUBJECT TO INDEMNIFICATION UNDER ARTICLE 11, NEITHER PARTY SHALL BE LIABLE TO THE OTHER WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT, WHETHER UNDER ANY
CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY, FOR ANY INCIDENTAL, INDIRECT, SPECIAL, EXEMPLARY, PUNITIVE, MULTIPLE, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS, LOSS OF USE, DAMAGE TO GOODWILL, OR LOSS OF BUSINESS).

 8.9 Knowledge Standard. “Knowledge” means, as applied to a Party in this Article 8, that such Party shall be
deemed to have knowledge of a particular fact or other matter to the extent that a [***]. 
 9. INTELLECTUAL
PROPERTY 
 9.1 Ownership of Inventions. 

9.1.1 Inventorship of inventions conceived or reduced to practice solely by either Party or jointly by the Parties (a) in the
course of activities performed under or contemplated by this Agreement or in the exercise of the rights licensed under this Agreement or 

  
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(b) relating to the composition of matter, methods of making, methods of using (including methods of treatment or administration), or formulations of Products (“Inventions”)
shall be determined by application of U.S. patent Laws pertaining to inventorship. If an Invention is jointly invented by one or more employees, consultants, or contractors of each Party, such Invention shall be jointly owned by the Parties (each
such Invention, a “Joint Invention”), and if one or more claims included in an issued Patent or pending Patent application that is filed in a patent office in the Territory claim such Joint Invention, such issued Patent or such
pending Patent application shall be jointly owned by the Parties (each such patent application or patent, a “Joint Patent”). If an Invention is solely invented by an employee, consultant, or contractor of a Party, such Invention
shall be solely owned by such Party, and any Patent application filed claiming such solely owned Invention shall also be solely owned by such Party. Any such Patent application owned solely by Orexigen and any Patent issuing therefrom shall be an
“Orexigen Invention Patent”, and any such Patent application owned solely by Takeda and any Patent issuing therefrom shall be a “Takeda Invention Patent”. 

9.1.2 Subject to the rights granted under this Agreement, each Party shall have the right to practice and exploit Joint
Inventions and Joint Patents, without any obligation to account to the other for profits, or to obtain any approval of the other Party to license, assign, or otherwise exploit Joint Inventions and Joint Patents, by reason of joint ownership thereof,
and each Party hereby waives any right it may have under the Laws of any jurisdiction to require any such approval or accounting; and to the extent there are any applicable Laws that prohibit such a waiver, each Party will be deemed to so consent.
Each Party agrees to be named as a party, if necessary, to bring or maintain a lawsuit involving a Joint Invention or Joint Patent. 
 9.1.3 Each Party shall promptly disclose to the other Party in writing, and shall cause its Affiliates, licensees and Sublicensees to so disclose, the conception of any Invention. Each Party shall
cause its Sublicensees and Affiliates, and their respective employees, consultants, agents, or independent contractors to so assign to such Party, such person’s or entity’s right, title and interest in and to any Inventions, and
intellectual property rights therein, as is necessary to enable such Party to fully effect the ownership of such Inventions, and intellectual property rights therein. Each Party shall also include provisions in its relevant agreements with Third
Parties performing activities on its behalf pursuant to this Agreement, that effect the intent of this Article 9. Each Party hereby appoints the other Party as attorney-in-fact of such Party to execute and deliver all documents reasonably required
to evidence or record any assignment pursuant to this Agreement if such Party is unable, after making reasonable inquiry, to obtain assistance of such other Party with respect to any such document. Each Party shall, and shall cause its Sublicensees
and Affiliates, and their respective employees, consultants, agents, or independent contractors to, cooperate with the other Party and take all reasonable additional actions and execute such agreements, instruments and documents as may be reasonably
required to perfect such other Party’s right, title and interest in and to Inventions, and intellectual property rights therein, as set forth in this Section 9.1. 

  
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 9.2 Prosecution of
Collaboration Patents. 
 9.2.1 Filing, Prosecution and Maintenance of Collaboration Patents. Orexigen shall be
responsible for the preparation, prosecution (including any interferences, reissue proceedings and reexaminations) and maintenance of Orexigen Patents. Takeda shall be responsible for the preparation, prosecution (including any interferences,
reissue proceedings and reexaminations) and maintenance of Takeda Patents. Each Party shall reasonably consult with the other Party, and shall take any comments of the other Party into good faith consideration, with respect to the preparation,
prosecution and maintenance of such Patents. Each Party shall provide to the other Party copies of any papers relating to the filing, prosecution or maintenance of such Patents promptly upon their being filed or received. The Parties shall discuss
and evaluate Joint Inventions and confer with each other regarding the advisability of filing patent applications covering Joint Inventions and, if either Party requests that a patent application be filed covering a Joint Invention, the other Party
shall not unreasonably withhold, condition, or delay its consent to such filing. The Parties shall agree to whether Orexigen or Takeda have the first right to control and manage the Joint Patents, and an appropriate allocation of expenses related
thereto, using a mutually acceptable independent patent counsel, and reasonably consult with the other Party, and shall take any comments of the other Party into good faith consideration, with respect to the preparation, prosecution and maintenance
of such Joint Patents. Each Party shall provide to the other Party copies of any papers relating to the filing, prosecution or maintenance of such Joint Patents promptly upon their being filed or received. The Parties shall share equally all
expenses incurred with respect to the preparation, prosecution and maintenance of any and all Collaboration Patents. Within [***] ([***]) days after the end of each Calendar Quarter, each Party shall report to the other Party and the JSC all
expenses incurred by such Party under this Section 9.2.1 for such Calendar Quarter. Any payments due to such Party as specified in such report shall be paid within [***] ([***]) days after receipt of such report. The reports and payments due
pursuant to this Section 9.2.1 for each Calendar Quarter shall include any reconciliations and adjustments with respect to the prior Calendar Quarter necessary to effect the sharing of expenses as set forth in Section 9.2.1. 

9.2.2 Abandonment of Collaboration Patents. In no event will a Party permit a Collaboration Patent under its Control to be
abandoned in any country in the Territory, or elect not to file a new Patent application claiming priority to a Patent application within such Patents either before such Patent application’s issuance or within the time period required for the
filing of an international (i.e., Patent Cooperation Treaty), regional or national Patent application, in each case other than to optimize overall Patent protection of claimed inventions, without the other Party first being given an opportunity to
assume full responsibility for the continued prosecution and maintenance of such Patents, or the filing of such new Patent application included in such Patents. Each Party shall provide the other Party with notice of the allowance and expected
issuance date of any Patent within the Collaboration Patents, and any of the aforementioned filing deadlines, and each Party shall provide the other Party with prompt notice as to whether it desires to file such new Patent application. In the event
that a Party decides either (a) not to continue the prosecution or maintenance of a Patent application or Patent within the Collaboration Patents under its control in any country or (b) not to file such new Patent application requested to
be filed by the other Party, in each case other than to optimize overall Patent protection of claimed inventions, the Party shall provide the other Party with notice of this 

  
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decision at least [***] ([***]) days prior to any pending lapse or abandonment thereof. In such event, the Party shall provide the other Party with an opportunity to assume responsibility for all
costs reasonably associated with the filing or further prosecution and maintenance of such Patent application and any Patent issuing thereon (such filing to occur prior to the issuance of the Patent to which the application claims priority or
expiration of the applicable filing deadline, as set forth above). In the event that the other Party assumes such responsibility for such filing, prosecution and maintenance costs, the other Party shall have the right to transfer the responsibility
for such filing, prosecution and maintenance of such Patent applications and Patents to patent counsel selected by it and reasonably acceptable to the Party. In such case, Section 9.2.1 shall apply to such Patent applications and Patents
mutatis mutandis. Such Patent applications and Patents shall otherwise continue to be subject to all of the terms and conditions of this Agreement in the same manner and to the same extent as the other Collaboration Patents. 

9.2.3 Upstream Agreements. Notwithstanding Section 9.2.1 and 9.2.2, Takeda acknowledges that: [***]. 

9.3 Enforcement of Collaboration Patents or Product Trademarks Against Infringers. 

9.3.1 Notice. In the event that Orexigen or Takeda become aware of a suspected infringement of any Collaboration Patent by means
of the manufacture, use, or sale of a product substantially similar to or the same as a Product (a “Competitive Product Infringement”), or any such Collaboration Patent is challenged in any action or proceeding (other than any
oppositions, cancellations, interferences, reissue proceedings or reexaminations, which are addressed above), or either Party becomes aware of the infringement of any rights in a Product Trademark, such Party shall notify the other Party promptly,
and following such notification, the Parties shall confer. 
 9.3.2 Enforcement of Collaboration Patents and Product
Trademarks. 
 (a) Takeda will have the first right, but not an obligation to, bring any action or proceeding, at its
own expense, to enforce or defend, as applicable, any Collaboration Patent or Product Trademark in its own name and entirely under its own direction and control, subject to the following. Orexigen shall reasonably assist Takeda (at Takeda’s
expense) in any such action or proceeding if so requested, and shall lend its name to such actions or proceedings if requested by Takeda or required by Laws. Orexigen shall have the right to participate and be represented in any such suit by its own
counsel at its own expense. No settlement of any such action or proceeding will be entered into by Takeda without the prior written consent of Orexigen, which consent shall not be unreasonably withheld, conditioned, or delayed. Takeda shall consult
with Orexigen and take any Orexigen comments into good faith consideration with respect to the infringement, claim construction, or defense of the validity or enforceability of any claim in any Collaboration Patent or Product Trademark. Takeda shall
provide to Orexigen copies of any papers relating to the infringement or validity litigation of any such involved Collaboration Patent or Product Trademark promptly upon their being filed or received. 

  
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 (b) If Takeda
elects not to settle, or bring any action or proceeding as described in Section 9.3.2(a) within [***] ([***]) days after first notifying Orexigen or being notified by Orexigen with respect thereto, then at any time during the Term, Orexigen may
bring such action or proceeding at its own expense, in its own name and entirely under its own direction and control, subject to the following. Takeda will reasonably assist Orexigen (at Orexigen’s expense) in any such action or proceeding if
so requested, and will lend its name to such actions or proceedings if requested by Orexigen or required by Laws. Takeda shall have the right to participate and be represented in any such suit by its own counsel at its own expense with respect to a
Competitive Product Infringement. No settlement of any such action or proceeding which restricts the scope, or adversely affects the enforceability, of any Collaboration Patent or Product Trademark shall be entered into by Orexigen without the prior
written consent of Takeda, which consent shall not be unreasonably withheld, conditioned, or delayed. Orexigen shall not knowingly take any action during such litigation of any Collaboration Patent or Product Trademark that would materially
adversely affect them, without consultation with Takeda. 
 (c) Notwithstanding Section 9.3.2(b), each Party shall
notify and provide the other Party with copies, received by such Party, of any allegations of alleged patent invalidity, unenforceability, or non-infringement of a Collaboration Patent pursuant to a paragraph IV patent certification under 21 C.F.R.
§§ 314.94 and 314.95 by a Third Party filing an Abbreviated New Drug Application under § 505(j), a New Drug Application under § 505(b)(2), or other similar patent certification by a Third Party, and any foreign equivalent
thereof, in each case that concerns a Product (“Paragraph IV Certification”). Such notification and copies shall be provided as soon as practicable and at least within [***] ([***]) days (including, for clarity, non-Business Days)
after the Party receives such certification (in view of the forty-five (45) day period during which litigation should be brought so as to afford a thirty (30) month stay of approval under § 505, and shall be sent by facsimile and
overnight courier to the address set forth in Section 14.3. Takeda shall have the first right to institute (or defend, as applicable), prosecute, and control such litigation brought by a Third Party where Takeda is a named defendant, or by
Takeda where Takeda is a named plaintiff, in both cases irrespective of whether Orexigen is also named as a defendant or plaintiff. If Takeda decides not to institute (or defend, as applicable) such litigation, Takeda will give notice to Orexigen of
its decision within [***] ([***]) days after receipt of notification of the Paragraph IV Certification (or, if the remaining time period permitted by Law for Takeda to commence such action is less than [***] ([***]) days, within half of the time
period permitted by Law). Orexigen may then, but is not required to, institute (or defend, as applicable), prosecute, and control such litigation. Each Party shall cooperate fully with the other Party in such litigation and shall provide reasonable
assistance (including making available to such other Party documents possessed by such Party that are reasonably required by such other Party and making available personnel for interviews and testimony) in any actions reasonably undertaken in
accordance with this Section 9.3.2(c) to contest any such Paragraph IV Certification. At either Party’s request, the other Party agrees to join any such litigation to enforce such Collaboration Patent against the Third Party(ies) that made
such Paragraph IV Certification. Each Party shall have the right to approve any settlement that would adversely affect the Collaboration Patents or such Party’s rights under this Agreement or result in any liability or admission on behalf of
such Party, such approval not to be unreasonably withheld, conditioned, or delayed. Any recovery, by settlement or otherwise, realized as a result of such litigation shall be allocated in accordance with Section 9.3.3. 

  
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 (d)
Notwithstanding Sections 9.3.2(a), (b), and (c), Takeda acknowledges and agrees that [***]. 
 9.3.3 Damages. In the
event that either Party exercises the rights conferred in this Section 9.3 and recovers any damages or other sums in such action, suit or proceeding or in settlement thereof, such damages or other sums recovered shall first be subject to
Section 9.3.2(d) [***], and then shall be applied to all out-of-pocket costs and expenses incurred by the Parties in connection therewith, including attorneys’ fees. If such recovery is insufficient to cover all such costs and expenses of
both Parties, it shall be [***]. If after such reimbursement any funds remain from such damages or other sums recovered, [***] percent ([***]%) of such funds shall be retained by the Party that controlled the action or proceeding under this
Section 9.3 and such other Party shall receive [***] percent ([***]%) of such funds. 
 9.3.4 Upstream Limitations.
Each Party’s rights to enforce a Collaboration Patent pursuant to this Section 9.3, or to defend against a challenge in any action or proceeding described in Section 9.3.1, shall be subject to the applicable provisions of any
agreements between the Party Controlling such Patents and its licensor. In the event of any conflict between this Section 9.3 and such other agreements, the provisions of the other agreements shall control. 

9.4 Patent Term Extension. Orexigen and Takeda shall each cooperate with one another and shall use Commercially Reasonable Efforts
in obtaining any available marketing exclusivity and patent term extension (including any pediatric exclusivity as may be available) under the Drug Price Competition and Patent Term Restoration Act of 1984 (the “Hatch-Waxman Act”)
and the Federal Food, Drug, and Cosmetic Act or supplemental protection certificates or their equivalents in any country in the Territory with respect to Patents claiming the Products, as applicable. If elections with respect to obtaining such
patent term extensions and marketing exclusivity are to be made, Takeda shall have the right to elect to seek patent term extension, marketing exclusivity or supplemental protection; provided that such election will be made so as to maximize
the period of marketing exclusivity for the Product. For such purpose, for all Regulatory Approvals, Takeda shall provide Orexigen with written notice of any expected Regulatory Approval at least [***] ([***]) days prior to the expected date of
Regulatory Approval, as well as notice within [***] ([***]) Business Days of receiving each Regulatory Approval confirming the date of such Regulatory Approval. 
 9.5 Regulatory Patent Listing. 
 9.5.1 To the extent required by or
permitted by Law, at all times prior to transfer of the Regulatory Filings to Takeda during the Term, Orexigen will use Commercially Reasonable Efforts to promptly, accurately and completely provide to the applicable Regulatory Authorities, all
applicable Patents for any Product that has become the subject of a marketing application owned by Orexigen and submitted to FDA, for listing in FDA’s Approved Products with Therapeutic Equivalence Determinations (“Orange
Book”) in accordance with the Hatch-Waxman Act and all so called “Patent Register” listings as required in Canada. 

  
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 9.5.2 To the
extent required by or permitted by Law, at all times after transfer of the Regulatory Filings to Takeda during the Term, Takeda will use Commercially Reasonable Efforts to promptly, accurately and completely provide to the applicable Regulatory
Authorities, all applicable Patents for any Product that has become the subject of a marketing application owned by Takeda and submitted to FDA, for listing in the Orange Book in accordance with the Hatch-Waxman Act and all so called “Patent
Register” listings as required in Canada. 
 9.5.3 Prior to any listing under Section 9.5.1 or 9.5.2, the
Parties will meet to evaluate, identify all applicable Patents to be listed. Orexigen shall have the right to finally determine the Patents to be listed under Section 9.5.1 and Takeda shall have the right to finally determine the Patents to be
listed under Section 9.5.2. 
 9.6 Defense Against Claims of Infringement of Third Party Patents. If a Third Party
asserts that a Patent or other right owned by it is or has been infringed by the manufacture, use, sale, offer for sale, or import of a Product in the Territory, the Party first obtaining knowledge of such a claim shall immediately provide the other
Party notice of such claim through the JSC along with the related facts in reasonable detail. In such event, unless the Parties otherwise agree, Takeda shall have the obligation, at its expense, to control such defense with respect to such Product.
Orexigen shall cooperate with Takeda, at Takeda’s reasonable request and expense, and shall have the right to be represented separately by counsel of its own choice. Takeda shall also control settlement of such claim; provided,
however, that no settlement shall be entered into without the prior consent of Orexigen if such settlement would adversely affect the rights and benefits of, or impose or adversely affect any obligations on, Orexigen, such consent not being
unreasonably withheld, conditioned, or delayed. 
 9.7 Third Party Licenses. 

9.7.1 If either Party reasonably determines that any Third Party intellectual property rights, are necessary for the Development,
manufacture, or Commercialization of a Product, where such Third Party intellectual property rights are necessary for use of any Product, or for any license that may be required for the use or exploitation of Orexigen Intellectual Property as
contemplated under this Agreement for the discovery, research, manufacture, or use of Products, then such Party will notify the JSC. 
 9.7.2 If the JSC determines that it needs to obtain one or more licenses from one or more Third Parties for such activities, the JSC will determine which Party will negotiate the most favorable
license. The chosen Party shall obtain a license to such Third Party intellectual property, with the right to sublicense, in order to permit both Parties to conduct their obligations under this Agreement. Subject to the foregoing, the terms and
conditions involved in obtaining such rights shall be determined at such chosen Party’s sole discretion. If such chosen Party elects not to obtain rights to such Third Party intellectual property, or is unsuccessful in obtaining such rights,
then the other Party shall have the right (but not the obligation) to negotiate and obtain rights from such Third Party at its sole discretion and expense. 

  
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 9.7.3 In the
event that Takeda determines, in its reasonable commercial judgment, that a license, sublicense or similar right from one or more Third Parties is necessary in order to make, have made, use, offer to sell, sell or import a Product, then Takeda or
its Affiliates may acquire such a license, sublicense or similar right. In accordance with Section 7.3.5, each Party shall bear [***] percent ([***]%) of the payments owed pursuant to any Third Party licenses under intellectual property rights
that are necessary for the exploitation of, and cover the composition of matter or method of use of, Products in the Field and in the Territory, other than pursuant to the Upstream Agreements (a “Third Party License”). Orexigen
shall be responsible for [***] owed pursuant to any Upstream Agreement. 
 10. CONFIDENTIALITY 

10.1 Nondisclosure. Each Party agrees that, during the Term and for a period of [***] ([***]) years thereafter, a Party (the
“Receiving Party”) receiving Confidential Information of the other Party (the “Disclosing Party”) shall (a) maintain in confidence such Confidential Information using not less than the efforts such Receiving
Party uses to maintain in confidence its own confidential or proprietary information of similar kind and value, (b) not disclose such Confidential Information to any Third Party without the prior written consent of the Disclosing Party, except
for disclosures expressly permitted below, and (c) not use such Confidential Information for any purpose except those permitted by this Agreement (it being understood that this Section 10.1(c) shall not create or imply any rights or
licenses not expressly granted under this Agreement). Notwithstanding anything to the contrary in the foregoing, the obligations of confidentiality and non-use with respect to any trade secret within such Confidential Information shall survive such
[***] ([***]) year period for so long as such Confidential Information remains protected as a trade secret under applicable Laws. 
 10.2 Exceptions. The obligations in Section 10.1 shall not apply with respect to any portion of the Confidential Information that the Receiving Party can show by competent proof: 

10.2.1 is publicly disclosed by the Disclosing Party, either before or after it is disclosed to the Receiving Party hereunder;

 10.2.2 is known to the Receiving Party or any of its Affiliates, without any obligation to keep it confidential or
any restriction on its use, prior to disclosure by the Disclosing Party; 
 10.2.3 is subsequently disclosed to the
Receiving Party or any of its Affiliates by a Third Party lawfully in possession thereof and without any obligation to keep it confidential or any restriction on its use; 
 10.2.4 is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, or any of its Affiliates, generally known or available, either before or after it is
disclosed to the Receiving Party; 

  
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 10.2.5 is
independently discovered or developed by or on behalf of the Receiving Party or any of its Affiliates without the use of Confidential Information belonging to the Disclosing Party; or 

10.2.6 is the subject of written permission to disclose provided by the Disclosing Party. 

10.3 Authorized Disclosure. The Receiving Party may disclose Confidential Information belonging to the Disclosing Party to the
extent (and only to the extent) such disclosure is reasonably necessary in the following instances: 
 10.3.1 filing or
prosecuting patents; 
 10.3.2 Regulatory Filings and obtaining Regulatory Approvals; 

10.3.3 prosecuting or defending litigation, including responding to a subpoena in a Third Party litigation; 

10.3.4 subject to Section 10.5, complying with Laws (including the rules and regulations of the Securities and Exchange
Commission or any national securities exchange) and with applicable court orders; 
 10.3.5 potential or actual
acquirers, merger partners or assignees, investment bankers, lenders or other potential financial partners and their and each of their respective Affiliates’ directors, employees, consultants, contractors and agents, each of whom prior to
disclosure must be bound by obligations of confidentiality and restrictions on use of such Confidential Information that are no less restrictive than the obligations in this Article 10; provided, however, that, in each of the above
situations, the Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information pursuant to this Section 10.3.5 to treat such Confidential Information as required under this Article 10; and

 10.3.6 on a “need to know basis” in order for the Receiving Party to exercise its rights or fulfill its
obligations under this Agreement, to Affiliates, potential or actual collaborators (including sublicensees or potential sublicensees), potential or actual research and development collaborators, potential or actual subcontractors, and their and each
of the Parties’ and their respective Affiliates’ directors, employees, consultants, contractors and agents, each of whom prior to disclosure must be bound by obligations of confidentiality and restrictions on use of such Confidential
Information that are no less restrictive than the obligations in this Article 10; provided, however, that, in each of the above situations, the Receiving Party shall remain responsible for any failure by any Person who receives Confidential
Information pursuant to this Section 10.3.6 to treat such Confidential Information as required under this Article 10. 

  
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 If and whenever any Confidential
Information is disclosed in accordance with this Section 10.3, such disclosure shall not cause any such information to cease to be Confidential Information except to the extent that such disclosure results in a public disclosure of such
information (other than by breach of this Agreement). Notwithstanding the foregoing, in the event a Receiving Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Sections 10.3.3 or 10.3.4, the
Receiving Party shall, except where not reasonably possible and subject to Section 10.5, notify the Disclosing Party of the Receiving Party’s intent to make such disclosure pursuant to this Section 10.3 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. 
 10.4 Terms of this Agreement. The Parties acknowledge that this Agreement and all of the respective terms of this Agreement shall be treated as Confidential Information of both Parties. 

10.5 Securities Filings. Notwithstanding anything to the contrary in this Article 10, any disclosure that is required by
securities Laws, including the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, or the rules of a securities exchange or the Securities and Exchange Commission or the securities regulations of any state or
other jurisdiction, as reasonably advised by the disclosing Party’s counsel, may be made; provided, however, in the event either Party proposes to file with the Securities and Exchange Commission or the securities regulators of any state
or other jurisdiction a registration statement or any other disclosure document which describes or refers to the terms and conditions of this Agreement under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or
any other applicable securities Laws, such Party shall notify the other Party of such intention and shall provide such other Party with a copy of relevant portions of the proposed filing at least [***] ([***]) Business Days prior to such filing (and
any revisions to such portions of the proposed filing a reasonable time prior to the filing thereof), including any exhibits thereto relating to the terms and conditions of this Agreement. The Party making such filing shall use Commercially
Reasonable Efforts to obtain confidential treatment of the terms and conditions of this Agreement that such other Party requests be kept confidential or otherwise afforded confidential treatment, and shall only disclose Confidential Information that
it is reasonably advised by counsel is legally required to be disclosed. No such notice shall be required under this Section 10.5 if the description of or reference to this Agreement contained in the proposed filing has been included in any
previous filing made by the either Party hereunder or otherwise approved by the other Party. 
 10.6 Relationship to
Confidentiality Agreement. This Agreement supersedes the Mutual Confidential Disclosure Agreement between Orexigen and Takeda, effective as of April 20, 2010; provided that all “Confidential Information” disclosed or
received by the Parties thereunder shall be deemed “Confidential Information” hereunder and shall be subject to the terms and conditions of this Agreement. 

  
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 10.7
Publications. 
 10.7.1 Publication Plan. Within [***] ([***]) days after the Effective Date, each Party shall
designate an individual to serve as that Party’s “Publication Manager.” The Parties shall, through the Publication Managers, cooperate in good faith and develop and execute a coordinated publication plan in or for the
Territory that will include strategy, budget and policies for the publication activities related to the Products. The publication plan will also cover intended timing, venue, media, review, authors and other relevant considerations for each
publication. The publication plan will be included in the Commercialization Plan for approval by the JSC. A Party may change its Publication Manager at any time upon written notice to the other Party. 

10.7.2 Publication of Clinical Trial Results. Takeda will have the right to publish summaries of results of all Clinical Trials
conducted by either Party with respect to a Product after the Effective Date in Takeda’s Clinical Trial register; provided, however, that Orexigen will have the right to review all proposed publications prior to submission of such
publication. The Parties shall discuss and reasonably cooperate in order to facilitate the process to be employed in order to ensure the publication of any such summaries of Clinical Trials data and results as required under Laws on the Clinical
Trial registry of each respective Party, and shall provide the other Party at least [***] ([***]) days prior notice to review the Clinical Trials results to be published for the purposes of preparing any necessary Patent filings. 

10.7.3 Publication Guidelines. All publications relating to the Licensed Compounds and/or the Products shall be prepared,
presented and/or published in accordance with pharmaceutical industry accepted guidelines including: (1) International Committee of Medical Journal Editors (ICMJE) guidelines, (2) Uniform Requirements for Manuscripts Submitted to
Biomedical Journals: Writing and Editing for Biomedical Publication, (3) Pharmaceutical Research and Manufacturers of America (PhRMA) guidelines, and (4) Principles on Conduct of Clinical Trials. 

10.8 Publicity. Upon execution of this Agreement, the Parties shall issue the press release announcing the existence of this
Agreement in the form and substance as set forth in Exhibit 10.8. Each Party agrees not to issue any other press release or other public statement disclosing other information relating to this Agreement or the transactions contemplated hereby that
contains information not previously publicly disclosed in accordance with this Section 10.8 without the prior written consent of the other Party, not to be unreasonably withheld, conditioned, or delayed; provided, however, that the Party
intending to make any such press release or other public statement relating to this Agreement shall not disclose any Confidential Information that the other Party reasonably deems inappropriate for disclosure. 

10.9 Third Party Information. Notwithstanding anything to the contrary in this Agreement, Takeda acknowledges that it may be
required to enter into appropriate confidentiality agreements with or with respect to specific Third Party contract manufacturers or other independent contractors engaged by Orexigen before Orexigen can share with Takeda information relating to its
agreement with such Third Party(ies) or such Third Party(ies)’ confidential information as required under this Agreement. In such case, Orexigen shall notify 

  
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Takeda promptly of such requirement, and the Parties shall cooperate to take such actions as are necessary to enable Orexigen to comply with such confidentiality requirements of Orexigen’s
agreements with any such Third Party(ies). 
 11. INDEMNITY AND INSURANCE

 11.1 Takeda Indemnity. Takeda shall indemnify, defend and hold harmless Orexigen and its Affiliates, and their
respective officers, directors, employees, agents, licensors, and their respective successors, heirs and assigns and representatives, (the “Orexigen Indemnitees”), from and against any and all claims, threatened claims, damages,
losses, suits, proceedings, liabilities, costs (including reasonable legal expenses, costs of litigation and reasonable attorney’s fees) or judgments, whether for money or equitable relief, of any kind (“Losses and Claims”), to
the extent arising out of or relating to, directly or indirectly: (a) the practice by Takeda or its Affiliate or Sublicensee of any license or sublicense granted to it under Sections 6.1 and 6.2; (b) the Commercialization or Development of
the Product by Takeda or its Affiliate or Sublicensee; (c) the Manufacture, use, handling, storage, sale or other disposition of any Product by Takeda or its Affiliate or Sublicensee; (d) the breach by Takeda of any warranty,
representation, covenant or agreement made by Takeda in this Agreement, or, if Orexigen exercises its option to Co-Promote pursuant to Section 3.5, the Co-Promote Agreement; or (e) the negligence, recklessness or willful misconduct
(including to the extent such negligence, recklessness or willful misconduct gives rise to product liability Losses and Claims under any legal theory) of Takeda or its Affiliate or Sublicensee, or any officer, director, employee, agent or
representative thereof; except, with respect to each of subsections (a) through (e) above, to the extent such Losses and Claims arise directly or indirectly from the negligence, recklessness or willful misconduct of any Orexigen Indemnitee
or the breach by Orexigen of any warranty, representation, covenant or agreement made by Orexigen in this Agreement or, if Orexigen exercises its option to Co-Promote pursuant to Section 3.5, the Co-Promote Agreement. 

11.2 Orexigen Indemnity. Orexigen shall indemnify, defend and hold harmless Takeda and its Affiliates, and their respective
officers, directors, employees, agents, licensors, and their respective successors, heirs and assigns and representatives (the “Takeda Indemnitees”), from and against any and all Losses and Claims, to the extent arising out of or
relating to, directly or indirectly: (a) the practice by Orexigen or its Affiliate or sublicensee of any license or sublicense granted to it under Section 6.3; (b) the Commercialization or Development of the Products by Orexigen or
its Affiliate or sublicensee, or the commercialization or development of Products for use outside the Territory by Orexigen or its Affiliate or sublicensee; (c) the Manufacture, use, handling, storage, sale or other disposition of the Product
by Orexigen or its Affiliate or licensee (other than Takeda or its Affiliate or Sublicensee); (d) the breach by Orexigen of any warranty, representation, covenant or agreement made by Orexigen in this Agreement, or, if Orexigen exercises its
option to Co-Promote pursuant to Section 3.5, the Co-Promote Agreement; or (e) the negligence, recklessness or willful misconduct (including to the extent such negligence, recklessness or willful misconduct gives rise to product liability
Losses and Claims under any legal theory) of Orexigen or its Affiliate or licensee (other than Takeda or its Affiliate or Sublicensee), or any officer, director, employee, agent or representative thereof; except, with respect to each of subsections
(a) through (e) above, to the extent such Losses and Claims arise directly or indirectly from the negligence, recklessness or willful misconduct of any Takeda Indemnitee or the breach by Takeda of any warranty, representation, covenant or
agreement made by Orexigen in this Agreement or, if Orexigen exercises its option to Co-Promote pursuant to Section 3.5, the Co-Promote Agreement. 

  
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 11.3
Indemnification Procedure. A claim to which indemnification applies under Section 11.1 or Section 11.2 shall be referred to herein as an “Indemnification Claim”. If any Person or Persons (collectively, the
“Indemnitee”) intends to claim indemnification under this Article 11, the Indemnitee shall notify the other Party (the “Indemnitor”) in writing promptly upon becoming aware of any claim that may be an
Indemnification Claim (it being understood and agreed, however, that the failure by an Indemnitee to give such notice shall not relieve the Indemnitor of its indemnification obligation under this Agreement except and only to the extent that the
Indemnitor is actually prejudiced as a result of such failure to give notice). The Indemnitor shall have the right to assume and control the defense of the Indemnification Claim at its own expense with counsel selected by the Indemnitor and
reasonably acceptable to the Indemnitee; provided, however, that an Indemnitee shall have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitee, if representation of such Indemnitee by the counsel
retained by the Indemnitor would be inappropriate due to actual or potential differing interests between such Indemnitee and any other party represented by such counsel in such proceedings. If the Indemnitor does not assume the defense of the
Indemnification Claim as described in this Section 11.3, above, the Indemnitee may defend the Indemnification Claim but shall have no obligation to do so. The Indemnitee shall not settle or compromise the Indemnification Claim without the prior
written consent of the Indemnitor, and the Indemnitor shall not settle or compromise the Indemnification Claim in any manner which would have an adverse effect on the Indemnitee’s interests (including any rights under this Agreement or the
scope or enforceability of the Orexigen Intellectual Property, or Confidential Information or Patent or other rights licensed to Orexigen by Takeda hereunder), without the prior written consent of the Indemnitee, which consent, in each case, shall
not be unreasonably withheld, conditioned, or delayed. The Indemnitee shall reasonably cooperate with the Indemnitor at the Indemnitor’s expense and shall make available to the Indemnitor all pertinent information under the control of the
Indemnitee, which information shall be subject to Article 10. 

  
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 11.4 Dante
Indemnity. [***]. 
 11.5 Insurance. 
 11.5.1 By Takeda. Takeda represents and covenants that as of the Effective Date it is, and during the Term and for [***] ([***]) years thereafter it shall be, [***] against liability and other
risks associated with the activities to be conducted by it under this Agreement and that such [***] set forth in [***]. 

11.5.2 By Orexigen. During the Term and for [***] ([***]) years thereafter, Orexigen shall either (a) maintain, at its sole
expense, clinical trial and product liability insurance relating to the Product that is comparable in type and amount to the insurance customarily maintained by Orexigen with respect to similar prescription pharmaceutical products that are marketed,
distributed and sold in the Territory, or (b) self insure for such risks. 
 12. TERM AND
TERMINATION 
 12.1 Term; Expiration. This Agreement shall become effective as of the Effective Date
and shall continue in full force and effect until expiration as described in this Section 12.1, unless earlier terminated pursuant to this Article 12 (the “Term”), and shall expire as follows: 

12.1.1 on a country-by-country basis, upon the expiration of the Royalty Term with respect to all Products in each country in the
Territory, as applicable; or 
 12.1.2 in its entirety upon the expiration of the Royalty Term with respect to the last
Product Commercialized in the last country in the Territory. 
 12.2 Termination for Cause. 

12.2.1 Material Breach. Either Party (the “Non-breaching Party”) may, without prejudice to any other remedies
available to it at law or in equity, terminate this Agreement in its entirety in the event the other Party (the “Breaching Party”) has materially breached this Agreement, and such breach has continued for [***] ([***]) days (the
“Cure Period”) after written notice thereof is provided to the Breaching Party by the Non-Breaching Party, such notice describing the alleged material breach in sufficient detail to put the Breaching Party on notice. 

12.2.2 Disagreement as to Material Breach; Cure Period. If the Parties reasonably and in good faith disagree as to whether there
has been a material breach, the Party that disputes that there has been a material breach may contest the allegation in accordance with Section 13.3. Notwithstanding the preceding sentence, the Cure Period for any allegation made in good faith
as to a material breach under this Agreement will run from the date that written notice was first provided to the Breaching Party by the Non-Breaching Party. Any such termination of this Agreement under this Section 12.2 shall become effective
at the end of the Cure Period, unless the Breaching Party has cured any such breach or default prior to the expiration of such Cure Period, or, if such breach is not susceptible to cure within the Cure

  
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Period, then, the Non-Breaching Party’s right of termination shall be suspended only if and for so long as the Breaching Party has provided to the Non-Breaching Party a written plan that is
reasonably calculated to effect a cure and such plan is acceptable to the Non-Breaching Party (such acceptance not to be unreasonably withheld, conditioned, or delayed), and the Breaching Party commits to and carries out such plan as provided to the
Non-Breaching Party. The right of either Party to terminate this Agreement as provided in this Section 12.2, shall not be affected in any way by such Party’s waiver or failure to take action with respect to any previous default. It is
understood and acknowledged that, during the pendency of such a Dispute, all of the terms and conditions of this Agreement shall remain in effect, and the Parties shall continue to perform all of their respective obligations under this Agreement.
Any payments that are made by one Party to the other Party pursuant to this Agreement pending resolution of the Dispute shall be promptly refunded if the panel determines pursuant to Section 13.3 that such payments are to be refunded by one
Party to the other Party. 
 12.3 Termination for Safety Reasons. Either Party shall have the right to terminate this
Agreement with respect to any Product in the Territory, without liability for any compensation or other payment obligation to the other Party due to such termination except as expressly specified in this Agreement, by providing the other Party with
at least [***] ([***]) days prior written notice of termination, if, at any time, (a) [***] such Product, caused or is likely to cause a fatal, life-threatening or other serious adverse safety event that is reasonably expected, based upon then
available data, to preclude obtaining Regulatory Approval for such Product, or, if Regulatory Approval of such Product has already been obtained, to preclude continued marketing of such Product, or (b) [***]. Notwithstanding anything to the
contrary in the foregoing, neither Party shall have the right to terminate this Agreement pursuant to this Section 12.3 based on a safety concern [***]. 
 12.4 Termination for Insolvency. To the extent permitted under Law, either Party may terminate this Agreement, if, at any time, the other Party files in any court or agency pursuant to any statute
or regulation of any state or country, a petition in bankruptcy for insolvency or for reorganization or for the appointment of a receiver or trustee of the Party or of substantially all of its assets, or if the other Party is served with an
involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within [***] ([***]) days after the filing thereof, or if the other Party shall propose or be a party to any dissolution or liquidation, or
if the other Party shall make an assignment of substantially all of its assets for the benefit of creditors. All licenses granted under or pursuant to any section of this Agreement are and shall otherwise be deemed to be for purposes of
Section 365(n) of Title 11, United States Code (the “Bankruptcy Code”) licenses of rights to “intellectual property” as defined in Section 101(56) of the Bankruptcy Code. The Parties shall retain and may fully
exercise all of their respective rights and elections under the Bankruptcy Code. Upon the bankruptcy of any Party, the non-bankrupt Party shall further be entitled to a complete duplicate of, or complete access to, any such intellectual property,
and such intellectual property, if not already in its possession, shall be promptly delivered to the non-bankrupt Party, unless the bankrupt Party elects to continue, and continues, to perform all of its obligations under this Agreement. 

  
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 12.5 Termination
for Patent Challenge. Orexigen shall have the right to terminate this Agreement immediately upon written notice if Takeda directly or through a Third Party indirectly challenges the validity, scope or enforceability of or otherwise opposes any
Patent included in the Orexigen Patents or any foreign counterparts thereof. Takeda shall have the right to terminate this Agreement immediately upon written notice if Orexigen directly or through a Third Party indirectly challenges the validity,
scope or enforceability of or otherwise opposes any Patent included in the Takeda Patents or any foreign counterparts thereof. If a Sublicensee of Takeda challenges the validity, scope or enforceability of or otherwise opposes any such Patent, then
Takeda shall, upon written notice from Orexigen, terminate such Sublicense. Takeda shall include provisions in all Sublicenses providing that, if the Sublicensee challenges the validity or enforceability of or otherwise opposes any such Patent,
Takeda may terminate its Sublicense agreement with such Sublicensee. In the event that all or any portion of this Section 12.5 is invalid, illegal or unenforceable, then the Parties will use Commercially Reasonable Efforts to replace the
invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s). 
 12.6 Unilateral Termination
by Takeda. Takeda shall have the right to terminate this Agreement in its entirety for any reason or no reason upon [***] ([***]) days prior written notice to Orexigen. Takeda shall be responsible for any of its payment obligations accrued and
unpaid as of the date of such notice or that become due and owing during such notice period; provided, however, if, [***]: (a) [***]; or (b) [***], and Takeda terminates this Agreement under this Section 12.6 within [***]
([***]) days thereafter, [***]. 
 12.7 Consequences of Termination. All of the following effects of termination are in
addition to the other rights and remedies that may be available to either of the Parties hereunder and shall not be construed to limit any such rights or remedies. 
 12.7.1 Consequences of Termination by Orexigen or Takeda. In the event of termination of this Agreement either by Orexigen pursuant to Section 12.2.1 (for material breach), Section 12.4
(for insolvency), or Section 12.5 (for challenge), or by Takeda pursuant to Section 12.3 (for safety) or Section 12.6 (unilateral right): 
 (a) Notwithstanding anything contained in this Agreement to the contrary, all rights and licenses granted herein to Takeda shall terminate, and Takeda shall cease any and all Development,
Manufacturing, and Commercialization activities with respect to all Products; 
 (b) all payment obligations hereunder
shall terminate, other than those that are accrued and unpaid as of the effective date of such termination or expiration; 

(c) Orexigen will thereafter have all rights, on a fully paid-up and royalty-free basis, previously licensed to Takeda hereunder,
itself or with a Third Party or through a Third Party sublicensee, to Develop and Commercialize any and all Products at Orexigen’s sole discretion; 
 (d) Takeda hereby grants to Orexigen, effective as of the effective date of such termination, an exclusive (even as to Takeda), transferable, fully paid-up, royalty-free, sublicenseable license in
the Field in the Territory, under the Takeda Intellectual Property, to make, use, sell, offer to sell, import all Products, and otherwise Develop and Commercialize Products; 

  
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 (e) the JSC
shall coordinate the wind-down of Takeda’s efforts under this Agreement and Takeda, as soon as reasonably practical after the effective date of such termination, will provide to Orexigen, as applicable and to the extent permitted under any
applicable Third Party contract, (i) any information, materials, and data, including copies of all Clinical Trial data and results, and all other information, and the like developed by or for the benefit of Takeda relating to Products,
including control of, and all information relating to, the global safety database, and (ii) other documents to the extent relating to Products that are necessary in the continued Development and Commercialization of Products (including material
documents and agreements relating to the sourcing and Manufacture of a Product or, to the extent the First Commercial Sale of a Product has occurred, for sale, promotion, distribution, sale or use of such Product) throughout the Territory. Orexigen
shall have the right to assume all prosecution, maintenance, and enforcement activities under Sections 9.2 through 9.6 with respect to Patents within the Collaboration Patents. Takeda will cooperate with Orexigen to provide a transfer of such
material information, materials, data, and documents, and to assist Orexigen with the prosecution, maintenance, and enforcement activities with respect to Patents within the Collaboration Patents. At Orexigen’s request, Takeda shall assign to
Orexigen any and all Collaboration Patents and agreements to which Takeda or its Affiliate and a Third Party are parties and that govern the Development, Commercialization and Manufacturing activities conducted in connection with Products prior to
such termination, or if such assignment is not permitted under the relevant agreement, (A) grant to Orexigen other rights to provide to Orexigen the benefit of such non-assignable agreement, at Orexigen’s expense, to the extent permitted
under the terms of such non-assignable agreement or (B) to the extent not permitted under the terms of such non-assignable agreement, the Parties shall discuss in good faith an alternative solution to enable Orexigen to receive, at
Orexigen’s expense, the benefit of the terms of such non-assignable agreement; 
 (f) Subject to the payment of all
amounts required under subsection 12.7.1(b), Takeda shall have the right to sell or otherwise dispose of any inventory of any Product on hand at the time of such termination or in process of manufacture; provided,  

however, that, at Orexigen’s request, Takeda shall transfer to Orexigen any Product that has not been sold or used within [***] ([***])[***]
following such termination; 

  
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 (g) Takeda
shall transfer to Orexigen any and all Regulatory Filings directly and solely related to any Products, including any INDs and NDAs, and, upon Orexigen’ request, shall make available to Orexigen any other relevant information reasonably related
to such Regulatory Filings; and 
 (h) the license set forth in Section 6.3.1 shall survive. 

12.7.2 Consequences of Termination by Takeda. In the event of termination of this Agreement by Takeda pursuant to
Section 12.2.1 (for material breach), Section 12.4 (for insolvency) or Section 12.5 (for challenge): 
 (a)
Notwithstanding anything contained in this Agreement to the contrary, all rights and licenses granted herein to Orexigen shall terminate, and, upon Takeda’s request, Orexigen shall cease any and all Development, Manufacturing, and
Commercialization activities with respect to all Products; 
 (b) Takeda will thereafter have all rights previously
licensed to Orexigen hereunder, itself or with a Third Party or through a Third Party sublicensee, to Develop and Commercialize any and all Products at Takeda’s sole discretion; 

(c) all licenses granted to Takeda shall continue in full force, in accordance with the terms and conditions of this Agreement,
provided, however, notwithstanding anything to the contrary contained herein, such licenses shall survive the Term and Orexigen’s reservation of rights contained in Section 6.1 shall cease; 

(d) the JSC shall coordinate the wind-down of Orexigen’s efforts under this Agreement and Orexigen, as soon as reasonably
practical after the effective date of such termination, will provide to Takeda, as applicable and to the extent permitted under any applicable Third Party contract, (i) any information, materials, and data, including copies of all Clinical
Trial data and results, and all other information, and the like developed by or for the benefit of Orexigen relating to Products in the Territory, and (ii) other documents to the extent relating to Products that are necessary in the continued
Development and Commercialization of Products (including material documents and agreements relating to the sourcing and Manufacture of a Product or, to the extent the First Commercial Sale of a Product has occurred, for sale, promotion,
distribution, sale or use of such Product) throughout the Territory. Orexigen will cooperate with Takeda to provide a transfer of such material information, materials, data, and documents. At Takeda’s request, Orexigen shall assign to Takeda
any and all Collaboration Patents and agreements to which Orexigen or its Affiliate and a Third Party are parties and that govern Development, Commercialization and Manufacturing activities conducted in or for the Territory in connection with
Products for the Territory prior to such termination, or if such assignment is not permitted under the relevant agreement or if Orexigen conducts activities in or for countries outside of the Territory under such agreement, (A) grant to Takeda
other rights to provide to Takeda the benefit of such non-assignable agreement, at Takeda’s expense, to the extent permitted under the terms of such non-assignable agreement or (B) to the extent not

  
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permitted under the terms of such non-assignable agreement, the Parties shall discuss in good faith an alternative solution to enable Takeda to receive, at Takeda’s expense, the benefit of
the terms of such non-assignable agreement; 
 (e) Article 7 shall survive, provided, however, [***]payment
obligations under [***] shall be reduced by [***] percent ([***]%); and 
 (f) Takeda shall use Commercially Reasonable
Efforts to Develop and Commercialize a Product in the Territory or, if Takeda does not materially perform such obligation, Orexigen shall have the right to terminate the licenses granted to Takeda in Article 6 as if Takeda were committing a material
breach of this Agreement, as provided in Section 12.2. 
 12.8 Consequences of Expiration. Following the expiration
of the Term pursuant to Section 12.1, the following terms shall apply: 
 12.8.1 Subject to the terms and
conditions of this Agreement, following expiration of the Term with respect to all Products in a country pursuant to Section 12.1.1, Takeda shall have a perpetual, irrevocable, non-exclusive, fully-paid and royalty-free right and license, with
the right to grant sublicenses, under the Orexigen Intellectual Property to make, have made, use, sell, offer to sell and import such Products in the Field in such country. 
 12.8.2 Subject to the terms and conditions of this Agreement, following expiration of the Term with respect to all Products in a country pursuant to Section 12.1.1, Orexigen shall have a
perpetual, irrevocable, non-exclusive, fully-paid and royalty-free right and license, with the right to grant sublicenses, under the Takeda Intellectual Property to make, have made, use, sell, offer to sell and import such Products in the Field in
such country. 
 12.8.3 Subject to the terms and conditions of this Agreement, following expiration of the Term with
respect to this Agreement in its entirety pursuant to Section 12.1.2, Takeda shall have a perpetual, irrevocable, non-exclusive, fully-paid and royalty-free right and license, with the right to grant sublicenses, under the Orexigen Intellectual
Property to make, have made, use, sell, offer to sell and import such Products in the Field in the Territory. 
 12.8.4
Subject to the terms and conditions of this Agreement, following expiration of the Term with respect to this Agreement in its entirety pursuant to Section 12.1.2, Orexigen shall have a perpetual, irrevocable, non-exclusive, fully-paid and
royalty-free right and license, with the right to grant sublicenses, under the Takeda Intellectual Property to make, have made, use, sell, offer to sell and import such Products in the Field in the Territory. 

12.8.5 Sections 2.2.5, 2.2.6, 2.2.9, 3.3.3, 3.4, 3.6, and 3.7 shall survive, to the extent applicable to activities contemplated
hereunder that are still being carried out following expiration of the Term, and Article 10 shall survive with respect to any information exchanged under such Sections for a period of [***] ([***]) years after the date of disclosure of such
information; provided that, for clarity, any and all information shall be exchanged directly between the Parties, and not through any Committees. 

  
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 12.8.6 For as
long as Takeda continues to use the Product Trademarks, (a) Takeda shall pay Orexigen the Trademark Royalty provided in Section 7.3.2, and (b) Takeda shall continue to have the license rights provided in Section 6.1.2.

 12.9 Survival. The following provisions shall survive termination or expiration of this Agreement in its entirety, as
well as any other provision which by its terms or by the context thereof, is intended to survive such termination: Articles 1, 7 (solely with respect to payments, including under Section 9.7.3, that have accrued prior to the effective date of
termination or expiration that have remained unpaid), 10 (for the period set forth in Section 10.1 or such longer period of time as set forth in Section 12.8.5), 13, and 14 and Sections 3.6, 6.5, 8.7, 8.8, 9.1, 11.1, 11.2, 11.3, 11.4 (for
the time period set forth therein), 12.7 (as applicable), 12.8 (as applicable), 12.9, 12.10, and paragraph 16 of Exhibit 4.1. All other rights, licenses and obligations shall terminate upon expiration of this Agreement. 

12.10 No Limitation on Remedies. Notwithstanding anything to the contrary in this Agreement, except as otherwise set forth in this
Agreement, termination or expiration of this Agreement shall not relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration nor prejudice either Party’s right to
obtain performance of any obligation. Each Party shall be free, pursuant to Article 13, to seek (without restriction as to the number of times it may seek) damages, costs and remedies that may be available under applicable Law or in equity and shall
be entitled to offset the amount of any damages and costs obtained in a final determination under Section 13.3 of monetary damages or costs (as permitted by this Agreement) against the other Party against any amounts otherwise due to such other
Party under this Agreement. 
 13. DISPUTE RESOLUTION 

13.1 Exclusive Dispute Resolution Mechanism. The Parties agree that the procedures set forth in this Article 13 shall be the
exclusive mechanism for resolving any dispute, controversy, or claim between the Parties that may arise from time to time pursuant to this Agreement relating to any Party’s rights or obligations hereunder (collectively,
“Disputes”) that is not resolved through good faith negotiation between the Parties. 
 13.2 Resolution by
Executive Officers. Except as otherwise provided in this Section 13.2, in the event of any Dispute, the construction hereof, or the rights, duties or liabilities of either Party hereunder, the Parties shall first attempt in good faith to
resolve such Dispute by negotiation and consultation between themselves. In the event that such Dispute is not resolved on an informal basis within [***] ([***]) Business Days, either Party may, by written notice to the other Party, refer the
Dispute to the other Party for attempted resolution by good faith negotiation within [***] ([***]) days after such notice is received. Any Disputes shall be referred to the Executive Officers for attempted resolution. Except as set forth in Sections
5.7.3, 13.5 or 13.6, each Party may, in its sole discretion, seek resolution of any and all Disputes that are not resolved under this Section 13.2 in accordance with Section 13.3. 

13.3 Alternative Dispute Resolution. The Parties acknowledge that they desire for any alternative dispute resolution process to be
conducted in an efficient, speedy and economical manner and, to achieve that end, any Dispute shall be resolved by the Alternative Dispute Resolution provisions set forth in Exhibit 13.3, the result of which shall be binding upon the Parties. The
Parties shall have the right to be represented by counsel in such a proceeding. 

  
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 13.4
Survivability. Any duty to engage in alternative dispute resolution under this Agreement shall remain in effect and be enforceable after termination of this Agreement for any reason. 

13.5 Preliminary Injunctions. Notwithstanding anything in this Agreement to the contrary, a Party may seek a temporary restraining
order or a preliminary injunction from any court of competent jurisdiction in order to prevent immediate and irreparable injury, loss, or damage on a provisional basis, pending the decision of the arbitrator(s) on the ultimate merits of any Dispute.

 13.6 Patent Disputes. Notwithstanding anything in this Agreement to the contrary, any and all issues regarding the
scope, construction, validity, and enforceability of any patent in a country within the Territory shall be determined in a court or other tribunal, as the case may be, of competent jurisdiction under the applicable patent laws of such country.

 13.7 Confidentiality. Any and all activities conducted under Sections 13.1 through 13.3, including any and all
proceedings and decisions of arbitrator(s) under Section 13.3, shall be deemed Confidential Information of each of the Parties, and shall be subject to Article 10. 
 14. MISCELLANEOUS 
 14.1 HSR. Prior to taking any
action pursuant to the terms of this Agreement for which it is necessary to obtain clearance under the Hart-Scott-Rodino Antitrust Improvement Act (“HSR Act”) or any applicable Laws of any foreign jurisdiction relating to antitrust
or competition (“Foreign Competition Laws”), the Parties shall each make or cause to be made all filings and submissions required under the HSR Act and any applicable Foreign Competition Laws with respect to such action within such
period of time that is reasonably necessary to obtain clearance under the HSR Act and any applicable Foreign Competition Laws prior to taking such action, and thereafter shall make any other required submissions with respect to such action under the
HSR Act and any applicable Foreign Competition Laws and otherwise use its reasonable best efforts to cause the expiration or termination of the applicable waiting period under the HSR Act and any applicable Foreign Competition Laws as soon as
practicable. No Party will extend any waiting period or comparable period under the HSR Act or any applicable Foreign Competition Laws without the prior written consent of the other Party. 

14.2 Severability. If any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the
provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable
one such that the objectives contemplated by the Parties when entering this Agreement may be realized. 

  
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 14.3 Notices.
Any notice required or permitted to be given by this Agreement shall be in writing and shall be (a) delivered by overnight courier with tracking capabilities, (b) mailed postage prepaid by first class, registered or certified mail
addressed as set forth below unless changed by notice so given, or (c) delivered by facsimile to the number set forth below unless changed by notice so given, followed by delivery via either of the methods set forth in Section 14.3(a) and
(b): 
 If to Takeda: 
 Takeda Pharmaceutical Company Limited 
 1-1, Doshomachi 4-Chome Chuo-ku

 Osaka 540-8645 
 Japan 
 Attn: General Manager, Global Licensing & Business Development
Department 
 Fax: (+81) 6-6204-2328 
 Attn: General Manager, Legal Department 
 Fax: (+81) 6-6204-2055 

With a copy to: 
 Takeda Pharmaceuticals North America, Inc. 
 One Takeda Parkway 

Deerfield, Illinois 60015 
 Attn: Alliance Manager 
 Fax: (224) 554-7903 

Attn: General Counsel 
 Fax: (224) 554-7831 
 If to Orexigen: 

Orexigen Therapeutics, Inc. 
 3344 N. Torrey Pines Ct., Suite 200 
 La Jolla, CA 92067 

Attention: Chief Financial Officer and General Counsel 
 Facsimile: 858-875-8650 

  
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 With a copy to (which
shall not constitute notice under this Agreement): 
 Orexigen Therapeutics, Inc. 

3344 N. Torrey Pines Ct., Suite 200 
 La Jolla, CA 92067 
 Attention: Alliance Manager 

Latham & Watkins LLP 
 12636 High Bluff Drive 
 Suite 400 

San Diego, CA 92130 
 Attention: Faye H. Russell, Esq. 
 Facsimile: 858.523.5450 

Any such notice shall be deemed given on the date received if delivered in accordance with Section 14.3(a), five (5) days after mailing if
mailed in accordance with Section 14.3(b), or the date of transmission if delivered in accordance with Section 14.3(c). A Party may add, delete, or change the person or address to which notices should be sent at any time upon written
notice delivered to the Party’s notices in accordance with this Section 14.3. 
 14.4 Force Majeure. 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, fires, earthquakes, acts of war, terrorism, or civil
unrest (“Force Majeure”); provided, however, that the affected Party shall (a) promptly notify the other Party, (b) use its Commercially Reasonable Efforts to avoid or remove such causes of non-performance and to
mitigate the effect of such occurrence, and (c) 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. 
 14.5 Assignment.

 14.5.1 Each Party may, without the consent of the other Party, assign or transfer all of its rights and obligations
hereunder only to an Affiliate, of or to a successor in interest by reason of merger or consolidation or sale of all or substantially all of the assets of such Party relating to the subject matter of this Agreement; provided, however,
that (a) except as provided in Section 14.5.5, such assignment includes all rights and obligations under this Agreement, (b) such successor in interest shall have agreed as of such assignment or transfer to be bound by the terms of
this Agreement in a writing provided to the non-assigning Party, and (c) where this Agreement is assigned or transferred to an Affiliate, the assigning Party remains responsible for the performance of this Agreement. 

14.5.2 Subject to Section 14.5.1, this Agreement shall inure to the benefit of and be binding on the Parties’
successors and assigns. Any assignment or transfer in violation of the foregoing shall be null and void and wholly invalid, the assignee or transferee in any such assignment or transfer shall acquire no rights whatsoever, and the non-assigning
non-transferring 

  
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Party shall not recognize, nor shall it be required to recognize, such assignment or transfer. In the event that Takeda assigns or otherwise transfers this Agreement to an Affiliate of Takeda,
Takeda hereby agrees to be jointly and severally liable with any such Affiliates for the actions of such Affiliates and for any and all amounts that become due and payable hereunder to Orexigen. If Takeda assigns this Agreement to an Affiliate, and
such assignment has an adverse tax consequence to Orexigen, then Takeda shall make additional payments to Orexigen under this Agreement to provide Orexigen the payments that would have been due to Orexigen had such assignment not occurred. For
purposes of the preceding sentence, adverse tax consequences shall be determined taking into account ultimate actual utilization of any foreign tax credits arising as a result of such assignment and the time value of money if there is any delay in
the utilization of such foreign tax credits, if any (based on applicable federal rates). 
 14.5.3 Notwithstanding
anything to the contrary in this Agreement, in the event of any such assignment, the intellectual property rights of the acquiring party (if other than one of the Parties to this Agreement) shall not be included in the technology licensed to the
other Party hereunder to the extent held by such acquirer prior to such transaction, or to the extent such technology is developed outside the scope of activities conducted with respect to Products. The Orexigen Intellectual Property and the Takeda
Intellectual Property shall exclude any intellectual property owned or Controlled by a permitted assignee or successor and not developed in connection with Products. 
 14.5.4 Notwithstanding anything to the contrary in this Agreement, Orexigen shall have the right to assign its rights to receive payments pursuant to Article 7, in whole or in part, to a Third
Party in connection with the monetization of Orexigen’s revenue stream under Article 7. 
 14.5.5 Notwithstanding
anything to the contrary in this Agreement, without the consent of Orexigen, Takeda may directly or through multiple tiers (a) sublicense or transfer some or all of its rights or obligations hereunder to one or more Affiliates, or
(b) grant one or more of its Affiliates distribution rights under this Agreement; provided, however, in each case, such sublicense, transfer or grant of rights shall be subject to the provisions of Section 14.5.1
and 14.5.2. 
 14.6 Further Assurances. Each Party agrees to do and perform all such further acts and things and shall
execute and deliver such other agreements, certificates, instruments and documents necessary or that the other Party may deem advisable in order to carry out the intent and accomplish the purposes of this Agreement and to evidence, perfect or
otherwise confirm its rights hereunder. Takeda and its Affiliates shall take all measures reasonably requested by Orexigen to give effect to the provisions of this Agreement. Any Affiliate that acquires rights hereunder will be deemed to be bound by
the provisions of this Agreement. 
 14.7 Waivers, Modifications and Amendments. The failure of any Party to insist on
the performance of any obligation hereunder shall not be deemed to be a waiver of such obligation. Waiver of any breach of any provision hereof shall not be deemed to be a waiver of any other breach of such provision or any other provision on such
occasion or any succeeding occasion. No waiver, modification, release or amendment of any obligation under or provision of this Agreement shall be valid or effective unless in writing and signed by both of the Parties. 

  
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 14.8 Governing
Law. This Agreement shall be governed by, enforced, and shall be construed in accordance with the Laws of the State of New York, U.S. without regard to any conflicts of law provision that would result in the application of the Laws of any State
other than the State of New York, U.S. 
 14.9 Relationship of the Parties. Each Party is an independent contractor under
this Agreement. Nothing contained herein is intended or is to be construed so as to constitute Orexigen and Takeda 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. 

14.10 Entire Agreement. This Agreement and the attached exhibits constitutes the entire agreement between the Parties as to the
subject matter of this Agreement, and supersedes and merges all prior and contemporaneous negotiations, representations, agreements and understandings regarding the same including as provided in Section 10.6. 

14.11 Exports. Each Party agrees not to export or re-export, directly or indirectly, any information, technical data, the direct
product of such data, samples or equipment received or generated under this Agreement in violation of any applicable export control Laws. 
 14.12 Interpretation. Each of the Parties acknowledges and agrees that this Agreement has been diligently reviewed by and negotiated by and between them, that in such negotiations each of them has
been represented by competent counsel and that the final agreement contained herein, including the language whereby it has been expressed, represents the joint efforts of the Parties hereto and their counsel. Accordingly, in interpreting this
Agreement or any provision hereof, no presumption shall apply against any Party as being responsible for the wording or drafting of this Agreement or any such provision, and ambiguities, if any, in this Agreement shall not be construed against any
Party, irrespective of which Party may be deemed to have authored the ambiguous provision. 
 14.13 Performance by
Affiliates. Each Party recognizes that the other Party may perform some or all of its obligations under this Agreement through Affiliates to the extent permitted under this Agreement; provided, however, that such other Party shall remain
responsible for the performance by its Affiliates as if such obligations were performed by such other Party. 
 14.14
Counterparts; Electronic Delivery. This Agreement may be executed in counterparts with the same effect as if both Parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall
constitute one and the same instrument. Signatures to this Agreement transmitted by facsimile, by email in “portable document format” (“.pdf”), or by any other electronic means intended to preserve the original graphic and
pictorial appearance of this Agreement shall have the same effect as physical delivery of the paper document bearing original signature. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed by their respective duly authorized officers effective as of the Effective Date. 
  

									
	OREXIGEN THERAPEUTICS, INC.	 		 	TAKEDA PHARMACEUTICAL COMPANY LIMITED
					
	By:	 	 /s/ Michael A. Narachi
	 		 	By:	 	 /s/ Yasuchika Hasegawa

	Name:	 	Michael A. Narachi	 		 		 	Yasuchika Hasegawa
	Title:	 	President & CEO	 		 		 	President & CEO

 [Signature
Page to Collaboration Agreement] 

  
 Exhibit 1.86

 Orexigen Logo 

 

 

  
 Exhibit 1.87

 Orexigen Patents 

  

					
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	 Pat. or Pub. No.
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 ii 

  
 Exhibit 3.3.3

 Commercialization Reports 
  

									
	 REPORT
	 	 FREQUENCY OF REPORTING

		 	[***]	 	[***]	 	[***]	 	[***]
	 [***]
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 Exhibit 3.5.3

 Co-Promote Agreement Terms 
 The Co-Promote Agreement shall include the following terms and conditions: 
 1.
Commercialization Rights; Co-Promote Activities. Orexigen shall be entitled to participate in the Commercialization of Contrave in the Initial Indication in the U.S. as follows: (i) through membership in the JCC pursuant to Section 5.3
of this Agreement; (ii) by performing a portion of the PDEs in the U.S., subject to the applicable rights, obligations and limitations contained in Article 3 of this Agreement (including, for the avoidance of doubt, Section 3.5.4 of this
Agreement (Change of Control of Orexigen)); and (iii) conducting such other activities necessary to support its PDE obligation. The Co-Promote Agreement shall be structured to reflect the following, subject in all events to the terms of
Section 3.5 of this Agreement: 
  

	 	•	 	 The number of PDEs to be performed annually by the Parties shall be determined by the JCC and set forth in the Commercialization Plan, within the
limitations and rights set forth in Sections 3.5.1 and 3.5.2 of this Agreement, taking into consideration prescribing levels, geographic territory, centers of excellence, target groups, detail position and other relevant considerations as the JCC
may determine; 

  

	 	•	 	 Each Party shall provide its PDE requirements in the Commercialization Plan with the goal of achieving the call plan, but in accordance with the
following: (i) during each [***], at least [***] percent ([***]%) of its PDE requirement under the call plan; and (ii) during each [***], at least [***] percent ([***]%) of its PDE requirement under the call plan. If either Party fails to
achieve [***] percent ([***]%) of its PDE requirement under the call plan in a [***], it must exceed [***] percent ([***]%) of its PDE requirement under such call plan in the following [***] by the number of PDEs that such Party failed to achieve in
the prior [***] (i.e., that caused it to achieve less than [***] percent ([***]%) of its PDE requirement under the call plan). If either Party fails to achieve [***] percent ([***]%) of its PDE requirement under the call plan in any [***], it must
exceed [***] percent ([***]%) of its PDE requirement under the call plan in the following [***] ([***])[***] by the number of PDEs that such Party failed to achieve in the prior [***] (i.e., that caused it to achieve less then [***] percent ([***]%)
of its PDE requirement under the call plan). Any failure by either Party to correct a PDE shortfall (i.e., achieving less than [***] percent ([***]%) of its PDE requirement under the call plan in a [***] or [***] percent ([***]%) of its PDE
requirement under the call plan in a [***] in the timeframe specified above shall be a material breach of the Co-Promote Agreement, and the non-breaching Party shall have the remedies set forth in paragraph 7 of this Exhibit 3.5.3; provided,
for the avoidance of doubt, if a Party achieves the PDE requirements set forth above, including through the correction of any shortfall, it may not be held in material breach for failure to achieve [***] percent ([***]%) of the PDE requirements
under call plan within the Commercialization Plan. 

  
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 i 

  

	 	•	 	 The Parties shall implement and maintain sales force incentive plans regarding the promotion of the Product that ensure that the targeted incentive
weighting for each Sales Representative’s performance is commensurate with the PDE requirement for each Sales Representative as determined in the call plan. For example, a Sales Representative who is expected to deliver [***] percent ([***]%)
of his/her PDEs in support of the Product (with the remainder being allocated to other products) shall have an incentive plan that ensures that [***] percent ([***]%) of the targeted incentive within a specified time period under the call plan is
dependent upon performance of the Product. For the avoidance of doubt: (i) the incentive weighting for the Product may, but does not have to, equal or exceed [***] percent ([***]%) of the overall incentive weighting applied to both the Product
and the other products, and (ii) the incentive weighting for the Product is intended to [***], and to achieve the overall JCC approved call plan and contractual PDE requirements. 

2. Commercialization Costs. 
  

	 	•	 	 Except as otherwise specifically provided in this Exhibit 3.5.3, Orexigen shall be responsible for [***] costs and expenses relating to its
Commercialization activities under the Co-Promote Agreement, including [***]. 

  

	 	•	 	 [***]. 

  

	 	•	 	 Orexigen’s Commercialization Costs shall not include [***], and shall be limited to (a) [***] and (b) [***]; provided, for the
avoidance of doubt, Takeda and Orexigen contemplate [***]. 

  

	 	•	 	 During the Initial Co-Promote Period, Orexigen shall be entitled to receive the PDE Cost, or [***] Dollars ($[***]) per PDE. Takeda’s cost-per-PDE
is [***] Dollars ($[***]). 

  

	 	•	 	 Following the end of each Calendar Quarter during the Initial Co-Promote Period, but not the Secondary Co-Promote Period, Takeda shall reimburse
Orexigen for [***]. 

  

	 	•	 	 During the Initial Co-Promote Period, [***] shall be applied toward Takeda’s Commercialization Cost obligations pursuant to Section 3.2.3 of
the Agreement. 

 3. PDE and Sample Reporting. 

 

	 	•	 	 Each Party shall maintain complete and accurate records of each PDE performed by its Sales Representatives using a call document, in a form agreed upon
by the Parties, which records the name and address of each target prescriber, the date and position of the PDE, the number of samples delivered, and any other information reasonably requested by Takeda. 

 

	 	•	 	 Each Party shall provide the other Party with a monthly written report of the number of total PDEs performed, including the position of the PDEs, in a
form agreed upon by the Parties. The monthly report shall be provided no later than the [***] calendar day of the following month, or within such timeframe as is consistent with each Party’s then-current systems and processes for creating such
written reports. 

  
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 ii 

  

	 	•	 	 Takeda shall determine sampling procedures to be followed by Orexigen, if applicable, and will consider in good faith input from Orexigen.

  

	 	•	 	 During the term of the Co-Promote Agreement, and for a period of [***] ([***]) years thereafter, Takeda shall have the right to perform audits of
Orexigen’s files, records, databases, and other information solely related to the Product and as necessary to confirm the accuracy of any PDE or sample reports provided by Orexigen to Takeda under the Co-Promote Agreement for any period during
the preceding [***] ([***]) years. Takeda shall perform such audits at reasonable times, upon [***] ([***]) days prior written notice and in no case more than [***] ([***])[***] per Calendar Year and no more than [***] ([***])[***] for each Calendar
Year. 

 4. Performance Standards. 
  

	 	•	 	 The Parties shall use Commercially Reasonable Efforts to Commercialize the Products and shall perform their Commercialization obligations in accordance
with this Agreement, the Co-Promote Agreement and the applicable Commercialization Plan, including the specific diligence obligations of Takeda pursuant to Section 3.2 of this Agreement. 

 

	 	•	 	 The Parties shall comply with all laws, rules and regulations applicable to the marketing, sale and promotion of pharmaceutical products, including the
statutes, regulations and written directives of the FDA, including the United States Federal Food, Drug, and Cosmetic Act, as amended from time to time, and the regulations promulgated thereunder, the Prescription Drug Marketing Act, the Federal
Health Care Programs Anti-Kickback Law, 42 U.S.C. 1320a-7b(b), the statutes, regulations and written directives of Medicare, Medicaid and all other health care programs, as defined in 42 U.S.C. §1320a-7b(f), the Health Insurance Portability and
Accountability Act of 1996, the Pharmaceutical Research and Manufacturers of America Code on Interactions with Healthcare Professionals, the American Medical Association: (i) Guidelines on Gifts to Physicians from Industry, and
(ii) Prescriber Data Restriction Program, each as may be amended from time to time. Consistent with the “Compliance Program Guidance for Pharmaceutical Manufacturers,” published by the Office of Inspector General, U.S. Department of
Health and Human Services, Orexigen agrees to maintain a compliance program with respect to its promotional and sales activities relating to the Products containing all of the elements described in such guidance document. Upon either Party’s
request, the other Party shall provide the requesting Party with copies of its policies for such compliance programs. 

 5.
Promotional Materials and Samples. Takeda shall provide to Orexigen reasonable quantities of promotional materials (i.e., developed and approved by Takeda), samples, or sample vouchers for Product to support Orexigen’s Co-Promote activities
in accordance with the following: 

  
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 iii 

  

	 	•	 	 During the Initial Co-Promote Period, Takeda shall provide such promotional materials, samples or sample vouchers to Orexigen [***];

  

	 	•	 	 During the Secondary Co-Promote Period, Takeda shall provide such promotional materials to Orexigen [***] with samples or sample vouchers being
provided to Orexigen [***]; and 

  

	 	•	 	 During the Initial Co-Promote Period and Secondary Co-Promote Period, Orexigen shall not, and shall ensure that its Sales Representatives do not, make
any changes to the promotional materials. 

 6. Training and Related Sales Force Issues. 

 

	 	•	 	 During the Initial Co-Promote Period and prior to launch of the Product, Takeda shall, [***]: (i) provide training to Orexigen’s sales
managers and trainers (i.e., train-the-trainer), and (ii) ship training materials to Orexigen as reasonably required for Orexigen’s training activities. 

 

	 	•	 	 During the Initial Co-Promote Period and after launch of the Product, Orexigen shall be responsible for: (i) conducting training for its sales
managers and trainers [***], and (ii) [***] shipment of training and promotional materials to Orexigen. 

  

	 	•	 	 Except as set forth above in this paragraph 6, during the Initial Co-Promote Period and the Secondary Co-Promote Period, Orexigen shall be responsible,
[***], for training, supervising and maintaining its sales force, including as is necessary for launch of the Product. 

7. Term and Termination. 
  

	 	•	 	 Except as set forth below in this paragraph 7, the term of the Co-Promote Agreement shall commence on the effective date of the Co-Promote activities
and shall continue in effect until expiration or termination of this Agreement, unless otherwise terminated as set forth below. 

  

	 	•	 	 The Co-Promote Agreement shall contain reasonable and appropriate termination rights, including the following: (i) during the Initial Co-Promote
Period, Orexigen may terminate upon [***] ([***])[***] prior written notice to Takeda; (ii) during the Secondary Co-Promote Period, Orexigen may terminate upon [***] ([***])[***] prior written notice to Takeda; and (iii) upon termination
for material breach, the non-breaching Party shall have the rights and remedies set forth in Article 12 of this Agreement. 

8. Medical Inquires. Takeda shall be responsible for and shall establish procedures for handling any medical inquires from health care
professionals or others and any requests for medical information about the Product. Orexigen shall follow such procedures to the extent applicable to its Commercialization activities. 

  
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 iv 

  
 9. Adverse Events. The Parties
shall establish a process for communicating and reporting any adverse events and complaints relating to the Products in accordance with the pharmacovigilance agreement described in Section 3.6 of this Agreement. 

10. Non-Solicitation. During the term of the Co-Promote Agreement and for [***] ([***])[***] thereafter, neither Party shall actively recruit or
solicit, directly or through a Third Party, for employment any then-current Sales Representative or associated field support of the other Party without the written consent of the other Party. Nothing in this Agreement shall limit a Party from
engaging in general recruitment through advertisements or recruiting through “head-hunters” so long as the Sales Representatives or associated field support of the other Party are not specifically targeted in such recruitment effort.

 11. Additional Terms and Conditions. The Co-Promote Agreement shall contain such other terms and conditions as are customarily
contained in similar agreements in the pharmaceutical industry; provided that, with respect to provisions also set forth in this Agreement, the Parties shall endeavor to incorporate such provisions in the Co-Promote Agreement
(e.g., insurance, indemnification, representations, recalls). In the event of any conflict between the Co-Promote Agreement and this Agreement, the terms of this Agreement shall govern. 

  
 *** Certain information on
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 Exhibit 3.8.1

 Product Trademarks 
 Registered Marks 
 CONTRAVE ® (Class 5) 

Pending Marks 
 CONTRAVE TM
(Classes 16, 44) 
 

 TM (Classes 5, 16, 44) 
 (The approved color for the CONTRAVE Logo is [***]) 

  
 *** Certain information on
this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 Exhibit 4.1

 Material Terms for Manufacturing Services Agreement 
 The Manufacturing Services Agreement will include the following terms and conditions: 
  

	1.	Appointment as Exclusive Supplier. During the Term, unless and until Manufacture of the Product is transferred to Takeda, Orexigen shall retain and have the sole
and exclusive right and the obligation to Manufacture, have Manufactured, supply or have supplied all of Takeda’s, its Affiliates’ and permitted Sublicensees’ requirements of the Product for Development and Commercialization in the
Territory itself or through its Third Party Manufacturer. Without limiting Orexigen’s obligations hereunder, Orexigen shall use Commercially Reasonable Efforts to meet Takeda’s supply requirements for the Product in the Territory.

  

	2.	Launch Supplies. Orexigen guarantees delivery of Launch Supplies to Takeda by the delivery date specified in Takeda’s purchase order issued to Orexigen at
least [***] ([***]) months prior to such delivery date; provided, however, that if any delay in delivery of Launch Supplies is caused by Takeda, then such delivery date shall be extended for each day such delivery may be delayed.
Notwithstanding the foregoing sentence, in the Manufacturing Services Agreement, the Parties shall specify the deliverables to be provided by Takeda to Orexigen on which the delivery of Launch Supplies is dependent. “Launch
Supplies” means the [***] of Contrave in finished package form, by dosage strength, including samples and trade Product, [***] in the United States, which at the time of delivery, will have a minimum of [***] ([***])[***] remaining shelf
life and will comply with the terms of this Exhibit 4.1 or, if in effect, the Manufacturing Services Agreement. [***], and Takeda will have solely the additional remedies set forth in paragraph 3 of this Exhibit. 

 

	3.	Remedies for Failure to Supply. Upon the occurrence of any of the following events, Takeda may, at its election made in writing to Orexigen any time thereafter,
(a) [***] and/or (b) [***]: 

  

	 	i.	Orexigen fails to supply Launch Supplies in accordance with paragraph 2 of this Exhibit; 

 

	 	ii.	Orexigen fails to deliver in accordance with the Manufacturing Services Agreement Takeda’s order for Product within [***] ([***]) Business Days after the specified
delivery date set forth in Takeda’s binding purchase order submitted in accordance with the Manufacturing Services Agreement; 

  

	 	iii.	Orexigen fails, in any [***], to supply in accordance with the Manufacturing Services Agreement at least [***] percent ([***]%) of each of the Product, by dosage
strength, physician samples, and/or trade Product ordered by Takeda in binding purchase orders submitted in accordance with the Manufacturing Services Agreement; or 

 

	 	iv.	Orexigen or any of its Affiliates [***]. 

  
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 i 

  
 In addition, upon any
failure by Orexigen’s to supply the Product in accordance with the Manufacturing Services Agreement, Orexigen shall [***]. 

For clarity, Takeda shall not have the right to terminate this Agreement pursuant to Section 12.2 for Orexigen’s failure to
complete the Delivery of Launch Supplies (as provided in Section 7.2.1 of this Agreement) or any other failure to supply, and Takeda’s sole remedy for any such failure shall be the remedies set forth in paragraphs 2 and 3 of this Exhibit.

  

	4.	Role of JMC. The JMC shall have [***] over the Manufacture and distribution of the Products during the Term. JMC shall [***] developments relating to
forecasting, commercial and regulatory issues, scheduling and supply and other matters related to Manufacturing. In addition, the JMC shall [***] the appropriate level and management of safety stock. [***]. 

 

	5.	Transfer Price. The price at which Orexigen supplies the Products to Takeda (“Transfer Price”) shall be the [***]. For avoidance of doubt, the
Transfer Price will not include [***]. Takeda shall pay Orexigen’s invoice for the Transfer Price for such Products within [***] ([***]) days of the date on which those Products are delivered by Orexigen in accordance with the terms of the
Manufacturing Services Agreement. 

 Takeda will have the right, upon reasonable notice and during normal business
hours, to audit Orexigen’s records with respect to the Transfer Price. Upon any transfer of Manufacturing Responsibilities to Takeda pursuant to Section 4.2 of this Agreement, Orexigen shall have similar audit rights with respect to supply
of Product for Clinical Trials by Takeda. Such audit shall be conducted during normal business hours, upon not less than [***] ([***]) Business Days prior notice, and no more than [***] with regard to any given Calendar Year. The audited Party shall
use Commercially Reasonable Efforts to resolve any material audit findings as promptly as possible. The auditing Party shall bear the full cost of such audit unless such audit discloses that the auditing Party paid more than [***] percent ([***]%)
of the amount that otherwise should have been paid for the Product for a given Calendar Quarter, in which case, the audited Party shall bear the full cost of such audit. 

 

	6.	Assignment or Termination of [***]. In the event that the cost of Manufacture for Products [***] or at Takeda’s election, as provided herein, [***].
If the Manufacturing Responsibility Transition Plan results in [***]. 

  

	7.	 Third Party Manufacturer Agreements. The terms of the Manufacturing Services Agreement shall (a) establish the procedures, terms and
conditions for manufacture, quality control, forecasting, ordering, delivery price, payment and appropriate other activities relating to the supply of the Product in the Territory so as to reasonably enable Orexigen to meet its obligations [***],
(b) provide Takeda no remedies for Orexigen’s failure to supply the Product in accordance with the Manufacturing Services Agreement that are in addition to those set forth herein or that are available to Orexigen in the

  
 *** Certain information on
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 ii 

 
Patheon Agreement (and other existing agreements with Third Party Manufacturers), and (c) set forth such terms and conditions so that the Manufacturing Services Agreement is otherwise
consistent in all material respects with [***] 
  

	8.	Delivery. All Products shall be shipped [***] (INCOTERMS 2000) to the destination requested by Takeda. 

 

	9.	Change Controls. The Parties shall include in the Manufacturing Services Agreement a reasonable change control procedure to deal with any reasonable changes to
the Product Specification and other changes requested by Takeda to the extent permitted under applicable Law, or any changes required by Laws. All Third Party costs incurred by either Party for any such changes in accordance with the agreed-upon
change control procedure shall be paid by Takeda if requested by Takeda or if such changes are required for commercial Product by Laws in the Territory. 

  

	10.	Second Source. There shall be no obligation for Orexigen to establish a second Manufacturing facility for the Product during the term of the Manufacturing
Services Agreement. [***]. 

  

	11.	Product Quality/Complaints. The Manufacturing Services Agreement will define procedures for resolution of any disputes regarding Product quality and for
notification of each Party in the event of a Product complaint or Product recall. The Manufacturing Services Agreement will contain mutually acceptable provisions regarding release testing of the Product and, if applicable, the transfer of
information necessary for Takeda to perform required quality testing, as applicable. 

  

	12.	Recall Costs. The costs of a recall conducted pursuant to Section 3.7 of this Agreement will be (a) the responsibility of [***], or (b) [***];
provided, however, that [***]. 

  

	13.	Regulatory Audits. Prior to shipment of the Launch Supplies, and thereafter not more than [***] per Calendar Year or as otherwise agreed by the Parties, and
subject to the terms of the applicable agreement between Orexigen and its Third Party Manufacturers, Orexigen shall, at Takeda’s request, conduct GMP audits of the Third Party Manufacturers and, if applicable, exercise such other audit rights
that Orexigen may have under such agreements, and shall disclose to Takeda the complete results of such audits. Unless prohibited by such agreements, Takeda will be permitted to have at least [***] representatives present at all times during the
audit. Orexigen will use Commercially Reasonable Efforts to cause such Third Party Manufacturers to promptly correct any deficiencies or other adverse findings. 

  
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 iii 

  

	14.	Representations and Warranties. Orexigen shall provide standard warranties applicable in the pharmaceutical industry, including warranties that all Product
Manufactured on behalf of Takeda: 

  

	 	a.	shall be manufactured and tested in accordance with all applicable Laws, including GMPs applicable to, without limitation, the manufacturing, storage, and shipment of
the Product, 

  

	 	b.	shall not be adulterated or misbranded within the meaning of the United States Food, Drug and Cosmetic Act, 21 U.S.C. Section 301c et. seq., or other applicable
Laws, 

  

	 	c.	the time of delivery to Takeda will meet the Product Specifications, and 

  

	 	d.	at the time of delivery to Takeda, will have incurred a loss of not more than ([***])[***] from the expiration dating for the Product. 

 

	15.	Quality Agreement. The Parties shall work together in good faith to enter into a mutually acceptable quality agreement with respect to the Manufacture of the
Product prior to shipment of Launch Supplies. 

  

	16.	Term and Termination. The Manufacturing Services Agreement will terminate, on the earlier of (a) [***], (b) [***] or (c) [***]; provided,
however, that upon expiration of this Agreement, at Takeda’s election, Orexigen shall (i) continue to supply Takeda’s requirements for the Product in the Territory in accordance with the terms of the Manufacturing Services
Agreement for a period of up to [***] ([***])[***] following such expiration or (ii) [***]. 

  
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 iv 

  
 Exhibit 4.3

 Third Party Manufacturers as of the Effective Date 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 

  
 *** Certain information on
this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 Exhibit 8.2.12

 Other Agreements 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 
 [***] 

  
 *** Certain information on
this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 Exhibit 10.8

 Press Release 
 Orexigen(R) Therapeutics and Takeda Enter Into Partnership to Commercialize Contrave(R) in North America 
 SAN DIEGO and OSAKA, Japan, Sept 02, 2010 /PRNewswire via COMTEX/ —Orexigen(R) Therapeutics, Inc. (Nasdaq: OREX) and Takeda Pharmaceutical Company Limited (TSE: 4502), today announced that they have
entered into an exclusive partnership to develop and commercialize Contrave(R) (naltrexone SR/bupropion SR), Orexigen’s investigational drug for the treatment of obesity, in the United States, Canada and Mexico. 

Contrave is a combination therapy believed to address both biological and behavioral drivers of obesity. The central pathways targeted by this treatment
are involved in controlling the balance of food intake and metabolism, and regulating reward-based eating behavior. Orexigen submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for Contrave on March 31, 2010
and the Prescription Drug User Fee Act (PDUFA) action date has been set for January 31, 2011. 
 Under the terms of the agreement, Orexigen
will receive an upfront cash payment of $50 million from Takeda, and Takeda will obtain an exclusive marketing right from Orexigen in the United States, Mexico and Canada while Orexigen retains the right to co-promote with Takeda in the United
States. Orexigen will be eligible to receive payments of over $1 billion upon achieving certain regulatory and sales-based milestones. Assuming Contrave is commercialized, Takeda will pay tiered double-digit royalty payments on net sales in the
Territory. 
 Under the terms of the agreement, Orexigen and Takeda will work together on ongoing development of the product, with Orexigen
leading pre-approval activities, and Takeda leading post-approval activities. The parties will share in the costs of any future development of the product. 
 “Takeda is an ideal partner for Contrave given its proven track record in commercializing innovative medicines and its commitment to the treatment of obesity,” said Michael Narachi, President
and CEO of Orexigen. “We believe this is a great strategic partnership to enable our goal of a strong market entry for Contrave, if approved. It has been our belief that getting a partner involved early would be critical to a high-quality
launch of Contrave, and with this partnership now in place, we are tightly focused on the regulatory review process and securing approval for Contrave.” 
 “Contrave represents an important addition to Takeda’s cardiovascular and metabolic disease franchise and we look forward to partnering with Orexigen,” said Shinji Honda, President and CEO
of Takeda Pharmaceuticals North America, Inc., a wholly-owned subsidiary of Takeda that has commercial responsibility for the Americas. “Takeda has deep experience in providing important medicines to treat chronic disease and Contrave will help
us provide a full spectrum of treatment to patients for the management of obesity.” 
 Approximately 75 million Americans suffer from
obesity and that number is expected to rise to 103 million by 2018. Obesity is a chronic condition linked to serious medical consequences including type 2 diabetes, cardiovascular disease, cancer and depression. Despite increasing public health
concerns regarding obesity, two-thirds of the U.S. adult population is overweight or obese. Although weight loss of 5-10 percent may improve overall health, including blood sugar control, high blood pressure, high cholesterol, and overall quality of
life, many individuals are not able to lose weight or maintain weight loss with diet and exercise alone. 
 Conference Call Today at 8:00
a.m. Eastern Time (5:00 a.m. Pacific Time) 
 The Orexigen management team will host a teleconference and webcast to discuss the partnership.
The live call may be accessed by phone by calling (866) 314-5232 (domestic) or (617) 213-8052 (international), participant code 19096068. The webcast can be accessed live on the investor relations section of the Orexigen web site at
http://www.orexigen.com/, and will be archived for 14 days following the call. 
 About Contrave 

Contrave is an investigational combination therapy believed to address both biological and behavioral drivers of obesity. The two components of this
combination therapy act in a complementary manner in the central nervous system. The central pathways targeted by this treatment are involved in controlling the balance of food intake and metabolism, and regulating reward-based eating behavior. In
clinical trials, Contrave was shown to help obese patients initiate and sustain significant weight loss, improve important markers of cardiometabolic risk and increase ability to control eating. 

About Orexigen Therapeutics 
 Orexigen
Therapeutics, Inc. is a biopharmaceutical company focused on the treatment of obesity. The Company has filed an NDA with the FDA for its lead investigational product, Contrave(R). The Company’s second product, Empatic(TM), has completed Phase 2
clinical development. Each product candidate is designed to act on a specific group of neurons in the central nervous system with the goal of achieving appetite suppression and sustained weight loss, through combination therapeutic approaches.
Further information about the Company can be found at http://www.orexigen.com/. 
 About Takeda Pharmaceutical Company Limited

 Located in Osaka, Japan, Takeda is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical
company in Japan and one of the global leaders of the industry, Takeda is committed to strive towards better health for patients worldwide through leading innovation in medicine. Additional information about Takeda is available through its corporate
website, http://www.takeda.com/. 
 About Takeda Pharmaceuticals North America, Inc. and Takeda Global Research & Development
Center, Inc. 
 Based in Deerfield, Ill., Takeda Pharmaceuticals North America, Inc. and Takeda Global Research & Development
Center, Inc. are subsidiaries of Takeda Pharmaceutical Company Limited, the largest pharmaceutical company in Japan. The respective companies currently market oral diabetes, insomnia, rheumatology and gastroenterology treatments and seek to bring
innovative products to patients through a pipeline that includes compounds in development for diabetes, cardiovascular disease, gastroenterology, neurology and other conditions. To learn more about these Takeda companies, visit
http://www.tpna.com/. 
 Forward-Looking Statements Related to Orexigen 
 Orexigen cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as “believes,”
“anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are
intended to identify forward-looking statements. These statements are based on the Company’s current beliefs and expectations. These forward-looking statements include statements regarding the potential for, and timing of, approval for
Contrave, the Company’s belief that this product candidate may be an important therapeutic option in the treatment of obesity, the potential milestone and royalty payments under the agreement with Takeda and the potential strength of our market
entry with Contrave, if approved. The inclusion of forward-looking statements should not be regarded as a representation by Orexigen that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the
risk and uncertainties inherent in the Orexigen business, including, without limitation: Orexigen’s dependence on Takeda for aspects of the development and commercialization of Contrave; the potential for the FDA to delay the scheduled PDUFA
action date of January 31, 2011 due to the FDA’s internal resource constraints or other reasons; the uncertainty of the FDA approval process and other regulatory requirements; the FDA may not agree with the Company’s interpretation of
efficacy and safety results; the FDA may require Orexigen to complete additional clinical, non-clinical or other requirements prior to the approval of the Contrave NDA; the therapeutic and commercial value of Contrave; reliance on third parties to
assist with the development of Contrave and the regulatory submissions related thereto; the potential for adverse safety findings relating to Contrave; and other risks described in the Company’s filings with the Securities and Exchange
Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Orexigen undertakes no obligation to revise or update this news release to reflect events or circumstances
after the date hereof. Further information regarding these and other risks is included under the heading “Risk Factors” in Orexigen’s Quarterly Report on Form 10-Q, which was filed with the Securities Exchange Commission on
August 6, 2010 and is available from the SEC’s website (http://www.sec.gov/) and on our website (http://www.thresholdpharm.com/) under the heading “Investor Relations”. All forward-looking statements are qualified
in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995. 
 Forward-Looking Statements Related to Takeda 
 This press release contains forward-looking
statements regarding the Company’s plans, outlook, strategies, and results for the future. All forward-looking statements are based on judgments derived from the information available to the Company at this time. Forward looking statements can
sometimes be identified by the use of forward-looking words such as “may,” “believe,” “will,” “expect,” “project,” “estimate,” “should,” “anticipate,” “plan,”
“continue,” “seek,” “pro forma,” “potential,” “target, “ “forecast,” or “intend” or other similar words or expressions of the negative thereof. Certain risks and uncertainties
could cause the Company’s actual results to differ materially from any forward looking statements contained in this press release. These risks and uncertainties include, but are not limited to, (1) the economic circumstances surrounding
the Company’s business, including general economic conditions in the US and worldwide; (2) competitive pressures; (3) applicable laws and regulations; (4) the success or failure of product development programs; (5) decisions
of regulatory authorities and the timing thereof; (6) changes in exchange rates; (7) claims or concerns regarding the safety or efficacy of marketed products or product candidates; and (8) integration activities with acquired
companies. 
 SOURCE Orexigen Therapeutics, Inc. 

  
 Exhibit 13.3

 Dispute Resolution 
 All references to “days” in this ADR provision are to calendar days. 
  

	1.	To begin an ADR proceeding, a Party shall provide written notice to the other Party of the issues to be resolved by ADR. Within [***] ([***]) days after its
receipt of such notice, the other Party may, by written notice to the Party initiating the ADR, add additional issues to be resolved within the same ADR. 

  

	2.	 Within [***] ([***]) days following receipt of the original ADR notice, the Parties shall select a mutually acceptable panel of [***] ([***])
neutrals to preside in the resolution of any disputes in this ADR proceeding. If the Parties are unable to agree on a mutually acceptable panel of [***] ([***]) neutrals within such period, either Party may request the President of the International
Institute for Conflict Prevention and Resolution (“CPR”), 575 Lexington Avenue, 21st floor New York, New York 10022, to select a panel of [***] ([***]) neutrals pursuant to the following procedures: 

 

	 	(a)	The CPR shall submit to the Parties a list of not less than [***] ([***]) candidates within [***] ([***]) days after receipt of the request, along with a
Curriculum Vitae for each candidate. No candidate shall be an employee, director, or shareholder of either Party or any of their Affiliates. 

  

	 	(b)	Such list shall include a statement of disclosure by each candidate of any circumstances likely to affect his or her impartiality. 

 

	 	(c)	Each Party shall number the candidates in order of preference (with the number one (1) signifying the greatest preference) and shall deliver the list to the
CPR within [***] ([***]) days following receipt of the list of candidates. If a Party believes a conflict of interest exists regarding any of the candidates, that Party shall provide a written explanation of the conflict to the CPR along with its
list showing its order of preference for the candidates. Any Party failing to return a list of preferences on time shall be deemed to have no order of preference. 

 

	 	(d)	If the Parties collectively have identified fewer than [***] ([***]) candidates deemed to have conflicts, the CPR immediately shall designate as the panel of
[***] ([***]) neutrals the three candidates for whom the Parties collectively have indicated the greatest preference. If a tie should result between two candidates, the CPR may designate either candidate. If the Parties collectively have identified
[***] ([***]) or more candidates deemed to have conflicts, the CPR shall review the explanations regarding conflicts and, in its sole discretion, may either (i) immediately designate as the neutral the candidate for whom the Parties
collectively have indicated the greatest preference, or (ii) issue a new list of not less than [***] ([***]) candidates, in which case the procedures set forth in subparagraphs 2(a) - 2(d) shall be repeated. 

  
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 i 

  

	3.	No earlier than [***] ([***]) days or later than [***] ([***]) days after selection, the panel shall hold a hearing to resolve each of the issues identified by
the Parties. The ADR proceeding shall take place at a location agreed upon by the Parties. If the Parties cannot agree, the panel shall designate a location other than the principal place of business of either Party or any of their Affiliates.
Commencing on the date [***] ([***]) days after receipt of the initial ADR notice described in paragraph 1 above, the Parties shall be entitled to engage in reasonable discovery under procedures of the Federal Rules of Civil Procedure; provided,
however, that a party may not take more than [***] ([***]) depositions. There shall not be any, and the panel shall not permit any, discovery within [***] ([***]) days of the hearing. The panel shall decide any Disputes between the Parties
related to discovery, including ruling on reasonable requests to expedite discovery, taking into account the applicable period of time for discovery. 

  

	4.	At least [***] ([***]) days prior to the hearing, each Party shall submit the following to the other Party and the panel: 

 

	 	(a)	a copy of all exhibits on which such Party intends to rely in any oral or written presentation to the panel; 

 

	 	(b)	a list of any witnesses such Party intends to call at the hearing, and a short summary of the anticipated testimony of each witness; 

 

	 	(c)	a proposed ruling on each issue to be resolved, together with a request for a specific damage award or other remedy for each issue. The proposed rulings and
remedies shall not contain any recitation of the facts or any legal arguments and shall not exceed [***] ([***]) page per issue. 

  

	 	(d)	a brief in support of such Party’s proposed rulings and remedies, provided that the brief shall not exceed [***] ([***]) pages. This page limitation
shall apply regardless of the number of issues raised in the ADR proceeding. 

  

	5.	The hearing shall be conducted on [***] ([***]) consecutive days and shall be governed by the following rules: 

 

	 	(a)	Each Party shall be entitled to [***] ([***]) hours of hearing time to present its case. The panel shall determine whether each Party has had the [***] ([***])
hours to which it is entitled. 

  

	 	(b)	Each Party shall be entitled, but not required, to make an opening statement, to present regular and rebuttal testimony, documents or other evidence, to
cross-examine witnesses, and to make a closing argument. Cross-examination of witnesses shall occur immediately after their direct testimony, and cross-examination time shall be charged against the Party conducting the cross-examination.

  

	 	(c)	 The Party initiating the ADR shall begin the hearing and, if it chooses to make an opening statement, shall address not only issues it raised
but also any issues raised 

  
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 ii 

	 	 
by the responding Party. The responding Party, if it chooses to make an opening statement, also shall address all issues raised in the ADR. Thereafter, the presentation of regular and rebuttal
testimony and documents, other evidence, and closing arguments shall proceed in the same sequence. 

  

	 	(d)	Except when testifying, witnesses shall be excluded from the hearing until closing arguments. 

 

	 	(e)	Settlement negotiations, including any statements made therein, shall not be admissible under any circumstances. Affidavits prepared for purposes of the ADR
hearing also shall not be admissible. As to all other matters, the panel shall have sole discretion regarding the admissibility of any evidence. 

  

	6.	Within [***] ([***]) days following completion of the hearing, each Party may submit to the other Party and the panel a post-hearing brief in support of its
proposed rulings and remedies, provided that such brief shall not contain or discuss any new evidence and shall not exceed [***] ([***]) pages. This page limitation shall apply regardless of the number of issues raised in the ADR proceeding.

  

	7.	The panel shall rule on each disputed issue in writing within [***] ([***]) days following completion of the hearing. Such ruling shall adopt in its entirety the
proposed ruling and remedy of one of the Parties on each disputed issue but may adopt one Party’s proposed rulings and remedies on some issues and the other Party’s proposed rulings and remedies on other issues. The panel shall not issue
any written opinion or otherwise explain the basis of the ruling. 

  

	8.	The panel shall be paid a reasonable fee plus expenses. These fees and expenses, along with the [***], shall be paid as follows: 

 

	 	(a)	If the panel rules in favor of one Party on all disputed issues in the ADR, the losing Party shall pay [***]% of such reasonable fees and expenses.

  

	 	(b)	If the panel rules in favor of one Party on some issues and the other Party on other issues, the panel shall issue with the rulings a written determination as to
how such fees and expenses shall be allocated between the Parties. The panel shall allocate fees and expenses in a way that bears a reasonable relationship to the outcome of the ADR, with the Party prevailing on more issues, or on issues of greater
value or gravity, recovering a relatively larger share of its legal fees and expenses. 

  

	9.	The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be
entered by any court having jurisdiction thereof. 

  

	10.	Except as provided in paragraph 9 or as required by law, the existence of the Dispute, any settlement negotiations, the ADR hearing, any submissions (including
exhibits, testimony, proposed rulings, and briefs), and the rulings shall be deemed Confidential Information as set forth in Section 13.7 of this Agreement. The panel shall have the authority to impose sanctions for unauthorized disclosure of
Confidential Information. 

  
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