Document:

Exhibit

EXHIBIT 10.34

CONSENT, RELEASE, AND SECOND AMENDMENT TO 
LOAN AND SECURITY AGREEMENT

This CONSENT, RELEASE, AND SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of November 21, 2017, by and among OXFORD FINANCE LLC (“Oxford”) as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 of the Loan Agreement or otherwise a party thereto from time to time including, without limitation, Oxford in its capacity as a Lender, and SILICON VALLEY BANK (in such capacity, each a “Lender” and collectively, “Lenders”), and HALOZYME THERAPEUTICS, INC., a Delaware corporation (“Parent”), and HALOZYME, INC., a California corporation (“Halozyme” and together with Parent, individually and collectively, jointly and severally, “Borrower”).
RECITALS
A.Collateral Agent, Lenders and Borrower have entered into that certain Loan and Security Agreement dated as of June 7, 2016 (as amended by that certain Consent, Release, and First Amendment to Loan and Security Agreement, dated as of December 21, 2016, and as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”).  Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.

B.Borrower intends to form Halozyme Switzerland Holdings GmbH under the laws of Switzerland (the “Swiss Holdco”), which shall initially be wholly-owned by Halozyme (the “Swiss Holdco Formation”).

C.Borrower intends to (i) transfer all of the issued and outstanding capital stock, membership units or other securities owned or held of record by Halozyme in the Bermuda Subsidiary (the “Applicable Bermuda Assets”) to the Swiss Holdco (the “Bermuda Equity Transfer”); (ii) transfer all of the issued and outstanding capital stock, membership units or other securities owned or held of record by Halozyme in the Swiss Subsidiary (the “Applicable Swiss Assets,” and together with the Applicable Bermuda Assets, collectively the “Applicable Assets”) to the Swiss Holdco (the “Swiss Subsidiary Equity Transfer”); and (iii) make Investments in the Swiss Holdco from time to time hereafter.

D.Borrower has requested that Collateral Agent and Lenders (i) consent to the Swiss Holdco Formation, the Bermuda Equity Transfer and the Swiss Subsidiary Equity Transfer, (ii) release Collateral Agent’s Lien on the Applicable Assets, (iii) amend the Loan Agreement to permit periodic Investments in the Swiss Holdco, and (iv) make certain other revisions to the Loan Agreement as more fully set forth herein.

E.Collateral Agent and Lenders have agreed to so consent to the transactions set forth above, release Collateral Agent’s Lien on the Applicable Assets, and amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

2.Consent.  Subject to the terms of Section 11 below, and so long as Borrower pledges, assigns and grants a security interest in the Shares of the Swiss Holdco to Collateral Agent pursuant to, and to the extent required by, the terms of the Loan Agreement (as amended by this Amendment) and that certain Quota Pledge Agreement, substantially in the form attached hereto as Exhibit A, Collateral Agent and Lenders hereby consent to (a) the Swiss Holdco Formation, (b) the Bermuda Equity Transfer, (c) the Swiss Subsidiary Equity Transfer, and (d) agree that, as of the date hereof, the Swiss Holdco shall not be required to become a co-Borrower or Guarantor under the Loan Agreement pursuant to Section 6.12 of the Loan Agreement.  Collateral Agent and Lenders hereby agree that the transactions described in clauses (a) through (d) above shall not constitute an “Event of Default” under the Loan Agreement.

3.Release.  Subject to the terms of Section 11 below and effective only upon the consummation of the Bermuda Equity Transfer and the Swiss Subsidiary Equity Transfer, Collateral Agent hereby releases any security interest it has in the Applicable Assets without delivery of any instrument or any further action by any party; provided, however, that nothing in this Amendment shall constitute a release of any security interest Collateral Agent has in any consideration or other proceeds of the Applicable Assets which are payable to or received by Borrower in connection with the Bermuda Equity Transfer and/or the Swiss Subsidiary Equity Transfer, whether now owned or hereafter acquired.  At the request and sole expense of Borrower at any time after the effectiveness of the foregoing release, Collateral Agent shall execute and deliver to Borrower such documents as Borrower may reasonably request to evidence the release of the Applicable Assets.  At the request and sole expense of Borrower at any time after the effectiveness of the foregoing release, Collateral Agent shall file, or cause to be filed, a UCC amendment to exclude the Applicable Assets to evidence the release of Collateral Agent’s Lien thereon.

4.Reaffirmation of Security Interest.  Except to the extent the Applicable Assets are released pursuant to Section 3 above, Borrower hereby reaffirms its grant to Collateral Agent of a continuing security interest in the Collateral.

5.Amendment to Loan Agreement.

5.1    Section 6.12 (Creation/Acquisition of Subsidiaries).  Section 6.12 is hereby amended by deleting the last sentence thereof and replacing it with the following:

Notwithstanding the foregoing, none of Swiss Holdco, Swiss Subsidiary, Bermuda Subsidiary, or LLC shall be required to become a co-Borrower hereunder or guarantee the Obligations of Borrower under the Loan Documents and none of the foregoing entities shall be required to grant any Liens on any of its assets in favor of Collateral Agent or Lenders.
5.2    Section 7.8 (Transactions with Affiliates).  Section 7.8(d) is hereby amended and restated in its entirety to read as follows:  “(d) transactions among Borrower, the Swiss Holdco, the Swiss Subsidiary and/or the Bermuda Subsidiary pursuant to the R&D Agreement, the Bermuda License, that 

certain General and Administrative Services Agreement, dated December 21, 2016, by and between Halozyme and the Bermuda Subsidiary and that certain General and Administrative Services Agreement, dated December 21, 2016, by and between Halozyme and the Swiss Subsidiary.”

5.3    Section 7.15 (Swiss Subsidiary Assets).  Section 7.15 is hereby amended and restated in its entirety to read as follows:

7.15    Swiss Subsidiary Assets.  Permit the Swiss Subsidiary to hold (a) any assets in an aggregate amount not to exceed Six Million Dollars ($6,000,000) at any time; or (b) more than twenty percent (20.00%) of the total consolidated cash and Cash Equivalents of Borrower and its Subsidiaries at any time.
5.4    Section 7.16 (Swiss Holdco Assets).  The following new Section 7.16 is hereby added to Section 7:

7.16    Swiss Holdco Assets.  Permit the Swiss Holdco to hold any assets, other than (i) the issued and outstanding capital stock, membership units or other securities of the Bermuda Subsidiary and the Swiss Subsidiary, and (ii) cash in an aggregate amount not to exceed One Hundred Thousand (100,000) Swiss Francs at any time; provided that the Swiss Holdco may also hold, for up to five Business Days, the proceeds of certain (a) Permitted Investments made by Halozyme to the Bermuda Subsidiary and/or the Swiss Subsidiary, and (b) payments, dividends and/or distributions made by the Bermuda Subsidiary and/or the Swiss Subsidiary to the Swiss Holdco, so long as (x) with respect to the foregoing clause (a), such proceeds are invested by the Swiss Holdco in the Swiss Subsidiary or the Bermuda Subsidiary, as applicable, and (y) with respect to the foregoing clause (b), such proceeds are remitted, paid, dividended and/or distributed, as applicable, by the Swiss Holdco to Halozyme, in each case within five (5) Business Days of the Swiss Holdco’s receipt of such proceeds.
5.5    Section 13.1 (Definitions).  The following definitions are hereby added to Section 13.1 in their appropriate alphabetical order:

“Second Amendment Date” means November 21, 2017.
 “Swiss Holdco” is Halozyme Switzerland Holdings GmbH, a wholly-owned Subsidiary of Halozyme formed under the laws of Switzerland.
5.6    Section 13.1(Definitions).  The following terms and their definitions in Section 13.1 are hereby amended by deleting them in their entirety and replacing them with the following:

“Bermuda Subsidiary” is Halozyme Holdings, Ltd., a wholly-owned Subsidiary of the Swiss Holdco formed under the laws of Bermuda.
“Swiss Share Pledge Documents” means that certain Quota Pledge Agreement by Halozyme in favor of Collateral Agent, for the ratable benefit of the Lenders, in form and substance reasonably satisfactory to Collateral Agent and the Lenders, and any other documents, instruments, and undertakings necessary and reasonably required by Collateral Agent and the Lenders to be executed in connection therewith.
“Swiss Subsidiary” is Halozyme Switzerland GmbH, a wholly-owned Subsidiary of Swiss Holdco formed under the laws of Switzerland.

5.7    Section 13.1 (Definitions).  Clauses (d) and (m) of the definition of “Permitted Investments” in Section 13.1 are amended in their entirety and replaced with the following:

(d)    (i) Investments of Parent in Halozyme, (ii) Investments of Borrower in any domestic Subsidiary which has joined this Agreement as a co-borrower hereunder; provided that Borrower and such Subsidiary shall have complied in all respects with Section 6.12 and taken all action necessary to perfect Collateral Agent’s Lien in the Collateral of such Subsidiary, (iii) so long as no Event of Default has occurred and is continuing, Investments by the Swiss Holdco in the Bermuda Subsidiary, provided that in each case, the proceeds of such Investments shall be used by the Bermuda Subsidiary solely to make payments to Halozyme under the R&D Agreement within ten (10) days of the making of each such Investment, (iv) so long as no Event of Default has occurred and is continuing, Investments by Halozyme in the Swiss Holdco, provided that the proceeds of such Investments shall be invested by the Swiss Holdco in the Bermuda Subsidiary in accordance with clause (iii) of this clause (d) of the definition of Permitted Investments, (v) so long as no Event of Default has occurred and is continuing, Investments in the Swiss Holdco not to exceed Six Million Dollars ($6,000,000.00) in the aggregate in any fiscal quarter (excluding any Investments described in clause (iv) of this clause (d) of the definition of Permitted Investments), provided that the proceeds of such Investments shall be invested by the Swiss Holdco in the Swiss Subsidiary within five (5) Business Days of receipt of such proceeds, and (vi) a one-time Investment by Halozyme in the Bermuda Subsidiary not to exceed Forty Million Dollars ($40,000,000.00) occurring on or about the Second Amendment Date, provided that all of the proceeds of any Investment under this clause (vi) shall be used solely to make payments to Halozyme under the R&D Agreement by no later than April 30, 2018;
(m)    Deposit Accounts and Securities Accounts of (i) the Bermuda Subsidiary, so long as the deposits held in such accounts comply with the terms of Section 7.12, (ii) the Swiss Subsidiary so long as the deposits held in such accounts comply with the terms of Section 7.15 and (iii) the Swiss Holdco, so long as the deposits held in such accounts comply with the terms of Section 7.16.
6.Limitation of Amendments.

6.1    The amendments set forth in Section 5, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Collateral Agent or any Lender may now have or may have in the future under or in connection with any Loan Document.

6.2    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

7.Representations and Warranties.  To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:

7.1    Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which 

case they are true and correct in all material respects as of such date), and (b) no Event of Default has occurred and is continuing;

7.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

7.3    The organizational documents of Borrower most recently delivered to Collateral Agent and Lenders are true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

7.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

7.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment do not and will not contravene (a) any material Requirement of Law binding on or affecting Borrower, (b) any material agreement by which Borrower is bound in a manner that constitutes an event of default thereunder, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

7.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made or is being obtained pursuant to Section 6.1(b) of the Loan Agreement; and

7.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

8.Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

9.Prior Agreement.  Except as expressly provided for in this Amendment, the Loan Documents are hereby ratified and reaffirmed and shall remain in full force and effect.  This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents.  In the event of any conflict or inconsistency between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired.

10.Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Amendment.

11.Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Collateral Agent and Lenders of this Amendment; and (b)  payment of Collateral Agent’s and Lenders’ legal fees and expenses in connection with the negotiation and preparation of this Amendment.

12.Covenants.  Borrower shall duly execute and deliver to Collateral Agent, immediately upon the formation and registration of the Swiss Holdco, the Swiss Share Pledge Documents.  Borrower shall deliver to Collateral Agent, within three (3) Business Days of the execution of the same, the original certificates, if any, for the Shares of the Swiss Holdco required to be pledged under the Loan Agreement (as amended by this Amendment), accompanied by an instrument of assignment duly executed in blank by Halozyme for each such certificate, if any.  Borrower shall deliver to Collateral Agent on or before February 28, 2018 (or such later date as Collateral Agent and Required Lenders may agree to in their sole discretion), the (i) certified excerpt from the commercial register (Handelsregister) relating to the Swiss Holdco, evidencing that Halozyme is the sole owner of all Quotas, the foregoing to be in form and substance reasonably satisfactory to Lenders’ Swiss counsel; (ii) certified excerpt from the commercial register (Handelsregister) relating to the Swiss Subsidiary, evidencing that the Swiss Holdco is the sole owner of all Quotas, the foregoing to be in form and substance reasonably satisfactory to Lenders’ Swiss counsel; and (iii) the Register of Members relating to the Bermuda Subsidiary, certified by a director of the Bermuda Subsidiary, evidencing that the Swiss Holdco is the sole owner of all shares of stock of the Bermuda Subsidiary, the foregoing to be in form and substance reasonably satisfactory to Lenders’ Bermuda counsel.  Notwithstanding anything to the contrary contained in the Loan Documents, any breach of the covenant set forth in this Section 12 shall be an immediate Event of Default and not subject to any cure period, including without limitation the cure period set forth in Section 8.2(b) of the Loan Agreement.

13.Governing Law.  This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California.

[Balance of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
	
				
	COLLATERAL AGENT:
OXFORD FINANCE LLC
	BORROWER:
HALOZYME THERAPEUTICS, INC.

	By:
	/s/ Colette H. Featherly
	By:
	/s/ Laurie Stelzer

	Name:
	Colette H. Featherly
	Name:
	Laurie Stelzer

	Title:
	Senior Vice President
	Title:
	Chief Financial Officer

	LENDERS:
OXFORD FINANCE LLC
	

HALOZYME, INC.

	By:
	/s/ Colette H. Featherly
	By:
	/s/ Laurie Stelzer

	Name:
	Colette H. Featherly
	Name:
	Laurie Stelzer

	Title:
	Senior Vice President
	Title:
	Chief Financial Officer

	

SILICON VALLEY BANK
	 
	 

	By:
	/s/ Anthony Flores
	 
	 

	Name:
	Anthony Flores
	 
	 

	Title:
	Director
	 
	 

EXHIBIT A
Quota Pledge Agreement
[see attached] 

A-1

QUOTA PLEDGE AGREEMENT
dated ___ November 2017

between
Halozyme, Inc.
11388 Sorento Valley Road
San Diego, CA 92121
USA
 (the Security Provider)
and
Oxford Finance LLC
133 N. Fairfax Street 
Alexandria, VA 22314 
USA
as Collateral Agent, acting for itself and as a direct representative (direkter Stellvertreter) on behalf of the other Secured Parties (as defined below)

(the Collateral Agent)
regarding
a pledge of a 65% quota in Halozyme Switzerland Holdings GmbH

Table of Contents
	
				
	1.
	Definitions and Interpretation
	3
	

	2.
	Quota Pledge
	6
	

	3.
	Delivery of Documents
	8
	

	4.
	Representations and Warranties
	9
	

	5.
	Additional Covenants
	11
	

	6.
	Realization of Security
	12
	

	7.
	Application of Proceeds
	13
	

	8.
	Power of Attorney
	13
	

	9.
	Release of Security Assets
	13
	

	10.
	Assignments and Transfer
	14
	

	11.
	Successor Collateral Agent
	14
	

	12.
	Cumulative and Continuing Security / Re-Instatement
	14
	

	13.
	Liability of the Collateral Agent
	15
	

	14.
	General Provisions
	15
	

	15.
	Governing Law and Jurisdiction
	16
	

	
			
	ANNEX 1 CERTIFICATE OF GOOD STANDING Halozyme, Inc.
	1
	

	ANNEX 2 CERTIFICATE OF INCORPORATION WITH ARTICLES Halozyme, Inc.
	2
	

	ANNEX 3 BOARD RESOLUTION Halozyme, Inc.
	3
	

	ANNEX 4 EXCERPT FROM COMMERCIAL REGISTER Halozyme Switzerland Holdings GmbH
	4
	

	ANNEX 5 ARTICLES OF ASSOCIATION Halozyme Switzerland Holdings GmbH
	5
	

	ANNEX 6 MANAGER'S RESOLUTION Halozyme Switzerland Holdings GmbH
	6
	

	ANNEX 7 QUOTA REGISTER Halozyme Switzerland Holdings GmbH
	7
	

	ANNEX 8 BENEFICIAL OWNER REGISTER Halozyme Switzerland Holdings GmbH
	8
	

This quota pledge agreement (the Agreement) is made as of ___ November 2017, by and between the Security Provider and the Collateral Agent, acting for itself and as a direct representative (direkter Stellvertreter) on behalf of the other Secured Parties (as defined below) (collectively the Parties, and each individually a Party).
WHEREAS
		
	1)
	Oxford Finance LLC in its capacity as Lender and Collateral Agent, the other Lenders listed in the Credit Agreement (as defined below) as Lenders, and Halozyme, Inc. as Borrower entered into a loan and security agreement dated 7 June 2016 as amended from time-to-time by the Parties (the Credit Agreement) pursuant to which the Lenders agreed to make available to Halozyme, Inc. term loans in the amount of up to USD 70,000,000 (unless otherwise defined herein, each term as defined in the Credit Agreement);

		
	2)
	In the Credit Agreement, the Parties agreed that the claims of the Lenders under the Credit Agreement shall be secured, inter alia, by way of the Security Provider pledging a 65 % share in the quota capital of the Security Provider's Swiss wholly owned subsidiary, Halozyme Switzerland Holdings GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) with registered office in Basel, Switzerland] registration number [CHE-•] (the Company) to the Collateral Agent, acting for itself and as a direct representative (direkter Stellvertreter) on behalf of the other Secured Parties (as defined below); and

		
	3)
	This Agreement is entered into in connection with the establishment of the Company as new wholly owned subsidiary of the Security Provider and shall replace a quota pledge agreement dated 21 December 2016 between Haloyzme, Inc. as security provider and Oxford Finance LLC, acting for itself and as a direct representative on behalf of the other secured parties, as collateral agent, relating to a pledge of 65% of the quota in Halozyme Switzerland GmbH with registered office at Hochbergerstr. 60C, 4057 Basel, Switzerland, registration number CHE-377.722.348. 

Now, therefore, to secure the payment and performance in full of the Secured Obligations (as defined below), the Security Provider desires to grant the Security (as defined below) and the Parties agree as follows:
		
	1.
	Definitions and Interpretation

		
	1.1
	Definitions

Unless defined otherwise hereinafter and except to the extent that the context requires otherwise, capitalized terms used in this Agreement shall have the meanings assigned to them in the Credit Agreement.

    	
		
	Agreement
	means this security agreement.

	Business Day
	means a Business Day as defined in the Credit Agreement, provided on any such day commercial banks in Zurich are open for normal business transactions.

	CC
	means the Swiss Civil Code.

	CO
	means the Swiss Code of Obligations.

	Company
	shall have the meaning as set forth in Whereas Clause 2).

	Credit Agreement
	shall have the meaning set forth in Whereas Clause 1).

	DEBA
	means the Swiss Federal Act on Debt Collection and Bankruptcy.

	Dividends
	shall mean all kinds of dividend (including without limitation any repayment of capital) relating to the Pledged Quota whether in cash or in kind, including, without limitation, in form of additional Quotas or Participation Rights.

	Event of Default
	has the meaning ascribed to the term "Event of Default" in the Credit Agreement.

	Pledge
	shall have the meaning set forth in Section 2.1 (Undertaking to Pledge and Pledge), being a pledge pursuant to articles 899 et seq. CC.

	Pledged Quota
	means (i) a quota (Stammanteil) issued by the Company amounting to 65% of the entire quota capital (Stammkapital) of the Company pursuant to art. 774 CO, and with regard to which, for the avoidance of doubts, no certificate has been issued, (ii) all quota(s) or other rights or interests whatsoever which may substitute the quota defined in (i) above by operation of law or otherwise now or hereafter, and (iii) any further quota(s), participation rights ("Genussscheine" in the Company, within the meaning of art. 774a CO) or other rights, relating to the quota defined in (i) above, that will be issued to the Security Provider by the Company after the date hereof.

	Quota
	means each quota issued by the Company, all Quotas together representing the entire quota capital (Stammkapital) of the Company currently amounting to CHF 20,000 in the aggregate.

	Related Rights
	means all moneys payable and any and all other accessory or other rights, benefits and proceeds in respect of, or derived from, the Pledged Quota, whether present or future and whether by way of capital reduction, redemption, substitution, exchange, bonus or preference, conversion or otherwise, including Subscription Rights, Dividends, option rights or liquidation proceeds upon liquidation of the Company.

	Secured Obligations
	has the meaning ascribed to the term "Obligations" in the Credit Agreement.

	Secured Party 
	means the Collateral Agent and each Lender as defined in the Credit Agreement.

	Security
	means the Pledge and the security assignment of Subscription Rights set out in Section 2.3(b) collectively.

	Security Assets
	means the Pledged Quota and the Related Rights over which the Security is created hereunder.

	Subscription Rights
	means the preemptive rights (Bezugsrecht) of a holder of the Pledged Quota in relation to such Pledged Quota.

	Voting Rights
	means the voting rights and any other non-monetary participation rights in relation to the Pledged Quota.

		
	1.2
	Interpretation

		
	(a)
	In this Agreement, unless the contrary intention appears, a reference to:

		
	(i)
	an amendment includes a supplement, novation, restatement or re-enactment, and amended will be construed accordingly;

		
	(ii)
	assets includes properties, revenues and rights of every description;

		
	(iii)
	an authorization includes an authorization, consent, approval, resolution, li-cense, exemption, filing and registration;

		
	(iv)
	a month is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that, if there is no numerically corresponding day in the month in which that period ends, that period shall end on the last day in that calendar month;

		
	(v)
	a regulation includes any regulation, rule, official directive, request or guide-line (whether or not having the force of law but if not having the force of law compliance with which is customary amongst those to whom it is addressed) of any governmental body, agency, department or regulatory, self-regulatory or other authority or organization;

		
	(vi)
	a provision of law is a reference to that provision as amended or re-enacted from time to time;

		
	(vii)
	a Section or a Whereas Clause is a reference to a section or a Whereas Clause of this Agreement; and

		
	(viii)
	a person includes its successors and assigns.

		
	(b)
	Unless the contrary intention appears, a term used in any notice given under or in connection with this Agreement has the same meaning in that notice as in this Agreement. 

		
	(c)
	The table of contents to, and the headings used in, this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

		
	(d)
	Unless the context requires otherwise, references herein to the Collateral Agent shall be read as references to the Collateral Agent acting for itself and as direct representative (direkter Stellvertreter) on behalf of all other Secured Parties.

		
	2.
	Quota Pledge

		
	2.1
	Undertaking to Pledge and Pledge

		
	(a)
	The Security Provider hereby agrees to grant to the Collateral Agent, acting for itself and on behalf of each other Secured Party, a first ranking pledge in the sense of art. 899 et seq. CC in the Pledged Quota and the Related Rights, free and clear of any pledges, liens, rights of set-off or other third party rights of any nature (the Pledge) until such time as the Secured Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full in cash. 

		
	(b)
	To perfect the Pledge pursuant to Section 2.1(a), the Security Provider hereby pledges to the Collateral Agent, acting for itself and on behalf of each other Secured Party, the Pledged Quota and the Related Rights and undertakes to execute and/or perform or cause the Company to execute and/or perform any further document, formality or act necessary or advisable for the validity, effectiveness and enforceability of the Security. 

		
	(c)
	The Pledge shall serve as a first ranking, continuing security right for the Collateral Agent to secure the payment and performance in full of the Secured Obligations.

		
	2.2 
	Future Quotas 

The Security Provider shall, and shall procure (or in its default the Collateral Agent on its behalf) that the Company will, promptly upon the accrual, offer or issue of any future Quotas, transfer to the Collateral Agent all certificates, if any, issued in relation to such future Quotas relating to the Pledged Quota, if and to the extent such certificates are being issued (i.e. for the avoidance of doubt, 65% of such future Quotas offered or issued by the Company), accompanied with a separate assignment declaration executed by the Security Provider in blank and to execute and/or perform or cause the Company to execute and/or perform any further document, formality or act necessary or advisable for the validity, effectiveness and enforceability of the Security.

		
	2.3
	Subscription Rights

		
	(a)
	As long as no Event of Default has occurred and is continuing, the Security Provider shall be entitled to receive and retain the Subscription Rights issued to it by the Company as well as to exercise the Subscription Rights, provided that all new Quotas and Related Rights acquired by the Security Provider upon exercise of Subscription Rights are subject to the Pledge.

		
	(b)
	In case the Security Provider does not intend to exercise the Subscription Rights, the Security Provider (i) agrees to transfer and herewith transfers such Subscription Rights to the Collateral Agent free of charge, and the Collateral Agent shall be entitled to exercise such Subscription Rights in the name and on behalf of each of the Secured Parties, and (ii) undertakes to do all acts and things and to permit all acts and things to be done which are necessary or expedient to enable the Collateral Agent to exercise such Subscription Rights. The Security Provider shall notify the Collateral Agent promptly of any grant of Subscription Rights and undertakes to notify the Collateral Agent of any intention not to exercise Subscription Rights not less than 10 Business Days prior to expiration of the right to exercise such Subscription Rights.

		
	(c)
	Upon the occurrence and during the continuance of an Event of Default, all rights of the Security Provider under Section 2.3(a) and Section 2.3(b) shall cease, and the Security Provider herewith agrees to assign and assigns, with effect upon the occurrence and during the continuance of Event of Default, such Subscription Rights free of charge to the Collateral Agent (and for this purpose only, the Subscription Rights are released from the Pledge). If an Event of Default has occurred and is continuing, the Collateral Agent shall be entitled, but not obligated, to exercise the Subscription Rights.

 
		
	2.4
	Dividends

		
	(a)
	As long as no Event of Default has occurred and is continuing, the Security Provider shall be entitled to receive and retain all moneys payable on account of Dividends (subject always to the terms of the Loan Documents).

		
	(b)
	Upon the occurrence and during the continuance of an Event of Default, all rights of the Security Provider hereunder with respect to Dividends shall cease, and the Collateral Agent shall be entitled to receive as Security Asset all moneys payable on account of Dividends.

		
	2.5
	Voting Rights

		
	(a)
	As long as no Event of Default has occurred and is continuing, the Security Provider shall be entitled to exercise all Voting Rights, provided that it will not exercise any such Voting Rights in a manner which would materially prejudice the interests of the Secured Parties under this Agreement or lead to material deterioration in the value of the Security Assets and provided further that it will not exercise any such Voting Rights or powers for purposes that are inconsistent with the Credit Agreement. 

		
	(b)
	Upon the occurrence and during the continuance of an Event of Default which is continuing, the Security Provider shall notify the Collateral Agent promptly in advance of any intention to exercise Voting Rights related to the Pledged Quota.

		
	(c)
	After receiving notification pursuant to Section 2.5 (b), the Collateral Agent shall be entitled but not obliged to either instruct the Security Provider on how to exercise the Voting Rights or to exercise in the name of the Security Provider all Voting Rights related to the Pledged Quota at its discretion. 

		
	(d)
	The Security Provider hereby grants a power of attorney to the Collateral Agent (with right of substitution) to exercise the Voting Rights pursuant Section 2.5 (c) and hereby undertakes to promptly (i) execute and issue any and all proxies in favor of the Collateral Agent (acting in the name of and on behalf of the Secured Parties ) and (ii) do all acts and things and permit all acts and things to be done which are necessary or expedient for the Collateral Agent and the Secured Parties to exercise the Voting Rights pursuant to the previous paragraph.

		
	2.6
	Restriction to 65% of the Quota

Notwithstanding the above or anything to the contrary in this Agreement, the Parties agree that in any case and at any time, the Pledged Quota and Related Rights may not exceed 65% of the entire quota capital issued by the Company and undertake to do all acts and things, and to procure that all acts and things be done, that are necessary for observing this restriction.
		
	3.
	Delivery of Documents

On the date hereof, the Security Provider shall deliver to the Collateral Agent the following documents: 
		
	(a)
	an up-to-date certificate of good standing relating to the Security Provider, attached to this Agreement as Annex 1;

		
	(b)
	a photocopy of the current  certificate of incorporation including articles of incorporation of the Security Provider, attached to this Agreement as Annex 2;

		
	(c)
	a photocopy of an unanimous written consent of the board of directors of the Security Provider wherein the entry into this Agreement and the granting of the Pledge as provided for hereunder is duly approved, attached to this Agreement as Annex 3;

		
	(d)
	an up-to-date excerpt from the commercial register (Handelsregister) relating to the Company, attached to this Agreement as Annex 4;

		
	(e)
	a photocopy of the current certified articles of association (Statuten) of the Company, attached to this Agreement as Annex 5;

		
	(f)
	a photocopy of an unanimous resolution of the board of managers of the Company acknowledging the Security provided for under this Agreement and approving the registration in the quota register of the Company of any future acquirer of the Pledged Quota as quotaholder with voting rights with respect to all the Quotas  upon the enforcement of the Security, attached to this Agreement as Annex 6; 

		
	(g)
	a photocopy of the quota register (Anteilsbuch) of the Company evidencing that the Security Provider is registered as quotaholder with respect to the Pledged Quota and that the Pledged Quota is subject to the Security, attached to this Agreement as Annex 7; and

		
	(h)
	a photocopy of the Company's register of ultimate beneficial owners (Verzeichnis der wirtschaftlich Berechtigten) from which it is evident that the Security Provider has complied with its notification obligations under article 790a CO, attached to this Agreement as Annex 8.

		
	4.
	Representations and Warranties

		
	(a)
	Without prejudice and in addition to the representations and warranties under the Credit Agreement which are incorporated herein by way of reference and shall apply to the Security Provider mutatis mutandis, the Security Provider represents and warrants to the Collateral Agent for itself and on behalf of the other Secured Parties that as of the date of this Agreement:

		
	(i)
	the written consent referred to in Section 3(c) has been duly passed in accordance with the laws of the jurisdiction of incorporation of the Security Provider, accurately reflects the resolutions and other matters reflected therein and has not been revoked or amended;

		
	(ii)
	the entering into, the signing and the performance of this Agreement do not result in a violation of any law or regulation applicable to the Security Provider;

		
	(iii)
	all its obligations under this Agreement are legal, valid, binding obligations and enforceable against the Security Provider in accordance with their terms;

		
	(iv)
	the Quotas are not subject to any transfer restrictions resulting from statutory laws or regulations, the articles of incorporation, corporate resolutions, contractual arrangements, arrangements or otherwise. 

		
	(v)
	the Security Provider is the sole legal and beneficial owner of all Quotas, including, without limitation, the Security Assets, free and clear of any Liens, except for the Permitted Liens;

		
	(vi)
	the Quotas (including, without limitation, the Pledged Quota) are duly and validly issued by the Company and are fully paid and non-assessable (i.e., no further payment obligations by holders of Quotas towards the Company are attached to the Quotas);

		
	(vii)
	the Security Provider has not assigned, transferred or otherwise disposed of any of its rights, title and interest in the Security Assets, and the Security Assets are assignable;

		
	(viii)
	no meeting of a corporate body of the Security Provider and/or the Company has been held in which resolutions were passed or approved that could negatively affect the Security created (or to be created) under this Agreement or any other right or discretion of the Collateral Agent or the Secured Parties under this Agreement;

		
	(ix)
	the execution of, and performance of its obligations under, this Agreement by the Security Provider does not constitute or result in a breach of the articles of association of the Security Provider or the Company;

		
	(x)
	this Agreement constitutes an effective and perfected first ranking Security over the Security Assets;

		
	(xi)
	the photocopy of the quota register (Anteilsbuch) of the Company delivered to the Collateral Agents pursuant to Section 3 (g) is complete and accurate and includes the most current data;. 

		
	(xii)
	there are no agreements between the Security Provider and any third party relating to the Pledged Quota that are opposed to the obligations of the Security Provider and the rights of the Collateral 

Agent or the Secured Parties under this Agreement or the realization or the proceeds of enforcement of the Pledged Quota;
		
	(xiii)
	no authorisation by any competent authority is required under any applicable law to grant a valid, binding and legally enforceable Pledge over the Pledged Quota;

		
	(xiv)
	all assets of the Company are free of any pledge, lien, encumbrance or other third party right, except (i) for any pledge, lien, encumbrance, or other interests or third party right notified to the Collateral Agent in writing prior to the execution of this Agreement, or (ii) as otherwise permitted by the other Loan Documents; 

		
	(xv)
	the Company has not granted any options for the acquisition of Quotas; 

		
	(xvi)
	the duly and validly undertaking to Pledge and the further execution of this Agreement does not require an authorisation pursuant to the Federal law on acquisition of real estate in Switzerland by non-residents (Lex Koller);

		
	(xvii)
	no legal, administrative or arbitration proceedings currently affect the entering into, the performance or the execution of any rights under this Agreement. 

		
	(b)
	The representations and warranties set out in this Section 4 (Representations and Warranties) are deemed to be repeated by the Security Provider at the time an advance is made by the Lenders, in each case with reference to the facts and circumstances then existing.

		
	(c)
	The Representation and Warranties are deemed to be repeated by the Security Provider when delivering to the Collateral Agent the up-to-date certified excerpt from the commercial register evidencing that the Security Provider is the sole owner of all Quotas, with reference to the facts and circumstances then existing. 

		
	(d)
	The Representation and Warranties are deemed to be repeated by the Security Provider each time the representation and warranties under the Credit Agreement are repeated or deemed to be repeated, in each case with reference to the facts and circumstances then existing.

 
		
	5.
	Additional Covenants

Except in accordance with the terms of the Credit Agreement, if applicable, and for as long as the Security remains in effect and without the prior written consent of the Collateral Agent, the Security Provider hereby undertakes:
		
	(a)
	not to revoke or amend the written consent referred to in Section 3(c);

		
	(b)
	not to cause or approve the distribution, payment or delivery of any Related Rights, except as permitted pursuant to this Agreement or any other Loan Document;

		
	(c)
	not to vote in favor of any resolution with regard to the Company whereby:

		
	(i)
	the quota capital (Stammkapital) of the Company would be reduced;

		
	(ii)
	Quotas (including, without limitation, the Pledged Quota) would be modified or altered; 

		
	(iii)
	any special benefits would be granted to present or future bodies or quotaholders of the Company which would constitute a repayment of equity and/or a (constructive) dividend;

		
	(iv)
	it is apparent at the time of the making of such resolution, that the value of the Quotas (including, without limitation, the Pledged Quota), the Related Rights or the underlying assets would materially deteriorate; 

		
	(v)
	the validity or enforceability of the Security created under this Agreement would be adversely affected, and/or

		
	(vi)
	any term of this Agreement or the Loan Documents would be violated or another Event of Default would occur;

		
	(d)
	not to enter into any legal instrument relating to, or granting any Lien or make a disposition of the Security Assets, or enter into any legal instrument resulting in the Security Assets becoming non-assignable, or take any other action with respect to the Security Assets that would jeopardize any rights of the Collateral Agent and/or the Secured Parties under this Agreement and/or the realization of the Pledge or of which it is apparent at the time of the entry into of such legal instrument, or making of a disposition or taking of an action that it would materially jeopardize the value of the Security Assets;

		
	(e)
	to provide the Collateral Agent with all information, documents, requests and other communication relating to the Security Assets, which would adversely affect (i) the validity or enforceability of the Security created (or to be created) under this Agreement, (ii) or cause an Event of Default to occur; 

		
	(f)
	to do all acts and things in case of a realization of the Pledge, and procure that all acts and things be done, which are necessary to properly effect the realization of the Security Assets; 

		
	(g)
	to promptly execute and deliver at its own expenses such further documents and do such further acts which the Collateral Agent may reasonably require for the purpose of the creation, perfection, protection, maintenance or realization of the Security; 

		
	(h)
	to indemnify and hold harmless the Collateral Agent and/or the Secured Parties as provided for in the Credit Agreement;

		
	(i)
	to take all action required to constitute a valid and binding first ranking pledge over the Pledged Quota pursuant to the terms of this Agreement. 

		
	(j)
	not to cause or approve the managing directors resolution referred to in Section 3 (f) to be revoked or amended. 

		
	(k)
	to enter into and to procure the perfection of additional pledge agreements, if and to the extent that the pledge of the Pledged Quota or Related Rights requires, as a matter of law, the execution and perfection of a specific pledge agreement for such Pledged Quota or Related Rights;. 

		
	(l)
	to take all actions required for its registration as the quotaholder in the quota register of the Company with regards to all Quotas; 

		
	(m)
	to procure and take all actions required to remain the sole legal and beneficial owner of 100% of the Quotas including any future Quotas that may be accrued, offered or issued in the future.

		
	6.
	Realization of Security 

		
	(a)
	Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent (acting for itself and on behalf of the other Secured Parties) shall have the right, but not the obligation, without any further prior notice or communication (unless such notice or communication is required by mandatory law) to the Security Provider to undertake on its own initiative any acts it deems appropriate to enforce the Security created pursuant to this Agreement by:

		
	(i)
	initiating enforcement proceedings with respect to the Security Assets pursuant to any applicable official enforcement procedure including, as the case may be, pursuant to the DEBA; and/or

		
	(ii)
	liquidating the Security Assets in full or in part through private sale (Private Verwertung) or acquisition of the Security Assets for the Collateral Agent's account (Selbsteintritt), in each case 

without regard to the formalities provided in, any applicable official enforcement procedure laws, in particular, the DEBA, and applying the proceeds thereof to the discharge of the Secured Obligations.. For this purpose, the Collateral Agent shall be entitled to request the Security Provider to register any acquirer of the Pledged Quota who acquires the Pledged Quota in the course of enforcement in the quota register as owner of the Pledged Quota.
		
	(b)
	Notwithstanding the foregoing and notwithstanding the provision of article 41 DEBA, the Collateral Agent shall be entitled to institute or pursue the enforcement of the Secured Obligations pursuant to regular debt enforcement proceedings without having first to institute proceedings for the realization of the Pledge created to secure the Secured Obligations (Ausschluss des beneficium excussionis realis). The Parties agree in advance that a sale according to article 130 DEBA (Freihandverkauf) shall be admissible.

		
	(c)
	The Collateral Agent shall, upon the occurrence and during the continuance of an Event of Default, have full discretion as to manner, time and place of enforcement of the Security. 

		
	(d)
	The Collateral Agent may act as Collateral Agent contracting in its own name and in the name of the other Secured Parties and on its and their accounts or for the account of third persons in private or official enforcement proceedings.

		
	7.
	Application of Proceeds

Any proceeds received under this Agreement by the Collateral Agent acting on behalf of the other Secured Parties upon the realization of the Security shall be applied in whatever manner or order the Collateral Agent deems appropriate.
		
	8.
	Power of Attorney 

The Security Provider authorises the Collateral Agent to be its attorney and, in its name, on its behalf and as its act and deed, to execute, deliver and perfect all documents (including to transfer Quotas to an acquirer) and to do all things that the Collateral Agent may consider to be requisite for carrying out any obligation imposed on the Collateral Agent under this Agreement or exercising any of the rights conferred on the Collateral Agent or the Secured Parties by this Agreement or by law, in particular in connection with a private realisation (Private Verwertung, including, without limitation, self-sale (Selbsteintritt)) or with the exercise of the Voting Rights on behalf of the Security Provider, it being understood that as long as no Event of Default has occurred and is continuing, the power of attorney granted hereunder shall not be exercisable.
		
	9.
	Release of Security Assets

		
	(a)
	The Security Assets or, in case of realization of the Security, the remainder thereof, shall be released and returned to the Security Provider if and when all Secured Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full in cash. 

		
	(b)
	Any Security Assets so to be returned shall be delivered net of any transfer taxes or other expenses in connection with such release and return or reassignment, respectively. The Collateral Agent shall not make and shall not be deemed to have made any representation or warranty, whether express or implied, with respect to any Security Assets so returned, except that any such Security Assets shall be returned to the Security Provider free and clear of any third party right granted by the Collateral Agent.

		
	(c)
	If any payment by the Security Provider in respect of Secured Obligations, whereupon the Collateral Agent released the Security Assets (or any part thereof), is avoided or reduced as a result of insolvency or any similar event:

		
	(i)
	this Agreement, the liability of the Security Provider and the Security expressed to be created under this Agreement shall be re-instated and continue as if the payment, release, avoidance or reduction had not occurred; and 

		
	(ii)
	the Security Provider shall return and deliver (as the case may be) to the Collateral Agent any Security Assets, including, for the avoidance of doubt, any proceeds from the disposal of and any other substitutes for the Security Assets, as if the repayment, release, avoidance or reduction had not occurred.

		
	(d)
	Upon the payment in full of the Secured Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement), this Agreement shall automatically terminate and the Pledge shall automatically be released. The Collateral Agent will, at the Company's sole cost and expense, execute and deliver to the Security Provider and/or the Company such documents as the Security Provider and/or the Company may reasonably request to effectuate or evidence such release.

		
	10.
	Assignments and Transfer 

The Parties shall not be entitled to assign or transfer rights, benefits and obligations under this Agreement except in accordance with the provisions of the Credit Agreement, and Section 11 of this Agreement.
		
	11.
	Successor Collateral Agent 

If a successor of the Collateral Agent is appointed pursuant to the Credit Agreement, the Collateral Agent may assign and transfer by way of written agreement all of its rights and obligations hereunder (including by way of transfer of agreement (Vertragsübernahme/-übertragung) to his successor as Collateral Agent hereunder without further consent of the Security Provider. The Security Provider herewith irrevocably and unconditionally agrees in advance to such transfer and assignment and to recognise any such successor Collateral Agent as new Collateral Agent in substitution of the retiring Collateral Agent, and to undertake all acts (at its own cost) necessary or useful (acting reasonably) for the successor Collateral Agent to be recognised by third parties as new Collateral Agent hereunder (including countersigning the written agreement of assignment and transfer).
		
	12.
	Cumulative and Continuing Security / Re-Instatement

		
	(a)
	The Security constitutes a continuing security interest which shall be cumulative, in addition to and independent of every other security interest which the Collateral Agent may at any time hold for the Secured Obligations and/or any rights, powers and remedies provided by law. The Security shall not be affected in any way by any intermediate discharge of any but not all of the Secured Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) and/or by a variation, amendment, restatement, novation, transfer (including by way of novation), extension, compromise or release of any or all of the Secured Obligations or the Loan Documents or of any other security interest from time to time, with the exception of any release in accordance with Section 9 (Release of Security Assets). 

		
	(b)
	To the extent mandatory law applicable to this Agreement works to the effect that the Security would not be a continuing security by operation of an amendment, restatement, supplement or novation of the Secured Obligations, respectively, the Security Provider agrees that the Security created hereunder is, to the extent required, re-instated.

		
	13.
	Liability of the Collateral Agent

The Collateral Agent shall not be liable for any loss or damage suffered by the Security Provider save in respect of such loss or damage which is suffered as a result of the willful misconduct (Absicht) or negligence (Fahrlässigkeit) of the Collateral Agent. 
		
	14.
	General Provisions

		
	14.1
	Taxes, Costs and Expenses

The Parties acknowledged that all taxes, costs and expenses arising out of or in connection with the perfection, maintenance, protection, enforcement and release of the Security respectively the Security Assets under this Agreement or the exercise of any of the Collateral Agent's rights granted under this Agreement shall be borne by the Security Provider. 

		
	14.2
	Notices

All notices or other communications to be given under or in connection with this Agreement shall be made in accordance with the Credit Agreement.

		
	14.3
	Currency Conversion

For the purpose of or pending the discharge of any of the Secured Obligations, the Collateral Agent may convert any money received, recovered or realized or subject to application by it under this Agreement from one currency to another, as the Collateral Agent considers appropriate. Any such conversion shall be effected at a rate of exchange for obtaining such other currency with the first currency as reasonably determined by the Collateral Agent.

		
	14.4
	Entire Agreement

This Agreement including any documents referred to herein, constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof, and shall supersede all prior oral and written agreements or understandings of the Parties relating hereto.
 
		
	14.5
	Amendments and Waivers

		
	(a)
	This Agreement may only be modified or amended by a document signed by the Parties. Any provision contained in this Agreement may only be waived by a document signed by the party waiving such provision.

		
	(b)
	No failure to exercise, nor any delay in exercising, on the part of any Party, any right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy.

 
		
	14.6
	Severability

Should any part or provision of this Agreement be held to be invalid or unenforceable by any competent arbitral tribunal, court, governmental or administrative authority having jurisdiction, the other provisions of this Agreement shall nonetheless remain valid. In this case, the Parties hereto shall negotiate in good faith a substitute provision that best reflects the economic intentions of the Parties without being unenforceable, and shall execute all agreements and documents required in this connection.

		
	14.7
	Banking Secrecy Waiver

The Security Provider herewith releases the Collateral Agent from any applicable banking secrecy and other confidentiality obligations (other than the confidentiality obligations under the Credit Agreement) with regard to any information directly or indirectly relating to the Security granted pursuant to this Agreement, in particular to the extent as required for the execution, performance and administration of this Agreement and the realization of the Security and/or for due exercise of the respective rights or fulfillment of the respective obligations by the Collateral Agent. 

		
	14.8
	Counterparts

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

		
	15.
	Governing Law and Jurisdiction

		
	15.1
	Governing Law

This Agreement shall in all respects, including all the rights in rem aspects, be governed by and construed in accordance with the substantive laws of Switzerland (i.e. with the exception of the collision rules of Swiss international private law). 
		
	15.2
	Jurisdiction

In relation to any dispute in connection with this Agreement, each Party submits to the non-exclusive jurisdiction of the courts of Zurich, venue being Zurich 1, Switzerland, with the right to appeal to the competent Cantonal Court and the Swiss Federal Court (Schweizerisches Bundesgericht) in Lausanne as provided by law. The Collateral Agent reserves the right to bring an action against the Security Provider before any other competent court.

Halozyme, Inc., as Security Provider

By:    _________________________
Name:
Function:

Oxford Finance LLC, in its capacity as Collateral Agent, and acting in the name and on behalf of the Secured Parties as their direct representative (direkter Stellvertreter)

By:    _________________________        By:    _________________________
Name:                        Name:
Function:                    Function:EX-10.1

 Exhibit 10.1 

Execution Version 

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT 

THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of February 13, 2018 (the
“Amendment Date”), by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (in its individual capacity, “Oxford”; and in
its capacity as Collateral Agent, “Collateral Agent”), the Lenders listed on Schedule 1.1 to the Loan Agreement (as defined below) from time to time including Oxford in its capacity as a Lender (each a “Lender” and
collectively, the “Lenders”), VAXART, INC., a Delaware corporation with offices located at 290 Utah Ave., Suite 200, South San Francisco, CA 94080, (which will change its name to “VAXART BIOSCIENCES, INC.” effective
immediately prior to the Closing Date pursuant to the Merger Agreement (as each term is defined below)(“Existing Borrower”), AVIRAGEN THERAPEUTICS, INC., a Delaware corporation with offices located at 2500 Northwinds Parkway, Suite
100, Alpharetta, GA 30009, (which will change its name to “VAXART, INC.” effective on the Closing Date pursuant to the Merger Agreement (as each term is defined below) (“Aviragen”), BIOTA HOLDINGS LIMITED, an Australian
limited company and wholly owned Subsidiary of Aviragen with offices located at Unit 10 585 Blackburn Road, Notting Hill VIC 3168 Australia (“Biota Holdings”) and BIOTA SCIENTIFIC MANAGEMENT PTY LTD., an Australian proprietary
limited company and wholly owned Subsidiary of Biota Holdings with offices located at Unit 10 585 Blackburn Road, Notting Hill VIC 3168 Australia (“Biota Scientific”). Each of Aviragen, Biota Holdings and Biota Scientific may be
referred to herein, individually as “New Borrower” and collectively as “New Borrowers.” On and after the Amendment Date, each of Existing Borrower, Aviragen, Biota Holdings and Biota Scientific, may be referred to
herein, individually and collectively, jointly and severally, as “Borrower.” 
 WHEREAS, Collateral Agent, Existing
Borrower and the Lenders have entered into that certain Loan and Security Agreement, dated as of December 22, 2016 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which the
Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof; 
 WHEREAS, Existing Borrower,
Aviragen, and AGORA MERGER SUB, INC., a Delaware corporation entered into that certain that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 27, 2017, pursuant to which, among other things,
Existing Borrower became a wholly owned subsidiary of Aviragen; 
 WHEREAS, Required Lenders and Collateral Agent consented to the Existing
Borrower entering into the Merger Agreement contingent upon, among other things, (i) the Existing Borrower entering into this Amendment, and (ii) the New Borrowers joining the Loan Agreement, and other Loan Documents, as Borrowers, and
entering into this Amendment, on the date hereof; 
 WHEREAS, Borrower, Lenders and Collateral Agent desire to amend certain provisions of
the Loan Agreement as provided herein and subject to the terms and conditions set forth herein; and 
 NOW, THEREFORE, in consideration of
the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lenders and Collateral Agent hereby agree as follows: 

 

	 	1.	Definitions. Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement. 

 

	 	2.	Joinder. 

  

	 	a.	New Borrowers. Each New Borrower hereby is added as a “Borrower” under the Loan Agreement. All references in the Loan Agreement and the other Loan Documents to “Borrower” shall hereafter mean
and include the Existing Borrower and each New Borrower individually and collectively, jointly and severally; and each New Borrower shall hereafter have all rights, duties and obligations of “Borrower” thereunder. 

	 	b.	Joinder to Loan Agreement. Each New Borrower hereby joins the Loan Agreement and each of the Loan Documents, and agrees to comply with and be bound by all of the terms, conditions and covenants of the Loan
Agreement and Loan Documents, as if it were originally named a “Borrower” therein (but only effective as of the date of this Amendment). Without limiting the generality of the preceding sentence, each New Borrower agrees that it will be
jointly and severally liable, together with Existing Borrower and each other New Borrower, for the payment and performance of all obligations and liabilities of Borrower under the Loan Agreement, including, without limitation, the Obligations. Any
Borrower may, acting singly, request Credit Extensions pursuant to the Loan Agreement. Each Borrower hereby appoints the other as agent for the other for all purposes hereunder, including with respect to requesting Credit Extensions pursuant to the
Loan Agreement. Each Borrower hereunder shall be obligated to repay all Credit Extensions made pursuant to the Loan Agreement, regardless of which Borrower actually receives said Credit Extension, as if each Borrower hereunder directly received all
Credit Extensions. 

  

	 	c.	Subrogation and Similar Rights. Each Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law and (b) any right to require Collateral Agent or any Lender
to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Collateral Agent and any Lender may each exercise or not exercise any right or remedy it has
against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this
Amendment, the Loan Agreement, the Loan Documents or any related documents, until the Obligations have been indefeasibly paid in full and at such time as each Lender’s obligation to make Credit Extensions has terminated, each Borrower
irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Collateral Agent and/or Lenders under this Amendment and the Loan Agreement) to seek contribution,
indemnification or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the Obligations in
connection with this Amendment, the Loan Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in
connection with this Amendment, the Loan Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this section shall be null and void. If any payment is made to a Borrower in
contravention of this section, such Borrower shall hold such payment in trust for Collateral Agent, for the ratable benefit of Lenders, and such payment shall be promptly delivered to Collateral Agent, for the ratable benefit of Lenders, for
application to the Obligations, whether matured or unmatured. 

  

	 	d.	Grant of Security Interest. To secure the prompt payment and performance of all of the Obligations, each New Borrower hereby grants to Collateral Agent, for the ratable benefit of Lenders, a continuing lien upon
and security interest in all of such New Borrower’s now existing or hereafter arising rights and interest in the Collateral, whether now owned or existing or hereafter created, acquired, or arising, and wherever located. Each New Borrower
further covenants and agrees that by its execution hereof it shall provide all such information, complete all such forms, and take all such actions, and enter into all such agreements, in form and substance reasonably satisfactory to Collateral
Agent and each Lender that are reasonably deemed necessary by Collateral Agent or any Lender in order to grant a valid, perfected first priority security interest to Collateral Agent, for the ratable benefit of Lenders, in the Collateral. Each New
Borrower hereby authorizes Collateral Agent to file financing statements, without notice to Borrower, with all appropriate jurisdictions in order to perfect or protect Collateral Agent’s and/or any Lender’s interest or rights hereunder,
including a notice that any disposition of the Collateral, by any Borrower or any other Person, shall be deemed to violate the rights of Collateral Agent and each Lender under the Code. 

  
 2 

	 	e.	Representations and Warranties. Each New Borrower hereby represents and warrants to Collateral Agent and each Lender that all representations and warranties in the Loan Documents made on the part of Existing
Borrower are true and correct on the date hereof with respect to Existing Borrower and such New Borrower, with the same force and effect as if such New Borrower were named as “Borrower” in the Loan Documents in addition to Existing
Borrower. 

  

	 	3.	Section 7.6 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

7.6 Maintenance of Collateral Accounts. (i) Maintain any Collateral Account except pursuant to the terms of Section 6.6
hereof, and (ii) the aggregate balance at any time of all Collateral Accounts of the Borrower’s Subsidiaries that are neither co-Borrowers or secured guarantors, including without limitation Anaconda
Pharma SAS and Biota Europe Limited, shall not exceed One Hundred Fifty Thousand Dollars ($150,000.00) for each of Anaconda Pharma SAS and Biota Europe Limited. 
  

	 	4.	Section 7.7 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

7.7 Distributions; Investments. (a) Pay any dividends (other than dividends payable solely in capital stock or dividends paid from
a Subsidiary to a Borrower) or make any distribution or payment in respect of or redeem, retire or purchase any capital stock (other than repurchases pursuant to the terms of employee stock purchase plans, employee restricted stock agreements,
stockholder rights plans, director or consultant stock option plans, or similar plans, provided such repurchases do not exceed Two Hundred Thousand Dollars ($200,000.00) in the aggregate per fiscal year) or (b) directly or indirectly make any
Investment other than Permitted Investments, or permit any of its Subsidiaries to do so; provided, that the aggregate amount of all Investments in each of Anaconda Pharma SAS and Biota Europe Limited do not exceed One Hundred Fifty
Thousand Dollars ($150,000.00) in any fiscal year. 
  

	 	5.	The following Section 7.12 is hereby added to the Loan Agreement: 

 7.12 Certain
Subsidiaries’ Asset Levels. Cause the assets (including without limitation, cash and Cash Equivalents) of (i) Anaconda Pharma SAS to exceed $200,000 in any fiscal year, or (ii) Biota Europe Limited to exceed $200,000 in any fiscal
year. 
  

	 	6.	The following Section 8.12 is hereby added to the Loan Agreement: 

 8.12 Delisting.
The shares of common stock of Aviragen are delisted from NASDAQ Capital Market because of failure to comply with continued listing standards thereof or due to a voluntary delisting which results in such shares not being listed on any other
nationally recognized stock exchange in the United States having listing standards at least as restrictive as the NASDAQ Capital Market. 
  

	 	7.	The following Section 12.12 is hereby added to the Loan Agreement: 

 12.12 Borrower
Liability. Any Borrower may, acting singly, request Credit Extensions hereunder. Each Borrower hereby appoints the other as agent for the other for all purposes hereunder, including with respect to requesting Credit Extensions hereunder. Each
Borrower hereunder shall be jointly and severally obligated to repay all Credit Extensions made hereunder, regardless of which Borrower actually receives said Credit Extension, as if each Borrower hereunder directly received all Credit Extensions.
Each Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, and (b) any right to require Collateral Agent or any Lender to: (i) proceed against any Borrower or any other person;
(ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Collateral Agent and or any Lender may exercise or not exercise any right or remedy it has against any Borrower or any security it holds (including the right
to foreclose by judicial or non judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this Agreement or other related document, each Borrower irrevocably waives all rights that it may have at law or
in equity (including, without limitation, any law subrogating Borrower to the rights of Collateral Agent and the Lenders under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any
other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit
from, or to participate in, any security for the Obligations as a result of any 

  
 3 

 payment made by Borrower with respect to the Obligations in connection with this Agreement or
otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower shall hold such
payment in trust for Collateral Agent and the Lenders and such payment shall be promptly delivered to Collateral Agent for application to the Obligations, whether matured or unmatured. 

 

	 	8.	Section 13.1 of the Loan Agreement is hereby amended by adding the following definitions thereto in alphabetical order: 

“Anaconda Pharma SAS” is an entity organized under the laws of France and wholly owned Subsidiary of Aviragen. 

“Aviragen” is AVIRAGEN THERAPEUTICS, INC., a Delaware corporation, provided that following the Closing Date of the Merger
Agreement, AVIRAGEN THERAPEUTICS, INC.’s name shall be changed to “VAXART, INC.,” a Delaware corporation. 
 “Biota
Europe Limited” is an entity organized under the laws of the United Kingdom and wholly owned Subsidiary of Biota Holdings. 

“Biota Holdings” is BIOTA HOLDINGS LIMITED, an Australian limited company. 

“Biota Scientific” is BIOTA SCIENTIFIC MANAGEMENT PTY LTD., an Australian proprietary limited company. 

“Existing Borrower” is VAXART, INC., a Delaware corporation, provided that following the Closing Date of the Merger Agreement,
VAXART, INC.’s name shall be changed to “VAXART BIOSCIENCES, INC.,” a Delaware corporation. 
 “New Borrower”
is each of Aviragen, Biota Holdings and Biota Scientific. 
  

	 	9.	Section 13.1 of the Loan Agreement is hereby amended by amending and restating the following definitions therein as follows: 

“Borrower” is individually and collectively, jointly and severally, New Borrower and the Existing Borrower. 

 

	 	10.	Exhibit D (form of Promissory Note) to the Loan Agreement is hereby amended and restated in its entirety as set forth on Exhibit A hereto. 

 

	 	11.	Exhibit B (form of Disbursement Letter) to the Loan Agreement is hereby amended and restated in its entirety as set forth on Exhibit B hereto. 

 

	 	12.	Exhibit C (form of Compliance Certificate ) to the Loan Agreement is hereby amended and restated in its entirety as set forth on Exhibit C hereto. 

 

	 	13.	Without limiting the provisions of Section 4.1 of the Loan Agreement, Aviragen hereby pledges, assigns and grants to Collateral Agent, for the ratable benefit of the Lenders, a security interest in all the Shares
of Existing Borrower, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and
noncash proceeds of the foregoing, as security for the performance of the Obligations. On the date hereof, or, to the extent not certificated as of the date hereof, within ten (10) days of the certification of any Shares of the Existing
Borrower, the certificate or certificates for the Shares of Existing Borrower will be delivered to Collateral Agent, accompanied by an instrument of assignment duly executed in blank by Borrower. To the extent required by the terms and conditions
governing the Shares of the Existing Borrower, Aviragen shall cause the books of Existing Borrower and any transfer agent to 

  
 4 

 reflect the pledge of the Shares of the Existing Borrower. Upon the occurrence and during the
continuance of an Event of Default under the Loan Agreement, Collateral Agent may effect the transfer of any securities included in the Collateral (including but not limited to the Shares of Existing Borrower) into the name of Collateral Agent and
cause new (as applicable) certificates representing such securities to be issued in the name of Collateral Agent or its transferee. Each of Aviragen and Existing Borrower will execute and deliver such documents, and take or cause to be taken such
actions, as Collateral Agent may reasonably request to perfect or continue the perfection of Collateral Agent’s security interest in the Shares of Existing Borrower. Unless an Event of Default shall have occurred and be continuing, Aviragen
shall be entitled to exercise any voting rights with respect to the Shares of Existing Borrower and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or
action taken which would be inconsistent with any of the terms of the Loan Agreement or which would constitute or create any violation of any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon
the occurrence and continuance of an Event of Default under the Loan Agreement. For the avoidance of doubt, Lender and Borrowers hereby acknowledge and agree that the Borrower shall not be required to pledge more than 65% of the stock of Anaconda
Pharma SAS and Biota Europe Limited. 
  

	 	14.	Certain Post Closing Deliverables. 

  

	 	a.	No later than thirty (30) days after the date hereof, or such other date agreed to by Collateral Agent: 

Borrower shall deliver to Collateral Agent (a) a landlord’s consent executed in favor of Collateral Agent in respect of all of each
New Borrower’s leased locations, in such form and substance as are acceptable to Collateral Agent where any New Borrower maintains Collateral having a book value in excess of Three Hundred Thousand Dollars ($300,000.00) and/or where its books
and records are located; and (b) a bailee waiver executed in favor of Collateral Agent in respect of each third party bailee where any New Borrower maintains Collateral having a book value in excess of Three Hundred Thousand Dollars
($300,000.00), in such form and substance as are reasonably acceptable to Collateral Agent. 
  

	 	b.	No later than forty five (45) days after the date hereof, or such other date agreed to by Collateral Agent: 

  

	 	i.	Aviragen shall enter into and deliver to Collateral Agent pledge agreements and all related documents and instruments required for such pledge, with respect to the Shares of Biota Holdings pursuant to which it shall
pledge all of such Shares to the Collateral Agent for the ratable benefit of the Lenders, which pledge agreements shall be governed by Australian law and shall be in such form and substance as are acceptable to Collateral Agent, together with all
certificates for Shares, if certificated, along with assignments separate from certificates; 

  

	 	ii.	Biota Holdings shall enter into and deliver to Collateral Agent pledge agreements and all related documents and instruments required for such pledge, with respect to the Shares of Biota Scientific, pursuant to which it
shall pledge all of such Shares to the Collateral Agent for the ratable benefit of the Lenders, which pledge agreements shall be governed by Australian law and shall be in such form and substance as are acceptable to Collateral Agent, together with
all certificates for Shares, if certificated, along with assignments separate from certificates; 

  

	 	iii.	Aviragen shall enter into and deliver to Collateral Agent pledge agreement and all related documents and instruments required for such pledge, with respect to the Shares of Anaconda Pharma SAS pursuant to which Aviragen
shall pledge 65% of all outstanding Shares of Anaconda Pharma SAS to the Collateral Agent for the ratable benefit of the Lenders, which pledge agreement shall be governed by French law and shall be in such form and substance as are acceptable to
Collateral Agent, together with all certificates for the Shares, if certificated, being pledged along with assignments separate from certificates; 

  
 5 

	 	iv.	Biota Holdings shall enter into and deliver to Collateral Agent pledge agreements and all related documents and instruments required for such pledge, with respect to the Biota Europe Limited, a company existing under
the laws of United Kingdom and a wholly owned subsidiary of Biota Holdings, pursuant to which Biota Holdings shall pledge 65% of all outstanding Shares of Biota Europe Limited to the Collateral Agent for the ratable benefit of the Lenders, which
pledge agreement shall be governed by the law of United Kingdom and shall be in such form and substance as are acceptable to Collateral Agent, together with all certificates for the Shares, if certificated, being pledged along with assignments
separate from certificates; and 

  

	 	v.	Each of Biota Holdings and Biota Scientific shall enter into and deliver to Collateral Agent security agreements and all other security documents reasonably required by the Collateral Agent with respect to Collateral of
Biota Holdings and Biota Scientific, pursuant to which each entity shall grant first priority security interest in such Collateral to Collateral Agent for the ratable benefit of the Lenders, which security agreements shall be governed by Australian
law and shall be in such form and substance as are acceptable to Collateral Agent, and Borrower shall take all such steps as required to perfect the aforementioned security interest as requested by Collateral Agent. 

 

	 	c.	No later than five (5) Business Days after the date hereof, or such other date agreed to by Collateral Agent: 

Each Borrower shall deliver executed Control Agreements with respect to all Collateral Accounts located in the United States maintained by
each Borrower, including without limitation each New Borrower. 
  

	 	d.	No later than thirty (30) days after the date hereof, or such other date agreed to by Collateral Agent: 

Each Borrower shall deliver executed original Control Agreements with respect to all Collateral Accounts located outside of the United States
maintained by Borrower; provided that, in such jurisdictions where it may or may not be customary for banks to enter into account control agreements with lenders Collateral Agent shall exercise its discretion with respect to the foregoing
requirements concerning such jurisdictions. 
  

	 	15.	Borrower shall pay to the Lenders all unpaid Lenders’ Expenses incurred through the date hereof in accordance with Section 2.5(d) of the Loan Agreement. 

 

	 	16.	Limitation of Amendment. 

  

	 	a.	The amendments and consents set forth herein are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or
modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in the future under or in connection with any Loan Document, as
amended hereby. 

  

	 	b.	This Amendment is and shall be deemed to be a Loan Document and shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements
set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

  
 6 

	 	17.	Consent. 

  

	 	a.	Lender hereby confirms that upon execution of this Amendment and satisfaction of the conditions precedent contemplated herein, the conditions set forth in Section 8 (a), (b), (c) and (e), and by executing this
Amendment Borrower confirms Section 8(d), of that certain Consent under Loan and Security Agreement between Lender and Vaxart, dated October 27, 2017 (the “Consent”) have been completed, and that the consents set forth in
clauses (b) and (c) of Section 2 of the Consent are hereby deemed effective on the Closing Date (as defined in the Merger Agreement). 

  

	 	b.	Lender hereby consents to the Existing Borrower changing its name from VAXART, INC. to VAXART BIOSCIENCES., INC. effective immediately prior to the Closing Date (as defined in the Merger Agreement) and Existing Borrower
shall promptly deliver evidence of such name change in form and substance acceptable to Collateral Agent. 

  

	 	c.	Lender hereby acknowledges that AVIRAGEN THERAPEUTICS, INC. will change its name to VAXART, INC. effective on the Closing Date (as defined in the Merger Agreement) and Aviragen shall promptly deliver evidence of such
name change in form and substance acceptable to Collateral Agent. 

  

	 	18.	To induce Collateral Agent and Lenders to enter into this Amendment, each Borrower hereby represents and warrants to Collateral Agent and Lenders as follows: 

 

	 	a.	Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the
extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

 

	 	b.	Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

 

	 	c.	The organizational documents of Borrower delivered to Collateral Agent on the Amendment Date, and updated pursuant to subsequent deliveries by the Borrower to the Collateral Agent (including such deliveries following
the Merger Agreement Closing Date), remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

 

	 	d.	The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

 

	 	e.	The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (i) any law or
regulation binding on or affecting Borrower, (ii) any contractual restriction with a Person binding on Borrower, (iii) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof,
binding on Borrower, or (iv) the organizational documents of Borrower; 

  

	 	f.	The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

 

	 	g.	This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

  
 7 

	 	19.	Simultaneously with the execution hereof, Borrower shall issue an Amended and Restated Secured Promissory Note (Term A Loan) following the form attached hereto as Exhibit A, as applicable, (the “Amended
and Restated Note”) which shall amend and restate in its entirety the Secured Promissory Note (Term A Loan) (the “Outstanding Note”) previously issued by Existing Borrower, and shall be in the principal amount of the
Outstanding Note, and the Outstanding Note shall be marked “cancelled” and delivered by Lender to Existing Borrower. 

  

	 	20.	Simultaneously with the execution hereof, Aviragen shall issue to Oxford, a new Warrant (“New Warrant”) in lieu of the Warrant (“Old Warrant”) that was issued on the Effective Date, for
120,055 shares of Aviragen’s Common Stock at a per share price equal to $2.09. The New Warrant shall be in such form and substance as are reasonably acceptable to Oxford in its sole discretion. 

 

	 	21.	Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment. This Amendment and the Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements. 

  

	 	22.	This Amendment shall be deemed effective as of the Amendment Date upon (i) the due execution and delivery to Collateral Agent of this Amendment, the Amended and Restated Note, by each party hereto and the New
Warrant, (ii) Borrower’s fulfilment of its obligations set forth herein, and (iii) Borrower’s delivery of an executed and completed Perfection Certificate for each New Borrower and each new Subsidiary of Borrower.

  

	 	23.	This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument. 

 

	 	24.	This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California. 

[Balance of Page Intentionally Left Blank] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Loan and
Security Agreement to be executed as of the date first set forth above. 
  

			
	 EXISTING BORROWER:

	
	 VAXART, INC.

		
	 By:
	 	 /s/ John Harland

	Name: 	 	 John Harland

	Title:	 	 Chief Financial Officer

  

			
	 NEW BORROWERS:

	
	AVIRAGEN THERAPEUTICS, INC.
		
	 By:
	 	 /s/ John Harland

	Name: 	 	 John Harland

	Title:	 	 Chief Financial Officer

  

			
	 BIOTA HOLDINGS LIMITED

		
	 By:
	 	 /s/ John Harland

	 Name: 
	 	 John Harland

	 Title:
	 	 Chief Financial Officer

  

			
	
BIOTA SCIENTIFIC MANAGEMENT PTY 
LTD.

			
		
	 By:
	 	 /s/ John Harland

	 Name: 
	 	 John Harland

	 Title:
	 	 Chief Financial Officer

  

			
	 COLLATERAL AGENT AND LENDER:

	
	 OXFORD FINANCE LLC

		
	 By
	 	 /s/ Colette H. Featherly

	 Name: 
	 	 Colette H. Featherly

	 Title:
	 	 Senior Vice President

 Exhibit A 

Form of Amended and Restated Secured Promissory Note (Term A Loan) 

[see attached] 

 AMENDED AND RESTATED 

SECURED PROMISSORY NOTE 

(Term A Loan) 
  

					
	$4,861,111.11	  		  	Dated: February 13, 2018

 FOR VALUE RECEIVED, each of the undersigned, VAXART, INC., a Delaware corporation with offices located at 385
Oyster Point Blvd., Suite 9A, South San Francisco, CA 94080 (“Existing Borrower”), AVIRAGEN THERAPEUTICS, INC., a Delaware corporation with offices located at 2500 Northwinds Parkway, Suite 100, Alpharetta, GA 30009, BIOTA HOLDINGS
LIMITED, an Australian limited company with offices located at Unit 10 585 Blackburn Road, Notting Hill VIC 3168 Australia, and BIOTA SCIENTIFIC MANAGEMENT PTY LTD., an Australian proprietary limited company with offices located at Unit 10 585
Blackburn Road, Notting Hill VIC 3168 Australia (each of the foregoing are, individually, collectively, jointly and severally “Borrower”) HEREBY PROMISES TO PAY to the order of OXFORD FINANCE LLC (“Lender”) the
principal amount of FOUR MILLION EIGHT HUNDRED SIXTY ONE THOUSAND ONE HUNDRED ELEVEN DOLLARS AND 11/100 ($4,861,111.11), plus interest on the aggregate unpaid principal amount of such Term A Loan, at the rates and in accordance with the terms of the
Loan and Security Agreement dated December 22, 2016 by and among Borrower, Lender, Oxford Finance LLC, as Collateral Agent, and the other Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from
time to time, the “Loan Agreement”). If not sooner paid, the entire principal amount and all accrued and unpaid interest hereunder shall be due and payable on the Maturity Date as set forth in the Loan Agreement. Any capitalized
term not otherwise defined herein shall have the meaning attributed to such term in the Loan Agreement. 
 Principal, interest and all other
amounts due with respect to the Term A Loan, are payable in lawful money of the United States of America to Lender as set forth in the Loan Agreement and this Amended and Restated Secured Promissory Note (Term Loan A) (this “Note”).
The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Note.
The Loan Agreement, among other things, (a) provides for the making of a secured Term A Loan by Lender to Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 

This Note may not be prepaid except as set forth in Section 2.2 (c) or Section 2.2(d) of the Loan Agreement. This Note and the
obligation of Borrower to repay the unpaid principal amount of the Term A Loan, interest on the Term A Loan and all other amounts due Lender under the Loan Agreement is secured under the terms of the Loan Agreement. Presentment for payment, demand,
notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived. Borrower shall pay all reasonable fees and expenses, including, without
limitation, reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. 

This Note is an amendment and restatement of, but not issued in satisfaction of, that certain Secured Promissory Note (Term A Loan) dated
December 22, 2016, made by Existing Borrower to the order of the Lender in the principal sum of $5,000,000 (as amended, restated or otherwise modified, the “Original Note”). This Note is delivered in substitution of the
Original Note, and upon proper execution and delivery hereof, the Original Note shall be deemed null and void. 
 This Note shall be
governed by, and construed and interpreted in accordance with, the internal laws of the State of California. The ownership of an interest in this Note shall be registered on a record of ownership maintained by Lender or its agent. Notwithstanding
anything else in this Note to the contrary, the right to the principal of, and stated interest on, this Note may be transferred only if the transfer is registered on such record of ownership and the transferee is identified as the owner of an
interest in the obligation. Borrower shall be entitled to treat the registered holder of this Note (as recorded on such record of ownership) as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other
claim to or interest in this Note on the part of any other person or entity. 
 [Balance of Page Intentionally Left Blank –
Signature Page to Follow] 

 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one of its officers
thereunto duly authorized on the date hereof. 
  

			
	BORROWERS:
	
	VAXART, INC.

 
			
		
	By	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	AVIRAGEN THERAPEUTICS, INC.

 
			
		
	By	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	BIOTA HOLDINGS LIMITED

 
			
		
	By	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	BIOTA SCIENTIFIC MANAGEMENT PTY LTD.

 
			
		
	By	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 [Signature Page to Amended and Restated Secured Promissory Note (Term A Loan)] 

 LOAN INTEREST RATE AND PAYMENTS OF PRINCIPAL 

 

									
	 Date
	  	 Principal

Amount
	  	 Interest Rate
	  	 Scheduled

Payment Amount
	  	 Notation By

 EXHIBIT B 

Form of Disbursement Letter 

[see attached] 

 DISBURSEMENT LETTER 

[DATE] 
 The undersigned, being the duly elected
and acting                      of VAXART, INC. (formerly known as, AVIRAGEN THERAPEUTICS, INC.), a Delaware corporation with office located
at 2500 Northwinds Parkway, Suite 100, Alpharetta, GA 30009, on behalf of itself and each other Borrower under the Loan Agreement (as defined below) (individually and collectively, jointly and severally, “Borrower”), does hereby
certify to OXFORD FINANCE LLC (“Oxford” and “Lender”), as collateral agent (the “Collateral Agent”) in connection with that certain Loan and Security Agreement dated as of December 22,
2016, by and among Borrower, Collateral Agent and the Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”; with other capitalized terms used below
having the meanings ascribed thereto in the Loan Agreement) that: 
 1. The representations and warranties made by Borrower in Section 5
of the Loan Agreement and in the other Loan Documents are true and correct in all material respects as of the date hereof. 
 2. No event or
condition has occurred that would constitute an Event of Default under the Loan Agreement or any other Loan Document. 
 3. Borrower is in
compliance with the covenants and requirements contained in Sections 4, 6 and 7 of the Loan Agreement. 
 4. All conditions referred to in
Section 3 of the Loan Agreement to the making of the Loan to be made on or about the date hereof have been satisfied or waived by Collateral Agent. 

5. No Material Adverse Change has occurred. 

6. The undersigned is a Responsible Officer. 

[Balance of Page Intentionally Left Blank] 

 8. The proceeds of the Term [A][B] Loan shall be disbursed as follows: 

 

					
	 Disbursement from Oxford:
	  			
	 Loan Amount
	  	$		 
		  	  
	  
	 
	
—                  
  
	  	$		 
		  	  
	  
	 
	 Less:
	  			
	 —Facility Fee
	  	 	(waived	) 
	 — Interim Interest
	  	($	)	 
		  	  
	  
	 
	 —Lender’s Legal Fees
	  	($	)	* 
		  	  
	  
	 
	 Net Proceeds due from Oxford:
	  	$		 
		  	  
	  
	 
	 TOTAL TERM [A][B] LOAN NET PROCEEDS FROM LENDERS
	  	$		 
		  	  
	  
	 

 9. The [Term A Loan][Term B Loan] shall amortize in accordance with the Amortization Table attached hereto.

 10. The aggregate net proceeds of the Term Loans shall be transferred to the Designated Deposit Account as follows: 

 

			
	 Account Name:
	  	
[                    
]

	 Bank Name:
	  	
[                    
]

	 Bank Address:
	  	
[                    ]

[                    
]

	 Account Number:
	  	 ______________

	 ABA Number:
	  	
[                ]

 [Balance of Page Intentionally Left Blank] 

 

	*	Legal fees and costs are through the Effective Date. Post-closing legal fees and costs, payable after the Effective Date, to be invoiced and paid post-closing. 

 Dated as of the date first set forth above. 

 

			
	BORROWER:
	
	VAXART, INC. (formerly known as, AVIRAGEN THERAPEUTICS, INC.), on behalf of all Borrowers

			
		
	By	 	 

			
	Name:	 	 

			
	Title:	 	 

  

			
	COLLATERAL AGENT AND LENDER:
	
	OXFORD FINANCE LLC

			
		
	By	 	 

			
	Name:	 	 

			
	Title:	 	 

 [Signature Page to Disbursement Letter] 

 AMORTIZATION TABLE 

(Term [A][B] Loan) 
 [see attached]

 EXHIBIT C 

Compliance Certificate 
  

			
	 TO:
	  	OXFORD FINANCE LLC, as Collateral Agent and Lender
		
	 FROM:
	  	VAXART, INC. (formerly known as, AVIRAGEN THERAPEUTICS, INC.), for itself and on behalf of all Borrowers

 The undersigned authorized officer (“Officer”) of VAXART, INC., hereby certifies for itself
on behalf of all Borrowers under the Loan Agreement (as defined herein) that in accordance with the terms and conditions of the Loan and Security Agreement by and among Borrower, Collateral Agent, and the Lenders from time to time party thereto (as
amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings given them in the Loan Agreement), 

(a) Borrower is in complete compliance for the period ending
                     with all required covenants in the Loan Agreement, except as noted below; 

(b) There are no Events of Default, except as noted below; 

(c) Except as noted below, all representations and warranties of Borrower stated in the Loan Documents are true and correct in all material
respects on this date and for the period described in (a), above; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date. 

(d) Borrower, and each of Borrower’s Subsidiaries, has timely filed all required tax returns and reports, or extensions therefore, and
Borrower, and each of Borrower’s Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower, or Subsidiary, except as otherwise permitted pursuant to the terms of
Section 5.8 of the Loan Agreement; 
 (e) No Liens have been levied or claims made against Borrower or any of its Subsidiaries relating
to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Collateral Agent and the Lenders. 

Attached are the required documents, if any, supporting our certification(s). The Officer, on behalf of Borrower, further certifies that the
attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes and except, in the case
of unaudited financial statements, for the absence of footnotes and subject to year-end audit adjustments as to the interim financial statements. 

Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or N/A under “Complies” column. 

 

											
	 	  	Reporting Covenant	  	Requirement	  	Actual	  	Complies	  	 
	 1)
	  	Financial statements	  	Monthly within 30 days	  	Yes	  	No	  	N/A
						
	 2)
	  	Annual (CPA Audited) statements	  	Within 180 days after FYE	  	Yes	  	No	  	N/A

													
	 3)
	  	Annual Financial Projections/Budget (prepared on a monthly basis)	  	Annually (within 30 days of FYE), and when revised	  		  	Yes	  	No	  	N/A
							
	 4)
	  	8-K, 10-K and 10-Q Filings	  	If applicable, within 5 days of filing	  		  	Yes	  	No	  	N/A
							
	 5)
	  	Compliance Certificate	  	Monthly within 30 days	  		  	Yes	  	No	  	N/A
							
	 8)
	  	Total amount of Borrower’s cash and cash equivalents at the last day of the measurement period	  		  	$	  	Yes	  	No	  	N/A
							
	 9)
	  	Total amount of Borrower’s Subsidiaries’ cash and cash equivalents at the last day of the measurement period	  		  	$	  	Yes	  	No	  	N/A

 Deposit and Securities Accounts 

(Please list all accounts; attach separate sheet if additional space needed) 

 

																			
	 	 	Institution Name	  	Account Number	  	New Account?	 	  	Account Control Agreement in place?	 
	 1)
	 		  		  	 	Yes	 	  	 	No	 	  	Yes	  	 	No	 
							
	 2)
	 		  		  	 	Yes	 	  	 	No	 	  	Yes	  	 	No	 

 Other Matters 
  

							
				
	1)	 	Have there been any changes in any Key Person since the last Compliance Certificate?	  	 Yes
	  	No
				
	2)	 	Have there been any transfers/sales/disposals/retirement of Collateral or IP prohibited by the Loan Agreement?	  	 Yes
	  	No
				
	3)	 	Have there been any new or pending claims or causes of action against Borrower that involve more than One Hundred Fifty Thousand Dollars ($150,000.00)?	  	 Yes
	  	No
				
	4)	 	 Have there been any material changes to the capitalization table of Borrower?

If yes, provide copies of any such amendments or changes with this Compliance Certificate.
	  	Yes	  	No
				
	5)	 	Have there been any amendments of or other changes to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this Compliance Certificate.	  	 Yes
	  	No

 Exceptions 

Please explain any exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions.” Attach separate sheet if
additional space needed.) 
  

			
	 VAXART, INC. (formerly known as, AVIRAGEN THERAPEUTICS, INC.),

for itself and on behalf of all Borrowers

			
		
	By	 	 

			
	Name:	 	 

			
	Title: 	 	 
		
	Date:	 	

  

							
		  	LENDER USE ONLY	  	
				
		  	Received by:	  	 	  	     Date:
                    

				
		  	Verified by:	  	 	  	     Date:
                    

				
		  	Compliance Status:	  	Yes	  	    No

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