Document:

Exhibit

Exhibit 10.3

REGISTRATION RIGHTS AGREEMENT
This Registration Rights Agreement (this “Agreement”) is made as of October 14, 2020, by and between Evofem Biosciences, Inc., a Delaware corporation (the “Company”), and the persons listed on the attached Schedule A who are signatories to this Agreement (collectively, the “Investors”).  Unless otherwise defined herein, capitalized terms used in this Agreement have the respective meanings ascribed to them in Section 1.
RECITALS
WHEREAS, the Company and the Investors wish to provide for certain arrangements with respect to the registration of the Registrable Securities (as defined below) by the Company under the Securities Act (as defined below).
NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and other consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1 
DEFINITIONS
1.1    Certain Definitions.  In addition to the terms defined elsewhere in this Agreement, as used in this Agreement, the following terms have the respective meanings set forth below:
(a)    “Board” shall mean the Board of Directors of the Company.
(b)    “Commission” shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.
(c)    “Common Stock” shall mean the common stock of the Company, par value $0.0001 per share.
(d)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.
(e)    “Other Securities” shall mean securities of the Company, other than Registrable Securities (as defined below).
(f)    “Person” shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.
(g)    “Registrable Securities” shall mean the shares of Common Stock issued or issuable upon the conversion of the Notes.

(h)    The terms “register,” “registered” and “registration” shall refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and such Registration Statement becoming effective under the Securities Act.
(i)    “Registration Expenses” shall mean all expenses incurred by the Company in effecting any registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, reasonable legal expenses (not to exceed $20,000) of one special counsel for the Investors (if different from the Company’s counsel and if such counsel is reasonably approved by the Company) in connection with the preparation and filing of the Resale Registration Shelf (as defined below), and reasonable legal expenses of one special counsel for Investors (not to exceed $20,000) (if different from the Company’s counsel and if such counsel is reasonably approved by the Company) per underwritten public offering, blue sky fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses.
(j)    “Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act with respect to the Registrable Securities, including the related prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material or documents incorporated by reference in such registration statement as may be necessary to comply with applicable securities laws, other than a registration statement (and related prospectus) filed on Form S-4 or Form S-8 or any successor forms thereto.
(k)    “Rule 144” shall mean Rule 144 as promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission.
(l)    “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.
(m)    “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale of Registrable Securities, the fees and expenses of any legal counsel (except as provided in the definition of “Registration Expenses”) and any other advisors any of the Investors engage and all similar fees and commissions relating to the Investors’ disposition of the Registrable Securities.

SECTION 2
RESALE REGISTRATION RIGHTS
2.1    Resale Registration Rights.
(a)    Following the date of conversion of Notes with an Outstanding Balance of at least $5 million and within the thirty (30) day period immediately following the demand of 

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any Investor, the Company shall file with the Commission a Registration Statement on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance with the Securities Act) covering the resale of the Registrable Securities by the Investors (the “Resale Registration Shelf”), and the Company shall file such Resale Registration Shelf as promptly as reasonably practicable following such demand, and in any event within sixty (60) days of such demand. Such Resale Registration Shelf shall include a “final” prospectus, including the information required by Item 507 of Regulation S-K of the Securities Act, as provided by the Investors in accordance with Section 2.7.  Notwithstanding the foregoing, before filing the Resale Registration Shelf, the Company shall furnish to the Investors a copy of the Resale Registration Shelf and afford the Investors an opportunity to review and comment on the Resale Registration Shelf.  The Company’s obligation pursuant to this Section 2.1(a) is conditioned upon the Investors providing the information contemplated in Section 2.7.
(b)    The Company shall use its reasonable best efforts to cause the Resale Registration Shelf and related prospectuses to become effective as promptly as practicable after filing.  The Company shall use its reasonable best efforts to cause such Registration Statement to remain effective under the Securities Act until the earlier of the date (i) all Registrable Securities covered by the Resale Registration Shelf have been sold or may be sold freely without limitations or restrictions as to volume or manner of sale pursuant to Rule 144 or (ii) all Registrable Securities covered by the Resale Registration Shelf otherwise cease to be Registrable Securities pursuant to Section 2.9 hereof.  The Company shall promptly, and within two (2) business days after the Company confirms effectiveness of the Resale Registration Shelf with the Commission, notify the Investors of the effectiveness of the Resale Registration Shelf.
(c)    Notwithstanding anything contained herein to the contrary, the Company shall not be obligated to effect, or to take any action to effect, a registration pursuant to Section 2.1(a):
(i)    if the Company has and maintains an effective Registration Statement on Form S-3 that provides for the resale of an unlimited number of securities by selling stockholders (a “Company Registration Shelf”); 
(ii)    during the period forty-five (45) days prior to the Company’s good faith estimate of the date of filing of a Company Registration Shelf; or
(iii)    if the Company has caused a Registration Statement to become effective pursuant to this Section 2.1 during the prior twelve (12) month period.
(d)    If the Company has a Company Registration Shelf in place at any time in which the Investors make a demand pursuant to Section 2.1(a), the Company shall file with the Commission, as promptly as practicable, and in any event within fifteen (15) business days after such demand, a “final” prospectus supplement to its Company Registration Shelf covering the resale of the Registrable Securities by the Investors (the “Prospectus”); provided, however, that the Company shall not be obligated to file more than one Prospectus pursuant to this Section 2.1(d) in any six month period to add additional Registrable Securities to the Company 

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Registration Shelf that were acquired by the Investors other than directly from the Company or in an underwritten public offering by the Company.  The Prospectus shall include the information required under Item 507 of Regulation S-K of the Securities Act, which information shall be provided by the Investors in accordance with Section 2.7.  Notwithstanding the foregoing, before filing the Prospectus, the Company shall furnish to the Investors a copy of the Prospectus and afford the Investors an opportunity to review and comment on the Prospectus.
(e)    Deferral and Suspension.  At any time after being obligated to file a Resale Registration Shelf or Prospectus, or after any Resale Registration Shelf has become effective or a Prospectus filed with the Commission, the Company may defer the filing of or suspend the use of any such Resale Registration Shelf or Prospectus, upon giving written notice of such action to the Investors with a certificate signed by the Principal Executive Officer of the Company stating that in the good faith judgment of the Board, the filing or use of any such Resale Registration Shelf or Prospectus covering the Registrable Securities would be seriously detrimental to the Company or its stockholders at such time or render the Company unable to comply with requirements under the Securities Act or Exchange Act and that the Board concludes, as a result, that it is in the best interests of the Company and its stockholders to defer the filing or suspend the use of such Resale Registration Shelf or Prospectus at such time.  The Company shall have the right to defer the filing of or suspend the use of such Resale Registration Shelf or Prospectus for a period of not more than one hundred twenty (120) days from the date the Company notifies the Investors of such deferral or suspension; provided that the Company shall not exercise the right contained in this Section 2.1(e) more than once in any twelve month period.  In the case of the suspension of use of any effective Resale Registration Shelf or Prospectus, the Investors, immediately upon receipt of notice thereof from the Company, shall discontinue any offers or sales of Registrable Securities pursuant to such Resale Registration Shelf or Prospectus until advised in writing by the Company that the use of such Resale Registration Shelf or Prospectus may be resumed.  In the case of a deferred Prospectus or Resale Registration Shelf filing, the Company shall provide prompt written notice to the Investors of (i) the Company’s decision to file or seek effectiveness of the Prospectus or Resale Registration Shelf, as the case may be, following such deferral and (ii) in the case of a Resale Registration Shelf, the effectiveness of such Resale Registration Shelf.  In the case of either a suspension of use of, or deferred filing of, any Resale Registration Shelf or Prospectus, the Company shall not, during the pendency of such suspension or deferral, be required to take any action hereunder (including any action pursuant to Section 2.2 hereof) with respect to the registration or sale of any Registrable Securities pursuant to any such Resale Registration Shelf, Company Registration Shelf or Prospectus.
(f)    Other Securities.  Subject to Section 2.2(e) below, any Resale Registration Shelf or Prospectus may include Other Securities, and may include securities of the Company being sold for the account of the Company; provided that such Other Securities are excluded first from such Registration Statement in order to comply with any applicable laws or request from any Government Entity, Nasdaq or any applicable listing agency.  For the avoidance of doubt, no Other Securities may be included in an underwritten offering pursuant to Section 2.2 without the consent of the Investors.

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2.2    Sales and Underwritten Offerings of the Registrable Securities.
(a)    Notwithstanding any provision contained herein to the contrary, the Investors, collectively, shall, and subject to the limitations set forth in this Section 2.2, be permitted one underwritten public offering per calendar year, but no more than three underwritten public offerings in total, to effect the sale or distribution of Registrable Securities.
(b)    If the Investors intend to effect an underwritten public offering pursuant to a Resale Registration Shelf or Company Registration Shelf to sell or otherwise distribute Registrable Securities, they shall so advise the Company and provide as much notice to the Company as reasonably practicable (and in any event not less than fifteen (15) business days prior to the Investors’ request that the Company file a prospectus supplement to a Resale Registration Shelf or Company Registration Shelf).
(c)    In connection with any offering initiated by the Investors pursuant to this Section 2.2 involving an underwriting of shares of Registrable Securities, the Investors shall be entitled to select the underwriter or underwriters for such offering, subject to the consent of the Company, such consent not to be unreasonably withheld, conditioned or delayed.
(d)    In connection with any offering initiated by the Investors pursuant to this Section 2.2 involving an underwriting of shares of Registrable Securities, the Company shall not be required to include any of the Registrable Securities in such underwriting unless the Investors (i) enter into an underwriting agreement in customary form with the underwriter or underwriters, (ii) accept customary terms in such underwriting agreement with regard to representations and warranties relating to ownership of the Registrable Securities and authority and power to enter into such underwriting agreement and (iii) complete and execute all questionnaires, powers of attorney, custody agreements, indemnities and other documents as may be requested by such underwriter or underwriters.  Further, the Company shall not be required to include any of the Registrable Securities in such underwriting if (Y) the underwriting agreement proposed by the underwriter or underwriters contains representations, warranties or conditions that are not reasonable in light of the Company’s then-current business or (Z) the underwriter, underwriters or the Investors require the Company to participate in any marketing, road show or comparable activity that may be required to complete the orderly sale of shares by the underwriter or underwriters.
(e)    If the total amount of securities to be sold in any offering initiated by the Investors pursuant to this Section 2.2 involving an underwriting of shares of Registrable Securities exceeds the amount that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities (subject in each case to the cutback provisions set forth in this Section 2.2(e)), that the underwriters and the Company determine in their sole discretion shall not jeopardize the success of the offering.  If the underwritten public offering has been requested pursuant to Section 2.2(a) hereof, the number of shares that are entitled to be included in the registration and underwriting shall be allocated in the 

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following manner:  (a) first, shares of Company equity securities that the Company desires to include in such registration shall be excluded and (b) second, Registrable Securities requested to be included in such registration by the Investors shall be excluded on a pro rata basis.  To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round down the number of shares allocated to any of the Investors to the nearest 100 shares.
2.3    Fees and Expenses.  All Registration Expenses incurred in connection with registrations pursuant to this Agreement shall be borne by the Company.  All Selling Expenses relating to securities registered on behalf of the Investors shall be borne by the Investors.
2.4    Registration Procedures.  In the case of each registration of Registrable Securities effected by the Company pursuant to Section 2.1 or Section 2.2 hereof, as applicable, the Company shall keep the Investors advised as to the initiation of each such registration and as to the status thereof.  The Company shall use its reasonable best efforts, within the limits set forth in this Section 2.4 to:
(a)    prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectuses used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective and current and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement;
(b)    furnish to the Investors such numbers of copies of a prospectus, including preliminary prospectuses, in conformity with the requirements of the Securities Act, and such other documents as the Investors may reasonably request in order to facilitate the disposition of Registrable Securities;
(c)    use its reasonable best efforts to register and qualify the Registrable Securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions in the United States as shall be reasonably requested by the Investors, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;
(d)    in the event of any underwritten public offering, and subject to Section 2.2(d), enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering and take such other usual and customary action as the Investors may reasonably request in order to facilitate the disposition of such Registrable Securities;
(e)    notify the Investors at any time when a prospectus relating to a Registration Statement covering any Registrable Securities is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein 

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not misleading in the light of the circumstances then existing.  The Company shall use its reasonable best efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;
(f)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to such Registration Statement and, if required, a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;
(g)    if requested by an Investor, use reasonable best efforts to cause the Company’s transfer agent to remove any restrictive legend from any Registrable Securities within two business days following such request to the extent the Company determines with the advice of counsel that such restrictive legend is then eligible for removal;
(h)    cause to be furnished, at the request of the Investors, on the date that Registrable Securities are delivered to underwriters for sale in connection with an underwritten offering pursuant to this Agreement, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, and (ii) a letter or letters from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; and
(i)    cause all such Registrable Securities included in a Registration Statement pursuant to this Agreement to be listed on each securities exchange or other securities trading markets on which Common Stock is then listed.
2.5    The Investors Obligations.
(a)    Discontinuance of Distribution.  The Investors agree that, upon receipt of any notice from the Company of the occurrence of any event of the kind described in Section 2.4(e) hereof, the Investors shall immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until the Investors’ receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.4(e) hereof or receipt of notice that no supplement or amendment is required and that the Investors’ disposition of the Registrable Securities may be resumed.  The Company may provide appropriate stop orders to enforce the provisions of this Section 2.5(a).
(b)    Compliance with Prospectus Delivery Requirements.  The Investors covenant and agree that they shall comply with the prospectus delivery requirements of the Securities Act as applicable to them or an exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement filed by the Company pursuant to this Agreement.

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(c)    Notification of Sale of Registrable Securities.  The Investors covenant and agree that they shall notify the Company following the sale of Registrable Securities to a third party as promptly as reasonably practicable, and in any event within thirty (30) days, following the sale of such Registrable Securities.
2.6    Indemnification.
(a)    To the extent permitted by law, the Company shall indemnify the Investors, and, as applicable, their officers, directors, and constituent partners, legal counsel for each Investor and each Person controlling the Investors, with respect to which registration, related qualification, or related compliance of Registrable Securities has been effected pursuant to this Agreement, and each underwriter, if any, and each Person who controls any underwriter within the meaning of the Securities Act against all claims, losses, damages, or liabilities (or actions in respect thereof) to the extent such claims, losses, damages, or liabilities arise out of or are based upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus or other document (including any related Registration Statement) incident to any such registration, qualification, or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification, or compliance; and the Company shall pay as incurred to the Investors, each such underwriter, and each Person who controls the Investors or underwriter, any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action; provided, however, that the indemnity contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such claim, loss, damage, liability, or action if settlement is effected without the consent of the Company (which consent shall not unreasonably be withheld); and provided, further, that the Company shall not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based upon any violation by such Investor of the obligations set forth in Section 2.5 hereof or any untrue statement or omission contained in such prospectus or other document based upon written information furnished to the Company by the Investors, such underwriter, or such controlling Person and stated to be for use therein.
(b)    To the extent permitted by law, each Investor (severally and not jointly) shall, if Registrable Securities held by such Investor are included for sale in the registration and related qualification and compliance effected pursuant to this Agreement, indemnify the Company, each of its directors, each officer of the Company who signs the applicable Registration Statement, each legal counsel and each underwriter of the Company’s securities covered by such a Registration Statement, each Person who controls the Company or such underwriter within the meaning of the Securities Act against all claims, losses, damages, and liabilities (or actions in respect thereof) arising out of or based upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement, or related document, or (ii) any omission (or alleged omission) to state therein a material fact 

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required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by such Investor of Section 2.5 hereof, the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to such Investor and relating to action or inaction required of such Investor in connection with any such registration and related qualification and compliance, and shall pay as incurred to such persons, any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in (and such violation pertains to) such Registration Statement or related document in reliance upon and in conformity with written information furnished to the Company by such Investor and stated to be specifically for use therein; provided, however, that the indemnity contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such claim, loss, damage, liability, or action if settlement is effected without the consent of such Investor (which consent shall not unreasonably be withheld); provided, further, that such Investor’s liability under this Section 2.6(b) (when combined with any amounts such Investor is liable for under Section 2.6(d)) shall not exceed such Investor’s net proceeds from the offering of securities made in connection with such registration.
(c)    Promptly after receipt by an indemnified party under this Section 2.6 of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 2.6, notify the indemnifying party in writing of the commencement thereof and generally summarize such action.  The indemnifying party shall have the right to participate in and to assume the defense of such claim; provided, however, that the indemnifying party shall be entitled to select counsel for the defense of such claim with the approval of any parties entitled to indemnification, which approval shall not be unreasonably withheld; provided further, however, that if either party reasonably determines that there may be a conflict between the position of the Company and the Investors in conducting the defense of such action, suit, or proceeding by reason of recognized claims for indemnity under this Section 2.6, then counsel for such party shall be entitled to conduct the defense to the extent reasonably determined by such counsel to be necessary to protect the interest of such party.  The failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to the ability of the indemnifying party to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this Section 2.6, but the omission so to notify the indemnifying party shall not relieve such party of any liability that such party may have to any indemnified party otherwise than under this Section 2.6.
(d)    If the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that 

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resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations.  The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission.  In no event, however, shall (i) any amount due for contribution hereunder be in excess of the amount that would otherwise be due under Section 2.6(a) or Section 2.6(b), as applicable, based on the limitations of such provisions and (ii) a Person guilty of fraudulent misrepresentation (within the meaning of the Securities Act) be entitled to contribution from a Person who was not guilty of such fraudulent misrepresentation.
(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control; provided, however, that the failure of the underwriting agreement to provide for or address a matter provided for or addressed by the foregoing provisions shall not be a conflict between the underwriting agreement and the foregoing provisions.
(f)    The obligations of the Company and the Investors under this Section 2.6 shall survive the completion of any offering of Registrable Securities in a Registration Statement under this Agreement or otherwise.
2.7    Information.  The Investors shall furnish to the Company such information regarding the Investors and the distribution proposed by the Investors as the Company may reasonably request and as shall be reasonably required in connection with any registration referred to in this Agreement.  The Investors agree to, as promptly as practicable (and in any event prior to any sales made pursuant to a prospectus), furnish to the Company all information required to be disclosed in order to make the information previously furnished to the Company by the Investors not misleading.  The Investors agree to keep confidential the receipt of any notice received pursuant to Section 2.4(e) and the contents thereof, except as required pursuant to applicable law.  Notwithstanding anything to the contrary herein, the Company shall be under no obligation to name the Investors in any Registration Statement if the Investors have not provided the information required by this Section 2.7 with respect to the Investors as a selling security holder in such Registration Statement or any related prospectus.
2.8    Rule 144 Requirements.  With a view to making available to the Investors the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the Commission that may at any time permit the Investors to sell Registrable Securities to the public without registration, the Company agrees to use its reasonable best efforts to:
(a)    make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act at all times after the date hereof;

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(b)    file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act;
(c)    prior to the filing of the Registration Statement or any amendment thereto (whether pre-effective or post-effective), and prior to the filing of any prospectus or prospectus supplement related thereto, to provide the Investors with copies of all of the pages thereof (if any) that reference the Investors; and
(d)    furnish to any Investor, so long as the Investor owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested by an Investor in availing itself of any rule or regulation of the Commission which permits an Investor to sell any such securities without registration.
2.9    Termination of Status as Registrable Securities.  The Registrable Securities shall cease to be Registrable Securities upon the earliest to occur of the following events:  (i) such Registrable Securities have been sold pursuant to an effective Registration Statement; (ii) such Registrable Securities have been sold by the Investors pursuant to Rule 144 (or other similar rule), (iii) such Registrable Securities may be resold by the Investor holding such Registrable Securities without limitations as to volume or manner of sale pursuant to Rule 144; or (iv) ten (10) years after the date of this Agreement.

SECTION 3
MISCELLANEOUS
3.1    Amendment.  No amendment, alteration or modification of any of the provisions of this Agreement shall be binding unless made in writing and signed by each of the Company and the Investors.
3.2    Injunctive Relief.  It is hereby agreed and acknowledged that it shall be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that, in the event of any such failure, an aggrieved Person shall be irreparably damaged and shall not have an adequate remedy at law.  Any such Person shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including, without limitation, specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law.
3.3    Notices.  All notices required or permitted under this Agreement must be in writing and sent to the address or facsimile number identified below.  Notices must be given:  (a) by personal delivery, with receipt acknowledged; (b) by facsimile followed by hard copy delivered by the methods under clause (c) or (d); (c) by prepaid certified or registered mail, return receipt requested; (d) by prepaid reputable overnight delivery service; or (e) by email 

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transmission.  Notices shall be effective upon receipt.  Either party may change its notice address by providing the other party written notice of such change.  Notices shall be delivered as follows:
If to the Investors:    At such Investor’s address as set forth on Schedule A hereto

		
	If to the Company:
	Evofem Biosciences, Inc.Attn: General Counsel

12400 High Bluff Drive, Suite 600
San Diego, CA 
		
	with a copy to:
	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 
Attention:  Adam C. Lenain 
3580 Carmel Mountain Road, Suite 300 
San Diego, CA

3.4    Governing Law; Jurisdiction; Venue; Jury Trial.
(a)    This Agreement shall be governed by, and construed in accordance with, the law of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.
(b)    Each of the Company and the Investors irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and the transactions contemplated herein, or for recognition or enforcement of any judgment, and each of the Company and the Investors irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York state court or, to the fullest extent permitted by applicable law, in such federal court.  Each of the Company and the Investors hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
(c)    Each of the Company and the Investors irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement and the transactions contemplated herein in any court referred to in Section 3.4(b) hereof.  Each of the Company and the Investors hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    EACH OF THE COMPANY AND THE INVESTORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT 

12

OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH OF THE COMPANY AND THE INVESTORS (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH OF THE COMPANY AND THE INVESTORS HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
3.5    Successors, Assigns and Transferees.  Any and all rights, duties and obligations hereunder shall not be assigned, transferred, delegated or sublicensed by any party hereto without the prior written consent of the other parties; provided, however, that the Investors shall be entitled to transfer Registrable Securities to one or more of their affiliates and, solely in connection therewith, may assign their rights hereunder in respect of such transferred Registrable Securities, in each case, so long as such Investor is not relieved of any liability or obligations hereunder, without the prior consent of the Company.  Any transfer or assignment made other than as provided in the first sentence of this Section 3.5 shall be null and void.  Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. The Company shall not consummate any recapitalization, merger, consolidation, reorganization or other similar transaction whereby stockholders of the Company receive (either directly, through an exchange, via dividend from the Company or otherwise) equity (the “Other Equity”) in any other entity (the “Other Entity”) with respect to Registrable Securities hereunder, unless prior to the consummation thereof, the Other Entity assumes, by written instrument, the obligations under this Agreement with respect to such Other Equity as if such Other Equity were Registrable Securities hereunder.
3.6    Entire Agreement.  This Agreement, together with any exhibits hereto, constitute the entire agreement between the parties relating to the subject matter hereof and all previous agreements or arrangements between the parties, written or oral, relating to the subject matter hereof are superseded.
3.7    Waiver.  No failure on the part of either party hereto to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy.
3.8    Severability.  If any part of this Agreement is declared invalid or unenforceable by any court of competent jurisdiction, such declaration shall not affect the remainder of the Agreement and the invalidated provision shall be revised in a manner that shall render such provision valid while preserving the parties’ original intent to the maximum extent possible.
3.9    Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.  All 

13

references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto.
3.10    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such counterparts (including by facsimile or other electronic means), and all of which together shall constitute one instrument.
3.11    Term and Termination.  The Investors’ rights to demand the registration of the Registrable Securities under this Agreement, as well as the Company’s obligations under Section 2.2 hereof, shall terminate automatically once all Registrable Securities cease to be Registrable Securities pursuant to the terms of Section 2.9 of this Agreement.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

14

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement effective as of the day, month and year first above written.

	
				
	 
	EVOFEM BIOSCIENCES, INC., 
a Delaware Corporation

	 
	 
	 
	 

	 
	By:
	/s/ Justin J. File
	 

	 
	Name: 
	Justin J. File
	 

	 
	Title: 
	Chief Financial Officer

	 

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement effective as of the day, month and year first above written.

	
				
	 
	ADJUVANT GLOBAL HEALTH TECHNOLOGY FUND, L.P.
By: Adjuvant Capital GP, L.P., its General Partner
By: Adjuvant Capital Management, LLC, its General Partner

	 
	 
	 
	 

	 
	By:
	/s/ Jenny Yip
	 

	 
	 
	 
	 

	 
	Name:
	Jenny Yip
	 

	 
	 
	 
	 

	 
	Title:
	Co-President
	 

	
				
	 
	ADJUVANT GLOBAL HEALTH TECHNOLOGY FUND DE, L.P.
By: Adjuvant Capital GP, L.P., its General Partner
By: Adjuvant Capital Management, LLC, its General Partner

	 
	 
	 
	 

	 
	By:
	/s/ Jenny Yip
	 

	 
	 
	 
	 

	 
	Name:
	Jenny Yip
	 

	 
	 
	 
	 

	 
	Title:
	Co-President
	 

[Signature Page to Registration Rights Agreement]Exhibit

Exhibit 10.4

[Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by means of marking such portions with brackets (“[***]”) because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.]

October 14, 2020

Evofem Biosciences, Inc.
12400 High Bluff Drive
Suite 600
San Diego, California 92130
Re:    Global Health Agreement
Ladies and Gentlemen:
This global health agreement (“Global Health Agreement”) is entered into by and among Evofem Biosciences, Inc., a Delaware corporation (the “Company”), Adjuvant Global Health Technology Fund, L.P. and Adjuvant Global Health Technology Fund DE, L.P. (together with Adjuvant Global Health Technology Fund, L.P. and their transferees, successors, and assigns, “Adjuvant”) in connection with the commitment by Adjuvant to purchase up to $25,000,000 aggregate principal amount of Convertible Promissory Notes of the Company (the “Notes”), convertible into shares of common stock, par value $0.0001 per share (“Common Stock”), of the Company (the “Investment”). The Notes will be issued pursuant to the terms and condition of that certain Securities Purchase Agreement of even date herewith (the “Purchase Agreement”) (such date, the “Closing Date”). Adjuvant is making the Investment in conjunction with the terms of this Global Health Agreement, the Purchase Agreement, that certain Registration Rights Agreement, and that certain Convertible Promissory Note, each such documents as amended from time to time (collectively, including this Global Health Agreement, the “Investment Documents”).
1.Background
(a)    The Company is a Delaware corporation committed to developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive health. The Company exists to advance the lives of women by developing innovative solutions, such as hormone-free, woman-controlled contraception and protection from certain sexually transmitted infections (“STIs”). The Company’s first commercial product, PhexxiTM (lactic acid, citric acid and potassium bitartrate), is a vaginal pH modulator approved in the United States. The Company is also advancing EVO100 into Phase 3 clinical trials for the prevention of urogenital transmission of both Chlamydia trachomatis infection (chlamydia) and Neisseria gonorrhoeae infection (gonorrhea) in women.
(b)    Adjuvant is an investment fund that was formed for the purpose of accelerating the development of affordable vaccines, therapeutics, diagnostics, medical devices, and other technologies to reduce the burden of disease in developing countries in furtherance of its mission to help marginalized people lead more healthy, productive lives. Adjuvant has determined that the Investment will offer significant potential to improve global health in Low-Income Economies and Lower-Middle Income Economies (as defined by the World Bank Group’s lending group classifications1, “LMICs”) in accordance with Adjuvant’s charitable purpose. 	
					
	 
	 

	1 World Bank Country and Lending Groups (https://datahelpdesk.worldbank.org/knowledgebase/articles/906519) 

(c)    Adjuvant’s investors include one or more private foundations that made investments in Adjuvant in the form of program-related investments (“PRIs”) under Section 4944(c) of the Internal Revenue Code of 1986, as amended (the “Code”). As part of the PRI requirements in connection with such investments, Adjuvant is required to include certain terms and conditions in the governing documents of its investments. Such terms and conditions are set forth in the Investment Documents.
2.    PRI Requirements
In consideration of Adjuvant making the Investment on the terms and conditions stated in the Investment Documents, and for other good and valuable consideration, the undersigned hereby irrevocably agree to the program-related investment requirements (“PRI Requirements”) as follows:
(a)    Purposes and Use of Funds
(i)    The charitable purpose of the Investment is to ensure that safe, effective, high-quality contraceptives and STI-prevention products are made available for use in public health programs and by private purchasers in LMICs (the “Global Health Objective”). The Company agrees to make the products listed below (the “Global Access Products”) accessible to women in LMICs, to the extent such access can be achieved on terms that are commercially viable for the Company:
(1)    Phexxi for the prevention of pregnancy; and
(2)    EVO100 for the prevention of chlamydia and gonorrhea, if approved.
(ii)    The proceeds from the Investment will be used by the Company in the following manner:
(1)    [***] for clinical development of EVO100 for the prevention of sexually transmitted infections; 
(2)    [***] for Phexxi cost of goods reduction efforts, including the transfer of manufacturing operations to ex-U.S. contract manufacturing organizations; and 
(3)    [***] for LMIC regulatory and market entry activities. 
Any unused proceeds from the Investment will be reallocated by the JSC (as defined below).
(iii)    The Company acknowledges and understands that the purpose of Adjuvant making the Investment is to advance the Global Heath Objective. 
(b)    Global Access Commitments    
(i)    The Company shall take the following steps in order to advance the Global Health Objective (the “Global Access Commitments”):

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(1)    establish a joint steering committee (the “JSC”), within 90 days of the Closing Date, comprised of up to [***] relevant global health experts (as mutually agreed between Adjuvant and the Company), up to [***] senior Company employees, and up to [***] Adjuvant team members to advise on the clinical development, [***];
(2)    pursue the necessary international and local product registrations (e.g., WHO PQ, CE mark, TFDA2 registration) for the Global Access Products in Target LMICs, in order to submit [***] registration dossiers for the Global Access Products [***] in Target LMICs;
(3)    make the Global Access Products available [***];
(4)    create a [***]; and
(5)    commit to [***].
(ii)      The Global Access Commitments will remain in effect for ten (10) years following the Closing Date (the “Global Access Term”). The Global Access Commitments shall remain in place upon a change of control of the Company, provided, however, that the potential acquirer (the “Acquirer”) shall be granted the following rights with respect to the Global Access Commitments:
(1)    the right to [***];
(2)    the right to [***];
(3)    the right to[***]; and
(4)    the right to [***].
(c)    [***]. In the event that the Company (or a third-party designee) is in material breach of the Global Access Commitments in respect of a Global Access Product [***]. 
(d)    Intentionally Omitted.
(a)    Required Reporting
(i)    In addition to any and all reports required to be delivered to Adjuvant under the Investment Documents, the Company shall furnish, or cause to be furnished, to Adjuvant (by way of its investment adviser, Adjuvant Capital, L.P.) and, if requested, to the Bill and Melinda Gates Foundation (the “Foundation”) or any PRI investor of Adjuvant, the following reports and certifications (the “PRI Reports”), to the extent such information is then publicly available, for as long as Adjuvant is a shareholder in the Company (such period, the “Reporting Period”):

	
					
	 
	 
	 
	 
	 

	 2 Tanzania Food & Drug Administration (illustrative) 

- 3 -

(1)    within 5 days after the filing of the Company’s annual report on Form 10-K per applicable Securities and Exchange Commission (“SEC”) rules and regulations for each fiscal year of the Company, a report, signed by an officer of the Company, (a) certifying that the requirements of the Investment, as set forth in the Investment Documents, were met during the immediately preceding year, (b) describing the use of the proceeds of the Investment during such period, and (c) evaluating the Company’s progress toward achieving the purposes of the Investment and the activities and the use of the funds towards such purposes; and
(2)    within 5 days after the filing of the Company’s annual report on Form 10-K per applicable SEC rules and regulations for each fiscal year of the Company  during which Adjuvant owns all or a portion of the Investment, the Company shall furnish, or cause to be furnished, full and complete financial reports related to the Investment of the type ordinarily required by the Company’s commercial and public investors under similar circumstances, including but not limited to the use of Adjuvant’s funds.
(ii)    The Company shall also provide Adjuvant with any other information about the use of funds, activities, operations, and financial condition of the Company as may be reasonably requested by Adjuvant, the Foundation or any other PRI investor of Adjuvant and as may be necessary to discharge any expenditure responsibility, within the meaning of Sections 4945(d)(4) and 4945(h) of the Code, including, but not limited to, the information required to satisfy the applicable PRI reporting requirements.
(iii)    Within 60 days after the expiration of the Reporting Period, a final report, signed by an officer of the Company, (a) certifying that the requirements of the Investment, as set forth in the Investment Documents, were met during the term of the Investment, (b) describing the material activities of the Company with respect to the Investment and generally the use of proceeds made during the entire period in which the Investment was outstanding, and (c) evaluating the progress toward achieving the purposes of the Investment.
(a)    Maintenance of Charitable Objectives; Events of Non-Compliance.  The Company shall utilize the proceeds of the Investment solely for the purposes set forth in the Investment Documents and, in particular, to advance the objectives described in Section 2 of this Global Health Agreement and in particular in a manner consistent with the terms and provisions of this Global Health Agreement. If the Company fails to operate in accordance with such purposes or has failed to comply with the provisions of this Global Health Agreement, including the requirements regarding the use of the proceeds of the Investment (an “Event of Non-Compliance”), it shall notify Adjuvant in writing within 30 days of the occurrence of such Event of Non-Compliance and shall describe the steps the Company shall take to rectify the situation within a reasonable period of time of at least 30 days following the date of the notification. Notwithstanding the foregoing sentence, if Adjuvant believes an Event of Non-Compliance has occurred, it shall notify the Company in writing of such Event of Non-Compliance. Such notification shall clearly specify the basis for Adjuvant’s determination and request that the Company rectify the specified Event of Non-Compliance within at least 30 days following the date of the notification.

- 4 -

(b)    Discontinuation of Financing; Repayment. If the Company fails to cure an Event of Non-Compliance within the applicable time period, Adjuvant shall not pay any further funds to the Company pursuant to the Investment Documents. If the Company fails to cure an Event of Non-Compliance within the applicable time period, the Company shall repay to Adjuvant the portion of the Investment that was used for the purpose(s) constituting such Event of Non-Compliance, to the extent legally permitted. 
(c)    Prohibited Uses.  The Company shall not expend any proceeds of the Investment to carry on propaganda or otherwise to attempt to influence legislation (within the meaning of Section 4945(d)(1) of the Code), to influence the outcome of any specific public election or to carry on, directly or indirectly, any voter registration drive (within the meaning of Section 4945(d)(2) of the Code, or to make any grant that does not comply with the requirements of Section 4945(d)(3) or (4) of the Code. Adjuvant and the Company agree that the proceeds of the Investment are not earmarked to be used for any activity, appearance or communication prohibited hereunder. Adjuvant and the Company further agree that no agreement or understanding exists between them whereby Adjuvant may cause the selection of any individual or organization as a recipient of payments made from the proceeds of the Investment. The parties understand that the Investment is not intended to benefit, and will not benefit, any person having a personal or private interest in Adjuvant.
(d)    Transfer.  In the event of any transfer of the Notes and/or Common Stock, Adjuvant may, upon the prior approval of the Company, which shall not be unreasonably withheld, assign to any such transferee also the rights set forth in this Global Health Agreement. The Company shall have no right to transfer or assign its obligations under this Global Health Agreement without the prior written consent of Adjuvant, which shall not be unreasonably withheld, provided, however that the Company may transfer or assign its obligations under this Global Health Agreement, without Adjuvant’s consent, to any purchaser of all or substantially all of the Company’s assets, or to any successor by way of merger, consolidation or similar transaction, provided that such purchaser agrees to be bound by the terms of this Global Health Agreement, subject to the rights granted to an Acquirer with respect to the Global Access Commitments as set forth in Sections 2(b)(ii)(1)-(4) of this Global Health Agreement. Notwithstanding the foregoing or anything in this Global Health Agreement to the contrary, Adjuvant may not assign the rights set forth in Section 4 of this Global Health Agreement.
(e)    Public Reports. Subject to the Company’s consent, which shall not be unreasonably withheld, Adjuvant may include information about the Company in its periodic public reports to the extent such information is not considered confidential under the terms of the Investment Documents.
(f)    Access to Records.  The Company shall maintain books and records adequate to support the information in the PRI Reports and to provide the information ordinarily required by commercial investors under similar circumstances, and the Company shall make such books and records available to Adjuvant at reasonable times and under reasonable circumstances for inspection by Adjuvant. Such books and records shall be maintained and made available to Adjuvant as long as Adjuvant is a shareholder in the Company and for six years after Adjuvant ceases to be a shareholder in the Company. The Company shall meet with Adjuvant and any of its investors or 

- 5 -

representatives at the sole expense of Adjuvant or such investor, at mutually convenient times at the reasonable request of Adjuvant or the investor, subject to any applicable confidentiality restrictions, inter alia to the extent reasonably necessary to monitor compliance with the terms of the Investment and the Environmental, Social and Governance Policies and Practices and Exclusion List, as set forth on Exhibit 1, and the covenants for AML/CFT/UN Security Council Resolutions & Sanctionable Practices, as set forth on Exhibit 2.  Notwithstanding anything to the contrary in this Section 2(k), upon five (5) business day’s prior notice (provided no notice is required if an Event of Default, as defined in the Purchase Agreement, has occurred and is continuing), the Purchaser or its agents shall have the right to audit and copy the Company’s books and records during the Company’s regular business hours but solely to the extent necessary to verify compliance with this Global Health Agreement.
(g)    Promotion of Terrorist Activities.  In compliance with the provisions of the USA Patriot Act of 2001, Pub. L. No. 107-56, 115 Stat. 272, as amended, and U.S. Executive Order 13224, the Company represents that it will not promote or support terrorist activities and that it will not provide any proceeds of the Investment to any entity or individual that promotes or engages in such activities. 
(h)    Environmental, Social and Governance Requirements. The Company acknowledges the environmental, social and governance requirements of Adjuvant set forth on Exhibit 1 and agrees to observe the referenced International Finance Corporation (“IFC”) performance standards.   
(i)    Anti-Corruption Requirements. The Company shall comply with the anti-corruption requirements set forth on Exhibit 2.
(j)    Requirement to Provide to Adjuvant. Any reports, access or other information to which Adjuvant is entitled under the terms of this Global Health Agreement shall, upon request, be provided to Adjuvant’s managing member or investment adviser, or any other designees or representatives of Adjuvant.
1.    Confidential Information. Adjuvant acknowledges and agrees that all non-public information Adjuvant receives from the Company is private and confidential (“Confidential Information”). Confidential Information includes, but is not limited to, non-public business, operational or financial results and projections, product development initiatives, trade secrets, business methods or processes, expansion plans and revenue and expense information; non-public information disclosed pursuant to this Global Health Agreement; and information which a reasonable person should know is confidential. Adjuvant agrees that it will not, directly or indirectly, disclose any Confidential Information to any third party, or use any Confidential Information for any purpose other than to evaluate the terms of the Investment, except with Company’s prior written (which shall include communications by email) consent. With respect to Confidential Information, Adjuvant shall ensure that all Adjuvant employees or contractors (“Adjuvant Personnel”) performing work in connection with the Investment and/or this Global Health Agreement agree to and comply with terms of confidentiality agreements no less restrictive than the those set forth in this Global Health Agreement. Adjuvant shall be responsible for any breaches of confidentiality or security by any Adjuvant Personnel. In addition to the foregoing limitations and obligations, Adjuvant agrees to not disclose Confidential Information to any individuals, including any Adjuvant 

- 6 -

Personnel, for which disclosure is not reasonably necessary to assist in furtherance of the purposes of this Global Health Agreement and/or evaluating the terms of the Investment. Adjuvant shall notify Company in writing of any loss or unauthorized or inadvertent use or disclosure of or access to the Confidential Information as promptly as practicable following Adjuvant’s discovery of such loss, use, disclosure or access and shall promptly take measures to minimize the effect of such loss, use, disclosure or access and to prevent its recurrence. As between Adjuvant and the Company, Confidential Information shall at all times belong solely and exclusively to Company.
(a)    Exceptions. Notwithstanding anything in this Global Health Agreement to the contrary, the Confidential Information shall not include any information that (i) is or becomes generally known to the public other than as a result of a disclosure in breach by Adjuvant of this Global Health Agreement; (ii) is lawfully in the possession of Adjuvant or Adjuvant Personnel prior to its receipt from Company; (iii) is received by Adjuvant from a third party who has the right to make such disclosure and is not under a confidentiality obligation to Company with respect to the information and which third party rightfully, to Adjuvant’s knowledge, acquired such information; or (iv) has been or is independently developed by Adjuvant or Adjuvant Personnel without reference to the Confidential Information, the Global Health Agreement or the Investment. 
(b)    Mandatory Disclosure. Notwithstanding anything to the contrary herein, Adjuvant may disclose Confidential Information of Company if disclosure is requested or required by any legal, governmental or regulatory agency, authority or process or by any subpoena, summons, order or other judicial process, but, to the extent permissible under applicable law, only after giving advance written notice to Company to reasonably allow for an opportunity for Company at its sole expense to secure an appropriate protective order or other measure limiting disclosure. Adjuvant, to the extent practicable and permissible under applicable law, shall cooperate with Company, at Company’s sole cost and expense, in Company’s reasonable, lawful efforts to resist, limit or delay disclosure. Disclosure of any of the Confidential Information under the circumstances described in the preceding sentence shall not be deemed to render such Confidential Information as non-confidential and Adjuvant’s obligations with respect to such Confidential Information shall not be changed or lessened by virtue of any such disclosure. 
(c)    Return of Information. Adjuvant shall, to the extent practicable and permissible under applicable law and in accordance with Adjuvant’s document retention policies, at any time upon written demand by Company, promptly return to Company or destroy (at Adjuvant’s sole discretion) any and all Confidential Information together with any copies or reproductions thereof. Any Confidential Information retained by Adjuvant following a written demand from the Company to return Confidential Information shall continue to be governed by the restrictions and protections of this Global Health Agreement.
(d)    Certain Remedies. Adjuvant recognizes, acknowledges and agrees that any breach by Adjuvant, Adjuvant Personnel or any approved subcontractor of any of the provisions contained in this Global Health Agreement may cause Company immediate, material and irreparable injury and damage, and there may be no adequate remedy at law for such breach. Accordingly, in the event of a breach of any of the provisions of this Global Health Agreement by Adjuvant, in addition to any other remedies it may have at law or in equity, all of the rights and remedies of Company being 

- 7 -

cumulative, Company shall be entitled immediately to seek enforcement of this Global Health Agreement in a court of competent jurisdiction by means of a decree of specific performance, an injunction and any other form of equitable relief. This provision is not a waiver of any other rights or remedies which Company may have under this Global Health Agreement, including the right to recover money damages.
2.    Observer Right.  So long as the Purchasers own at least 50% of the Notes issued on the Closing Date pursuant to the Purchase Agreement (or an equivalent number of shares of underlying Common Stock issuable upon conversion thereof), then the Company shall invite a representative of the Purchasers to attend all meetings of the Board in a non-voting observer (the “Observer”) capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that it provides to the Board; provided, however, that such representative shall agree to hold in confidence and trust with respect to all information so provided (in a manner consistent with the confidentiality obligations of a director of a Delaware corporation) and shall execute the Company’s standard observer rights letter. 
3.    Miscellaneous
(a)    Entire Agreement; Modification.  The terms and conditions set forth in this Global Health Agreement are in addition to the provisions stated in any other documents executed between Adjuvant and the Company and the terms and conditions of this Global Health Agreement shall – with regard to the PRI Requirements set forth in Section 2 of this Global Health Agreement, including the Global Access Commitments – prevail over any discrepancies with provisions in any such other document, including without limitation the Investment Documents. All references to Sections shall be deemed to refer to sections of this Global Health Agreement unless otherwise specifically stated herein. No change, modification or waiver of any term or condition of this Global Health Agreement shall be valid unless it is in writing, it is signed by the party to be bound, and it expressly refers to this Global Health Agreement.
(b)    Authority; Governing Law; Jurisdiction.  Each of the signatories below covenants, represents and warrants that it has all power and authority necessary to enter into this Global Health Agreement, that its execution of this Global Health Agreement has been duly authorized by all necessary action and that, on execution, it will be fully binding and enforceable in accordance with its terms, and that no other consents or approvals of any other person or third parties are required or necessary for this Global Health Agreement to be so binding. This Global Health Agreement shall be governed by the laws of the State of Delaware without regard to its conflict of law provisions. Each party irrevocably agrees, as far as legally permissible, that the state and federal courts of Delaware shall have exclusive jurisdiction to hear and determine any suit action or proceedings and to settle any disputes which may arise out of or in connection with this agreement and, for such purposes, irrevocably submits to the jurisdiction of such court.  
(c)    Counterparts.  This Global Health Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall be deemed to be and constitute one and the same instrument. 
[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties have caused to be executed this Global Health Agreement effective as of October 14, 2020.

	
				
	 
	ADJUVANT GLOBAL HEALTH TECHNOLOGY FUND, L.P.
By: Adjuvant Capital GP, L.P., its General Partner
By: Adjuvant Capital Management, LLC, its General Partner

	 
	 
	 
	 

	 
	By:
	/s/ Jenny Yip
	 

	 
	Name:
	Jenny Yip
	 

	 
	Title:
	Co-President
	 

	
				
	 
	ADJUVANT GLOBAL HEALTH TECHNOLOGY FUND DE, L.P.
By: Adjuvant Capital GP, L.P., its General Partner
By: Adjuvant Capital Management, LLC, its General Partner

	 
	 
	 
	 

	 
	By:
	/s/ Jenny Yip
	 

	 
	Name:
	Jenny Yip
	 

	 
	Title:
	Co-President
	 

	
				
	 
	Evofem Biosciences, Inc.

	 
	 
	 
	 

	 
	By:
	/s/ Justin J. File
	 

	 
	Name:
	Justin J. File
	 

	 
	Title:
	Chief Financial Officer

- 9 -

EXHIBIT 1
Adjuvant Investee ES&G Requirements
		
	1.
	In connection with any proposed investment:

		
	i.
	Before any investment, Adjuvant will review and investigate information available in the public domain regarding any adverse impact on local communities or the environment or adverse environmental or social performance associated with the financed project(s) and use that information provisionally to designate the proposed investment a Category A, Category B or a Category C Client/Activity (as defined below). In addition, Adjuvant will perform an ES&G due diligence including a review of regulatory and applicable legal environmental and governance compliance and compliance with the IFC Performance Standards on Environmental and Social Sustainability (Effective January 1, 2012) of the proposed investee. Due diligence findings will be documented in an Environmental, Social and Governance due diligence report (“ES&G Due Diligence Report”). In the event that there are any items that require corrective action, a corrective action plan will be provided to the Company. Based on this due diligence, the initial categorization shall be either confirmed or revised to reflect the nature of the proposed investment.  

		
	ii.
	In connection with any capital call (or other application of Adjuvant capital) for the proposed investment, Adjuvant will confirm (a) the categorization of the operations of the Company (whether proposed or existing), (b) the rationale for such categorization, and (c) that Adjuvant has applied the ES&G Management System in accordance with the ES&G Requirements with respect to the proposed investment.  

		
	iii.
	In addition, upon request by any member of the Limited Partner Advisory Committee, Adjuvant shall promptly (but in any event within two business days of such request, and prior to making the relevant investment), provide copies of the ES&G Due Diligence Report, and/or any proposed corrective action plan, prepared in connection with the proposed investment.

		
	iv.
	Adjuvant will only make an investment in a company (including a new or follow-on investment in an existing portfolio company) if: (i) any identified adverse impact or performance has been resolved in accordance with the ES&G Requirements and these ES&G provisions; or (ii) the company has agreed on a corrective action plan to so resolve the identified adverse impacts or performance within a reasonable timeline (including appropriate conditions precedent for the proposed investment), and the investment documentation includes appropriate remedies if the proposed Industry Partner fails to implement that plan.

    

		
	2.
	Definitions.  

	
		
	“Applicable ES&G Law”
	All applicable statutes, laws, ordinances, rules and regulations including, but not limited to, any license, permit or other governmental authorisation imposing liability or setting standards of conduct concerning any environmental, social, labour, health and safety or security risks of the type contemplated by the Performance Standards.,

	“Authority”
	Any national, supranational, regional or local government or governmental, administrative, fiscal, judicial, or government-owned body, department, commission, authority, tribunal, agency or entity.

	“Category A Activity”
	Any activity of an Industry Partner which is likely to have significant adverse environmental or social risks and/or impacts that are diverse, irreversible or unprecedented.

	“Category A Client”
	An Industry Partner that carries or intends to carry out a Category A Activity.

	“Category B Activity”
	adverse environmental or social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

	“Category B Client”
	An Industry Partner that carries or intends to carry out a Category B Activity.

	“Category C Activity”
	Any activity of an Industry Partner which is likely to have minimal or no adverse environmental or social risks and/or impacts.

	“Category C Client”
	An Industry Partner that carries or intends to carry out a Category C Activity.

	“ES&G Due Diligence Report”
	The environmental social and governance due diligence report prepared by the Investment Manager in connection with a proposed Investment by the Company.

	“ES&G Performance Report”
	A written report prepared by the Investment Manager evaluating the social and environmental performance of the Company and the portfolio companies for the previous fiscal year, describing in reasonable detail (i) implementation and operation of the ES&G Management System, (ii) the environmental and social performance of the portfolio companies, and (iii) as applicable, compliance by portfolio companies with any applicable portfolio company action plans.

	“ES&G Requirements”
	The social and environmental obligations to be undertaken by the portfolio companies to ensure compliance with: (i) the Exclusion List; (ii) Applicable ES&G Laws; (iii) the Performance Standards, and (iv) any other requirements established by the ES&G Management System.

	“Exclusion List”
	The list of prohibited activities set forth below.

	“Performance Standards”
	IFC’s Performance Standards On Social & Environmental Sustainability, dated January 1, 2012.

		
	3.
	Adjuvant Exclusion List.

Adjuvant will apply the following exclusions:  
		
	•
	Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, PCB’s, wildlife or products regulated under CITES.

		
	•
	Production or trade in weapons and munitions.

		
	•
	Production or trade in alcoholic beverages (excluding beer and wine).

		
	•
	Production or trade in tobacco.

		
	•
	Gambling, casinos and equivalent enterprises. 

		
	•
	Production or trade in radioactive materials. This does not apply to the purchase of medical equipment, quality control (measurement) equipment and any equipment where IFC considers the radioactive source to be trivial and/or adequately shielded.

		
	•
	Production or trade in unbonded asbestos fibers.  This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%. 

		
	•
	Drift net fishing in the marine environment using nets in excess of 2.5 km. in length.

		
	•
	Production or activities involving harmful or exploitative forms of forced labor / harmful child labor. 

		
	•
	Commercial logging operations for use in primary tropical moist forest.

		
	•
	Production or trade in wood or other forestry products other than from sustainably managed forests.

		
	•
	Production, trade in or use of prostitution.

		
	•
	Production, trade in or use of pornography.

EXHIBIT 2
IFC Anti-Corruption Guidelines

Compliance with United Nations Security Council Resolutions. Adjuvant shall ensure that the Company maintains and complies with internal policies and controls for the purpose of ensuring that the Company will not enter into any transaction (i) with, or for the benefit of, any of the persons or entities named on lists from time to time promulgated by or (ii) related to any activity from time to time prohibited by the United Nations Security Council or its committees pursuant to any resolution issued under Chapter VII of the United Nations Charter.

Sanctionable Practices.  The Company shall not engage in (nor authorize or permit any of their affiliates or any other person acting on their behalf to engage in), any Sanctionable Practice defined as any Corrupt Practice, Fraudulent Practice, Coercive Practice, Collusive Practice, or Obstructive Practice, as those terms are defined in and interpreted in accordance with the IFC Anti-Corruption Definitions attached hereto as Exhibit A;

Policy Reporting Requirements.  The Company commits that, should it become aware of any violation of the Policy Undertakings described in this Exhibit, it shall promptly notify Adjuvant.

Furthermore, the Company agrees that should IFC notify Adjuvant of its concern that there has been a violation of the Policy Undertakings described in this Exhibit, the Company shall cooperate in good faith with Adjuvant and IFC and its representatives in determining whether such a violation has occurred, and shall respond promptly and in reasonable detail to any notice from IFC, and shall furnish documentary support for such response upon IFC's request. 

Investment Guidelines on Policy Requirements.  The Company shall not make or hold any investments in any entity that (A) is sanctioned pursuant to United Nations Security Council resolutions issued under Chapter VII of the United Nations Charter; or (B) is on the World Bank Listing of Ineligible Firms (see www.worldbank.org/debarr or any successor website or location). 

Divestment of Investments Violating Investment Guideline on Policy Requirements.  If Adjuvant becomes aware that the Company is in breach of the Policy Requirements defined under the investment, Adjuvant may be required to use reasonable efforts to dispose of the Investment on commercially reasonable terms, taking into account liquidity, market constraints and fiduciary responsibilities.

Definitions.

“AML/CFT” means anti-money laundering and combating the financing of terrorism;

“Policy Undertakings” means the undertakings contained in paragraphs 37(a) (AML/CFT), 37(b) (Compliance with United Nations Security Council Resolutions), 37(c) (Sanctionable Practices), 

37(d) (Policy Reporting Requirements), Section 37(h) (Policy Restrictions on Transfers of Interest by Members) and 37(i) (Investment Guidelines on Policy Undertakings) hereof;  
 “World Bank Listing of Ineligible Firms” means the list, as updated from time to time, of persons or entities ineligible to be awarded a World Bank Group-financed contract or otherwise sanctioned by the World Bank Group Sanctions Board for the periods indicated on the list because they were found to have violated the fraud and corruption provisions of the World Bank Group anticorruption guidelines and policies. The list may be found at http://www.worldbank.org/debarr or any successor website.

EXHIBIT A
IFC ANTI-CORRUPTION DEFINITIONS
The purpose of this Exhibit A is to clarify the meaning of the terms “Corrupt Practices”, “Fraudulent Practices”, “Coercive Practices”, “Collusive Practices” and “Obstructive Practices” in the context of IFC operations.

1.    Corrupt Practices
A “Corrupt Practice” is the offering, giving, receiving or soliciting, directly or indirectly, of anything of value to influence improperly the actions of another party.

Interpretation
		
	a)
	Corrupt Practices are understood as kickbacks and bribery. The conduct in question must involve the use of improper means (such as bribery) to violate or derogate a duty owed by the recipient in order for the payor to obtain an undue advantage or to avoid an obligation. Antitrust, securities and other violations of law that are not of this nature are excluded from the definition of Corrupt Practices. 

		
	b)
	It is acknowledged that foreign investment agreements, concessions and other types of contracts commonly require investors to make contributions for bona fide social development purposes or to provide funding for infrastructure unrelated to the project. Similarly, investors are often required or expected to make contributions to bona fide local charities. These practices are not viewed as Corrupt Practices for purposes of these definitions, so long as they are permitted under local law and fully disclosed in the payor's books and records. Similarly, an investor will not be held liable for corrupt or fraudulent practices committed by entities that administer bona fide social development funds or charitable contributions.

		
	c)
	In the context of conduct between private parties, the offering, giving, receiving or soliciting of corporate hospitality and gifts that are customary by internationally-accepted industry standards shall not constitute corrupt practices unless the action violates applicable law.

		
	d)
	Payment by private sector persons of the reasonable travel and entertainment expenses of public officials that are consistent with existing practice under relevant law and international conventions will not be viewed as Corrupt Practices.

		
	e)
	The World Bank Group does not condone facilitation payments. For the purposes of implementation, the interpretation of “Corrupt Practices” relating to facilitation payments will take into account relevant law and international conventions pertaining to corruption.   

2.    Fraudulent Practices
A “Fraudulent Practice” is any action or omission, including misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation.

Interpretation
		
	a)
	An action, omission, or misrepresentation will be regarded as made recklessly if it is made with reckless indifference as to whether it is true or false.  Mere inaccuracy in such information, committed through simple negligence, is not enough to constitute a “Fraudulent Practice” for purposes of this agreement.

		
	b)
	Fraudulent Practices are intended to cover actions or omissions that are directed to or against a World Bank Group entity.  It also covers Fraudulent Practices directed to or against a World Bank Group member country in connection with the award or implementation of a government contract or concession in a project financed by the World Bank Group.  Frauds on other third parties are not condoned but are not specifically sanctioned in IFC, Multilateral Insurance Guarantee Agency (“MIGA”), or Partial Risk Guarantee (“PRG”) operations.  Similarly, other illegal behavior is not condoned, but will not be considered as a Fraudulent Practice for purposes of this agreement.

3.    Coercive Practices
A “Coercive Practice” is impairing or harming, or threatening to impair or harm, directly or indirectly, any party or the property of the party to influence improperly the actions of a party.

Interpretation
		
	a)
	Coercive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or in furtherance of a Corrupt Practice or a Fraudulent Practice.

		
	b)
	Coercive Practices are threatened or actual illegal actions such as personal injury or abduction, damage to property, or injury to legally recognizable interests, in order to obtain an undue advantage or to avoid an obligation. It is not intended to cover hard bargaining, the exercise of legal or contractual remedies or litigation.

4.    Collusive Practices
A “Collusive Practice” is an arrangement between two or more parties designed to achieve an improper purpose, including to influence improperly the actions of another party.

Interpretation
Collusive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or in furtherance of a Corrupt Practice or a Fraudulent Practice.

5.    Obstructive Practices
An “Obstructive Practice” is (i) deliberately destroying, falsifying, altering or concealing of evidence material to the investigation or making of false statements to investigators, in order to materially impede a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or collusive practice, and/or threatening, harassing or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation, or (ii) acts intended to materially impede the exercise of IFC’s access to contractually required information in connection with a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or collusive practice.

Interpretation
Any action legally or otherwise properly taken by a party to maintain or preserve its regulatory, legal or constitutional rights such as the attorney-client privilege, regardless of whether such action had the effect of impeding an investigation, does not constitute an Obstructive Practice.

General Interpretation
A person should not be liable for actions taken by unrelated third parties unless the first party participated in the prohibited act in question.

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