Document:

Employment Agreement dated as of July 25, 2007

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the “Agreement”), dated as of
July 25, 2007, (the “Effective Date”) is between Navigant Consulting, Inc., a Delaware corporation (the “Company”), and Scott J. Krenz, the “Executive”). 
 RECITALS 
 A. The Company desires to obtain the benefits of the Executive’s
knowledge, skills, and experience by employing the Executive as its Executive Vice President, and Chief Financial Officer upon the terms and subject to the conditions of this Agreement. 
 B. The Executive desires to continue to be employed by the Company in such position upon the terms and subject to the conditions of this Agreement.

 AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing premises and mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Employment. Subject to the terms and conditions of this Agreement, the Company agrees to employ the Executive, and the Executive agrees to be employed by the
Company, for the period stated in Paragraph 2 hereof. 
 2. Employment Term. The term of the Executive’s employment by the Company under this
Agreement will begin on August 1, 2007, and will continue, subject to earlier termination as provided in Paragraph 7 hereof, for a rolling one-year period, such that the remainder of the term shall always be one full year, subject to either
party being able to reduce or limit the term, by written notice provided as set forth in Paragraph 11(b) hereof (the “Employment Term”). 
 3.
Position and Responsibilities. During the Employment Term, the Executive agrees to serve the Company, and the Company shall employ the Executive as its Executive Vice President and Chief Financial Officer. During the Employment Term, the
Executive shall possess such broad powers and perform such duties and functions as are normally incident to the positions of Executive Vice President and Chief Financial Officer with an entity of an equivalent size and nature as the Company.

 4. Performance of Duties; Commitment of Time. During the Employment Term the Executive shall discharge the following obligations: 
 (a) Except for illness, reasonable vacation periods, and reasonable leaves of absence, the Executive shall, subject to Paragraph 4(c) hereof, devote his
best efforts and full business time, attention and skills to the business and affairs of the Company and its subsidiaries, affiliates and divisions, as such business and affairs now exist and as they may be hereafter changed or added to, including
without limitation the following: 
  

	 	(i)	being a critical strategist and dynamic, hands-on leader within the organization; 

	 	(ii)	partnering with senior management to drive the performance of the business and to pursue profitable growth; 

  

	 	(iii)	maintaining an appropriately conservative control and reporting environment while seeking opportunities to enhance the firm’s overall financial infrastructure to produce more
flexible, robust, and actionable analytical data useful to operating leaders; 

  

	 	(iv)	managing Navigant’s balance sheet, capital structure, and reporting and control mechanisms; 

  

	 	(v)	serving as a key communicator to both internal and external constituencies including the Company’s Board of Directors, analysts, shareholders, bankers, and ratings agencies;

  

	 	(vi)	being responsible for ensuring the integrity of the Company’s finance and accounting functions, including evaluating and upgrading policies, procedures, and financial systems
as needed on an ongoing basis to ensure optimal performance; 

  

	 	(vii)	providing financial oversight in the area of mergers and acquisitions, financial analysis related to business expansion, and decision-support related to all other areas of capital
allocation; and 

  

	 	(viii)	ensuring that the Corporation’s funding levels are appropriate to its strategic and operational needs, and that the Company maintains an optimal capital structure to maximize
profitability while maintaining the flexibility to take advantage of growth opportunities. 

 (b) The Executive shall report
directly to the Chief Executive Officer of the Company (the “CEO”) and he shall perform all of his duties in accordance with such reasonable directions, requests, rules and regulations as are specified by the CEO in connection with his
employment. 
 (c) Nothing herein shall preclude the Executive from devoting such reasonable time as required to serve, or to continue to
serve, on the boards of directors of, or to hold any other offices or positions in or with respect to, other companies, organizations or entities, provided that (i) the Executive gives prior notice to the Company of such other activities,
(ii) that such other activities do not violate Paragraph 6 hereof, and (iii) such other activities have no material effect on the time the Executive is required to spend in connection with the services required of his hereunder.

 5. Compensation and Benefits.  
 (a)
Base Salary. During the Employment Term, the Executive will receive an annual salary, payable in monthly or more frequent installments, of Three Hundred Fifty Thousand Dollars ($350,000.00) subject to authorized withholding and other
deductions. The annual salary will be reviewed annually and, if appropriate, increased by the Company in its sole discretion. Such annual salary, as so increased, is hereinafter referred to as the “Base Salary.” In no event shall the
Executive’s Base Salary be reduced below eight five percent (85%) of $350,000.00. 
  

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 (b) Annual Bonus. During the Employment Term, the Executive will be eligible to receive an annual
cash bonus based upon the Executive’s and/or the Company’s achievement of annual performance goals or objectives. The bonus goals and objectives shall be determined by the Company. Such bonus or bonuses shall be based upon the
Company’s review of the Executive’s performance. The Executive shall have a target bonus equal to sixty percent (60%) of the Base Salary (the “Target Bonus”). The Company shall have the sole discretion to determine whether
the bonus goals and objectives have been met. 
 (c) Employee Benefits and Perquisites. During the Employment Term, the Executive will
be entitled to receive all benefits and perquisites of employment generally available to other members of the Company’s senior executive management, as may be modified by the Company in its sole discretion from time-to-time, upon his
satisfaction of the eligibility or participation criteria therefore. 
 (d) Reimbursement of Business Expenses. The Company shall pay
or reimburse the Executive, in accordance with its normal policies and practices, for all reasonable business expenses incurred by the Executive in connection with the performance of his obligations hereunder. The Executive shall produce accounts
and vouchers or other reasonable evidence of expenses incurred or payments made by the Executive, all in accordance with the Company’s regular procedures in effect from time to time and in form suitable to establish the validity and
deductibility of such expenses for tax purposes. 
 (e) Withholding Taxes. There shall be deducted and withheld from the Base Salary
and all other compensation payable to the Executive during or for the Employment Term any and all amounts required to be deducted or withheld under the provisions of any statute, regulation, ordinance or order. 
 6. Obligations of the Executive During and After Employment. 
 (a) The Executive acknowledges and agrees that solely by virtue of his employment by, and relationship with, the Company, he will acquire “Confidential Information,” as defined in subparagraph
(vii) below, as well as special knowledge of the Company’s business and its relationships with its clients and employees, and that, but for his association with the Company, the Executive will not have had access to said Confidential
Information or knowledge of said relationships. The Executive further acknowledges and agrees (1) that the Company has long term relationships with its clients and employees, and that those relationships were developed at great expense and
difficulty to the Company over several years of close and continuing involvement; (2) that the Company’s relationships with its clients and employees are and will continue to be valuable, special and unique assets of the Company and
(3) that the Company has the following protectable interests that are critical to its competitive advantage in the industry and would be of demonstrable value in the hands of a competitor: Company-specific information concerning revenues,
costs, margins, marketing strategies, employees, compensation systems, employee benefits, corporate development plans and opportunities, financial, accounting and 

  

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corporate governance systems, and concepts, ideas, and other matters not generally known to the public. The Company acknowledges and agrees that such
protectable interests do not include information properly in the public domain, or the generalized knowledge, skills and know-how possessed by the Executive, whether as a result of his employment or otherwise. In return for the consideration
described in this Agreement, the Executive hereby represents, warrants and covenants as follows: 
 (i) The Executive has executed and
delivered this Agreement as his free and voluntary act, after having determined that the provisions contained herein are of a material benefit to his, and that the duties and obligations imposed on his hereunder are fair and reasonable and will not
prevent his from earning a comparable livelihood following the termination of his employment with the Company; 
 (ii) The Executive has read
and fully understands the terms and conditions set forth herein, has had time to reflect on and consider the benefits and consequences of entering into this Agreement, and has had the opportunity to review the terms hereof with an attorney or other
representative if he so chooses; 
 (iii) The execution and delivery of this Agreement by the Executive does not conflict with, or result in
a breach of or constitute a default under, any agreement or contract, whether oral or written, to which the Executive is a party or by which the Executive may be bound; 
 (iv) The Executive agrees that, during the time of his employment with the Company and for a period of one year after termination of the Executive’s employment hereunder for any reason whatsoever or for no
reason, whether voluntary or involuntary, the Executive will not, except on behalf of the Company, anywhere in North America or in any other place or venue where the Company or any affiliate, subsidiary or division thereof now conducts or operates,
or may conduct or operate, its business prior to the date of the Executive’s termination of employment: 
 (a) directly or indirectly,
contact, solicit or direct any person, firm, corporation, association, or other entity to contact or solicit, any of the Company’s clients or prospective clients (as they are hereinafter defined) for the purpose of selling or distributing or
attempting to sell or distribute, any products and/or services in competition with the Company to its clients during the term hereof. In addition, the Executive will not disclose the identity of any such clients or prospective clients, or any part
thereof, to any person, firm, corporation, association, or other entity for any reason or purpose whatsoever, except to the extent (1) required by any law, regulation or order of any court or regulatory commission, department or agency,
provided that the Executive gives prompt notice of such requirement to the Company to enable the Company to seek an appropriate protective order, or (2) such disclosure is necessary to perform properly the Executive’s duties under this
Agreement; 
 (b) directly or indirectly, solicit on his own behalf or on behalf of any other person, the services of any person who is an
employee of the Company, nor solicit any of the Company’s employees to terminate employment with the Company; and 
  

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 (c) act as a consultant, advisor, officer, manager, agent, director, partner, independent contractor,
owner, or employee for or on behalf of any of the Company’s competitors (as hereinafter defined), 
 (v) The scope described above is
necessary and reasonable in order to protect the Company in the conduct of its business and that, if the Executive becomes employed by another employer, he shall be required to disclose the existence of this Paragraph 6 to such employer and the
Executive hereby consents to and the Company is hereby given permission to disclose the existence of this Paragraph 6 to such employer; 
 (vi) For purposes of this Paragraph 6, “client” shall be defined as any person, firm, corporation, association, or entity that purchased any type of product and/or service from the Company or is or was doing business with the
Company within the 12-month period immediately preceding termination of the Executive’s employment. For purposes of this Paragraph 6, “prospective client” shall be defined as any person, firm, corporation, association, or entity
contacted or solicited in writing by the Company or who contacted the Company within the 12-month period immediately preceding the termination of the Executive’s employment for the purpose of having such persons, firms, corporations,
associations, or entities become a client of the Company. For purposes of this Paragraph 6, the Company’s competitors shall include any business that provides consulting services in actual and substantial competition with the Company, including
but not limited to FTI Consulting, Inc. Charles River Associates, Inc., Huron Consulting, LECG, Aon Consulting and Marsh & McLennan Companies. 
 (vii) Both during his employment and thereafter he will not, for any reason whatsoever, use for himself or disclose to any person not employed by the Company any “Confidential Information” of the Company
acquired by the Executive during his relationship with the Company, except to the extent that such Confidential Information (a) becomes a matter of public record or is published in a newspaper, magazine or other periodical, or in other media,
available to the general public, other than as a result of any act or omission of the Executive, (b) is required to be disclosed by law, regulation or order of any court or regulatory commission, department or agency, provided that the
Executive gives prompt notice of such requirement to the Company to enable the Company to seek an appropriate protective order, or (c) is required to be disclosed in order to perform properly the Executive’s duties under this Agreement.
The Executive further agrees to use Confidential Information solely for the purpose of performing duties with the Company and further agrees not to use Confidential Information for his own private use or commercial purposes. The Executive agrees
that “Confidential Information” includes but is not limited to: (1) any financial, engineering, business, planning, operations, services, potential services, products, potential products, technical information and/or know-how,
organization charts, formulas, business plans, production, purchasing, marketing, pricing, sales, profit, personnel, customer, broker, supplier, or other lists or information of the Company; (2) any papers, data, records, processes, methods,
techniques, systems, models, samples, devices, equipment, compilations, invoices, client lists, or documents of the Company; (3) any confidential information or trade secrets of any third party provided to the Company in confidence or subject
to other use or disclosure restrictions or limitations; and (4) any other information, written, oral, or electronic, whether existing now or at some time in the future, and 

  

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whether pertaining to current or future developments, which pertains to the Company’s affairs or interests or with whom or how the Company does
business. The Company acknowledges and agrees that Confidential Information does not include information properly in the public domain, or the generalized knowledge, skills and know-how possessed by the Executive, whether as a result of his
employment or otherwise; 
 (viii) During the Employment Term, the Executive will not remove from the Company’s premises any documents,
records, files, notebooks, correspondence, reports, video or audio recordings, computer printouts, computer programs, computer software, price lists, microfilm, drawings, or other similar documents containing Confidential Information, including
copies thereof, whether prepared by his or others, except as his duties under this Agreement shall require, and in such cases, will promptly return such items to the Company. Upon termination of his employment with the Company, all such items
including summaries or copies thereof, then in the Executive’s possession, shall be returned to the Company immediately; 
 (ix) All
ideas, inventions, designs, processes, discoveries, enhancements, plans, writings, and other developments or improvements (the “Inventions”) conceived by the Executive, alone or with others, during the term of his employment, whether or
not during working hours, that are within the scope of the Executive’s business operations or that relate to any of the Company’s work or projects (including any and all inventions based wholly or in part upon ideas conceived during the
Executive’s employment with the Company), are the sole and exclusive property of the Company. The Executive further agrees that (1) he will promptly disclose all Inventions to the Company and hereby assigns to the Company all present and
future rights he has or may have in those Inventions, including without limitation those relating to patent, copyright, trademark or trade secrets; and (2) all of the Inventions eligible under the copyright laws are “work made for
hire.” At the request of and without charge to the Company and without cost to the Executive, the Executive will do all things deemed by the Company to be reasonably necessary to perfect title to the Inventions in the Company and to assist in
obtaining for the Company such patents, copyrights or other protection as may be provided under law and desired by the Company, including but not limited to executing and signing any and all relevant applications, assignments or other instruments.
Notwithstanding the foregoing, pursuant to the Employee Patent Act, Illinois Public Act 83-493, the Company hereby notifies the Executive that the provisions of this subparagraph (ix) shall not apply to any Inventions for which no equipment,
supplies, facility or trade secret information of the Company was used and which were developed entirely on the Executive’s own time, unless (1) the Invention relates (i) to the business of the Company, or (ii) to actual or
demonstrably anticipated research or development of the Company, or (2) the Invention results from any work performed by the Executive for the Company; 
 (x) All client lists, supplier lists, and client and supplier information are and shall remain the exclusive property of the Company, regardless of whether such information was developed, purchased, acquired, or
otherwise obtained by the Company or the Executive. The Executive also agrees to furnish to the Company on demand at any time during his employment, and upon the termination of his employment, any records, notes, computer printouts, computer
programs, computer software, price lists, microfilm, or any other documents related to the Company’s business, including originals and copies thereof; 
  

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 (xi) The Executive may become aware of “material” nonpublic information relating to clients
whose stock is publicly traded. The Executive acknowledges that he is prohibited by law as well as by Company policy from trading in the shares of such clients while in possession of such information or directly or indirectly disclosing such
information to any other persons so that they may trade in these shares. For purposes of this subparagraph (xi), “material” information may include any information, positive or negative, which might be of significance to an investor in
determining whether to purchase, sell or hold the stock of publicly traded clients. Information may be significant for this purpose even if it would not alone determine the investor’s decision. Examples include a potential business acquisition,
internal financial information that departs in any way from what the market would expect, the acquisition or loss of a major contract, or an important financing transaction. 
 (b) Remedy for Breach. The Executive agrees that in the event of a material breach or threatened material breach of any of the covenants contained
in this Paragraph 6, the Company will have the right and remedy to have such covenants specifically enforced by any court having jurisdiction, it being acknowledged and agreed that any material breach of any of the covenants will cause irreparable
injury to the Company and that money damages will not provide an adequate remedy to the Company. 
 (c) Blue-Penciling. The Executive
acknowledges and agrees that the noncompetition and nonsolicitation provisions contained herein are reasonable and valid in geographic, temporal and subject matter scope and in all other respects, and do not impose limitations greater than are
necessary to protect the goodwill, Confidential Information and other business interests of the Company. Nevertheless, if any court determines that any of said noncompetition and other restrictive covenants and agreements, or any part thereof, is
unenforceable because of the duration or geographic scope of such provision, such court will have the power to reduce the duration or scope of such provision, as the case may be, and, in its reduced form, such provision will then be enforceable to
the maximum extent permitted by applicable law. 
 7. Termination of Employment. 
 (a) Termination as a Result of Death or Disability. The Executive’s employment with the Company shall terminate automatically upon the
Executive’s death during the Employment Term. If the Disability of the Executive has occurred during the Employment Term (pursuant to the definition of “Disability” set forth below), the Company may give to the Executive written
notice of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Company (the “Disability
Effective Date”), provided that, within the 30 days after receipt of notice, the Executive shall not have returned to substantial performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall mean the
inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months as
determined by a physician jointly selected by the Company and the Executive or the Executive’s legal representative, or, if the parties cannot agree on the selection of such physician then each shall choose a physician and the two physicians
shall jointly select a physician to make such binding determination. 
  

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 (b) Termination by the Company for Cause. The Company may terminate the Executive’s
employment during the Employment Term for Cause at any time upon written notice from the Company specifying such Cause and the expiration of the cure period specified below, and thereafter, the Company’s obligations hereunder (other than the
obligation to pay any accrued salary or benefit) shall cease and terminate; provided, however, that such written notice shall not be delivered until after the Company shall have given the Executive written notice specifying the conduct alleged to
have constituted such Cause. The Executive shall have 30 days to cure the matters specified in the notice delivered by the Board (to the extent that such matters are curable). For purposes of this Agreement, “Cause” shall mean the
Executive’s willful misconduct, dishonesty or other willful actions (or willful failures to act) which are materially and demonstrably injurious to the Company, or a material breach by the Executive of one or more terms of this Agreement, which
shall include the Executive’s habitual neglect of the material duties required of his under this Agreement. For purposes of this Section, no act or failure to act, on the part of the Executive, shall be considered “willful” unless it
is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. 
 (c) Termination by the Executive for Good Reason. The Executive’s employment with the Company may be terminated by the Executive for Good
Reason, provided that such termination occurs within two years following the occurrence of an event constituting Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following actions, if taken without the
express written consent of the Executive: (1) any material diminution by the Company in the Executive’s functions, duties, or responsibilities; (2) any action or inaction by the Company that constitutes a material breach by the
Company of this Agreement; or (3) a material change in the geographic location at which the Executive must perform his services. 
 (d)
Termination by the Company Other Than for Cause or Disability or Termination by the Executive Without Good Reason. The Executive’s employment with the Company may be terminated on written notice at any time during the Employment Term by
the Company other than for Cause or Disability or by the Executive without Good Reason. 
 (e) Notice of Termination. Any termination
by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party. For purposes of this Agreement, a “Notice of Termination” means a written notice which (1) indicates the
specific termination provision in this Agreement relied upon, (2) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the
provision so indicated and (3) if the Date of Termination (as defined in Section (e) hereof) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than 30 days after the giving of
such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company,
respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
  

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 (f) Date of Termination. “Date of Termination” means (1) if the Executive’s
employment is terminated by the Company for Cause, the expiration of the cure period specified in Paragraph 7(b) hereof, (2) if the Executive’s employment is terminated by the Executive for Good Reason, the date of receipt of the Notice of
Termination or any later date specified therein, as the case may be, (3) if the Executive’s employment is terminated by reason of death or Disability, the date of death of the Executive or the Disability Effective Date, as the case may be,
and (4) if the Executive’s employment is terminated by the Company other than for Cause or Disability, or by the Executive without Good Reason, 30 days after the date of receipt by the non-terminating party of a written notice of
termination or such shorter time as the Board thereafter specifies in a written notice to the Executive. 
 8. Obligations of the Company upon Termination
of Employment. 
 (a) Termination by the Company Other Than for Cause, Death or Disability or by the Executive for Good Reason. If
during the Employment Term, (i) the Company terminates the Executive’s employment other than for Cause, death or Disability or (ii) the Executive terminates his employment for Good Reason, then in any such case the Company shall pay
to the Executive in a lump sum in cash within 30 days after the Date of Termination (or, in the event any amounts due cannot be determined within this period, as soon thereafter as is practicable) an amount equal to 1.0 times the sum of (1) the
Executive’s then current Base Salary plus (2) the average of his three most recent annual bonuses. The provisions of this Subparagraph 8(a) shall not affect any rights of the Executive under the Company’s benefit plans or programs.

 (b) Termination as a result of the Executive’s Disability or Death. If during the Employment Term, the Executive’s
employment is terminated by reason of the Executive’s Disability or death, then the Company shall pay to the Executive or the Executive’s legal representatives in a lump sum in cash within 30 days after the Date of Termination (or, in the
event any amounts due cannot be determined within this period, as soon thereafter as is practicable) an amount equal to 1.0 times the sum of (1) the Executive’s then current Base Salary plus (2) the average of his three most recent
annual bonuses. The provisions of this Subparagraph 8(b) shall not affect any rights of the Executive’s heirs, administrators, executors, legatees, beneficiaries or assigns under the Company’s benefit plans or programs. 
 (c) Termination by the Company for Cause or by the Executive other than for Good Reason. If during the Employment Term (i) the
Executive’s employment is terminated by the Company for Cause, (ii) the Executive voluntarily terminates his employment not for Good Reason and not following a Change of Control as provided in subsection (d) below, then the Company
shall have no further obligation to the Executive other than the obligation to pay to the Executive (A) his Base Salary through the Date of Termination and (B) any other compensation and benefits due to the Executive in accordance with
this Agreement, in each case to the extent theretofore unpaid. 
  

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 (d) Termination following Change of Control. If the Executive’s employment is terminated for
any reason during the one year period following a Change of Control of the Company, or if such employment is terminated by the Executive, for any reason, during the period beginning six months and ending twelve months following a Change of Control,
then the Company shall pay to the Executive or the Executive’s legal representatives in a lump sum in cash on the date that is six months after the Date of Termination or, if sooner, the date of the Executive’s death, an amount equal to
(i) if the Change in Control occurs on or after the second anniversary of the Effective Date, two times the sum of (1) the Executive’s Base Salary as of the date of the Change of Control plus (2) the average of his three most
recent annual bonuses; or (ii) if the Change in Control occurs prior to the second anniversary of the Effective Date, the sum of (1) the Executive’s Base Salary as of the date of the Change of Control plus (2) the average of his
two most recent annual bonuses, if any; provided further that, the payment under this paragraph (d) shall be in lieu of any payment under paragraphs (a), (b) or (c) above, and if the Executive has already received any such payment,
the payment under this paragraph (d) shall be reduced, but not below zero, by the amount of such other payment. For the purpose of this Agreement, a “Change of Control” shall have been deemed to have occurred if at any time during the
Employment Term: 
 (i) the Company sells or otherwise disposes in an arms length transaction assets of the Company having a
fair market value of at least 60% of the total assets of the Company and its subsidiaries on a consolidated basis, or the Company sells or otherwise disposes of a majority of the equity ownership or voting control of any member of any corporation or
other entity holding substantially all of the assets of the Company, in a single transaction or series of related transactions, or 
 (ii) acquisition by (A) any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) or (B) two or more Persons of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either (1) the shares of Common Stock outstanding immediately after such acquisition (the “Company Common Stock”) or (2) the combined voting power of the voting
securities of the Company entitled to vote generally in the election of directors outstanding immediately after such acquisition (the “Company Voting Securities”); provided, however, that for purposes of this subsection (i) the
following acquisitions of securities shall not constitute or be included when determining whether there has been a Change of Control: (1) any acquisition by the Company, or (2) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any corporation controlled by the Company; or 
 (iii) consummation of a
reorganization, merger or consolidation or the sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of the assets of another corporation by the Company (in each case, a “Business
Combination”), unless, following any such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Company Common Stock and Company Voting Securities
outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, 

  

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respectively, the then outstanding shares of common stock or the combined voting power of the then outstanding voting securities entitled to vote generally
in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Company Common Stock and Company Voting Securities
outstanding, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan or related trust of the Company or any corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 50% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities
of such corporation except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members
of the Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination. 
 9. Golden
Parachute Provision. 
 In the event that in the opinion of tax counsel selected by the Executive and compensated by the Company
(“Executive’s Tax Counsel”), a payment or benefit received or to be received by the Executive following his termination of employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with
the Company or any of its subsidiaries, affiliates or divisions) (collectively, with the payments provided for in the foregoing provisions of Paragraph 8, the “Post Termination Payments”) would be subject to excise tax (in whole or in
part) as a result of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and as a result of such excise tax, the net amount of Post Termination Payments retained by the Executive (taking into account federal
and state income taxes and such excise tax) would be less than the net amount of Post Termination Payments retained by the Executive (taking into account federal and state income taxes) if the Post Termination Payments were reduced or eliminated as
described in this Paragraph 9, then the Post Termination Payments shall be reduced or eliminated until no portion of the Post Termination Payments is subject to excise tax, or the Post Termination Payments are reduced to zero. For purposes of this
limitation (i) no portion of the Post Termination Payments the receipt or enjoyment of which the Executive shall have waived in writing prior to the date of payment following termination of the Post Termination Payments shall be taken into
account, (ii) no portion of the Post Termination Payments shall be taken into account which in the opinion of Executive’s Tax Counsel does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the
Code, (iii) the Post Termination Payments shall be reduced only to the extent necessary so that the Post Termination Payments (other than those referred to in clauses (i) and (ii)) in their entirety constitute reasonable compensation for
services actually rendered within the meaning of Section 280G(b)(4) of the Code or are otherwise not subject to excise tax, in the opinion of Executive’s Tax Counsel, and (iv) the value of any non-cash benefit and all deferred
payments and benefits 

  

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included in the Post Termination Payments shall be determined by the mutual agreement of the Company and the Executive in accordance with the principles of
Sections 280G(d)(3) and (4) of the Code. 
 10. Governing Law; Arbitration; Jurisdiction; Attorneys’ Fees. 
 This Agreement is made and entered into and will be governed by and interpreted in accordance with the laws of and before the courts of the State of
Illinois. The Company and the Executive agree that any dispute regarding this Agreement that cannot be resolved amicably by the parties, will be submitted to arbitration within 60 days of the date the dispute arose and will be resolved in accordance
with the rules of the American Arbitration Association for expedited cases then in effect. The arbitrator will be mutually selected by the parties or in the event the parties cannot mutually agree, then appointed by the American Arbitration
Association. Any arbitration will be held in Chicago, Illinois and the arbitrator will apply Illinois law. Judgment upon any award rendered by the arbitrator will be final and binding and may be entered in any court of competent jurisdiction. The
Company will have the absolute right to seek equitable remedies in any state court of competent jurisdiction in the State of Illinois, County of Cook, or in a United States District Court in the State of Illinois pursuant to Paragraph 6(b) hereof.
The parties shall be responsible for their own costs and expenses under this Paragraph 10; provided, however, all costs, fees and expenses (including reasonable attorneys’ fees associated with such arbitration and court action to enforce
judgment upon any award made by an arbitrator) shall be borne by the Company if the Executive prevails. The arbitrator shall be bound by controlling law and shall have no authority to modify or ignore terms of this Agreement or to award indirect,
consequential, punitive or exemplary damages. 
 11. Miscellaneous. 
 (a) Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all previous agreements, written or oral,
regarding the subject matter hereof between the parties hereto. This Agreement shall not be modified or amended, except by a written agreement signed by the parties hereto. 
 (b) Notices. All notices, requests, demands and other communications required or permitted to be given or made under this Agreement shall be in
writing and shall be deemed to have been given if delivered by hand, sent by generally recognized overnight courier service, telex or telecopy with confirmation of receipt, or mail: 
  

	 	(i)	to the Company: 

 Navigant Consulting, Inc. 

Attn: Chief Executive Officer 
 30 S.
Wacker Drive 
 Chicago, Illinois 60606 
  

 12 

	 	(ii)	to the Executive: 

 Scott J. Krenz 
 826 West Illinois Avenue 
 Palatine, IL
60067 
 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications will be
effective when actually received by the addressee. 
 (c) Indemnification. 
 To the fullest extent permitted by law and in addition to any other rights permitted or granted under the Company’s certificate of formation and
operating agreement, each as amended to date, or any agreement or policy of insurance, or by law, the Company shall indemnify the Executive if the Executive is made a party, or threatened to be made a party, to any threatened, pending, or
contemplated action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the Executive is or was an employee, officer or director of the Company or any subsidiary of the Company, in which capacity
the Executive is or was serving at the Company’s request, against any and all costs, losses, damages, judgments, liabilities and expenses (including reasonable attorneys’ fees) which may be suffered or incurred by his in connection with
any such action, suit or proceeding; provided, however, that there shall be no indemnification in relation to matters as to which the Executive is adjudged to have been guilty of fraud or bad faith or as a result of the Executive’s material
breach. 
 (d) Successors. 
 This Agreement is personal to the Executive and without the prior written consent of the Company it shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement will inure to the
benefit of and be enforceable against the Executive’s legal representatives. This Agreement will inure to the benefit of and be binding upon the Company and its successors and assigns. The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation, share exchange or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place. For purposes of this Agreement, the term “Company” means the Company as hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 (e) Severability. If any provision
of this Agreement is held invalid or unenforceable, either in its entirety or by virtue of its scope or application to given circumstances, such provision will thereupon be deemed modified only to the extent necessary to render such provision valid,
or not applicable to given circumstances, or excised from this Agreement, as the situation may require, and this Agreement will be construed and enforced as if such provision had been included herein as so modified in scope or application, or had
not been included herein, as the case may be. Should this Agreement, or any one or more of the provisions hereof, be held 

  

 13 

 
to be invalid, illegal or unenforceable within any governmental jurisdiction or subdivision thereof, the Agreement or any such provision or provisions will
not as a consequence thereof be deemed to be invalid, illegal or unenforceable in any other governmental jurisdiction or subdivision thereof. 
 (f) Waiver. The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, will not be
deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (g) Counterparts. This
Agreement may be executed in two counterparts, each of which will be deemed an original and both of which taken together will constitute a single instrument. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 
  

			
	 /s/ Scott J. Krenz

	Scott J. Krenz
	
	Navigant Consulting, Inc.
		
	By	 	 /s/ William M. Goodyear

		 	William M. Goodyear
		 	Its Chief Executive Officer

  

 14Promissory Notes and Master Security Agreement dated as of December 30, 2005

 Exhibit 10.1 
 PROMISSORY NOTE 
 June 28, 2007 
 FOR VALUE RECEIVED, Achillion Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally
if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee
or the holder hereof may designate, the principal sum of Four Hundred Thousand Dollars ($400,000), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of
Eleven and Fifty-Eight One Hundredths percent (11.58%) per annum, to be paid in lawful money of the United States, in “Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty-Five (35)
	  	$	13,205.63

 (each such installment, a “Periodic Installment”) and a final installment which shall be in the amount
of the total outstanding principal and interest. The first Periodic Installment shall be due and payable on or about August 1, 2007, and the following Periodic Installments and the final installment shall be due and payable on the first day of
each succeeding month beginning September 1, 2007 (each, a “Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 36-day months. Each payment may, at the option of the Payee, be calculated and
applied on an assumption that such payment would be made on its due date. 
 The acceptance by Payee of any payment which is less than payment in full of all
amounts due and owing at such time shall not constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note may be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of which is hereinafter called a “Security Agreement”) dated as of December 30,2005, as
amended. 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten
(10) days after its due date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful
maximum. If (i) Maker fails to make payment of any amount due hereunder within ten (10) days after the same becomes due and payable; or (ii) Maker is in default under, or fails to perform under any term or condition contained in any
Security Agreement, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable,
with interest thereon at the lesser of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 Prior to the eighteenth month of this Note, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the men outstanding gross amount
due. Thereafter, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium equal to the following percentages of the then outstanding principal balance
for the indicated period: Following the eighteenth month but prior to the twenty-fourth monthly payment of this Note: four percent (4%) Thereafter and prior to the thirty-sixth monthly payment of this Note: three percent (3%) Thereafter
and prior to the forty-eighth monthly payment of this Note: two percent (2%) and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
  

 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that,
notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by
applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest
contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern
and control (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and (d) the effective rate of interest shall
be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the
rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by
applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Maker or otherwise by
Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for the Payee to receive a greater
interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest per annum rate allowed by
the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other
than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or releases
of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and agree that suit may be brought and maintained against
any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The
Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence
in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. Maker and each Obligor agrees that fees not in excess
of twenty percent (20%) of the amount then due shall be deemed reasonable. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR
THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODDTCATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION, IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 This Note and any Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supersedes all
prior understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose
given. 
  

 Any provision in this Note or any Security Agreement which is in conflict with any statute, law or applicable rule shall
be deemed omitted, modified or altered to conform thereto. 
  

			
		
		 	Achillion Pharmaceuticals, Inc.
		
	 /s/ Melissa Donnarummo 
 (Witness)
	 	

By: /s/ Mary Kay Fenton
		
	 Melissa Donnarummo 
 (Print name)
	 	

Name: Mary Kay Fenton
		
	 300 George St., New Haven, CT 06511 
 (Address)

	 	

Title: Chief Financial Officer
		
		 	Federal Tax ID #: 522113479
		
		 	Address: 300 George Street, New Haven, New Haven County, CT 06511

  

 Date: June 28, 2007 
 Oxford Finance Corporation 
 133 N. Fairfax Street 
 Alexandria, VA 22314 
 Gentlemen: 
 You are hereby irrevocably authorized and directed to deliver and apply the proceeds of your loan to the undersigned evidenced by that Promissory Note dated 6/28/2007 and secured by that Master Security Agreement
dated 12/30/2005, as amended, as follows: 
  

					
	 Gross Loan Proceeds (Tranche 3) to be distributed as follows:
	  	$	400,000.00	 
	 Achillion Pharmaceuticals, Inc.
	  	$	399,614.00	 
	 Oxford Finance Corporation
	  	$	386.00	*

 * Interim Interest from date of funding through June 30, 2007 of $386.00. 
 This authorization and direction is given pursuant to the same authority authorizing the above-mentioned borrowing. 
 Very truly yours, 
 Achillion Pharmaceuticals, Inc. 
 By: /s/ Mary Kay Fenton 
 Name: Mary Kay Fenton 
 Title: Chief Financial Officer 
  

							
	                 AMORTIZATION SCHEDULE
	  				 	
	 LENDING COMPANY:
	  	 	GE Capital	 	 	
	 PRINCIPAL:
	  	$	400,000.00	 	 	
	 INTEREST RATE:
	  	 	11.58	%	 	
	 TERM (MONTHS):
	  	 	36	 	 	
	 MONTHLY PAYMENT:
	  	$	 13,205.62	 	 	36

  

											
	 	 	MONTH	 	PAYMENT	 	PRINCIPAL	 	INTEREST	 	BALANCE
	 1
	 	7/1/2007	 		 		 	386.00	 	400,000.00
	 2
	 	8/1/2007	 	13.205.62	 	9,345.63	 	3,859.99	 	390,654.37
	 3
	 	9/1/2007	 	13,205.62	 	9,435.81	 	3,769.81	 	381,218.66
	 4
	 	10/1/2007	 	13,205.62	 	9,526.86	 	3,678.76	 	371,691.70
	 5
	 	11/1/2007	 	13,205.62	 	9,618.81	 	3,586.81	 	362,072.90
	 6
	 	12/1/2007	 	13,205.62	 	9,711.62	 	3,494.00	 	352,361.28
	 7
	 	1/1/2008	 	13,205.62	 	9,805.33	 	3,400.29	 	342,555.95
	 8
	 	2/1/2008	 	13,205.62	 	9,899.96	 	3,305.66	 	332,655.99
	 9
	 	3/1/2008	 	13,205.62	 	9,995.50	 	3,210.12	 	322,660.49
	 10
	 	4/1/2008	 	13,205.62	 	10,091.95	 	3,113.67	 	312,568.55
	 11
	 	5/1/2008	 	13,205.62	 	10,189.34	 	3,016.28	 	302,379.20
	 12
	 	6/1/2008	 	13,205.62	 	10,287.67	 	2,917.95	 	292,091.53
	 13
	 	7/1/2008	 	13,205.62	 	10,386.95	 	2,818.67	 	281,704.59
	 14
	 	8/1/2008	 	13,205.62	 	10,487.17	 	2,718.45	 	271,217.42
	 15
	 	9/1/2008	 	13,205.62	 	10,588.37	 	2,617.25	 	260,629.04
	 16
	 	10/1/2008	 	13,205.62	 	10,690.55	 	2,515.07	 	249,938.49
	 17
	 	11/1/2008	 	13,205.62	 	10,793.71	 	2,411.91	 	239,144.78
	 18
	 	12/1/2008	 	13,205.62	 	10,897.87	 	2,307.75	 	228,246.91
	 19
	 	1/1/2009	 	13,205.62	 	11,003.04	 	2,202.58	 	217,243.87
	 20
	 	2/1/2009	 	13.205.62	 	11,109.22	 	2,096.40	 	206,134.65
	 21
	 	3/1/2009	 	13,205.62	 	11,216.42	 	1,989.20	 	194,918.23
	 22
	 	4/1/2009	 	13,205.62	 	11,324.66	 	1,880.96	 	183,593.57
	 23
	 	5/1/2009	 	13,205.62	 	11,433.94	 	1,771.68	 	172,159.63
	 24
	 	6/1/2009	 	13,205.62	 	11,544.28	 	1,661.34	 	160,615.35
	 25
	 	7/1/2009	 	13,205.62	 	11,655.68	 	1,549.94	 	148,959.67
	 26
	 	8/1/2009	 	13,205.62	 	11,768.16	 	1,437.46	 	137,191.51
	 27
	 	9/1/2009	 	13,205.62	 	11,881.72	 	1,323.90	 	125,309.79
	 28
	 	10/1/2009	 	13,205.62	 	11,996.38	 	1,209.24	 	113,313.41
	 29
	 	11/1/2009	 	13,205.62	 	12,112.15	 	1,093.47	 	101,201.26
	 30
	 	12/1/2009	 	13,205.62	 	12,229.03	 	976.59	 	88,972.24
	 31
	 	1/1/2010	 	13,205.62	 	12,347.04	 	858.58	 	76,625.20
	 32
	 	2/1/2010	 	13,205.62	 	12,466.19	 	739.43	 	64,159.01
	 33
	 	3/1/2010	 	13,205.62	 	12,586.49	 	619.13	 	51,572.53
	 34
	 	4/1/2010	 	13,205.62	 	12,707.95	 	497.67	 	38,864.58
	 35
	 	5/1/2010	 	13,205.62	 	12,830.58	 	375.04	 	26,034.00
	 36
	 	6/1/2010	 	26,285.23	 	26,034.01	 	251.23	 	(0.00)
		 		 	475,276.31	 	400,000.00	 	75,662.31	 	

 PROMISSORY NOTE 
 December 30, 2005 
 (Date) 
 FOR VALUE RECEIVED, Achillion Pharmaceuticals, Inc., a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
Oxford Finance Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the
principal sum of Two Million Five Hundred Thousand Dollars ($2,500,000), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Ten and Ninety Two Hundreds
percent (10.92%) per annum, to be paid in lawful money of the United States, in Thirty Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty Five (35)
	  	$	81,014.90

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on                      and the following Periodic
Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a “Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment
may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its due date. 
 The acceptance by Payee of
any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining
hereto. 
 This Note may be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of which is hereinafter called a
“Security Agreement”), dated as of December 30, 2005. 
 Time is of the essence hereof. If any installment or any other sum due under
this Note or any Security Agreement is not received within ten (10) days after its due date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount
of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker fails to make payment of any amount due hereunder within ten (10) days after the same becomes due and payable; or (ii) Maker is in default under, or
fails to perform under any term or condition contained in any Security Agreement, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the
election of Payee, shall immediately become due and payable, with interest thereon at the lesser of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid
(both before and after any judgment). 
 Prior to the eighteenth month of this Note, Maker may prepay in full, but not in part, its entire indebtedness
hereunder upon payment of the then outstanding gross amount due. Thereafter, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium equal to the
following percentages of the then outstanding principal balance for the indicated period: 
 Following the eighteenth month but prior to the twenty-fourth
monthly payment of this Note: four percent (4%) 
 Thereafter and prior to the thirty-sixth monthly payment of this Note: three percent (3%) 
 Thereafter and prior to the forty-eighth monthly payment of this Note: two percent (2%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
  

 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that,
notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by
applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of’ interest
contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern
and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and (d) the effective rate of interest shall
be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the
rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by
applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Maker or otherwise by
Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for the Payee to receive a greater
interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest per annum rate allowed by
the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other
than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or releases
of; security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and agree that suit may be brought and maintained against
any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The
Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence
in collecting this Note or enforcing any of the security hereof; and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. Maker and each Obligor agrees that fees not in excess
of twenty percent (20%) of the amount then due shall be deemed reasonable. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR
THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 This Note and any Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all
prior understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose
given. 

 Any provision in this Note or any Security Agreement which is in conflict with any statute, law or applicable rule shall
be deemed omitted, modified or altered to conform thereto. 
  

									
		 		 	Achillion Pharmaceuticals, Inc.
				
	 /s/ Thomas J. Menner
	 		 	By:	 	 /s/ Mary Kay Fenton

	(Witness)	 		 		 	
	 Thomas J. Menner
	 		 	 Name:
	 	 Mary Kay Fenton

	(Print Name)	 		 		 	
	 1381 Farmington Ave. W. Htfd, CT
	 		 	 Title:
	 	 VP, Finance

	 (Address)
	 		 		 	
			
		 		 	 Federal Tax ID#: 522113479

				
		 		 	 Address:
	 	 300 George Street, New Haven,
 New Haven County, CT
06511

 PROMISSORY NOTE 
 May 12, 2006 
 (Date) 
 FOR VALUE RECEIVED, Achillion Pharmaceuticals, Inc., a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
Oxford Finance Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the
principal sum of Two Million Five Hundred Thousand Dollars ($2,500,000), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Eleven and Fifty Four One
Hundredths percent (11.54%) per annum, to be paid in lawful money of the United States, in Thirty Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty Five (35)
	  	$	81,701.88

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on                      and the following Periodic
Installments and the final installment shall be due and payable on the same day of each succeeding month beginning July 1, 2006 (each, a “Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve
30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent
time. 
 The Maker hereby expressly authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related
documents pertaining hereto. 
 This Note may be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of which is
hereinafter called a “Security Agreement”), dated as of December 30, 2005. 
 Time is of the essence hereof. If any installment or any
other sum due under this Note or any Security Agreement is not received within ten (10) days after its due date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent
(5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker fails to make payment of any amount due hereunder within ten (10) days after the same becomes due and payable; or (ii) Maker
is in default under, or fails to perform under any term or condition contained in any Security Agreement, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any
Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such
accelerated maturity until paid (both before and after any judgment). 
 Prior to the eighteenth month of this Note, Maker may prepay in full, but not in
part, its entire indebtedness hereunder upon payment of the then outstanding gross amount due. Thereafter, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as
a premium equal to the following percentages of the then outstanding principal balance for the indicated period: 
 Following the eighteenth month but prior
to the twenty-fourth monthly payment of this Note: four percent (4%) 
 Thereafter and prior to the thirty-sixth monthly payment of this Note: three percent
(3%) 
 Thereafter and prior to the forty-eighth monthly payment of this Note: two percent (2%) and zero percent (0%) thereafter, plus all other sums due
hereunder or under any Security Agreement. 

 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that,
notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by
applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of’ interest
contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern
and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and (d) the effective rate of interest shall
be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the
rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by
applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Maker or otherwise by
Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for the Payee to receive a greater
interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest per annum rate allowed by
the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other
than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or releases
of; security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and agree that suit may be brought and maintained against
any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The
Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence
in collecting this Note or enforcing any of the security hereof; and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. Maker and each Obligor agrees that fees not in excess
of twenty percent (20%) of the amount then due shall be deemed reasonable. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR
THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 This Note and any Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all
prior understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose
given. 

 Any provision in this Note or any Security Agreement which is in conflict with any statute, law or applicable rule shall
be deemed omitted, modified or altered to conform thereto. 
  

									
		 		 	Achillion Pharmaceuticals, Inc.
				
	 /s/ Marita Khein 
	 		 	By:	 	 /s/ Mary Kay Fenton

	(Witness)	 		 		 	
	 Marita Khein
	 		 	 Name:
	 	 Mary Kay Fenton

	(Print Name)	 		 		 	
	 300 George St.            

 New Haven, CT 06511
	 		 	 Title:
	 	 VP, Finance

	 (Address)
	 		 		 	
			
		 		 	 Federal Tax ID#: 522113479

				
		 		 	 Address:
	 	 300 George Street, New Haven,
 New Haven County, CT
06511

 MASTER SECURITY AGREEMENT 
 dated as of December 30, 2005 (“Agreement”) 
 THIS
AGREEMENT is between Oxford Finance Corporation (together with its successors and assigns, if any, “Secured Party”) and Achillion Pharmaceuticals, Inc. (“Debtor”). Secured Party has an office at
133 N. Fairfax Street, Alexandria, VA 22314. Debtor is a corporation organized and existing under the laws of the state of Delaware. Debtor’s mailing address and chief place of business is 300 George Street, New Haven, CT 06511. 
  

	1.	CREATION OF SECURITY INTEREST. 

 Debtor grants to
Secured Party, its successors and assigns, a security interest in and against all property listed on any collateral schedule now or in the future annexed to or made a part of this Agreement (“Collateral Schedule”), and in and
against all additions, attachments, accessories and accessions to such property, all substitutions, replacements or exchanges therefor, and all insurance and/or other proceeds thereof (all such property is individually and collectively called the
“Collateral”). This security interest is given to secure the payment and performance of all debts, obligations and liabilities of any kind whatsoever of Debtor to Secured Party (other than any obligations of Debtor to Secured Party
in connection with any purchase of equity securities of Debtor, including any right to invest in equity financings by Debtor and including the issuance of any warrants for the purchase of Debtor’s equity securities), now existing or arising in
the future, including but not limited to the payment and performance of certain Promissory Notes from time to time identified on any Collateral Schedule (collectively “Notes” and each a “Note”), and any renewals,
extensions and modifications of such debts, obligations and liabilities (such Notes, debts, obligations and liabilities are called the “Indebtedness”). Unless otherwise provided by applicable law, notwithstanding anything to the
contrary contained in this Agreement, to the extent that Secured Party asserts a purchase money security interest in any items of Collateral (“PMSI Collateral”): (i) the PMSI Collateral shall secure only that portion of the
Indebtedness which has been advanced by Secured Party to enable Debtor to purchase, or acquire rights in or the use of such PMSI Collateral (the “PMSI Indebtedness”), and (ii) no other Collateral shall secure the PMSI
Indebtedness. 
  

	2.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR. 

 Debtor represents, warrants and covenants as of the date of this Agreement and as of the date of each Collateral Schedule, unless specifically otherwise disclosed, that: 
 (a) Debtor’s exact legal name is as set forth in the preamble of this Agreement and Debtor is, and will remain, duly organized, existing and in good
standing under the laws of the State set forth in the preamble of this Agreement, has its chief executive offices at the location specified in the preamble, and is, and will remain, duly qualified and licensed in every jurisdiction wherever
necessary to carry on its business and operations; 
 (b) Debtor has adequate power and capacity to enter into, and to perform its
obligations under this Agreement, each Note and any other documents evidencing, or given in connection with, any of the Indebtedness (all of the foregoing, excluding the Warrant, are called the “Debt Documents”); 
 (c) This Agreement and the other Debt Documents have been duly authorized, executed and delivered by Debtor and constitute legal, valid and binding
agreements enforceable in accordance with their terms, except to the extent that the enforcement of remedies may be limited under applicable bankruptcy and insolvency laws and equitable remedies; 
 (d) No approval, consent or withholding of objections is required from any governmental authority or instrumentality with respect to the entry into, or
performance by Debtor of any of the Debt Documents, except any already obtained; 
 (e) The entry into, and performance by, Debtor of the
Debt Documents will not (i) violate any of the organizational documents of Debtor or any judgment, order, law or regulation applicable to Debtor, or (ii) result in any breach of or constitute a default under 

 any contract to which Debtor is a party, or result in the creation of any lien, claim or encumbrance on any of
Debtor’s property (except for liens in favor of Secured Parties) pursuant to any indenture, mortgage, deed of trust, bank loan, credit agreement, or other agreement or instrument to which Debtor is a party; 
 (f) There are no suits or proceedings pending in court or before any commission, board or other administrative agency against or affecting Debtor which
could, in the aggregate, have a material adverse effect on Debtor, its business or operations, or its ability to perform its obligations under the Debt Documents, nor does Debtor have reason to believe that any such suits or proceedings are
threatened; 
 (g) All financial statements delivered to Secured Party in connection with the Indebtedness have been prepared in accordance
with generally accepted accounting principles, and since the date of the most recent financial statement, there has been no material adverse change in Debtors financial condition; 
 (h) The Collateral is not, and will not be, used by Debtor for personal, family or household purposes; 
 (i) The Collateral is, and will remain, in good condition and repair and Debtor will not be negligent in its care and use; 
 (j) Debtor is, and will remain, the sole and lawful owner, and in possession of, the Collateral, and has the sole right and lawful authority to grant the
security interest described in this Agreement; and 
 (k) The Collateral is, and will remain, free and clear of all liens, claims and
encumbrances of any kind whatsoever, except for (i) liens in favor of Secured Parties, (ii) liens for taxes not yet due or for taxes being contested in good faith and which do not involve, in the judgment of Secured Party, any risk of the
sale, forfeiture or loss of any of the Collateral, (iii) inchoate materialmen’s, mechanic’s, repairmen’s and similar liens arising by operation of law in the normal course of business for amounts which are not delinquent; and
(iv) Debtor’s fulfillment of its obligations pursuant to its collaboration agreement with Gilead Sciences, Inc. (all of such liens are called “Permitted Liens”). 

	3.	COLLATERAL. 

 (a) Until the declaration of any
default under Section 7, Debtor shall remain in possession of the Collateral; except that Secured Party shall have the right to possess (i) any chattel paper or instrument that constitutes a part of the Collateral, and (ii) any other
Collateral in which Secured Party’s security interest may be perfected only by possession. Secured Party may inspect any of the Collateral during normal business hours after giving Debtor reasonable prior notice. If Secured Party asks, Debtor
will promptly notify Secured Party in writing of the location of any Collateral. 
 (b) Debtor shall (i) use the Collateral only in its
trade or business, (ii) maintain all of the Collateral in good operating order and repair, normal wear and tear excepted, (iii) use and maintain the Collateral only in compliance with manufacturers recommendations and all applicable laws,
and (iv) keep all of the Collateral free and clear of all liens, claims and encumbrances (except for Permitted Liens). 
 (c) Secured
Party does not authorize and Debtor agrees it shall not (i) part with possession of any of the Collateral (except to Secured Party or for maintenance and repair), (ii) remove any of the Collateral from the continental United States, or
(iii) sell, rent, lease, mortgage, license, grant a security interest in or otherwise transfer or encumber (except for Permitted Liens) any of the Collateral. 
 (d) Debtor shall pay promptly when due all taxes, license fees, assessments and public and private charges levied or assessed on any of the Collateral, on its use, or on this Agreement or any of the other Debt
Documents. At its option, Secured Party may discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the Collateral and may pay for the maintenance, insurance and preservation of the Collateral and effect
compliance with the terms of this Agreement or any of the other Debt Documents. Debtor agrees to reimburse Secured Party, on demand, all costs and expenses incurred by Secured Party in connection with such payment or performance and agrees that such
reimbursement obligation shall constitute Indebtedness. 
 (e) Debtor shall, at all times, keep accurate and complete records of the
Collateral, and Secured Party shall have the right to inspect and make copies of all of Debtor’s books and records relating to the Collateral during normal business hours, after giving Debtor reasonable prior notice. 
 (f) Debtor agrees and acknowledges that any third person who may at any time possess all or any portion of the Collateral shall be deemed to hold, and
shall hold, the Collateral as the agent of, and as pledge holder for, Secured Party. Secured Party may at any time give notice to any third person described in the preceding sentence that such third person is holding the Collateral as the agent of,
and as pledge holder for, the Secured Party. 

	4.	INSURANCE. 

 (a) Debtor shall at all times bear the
entire risk of any loss, theft, damage to, or destruction of, any of the Collateral from any cause whatsoever. 
 (b) Debtor agrees to keep
the Collateral insured against loss or damage by fire and extended coverage perils, theft, burglary, and for any or all Collateral which are vehicles, for risk of loss by collision, and if requested by Secured Party, against such other risks as
Secured Party may reasonably require. The insurance coverage shall be in an amount no less than the full replacement value of the Collateral, and deductible amounts, insurers and policies shall be acceptable to Secured Party. Debtor shall deliver to
Secured Party policies or certificates of insurance evidencing such coverage. Each policy shall name Secured Party as a loss payee, shall provide for coverage to Secured Party regardless of the breach by Debtor of any warranty or representation made
therein, shall not be subject to co-insurance, and shall provide that coverage may not be canceled or altered by the insurer except upon thirty (30) days prior written notice to Secured Party. Debtor appoints Secured Party as its
attorney-in-fact to make proof of loss, claim for insurance and adjustments with insurers, and to receive payment of and execute or endorse all documents, checks or drafts in connection with insurance payments. Secured Party shall not act as
Debtor’s attorney-in-fact unless Debtor is in default. Proceeds of insurance shall be applied, at the option of Secured Party, to repair or replace the Collateral or to reduce any of the Indebtedness. 
  

	5.	REPORTS. 

 (a) Debtor shall promptly notify Secured
Party of (i) any change in the name of Debtor, (ii) any change in the state of its incorporation or registration, (iii) any relocation of its chief executive offices, (iv) any relocation of any of the Collateral, (v) any of
the Collateral being lost, stolen, missing, destroyed, materially damaged or worn out, or (vi) any lien, claim or encumbrance other than Permitted Liens attaching to or being made against any of the Collateral. 
 (b) Debtor will deliver to Secured Party Debtor’s complete financial statements, certified by a recognized firm of certified public accountants,
within ninety (90) days of the close of each fiscal year of Debtor. If Secured Party requests, Debtor will deliver to Secured Party copies of Debtor’s quarterly financial reports certified by Debtor’s chief financial officer, within
ninety (90) days after the close of each of Debtor’s fiscal quarter. Debtor will deliver to Secured Party copies of all Forms 10-K and 10-Q, if any, within 30 days after the dates on which they are filed with the Securities and Exchange
Commission. 
  

	6.	FURTHER ASSURANCES. 

 (a) Debtor shall, upon request
of Secured Party, furnish to Secured Party such further information, execute and deliver to Secured Party such documents and instruments (including, without limitation, Uniform Commercial Code financing statements) and shall do such other acts and
things as Secured Party may at any time reasonably request relating to the perfection or protection of the security interest created by this Agreement or for the purpose of carrying out the intent of this Agreement. Without limiting the foregoing,
Debtor shall cooperate and do all 

 
acts deemed necessary or advisable by Secured Party to continue in Secured Party a perfected first security interest in the Collateral subject to the rights
of GECC, and shall obtain and furnish to Secured Party any subordination, releases, landlord waivers, lessor waivers, mortgagee waivers, or control agreements, and similar documents as may be from time to time requested by, and in form and substance
satisfactory to, Secured Party. 
 (b) Debtor authorizes Secured Party to file a financing statement and amendments thereto describing the
Collateral and containing any other information required by the applicable Uniform Commercial Code. Debtor irrevocably grants to Secured Party the power to sign Debtor’s name and generally to act on behalf of Debtor to execute and file
applications for title, transfers of title, financing statements, notices of lien and other documents pertaining to any or all of the Collateral; this power is coupled with Secured Party’s interest in the Collateral. Debtor shall, if any
certificate of title be required or permitted by law for any of the Collateral, obtain and promptly deliver to Secured Party such certificate showing the lien of this Agreement with respect to the Collateral. Debtor ratifies its prior authorization
for Secured Party to file financing statements and amendments thereto describing the Collateral and containing any other information required by the Uniform Commercial Code if filed prior to the date hereof. 
 (c) Debtor shall indemnify and defend the Secured Party, its successors and assigns, and their respective directors, officers and employees, from and
against all claims, actions and suits (including, without limitation, related attorneys’ fees) of any kind whatsoever arising, directly or indirectly, in connection with any of the Collateral. 
  

	7.	DEFAULT AND REMEDIES. 

 (a) Debtor shall be in
default under this Agreement and each of the other Debt Documents if (and so long as is continuing): 
 (i) Debtor breaches
its obligation to pay when due any installment or other amount due or coming due under any of the Debt Documents unless such failure to pay on the required due date is a result of the error or malfunction of any electronic payment system or other
system established for the electronic transfer of funds. If the error of malfunction of any electronic payment system or other systems persists for more than three (3) days, Debtor agrees to immediately send payment to Secured Party via wire
transfer or overnight mail; 
 (ii) Debtor, without the prior written consent of Secured Party, attempts to or does sell,
rent, lease, license, mortgage, grant a security interest in, or otherwise transfer or encumber (except for Permitted Liens) any of the Collateral; 
 (iii) Debtor breaches any of its insurance obligations under Section 4; 
 (iv) Debtor
breaches any of its other obligations under any of the Debt Documents and fails to cure that breach within thirty (30) days after written notice from Secured Party; 

 (v) Any warranty, representation or statement made by Debtor in any of the Debt Documents
or otherwise in connection with any of the Indebtedness shall be false or misleading in any material respect when made; 
 (vi) Any of the Collateral is subjected to attachment, execution, levy, seizure or confiscation in any legal proceeding or otherwise, or if any legal or administrative proceeding is commenced against Debtor or any of the Collateral, which
in the good faith judgment of Secured Party subjects any of the Collateral to a material risk of attachment, execution, levy, seizure or confiscation and no bond is posted or protective order obtained to negate such risk; 
 (vii) Debtor breaches or is in default under any other agreement between Debtor and Secured Party; 
 (viii) Debtor or any guarantor or other obligor for any of the Indebtedness (collectively “Guarantor”) dissolves,
terminates its existence, becomes insolvent or ceases to do business as a going concern; 
 (ix) If Debtor or any Guarantor is
a natural person, Debtor or any such Guarantor dies or becomes incompetent; 
 (x) A receiver is appointed for all or of any
part of the property of Debtor or any Guarantor, or Debtor or any Guarantor makes any assignment for the benefit of creditors; 
 (xi) Debtor or any Guarantor files a petition under any bankruptcy, insolvency or similar law, or any such petition is filed against Debtor or any Guarantor and is not dismissed within sixty (60) days; or 
 (xii) Debtor’s improper filing of an amendment or termination statement relating to a filed financing statement describing the
Collateral. 
 (b) If Debtor is in default, the Secured Party, at its option, may declare any or all of the Indebtedness to be immediately
due and payable, without demand or notice to Debtor or any Guarantor. The accelerated obligations and liabilities shall bear interest (both before and after any judgment) until paid in full at the lower of eighteen percent (18%) per annum or
the maximum rate not prohibited by applicable law. 
 (c) After default, Secured Party shall have all of the rights and remedies of a Secured
Party under the Uniform Commercial Code, and under any other applicable law. Without limiting the foregoing, Secured Party shall have the right to (i) notify any account debtor of Debtor or any obligor on any instrument which constitutes part
of the Collateral to make payment to the Secured Party, (ii) with or without legal process, enter any premises where the Collateral may be and take possession of and remove the Collateral from the premises or store it on the premises,
(iii) sell the Collateral at public or private sale, in whole or in part, and have the right to bid and purchase at said sale, or (iv) lease or otherwise dispose of all or part of the Collateral, applying proceeds from such disposition to
the obligations then in default. If requested by Secured Party, Debtor shall promptly assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Secured
Party may also render any or all of the Collateral unusable at the Debtor’s 

 
premises and may dispose of such Collateral on such premises without liability for rent or costs. Any notice that Secured Party is required to give to Debtor
under the Uniform Commercial Code of the time and place of any public sale or the time after which any private sale or other intended disposition of the Collateral is to be made shall be deemed to constitute reasonable notice if such notice is given
to the last known address of Debtor at least ten (10) days prior to such action. 
 (d) Proceeds from any sale or lease or other
disposition shall be applied: first, to all costs of repossession, storage, and disposition including without limitation attorneys’, appraisers’, and auctioneers’ fees; second, to discharge the obligations then in default; third, to
discharge any other Indebtedness of Debtor to Secured Party, whether as obligor, endorser, guarantor, surety or indemnitor; fourth, to expenses incurred in paying or settling liens and claims against the Collateral; and lastly, to Debtor, if there
exists any surplus. Debtor shall remain fully liable for any deficiency. 
 (e) Debtor agrees to pay all reasonable attorneys’ fees and
other costs incurred by Secured Party in connection with the enforcement, assertion, defense or preservation of Secured Party’s rights and remedies under this Agreement, or if prohibited by law, such lesser sum as may be permitted. Debtor
further agrees that such fees and costs shall constitute Indebtedness. 
 (f) Secured Party’s rights and remedies under this Agreement
or otherwise arising are cumulative and may be exercised singularly or concurrently. Neither the failure nor any delay on the part of the Secured Party to exercise any right, power or privilege under this Agreement shall operate as a waiver, nor
shall any single or partial exercise of any right, power or privilege preclude any other or further exercise of that or any other right, power or privilege. SECURED PARTY SHALL NOT BE DEEMED TO HAVE WAIVED ANY OF ITS RIGHTS UNDER THIS AGREEMENT OR
UNDER ANY OTHER AGREEMENT, INSTRUMENT OR PAPER SIGNED BY DEBTOR UNLESS SUCH WAIVER IS EXPRESSED IN WRITING AND SIGNED BY SECURED PARTY. A waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future
occasion. 
 (g) DEBTOR AND SECURED PARTY UNCONDITIONALLY WAIVE THEIR RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE INDEBTEDNESS SECURED HEREBY, ANY DEALINGS BETWEEN DEBTOR AND SECURED PARTY RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE
RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN DEBTOR AND SECURED PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS WAIVER MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY OTHER DEBT DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY
RELATED TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

	8.	MISCELLANEOUS. 

 (a) This Agreement, any Note and/or
any of the other Debt Documents may be assigned, in whole or in part, by Secured Party without notice to Debtor, and Debtor agrees not to assert against any such assignee, or assignee’s assigns, any defense, set-off, recoupment claim or
counterclaim which Debtor has or may at any time have against Secured Party for any reason whatsoever. Debtor agrees that if Debtor receives written notice of an assignment from Secured Party, Debtor will pay all amounts payable under any assigned
Debt Documents to such assignee or as instructed by Secured Party. Debtor also agrees to confirm in writing receipt of the notice of assignment as may be reasonably requested by Secured Party or assignee. 
 (b) All notices to be given in connection with this Agreement shall be in writing, shall be addressed to the parties at their respective addresses set
forth in this Agreement (unless and until a different address may be specified in a written notice to the other party), and shall be deemed given (i) on the date of receipt if delivered in hand or by facsimile transmission, (ii) on the
next business day after being sent by express mail, and (iii) on the fourth business day after being sent by regular, registered or certified mail. As used herein, the term “business day” shall mean and include any clay other than
Saturdays, Sundays, or other days on which commercial banks in New York, New York are required or authorized to be closed. 
 (c) Secured
Party may correct patent errors and fill in all blanks in this Agreement or in any Collateral Schedule consistent with the agreement of the parties. 
 (d) Time is of the essence of this Agreement. This Agreement shall be binding, jointly and severally, upon all parties described as the “Debtor” and their respective heirs, executors, representatives,
successors and assigns, and shall inure to the benefit of Secured Party, its successors and assigns. 
 (e) This Agreement and its Collateral
Schedules constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior understandings (whether written, verbal or implied) with respect to such subject matter. THIS AGREEMENT AND
ITS COLLATERAL SCHEDULES SHALL NOT BE CHANGED OR TERMINATED ORALLY OR BY COURSE OF CONDUCT, BUT ONLY BY A WRITING SIGNED BY BOTH PARTIES. Section headings contained in this Agreement have been included for convenience only, and shall not affect the
construction or interpretation of this Agreement. 
 (f) This Agreement shall continue in full force and effect until all of the Indebtedness
has been indefeasibly paid in full to Secured Party or its assignee. The surrender, upon payment or otherwise, of any Note or any of the other documents evidencing any of the Indebtedness shall not affect the right of Secured Party to retain the
Collateral for such other Indebtedness as may then exist or as it may be reasonably contemplated will exist in the future. This Agreement shall automatically be reinstated if Secured Party is ever required to return or restore the payment of all or
any portion of the Indebtedness (all as though such payment had never been made). 
 (g) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND 

 
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE COMMONWEALTH OF VIRGINIA (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE), INCLUDING
ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE EQUIPMENT. 
 (h) Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to them in the Uniform Commercial Code. 
 IN WITNESS WHEREOF, Debtor and
Secured Party, intending to be legally bound hereby, have duly executed this Agreement in one or more counterparts, each of which shall be deemed to be an original, as of the day and year first aforesaid. 
  

									
	SECURED PARTY:	 		 	DEBTOR:
			
	Oxford Finance Corporation	 		 	Achillion Pharmaceuticals, Inc.
					
	By:	 	/S/    MICHAEL J.
ALTENBURGER        	 		 	By:	 	/S/    MARY KAY
FENTON        
	Name:	 	Michael J. Altenburger	 		 	Name:	 	Mary Kay Fenton
	Title:	 	Chief Financial Officer	 		 	Title:	 	VP, Finance

 AMENDMENT NO. 01 
 THIS AMENDMENT is made as of the 30th day of December 2005, between Oxford Finance Corporation (“Secured Party”) and Achillion Pharmaceuticals, Inc. (“Debtor”) in connection with that certain
Master Security Agreement, dated as of the date hereof (“Agreement”). The terms of this Amendment are hereby incorporated into the Agreement as though fully set forth therein. Secured Party and Debtor mutually desire to amend the Agreement
as set forth below. Section references below refer to the section numbers of the Agreement. 
 Subsections 1 (b) is hereby added to the existing
paragraph (now to be identified as 1 (a) and reads as follows: 
 “(b) With this Amendment, Debtor is, and Secured Party
acknowledges, entering into a similar financing with General Electric Capital Corporation, which will be referred to as “GECC,” or, together with Secured Party, will be referenced as “Secured Parties.” GE and Secured Party are
entering into an Intercreditor Agreement of same date as used in this Amendment. The Intercreditor Agreement sets forth the relative priority of Secured Parties with respect to the security interests in the Collateral (as there defined) and
allocates the distribution or any proceeds from any sale or disposition of the Collateral. 
 Subsections 2(1), (m), (n) and (o) are hereby
added and read as follows: 
 “(l) Debtor’s Intellectual Property, as defined in Section 7 below, is and will remain free
and clear of all liens, claims and encumbrances of any kind whatsoever, except for Permitted Liens as defined in subsection (k) of this Section; 
 (m) Debtor has not and will not enter into any other agreement or financing arrangement, other than with Secured Parties, in which it granted a negative pledge in Debtor’s Intellectual Property to any other
party; 
 (n) To the extent Secured Party has outstanding balances with Debtor, Secured Party will have a right to first proceeds under any
permitted sale or transfer of Intellectual Property as set forth in the Intercreditor Agreement; and 
 (o) Debtor hereby grants to Secured
Party a right (but not an obligation) to invest up to $750,000 in each of the Debtor’s Subsequent Financings on the same terms, conditions and pricing offered to the lead investor of such financing. Debtor shall give Secured Party at least
thirty (30) days prior written notice of each Subsequent Financing containing the terms, conditions and pricing of each Subsequent Financing. As used herein, “Subsequent Financing” shall mean the next and any future
round of private equity financing. Secured Party hereby agrees that the rights under this Section 2(o) shall terminate upon the closing of an initial public offering of Debtor’s common stock.” 
 Subsections 7(a)(xiii) through (xvii) are hereby added and read as follows: 
 “(xiii) There is a material adverse change in the Debtor’s financial condition as determined reasonably by Secured Party (Secured party acknowledges that cash burn alone by Debtor shall not be deemed a
“material adverse change” if such cash burn does not materially exceed the cash burn projections provided to Secured Party as of December 30, 2005); 

 (xiv) Any Guarantor revokes or attempts to revoke its guaranty of any of the Indebtedness or fails to
observe or perform any covenant, condition or agreement to be performed under any guaranty or other related document to which it is a party; 
 (xv) Debtor defaults under any other material obligation for (A) borrowed money, (B) the deferred purchase price of property or (C) payments due under any lease agreement; 
 (xvi) At any time during the term of this Agreement Debtor experiences a change of control such that any person or entity acquires either more than 50%
or the voting stock of Debtor or all or substantially all of Debtor’s assets, in either case, without Secured Party’s prior written consent; or 
 (xvii) Debtor or any guarantor or other obligor for any of the Indebtedness sells, transfers, assigns, mortgages, pledges, leases, grants a security interest in or encumbers any or all of Debtor’s Intellectual
Property now existing or hereafter acquired. Intellectual Property shall consist of but not be limited to any and all owned or licensed patents, trademarks and copyrights. For purposes of this paragraph xvii, licenses or sublicenses by the Debtor of
its Intellectual Property as part of a research and development or similar arrangement, or in fulfilling its existing obligations pursuant to its collaboration agreement with Gilead Sciences, Inc., shall be excluded. Debtor shall provide Secured
Party with a listing of licenses and sublicenses granted to third parties within ten (10) days of receipt of written request.” 
 TERMS USED, BUT
NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN TO THEM IN THE AGREEMENT. EXCEPT AS EXPRESSLY AMENDED HEREBY, THE AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT. IF THERE IS ANY CONFLICT BETWEEN THE PROVISIONS OF THE AGREEMENT AND THIS
AMENDMENT NO. 1, THEN THIS AMENDMENT NO. 1 SHALL CONTROL. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment
No. 01 by signature of their respective authorized representative set forth below. 
  

									
	Oxford Finance Corporation	 		 	Achillion Pharmaceuticals, Inc.
					
	By:	 	/S/    MICHAEL J.
ALTENBURGER        	 		 	By:	 	/S/    MARY KAY
FENTON        
	Name:	 	Michael J. Altenburger	 		 	Name:	 	Mary Kay Fenton
	Title:	 	Chief Financial Officer	 		 	Title:	 	VP, Finance

 COLLATERAL SCHEDULE NO. 001 
 Part of Master Security Agreement dated as of December 30, 2005 (the “Contract”) 
 between Oxford Finance Corporation (the “Secured Party”) and Achillion 
 Pharmaceuticals,
Inc. (the “Debtor”). 
 As security for the full and faithful performance by the Debtor of all of the terms and conditions upon
the Debtor’s part to be performed under the Contract and any other obligation of the Debtor to the Secured Party now or hereafter in existence Party (other than any obligations of Debtor to Secured Party in connection with any purchase of
equity securities of Debtor, including any right to invest in equity financings by Debtor and including the issuance of any warrants for the purchase of Debtor’s equity securities), the Debtor does hereby grant to the Secured Party a security
interest in the property listed below (all hereinafter collectively called the “Additional Collateral”): 
 All of Debtor’s Personal
Property and Fixtures now owned or hereafter acquired and wherever located including but not limited to the following: 
 1. All Machinery, Equipment,
Furniture and Fixtures, now owned or hereafter acquired and wherever located, complete with any and all attachments, accessions, additions, replacements, improvements, modifications and substitutions thereto and therefor and all proceeds including
insurance proceeds and products thereof and therefrom. 
 2. All Accounts, Accounts Receivable, Contract Rights, General Intangibles, Investment Property,
Instruments, and Chattel Paper, now owned or hereafter acquired and wherever located, and all proceeds thereof and therefrom. 
 3. All Inventory and any
other goods, merchandise or other personal property held by Debtor for sale or lease and all, raw materials, work or goods in process or materials or supplies of every nature used, consumed or to be consumed in Debtor’s business, all of the
foregoing now owned or hereafter acquired and wherever located, and all proceeds, including insurance proceeds and products of any of the foregoing. 
 4.
Notwithstanding the foregoing, the Collateral does not include any of the following, whether now owned or hereafter acquired any copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and
derivative work, whether published or unpublished, any patents, patent applications and like protections, including improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part of the same, trademarks, service
marks and, to the extent permitted under applicable law, any applications therefor, whether registered or not, and the goodwill of the business of Debtor connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights
to unpatented inventions, and any claims for damage by way of any past, present, or future infringement of any of the foregoing; provided, however, the Collateral shall include all Accounts, license and royalty fees and other revenues, proceeds, or
income arising out of or relating to any of the foregoing. 
 In the event of a default by the Debtor with respect to any of the conditions,
terms, covenants and provisions under the Contract or other agreement, Secured Party shall have the 

 
rights and remedies of a secured party under the Uniform Commercial Code with respect to the Additional Collateral. The Debtor shall have the same
obligations with respect to the Additional Collateral as it has under the Contract with respect to the Collateral financed. 
 Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them in the Contract. 
 This Agreement shall run to the
benefit of the Secured Party’s successors and assigns. 
 Dated: 12/30/05
  

									
	Oxford Finance Corporation	 		 	Achillion Pharmaceuticals, Inc.
					
	BY:	 	/S/    MICHAEL J.
ALTENBURGER        	 		 	BY:	 	/S/    MARY KAY
FENTON        
		 	Michael J. Altenburger	 		 		 	
	TITLE:	 	Chief Financial Officer	 		 	TITLE:	 	VP, Finance

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