Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This Agreement made and entered into effective
as of September 20, 2019 by and between Frank Ng, an individual resident of California (“Employee”), and Allied Esports
Entertainment, Inc., a Delaware corporation (“Company”), collectively referred to as “the Parties”.

 

Recitals

 

WHEREAS, the Company desires to employ Employee
as Chief Executive Officer, and Employee desires to accept employment upon the terms and conditions set forth herein;

 

WHEREAS, Employee acknowledges that during
the course of his employment, Employee will have access to and be provided with confidential and proprietary information and trade
secrets of the Company which are invaluable to the Company and vital to the success of the Company’s business;

 

WHEREAS, the Company and Employee desire
to protect such proprietary and confidential information and trade secrets from disclosure to third parties or unauthorized use
to the detriment of the Company; and

 

WHEREAS, the Company and Employee desire
to set forth in this Agreement, the terms, conditions, and obligations of the parties with respect to such employment.

 

NOW, THEREFORE, in consideration of the
foregoing recitals, premises and mutual covenants herein contained, and intending to be legally bound hereby, the Parties hereby
agree as follows:

 

1.              
Employee’s Acknowledgment and Certifications. Employee hereby represents and certifies that Employee is not subject
to any other agreement or restrictive covenant that Employee violates by working with Company. Further, Employee represents that
no conflict of interest or breach of Employee’s fiduciary duties will result by working with and performing duties for Company.
Employee further agrees and certifies that Employee will not use or disclose to Company any confidential, proprietary or trade
secret information belonging to another individual or entity which may not properly be used or disclosed by Employee to Company.

 

2.              
Employment and Term. Company hereby employs Employee as Chief Executive Officer and Employee accepts such employment
pursuant to the terms of this Agreement. Employee shall report to and take direction from the Chairman of the Company’s Board
of Directors (the “Board”) and the Board. The Company shall appoint Employee as a member of the Board and shall use
its commercially reasonable efforts to cause Employee to be elected as a member of the Board throughout Employee’s term of
employment hereunder, including without limitation nominating Employee for election as a director at each stockholder meeting during
such term at which Employee’s term as a director would otherwise expire. Employee agrees to accept election, and to serve
as director of the Company during the term of his employment hereunder.

 

This Agreement shall commence on the Effective Date, and shall
continue, unless sooner terminated in accordance with this Agreement, until August 9, 2022 (the “Initial Period”);
provided, however, this Agreement may be extended for an additional period of up to one year by the Parties’ mutual written
agreement at least thirty (30) days prior to expiration of the Initial Period (the “Extended Period” and together with
the Initial Term, the “Agreement Period”). During the Agreement Period, Employee’s employment may be terminated
by the Company with or without Cause, subject to Sections 6 and 8 of this Agreement, and Employee may resign or otherwise terminate
his employment with the Company at any time, with or without notice, subject to the provisions of Sections 9 and 10 of this Agreement.
Notwithstanding the provisions of this Section, the provisions of Sections 4.d, and 6-22 shall survive the termination of Employee’s
employment and remain in full force and effect thereafter.

 

 

 

 

 

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3.              
Duties. Employee shall have the title of Chief Executive Officer. Employee will devote Employee’s full working
time, attention, loyalty, skills and efforts to diligently perform all the duties, responsibilities, and requirements assigned
to Employee while employed by Company. Employee’s title, position and duties are at all times subject to change at the direction
of the Company’s Board of Directors (the “Board”).

 

4.              
Compensation.

 

a.               
Base Salary. During the Initial Period, Employee will receive an annualized base salary of $300,000 (gross, less applicable
legally required withholdings and such other deductions as Employee voluntarily authorizes in writing). Thereafter, the Employee’s
base salary shall be subject to adjustment with cost-of-living adjustments that apply to all Company employee salaries form time
to time, and subject to other adjustment by the Board at any time as the Board deems appropriate.

 

b.              
Bonus. In each calendar year during the term of this Agreement, beginning in calendar year 2020, Employee shall be eligible
to receive an annual incentive bonus determined annually at the discretion of the Board, subject to the attainment of certain Board
objectives. Any payments made under this Section 4(b) shall be paid within 3 1/2 months of the end of the bonus period, provided
that Employee was employed by the Company on the last day of the bonus period.

 

c.               
Restricted Stock. The Employee will receive 17,668 shares of the Company’s common stock (valued at $100,000 based
on the closing price of the shares on the date hereof) issued pursuant to the 2019 Equity Incentive Plan (the “Plan”)
and a Restricted Stock Agreement dated the date hereof between the Company and Employee.

 

d.              
Directors & Officers Insurance. While employed by Company, Employee shall be considered an officer of Company and shall
be covered by D&O Insurance, or any other similar type of insurance, that provides coverage for Employee’s acts or omissions
undertaken during the course and scope of Employee’s employment and maintain coverage for Employee for at least three (3)
years following Employee’s employment.

 

5.              
Additional Benefits.

 

a.               
Automobile. Company shall reimburse Employee for deductible automobile mileage according to its Expense Reporting Procedures.

 

b.              
Business Expenses. Company will reimburse Employee for all preapproved, reasonable, deductible and substantiated business
expenses per its Expense Reporting Procedures. This includes, but is not limited to such expenses as cell phones and business meetings.

 

c.               
Vacation. Employee shall be entitled to four (4) weeks of paid vacation per each calendar year (pro rated for 2019) earned
ratably over each calendar year, to be taken at such times as Employee and Company shall determine and provided that no vacation
time shall unreasonably interfere with the duties required to be rendered by Employee hereunder; provided that the Employee shall
only accrue up to a maximum of thirty (30) vacation days. Once the maximum number of days of vacation is accrued, no additional
vacation days will accrue until Employee uses accrued vacation. Once the accrued vacation days fall below the accrual cap, Employee
will commence accruing vacation again under the formula above starting after the number of days falling below the maximum. This
vacation policy provision is meant to act as a cap or limit on the accrual of vacation time, and is not meant to act as a forfeiture
of any accrued vacation benefits. Any vacation time not taken by Employee during any calendar year may be carried forward into
one succeeding calendar year. Accrued but unused vacation will be paid out to Employee at the time of termination of employment.

 

d.              
Benefits. Employee will be eligible for the benefits provided from time to time by the Company for the benefit of its executive
employees.

 

 

 

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6.              
Nondisclosure Agreement. Employee acknowledges that he has executed in favor of the Company that certain Agreement Regarding
Confidential/Proprietary Information, Nondisclosure, Non-Solicitation And Invention Assignment dated effective September 20, 2019
(the “Nondisclosure Agreement”), the terms of which shall continue in full force and effect and shall control in the
case of any conflicts with the terms of this Agreement. Notwithstanding anything to the contrary herein, Company shall have no
obligation to pay to Employee any severance payments due hereunder if Employee breaches the terms of the Nondisclosure Agreement
after the date of the termination of Employee’s employment with the Company.

 

7.              
Termination by Company for Cause. Company may terminate Employee’s employment for “Cause” at any time,
without notice. For purposes of this Agreement, the term “Cause” shall mean any of the following:

 

a.               
Employee engages in willful misconduct or fails to follow the reasonable and lawful instructions of the Board, if such conduct
is not cured within thirty (30) calendar days after Company sends notice to the Employee of the alleged Cause,

 

b.              
Employee embezzles or misappropriates assets of Company or any of its subsidiaries;

 

c.               
Employee’s violation of Employee’s obligations in this Agreement, if such conduct is not cured within thirty
(30) calendar days after Company sends written notice to the Employee of the alleged Cause;

 

d.              
Breach of the Nondisclosure Agreement or any other agreement between Employee and Company or to which Company and Employee
are parties, or a breach by Employee of a fiduciary duty or responsibility to Company;

 

e.               
The commission by Employee of fraud or other willful conduct that adversely affects the business or reputation of Company,
as determined in the Board’s sole discretion; or,

 

f.               
Company has a reasonable belief Employee engaged in some form of harassment or other improper conduct prohibited by Company
policy or law.

 

In the event of a termination for Cause,
Employee shall only be entitled to receive payment of base salary, in effect at the time of termination, through Employee’s
last date of employment, accrued, unused vacation pay and any bonus payments fully earned prior to the effective date of termination.
Employee will not be entitled to any other payments, salary, or bonus. Employee shall have absolutely no right to receive or retain
any other payment or compensation whatsoever under this Agreement. The Employee’s rights and obligations regarding stock
options, restricted stock or other equity incentives owned by Employee shall be determined in accordance with and be governed by
the Plan and any award agreements issuing such equity incentives.

 

8.              
Termination by Company without Cause or Upon Death or Disability. Company may terminate Employee’s employment
without Cause at any time, for any reason, without notice. For purposes of this Agreement, an election by the Company not to extend
employment pursuant to Section 2 shall be deemed a termination without Cause. Employee’s employment will terminate as of
the date of Employee’s death or Disability (as defined below). In the event Employee’s employment is terminated by
Company without Cause, or Employee’s employment is terminated as a result of Employee’s death or Disability, Employee
(or his or her estate) shall be entitled to receive from Company, subject to Sections 6, 11 and 12, severance equal to the sum
of (i) twelve (12) months of Employee’s base salary, then in effect at the time of termination, plus (ii) Employee’s
bonus payment on a pro-rata basis through the date of termination, in each case payable over a twelve-month period in equal installments
on the Company’s regular pay dates, less applicable taxes and withholdings. Employee shall also receive any accrued, unused
vacation pay. The severance pay is conditioned upon Employee’s execution of a full and final waiver of all claims against
Company, and not rescinding or revoking (to the extent permitted under such release) Employee’s release, in a form acceptable
to Company. The Employee’s rights and obligations regarding stock options, restricted stock or other equity incentives owned
by Employee shall be determined in accordance with and be governed by the Plan and any award agreements issuing such equity incentives;
provided that all stock options shall be deemed to have fully vested and all restrictions on any restricted stock issued to Employee
shall be deemed to have lapsed effective upon the termination date under this section. “Disability” shall mean a determination
by the Board that Employee is unable to perform the essential functions of his or her job under this Agreement due to illness,
injury, or other condition of a physical or psychological nature, with or without a reasonable accommodation for a period aggregating
to 90 days in any 12-month period. Such determination shall be made in good faith by the Board, the decision of which shall be
conclusive and binding. For clarity, the essential function of Employee’s job specifically include, but are not limited to,
Employee’s consistent performance of his obligations under Section 3 of this Agreement.

 

 

 

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9.              
Termination by Employee for Good Reason. For purposes of this Agreement, “Good Reason” shall mean (i) a
material diminution in Employee’s position, duties, base salary, and responsibilities; (ii) Company’s notice to Employee
that his or her position will be relocated to an office which is greater than 150 miles from Employee’s prior office location;
(iii) the Board requests Employee to engage in actions that would constitute illegal or unethical acts; or (iv) any material breach
by the Company or its subsidiary of any contract entered into between Employee and the Company or an affiliate of the Company,
including this Agreement. In all cases of Good Reason, (A) Employee must have given notice to Company that an alleged Good Reason
event has occurred, (B) the circumstance must remain uncorrected by Company after the expiration of thirty (30) days after receipt
by Company of such notice, and (C) Employee must resign his or her employment within thirty (30) days of the expiration of the
foregoing 30-day cure period. If Employee properly terminates his or her employment for Good Reason, Employee shall be entitled
to receive from Company, subject to Sections 6, 11 and 12, severance equal to the sum of (1) twelve (12) months of Employee’s
base salary, then in effect at the time of termination, payable on the Company’s ordinary payment dates during the severance
pay period, plus (2) Employee’s bonus payment on a pro-rata basis through the date of termination, in each case payable over
a twelve-month period in equal installments on the Company’s regular pay dates, less applicable taxes and withholdings. Employee
shall also receive any accrued, unused vacation pay. The severance pay is conditioned upon Employee’s execution of a full
and final waiver of all claims against Company, and not rescinding or revoking (to the extent permitted under such release) Employee’s
release, in a form acceptable to Company. The Employee’s rights and obligations regarding stock options, restricted stock
or other equity incentives owned by Employee shall be determined in accordance with and be governed by the Plan and any award agreements
issuing such equity incentives; provided that all stock options shall be deemed to have fully vested and all restrictions on any
restricted stock issued to Employee shall be deemed to have lapsed effective upon the termination date under this section.

 

10.           
Termination by Employee without Good Reason. If Employee terminates his or her employment with Company without Good
Reason, Employee is only entitled to his or her base salary, then in effect at the time of termination, through Employee’s
last day of employment, accrued, unused vacation pay and any bonus payments fully earned prior to the effective date of termination.
Employee will not be entitled to any other payments, salary, or bonus. The Employee’s rights and obligations regarding stock
options, restricted stock or other equity incentives owned by Employee shall be determined in accordance with and be governed by
the Plan and any award agreements issuing such equity incentives.

 

11.           
Internal Revenue Code Section 409(A). The intent of the Parties is that payments and benefits under the Agreement comply
with or be exempt from Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended, and the regulations
and guidance thereunder (the “Code”) and, accordingly, to the maximum extent permitted the Agreement shall be interpreted
to be in compliance therewith or exempt therefrom. To the extent any such cash payment or continuing benefit payable upon Employee’s
termination of employment is nonqualified deferred compensation subject to Section 409A, then, only to the extent required by Section
409A, such payment or continuing benefit shall not commence until the date which is six (6) months after the date of separation
from service, and any previously scheduled payments shall be made in a lump sum (without interest) on that date. For purposes of
Section 409A, the phrase “termination of employment” (or other words to that effect), as used in this Agreement, shall
be interpreted to mean “separation from service” as defined under Section 409A.

 

12.           
Golden Parachute Limitation (Sec. 280G). Notwithstanding anything to the contrary contained herein, if any payments
or benefits provided under this Agreement constitute “parachute payments” within the meaning of Section 280G of the
Code (the “Parachute Payments”) and such Parachute Payments are subject to the excise tax imposed by Section 4999 of
the Code or nondeductible under Code Section 280G (“Section 280G”), then the Parachute Payments shall be reduced to
an amount such that the aggregate of the Parachute Payments does not exceed 2.99 times the “base amount,” as defined
in Section 280G, provided that the foregoing reduction shall not take place if, prior to the date of the change in ownership or
control of the Company, the Parachute Payments shall have been approved in a vote satisfying the requirements of Section 280G(b)(5)
of the Code by persons who, immediately before the change in ownership or control, own more than seventy-five (75%) of the voting
power of all outstanding stock of the Company.

 

13.           
Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of
California. The venue for any action relating to this Agreement shall be the federal or state courts located in Orange County,
California, to which venue each party hereby submits.

 

 

 

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14.           
Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be deemed to
have been given, when received, if delivered by hand or by telegram, or three (3) working days after deposited, if placed in the
mail for delivery by certified mail, return receipt requested, postage prepaid and addressed to the appropriate party at the following
address:

 

	Company:	
        Allied Esports International, Inc.

        

        Attention: Allison Hushek, General Counsel

        

        17877 Von Karman Ave, Suite 300,

        

        Irvine, CA 92614

        

	 	 
	Employee:	
        Frank Ng

        __________________

 

Addresses may be changed by written notice
given pursuant to this Section; however any such notice shall not be effective, if mailed, until three (3) working days after depositing
in the mails or when actually received, whichever occurs first.

 

15.           
Other Agreements. This Agreement, together with the Nondisclosure Agreement, contains the entire agreement between the
Parties concerning terms of employment and supersedes at the effective date hereof any other agreement, written or oral, except
the Plan and the applicable award agreements under such plans.

 

16.           
Modification and Waiver. A waiver by either party of a breach of any provision of this Agreement shall not operate as
or be construed as a waiver of any subsequent breach thereof. Any modification of this Agreement must be in writing and signed
by both parties.

 

17.           
Scope of Remedies. If Employee breaches the covenants contained in this Agreement, Employee recognizes that irreparable
injury will result to Company, that Company’s traditional remedies at law for damages will be inadequate, and that Company
shall be entitled to injunctive relief ordered by a judicial court of competent jurisdiction to restrain the continuing breach
by Employee, Employee’s partners, agents, or employees, or any other persons or entities acting for or with Employee. Company
shall further be entitled to seek remedies in a judicial court of competent jurisdiction for damages, reasonable attorney’s
fees, and all other costs and expenses incurred in connection with the enforcement of this Agreement, in addition to any other
rights and remedies which Company may have at law or in equity.

 

18.           
Binding Effect, Assigns, Successors, Etc. The benefits and obligations of this Agreement shall inure to the successors
and assigns of Company, to any person or entity which purchases substantially all of the assets of Company, and to any subsidiary,
affiliated corporation, or operating division of Company. This Agreement is not assignable by Employee.

 

19.           
Savings Clause. If any provision, portion or aspect of this Agreement is determined to be void, or voidable by any legislative,
judicial or administrative action as properly applied to this Agreement, then this Agreement shall be construed to so limit such
provision, portion or aspect thereof to render same enforceable to the greatest extent permitted by or in the relevant jurisdiction.

 

20.           
Headings. The headings of this Agreement are intended solely for convenience and reference, and shall give no effect
in the construction or interpretation of this Agreement.

 

21.           
Survival. The restrictions on Employee’s post-employment activities (including Employee’s confidentiality
obligations and restrictive covenants), and those sections of this Agreement that pertain to interpretation and enforcement of
such restrictions, will survive the termination of this Agreement and/or Employee’s employment and will remain in full force
and effect.

 

22.           
Execution. This Agreement may be executed in two (2) or more counterparts, and each such counterpart deemed an original.
Original signatures on copies of the Agreement transmitted by facsimile will be deemed originals for all purposes hereunder.

 

Signature Page follows.

 

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed effective as of the day and year first written above.

 

	
        COMPANY:

         

        Allied Esports International, Inc.

         

        By: /s/ Adam Pliska

        

        Adam Pliska, President

         

	 
	
        EMPLOYEE:

         

        By: /s/ Frank Ng

        Frank Ng

         

 

 

 

 

 

 

 

 

 

 

    	 	6NBRV_Ex10_1

		

			Exhibit 10.1

		

		

			Execution Version

		

		

			Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Company, if publicly disclosed.  Double asterisks denote omissions.

		

		
			FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
		

		
			THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of September 26, 2019 (the “Amendment Effective Date”), is made among Nabriva Therapeutics Public Limited Company, a public limited company incorporated in Ireland under registration number 599588 and having its registered office at 25-28 North Wall Quay, Dublin 1, Ireland (“Parent”), Nabriva Therapeutics Ireland Designated Activity Company, a designated activity company incorporated in Ireland under registration number 612454 and having its registered office at Suite 510, Regus Dublin Airport, Skybridge House, Dublin Airport, Swords, County Dublin, Ireland (“Nabriva Ireland”; together with Parent, individually and collectively, jointly and severally, the “Borrower”), Nabriva Therapeutics GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) incorporated under the laws of the Republic of Austria, having its seat in Vienna and its registered address at Leberstraße 20, 1110 Vienna, and registered with the companies’ register (Firmenbuch) of the commercial court of Vienna (Handelsgericht Wien) under registration number 269261 y (“Nabriva Austria”), Nabriva Therapeutics US, Inc., a Delaware corporation (“Nabriva US”), Zavante Therapeutics, Inc., a Delaware corporation (“Zavante”; together with Nabriva Austria and Nabriva US, collectively referred to as the “Guarantors” and each, a “Guarantor”), Hercules Capital, Inc. , a Maryland corporation, in its capacity as administrative agent and collateral agent for itself and Lender (in such capacity, together with its successors and assigns in such capacity, “Agent”).
		

		
			The Loan Parties, the Lenders and Agent are parties to a Loan and Security Agreement dated as of December 20, 2018 (as amended, restated or modified from time to time, the “Loan and Security Agreement”).  Loan Parties have requested that the Lenders agree to certain consents and amendments to the Loan and Security Agreement.  The Lenders have agreed to such request, subject to the terms and conditions hereof.
		

		
			Accordingly, the parties hereto agree as follows:
		

		
			SECTION 1        Definitions; Interpretation.
		

		
			(a)          Terms Defined in Loan and Security Agreement.  All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan and Security Agreement.
		

		
			(b)          Interpretation.  The rules of interpretation set forth in the last paragraph of Section 1.1 of the Loan and Security Agreement shall be applicable to this Amendment and are incorporated herein by this reference.
		

		
			SECTION 2        Amendments to the Loan and Security Agreement.
		

		
			(a)          The Loan and Security Agreement shall be amended as follows effective as of the Amendment Effective Date:
		

		
			(i)           New Definitions.  The following definitions are added to Section 1.1 in their proper alphabetical order:
		

		
			“First Amendment” means that certain First Amendment to Loan and Security Agreement, dated as of the First Amendment Effective Date, by and among Borrower, the Guarantors, Agent and the lenders party thereto.
		

		
			“First Amendment Effective Date” means September 26, 2019.
		

		
			(ii)          Amended and Restated Definitions.  The following definitions are hereby amended and restated as follows:
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

		

			 

		

		

		
			“Performance Milestone 2” means satisfaction of each of the following events: (a) no Event of Default shall have occurred and be continuing (b) Borrower or any other Loan Party shall have received the approval from the FDA of the NDA for CONTEPO for the treatment of complicated urinary tract infections, with a label generally consistent with the target label included in Borrower’s NDA filing and (c) receipt by Borrower on or after September 12, 2019 and on or before [**], of at least $[**] of Net Financing Proceeds (provided however, underwriting fees, sales commissions and transaction expenses for equity financings shall not be net out of Net Financing Proceeds for purposes of this requirement).
		

		
			“Performance Milestone 5” means satisfaction of each of the following events:  (a) no Event of Default shall have occurred and be continuing, (b) achievement of Performance Milestone 1, (c) achievement of Performance Milestone 2 and (d) Borrower shall have recognized no less than $[**] in trailing six month Net Product Revenue from commercial sales of CONTEPO and lefamulin as of the last day of any month as of or prior to December 2021.
		

		
			“Unrestricted Cash” means Cash held by the Loan Parties in account(s) subject to an Account Control Agreement or a Foreign Account Pledge Agreement in favor of Agent.
		

		
			(iii)         Section 2.2(a).  Section 2.2(a) is hereby amended and restated as follows:
		

		
			(a)          Advances.  Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, a Term Loan Advance of $25,000,000 on the Closing Date (the “Tranche 1 Advance”).  Subject to the terms and conditions of this Agreement, beginning on the date Borrower achieves Performance Milestone 1 and continuing through September 30, 2019, Borrower may request and Lender shall make an additional Term Loan Advance in a principal amount of $10,000,000 (the “Tranche 2 Advance”).  Subject to the terms and conditions of this Agreement, beginning on the date Borrower achieves Performance Milestone 2 and continuing through June 15, 2020, Borrower may request and Lender shall make an additional Term Loan Advance in an aggregate principal amount of $5,000,000 (the “Tranche 3 Advance”).  Subject to the terms and conditions of this Agreement, beginning on the later of January 1, 2020 and the date Borrower achieves Performance Milestone 3 and continuing through December 31, 2020, Borrower may request and Lender shall make an additional Term Loan Advance in a principal amount of $10,000,000 (the “Tranche 4 Advance”).  Subject to the terms and conditions of this Agreement, beginning on the later of July 1, 2020 and the date Borrower achieves Performance Milestone 4 and continuing through June 30, 2021, Borrower may request and Lender shall make an additional Term Loan Advance in a principal amount of $15,000,000 (the “Tranche 5 Advance”).  Subject to the terms and conditions of this Agreement, beginning on the later of January 1, 2021 and the date Borrower achieves Performance Milestone 5 and continuing through December 15, 2021, Borrower may request and Lender shall make an additional Term Loan Advance in a principal amount of $5,000,000 (the “Tranche 6 Advance”).  Subject to the terms and conditions of this Agreement and conditioned on approval by Lender’s investment committee in its sole discretion, beginning on the date determined by Lender’s investment committee and continuing through December 31, 2021, Borrower may request an additional Term Loan Advance in an aggregate principal amount of $5,000,000 (the “Tranche 7 Advance”).  The aggregate outstanding Term Loan Advances may be up to the Maximum Term Loan Amount.  For the avoidance of doubt, each Advance will be available on the terms stated herein, without regard to the drawdown of any of the Tranche 2 Advance, Tranche 3 Advance, Tranche 4 Advance, Tranche 5 Advance and Tranche 6 Advance.
		

		
			(iv)         Section 11.2(c).  Section 11.2(c) is hereby amended and restated as follows:
		

		
			
		

		
			

		 

		

			2

		

		

			 

		

		

		
			“(c)         If to Loan Parties:
		

		
			Nabriva Therapeutics Public Limited Company
		

		
			Attention: General Counsel
		

		
			1000 Continental Drive, Suite 600
		

		
			King of Prussia, PA 19406
		

		
			Email: [**]
		

		
			Telephone: [**]
		

		
			With a copy (which shall not constitute notice) to:
		

		
			Foley & Lardner LLP
		

		
			111 Huntington Avenue
		

		
			Boston, MA  02199-7610
		

		
			Attn: Jamie N. Class
		

		
			jclass@foley.com
		

		
			Tel: (617) 225-3111”
		

		
			(b)          References Within Loan and Security Agreement.  Each reference in the Loan and Security Agreement to “this Agreement” and the words “hereof,” “herein,” “hereunder,” or words of like import, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment.
		

		
			SECTION 3        Conditions of Effectiveness.  The effectiveness of Section 2 of this Amendment shall be subject to the satisfaction of each of the following conditions precedent:
		

		
			(a)          Fees and Expenses.  The Loan Parties shall have paid (i) all invoiced costs and expenses then due under the Loan Documents, and (ii) all other invoiced fees, costs and expenses, if any, due and payable as of the Amendment Effective Date under the Loan and Security Agreement.
		

		
			(b)          This Amendment.  Agent shall have received this Amendment, executed by Agent, the Lenders and the Loan Parties.
		

		
			(c)          Representations and Warranties; No Default.  On the Amendment Effective Date, after giving effect to the amendment of the Loan and Security Agreement contemplated hereby:
		

		
			(i)           The representations and warranties contained in Section 4 shall be true and correct on and as of the Amendment Effective Date as though made on and as of such date; and
		

		
			(ii)          There exist no Events of Default or events that with the passage of time would result in an Event of Default.
		

		
			SECTION 4        Representations and Warranties.  To induce the Lenders to enter into this Amendment, Each Loan Party hereby confirm, as of the date hereof, (a) that the representations and warranties made by it in Section 6 of the Loan and Security Agreement and in the other Loan Documents are true and correct in all material respects, except to the extent such representations and warranties expressly relate to an earlier date; (b) that there has not been and there does not exist a Material Adverse Change; (c) that the information included in the Perfection Certificate delivered to Agent on the Closing Date remains true and correct; (d) Lender has and shall continue to have valid, enforceable and perfected first-priority liens, on and security interests in the Collateral and all other collateral heretofore granted by such Loan Party to Lender, pursuant to the Loan Documents or otherwise granted to or held by Lender; (e) the agreements and obligations of such Loan Party contained in the Loan Documents and in this Amendment constitute the legal, valid and binding obligations of such Loan Party, enforceable against such Loan Party in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by the application of general principles of equity; and (f) the execution, delivery and performance of this Amendment by such Loan Party will not violate any law, rule, regulation, order, contractual obligation or organizational document of such Loan Party and will not result in, or require, the creation or imposition of any lien, claim or encumbrance of any kind on any of its properties or 
		

		
			
		

		
			

		 

		

			3

		

		

			 

		

		

		
			revenues.  For the purposes of this Section 4, each reference in Section 6 of the Loan and Security Agreement to “this Agreement,” and the words “hereof,” “herein,” “hereunder,” or words of like import in such Section, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment.
		

		
			SECTION 5        Post-Closing.  Notwithstanding any provision herein or in the Loan Documents to the contrary, to the extent not actually delivered on or prior to the Amendment Effective Date, Borrower shall deliver to Agent (or its designated agent):
		

		
			(a)          By October 4, 2019, a Foreign Account Pledge Agreement with respect to Deposit Account or investment account number [**] maintained [**] or an affiliate of the foregoing (the “[**]”), in form and substance reasonably satisfactory to Agent; provided that if such Foreign Account Pledge Agreement is not delivered by October 4, 2019, Borrower shall hold no more than $[**] in such account at any time thereafter, unless and until such a Foreign Account Pledge Agreement is delivered to the Agent.
		

		
			SECTION 6        Miscellaneous.
		

		
			(a)          Consent.
		

		
			(i)           Agent hereby consents to the updated projections delivered by Borrower to Agent on August 26, 2019 qualifying as the “Forecast” as defined in the Loan Agreement.  
		

		
			(ii)          Each of the Agent and Lenders hereby confirm their respective consent, effective as of May 2, 2019, to the relocation of certain of the Borrower’s assets to the [**] prior to the date here, notwithstanding any other provision of the Loan Documents, subject only to the requirement set forth in Section 5 hereof.
		

		
			(b)          Performance Milestone 1.  Each of the undersigned hereby agrees that Performance Milestone 1 was satisfied as of August 19, 2019.
		

		
			(c)          Loan Documents Otherwise Not Affected; Reaffirmation; No Novation.
		

		
			(i)           Except as expressly amended pursuant hereto or referenced herein, the Loan and Security Agreement and the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects.  The Lenders’ and Agent’s execution and delivery of, or acceptance of, this Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by any of them to provide any other or further amendments, consents or waivers in the future.
		

		
			(ii)          Each Loan Party hereby expressly (1) reaffirms, ratifies and confirms its Obligations under the Loan Agreement and the other Loan Documents, (2) reaffirms, ratifies and confirms the grant of security under Section 3.1 of the Loan and Security Agreement, (3) reaffirms that such grant of security in the Collateral secures all Obligations under the Loan and Security Agreement, and with effect from (and including) the Amendment Effective Date, such grant of security in the Collateral: (x) remains in full force and effect notwithstanding the amendments expressly referenced herein; and (y) secures all Obligations under the Loan and Security Agreement, as amended by this Amendment, and the other Loan Documents, (4) agrees that this Amendment shall be a “Loan Document” under the Loan Agreement and (5) agrees that the Loan Agreement and each other Loan Document shall remain in full force and effect following any action contemplated in connection herewith.
		

		
			(iii)         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. Nothing in this Amendment is intended, or shall be construed, to constitute an accord and satisfaction of any Loan Party’s Obligations under or in connection with the Loan and Security Agreement and any other Loan Document or to modify, affect or impair the perfection or continuity of Agent’s security interest in, (on behalf of itself and the Lenders) security titles to or other liens on any Collateral for the Obligations.
		

		
			
		

		
			

		 

		

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			(d)          Conditions.  For purposes of determining compliance with the conditions specified in Section 3, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Agent shall have received notice from such Lender prior to the Amendment Effective Date specifying its objection thereto.
		

		
			(e)          Release.  In consideration of the agreements of Agent and each Lender contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby fully, absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, Lenders and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower, or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment for or on account of, or in relation to, or in any way in connection with the Loan Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.  Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.  Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.
		

		
			(f)           No Reliance.  Borrower hereby acknowledges and confirms to Agent and the Lenders that Borrower is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.
		

		
			(g)          Costs and Expenses.  Borrower agrees to pay to Agent within ten (10) days of its receipt of an invoice (or on the Amendment Effective Date to the extent invoiced on or prior to the Amendment Effective Date), the out-of-pocket costs and expenses of Agent and the Lenders party hereto, including the reasonable fees and disbursements of counsel to Agent and the Lenders party hereto, in connection with the negotiation, preparation, execution and delivery of this Amendment and any other documents to be delivered in connection herewith on the Amendment Effective Date or after such date.
		

		
			(h)          Binding Effect.  This Amendment binds and is for the benefit of the successors and permitted assigns of each party.
		

		
			(i)           Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAWS OTHER THAN THE LAWS OF THE STATE OF NEW YORK), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL.
		

		
			(j)           Complete Agreement; Amendments.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements with respect to such subject matter.  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.
		

		
			(k)          Severability of Provisions.  Each provision of this Amendment is severable from every other provision in determining the enforceability of any provision.
		

		
			
		

		
			

		 

		

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			(l)           Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Amendment.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile, portable document format (.pdf) or other electronic transmission will be as effective as delivery of a manually executed counterpart hereof.
		

		
			(m)         Loan Documents. This Amendment and the documents related thereto shall constitute Loan Documents.
		

		
			[Balance of Page Intentionally Left Blank; Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			

		 

		

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

		
			BORROWER:
		

		
			Nabriva Therapeutics Public Limited Company
		

		
			GIVEN under the COMMON SEAL of
		

		
			NABRIVA THERAPEUTICS PUBLIC LIMITED COMPANY
		

		
			and DELIVERED as a DEED:
		

			
					
						/s/ Gary Sender

					
					
						 

				
	
					
						Gary Sender

					
					
						 

				
	
					
						Authorised Signatory

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			Nabriva Therapeutics Ireland Designated Activity Company
		

		
			SIGNED AND DELIVERED as a Deed
		

		
			for and on behalf of
		

		
			NABRIVA THERAPEUTICS IRELAND DESIGNATED ACTIVITY COMPANY
		

		
			by its lawfully appointed attorney
		

		
			GARY SENDER
		

			
					
						 

					
					
						/s/ Gary Sender

					
					
						 

				
	
					
						 

					
					
						Signature of Attorney

					
					
						 

				

		
			 
		

		
			in the presence of:
		

		
			 
		

			
					
						/s/ illegible

					
					
						 

				
	
					
						Signature of Witness

					
					
						 

				

		
			 
		

			
					
						Attorney

					
					
						 

				
	
					
						Occupation of Witness

					
					
						 

				

		
			 
		

			
					
						1000 Continental Drive, King of Prussia, PA

					
					
						 

				
	
					
						Address of Witness

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						GUARANTORS:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						NABRIVA THERAPEUTICS GMBH

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Gary Sender

				
	
					
						 

					
					
						Name:

					
					
						Gary Sender

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						NABRIVA THERAPEUTICS US, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Gary Sender

				
	
					
						 

					
					
						Name:

					
					
						Gary Sender

				
	
					
						 

					
					
						Title:

					
					
						Treasurer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ZAVANTE THERAPEUTICS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Gary Sender

				
	
					
						 

					
					
						Name:

					
					
						Gary Sender

				
	
					
						 

					
					
						Title:

					
					
						Treasurer

				

		
			 
		

		
			
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						AGENT:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						HERCULES CAPITAL, INC.,

				
	
					
						 

					
					
						as Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jennifer Choe

				
	
					
						 

					
					
						Name:

					
					
						Jennifer Choe

				
	
					
						 

					
					
						Title:

					
					
						Assistant General Counsel

				

		
			 
		

		
			
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						HERCULES CAPITAL, INC.,

				
	
					
						 

					
					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jennifer Choe

				
	
					
						 

					
					
						Name:

					
					
						Jennifer Choe

				
	
					
						 

					
					
						Title:

					
					
						Assistant General Counsel

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