Document:

EX-10.1

 Exhibit 10.1 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT (2022) 

This Restricted Stock Unit Agreement (this “Agreement”), dated as of _____, 2022 (the “Grant
Date”), is made by and between Sunstone Hotel Investors, Inc., a Maryland corporation (the “Company”), and «PARTC_NAME» (the “Participant”). Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to such terms in the Plan (as defined below). 
 WHEREAS, the Company
maintains the Sunstone Hotel Investors, Inc. 2004 Long-Term Incentive Plan (as amended from time to time, the “Plan”); 

WHEREAS, the Company wishes to carry out the Plan (the terms of which are hereby incorporated by reference and made a part of this
Agreement); 
 WHEREAS, Section 3.8 of the Plan provides for the issuance of restricted stock units
(“RSUs”); and 
 WHEREAS, the Committee has determined that it would be to the advantage and in the best
interest of the Company to issue RSUs to the Participant as an inducement to enter into or remain in the service of the Company or any Related Entity, and as an additional incentive during such service, and has advised the Company thereof. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties hereto do hereby agree as follows: 
 1. Issuance of Award of RSUs. Pursuant to the Plan,
in consideration of the Participant’s agreement to provide services to the Company or any Related Entity (as applicable), the Company hereby issues to the Participant an award of «RSUS_GRANTED» RSUs. Each RSU that vests (and ceases
to be subject to the Restrictions) shall represent the right to receive payment, in accordance with this Agreement, of one share of Common Stock. Unless and until an RSU vests, the Participant will have no right to payment in respect of any such
RSU. Prior to actual payment in respect of any vested RSU, such RSU will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 

2. Dividend Equivalents. Each RSU granted hereunder that becomes an Earned RSU is hereby granted in tandem with a corresponding
dividend equivalent right (a “Dividend Equivalent”), which Dividend Equivalent shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture of the RSU to which it corresponds. Pursuant to each
outstanding Dividend Equivalent, with respect to each dividend paid by the Company with respect to the Performance Period, the Participant shall be entitled to receive payment equal to the amount of such dividend, if any, on the Shares underlying
the Earned RSU to which such Dividend Equivalent relates, payable in the same form and amounts as dividends paid to each holder of a Share. Each such payment shall be made no later than thirty (30) days following the applicable dividend payment
date, provided that no such payments shall be made prior to the date on which the RSU becomes an Earned RSU, and any Dividend Equivalent payments that would have been made prior to such date had the RSU been an Earned RSU, plus (or minus) the amount
of gain (or loss) on such amounts had they been reinvested in Common Stock on the date on which the corresponding dividend was paid (at a price equal to the closing price of the Common Stock on the applicable dividend payment date), shall be paid in
a single lump sum no later than forty-five (45) days following the date on which the RSU becomes an Earned RSU. Dividend Equivalents shall not entitle the Participant to any payments relating to dividends for which the record date occurs after
the payment of the Earned RSU underlying such Dividend Equivalent, and the Participant shall not be entitled to any Dividend Equivalent payments with respect to any RSU that does not become an Earned RSU. Dividend Equivalents and any amounts that
may become distributable in respect thereof shall be treated separately from the RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A of the Code. 

 

  
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 3. Definitions. For purposes of this Agreement, the following terms shall have the
meanings set forth below. 
 (a) “Cause” means “Cause” as defined in the Participant’s applicable
employment or severance agreement with the Company if such an agreement exists and contains a definition of Cause, or, if no such agreement exists or such agreement does not contain a definition of Cause, then Cause means the occurrence of one or
more of the following events: (i) the Participant’s continued and willful failure to perform or gross negligence in performing his or her duties owed to the Company, which is not cured within 15 days following a written notice being
delivered to the Participant, which notice specifies such failure or negligence; (ii) the Participant’s willful commission of an act of fraud or material dishonesty in the performance of his or her duties, the nature of which, and the
support for which, shall be provided to the Participant in writing; (iii) the indictment of the Participant, conviction of the Participant, or entry by the Participant of a guilty or no contest plea to any felony or any other felony or
misdemeanor involving moral turpitude; (iv) any material breach by the Participant of his or her fiduciary duty or duty of loyalty to the Company; or (v) the Participant’s material breach of any of the provisions of this Agreement, or
any other written agreement between the Participant and the Company, which is not cured within 15 days following written notice thereof from the Company. 

(b) “Disability” means “Disability” as defined in the Participant’s applicable employment or severance
agreement with the Company if such an agreement exists and contains a definition of Disability, or, if no such agreement exists or such agreement does not contain a definition of Disability, then Disability shall mean a disability that qualifies or,
had the Participant been a participant, would qualify the Participant to receive long-term disability payments under the Company’s group long-term disability insurance plan or program, as it may be amended from time to time. 

(c) “Employment Agreement” means that certain employment agreement by and between the Participant and the Company,
dated as of [________]. 
 (d) “Good Reason” means “Good Reason” as defined in the Participant’s
applicable employment or severance agreement with the Company if such an agreement exists and contains a definition of Good Reason, or, if no such agreement exists or such agreement does not contain a definition of Good Reason, then Good Reason
means the occurrence of any one or more of the following events without the Participant’s prior written consent: 
  

	 	(i)	 a material reduction in the Participant’s title, duties, authority, responsibilities, reporting
relationships, including, without limitation, the Company ceasing to be a public company or ceasing to be traded on the New York Stock Exchange (or similar exchange) following a Change in Control, or the assignment to the Participant of any duties
materially inconsistent with the Participant’s position, title, authority, duties or responsibilities; 

  

	 	(ii)	 a reduction by the Company of the Participant’s annual base salary by greater than three percent (3%);

  

	 	(iii)	 The relocation of the Company’s headquarters to a location more than 35 miles from the Company’s
current headquarters in Irvine, California; and 

  
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 For purposes of this Agreement, a termination of employment by the Participant shall not be deemed to be for
Good Reason unless (A) the Participant gives the Company written notice describing the event or events which are the basis for such termination within 90 days after the event or events occur, (B) such grounds for termination (if
susceptible to correction) are not corrected by the Company within 30 days after the Company’s receipt of such notice, and (C) the Participant terminates his employment no later than 45 days after the Participant provides notice to the
Company in accordance with clause (A) of this paragraph. 
 (e) “Performance Period” means the period set forth
on Exhibit A attached hereto. 
 (f) “Qualifying Termination” means a Termination of Employment by reason of
(i) the Participant’s death, (ii) a termination by the Company or any Related Entity due to the Participant’s Disability, (iii) a termination by the Company or any Related Entity other than for Cause, or (iv) a
termination by the Participant for Good Reason. 
 (g) “Restrictions” means the exposure to forfeiture set forth in
Sections 5(a) and 6(a). 
 (h) “Service Provider” means an employee, consultant or director of the Company or a
Related Entity, as applicable. 
 (i) “Share” means a share of Common Stock. 

(j) “Unvested RSU” means any RSU that has not become fully vested pursuant to Section 5 hereof and remains
subject to the Restrictions. 
 (k) “Vested RSUs” means Earned RSUs that become fully vested on the applicable
Vesting Date. 
 4. RSUs and Dividend Equivalents Subject to the Plan; Ownership and Transfer Restrictions. 

(a) The RSUs and Dividend Equivalents are subject to the terms, definitions and provisions of the Plan, which is incorporated herein by
reference, including, without limitation, the restrictions on transfer set forth in Section 4.4 of the Plan. 
 (b) Without limiting
the foregoing, the RSUs and Common Stock issuable with respect thereto shall be subject to the restrictions on ownership and transfer set forth in the charter of the Company, as amended and supplemented from time to time. 

5. Vesting. 
 (a)
General. The RSUs granted hereby will become Vested RSUs and the Restrictions set forth in this Section 5(a) and Section 6(a) below shall lapse on the Vesting Date to the extent (if any) that the Price Per Share Goals as defined and
set forth in Exhibit A are achieved, subject to the Participant’s continued status as a Service Provider through the Vesting Date (except as set forth in Section 5(b) and 6(b) below). Any RSUs granted hereby which do not satisfy the
requirements to become Vested RSUs as of the completion of the Performance Period will automatically be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such
RSUs. 
 (b) Change in Control. Notwithstanding the foregoing, in the event that (i) a Change in Control occurs prior to the
completion of the Performance Period, (ii) the Participant has not incurred a Termination of Employment prior to such Change in Control and (iii) this award of RSUs is not continued, converted, assumed or replaced by the surviving or
successor entity in such Change in Control in an equitable manner approved by the Administrator in good faith, the Restrictions shall lapse with respect to a number of 

  
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RSUs equal to the number of RSUs which would be Vested RSUs (if any) based on the actual achievement of the Price Per Share Goals as of and assuming the Vesting Date occurred as of the date of
the Change in Control, and such RSUs shall, immediately prior to such Change in Control, become Vested RSUs. Any RSUs that do not become fully vested in accordance with the preceding sentence will automatically be cancelled and forfeited as of the
date of the Change in Control without payment of any consideration therefor, and the Participant shall have no further right to or interest in such RSUs. The Participant acknowledges and agrees that the accelerated vesting provision contained in
Section 4(a)(ii)(B) of the Employment Agreement is superseded by this Agreement, such that such accelerated vesting provision shall not apply with respect to the RSUs granted pursuant to this Agreement. 

6. Effect of Termination of Employment. 

(a) Termination of Employment. Subject to Section 6(b) below, in the event of the Participant’s Termination of Employment for
any reason, any and all Unvested RSUs as of the date of such Termination of Employment (after taking into account any accelerated vesting that occurs in connection with such termination) will automatically and without further action be cancelled and
forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such Unvested RSUs. No RSUs which have not vested as of the date of the Participant’s Termination of Employment shall
thereafter become vested. 
 (b) Qualifying Termination. In the event that the Participant incurs a Qualifying Termination prior to
the completion of the Performance Period, the Restrictions shall lapse with respect to a number of RSUs equal to the number of RSUs which would be Vested RSUs (if any) based on the actual achievement of the Price Per Share Goals as of and assuming
the Vesting Date occurred as of the date of the Participant’s Qualifying Termination (the “Qualifying Termination RSUs”), and such RSUs shall become Vested RSUs upon the date of the Participant’s Qualifying
Termination. Any RSUs that do not become fully vested in accordance with the preceding sentence will automatically be cancelled and forfeited as of the date of the Qualifying Termination without payment of any consideration therefor, and the
Participant shall have no further right to or interest in such RSUs. The Participant acknowledges and agrees that the accelerated vesting provision contained in Section 4(a)(ii)(B) of the Employment Agreement is superseded by this Agreement,
such that such accelerated vesting provision shall not apply with respect to the RSUs granted pursuant to this Agreement. 
 7.
Payment. Payments in respect of any RSUs that vest in accordance herewith shall be made to the Participant (or in the event of the Participant’s death, to his or her estate) in whole Shares, and any fractional Share will be rounded as
determined by the Company; provided, however, that in no event shall the aggregate number of RSUs that vest or become payable hereunder exceed 100% of the total number of RSUs set forth in Section 1 of this Agreement. The Company shall
make such payments as soon as practicable after the applicable vesting date, but in any event within twenty (20) days after such vesting date, provided that, in the event of vesting upon a Change in Control under Section 5(b) above, such
payment shall be made or deemed made immediately preceding and effective upon the occurrence of such Change in Control. 
 8.
Determinations by Committee. Notwithstanding anything contained herein, all determinations, interpretations and assumptions relating to the vesting of the RSUs (including, without limitation, determinations, interpretations and assumptions
with respect to the Share Price Goals) shall be made by the Committee and shall be applied consistently and uniformly to all similar Awards granted under the Plan. In making such determinations, the Committee may employ attorneys, consultants,
accountants, appraisers, brokers, or other persons, and the Committee, the Board, the Company and their officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all
interpretations and determinations made by the Committee in good faith and absent manifest error shall be final and binding upon the Participant, the Company and all other interested persons. 

  
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 9. Restrictions on New RSUs or Shares. In the event that the RSUs or the Shares
underlying the RSUs are changed into or exchanged for a different number or kind of securities of the Company or of another corporation or other entity by reason of merger, consolidation, recapitalization, reclassification, stock split, stock
dividend or combination of shares, such new or additional or different securities which are issued upon conversion of or in exchange or substitution for RSUs or the Shares underlying the RSUs which are then subject to vesting shall be subject to the
same vesting conditions as such RSUs or Shares, as applicable, unless the Committee provides for the vesting of the RSUs or the Shares underlying the RSUs, as applicable. 

10. Conditions to Issuance of Shares. Shares issued as payment for the RSUs will be issued out of the Company’s authorized but
unissued Shares. Upon issuance, such Shares shall be fully paid and nonassessable. The Shares issued pursuant to this Agreement shall be held in book-entry form and no certificates shall be issued therefor. In addition to the other requirements set
forth herein, the Shares issued as payment for the RSUs shall be issued only upon the fulfillment of all of the following conditions: 
 (a)
The admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; 
 (b) The completion of any
registration or other qualification of such shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Committee shall, in its absolute
discretion, deem necessary or advisable; 
 (c) The obtaining of any approval or other clearance from any state or federal governmental
agency which the Committee shall, in its absolute discretion, determine to be necessary or advisable; 
 (d) The lapse of such reasonable
period of time as the Committee may from time to time establish for reasons of administrative convenience; and 
 (e) The receipt by the
Company of full payment for any applicable withholding or other employment tax or required payments with respect to any such Shares to the Company with respect to the issuance or vesting of such Shares. 

In the event that the Company delays a distribution or payment in settlement of RSUs because it reasonably determines that the issuance of
Shares in settlement of RSUs will violate federal securities laws or other applicable law, such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or payment
will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii). The Company shall not delay any payment if such delay will result in a violation of Section 409A of the
Code. 
 11. Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant will have any of
the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to
the Participant or any person claiming under or through the Participant. 
 12. Tax Withholding. The Company or any Related Entity
shall have the authority and the right to deduct or withhold, or require the Participant to remit to such entity, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s FICA obligation) required by
law to be withheld with respect to the issuance, vesting or payment of the RSUs and the Dividend Equivalents. In satisfaction of the foregoing requirement or in satisfaction of any additional tax withholding, the Company or any Related Entity may,
or the Committee may in its discretion allow the Participant to elect to have the Company or any Related Entity (as applicable), withhold Shares otherwise issuable under such award (or allow the return of Shares) having a Fair

  
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Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan or this Agreement, the number of Shares which may be withheld with respect to the issuance,
vesting or payment of the RSUs and the Dividend Equivalents in order to satisfy the Participant’s income and payroll tax liabilities with respect thereto shall be limited to the number of shares which have a fair market value on the date of
withholding no greater than the aggregate amount of such liabilities based on the maximum individual statutory withholding rates in the applicable jurisdiction. 

13. Remedies. The Participant shall be liable to the Company for all costs and damages, including incidental and consequential damages,
resulting from a disposition of the RSUs which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific performance of the
obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant will not urge as a defense that there is an adequate remedy at law.

 14. Restrictions on Public Sale by the Participant. To the extent not inconsistent with applicable law, the Participant agrees not
to effect any sale or distribution of the RSUs or the Shares underlying the RSUs or any similar security of the Company, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144
under the Securities Act, during the fourteen (14) days prior to, and during the up to 90 day period beginning on, the date of the pricing of any public or private debt or equity securities offering by the Company (except as part of such
offering), if and to the extent requested in writing by the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or
underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Company, which consent may be given or withheld in the Company’s sole and absolute discretion, in the case of an underwritten public or
private offering (such agreement to be in the form of a lock-up agreement provided by the Company, managing underwriter or underwriters, or initial purchaser or initial purchasers, as the case may be). 

15. Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent
necessary with all provisions of all applicable federal and state laws, rules and regulations (including, but not limited to the Securities Act of 1933 (the “Securities Act”) and the Exchange Act and any and all regulations
and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation the applicable exemptive conditions of Rule 16b-3 of the Exchange Act) and to such approvals by any
listing, regulatory or other governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs
are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan, this Agreement and the RSUs shall be deemed amended to the extent necessary to conform to such laws, rules and
regulations. 
 16. Code Section 409A. To the extent applicable, this Agreement shall be interpreted in accordance
with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the effective date of this
Agreement. Notwithstanding any provision of this Agreement to the contrary, in the event that following the effective date of this Agreement, the Company determines that the RSUs may be subject to Section 409A of the Code and related Department
of Treasury guidance (including such Department of Treasury guidance as may be issued after the effective date of this Agreement ), the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect ), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the RSUs from Section 409A of the Code and/or preserve the intended tax treatment of the
benefits provided with respect to the RSUs, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance; provided, however, that this Section 16 shall not create any obligation on the
part of the Company or any Related Entity to adopt any such amendment, policy or procedure or take any such 

  
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other action. For purposes of Section 409A of the Code, any right to a series of payments pursuant to this Agreement shall be treated as a right to a series of separate payments.
Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six-month period following the Participant’s “separation from
service” to the extent that the Committee determines that the Participant is a “specified employee” (each within the meaning of Section 409A of the Code) at the time of such separation from service and that paying such amounts at
the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following
the end of such six-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject to such additional taxes), the Company shall pay to the
Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six-month period under this Agreement. 

17. No Right to Continued Service. Nothing in this Agreement shall confer upon the Participant any right to continue as a Service
Provider of the Company or any Related Entity, or shall interfere with or restrict in any way the rights of the Company or any Related Entity, which rights are hereby expressly reserved, to discharge the Participant at any time for any reason
whatsoever, with or without cause. 
 18. Miscellaneous. 

(a) Incorporation of the Plan. This Agreement is made under and subject to and governed by all of the terms and conditions of the Plan.
In the event of any discrepancy or inconsistency between this Agreement and the Plan, the terms and conditions of the Plan shall control. By signing this Agreement, the Participant confirms that he or she has received access to a copy of the Plan
and has had an opportunity to review the contents thereof. 
 (b) Clawback. This award, the RSUs and the Shares issuable with respect
to the RSUs shall be subject to any clawback or recoupment policy currently in effect or as may be adopted by the Company, as may be amended from time to time. 

(c) Successors and Assigns. Subject to the limitations set forth in this Agreement, this Agreement shall be binding upon, and inure to
the benefit of, the executors, administrators, heirs, legal representatives, successors and assigns of the parties hereto, including, without limitation, any business entity that succeeds to the business of the Company. 

(d) Entire Agreement; Amendments and Waivers. This Agreement, together with the Plan, constitutes the entire agreement among the
parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties. In the event that the provisions of such other agreement or letter conflict
or are inconsistent with the provisions of this Agreement, the provisions of this Agreement shall control. Except as set forth in Section 16 above, this Agreement may not be amended except in an instrument in writing signed on behalf of each of
the parties hereto and approved by the Committee. No amendment, supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

(e) Severability. If for any reason one or more of the provisions contained in this Agreement or in any other instrument referred to
herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any
other such instrument. 

  
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 (f) Titles. The titles, captions or headings of the Sections herein are inserted for
convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 (g)
Counterparts. This Agreement may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile (including, without limitation, transfer by .pdf), and each of which shall be deemed to be an original, but
all of which together shall be deemed to be one and the same instrument. 
 (h) Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of California applicable to contracts entered into and wholly to be performed within the State of California by California residents, without regard to any otherwise governing principles of
conflicts of law that would choose the law of any state other than the State of California. 
 (i) Notices. Any notice to be given by
the Participant under the terms of this Agreement shall be addressed to the General Counsel of the Company at the Company’s address set forth in Exhibit A attached hereto. Any notice to be given to the Participant shall be addressed to
him or her at the Participant’s then current address on the books and records of the Company. By a notice given pursuant to this Section 18(i), either party may hereafter designate a different address for notices to be given to him or her.
Any notice which is required to be given to the Participant shall, if the Participant is then deceased, be given to the Participant’s personal representative if such representative has previously informed the Company of his or her status and
address by written notice under this Section 18(i) (and the Company shall be entitled to rely on any such notice provided to it that it in good faith believes to be true and correct, with no duty of inquiry). Any notice required or permitted
hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed as set forth above or upon confirmation of
delivery by a nationally recognized overnight delivery service. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year
first above written. 
  

			
	 SUNSTONE HOTEL INVESTORS, INC.,

a Maryland corporation

		
	By:	 	              

	Name:	 	
	Title:	 	
	
	The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.
	
	              

	«PARTC_NAME»

  
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 Exhibit A 

Definitions and Notice Address 

Definitions 
 Capitalized terms not
defined herein shall have the meanings set forth in the Performance-Based Restricted Stock Unit Agreement (2022) to which this Exhibit is attached. 

“Performance Period” means the period commencing on March 7, 2022 and ending on March 7, 2027. 

RSUs shall become “Earned RSUs” to the extent that the Price Per Share Goals set forth in the table below are achieved during the
Performance Period. 
  

									
	 Vesting Tranche
	  	Price Per Share Goal	 	  	Percentage of Earned RSUs	 
	 “First Vesting Tranche”
	  	$	13.50	 	  	 	20	% 
	 “Second Vesting Tranche”
	  	$	15.00	 	  	 	20	% 
	 “Third Vesting Tranche”
	  	$	16.50	 	  	 	20	% 
	 “Fourth Vesting Tranche”
	  	$	18.00	 	  	 	20	% 
	 “Fifth Vesting Tranche”
	  	$	19.50	 	  	 	20	% 

 For the avoidance of doubt, each Price Per Share Goal for an Earned RSU may be achieved only once during the Performance
Period and more than one Price Per Share Goal may be achieved on a particular date. For example, if the first Price Per Share Goal of $13.50 per share is achieved on January 1, 2025, the Price Per Share thereafter drops below such level and
again reaches $13.50 per share during the 20 consecutive trading day period ending September 30, 2025, no additional RSUs shall become Earned RSUS as a result of reaching the same Price Per Share Goal for a second time. 

Vesting of Earned RSUs 
 Except as otherwise
provided in Sections 5(b) or 6(b) of the Agreement, with respect to any RSUs that become Earned RSUs, such Earned RSUs shall vest on the later of the third anniversary of the Grant Date and the Date on which the Price Per Share Goal is achieved
during the Performance Period (the later of such dates, the “Vesting Date”), subject to Participant’s continued Service through the applicable Vesting Date. 

“Price Per Share” means the closing trading price of a share of Common Stock on the principal stock exchange or quotation system on
which the Common Stock is then listed. 
 “Price Per Share Goal” means the applicable Price Per Share set forth in the table above
that has been maintained for any 20 consecutive trading day period during the Performance Period; provided, however, that if a Change in Control occurs prior to the completion of the Performance Period, the Price Per Share Goals shall be evaluated
solely by reference to the price per Share paid by the acquiror in the Change in Control transaction or, to the extent that the consideration in the Change in Control transaction is paid in stock of the acquiror or its affiliates, then, unless
otherwise determined by the Committee, the Price Per Share shall mean the value of the consideration paid per Share based on the average of the high and low trading prices of a share of such acquiror stock on the principal exchange on which such
shares are then traded on the date on which a Change in Control occurs. 

 Company Address 

200 Spectrum Center Drive 
 21st Floor 
 Irvine, California 92618 

Attn: General CounselEX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

CREDIT AGREEMENT 
 among

 ACER THERAPEUTICS INC., 
 as
Borrower, 
 SWK FUNDING LLC, 

as Agent, Sole Lead Arranger and Sole Bookrunner, 

and 
 the financial institutions
party hereto from time to time as Lenders 
 Dated as of March 4, 2022 

 
  

 
  

 Table of Contents 

 

							
	 	  	 	  	Page	 
	 Section 1
	  	Definitions; Interpretation	  	 	1	 
	 1.1
	  	Definitions	  	 	1	 
	 1.2
	  	Interpretation	  	 	15	 
			
	 Section 2
	  	Credit Facility	  	 	16	 
	 2.1
	  	Term Loan Commitments	  	 	16	 
	 2.2
	  	[Reserved]	  	 	16	 
	 2.3
	  	Commitments Several	  	 	16	 
	 2.4
	  	Indebtedness Absolute; No Offset; Waiver	  	 	17	 
	 2.5
	  	Loan Accounting	  	 	18	 
	 2.5.1
	  	Recordkeeping	  	 	18	 
	 2.5.2
	  	Notes	  	 	18	 
	 2.6
	  	Payment of Interest and Principal	  	 	18	 
	 2.6.1
	  	Interest Rate Calculation	  	 	18	 
	 2.6.2
	  	Payments of Interest	  	 	19	 
	 2.6.3
	  	Payments of Principal	  	 	20	 
	 2.7
	  	Fees	  	 	20	 
	 2.8
	  	Prepayment	  	 	21	 
	 2.8.1
	  	Mandatory Prepayment	  	 	21	 
	 2.8.2
	  	Voluntary Prepayment	  	 	21	 
	 2.9
	  	Payment Mechanics	  	 	21	 
	 2.9.1
	  	Making of Payments	  	 	21	 
	 2.9.2
	  	Application of Payments and Proceeds	  	 	21	 
	 2.9.3
	  	Set-off	  	 	21	 
	 2.9.4
	  	Proration of Payments	  	 	22	 
			
	 Section 3
	  	Yield Protection	  	 	22	 
	 3.1
	  	Taxes	  	 	22	 
	 3.2
	  	Manner of Funding; Alternate Funding Offices	  	 	24	 
	 3.3
	  	Conclusiveness of Statements; Survival	  	 	25	 
			
	 Section 4
	  	Conditions Precedent	  	 	25	 
	 4.1
	  	Conditions to Effectiveness of this Agreement	  	 	25	 
	 4.2
	  	Conditions to Funding of Term Loan	  	 	26	 
			
	 Section 5
	  	Representations and Warranties	  	 	26	 
	 5.1
	  	Organization	  	 	26	 
	 5.2
	  	Authorization; No Conflict	  	 	27	 
	 5.3
	  	Validity; Binding Nature	  	 	27	 
	 5.4
	  	Financial Condition	  	 	27	 
	 5.5
	  	No Material Adverse Effect	  	 	27	 
	 5.6
	  	Litigation	  	 	28	 

							
	 5.7
	  	Ownership of Properties; Liens	  	 	28	 
	 5.8
	  	Capitalization	  	 	28	 
	 5.9
	  	Pension Plans	  	 	28	 
	 5.10
	  	Investment Company Act	  	 	28	 
	 5.11
	  	No Default	  	 	28	 
	 5.12
	  	Margin Stock	  	 	28	 
	 5.13
	  	Taxes	  	 	29	 
	 5.14
	  	Solvency	  	 	29	 
	 5.15
	  	Environmental Matters	  	 	29	 
	 5.16
	  	Insurance	  	 	29	 
	 5.17
	  	Information	  	 	29	 
	 5.18
	  	Intellectual Property; Products and Services	  	 	30	 
	 5.19
	  	Restrictive Provisions	  	 	30	 
	 5.20
	  	Labor Matters	  	 	31	 
	 5.21
	  	Material Contracts	  	 	31	 
	 5.22
	  	Compliance with Laws; Health Care Laws	  	 	31	 
	 5.23
	  	Existing Indebtedness; Investments, Guarantees and Certain Contracts	  	 	32	 
	 5.24
	  	Affiliated Agreements	  	 	33	 
	 5.25
	  	Names; Locations of Offices, Records and Collateral; Deposit Accounts	  	 	33	 
	 5.26
	  	Non-Subordination	  	 	33	 
	 5.27
	  	Broker’s or Finder’s Commissions	  	 	33	 
	 5.28
	  	Anti-Terrorism; OFAC	  	 	34	 
	 5.29
	  	Security Interest	  	 	34	 
	 5.30
	  	Survival	  	 	34	 
			
	 Section 6
	  	Affirmative Covenants	  	 	34	 
	 6.1
	  	Information	  	 	34	 
	 6.1.1
	  	Annual Report	  	 	34	 
	 6.1.2
	  	Interim Reports	  	 	35	 
	 6.1.3
	  	Quarterly Review Meeting	  	 	35	 
	 6.1.4
	  	Compliance Certificate	  	 	36	 
	 6.1.5
	  	Reports to Governmental Authorities, Board of Directors and Shareholders	  	 	36	 
	 6.1.6
	  	Notice of Default; Litigation	  	 	36	 
	 6.1.7
	  	Management Report	  	 	37	 
	 6.1.8
	  	Projections	  	 	37	 
	 6.1.9
	  	Updated Schedules to Guarantee and Collateral Agreement	  	 	38	 
	 6.1.10
	  	Other Information	  	 	38	 
	 6.1.11
	  	Reduction of Information	  	 	38	 
	 6.2
	  	Books; Records; Inspections	  	 	39	 
	 6.3
	  	Conduct of Business; Maintenance of Property; Insurance	  	 	39	 
	 6.4
	  	Compliance with Laws; Payment of Taxes and Liabilities	  	 	40	 
	 6.5
	  	Maintenance of Existence	  	 	41	 
	 6.6
	  	Employee Benefit Plans	  	 	41	 
	 6.7
	  	Environmental Matters	  	 	41	 
	 6.8
	  	Further Assurances	  	 	41	 
	 6.9
	  	Compliance with Health Care Laws	  	 	42	 
	 6.10
	  	Cure of Violations	  	 	43	 
	 6.11
	  	Payment of Debt	  	 	43	 
	 6.12
	  	Post-Closing Covenants	  	 	43	 

							
	 Section 7
	  	Negative Covenants	  	 	44	 
	 7.1
	  	Debt	  	 	44	 
	 7.2
	  	Liens	  	 	45	 
	 7.3
	  	Dividends; Redemption of Equity Interests	  	 	46	 
	 7.4
	  	Mergers; Consolidations; Asset Sales	  	 	47	 
	 7.5
	  	Modification of Organizational Documents	  	 	48	 
	 7.6
	  	Use of Proceeds	  	 	48	 
	 7.7
	  	Transactions with Affiliates	  	 	48	 
	 7.8
	  	Inconsistent Agreements	  	 	48	 
	 7.9
	  	Business Activities	  	 	49	 
	 7.10
	  	Investments	  	 	49	 
	 7.11
	  	Restriction of Amendments to Certain Documents	  	 	50	 
	 7.12
	  	Fiscal Year	  	 	50	 
	 7.14
	  	Deposit Accounts	  	 	50	 
	 7.15
	  	Subsidiaries	  	 	51	 
	 7.16
	  	Regulatory Matters	  	 	51	 
	 7.17
	  	Name; Permits; Dissolution; Insurance Policies; Disposition of Collateral; Taxes; Trade Names	  	 	51	 
	 7.18
	  	Truth of Statements	  	 	52	 
			
	 Section 8
	  	Events of Default; Remedies	  	 	52	 
	 8.1
	  	Events of Default	  	 	52	 
	 8.1.1
	  	Non-Payment of Credit	  	 	52	 
	 8.1.2
	  	Default Under Other Debt	  	 	52	 
	 8.1.3
	  	Bankruptcy; Insolvency	  	 	52	 
	 8.1.4
	  	Non-Compliance with Loan Documents	  	 	53	 
	 8.1.5
	  	Representations; Warranties	  	 	53	 
	 8.1.6
	  	Pension Plans	  	 	53	 
	 8.1.7
	  	Judgments	  	 	53	 
	 8.1.8
	  	Invalidity of Loan Documents or Liens	  	 	53	 
	 8.1.9
	  	Invalidity of Subordination Provisions	  	 	54	 
	 8.1.10
	  	Change of Control	  	 	54	 
	 8.1.11
	  	Certificate Withdrawals, Adverse Test or Audit Results, and Other Matters	  	 	54	 
	 8.1.12
	  	Material Adverse Effect	  	 	54	 
	 8.2
	  	Remedies	  	 	54	 
			
	 Section 9
	  	Agent	  	 	55	 
	 9.1
	  	Appointment; Authorization	  	 	55	 
	 9.2
	  	Delegation of Duties	  	 	56	 
	 9.3
	  	Limited Liability	  	 	56	 
	 9.4
	  	Reliance	  	 	56	 
	 9.5
	  	Notice of Default	  	 	56	 
	 9.6
	  	Credit Decision	  	 	57	 
	 9.7
	  	Indemnification	  	 	57	 
	 9.8
	  	Agent Individually	  	 	57	 
	 9.9
	  	Successor Agent	  	 	58	 
	 9.10
	  	Collateral and Guarantee Matters	  	 	58	 
	 9.11
	  	Intercreditor and Subordination Agreements	  	 	59	 
	 9.12
	  	Actions in Concert	  	 	59	 

							
	Section 10	  	 Miscellaneous
	  	 	59	 
	 10.1
	  	Waiver; Amendments	  	 	59	 
	 10.2
	  	Notices	  	 	60	 
	 10.3
	  	Computations	  	 	61	 
	 10.4
	  	Costs; Expenses	  	 	61	 
	 10.5
	  	Indemnification by Borrower	  	 	61	 
	 10.6
	  	Marshaling; Payments Set Aside	  	 	62	 
	 10.7
	  	Non-liability of Lenders	  	 	62	 
	 10.8
	  	Assignments	  	 	62	 
	 10.8.1
	  	Assignments	  	 	62	 
	 10.9
	  	Participations	  	 	64	 
	 10.10
	  	Confidentiality	  	 	64	 
	 10.11
	  	Captions	  	 	65	 
	 10.12
	  	Nature of Remedies	  	 	65	 
	 10.13
	  	Counterparts; Electronic Signatures	  	 	66	 
	 10.14
	  	Severability	  	 	66	 
	 10.15
	  	Entire Agreement	  	 	66	 
	 10.16
	  	Successors; Assigns	  	 	66	 
	 10.17
	  	Governing Law	  	 	66	 
	 10.18
	  	Forum Selection; Consent to Jurisdiction	  	 	67	 
	 10.19
	  	Waiver of Jury Trial	  	 	67	 
	 10.20
	  	Patriot Act	  	 	67	 
	 10.21
	  	Independent Nature of Relationship	  	 	67	 

			
	Annexes	  	
		
	 Annex I
	  	 Commitments and Pro Rata Term Loan Shares

	 Annex II
	  	 Addresses

		
	Exhibits	  	
		
	 Exhibit A
	  	 Form of Assignment Agreement

	 Exhibit B
	  	 Form of Compliance Certificate

	 Exhibit C
	  	 Form of Note

		
	Schedules	  	
		
	 Schedule 1.1
	  	 Pending Acquisitions as of the Closing Date

	 Schedule 4.2
	  	 Prior Debt

	 Schedule 5.1
	  	 Jurisdictions of Qualification

	 Schedule 5.7
	  	 Ownership of Properties; Liens

	 Schedule 5.8
	  	 Capitalization

	 Schedule 5.16
	  	 Insurance

	 Schedule 5.18(a)
	  	 Borrower’s Registered Intellectual Property

	 Schedule 5.18(b)
	  	 Products and Required Permits

	 Schedule 5.21
	  	 Material Contracts

	 Schedule 5.25A
	  	 Names

	 Schedule 5.25B
	  	 Offices

	 Schedule 5.25C
	  	 Location of Foreign Tangible Collateral

	 Schedule 5.27
	  	 Broker’s Commissions

	 Schedule 7.1
	  	 Closing Date Debt

	 Schedule 7.2
	  	 Closing Date Liens

	 Schedule 7.7
	  	 Transactions with Affiliates

	 Schedule 7.10
	  	 Closing Date Investments

	Schedule 7.14	  	Deposit Accounts

  

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (as may be amended, restated, supplemented, or otherwise modified from time to time, this
“Agreement”) dated as of March 4, 2022 (the “Closing Date”), among ACER THERAPEUTICS INC., a Delaware corporation (“Borrower”), the financial institutions party hereto from
time to time as lenders (each a “Lender” and collectively, the “Lenders”) and SWK FUNDING LLC, a Delaware limited liability company (in its individual capacity, “SWK”), as Agent
for all Lenders. 
 In consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

Section 1 Definitions; Interpretation. 

1.1 Definitions. 
 When
used herein the following terms shall have the following meanings: 
 Account Control Agreement means, individually and collectively,
any account control or similar agreement(s) in form and substance acceptable to Agent and entered into from time to time at Agent’s request, among a Loan Party, Agent and any third party bank or financial institution at which such Loan Party
maintains a Deposit Account. 
 Acer-001 means the Borrower’s Product known as “ACER-001 (sodium phenylbutyrate) for the treatment of various inborn errors of metabolism, including urea cycle disorders and Maple Syrup Urine Disease. 

Acer-001 Approval Date means the date on which Borrower receives the full FDA approval for
marketing of Acer-001. 
 Acer-001 CRL Date means
date on which Borrower receives a Complete Response Letter (CRL) from the FDA in relation to Acer-001. 

Acquisition means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in
(a) the acquisition of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition of in excess of fifty percent (50%) of the capital stock, partnership
interests, membership interests or equity of any Person, or otherwise causing any Person to become a Subsidiary, (c) the acquisition of a product license or a product line (excluding, for purposes of Section 7.10
hereof, any pending Acquisitions as of the Closing Date as set forth on Schedule 1.1 hereto), or (d) a merger or consolidation or any other combination (other than a merger, consolidation or combination that effects a Disposition) with
another Person (other than a Person that is already a Subsidiary); provided that, notwithstanding the foregoing and for the avoidance of doubt, an Acquisition shall not include any acquisition of assets, including Intellectual Property, in
connection with the development of products in the ordinary course of business. 
 Affiliate of any Person means (a) any other
Person which, directly or indirectly, controls or is controlled by or is under common control with such Person, (b) any managing member, manager, executive officer or director of such Person and (c) with respect to any Lender, any entity
administered or managed by such Lender or an Affiliate or investment advisor thereof which is engaged in making, purchasing, holding or otherwise investing in commercial loans. For purposes of the definition of the term “Affiliate”, a
Person shall be deemed to be “controlled by” any other Person if such Person possesses, directly or 

  
 - 1 - 

 
indirectly, power to vote twenty-five percent (25%) or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors or managers the power to direct
or cause the direction of the management and policies of such Person whether by exercise of voting power, by contract or otherwise. Unless expressly stated otherwise herein, neither Agent nor any Lender shall be deemed an Affiliate of Borrower, any
Loan Party or any Affiliate thereof. 
 Agent means SWK in its capacity as administrative and collateral agent for all Lenders
hereunder and any successor thereto in such capacity. 
 Agreement shall have the meaning set forth in the Preamble. 

Amortization Payment Date means the Payment Date occurring in November 2022. 

Approved Fund means (a) any fund, trust or similar entity that invests in commercial loans in the ordinary course of business and
is advised or managed by (i) a Lender, (ii) an Affiliate of a Lender, (iii) the same investment advisor that manages a Lender or (iv) an Affiliate of an investment advisor that manages a Lender or (b) any finance company,
insurance company or other financial institution which temporarily warehouses loans for any Lender or any Person described in clause (a) above. 

Assignment Agreement means an agreement substantially in the form of Exhibit A. 

Authorization shall have the meaning set forth in Section 5.22(b). 

Board means Borrower’s board of directors or such similar governing body. 

Borrower shall have the meaning set forth in the Preamble. 

Business Day means any day on which commercial banks are open for commercial banking business in New York, New York. 

Capital Lease means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal
property by such Person that, in conformity with GAAP, is accounted for as a capital lease and as a liability on the balance sheet of such Person. 

Cash Equivalent Investment means, at any time, (a) any evidence of Debt, maturing not more than one year after such time, issued
or guaranteed by the United States Government or any agency thereof, (b) commercial paper, or corporate demand notes, in each case (unless issued by a Lender or its holding company) rated at least
“A-l” by Standard & Poor’s Ratings Group or “P-l” by Moody’s Investors Service, Inc., (c) any certificate of deposit (or time
deposit represented by a certificate of deposit) or banker’s acceptance maturing not more than one year after such time, or any overnight Federal Funds transaction that is issued or sold by any Lender (or by a commercial banking institution
that is a member of the Federal Reserve System or is a U.S. branch of a foreign banking institution and has a combined capital and surplus and undivided profits of not less than $500,000,000), (d) any repurchase agreement entered into with any
Lender (or commercial banking institution of the nature referred to in clause (c) above) which (i) is secured by a fully perfected security interest in any obligation of the type described in any of clauses (a) through
(c) above and (ii) has a market value at the time such repurchase agreement is entered into of not less than one-hundred percent (100%) of the repurchase obligation of such Lender (or other
commercial banking institution) thereunder, (e) money market accounts or mutual funds which invest exclusively or substantially in assets satisfying the foregoing requirements, (f) cash, and (g) other short term liquid investments
approved in writing by Agent. 

  
 - 2 - 

 Change of Control means the occurrence of any of the following, unless such action
has been consented to in advance in writing by Agent in its sole discretion: 
 (i) any Person acquires the direct or
indirect ownership of more than fifty percent (50%) of the issued and outstanding total combined voting Equity Interests of Borrower; 

(ii) Borrower shall at any time fail to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of each
of its Subsidiaries, except to the extent permitted by Section 7.4; or 
 (iii) a Key Person Event.

 CLIA means (a) the Clinical Laboratory Improvement Act of 1967, as the same may be amended, modified or supplemented from
time to time, including without limitation the Clinical Laboratory Improvement Amendments, 42 U.S.C. § 263a et seq. (“CLIA 88”), and any successor statute thereto, and any and all rules or regulations promulgated from time to
time thereunder, or (b) any equivalent state statute (and any and all rules or regulations promulgated from time to time thereunder) recognized by the relevant Governmental Authority as (x) having an “Equivalency” (as
defined by CLIA) to CLIA, and (y) offering a compliance and regulatory framework that is applicable to a Person in such state in lieu of CLIA. 

Closing Date shall have the meaning set forth in the Preamble. 

Closing Date Warrant means that certain warrant issued to SWK by Borrower on the Closing Date. 

CMS means the Centers for Medicare and Medicaid Services of the United States of America. 

Collateral has the meaning set forth in the Guarantee and Collateral Agreement. 

Collateral Access Agreement means an agreement in form and substance reasonably satisfactory to Agent pursuant to which a mortgagee or
lessor of real property on which Collateral (or any books and records) is stored or otherwise located, or a warehouseman, processor or other bailee of Inventory or other property owned by any Loan Party, acknowledges the Liens of Agent and waives
(or, if approved by Agent, subordinates) any Liens held by such Person on such property, and, in the case of any such agreement with a mortgagee or lessor, permits Agent reasonable access to any Collateral stored or otherwise located thereon. 

Collateral Documents means, collectively, the Guarantee and Collateral Agreement, the IP Security Agreement, any Collateral Access
Agreement, any Account Control Agreement and each other agreement or instrument pursuant to or in connection with which any Loan Party or any other Person grants a Lien in any Collateral to Agent for the benefit of Agent and Lenders, each as
amended, restated or otherwise modified from time to time. 
 Commitment means, as to any Lender, such Lender’s Pro Rata Term
Loan Share. 
 Compliance Certificate means a certificate substantially in the form of Exhibit B. 

  
 - 3 - 

 Consolidated Net Income means, with respect to any Person and its Subsidiaries, for
any period, the consolidated net income (or loss) of such Person and its respective Subsidiaries for such period, as determined under GAAP. 

Consolidated Unencumbered Liquid Assets means as of any date of determination (i) any Cash Equivalent Investment owned by Loan
Parties, on a consolidated basis, that are not the subject of any Lien or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of Loan Parties (other than Permitted
Liens), minus (ii) the aggregate amount of Borrower’s accounts payable which are unpaid more than ninety (90) days beyond trade terms consistent with Borrower’s past practice. 

Contingent Obligation means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or
is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to or otherwise to invest in a debtor, or otherwise to assure a creditor against loss) any indebtedness, obligation
or other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person’s
obligation in respect of any Contingent Obligation shall be deemed to be the amount for which the Person obligated thereon is reasonably expected to be liable or responsible. 

Contract Rate means a rate per annum equal to (x) the LIBOR Rate, plus (y) eleven percent (11.0%). 

Controlled Group means all members of a controlled group of corporations and all members of a controlled group of trades or businesses
(whether or not incorporated) under common control which, together with a Loan Party, are treated as a single employer under Section 414 of the IRC or Section 4001 of ERISA. 

Controlled Substances Act means the Drug Abuse Prevention and Control Act; Title 21 of the United States Code, 13 U.S.C, as amended
from time to time. 
 Convertible Note has the meaning set forth in Section 7.1(d). 

Copyrights means all of each Loan Party’s (or if referring to another Person, such other Person’s) now existing or hereafter
acquired right, title, and interest in and to: (i) copyrights, rights and interests in copyrights, works protectable by copyright, all applications, registrations and recordings relating to the foregoing as may at any time be filed in the
United States Copyright Office or in any similar office or agency of the United States, any state thereof or any political subdivision thereof, or in any other country, and all research and development relating to the foregoing; and (ii) all
renewals of any of the foregoing.  
 DEA means the Federal Drug Enforcement Administration of the United States of
America.  
 Debt of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all indebtedness evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under Capital Leases which have been or should be recorded as liabilities on a balance sheet of such Person in
accordance with GAAP, (d) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business), other than royalty payments or cash milestone payments
made or to be made by such Person from time to time in connection with an Acquisition, (e) all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed by such Person (with the
amount 

  
 - 4 - 

 
thereof being measured as the lesser of (x) the aggregate unpaid amount of such indebtedness and (y) the fair market value of such property), (f) all reimbursement
obligations, contingent or otherwise, with respect to letters of credit (whether or not drawn), banker’s acceptances and surety bonds issued for the account of such Person, other than obligations that relate to trade accounts payable in the
ordinary course of business, (g) all Hedging Obligations of such Person, (h) all Contingent Obligations of such Person in respect of Debt of others, (i) all indebtedness of any partnership of which such Person is a general partner
except to the extent such Person is not liable for such Debt, and (j) all obligations of such Person under any synthetic lease transaction, where such obligations are considered borrowed money indebtedness for Tax purposes but the transaction
is classified as an operating lease in accordance with GAAP. 
 Debtor Relief Law means, collectively: (a) Title 11 of the
United States Code, 11 U.S.C. § 101 et. seq., as amended from time to time, and (b) all other United States or foreign applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization
or similar debtor relief laws from time to time in effect affecting the rights of creditors generally, in each case as amended from time to time. 

Default means any event that, if it continues uncured, will, with the lapse of time or the giving of notice or both, constitute an
Event of Default. 
 Default Rate means a rate per annum equal to the lesser of (i) three percent (3%) over the Contract Rate,
or (ii) the maximum rate of interest permitted to be charged by applicable laws, directives or regulations governing this Agreement until paid. 

Defaulting Lender has the meaning set forth in Section 2.3. 

Deposit Account means, individually and collectively, any bank or other depository accounts of a Loan Party (including without
limitation, any “deposit account” or “securities account” as defined in the Uniform Commercial Code). 

Disposition means, as to any asset or right of any Loan Party, (a) any sale, lease, assignment or other transfer (other than to
any other Loan Party), but specifically excluding any license or sublicense, (b) any loss, destruction or damage thereof or (c) any condemnation, expropriation, confiscation, requisition, seizure or taking thereof, in each case excluding
(i) the sale of inventory or Product in the ordinary course of business, (ii) any issuance of Equity Interests by Borrower, (iii) any Disposition of obsolete or unused equipment or the abandonment of intellectual property rights
which, in the reasonable good faith determination of Borrower, are not material to the conduct of the business of the Loan Parties and (iv) any other Disposition where the Net Cash Proceeds of any sale, lease, assignment, transfer,
condemnation, expropriation, confiscation, requisition, seizure or taking do not in the aggregate exceed $250,000 in any Fiscal Year. 

Division means, with respect to any Person which is an entity, the division of such Person into two (2) or more separate such
Persons, with the dividing Person either continuing or terminating its existence as part of such division, including as contemplated under Section 18-217 of the Delaware Limited Liability Act for limited
liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other entity. The word “Divide,” when capitalized,
shall have a correlative meaning. 
 Dollar and $ mean lawful money of the United States of America. 

  
 - 5 - 

 Drug Application means a new drug application, an abbreviated drug application, or a
product license application for any Product, as appropriate, as those terms are defined in the FDA Law and Regulation. 
 EBITDA
means, for any Person and its Subsidiaries for any period, Consolidated Net Income for such period plus, to the extent deducted in determining such Consolidated Net Income for such period (and without duplication), (i) Interest Expense,
(ii) income tax expense (including tax accruals), (iii) depreciation and amortization, (iv) non-cash expenses relating to equity-based compensation or purchase accounting, and (v) other non-recurring and/or non-cash expenses or charges approved by the Agent in its reasonable discretion. 

Environmental Claims means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or
responsibility for violation of any Environmental Law, or for release or injury to the environment or any Person or property. 

Environmental Laws means all present or future foreign, federal, state or local laws, statutes, common law duties, rules, regulations,
ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case relating to any matter arising out of or relating to the
effect of the environment on health and safety, or pollution or protection of the environment or workplace, including any of the foregoing relating to the presence, use, production, generation, handling, transport, treatment, storage, disposal,
distribution, discharge, release, control or cleanup of any Hazardous Substance. 
 Equity Interests means, with respect to any
Person, its equity ownership interests, its common stock and any other capital stock or other equity ownership units of such Person authorized from time to time, and any other shares, options, interests, participations or other equivalents (however
designated) of or in such Person, whether voting or nonvoting, including, without limitation, common stock, options, warrants, preferred stock, phantom stock, membership units (common or preferred), stock appreciation rights, membership unit
appreciation rights, convertible notes or debentures, SAFE’s or similar instruments, stock purchase rights, membership unit purchase rights and all securities convertible, exercisable or exchangeable, in whole or in part, into any one or more
of the foregoing. 
 Event of Default means any of the events described in Section 8.1. 

Excluded Taxes has the meaning set forth in Section 3.1(a). 

Exempt Accounts means any Deposit Accounts, securities accounts or other similar accounts (i) into which there are deposited no
funds other than those intended solely to cover compensation to employees of the Loan Parties (and related contributions to be made on behalf of such employees to health and benefit plans) plus balances for outstanding checks for compensation and
such contributions from prior periods; (ii) constituting employee withholding accounts and contain only funds deducted from pay otherwise due to employees for services rendered to be applied toward the Tax obligations of such Person or its
employees, (iii) into which there are deposited no funds other than those received in trust or in escrow, or as cash collateral to secure performance, or (iv) constituting a zero balance account that sweeps on a daily basis into a Deposit
Account subject to an Account Control Agreement. 
 Exit Fee has the meaning set forth in Section 2.7(b).

  
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 Fair Valuation means the determination of the value of the consolidated assets of a
Person on the basis of the amount which may be realized by a willing seller within a reasonable time through collection or sale of such assets at market value on a going concern basis to an interested buyer who is willing to purchase under ordinary
selling conditions in an arm’s length transaction. 
 FATCA means Sections 1471 through 1474 of the IRC, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the IRC and any fiscal, Tax or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of Sections 1471 through 1474 of the
IRC and any current or future regulations promulgated thereunder. 
 FD&C Act means the Federal Food, Drug, and Cosmetic Act, 21
U.S.C. §§ 301 et seq., as amended, and all applicable regulations or guidance promulgated by the FDA. 
 FDA means the Food
and Drug Administration of the United States of America. 
 FDA Law and Regulation means the provisions of the FD&C Act and all
applicable regulations or guidance promulgated by the FDA. 
 FDA Products means any finished products sold by Borrower or any of the
other Loan Parties for itself or for a third party that are subject to applicable Health Care Laws. 
 Federal Funds Effective Rate
means, for any day, the greater of (a) the rate calculated by the Federal Reserve Bank of New York based on such day’s Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New
York shall set forth on its public website from time to time) and published on the next succeeding day on which commercial banks are open for commercial banking business in New York, New York, by the Federal Reserve Bank of New York as the Federal
funds effective rate and (b) 1.00%. 
 Fiscal Quarter means a calendar quarter of a Fiscal Year. 

Fiscal Year means the fiscal year of Borrower, which period shall be the twelve (12) month period ending on December 31 of
each year. 
 Foreign Lender means any Lender that is not a “United States person” within the meaning of
Section 7701(a)(30) of the IRC. 
 FRB means the Board of Governors of the Federal Reserve System or any successor thereto. 

GAAP means generally accepted accounting principles in effect in the United States of America set forth from time to time in the
opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable
stature and authority within the U.S. accounting profession), which are applicable to the circumstances as of the date of determination. 

  
 - 7 - 

 Governmental Authority means any nation or government, any state or other political
subdivision thereof, and any agency, branch of government, department or Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other Person owned or
controlled (through stock or capital ownership or otherwise) by any of the foregoing, whether domestic or foreign. Governmental Authority shall include any agency, branch or other governmental body charged with the responsibility and/or vested with
the authority to administer and/or enforce any Health Care Laws. 
 Guarantee and Collateral Agreement means the Guarantee and
Collateral Agreement dated as of the Closing Date executed by each Loan Party signatory thereto in favor of Agent for the benefit of Lenders. 

Hazardous Substances means hazardous waste, pollutant, contaminant, toxic substance, oil, hazardous material, chemical or other
substance regulated by any Environmental Law. 
 Health Care Laws mean all foreign, federal and state fraud and abuse laws relating
to the regulation of healthcare products, pharmaceutical products, laboratory facilities and services, healthcare providers, healthcare professionals, healthcare facilities, clinical research facilities or healthcare payors, including but not
limited to (i) the federal Anti-Kickback Statute (42 U.S.C. (§1320a-7b(b))), the Stark Law (42 U.S.C. §1395nn and §1395(q)), the civil False Claims Act (31 U.S.C. §3729 et seq.),
TRICARE (10 U.S.C. Section 1071 et seq.), Section 1320a-7 and 1320a-7a of Title 42 of the United States Code and the regulations promulgated pursuant to such
statues; (ii) the Health Insurance Portability and Accountability Act of 1996 (Pub. L. No. 104-191), as amended by the Health Information, Technology for Economic and Clinical Health Act of 2009
(collectively, “HIPAA”), and the regulations promulgated thereunder, (iii) Medicare (Title XVIII of the Social Security Act) and the regulations promulgated thereunder; (iv) Medicaid (Title XIX of the Social Security Act) and the
regulations promulgated thereunder; (v) the FD&C Act and all applicable requirements, regulations and guidances issued thereunder by the FDA (including FDA Law and Regulation); (vi) the Controlled Substances Act, as amended, and all
applicable requirements, regulations and guidances issued thereunder by the DEA; (vii) CLIA, as amended, and all applicable requirements, regulations, and guidance issued thereunder by the applicable Governmental Authority; (viii) quality,
safety and accreditation standards and requirements of all applicable foreign and domestic federal, provincial or state laws, directives, regulations or regulatory bodies; (ix) all applicable licensure laws, directives and regulations;
(x) all applicable professional standards regulating healthcare providers, healthcare professionals, healthcare facilities, clinical research facilities or healthcare payors; and (xi) any and all other applicable health care laws (whether
foreign or domestic), regulations, directives, manual provisions, policies and administrative guidance, including those related to the corporate practice of medicine, fee-splitting, state anti-kickback or
self-referral prohibitions, each of clauses (i) through (xi) as may be amended from time to time. 
 Hedging
Obligation means, with respect to any Person, any liability of such Person under any interest rate, currency or commodity swap agreement, cap agreement or collar agreement, and any other agreement or arrangement designed to protect a Person
against fluctuations in interest rates, currency exchange rates or commodity prices. The amount of any Person’s obligation in respect of any Hedging Obligation shall be deemed to be the incremental obligation that would be reflected in the
financial statements of such Person in accordance with GAAP. 
 Indemnified Taxes has the meaning set forth in
Section 3.1(a). 
 Intellectual Property means all present and future: trade secrets, know-how and other proprietary information; Trademarks and Trademark Licenses (as defined in the Guarantee and Collateral Agreement), internet domain names, service marks, trade dress, trade names, business names,
designs, logos, slogans (and all translations, adaptations, derivations and combinations of the foregoing) indicia and other source 

  
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and/or business identifiers, and the goodwill of the business relating thereto and all registrations or applications for registrations which have heretofore been or may hereafter be issued
thereon throughout the world; Copyrights (including Copyrights for computer programs, but excluding commercially available off-the-shelf software and any Intellectual
Property rights relating thereto) and Copyright Licenses (as defined in the Guarantee and Collateral Agreement) and all tangible and intangible property embodying the Copyrights, unpatented inventions (whether or not patentable); Patents and Patent
Licenses (as defined in the Guarantee and Collateral Agreement); Mask Works (as defined in the Guarantee and Collateral Agreement); industrial design applications and registered industrial designs; license agreements related to any of the foregoing
and income therefrom, books, records, writings, computer tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code, data, databases and other physical manifestations, embodiments or
incorporations of any of the foregoing; customer lists and customer information, the right to sue for all past, present and future infringements of any of the foregoing; all other intellectual property; and all common law and other rights throughout
the world in and to all of the foregoing. 
 Interest Expense means for any Person and its Subsidiaries for any period the
consolidated interest expense of such Person and its Subsidiaries for such period (including all imputed interest on Capital Leases). 

Inventory has the meaning set forth in the Guarantee and Collateral Agreement. 

Investment means, with respect to any Person, (a) the purchase of any debt or equity security of any other Person, (b) the
making of any loan or advance to any other Person, (c) becoming obligated with respect to a Contingent Obligation in respect of obligations of any other Person (other than travel and similar advances to employees in the ordinary course of
business) or (d) the making of an Acquisition. 
 IP Security Agreement means the Intellectual Property Security Agreement,
dated on or about the Closing Date, by each Loan Party signatory thereto in favor of Agent for the benefit of Lenders. 
 IRC means
the Internal Revenue Code of 1986, as amended. 
 IRS means the United States Internal Revenue Service. 

Key Person means Chris Schelling. 

Key Person Event means, unless such actions are consented to in advance in writing by Agent, the Key Person shall no longer serve as
Chief Executive Officer of Borrower, unless such Key Person is replaced within one hundred eighty (180) days with a person holding the necessary qualifications and experience to assume the responsibilities and capacity of the departing Key
Person, and which has been approved in writing by Agent in its reasonable discretion (such consent not to be unreasonably withheld, conditioned or delayed). 

Legal Costs means, with respect to any Person, all reasonable, duly documented, out-of-pocket fees and charges of any counsel, accountants, auditors, appraisers, consultants and other professionals to such Person, and all court costs and similar legal expenses. Notwithstanding anything
to the contrary in any Loan Document, all references in any Loan Document to counsel or attorneys’ fees or charges and disbursements of counsel shall be limited to the reasonable and duly documented fees of one legal counsel for Agent and
Lenders taken as a whole, and if necessary one local counsel in any relevant jurisdiction and in the case of an actual or reasonably perceived conflict of interest where the Agent or a Lender notifies Borrower of the existence of such conflict, of
another firm or counsel for Agent or such Lender in each relevant jurisdiction. 

  
 - 9 - 

 Lenders has the meaning set forth in the Preamble. 

LIBOR Rate means a fluctuating rate per annum equal to the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute
Bloomberg page that displays rates at which U.S. Dollar deposits are offered by leading banks in the London interbank deposit market), as the offered rate for loans in Dollars for a three (3) month period, rounded upwards, if necessary, to
the nearest 1/100 of 1%. The rate is set by the ICE Benchmark Administration as of 11:00 a.m. (London time) as determined two (2) Business Days prior to each Payment Date, and effective on the Payment Date immediately following such
determination date and continuing to but not including the next succeeding Payment Date. If Bloomberg Professional Service (or another nationally-recognized rate reporting source acceptable to Agent) no longer reports the LIBOR Rate or Agent
determines in good faith that the rate so reported no longer accurately reflects the rate available to Agent in the London Interbank Market or if such index no longer exists or if page
USD-LIBOR-BBA (ICE) no longer exists or accurately reflects the rate available to Agent in the London Interbank Market, Agent may select a replacement index that
approximates as near as possible such prior index. Notwithstanding the foregoing, (i) if at any time Agent determines (which determination shall be conclusive absent manifest error) that the LIBOR Rate is no longer available for determining
interest rates for loans or notes similar to the Loans, then Agent and Borrower shall select an alternate rate of interest to the LIBOR Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for
loans or notes similar to the Loans in the United States at such time, and, if requested by Agent, Agent and Lenders at such time party hereto and the Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of
interest and such other related changes to this Agreement as may be applicable (including, for the avoidance of doubt, any amendments to the definition of “Contract Rate” to ensure that the interest rate payable by Borrower hereunder is
substantially similar to the interest rate that would otherwise be paid prior to the selection of such alternate rate of interest), and (ii) in no event shall the “LIBOR Rate” or any such alternate rate of interest to the LIBOR Rate
ever be less than one percent (1.00%). 
 Lien means, with respect to any Person, any interest granted by such Person in any real or
personal property, asset or other right owned or being purchased or acquired by such Person which secures payment or performance of any obligation and shall include any mortgage (whether legal or equitable), lien, encumbrance, charge, pledge,
assignment by way of security or other security interest of any kind, whether arising by contract, as a matter of law, by judicial process or otherwise. 

Loan or Loans means, individually and collectively the Term Loan and any other advances made by Agent and Lenders in accordance
with the Loan Documents. 
 Loan Documents means this Agreement, any Notes, any subordination agreements, the Collateral Documents,
any intercreditor agreement entered into in connection with the Loan from time to time, and all documents, instruments and agreements delivered in connection with the foregoing. 

Loan Party means Borrower and each of its Subsidiaries, if any. 

Margin Stock means any “margin stock” as defined in Regulation T, U or X of the FRB. 

  
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 Material Adverse Effect means (a) a material adverse change in, or a material
and adverse effect upon, the condition (financial or otherwise), operations, assets, business or properties of Loan Parties taken as a whole, (b) a material impairment of the ability of any Loan Party to perform any of its payment Obligations
under any Loan Document or (c) a material and adverse effect upon any material portion of the Collateral under the Collateral Documents or upon the legality, validity, binding effect or enforceability against any Loan Party of any material Loan
Document. 
 Material Contract has the meaning assigned in Section 5.21 hereof. 

Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any member
of the Controlled Group may have any liability. 
 Net Cash Proceeds means, with respect to any Disposition, the aggregate cash
proceeds (including cash proceeds received pursuant to policies of insurance and by way of deferred payment of principal pursuant to a note, installment receivable or otherwise, but only as and when received) received by any Loan Party pursuant to
such Disposition net of (i) the reasonable direct costs relating to such Disposition (including sales commissions and legal, accounting and investment banking fees, commissions and expenses), (ii) any portion of such proceeds deposited in
an escrow account pursuant to the documentation relating to such Disposition (provided that such amounts shall be treated as Net Cash Proceeds upon their release from such escrow account to and receipt by the applicable Loan Party),
(iii) Taxes and other governmental costs and expenses paid or reasonably estimated by a Loan Party to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements),
(iv) amounts required to be applied to the repayment of any Debt (together with any interest thereon, premium or penalty and any other amount payable with respect thereto) secured by a Lien that has priority over the Lien, if any, of Agent on
the asset subject to such Disposition, (v) reserves for purchase price adjustments and retained liabilities reasonably expected to be payable by the Loan Parties in connection therewith established in accordance with GAAP (provided that
upon the final determination of the amount paid in respect of such purchase price adjustments and retained liabilities, the actual amount of purchase price adjustments and retained liabilities paid is less than such reserves, the difference shall,
at such time, constitute Net Cash Proceeds) and (vi)(A) with respect to any Disposition described in clauses (a), (b) or (c) of the definition thereof, all money actually applied within
one-hundred eighty (180) days to replace such assets to be used in the business of Loan Parties, and (B) with respect to any Disposition, all money actually applied within one-hundred eighty (180) days to repair or replace the assets in question or to repair or reconstruct damaged property or property affected by loss, destruction, damage, condemnation, expropriation,
confiscation, requisition, seizure or taking. 
 Note means any promissory note issued pursuant to
Section 2.5.2. 
 Obligations means all liabilities, indebtedness and obligations (monetary (including
post-petition interest, allowed or not) or otherwise) of any Loan Party under this Agreement, any other Loan Document or any other document or instrument executed in connection herewith or therewith which are owed to any Lender or Affiliate of a
Lender, in each case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due. For the avoidance of doubt, “Obligations” shall include Borrower’s
obligation to pay any amounts due under Sections 2.7 and 2.8.2 and payable on such date of determination. 
 OFAC means
the U.S. Department of Treasury’s Office of Foreign Asset Control. 
 Origination Fee shall have the meaning set forth in
Section 2.7(a). 
 Osanetant means the Borrower’s Product known as “Osanetant”. 

  
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 Osanetant Trigger Date means the date on which the Phase IIa trial of Osanetant
generates positive safety and efficacy data as defined in the Osanetant trial objectives, as evidenced by the top-line results from such trial. 

Paid in Full, Pay in Full or Payment in Full means, with respect to any Obligations, the payment in full in cash of all
such Obligations (other than contingent indemnification obligations, yield protection and expense reimbursement to the extent no claim giving rise thereto has been asserted in respect of contingent indemnification obligations, and to the extent no
amounts therefor have been asserted, in the case of yield protection and expense reimbursement obligations, which Obligations shall survive the Payment in Full of the Obligations). 

Patents means all of each Loan Party’s (or if referring to another Person, such other Person’s) now existing or hereafter
acquired right, title and interest in and to: (i) all patents, patent applications, inventions, invention disclosures and improvements, and all applications, registrations and recordings relating to the foregoing as may at any time be filed in
the United States Patent and Trademark Office or in any similar office or agency of the United States, any state thereof or any political subdivision thereof, or in any other country, and all research and development relating to the foregoing; and
(ii) the reissues, divisions, continuations, renewals, re-examinations, extensions and continuations-in-part of any of the
foregoing. 
 Payment Date means the fifteenth (15th) day of each of February,
May, August and November (or the next succeeding Business Day to the extent such 15th day is not a Business Day), commencing with May 16, 2022. 

PBGC means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its material functions under ERISA. 

Pension Plan means a defined benefits “pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject
to Title IV of ERISA (other than a Multiemployer Pension Plan), and to which Borrower or any member of the Controlled Group may have any liability, including any liability by reason of having been a substantial employer within the meaning of
Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA. 

Permit means, with respect to any Person, any permit, approval, clearance, authorization, license, registration, certificate,
concession, grant, franchise, variance or permission from, and any other contractual obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its
property or Products or to which such Person or any of its property or Products is subject, including without limitation all registrations with Governmental Authorities. 

Permitted Liens means Liens permitted by Section 7.2. 

Person means any natural person, corporation, partnership, trust, limited liability company, association, Governmental Authority or
unit, or any other entity, whether acting in an individual, fiduciary or other capacity. 
 Prior Debt means the Debt listed on
Schedule 4.2. 

  
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 Pro Rata Term Loan Share means, with respect to any Lender, the applicable percentage
(as adjusted from time to time in accordance with the terms hereof) specified opposite such Lender’s name on Annex I which percentage represents the aggregate percentage of the Term Loan Commitment held by such Lender, which percentage
shall be with respect to the outstanding balance of the Term Loan as of any date of determination after the Term Loan Commitment has terminated. 

Product means any products manufactured, sold, developed, tested or marketed by Borrower or any of its Subsidiaries, including, without
limitation, those products set forth on Schedule 5.18(b) (as updated from time to time in accordance with Section 6.1.2); provided, however, that if Borrower shall fail to comply with the obligations under
Section 6.1.2 to give notice to Agent and update Schedule 5.18(b) prior to manufacturing, selling, developing, testing or marketing any new Product, any such improperly undisclosed Product shall be deemed to be
included in this definition; and provided, further, that products manufactured by Borrower for unaffiliated third parties shall not be deemed “Products” hereunder. 

Registered Intellectual Property means all applications, registrations and recordings for or of Patents, Trademarks or Copyrights filed
by a Loan Party with any Governmental Authority, all internet domain name registrations owned by a Loan Party, and all proprietary software owned by a Loan Party. 

Required Lenders means Lenders having an aggregate Pro Rata Term Loan Share in excess of fifty percent (50%), collectively. 

Required Permit means a Permit (a) required under applicable law for the business of Borrower or any of its Subsidiaries or
necessary in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing, promoting, sale, labeling, furnishing, distribution or delivery of goods or services under any laws applicable to the business of Borrower or any of
its Subsidiaries (including, without limitation, any applicable Health Care Laws) or any Drug Application (including without limitation, at any point in time, all licenses, approvals and permits issued by the FDA, CMS, or any other applicable
Governmental Authority necessary for the testing, manufacture, marketing or sale of any Product by Borrower or any of its Subsidiaries as such activities are being conducted by Borrower or its Subsidiaries with respect to such Product at such time),
and (b) required by any Person from which Borrower or any of its Subsidiaries have received an accreditation. 
 Responsible
Officer means the chief executive officer, chief operating officer, or chief financial officer of a Person, or any other officer having substantially the same authority and responsibility; or, with respect to compliance with financial covenants
or delivery of financial information, the chief financial officer, the chief technology officer, the chief information officer, the treasurer or the controller of a Person, or any other officer having substantially the same authority and
responsibility, and in all cases such person shall be listed on an incumbency certificate delivered to Agent, in form and substance acceptable to Agent in its sole discretion. 

Royalties means the amount of any and all royalties, license fees and any other payments or income of any type recognized as revenue in
accordance with GAAP by Loan Parties with respect to the sale of Products or the provision of services by independent licensees of Borrower and/or its Subsidiaries, including any such payments characterized as a share of net profits, any up-front or lump sum payments, any milestone payments, commissions, fees or any other similar amounts, less deductions for amounts deducted, repaid or credited by reason of adjustments to the sales upon which
royalty amounts are based, regardless of the reason for such adjustment to such sales. For the purposes of calculating Royalties, Lenders and Agent understand and agree that Affiliates of Borrower shall not be regarded as independent licensees. 

  
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 Services means services provided by Borrower or any Affiliate of Borrower to un-Affiliated Persons, including without limitation any sales, laboratory analysis, testing, consulting, marketing, commercialization and any other healthcare-related services. 

Solvent means, as to any Person at any time, that (a) the fair value of the tangible and intangible property of such Person is
greater than the amount of such Person’s liabilities (including disputed, contingent, unmatured and unliquidated liabilities); (b) the present fair saleable value of the tangible and intangible property of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (c) such Person is able to pay its debts and other liabilities (including subordinated, disputed, contingent, unmatured
and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and
liabilities mature; and (e) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital. 

Subordinated Debt means any Debt incurred by Borrower and/or any other Loan Party that is subordinated to the Obligations pursuant to a
subordination agreement entered into between Agent, any applicable Loan Party and the subordinated creditor(s) upon terms acceptable to Agent in its sole discretion. 

Subsidiary means, with respect to any Person, a corporation, partnership, limited liability company or other entity of which such
Person owns, directly or indirectly, such number of outstanding shares or other equity interests as to have more than fifty percent (50%) of the ordinary voting power for the election of directors or other managers of such corporation, partnership,
limited liability company or other entity. Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to direct and indirect Subsidiaries of Borrower. 

SWK has the meaning set forth in the Preamble. 

Tax or Taxes has the meaning set forth in Section 3.1(a). 

Term Loan has the meaning set forth in Section 2.1. 

Term Loan Commitment means $6,500,000. 

Term Loan Maturity Date means (i) in the event that the Acer-001 Approval Date occurs on
or before September 30, 2022, the date that is twelve (12) Business Days following such Acer-001 Approval Date, or (ii) in the event that the Acer-001
Approval Date does not occur on or before September 30, 2022, March 4, 2024. 
 Termination Date means the earlier to occur
of (a) the Term Loan Maturity Date, or (b) the date upon which the Loan and all other Obligations are Paid in Full, whether as a result of (i) the prepayment of the Term Loan and all Obligations through any other mandatory or
voluntary prepayment of the Term Loan in full, (ii) the contractual acceleration of the Loan hereunder, (iii) the acceleration of the Loan by Agent in accordance with this Agreement, or (iv) otherwise. 

Trademarks means all of each Loan Party’s (or if referring to another Person, such other Person’s) now existing or hereafter
acquired right, title, and interest in and to: (i) all of such Loan Party’s (or if referring to another Person, such other Person’s) trademarks, trade names, corporate names, company names, business names, fictitious business names,
trade styles, service marks, logos, other business 

  
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identifiers, all applications, registrations and recordings relating to the foregoing as may at any time be filed in the United States Patent and Trademark Office or in any similar office or
agency of the United States, or in any other country, and all research and development and the goodwill of the business relating to the foregoing; (ii) all renewals thereof; and (iii) all designs and general intangibles of a like nature.

 Uniform Commercial Code means the Uniform Commercial Code as in effect in the State of New York; provided that if
perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the
State of New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
 U.S. Lender means any Lender that is a “United States
person” within the meaning of Section 7701(a)(30) of the IRC. 
 Wholly-Owned Subsidiary means, as to any Person, another
Person all of the Equity Interests of which (except directors’ qualifying shares) are at the time directly or indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such Person. 

1.2 Interpretation. 
 (a)
In the case of this Agreement and each other Loan Document, (i) the meanings of defined terms are equally applicable to the singular and plural forms of the defined terms; (ii) Annex, Exhibit, Schedule and Section references are to such
Loan Document unless otherwise specified; (iii) the term “including” is not limiting and means “including but not limited to”; (iv) in the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including”; (v) unless otherwise
expressly provided in such Loan Document, (A) references to agreements and other contractual instruments shall be deemed to include all subsequent amendments, restatements and other modifications thereto, but only to the extent such amendments,
restatements and other modifications are not prohibited by the terms of any Loan Document, and (B) references to any statute, directive or regulation shall be construed as including all statutory and regulatory provisions amending, replacing,
supplementing or interpreting such statute, directive or regulation; (vi) this Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters, all of which are
cumulative and each shall be performed in accordance with its terms and (vii) this Agreement and the other Loan Documents are the result of negotiations among and have been reviewed by counsel to Agent, Borrower, Lenders and the other parties
hereto and thereto and are the products of all parties; accordingly, they shall not be construed against Borrower, Agent or Lenders merely because of Borrower’s, Agent’s or Lenders’ involvement in their preparation. Except where
otherwise expressly provided in the Loan Documents, in any instance where the approval, consent or the exercise of Agent’s judgment is required, the granting or denial of such approval or consent and the exercise of such judgment shall be
(x) within the sole and absolute discretion of Agent and/or Lenders; and (y) deemed to have been given only by a specific writing intended for such purpose executed by Agent. 

(b) For purposes of converting any amount reported or otherwise denominated in any currency other than Dollars to Dollars under or in
connection with the Loan Documents, Agent shall calculate such currency conversion via the applicable exchange rate identified and normally published by Bloomberg Professional Service as the applicable exchange rate as of the close of currency
trading on each trading date during the applicable period of measurement, or, if such currency conversion deals exclusively 

  
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with a particular date of determination, as of the close of currency trading on such date of determination (or the following trading date to the extent no currency trading took place on such date
of determination). If Bloomberg Professional Service no longer reports such currency exchange rate, Agent shall select another nationally-recognized currency exchange rate reporting service selected by Agent in good faith. 

(c) If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and
either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject
to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Agent
and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such
change in GAAP. Notwithstanding any other provision in any Loan document, the definitions set forth in this Agreement and any financial calculations required by the Loan Documents shall be computed to exclude any change to lease accounting rules as
a result of Financial Accounting Standards Board Accounting Standards Codification 842 (Leases) from those in effect pursuant to Financial Accounting Standards Board Accounting Standards Codification 840 (Leases) and other related lease accounting
guidance. 
 Section 2 Credit Facility. 

2.1 Term Loan Commitments. 

On and subject to the terms and conditions of this Agreement, each Lender, severally and for itself alone, agrees to make a term loan to
Borrower (the “Term Loan”), within two (2) Business Days of request therefore by Borrower, in an amount equal to such Lender’s applicable Pro Rata Term Loan Share of the Term Loan Commitment. The Commitments of
Lenders to make any portion of the Term Loan shall terminate concurrently with the making of such Term Loan. The Term Loan is not a revolving credit facility, and therefore any amount thereof that is repaid or prepaid by Borrower, in whole or in
part, may not be re-borrowed.  
 2.2 [Reserved]. 

2.3 Commitments Several. 

The failure of any Lender to fund its Pro Rata Share of the Term Loan Commitment shall not relieve any other Lender of its obligation (if any)
to fund its Pro Rata Portion of the Term Loan on the applicable date, but no Lender shall be responsible for the failure of any other Lender to make any Term Loan to be made by such other Lender. Any Lender who (i) fails to fund its Pro Rata
Share of any Term Loan Commitment within two (2) Business Days after the date such Term Loans were required to be funded hereunder or (ii) notifies Borrower and Agent in writing, or makes a public statement to the effect, that it does not
intend to comply with its funding obligations hereunder, unless, in each case, such Lender gives written notice to Agent and Lender stating that, and specifically identifying which, one or more conditions to funding has not or cannot been satisfied,
shall be a “Defaulting Lender” hereunder. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be suspended, such Defaulting Lender shall not be
entitled to receive any commitment or other fees hereunder and Borrower may, by written notice to Agent, terminate the unused amount of the Term Loan Commitment of such Defaulting Lender. 

  
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 2.4 Indebtedness Absolute; No Offset; Waiver. 

The payment obligations of Borrower hereunder are absolute and unconditional, without any right of rescission,
set-off, counterclaim or defense for any reason against Agent and Lenders to the maximum extent permitted by applicable law. As of the Closing Date and the date of any advance of the Term Loan, the Loan has
not been compromised, adjusted, extended, satisfied, rescinded, set-off or modified, and the Loan Documents are not subject to any litigation, dispute, refund, claims of rescission, set-off, netting, counterclaim or defense whatsoever, including but not limited to, claims by or against any Loan Party or any other Person. Payment of the Obligations by Borrower, shall be made only by wire
transfer, in Dollars, and in immediately available funds when due and payable pursuant to the terms of this Agreement and the other Loan Documents, is not subject to compromise, adjustment, extension, satisfaction, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deductible, reduction, termination or modification, whether arising out of transactions concerning the Loan, or otherwise. Without limitation to the
foregoing, to the fullest extent permitted under applicable law and notwithstanding any other term or provision contained in this Agreement or any other Loan Document, Borrower hereby waives (and shall cause each Loan Party to waive)
(a) presentment, protest and demand, notice of default (except as expressly required in the Loan Documents), notice of intent to accelerate, notice of acceleration, notice of protest, notice of demand and of dishonor and non-payment of the Obligations, (b) any requirement of diligence or promptness on Agent’s part in the enforcement of its rights under the provisions of this Agreement and any other Loan Document,
(c) any rights, legal or equitable, to require any marshalling of assets or to require foreclosure sales in a particular order, (d) all notices of every kind and description which may be required to be given by any statute or rule of law
except as specifically required hereunder, (e) the benefit of all laws now existing or that may hereafter be enacted providing for any appraisement before sale or any portion of the Collateral, (f) all rights of homestead, exemption,
redemption, valuation, appraisement, stay of execution, notice of election to mature or declare due the whole of the Obligations in the event of foreclosure of the Liens created by the Loan Documents, (g) the pleading of any statute of
limitations as a defense to any demand under any Loan Document and (h) any defense to the obligation to make any payments required under the Loan Documents, including the obligation to pay taxes based on any damage to, defects in or destruction
of the Collateral or any other event, including obsolescence of any of the Collateral, it being agreed and acknowledged that such payment obligations are unconditional and irrevocable. Borrower further acknowledges and agrees (i) to any
substitution, subordination, exchange or release of any security or the release of any party primarily or secondarily liable for the payment of the Loan; (ii) that Agent shall not be required to first institute suit or exhaust its remedies
hereon against others liable for repayment of all or any part of the Loan, whether primarily or secondarily (collectively, the “Obligors”), or to perfect or enforce its rights against any Obligor or any security for the Loan;
and (iii) that its liability for payment of the Loan shall not be affected or impaired by any determination that any security interest or lien taken by Agent for the benefit of Agent and Lenders to secure the Loan is invalid or unperfected.
Borrower acknowledges, warrants and represents in connection with each waiver of any right or remedy of Borrower contained in any Loan Document, that it has been fully informed with respect to, and represented by counsel of its choice in connection
with, such rights and remedies, and all such waivers, and after such advice and consultation, has presently and actually intended, with full knowledge of its rights and remedies otherwise available at law or in equity, to waive or relinquish such
rights and remedies to the full extent specified in each such waiver. 

  
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 2.5 Loan Accounting. 

2.5.1 Recordkeeping. 

Agent, on behalf of each Lender, shall record in its records the date and amount of the Term Loan made by each Lender, each prepayment and
repayment thereof. The aggregate unpaid principal amount so recorded shall be final, binding and conclusive absent manifest error. The failure to so record any such amount or any error in so recording any such amount shall not, however, limit or
otherwise affect the Obligations of Borrower hereunder or under any Note to repay the principal amount of the Loans hereunder, together with all interest accruing thereon. 

2.5.2 Notes. 
 (a)
Borrower agrees that upon written notice by Agent to Borrower that a promissory note or other evidence of indebtedness is requested by Lenders to evidence the Loan and other Obligations owing or payable to, or to be made by, Lenders, Borrower shall
promptly (and in any event within ten (10) Business Days of any such request) execute and deliver to Agent a promissory note in favor of Agent, for the benefit of Lenders, in the form attached hereto as Exhibit C. 

(b) Upon Agent’s written request, and in any event within ten (10) Business Days of any such request, Borrower shall execute and
deliver to Agent new Notes (on substantially the same terms and in substantially the same form) and/or divide the Notes in exchange for then existing Notes in such smaller amounts or denominations as Agent shall specify in its sole discretion;
provided that the aggregate principal amount of such new Notes shall not exceed the aggregate principal amount of the Notes outstanding at the time such request is made; and provided, further, that such Notes that are to be replaced shall then be
deemed no longer outstanding hereunder and replaced by such new Notes and returned to Borrower within ten (10) days after Agent’s receipt of the replacement Notes; and 

(c) upon receipt of evidence reasonably satisfactory to Borrower of the mutilation, destruction, loss or theft of any Notes and the ownership
thereof, Borrower shall, upon the written request of the holder of such Notes, execute and deliver in replacement thereof new Notes in the same form, in the same original principal amount and dated the same date as the Notes so mutilated, destroyed,
lost or stolen; and such Notes so mutilated, destroyed, lost or stolen shall then be deemed no longer outstanding hereunder. If the Notes being replaced have been mutilated, they shall be surrendered to Borrower after Agent’s receipt of the
replacement Notes; and if such replaced Notes have been destroyed, lost or stolen, such holder shall furnish Borrower with an indemnity in writing reasonably acceptable to Borrower to save them harmless in respect of such replaced Note. 

2.6 Payment of Interest and Principal. 

2.6.1 Interest Rate Calculation. 

(a) The outstanding principal balance under the Loan shall bear interest at a per annum rate of interest equal to the Contract Rate (as may
be adjusted from time to time in accordance with this Section 2.6.1). Whenever, subsequent to the date hereof, the LIBOR Rate is increased or decreased (as determined on the date that is two (2) Business Days prior to
each Payment Date), the Contract Rate, as set forth herein, shall be similarly changed effective as of such subsequent Payment Date, without notice or demand of any kind by an amount equal to the amount of such change in the LIBOR Rate on the date
that is two (2) Business Days prior to each such Payment Date. The interest due on the principal balance 

  
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of the Loan outstanding as of any Payment Date shall be computed for the actual number of days elapsed during the period in question on the basis of a year consisting of three hundred sixty
(360) days and shall be calculated by determining the daily principal balance outstanding for each day of such period in question. The daily rate shall be equal to 1/360th times the Contract Rate. If any statement furnished by Agent for the
amount of a payment due exceeded the actual amount that should have been paid because the LIBOR Rate decreased and such decrease was not reflected in such statement, Borrower shall make the payment specified in such statement from Agent and Borrower
shall receive a credit for the overpayment, which credit shall be applied towards the next subsequent payment due hereunder. If any statement furnished by Agent for the amount of a payment due was less than the actual amount that should have been
paid because the LIBOR Rate increased and such increase was not reflected in such statement, Borrower shall make the payment specified in such statement from Agent and Borrower shall be required to pay any resulting underpayment with the next
subsequent payment due hereunder. 
 (b) Borrower recognizes and acknowledges that any default on any payment, or portion thereof, due
hereunder or to be made under any of the other Loan Documents, will result in losses and additional expenses to Agent in servicing the Loan, and in losses due to Lenders’ loss of the use of funds not timely received. Borrower further
acknowledges and agrees that in the event of any such Default, Lenders would be entitled to damages for the detriment proximately caused thereby, but that it would be extremely difficult and impracticable to ascertain the extent of or compute such
damages. Therefore, upon the Term Loan Maturity Date and/or upon the occurrence and during the existence of an Event of Default (or upon any acceleration), interest shall automatically accrue hereunder, without notice to Borrower, at the Default
Rate. The Default Rate shall be calculated and due from the date that the Event of Default occurred. 
 (c) Notwithstanding anything herein
to the contrary, if at any time the interest rate for any Loan (if applicable), together with all fees, charges and other amounts that are treated as interest on such Loan under applicable law (collectively, “charges”), shall exceed the
maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan
hereunder (if applicable), together with all charges payable in respect of the Loan, shall be limited to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in respect of such Loan but were not paid as a result
of the operation of this Section shall be cumulated and the interest (if any) and charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the amount collectible at the Maximum Rate therefor) until such
cumulated amount, together with interest thereon at the Federal Funds Effective Rate for each day to the date of repayment, shall have been received by such Lender. Any amount collected by such Lender that exceeds the maximum amount collectible at
the Maximum Rate shall be applied to the reduction of the principal balance of such Loan or refunded to the Borrower so that at no time shall the interest (if any) and charges paid or payable in respect of such Loan exceed the maximum amount
collectible at the Maximum Rate. 
 2.6.2 Payments of Interest. 

Borrower shall pay to Agent, for the benefit of Lenders, all accrued interest on the Loan in arrears on each Payment Date, upon a prepayment
of such Loan in accordance with Section 2.8 and at maturity in cash. Notwithstanding the forgoing, so long as no Event of Default has occurred and is continuing, Borrower may elect in writing (which may include electronic
email) to Agent on or before any such Payment Date occurring on or prior to the Amortization Payment Date to capitalize all or a portion of the interest otherwise due and payable on any such Payment Date (each a “PIK Amount”)
into the unpaid principal balance of the Term Loan. For the avoidance of doubt, to the extent Borrower exercises its rights pursuant to the prior sentence, all such PIK Amounts will accrue interest in accordance with this Agreement from the related
Payment Date until paid in full and shall be subject to the general payment provisions of this Agreement as are applicable to rest of the Term Loan. 

  
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 2.6.3 Payments of Principal. 

On the Amortization Payment Date and on each Payment Date thereafter, Borrower shall make an amortization payment to Agent, for the benefit
of Lenders, in the amount of $650,000, with such amount to be applied to the Term Loan pro rata based on each Lender’s Pro Rata Term Loan Share. Notwithstanding the foregoing, the outstanding principal balance of the Term Loan and all other
Obligations then due and owing shall be Paid in Full on the Termination Date. 
 2.7 Fees. 

(a) Origination Fee. Upon the date on which the Term Loan is funded, Borrower shall pay to Agent, for its own account, a fee (the
“Origination Fee”) in the amount of $97,500, which Origination Fee shall be deemed fully earned and non-refundable on the Closing Date. 

(b) Exit Fee. Upon the Termination Date, Borrower shall pay an exit fee (the “Exit Fee”) to Agent, for the
benefit of Lenders, which Exit Fee shall be deemed fully earned and non-refundable on the Termination Date, in the amount calculated as follows: 

(i) in the event that the Acer-001 Approval Date or the Termination Date occurs on or
before September 30, 2022, the additional amount that would be needed to be paid such that the sum of (w) such Exit Fee, plus (x) the Origination Fee, plus (y) aggregate payments actually made in cash to Agent, for the benefit of
Lenders, on or prior to such date in respect of the principal amount of the Term Loan (excluding, in each case, any amounts paid in respect of costs, indemnifications or reimbursements, any amounts realized by Agent and Lenders in connection with
the Closing Date Warrant and/or any fees paid to Agent and Lenders other than the Exit Fee and the Origination Fee), plus (z) the aggregate interest payments actually made in cash to Agent, for the benefit of Lenders, on or prior to such date
(excluding, for the avoidance of doubt, any interest accrued at the Default Rate), results in an amount equal to one and three tenths (1.3) times the aggregate, outstanding principal balance of the Term Loan (inclusive, for the avoidance of doubt,
any and all PIK Amounts); or 
 (ii) in the event that the Acer-001 Approval Date and
the Termination Date occur after September 30, 2022, the additional amount that would be needed to be paid such that the sum of (w) such Exit Fee, plus (x) the Origination Fee, plus (y) aggregate payments actually made in cash to
Agent, for the benefit of Lenders, on or prior to such date in respect of the principal amount of the Term Loan (excluding, in each case, any amounts paid in respect of costs, indemnifications or reimbursements, any amounts realized by Agent and
Lenders in connection with the Closing Date Warrant and/or any fees paid to Agent and Lenders other than the Exit Fee and the Origination Fee), plus (z) the aggregate interest payments actually made in cash to Agent, for the benefit of Lenders,
on or prior to such date (excluding, for the avoidance of doubt, any interest accrued at the Default Rate), results in an amount equal to one and five tenths (1.5) times the aggregate, outstanding principal balance of the Term Loan (inclusive, for
the avoidance of doubt, any and all PIK Amounts). 

  
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 2.8 Prepayment. 

2.8.1 Mandatory Prepayment. 

Borrower shall prepay the Obligations, or any portion thereof, as applicable, (which shall include the amounts due and payable under
Section 2.7(b) hereof) until paid in full within two (2) Business Days after the receipt by a Loan Party of any Net Cash Proceeds from any Disposition, in an amount equal to such Net Cash Proceeds. 

2.8.2 Voluntary Prepayment. 

Subject to clause (b) below, Borrower may, on at least five (5) Business Days’ written notice or telephonic notice
(followed on the same Business Day by written confirmation thereof) to Agent (which shall promptly advise each Lender thereof) not later than 3:00 p.m. New York City time on such day, prepay the Term Loan and all related Obligations in whole or in
part at any time prior to the Termination Date. Such notice to Agent shall specify the amount and proposed date of such prepayment. 
 2.9
Payment Mechanics. 
 2.9.1 Making of Payments. 

Except as set forth in the last sentence of this Section 2.9.1, all payments of principal, interest, fees and other
amounts, shall be made in immediately-available funds, via wire transfer as directed by Agent in writing, not later than 3:00 p.m. New York City time on the date due, and funds received after that hour shall be deemed to have been received by
Agent on the following Business Day. Not later than two (2) Business Days prior to each Payment Date, Agent shall provide to Borrower and each Lender a quarterly statement with the amounts payable by Borrower to Agent on such Payment Date,
which statement shall be binding on Borrower absent manifest error, and Borrower shall be entitled to rely on such quarterly statement in relation to its payment obligations on such Payment Date. 

2.9.2 Application of Payments and Proceeds Following an Event of Default. 

Following the occurrence and during the continuance of an Event of Default, or if the Obligations have otherwise become or have been declared
to become immediately due and payable in accordance with this Agreement, then notwithstanding anything herein or in any other Loan Document to the contrary, Agent shall apply all or any part of payments in respect of the Obligations and proceeds of
Collateral, in each case as received by Agent, to the payment of the Obligations in the order and priority as determined by Agent in its sole discretion. 

2.9.3 Set-off. 

Borrower agrees that Agent and each Lender and its Affiliates have all rights of set-off and
bankers’ lien provided by applicable law, and in addition thereto, Borrower agrees that at any time an Event of Default exists, Agent and each Lender may, to the fullest extent permitted by applicable law, apply to the payment of any
Obligations of Borrower hereunder then due, any and all balances, credits, deposits, accounts or moneys of Borrower then or thereafter with Agent or such Lender. Notwithstanding the foregoing, no Lender shall exercise any rights described in the
preceding sentence without the prior written consent of Agent. 

  
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 2.9.4 Proration of Payments. 

If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of set-off or otherwise, on account
of principal of, interest on or fees in relation to any Loan, but excluding any payment pursuant to Section 3.1, 3.2, 10.5 or 10.8) in excess of its applicable Pro Rata Term Loan Share of payments and
other recoveries obtained by all Lenders on account of principal of, interest on or fees in relation to such Term Loan then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans held by them as shall
be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing
Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery. 
 Section 3 Yield Protection. 

3.1 Taxes. 
 (a) All
payments of principal and interest on the Loans and all other amounts payable hereunder by or on behalf of Borrower to or for the account of Agent or any Lender shall be made free and clear of and without deduction for any present or future income,
excise, stamp, documentary, property or franchise taxes and other taxes, fees, duties, levies, withholdings or other similar charges imposed by any Governmental Authority that is a taxing authority (“Tax” or
“Taxes”), excluding (i) taxes imposed on or measured by Agent’s or any Lender’s net income (however denominated) or gross profits, and franchise taxes, imposed by any jurisdiction (or subdivision thereof) under
the laws of which Agent or such Lender is organized or in which Agent or such Lender conducts business or, in the case of any Lender, in which its applicable lending office is located at the time such Lender acquires its initial interest in any Term
Loan Commitment, (ii) any branch profit taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which Agent or a Lender is located or conducts business; (iii) in the case of any Foreign Lender,
any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement or designates a new lending office; (iv) in the case of any U.S. Lender, any United States federal
backup withholding tax; and (v) taxes imposed under FATCA; (vi) Taxes attributable to a Foreign Lender’s failure to comply with Section 3.1(c) or inability to provide the applicable IRS Form set forth in
Section 3.1(c) to Borrower and Agent; (vii) with respect to Agent or any Lender, Taxes imposed as a result of a present or former connection between such Agent or Lender and the jurisdiction imposing such Tax (other
than connections arising from such Agent or Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to
or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document); and (viii) in the case of a Lender, U.S. federal withholding Taxes, if any and not otherwise included in clauses (i) through (vii),
imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which such Lender acquires such interest in the Loan or Commitment or changes
its lending office (items in clauses (i) through (viii), “Excluded Taxes”, and all Taxes other than Excluded Taxes, “Indemnified Taxes”). If any withholding or deduction from any
payment to be made by Borrower hereunder is required in respect of any Taxes pursuant to any applicable law, rule or regulation, then Borrower shall: (w) make such withholding or deduction; (x) pay directly to the relevant
Governmental Authority the full amount required to be so withheld or deducted; (y) as promptly as practicable forward to Agent the original or a certified copy of an official receipt or other documentation reasonably satisfactory to
Agent evidencing such payment to such Governmental Authority; and (z) if the withholding or deduction is with respect to Indemnified Taxes, pay to Agent for the account of Lenders such additional amount or amounts as is

  
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necessary to ensure that the net amount actually received by each Lender will equal the full amount such Lender would have received had no such withholding or deduction of Indemnified Taxes been
required. To the extent that any amounts shall ever be paid by Borrower in respect of Indemnified Taxes, such amounts shall, for greater certainty, be considered to have accrued and to have been paid by Borrower as interest on the Loans. 

(b) Borrower shall indemnify Agent and each Lender for any Indemnified Taxes paid by Agent or such Lender, as applicable, on or with respect
to any payment by or on account of any obligation of Borrower hereunder, and any additions to Tax, penalties and interest paid by Agent or such Lender with respect to such Indemnified Taxes; provided that Borrower shall not have any
obligation to indemnify any party hereunder for any Indemnified Taxes or additions to Tax, penalties or interest with respect thereto that result from or are attributable to such party’s own fraud, gross negligence or willful misconduct.
Payment under this Section 3.1(b) shall be made within thirty (30) days after the date Agent or the Lender, as applicable, makes written demand therefor; provided, however, that if such written demand is
made more than one-hundred eighty (180) days after the earlier of (i) the date on which Agent or the Lender, as applicable, pays such Indemnified Taxes or additions to Tax, penalties or interest with
respect thereto and (ii) the date on which the applicable Governmental Authority makes written demand on Agent or such Lender, as applicable, for payment of such Indemnified Taxes or additions to Tax, penalties or interest with respect thereto,
then Borrower shall not be obligated to indemnify Agent or such Lender for such Indemnified Taxes or additions to Tax, penalties or interest with respect thereto. 

(c) Each Foreign Lender that is a party hereto on the Closing Date or becomes an assignee of an interest under this Agreement under
Section 10.8.1 after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) shall deliver to Borrower and Agent on or prior to the date on which such Foreign Lender becomes
a party to this Agreement: 
 (i) Two duly completed and executed originals of IRS Form
W-8BEN (or IRS Form W-8BENE) claiming exemption from withholding of Taxes under an income tax treaty to which the United States of America is a party; 

(ii) two duly completed and executed originals of IRS Form W-8ECI; 

(iii) a certificate in form and substance reasonably satisfactory to Agent and Borrower claiming entitlement to the portfolio
interest exemption under Section 881(c) of the IRC and certifying that such Foreign Lender is not (w) a conduit entity participating in a conduit financing arrangement as defined in Treasury Regulation
1.881-3, (x) a “bank” within the meaning of Section 881(c)(3)(A) of the IRC, (y) a “10 percent shareholder” of Borrower within the meaning of
Section 881(c)(3)(B) of the IRC, or (z) a “controlled foreign corporation” described in Sections 881(c)(3)(C) and 864(d)(4) of the IRC, together with two duly completed and executed originals of IRS Form W-8BEN (or IRS Form W-8BENE); or 
 (iv) if the
Foreign Lender is not the beneficial owner of amounts paid to it hereunder, two duly completed and executed originals of IRS Form W-8IMY, each accompanied by a duly completed and executed IRS Form W-8ECI, IRS Form W-8BEN (or IRS Form W-8BENE), IRS Form W-9 or a portfolio interest certificate
described in clause (iii) above from each beneficial owner of such amounts claiming entitlement to exemption from withholding or backup withholding of Taxes. 

  
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 Each Foreign Lender shall (to the extent legally entitled to do so) provide updated forms to Borrower and
Agent on or prior to the date any prior form previously provided under this clause (c) becomes obsolete or expires, after the occurrence of an event requiring a change in the most recent form or certification previously delivered by it
pursuant to this clause (c) or from time to time if requested by Borrower or Agent. Each U.S. Lender shall deliver to Agent and Borrower on or prior to the date on which such Lender becomes a party to this Agreement (and from time to
time thereafter upon the request of Borrower or Agent) properly completed and executed originals of IRS Form W-9 certifying that such Lender is exempt from backup withholding. Notwithstanding anything to the
contrary contained in this Agreement, Borrower shall not be required to pay additional amounts to or indemnify any Lender pursuant to this Section 3.1 with respect to any Taxes required to be deducted or withheld (or any
additions to Tax, penalties or interest with respect thereto) (A) on the basis of the information, certificates or statements of exemption provided by a Lender pursuant to this clause (c), or (B) if such Lender shall fail to comply
with the certification requirements of this clause (c). For the avoidance of doubt, all references to IRS Forms in this clause (c) shall include, in each case, any successor form. 

(d) Without limiting the foregoing, each Lender shall timely comply with any certification, documentation, information or other reporting
necessary to establish an exemption from withholding under FATCA and shall provide any documentation reasonably requested by Borrower or Agent sufficient for Borrower and Agent to comply with their obligations under FATCA and to determine that such
Lender has complied with such applicable reporting requirements. 
 (e) If Agent or a Lender determines that it is entitled to or has
received a refund or credit of any Taxes for which it has been indemnified by Borrower (or another Loan Party) or with respect to which Borrower (or another Loan Party) shall have paid additional amounts pursuant to this
Section 3.1, it shall promptly notify Borrower of such refund or credit, and promptly make an appropriate claim to the relevant Governmental Authority for such refund or credit (if it has not previously done so). If Agent
or a Lender receives a refund or credit (whether or not pursuant to such claim) of such Taxes, it shall promptly pay over such refund or credit to Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by Loan
Parties under this Section 3.1 with respect to the Taxes giving rise to such refund or credit), net of all reasonable out-of-pocket and
documented third-party expenses of the Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund or credit); provided that Borrower, upon the request of Agent or
such Lender, agrees to repay to Agent or such Lender the amount paid over to Borrower in the event Agent or such Lender is required to repay such refund to such Governmental Authority. This Section 3.1(e) shall not be
construed to require Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to Borrower or any other Person or to alter its internal practices or procedures with respect to
the administration of Taxes. 
 3.2 Manner of Funding; Alternate Funding Offices. 

Notwithstanding any provision of this Agreement to the contrary, each Lender shall be entitled to fund and maintain its funding of all or any
part of its Loans in any manner it may determine at its sole discretion. Each Lender may, if it so elects, fulfill its commitment to make the Term Loan by causing any branch or Affiliate of such Lender to make such Loan; provided that in such
event for the purposes of this Agreement (other than Section 3.1) such Loan shall be deemed to have been made by such Lender and the obligation of Borrower to repay such Loan shall nevertheless be to such Lender and shall
be deemed held by it, to the extent of such Loan, for the account of such branch or Affiliate. 

  
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 3.3 Conclusiveness of Statements; Survival. 

Determinations and statements of any Lender pursuant to Section 3.1 shall be conclusive absent demonstrable error.
Lenders may use reasonable averaging and attribution methods in determining compensation under Sections 3.1 and the provisions of such Section shall survive repayment of the Loans, cancellation of the Notes and termination of this Agreement.

 Section 4 Conditions Precedent. 

4.1 Conditions to Effectiveness of this Agreement. The effectiveness of this Agreement is subject to the following conditions
precedent, each of which shall be reasonably satisfactory in all respects to Agent: 
 (a) General. Borrower shall have delivered the
following documents in form and substance acceptable to Agent in its reasonable discretion (and, as applicable, duly executed and dated the Closing Date or an earlier date satisfactory to Agent): 

(i) Loan Documents. The Loan Documents to which any Loan Party is a party, each duly executed by a Responsible Officer
of each Loan Party and the other parties thereto (except Agent and the Lenders), and each other Person (except Agent and the Lenders) shall have delivered to Agent and Lenders the Loan Documents to which it is a party, each duly executed and
delivered by such Person and the other parties thereto (except Agent and the Lenders). 
 (ii) Lien Searches. Copies
of Uniform Commercial Code, foreign, state and county search reports listing all effective financing statements filed and other Liens of record against any Loan Party, with copies of any financing statements and applicable searches of the records of
the U.S. Patent and Trademark Office and the U.S. Copyright Office performed with respect to each Loan Party, all in each jurisdiction reasonably determined by Agent. 

(iii) Authorization Documents. For each Loan Party, such Person’s (i) charter (or similar formation document),
certified by the appropriate Governmental Authority, (ii) good standing certificates in its jurisdiction of incorporation (or formation) and in each other jurisdiction set forth on Schedule 5.1 to the extent reasonably requested by
Agent, (iii) bylaws (or similar governing document), (iv) resolutions of its board of directors (or similar governing body) approving and authorizing such Person’s execution, delivery and performance of the Loan Documents to which it
is party, the Closing Date Warrant and the transactions contemplated thereby, and (v) signature and incumbency certificates of its officers executing any of the Loan Documents, all certified by its secretary or an assistant secretary (or
similar officer) as being in full force and effect without modification, in form and substance reasonably satisfactory to Agent. 

(iv) Opinions of Counsel. Opinions of counsel for each Loan Party in form and substance acceptable to Agent regarding
certain closing matters, and Borrower hereby requests such counsel to deliver such opinions and authorizes Agent and Lenders to rely thereon. 

(v) Consents. Evidence that all necessary consents, permits and approvals (governmental or otherwise) required for the
execution, delivery and performance by each Loan Party of the Loan Documents have been duly obtained and are in full force and effect. 

  
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 (b) Diligence. Agent and Lenders shall have completed their due diligence review of
the Loan Parties and their Subsidiaries, their assets, business, obligations and the transactions contemplated herein, the results of which shall be satisfactory in form and substance to Lenders. 

(c) Corporate Matters. All corporate and other proceedings, documents, instruments and other legal matters in connection with the
transactions contemplated by the Loan Documents (including, but not limited to, those relating to corporate and capital structures of Borrower) shall be satisfactory to Lenders in their sole discretion. 

(d) Closing Date Warrant. Agent shall have received the fully executed Closing Date Warrant. 

4.2 Conditions to Funding of Term Loan. The obligation of each Lender to make its Term Loan hereunder is subject to the
following conditions precedent, each of which shall be reasonably satisfactory in all respects to Agent: 
 (a) Fees. The Lenders and
Agent shall have received all fees required to be paid, and all expenses for which invoices have been presented (including Legal Costs), required to be paid under the Loan Documents on or before the Closing Date; provided, that any
such expenses shall be first deducted from the Fifty Thousand Dollar ($50,000) expense deposit paid by Borrower to Agent prior to the Closing Date. 

(b) Representations, Warranties, Defaults. (i) All representations and warranties of Borrower set forth in any Loan Document shall be
true and correct in all respects as if made on and as of the date of funding (except for representations and warranties that specifically refer to an earlier date, which shall be true and correct in all respects as of such earlier date) and
(ii) no Default or Event of Default shall exist. 
 (c) Prior Debt. The Prior Debt, if any, (i) has been (or concurrently
with the initial borrowing will be) paid in full and all related Liens, if any, have been (or concurrently with the initial borrowing will be) released or (ii) otherwise subject to an intercreditor arrangement or subordination agreement
acceptable to Agent in its commercially-reasonable discretion. 
 (d) Convertible Note. Agent shall have received evidence,
acceptable to Agent, that Borrower shall have issued, or contemporaneously with the closing of the Term Loan shall issue, the Convertible Note resulting in gross cash proceeds to Borrower of not less than $6,000,000. 

Section 5 Representations and Warranties. 

To induce Agent and Lenders to enter into this Agreement and to induce Lenders to make the Loan hereunder, Borrower represents and warrants to
Agent and Lenders, as of the Closing Date and the date of funding of each advance of the Term Loan hereunder, that: 
 5.1
Organization. 
 Each Loan Party is duly incorporated, validly existing and (if applicable) in good standing under the laws of its
state or country of jurisdiction as set forth on Schedule 5.1, and is duly qualified to carry on its business in each jurisdiction set forth on Schedule 5.1, which are all of the jurisdictions in which failure to so
qualify would reasonably be likely to have or result in a Material Adverse Effect. Each Loan Party has the power to own its assets and carry on its business as it is being conducted. 

  
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 5.2 Authorization; No Conflict. 

Each Loan Party is duly authorized to execute and deliver each Loan Document to which it is a party, to borrow or guaranty monies thereunder,
as applicable, and to perform its Obligations under each Loan Document to which it is a party. The execution, delivery and performance by each Loan Party of this Agreement and the other Loan Documents to which it is a party, as applicable, and the
transactions contemplated therein, do not and will not (a) require any consent or approval of any Governmental Authority (other than any consent or approval which has been obtained and is in full force and effect), (b) conflict with
(i) any provision of applicable law (including any applicable Health Care Law), (ii) the charter, by-laws or other organizational documents of such Loan Party or (iii) (except as it relates to
the documents governing the Prior Debt, each of which will be terminated and/or paid on the date of funding of the Term Loan) any Material Contract, or any judgment, order or decree, which is binding upon any Loan Party or any of its properties or
(c) require, or result in, the creation or imposition of any Lien on any asset of any Loan Party (other than Liens in favor of Agent created pursuant to the Collateral Documents). 

5.3 Validity; Binding Nature. 

Each of this Agreement and each other Loan Document to which any Loan Party is a party, as applicable, is the legal, valid and binding
obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’ rights generally and to general principles of equity
and concepts of reasonableness. 
 5.4 Financial Condition. 

(a) The financial statements and/or similar information delivered pursuant hereto, were prepared in accordance with GAAP and present fairly in
all material respects the consolidated financial condition of Borrower and its Subsidiaries as at such dates and the results of its operations for the periods then ended. 

(b) The consolidated financial projections (including an operating budget and a cash flow budget) of Borrower delivered to Agent and Lenders
on or prior to the Closing Date (i) were prepared by Borrower in good faith and (ii) were prepared in accordance with assumptions for which Borrower believes it has a reasonable basis, and the accompanying consolidated and consolidating
pro forma unaudited balance sheet of Borrower as at the Closing Date, adjusted to give effect to the financings contemplated hereby as if such transactions had occurred on such date, is consistent in all material respects with such projections (it
being understood that the projections are not a guaranty of future performance and that actual results during the period covered by the projections may materially differ from the projected results therein). 

5.5 No Material Adverse Effect. 

Since December 31, 2021, there has been no material adverse change in the financial condition, operations, assets, business or properties
of Loan Parties. 

  
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 5.6 Litigation. 

No litigation (including derivative actions), arbitration proceeding or governmental investigation or proceeding is pending or, to
Borrower’s knowledge, threatened against any Loan Party that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. As of the Closing Date, other than any liability incidental to such
litigation or proceedings, no Loan Party has any material Contingent Obligations not disclosed in the financial statements specified in Section 5.4(a). 

5.7 Ownership of Properties; Liens. 

Borrower and each other Loan Party owns, or leases or licenses, as applicable, all of its material properties and assets, tangible and
intangible, of any nature whatsoever that it purports to own, license or lease, as applicable (including Intellectual Property), free and clear of all Liens and charges and claims (including infringement claims with respect to Intellectual
Property), except Permitted Liens and as set forth on Schedule 5.7. 
 5.8 Capitalization. 

All issued and outstanding Equity Interests of Loan Parties are duly authorized, validly issued, fully paid,
non-assessable, and such securities were issued in compliance in all material respects with all applicable state and federal laws concerning the issuance of securities. Schedule 5.8 sets forth the
authorized Equity Interests and ownership the Equity Interests of each Wholly-Owned Subsidiary of Borrower. 
 5.9 Pension Plans.

 No Loan Party has, nor to Borrower’s knowledge has any Loan Party ever had, a Pension Plan. 

5.10 Investment Company Act. 

No Loan Party is an “investment company” or a company “controlled” by an “investment company” or a
“subsidiary” of an “investment company”, within the meaning of the Investment Company Act of 1940. 
 5.11 No
Default. 
 No Event of Default or Default exists or would result from the incurrence by Borrower of any Debt hereunder or under
any other Loan Document or as a result of any Loan Party entering into the Loan Documents to which it is a party. 
 5.12 Margin
Stock. 
 No Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the
purpose of purchasing or carrying Margin Stock. No portion of the Obligations is secured directly or indirectly by Margin Stock. 

  
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 5.13 Taxes. 

Each Loan Party has filed, or caused to be filed, all income and other material federal, state and foreign tax returns and reports required by
law to have been filed by it and has paid all federal and material state and foreign income taxes and governmental charges thereby shown to be owing, except any such taxes or charges (a) that are not delinquent or (b) that are being
diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set aside on its books. 

5.14 Solvency. 
 On the
Closing Date, and immediately prior to and after giving effect to each advance of the Term Loan hereunder and the use of the proceeds hereof, Borrower is, and will be, Solvent. 

5.15 Environmental Matters. 

The on-going operations of Loan Parties comply in all respects with all applicable Environmental Laws,
except for non-compliance which could not (if enforced in accordance with applicable law) reasonably be expected to result in a Material Adverse Effect. Each Loan Party has obtained, and maintained in good
standing, all licenses, permits, authorizations and registrations required under any Environmental Law and necessary for its respective ordinary course operations, and each Loan Party is in compliance with all material terms and conditions thereof,
except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. No Loan Party nor any of their respective properties or operations is subject to any outstanding written order from or agreement with any
federal, state, or local Governmental Authority, nor subject to any judicial or docketed administrative proceeding, respecting any Environmental Law, Environmental Claim or Hazardous Substance. There are no Hazardous Substances or other conditions
or circumstances existing with respect to any property, or arising from operations prior to the Closing Date, of any Loan Party that would reasonably be expected to result in a Material Adverse Effect. No Loan Party has underground storage tanks.

 5.16 Insurance. 

Loan Parties and their respective properties are insured with financially sound and reputable insurance companies which are not Affiliates of
any Loan Party, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where such Loan Parties operate, as applicable. A true
and complete listing of such insurance as of the Closing Date, including issuers, coverages and deductibles, is set forth on Schedule 5.16. 

5.17 Information. 
 All
written information heretofore or contemporaneously herewith furnished in writing by Borrower to Agent or any Lender for purposes of or in connection with this Agreement and the transactions contemplated hereby, taken as a whole, is, and all written
information hereafter furnished by or on behalf of Borrower to Agent or any Lender pursuant hereto or in connection herewith, taken as a whole, will be true and accurate in all material respects on the date as of which such information, taken as a
whole, is dated or certified, and none of such information is or will be incomplete by omitting to state any material fact necessary to make such information not misleading in any material respect in light of the circumstances under which made (it
being recognized by Agent and Lenders that any projections and forecasts provided by Borrower are based on good faith estimates and assumptions believed by Borrower to be reasonable as of the date of the applicable projections or assumptions and
that actual results during the period or periods covered by any such projections and forecasts may differ from projected or forecasted results). 

  
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 5.18 Intellectual Property; Products and Services. 

(a) Schedule 5.18(a) (as updated from time to time in accordance with Section 6.1.2 hereof) accurately and
completely lists all of Loan Parties’ Registered Intellectual Property. Each Loan Party owns and possesses or has a license or other right to use all Intellectual Property as is necessary for the conduct of the business of such Loan Party,
without any infringement upon the intellectual property rights of others, except as otherwise set forth on Schedule 5.18(a) hereto. 

(b) Schedule 5.18(b) (as updated from time to time in accordance with Section 6.1.2 hereof) accurately and
completely lists all material Products and Services of the Loan Parties. 
 (c) With respect to any Product or Service being tested,
manufactured, marketed, sold, and/or delivered by Loan Parties, the applicable Loan Party has received (or the applicable, authorized third parties have received), and such Product or Service is the subject of, all Required Permits needed in
connection with the testing, manufacture, marketing, sale, and/or delivery of such Product or Service by or on behalf of Loan Parties as currently conducted. No Loan Party has received any notice from any applicable Governmental Authority,
specifically including the FDA and/or CMS, that such Governmental Authority is conducting an investigation or review (other than a normal routine scheduled inspection) of any Loan Party’s (x) manufacturing facilities, laboratory
facilities, the processes for such Product, or any related sales or marketing activities and/or the Required Permits related to such Product, and (y) laboratory facilities, the processes for such Services, or any related sales or
marketing activities and/or the Required Permits related to such Services. There are no material deficiencies or violations of applicable laws in relation to the manufacturing, processes, sales, marketing, or delivery of such Product or Services
and/or the Required Permits related to such Product or Services, no Required Permit has been revoked or withdrawn, nor, to the best of Borrower’s knowledge, has any such Governmental Authority issued any order or recommendation stating that the
development, testing, manufacturing, sales and/or marketing of such Product or Services by or on behalf of Loan Parties should cease or be withdrawn from the marketplace, as applicable. 

(d) Except as set forth on Schedule 5.18(b), (A) there have been no adverse clinical trial results in respect of any Product since the
date on which the applicable Loan Party acquired rights to such Product, and (B) there have been no product recalls or voluntary product withdrawals from any market in respect of any Product since the date on which the applicable Loan Party
acquired rights to such Product. 
 (e) No Loan Party has experienced any significant failures in its manufacturing of any Product which
caused any reduction in Products sold. 
 5.19 Restrictive Provisions. 

No Loan Party is a party to any agreement or contract or subject to any restriction contained in its operative documents which would
reasonably be expected to have a Material Adverse Effect. 

  
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 5.20 Labor Matters. 

No Loan Party is subject to any labor or collective bargaining agreement. There are no existing or threatened strikes, lockouts or other labor
disputes involving any Loan Party that singly or in the aggregate would reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of each Loan Party are not in violation in any material respect of the
Fair Labor Standards Act or any other applicable law, rule, directive or regulation dealing with such matters. Each Loan Party has fully and timely made any and all social benefits and pension contributions and payments required to be made by such
Loan Party according to any applicable law or agreement. 
 5.21 Material Contracts. 

Except for the agreements set forth as exhibits or incorporated by reference into Borrower’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “Form 10-K”), or Quarterly Reports on
Form 10Q for the Fiscal Quarters ended March 31, 2020, June 30, 2021 and September 30, 2021, as filed with the Securities and Exchange Commission (each a “Form 10-Q”) and
those agreements not included on the Form 10-K or any Form 10-Q but included herein on Schedule 5.21 (collectively, the “Material
Contracts”), as of the Closing Date there are no (i) employment agreements covering the management of any Loan Party, (ii) collective bargaining agreements or other labor agreements covering any employees of any Loan Party,
(iii) agreements for managerial, consulting or similar services to which any Loan Party is a party or by which it is bound, (iv) agreements regarding any Loan Party, its assets or operations or any investment therein to which such Loan
Party and any of its equity holders are a party, (v) patent licenses, trademark licenses, copyright licenses or other lease or license agreements to which any Loan Party is a party, either as lessor or lessee, or as licensor or licensee (other
than widely-available software subject to “shrink-wrap” or “click-through” software licenses), (vi) distribution, marketing or supply agreements to which any Loan Party is a party, (vii) customer agreements to which any Loan
Party is a party (in each case with respect to any agreement of the type described in the preceding clauses (i), (iii), (iv), (v), (vi) and (vii) requiring payments in the aggregate of more than
$250,000 in any year), (viii) partnership agreements pursuant to which any Loan Party is a partner, limited liability company agreements pursuant to which any Loan Party is a member or manager, or joint venture agreements to which any Loan Party is
a party (in each case other than the applicable Loan Parties’ organizational documents), (ix) real estate leases, or (x) any other agreements or instruments to which any Loan Party is a party, in each case the breach, nonperformance or
cancellation of which, would reasonably be expected to have a Material Adverse Effect. Schedule 5.21 sets forth, with respect to each real estate lease agreement to which any Loan Party is a party as of the Closing Date, the address of the
subject property. The consummation of the transactions contemplated by the Loan Documents will not give rise to a right of termination in favor of any party to any Material Contract (other than a Loan Party) which would reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect. 
 5.22 Compliance with Laws; Health Care
Laws. 
 (a) Laws Generally. Each Loan Party is in compliance with, and is conducting and has conducted its business and
operations in material compliance with the requirements of all applicable laws, rules, regulations, directives, decrees, orders, judgments, licenses and permits except where the failure to be in compliance would not reasonably be expected to have a
Material Adverse Effect. 

  
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 (b) Health Care Laws. Without limiting the generality of clause
(a) above: 
 (i) No Loan Party is in violation of any applicable Health Care Laws, except for any such violation
which would not reasonably be expected (either individually and taken as a whole with any other violations) to have a Material Adverse Effect. 

(ii) Each Loan Party (either directly or through one or more authorized third parties) has (i) all licenses, consents,
certificates, permits, authorizations, approvals, franchises, registrations, qualifications and other rights from, and has made all applicable declarations and filings with, all applicable Governmental Authorities and self-regulatory authorities
(each, an “Authorization”) necessary to engage in the business conducted by it, except for such Authorizations with respect to which the failure to obtain would not reasonably be expected to have a Material Adverse Effect,
and (ii) no knowledge that any Governmental Authority is considering limiting, suspending or revoking any such Authorization, except where the limitation, suspension or revocation of such Authorization would not reasonably be expected to have a
Material Adverse Effect. All such Authorizations are valid and in full force and effect and such Loan Party is in material compliance with the terms and conditions of all such Authorizations and with the rules, guidance documents, directives and
regulations of the applicable regulatory authorities having jurisdiction with respect to such Authorizations, except where failure to be in such compliance or for an Authorization to be valid and in full force and effect could not reasonably be
expected to have a Material Adverse Effect. 
 (iii) Each Loan Party has received and maintains accreditation in good
standing and without limitation or impairment by all applicable accrediting organizations, to the extent required by applicable law or regulation (including any foreign law or equivalent directive or regulation), except where the failure to be so
accredited and in good standing without limitation would not reasonably be expected to have a Material Adverse Effect. 

(iv) Except where any of the following would not reasonably be expected to have a Material Adverse Effect, no Loan Party
has been, or has been threatened to be, (i) excluded from U.S. health care programs pursuant to 42 U.S.C. §1320(a)7 or any related regulations, (ii) “suspended” or “debarred” from selling products to the U.S. government
or its agencies pursuant to the Federal Acquisition Regulation, relating to debarment and suspension applicable to federal government agencies generally (48 C.F.R. Subpart 9.4), or other applicable laws, directives or regulations, or (iii) made
a party to any other action by any Governmental Authority that may prohibit it from selling products to any governmental or other purchaser pursuant to any federal, state, local or foreign laws, directives or regulations. 

(v) No Loan Party has received any written notice from the FDA, CMS, or any other Governmental Authority with respect to, nor
to Borrower’s best knowledge is there, any actual or threatened investigation, inquiry, or administrative or judicial action, hearing, or enforcement proceeding by the FDA, CMS, or any other Governmental Authority against any Loan Party
regarding any violation of applicable law, except for such investigations, inquiries, or administrative or judicial actions, hearings, or enforcement proceedings which, individually and in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect. 
 5.23 Existing Indebtedness; Investments, Guarantees and Certain Contracts. 

Except as otherwise permitted pursuant to Section 7.1 or Section 7.10, no Loan Party
(a) has any outstanding Debt, except Debt under the Loan Documents, or (b) owns or holds any equity or long- term debt investments in, or has any outstanding advances to or any outstanding guarantees for the obligations of, or any
outstanding borrowings from, any other Person. 

  
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 5.24 Affiliated Agreements. 

Except as set forth on Schedule 7.7 and employment agreements entered into with employees, managers, officers and
directors from time to time in the ordinary course of business, (i) there are no existing or proposed agreements, arrangements, understandings or transactions between any Loan Party, on the one hand, and such Loan Party’s members,
managers, managing members, investors, officers, directors, stockholders, other equity holders, employees, or Affiliates or any members of their respective families, on the other hand, and (ii) to Borrower’s knowledge, no manager, officer
or director of any Loan Party is directly or indirectly, indebted to or has any direct or indirect ownership or voting interest in any Person with which any Loan Party has a business relationship or which competes with any Loan Party (except that
any such Persons may own equity interests in (but not exceeding five percent (5%) of the outstanding equity interests of) any publicly traded company that may compete with Loan Parties)). 

5.25 Names; Locations of Offices, Records and Collateral; Deposit Accounts. 

No Loan Party has conducted business under or used any name (whether corporate, partnership or assumed) other than such names set forth on
Schedule 5.25A. Each Loan Party is the sole owner(s) of all of its respective names listed on Schedule 5.25A, and any and all business conducted and invoices issued in such names are such Loan
Party’s sales, business and invoices. Each Loan Party maintains, and during the last five (5) years has maintained, respective places of business only at the locations set forth on Schedule 5.25B, and all books
and records of Loan Parties relating to or evidencing the Collateral are located in and at such locations (other than (i) Deposit Accounts, (ii) Collateral in the possession of Agent, for the benefit of Agent and Lenders, and
(iii) other locations disclosed to Agent from time to time in writing). Schedule 7.14 lists all of Loan Parties’ Deposit Accounts as of the Closing Date. Except as set forth on Schedule 5.25C hereto, all of
the tangible Collateral is located exclusively within the United States.  
 5.26 Non-Subordination. 

The payment and performance of the Obligations by Loan Parties are not subordinated in any way to any other obligations of such Loan Parties
or to the rights of any other Person. 
 5.27 Broker’s or Finder’s Commissions. 

Except as set forth in Schedule 5.27, no broker’s, finder’s or placement fee or commission will be payable to any broker or
agent engaged by any Loan Party or any of its officers, directors or agents with respect to the Loan or the transactions contemplated by this Agreement except for fees payable to Agent and Lenders. Borrower agrees to indemnify Agent and each Lender
and hold each harmless from and against any claim, demand or liability for broker’s, finder’s or placement fees or similar commissions, whether or not payable by Borrower, alleged to have been incurred in connection with such transactions,
other than any broker’s or finder’s fees payable to Persons engaged by Agent and/or Lenders. 

  
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 5.28 Anti-Terrorism; OFAC. 

(a) No Loan Party nor any Person controlling or controlled by a Loan Party, nor, to Borrower’s knowledge, any Person having a beneficial
interest in a Loan Party, nor any Person for whom a Loan Party is acting as agent or nominee in connection with this transaction (1) is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1
of Executive Order 13224 of September 23, 2001, Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (2) engages in any dealings or transactions prohibited
by Section 2 of such executive order, or is otherwise associated with any such Person in any manner that violates of Section 2 of such executive order, or (3) is a Person on the list of Specially Designated Nationals and Blocked
Persons or is in violation of the limitations or prohibitions under any other OFAC regulation or executive order. 
 (b) No part of the
proceeds of the Loan will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in
order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

5.29 Security Interest. 

Each Loan Party has full right and power to grant to Agent, for the benefit of itself and the other Lenders, a perfected, first priority
(subject to Permitted Liens) security interest and Lien on the Collateral pursuant to the Collateral Documents, subject to the following sentence. Upon the execution and delivery of this Agreement and the other Loan Documents, and upon the filing of
the necessary financing statements and/or appropriate filings and/or delivery of the necessary certificates evidencing any equity interest, control and/or possession, as applicable, without any further action, Agent will have a good, valid and first
priority (subject to Permitted Liens) perfected Lien and security interest in the Collateral, for the benefit of Lenders. Borrower is not party to any agreement, document or instrument that conflicts with this Section 5.29.

 5.30 Survival. 

Borrower hereby makes the representations and warranties contained herein with the knowledge and intention that Agent and Lenders are relying
and will rely thereon. All such representations and warranties will survive the execution and delivery of this Agreement, the closing and the making of the Loan. 

Section 6 Affirmative Covenants. 

From the Closing Date until all Obligations have been Paid in Full, Borrower agrees that, unless at any time Agent shall otherwise expressly
consent in writing, it will: 
 6.1 Information. 

Furnish to Agent (which shall furnish to each Lender): 

6.1.1 Annual Report. 

Promptly when available and in any event within ninety (90) days after the close of each Fiscal Year (unless Borrower files a Notice of
Late Filing (12b-25 Notice) in which case such report shall be due within one hundred five (105) days of the end of the relevant Fiscal Year): (a) a copy of the annual audited report of
Borrower and its Subsidiaries for such Fiscal Year, including therein (i) a 

  
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consolidated and consolidating balance sheet and statement of earnings and cash flows of Borrower and its Subsidiaries as at the end of and for such Fiscal Year, certified without qualification
(except for qualifications relating to changes in accounting principles or practices reflecting changes in GAAP and required or approved by Borrower’s independent certified public accountants) by independent auditors of recognized standing
selected by Borrower and reasonably acceptable to Agent, and (ii) a comparison with the previous Fiscal Year; and (b) upon Agent’s reasonable request, a consolidated balance sheet of Borrower and its Subsidiaries as of the end of such
Fiscal Year and consolidated statements of earnings and cash flows for Borrower and its Subsidiaries for such Fiscal Year, together with a comparison of actual results for such Fiscal Year with the budget for such Fiscal Year, each certified by the
chief financial officer or another executive officer of Borrower; provided, that, for long as Borrower’s Equity Interests are listed on the NASDAQ exchange, Borrower’s prompt filing of such annual report described in this
Section 6.1 with the U.S. Securities and Exchange Commission shall satisfy Borrower’s obligations under this Section 6.1.1. 

6.1.2 Interim Reports. 

(a) Promptly when available and in any event within forty-five (45) days after the end of each Fiscal Quarter (unless Borrower files a
Notice of Late Filing (12b-25 Notice) in which case such report shall be due within fifty (50) days of the end of the relevant Fiscal Quarter), unaudited consolidated balance sheets of Loan Parties as of
the end of such Fiscal Quarter, together with consolidated statements of earnings and cash flows for such Fiscal Quarter and for the period beginning with the first day of such Fiscal Year and ending on the last day of such Fiscal Quarter, together
with a comparison with the corresponding period of the previous Fiscal Year and a comparison with the budget for such period of the current Fiscal Year (which may be in preliminary form), certified by the chief financial officer or other executive
officer of Borrower; provided, that, for as long as Borrower’s Equity Interests are listed on the NASDAQ exchange, Borrower’s prompt filing of such annual report described in this Section 6.1.2(a)
with the U.S. Securities and Exchange Commission shall satisfy Borrower’s obligations under this Section 6.1.2(a). 

(b) Together with each such quarterly report to be delivered pursuant to clause (a) above, Borrower shall provide to Agent
(i) a written statement of Borrower’s management in setting forth a summary discussion of Borrower’s financial condition, changes in financial condition and results of operations, and (ii) to the extent necessary to ensure the
accuracy of any representations and warranties when made or deemed made, updated Schedules to this Agreement, as applicable, setting forth any material changes to the disclosures set forth in such schedules as most recently provided to Agent or, as
applicable, a written statement of Borrower’s management stating that there have been no changes to such disclosures as most recently provided to Agent. 

(c) Promptly when available and in any event within five (5) days after the end of each calendar month, a statement of prior month-end Consolidated Unencumbered Liquid Assets of Loan Parties in form and substance reasonably acceptable to Agent. 

6.1.3 Quarterly Review Meeting. 

Borrower and any other Loan Parties as reasonably requested by Agent shall be available in person or via teleconference as and when requested
by Agent and no less frequent than quarterly for a review meeting regarding the status of Borrower, the Collateral and performance of the same. 

  
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 6.1.4 Compliance Certificate. 

Contemporaneously with the furnishing of a copy of each annual audit report pursuant to Section 6.1.1 and each set
of quarterly statements pursuant to Section 6.1.2 (including, for the avoidance of doubt the quarterly statements delivered for the Fiscal Quarter ending December 31st of
each year), a duly completed Compliance Certificate, with appropriate insertions, dated the date of delivery and corresponding to such annual report or such quarterly statements, and signed by the chief financial officer (or other executive officer)
of Borrower, containing computations, if applicable, showing compliance with Section 7.13 and a statement to the effect that such officer has not become aware of any Event of Default or Default that exists or, if there is
any such event, describing it and the steps, if any, being taken to cure it. 
 6.1.5 Reports to Governmental Authorities, Board of
Directors and Shareholders. 
 Upon the request of Agent, copies of (a) solely to the extent not otherwise filed with the U.S.
Securities and Exchange Commission, all regular, periodic or special reports of each Loan Party filed with any Governmental Authority (excluding all regular and periodic filings related to Taxes (other than annual income tax filings)), and
(b) copies of all registration statements (or such equivalent documents) and annual, quarterly, monthly or other regular reports of each Loan Party filed with the U.S. Securities and Exchange Commission provided, that, for long as
Borrower’s Equity Interests are listed on the NASDAQ exchange, Borrower’s prompt filing of such annual report described in this Section 6.1.5 with the U.S. Securities and Exchange Commission shall satisfy
Borrower’s obligations under this Section 6.1.5. In addition to the forgoing, Borrower shall promptly (and in any event within fourteen (14) days following such each such meeting) provide copies to Agent of
(x) all proxy statements or other communications made to the holders of Borrower’s Equity Interests generally and (y) all information delivered to the Board in connection with Board meetings as and when such information is delivered
to the Board, provided that Borrower reserves the right to withhold or redact from such materials any such information (a) that the Board believes that such exclusion is reasonably necessary to preserve the attorney-client
privilege, confidential information or trade secrets or other sensitive information or material non-public technical information and (b) relating to Borrower’s strategy, negotiating position or
similar matters with respect to the Term Loan, any refinancing or replacement thereof or any related matters. 
 6.1.6 Notice of Default;
Litigation. 
 Promptly upon becoming aware of any of the following, written notice describing the same and summarizing the steps being
taken by Borrower or the applicable Loan Party affected thereby with respect thereto: 
 (a) the occurrence of an Event of Default; 

(b) any litigation, arbitration or governmental investigation or proceeding not previously disclosed by Borrower to Lenders which has been
instituted or, to the knowledge of Borrower, is threatened in writing against Borrower or any other Loan Party or to which any of the properties of any thereof is subject, which in each case would reasonably be expected to have a Material Adverse
Effect; 
 (c) the institution of any steps by any member of the Controlled Group or any other Person to terminate any Pension Plan, or the
failure of any member of the Controlled Group to make a required contribution to any Pension Plan (if such failure is sufficient to give rise to a Lien under Section 303(k) of ERISA) or to any Multiemployer Pension Plan, or the taking of any
action with respect to a Pension Plan which could result in the requirement that Borrower or any other Loan Party furnish a bond 

  
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or other security to the PBGC or such Pension Plan, or the occurrence of any event with respect to any Pension Plan or Multiemployer Pension Plan which could result in the incurrence by any
member of the Controlled Group of any material liability, fine or penalty (including any claim or demand for withdrawal liability or partial withdrawal from any Multiemployer Pension Plan), or any material increase in the contingent liability of
Borrower or any other Loan Party with respect to any post-retirement welfare plan benefit, or any notice that any Multiemployer Pension Plan is in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or
the imposition of an excise Tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the IRC, that any such plan is or may be terminated, or that any such plan is or may become insolvent; 

(d) any cancellation or material adverse change in any insurance maintained by Borrower or any other Loan Party; 

(e) any other event (including (i) any violation of any law, including any Environmental Law, or the assertion of any Environmental
Claim or (ii) the enactment or effectiveness of any law, rule or regulation) which would reasonably be expected to have a Material Adverse Effect or otherwise lead to an Event of Default; or 

(f) to the extent that it would reasonably be expected to result in a Material Adverse Effect (i) any suspension, revocation,
cancellation or withdrawal of an Authorization required for Borrower or any other Loan Party, is threatened or there is any basis for believing that such Authorization will not be renewable upon expiration or will be suspended, revoked, cancelled or
withdrawn, (ii) Borrower or any other Loan Party enters into any consent decree or order pursuant to any Health Care Law and Regulation, or becomes a party to any judgment, decree or judicial or administrative order pursuant to any Health Care
Law, (iii) receipt of any written notice or other written communication from the FDA, CMS, or any other applicable Governmental Authority alleging non-compliance with CLIA or any other applicable Health
Care Law, (iv) the occurrence of any violation of any applicable Health Care Law by Borrower or any of the other Loan Parties in the development or provision of Services, and record keeping and reporting to the FDA or CMS that would reasonably
be expected to require or lead to an investigation, corrective action or enforcement, regulatory or administrative action, (v) the occurrence of any civil or criminal proceedings relating to Borrower or any of the other Loan Parties or any of
their respective employees, which involve a matter within or related to the FDA’s or CMS’ jurisdiction, (vi) any officer, employee or agent of Borrower or any of the other Loan Parties is convicted of any crime or has engaged in any
conduct for which debarment is mandated or permitted by 21 U.S.C. § 335a, or (vii) any officer, employee or agent of Borrower or any of the other Loan Parties has been convicted of any crime or engaged in any conduct for which such Person
could be excluded from participating in any federal, provincial, state or local health care programs under Section 1128 of the Social Security Act or any similar law or regulation. 

6.1.7 Management Report. 

Promptly upon receipt thereof, copies of all detailed financial and management reports submitted to Borrower or any other Loan Party by
independent auditors in connection with each annual or interim audit made by such auditors of the books of Borrower or any other Loan Party. 

6.1.8 Projections. 
 As
soon as practicable, and in any event not later than ninety (90) days after the commencement of each Fiscal Year, financial projections on a quarterly basis of revenues and EBITDA for Loan Parties for such Fiscal Year prepared in a manner
consistent with the projections delivered by 

  
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Borrower to Agent prior to the Closing Date or otherwise in a manner reasonably satisfactory to Agent, accompanied by a certificate of a chief financial officer (or other executive officer) of
Borrower on behalf of Borrower to the effect that (a) such projections were prepared by them in good faith, (b) Borrower believes that it has a reasonable basis for the assumptions contained in such projections, (c) such projections
have been prepared in accordance with such assumptions and (d) such projections have been approved in writing by the Board as the operating plan for the subsequent Fiscal Year. 

6.1.9 Updated Schedules to Guarantee and Collateral Agreement. 

Contemporaneously with the furnishing of each annual audit report pursuant to Section 6.1.1, updated versions of
the Schedules to the Guarantee and Collateral Agreement showing information as of the date of such audit report (it being agreed and understood that this requirement shall be in addition to the notice and delivery requirements set forth in the
Guarantee and Collateral Agreement). 
 6.1.10 Other Information. 

Promptly, from time to time as Agent reasonably requests, Borrower shall deliver or shall cause to be delivered to Agent: 

(a) Subject to any applicable confidentiality restrictions binding on Borrower or its Affiliates, copies of any reports, statements or written
materials (other than routine communications (electronic or otherwise) between Borrower or its Affiliates and such entities that are not material in nature) in relation to any Material Contract; 

(b) such other information concerning the financial condition of the Borrower and any other Loan Party or its compliance with the terms of
the Loan Documents as Agent may reasonably request; 
 (c) to the extent not prohibited by applicable law and subject to any applicable
confidentiality restrictions binding on Borrower or its Affiliates, copies of all material communication as well as other material documents received by Loan Parties or any of their Subsidiaries from the FDA, CMS, DEA, or any other Governmental
Authority (other than routine communications (electronic or otherwise) between Borrower or its Affiliates and such Governmental Authorities that are not material in nature); and 

(d) copies of (x) any notices or other communications relating to any breach, default, or event of default with respect to any
Subordinated Debt and (y) any other modifications or amendments entered into in relation to any Subordinated Debt; other than, in either case, as it relates to any such Subordinated Debt held by Agent or any Affiliate of Agent. 

6.1.11 Reduction of Information. 

Notwithstanding the forgoing, Agent may, upon written notice to Borrower, elect to stop receiving any or all of the information and/or
reports described in this Section 6.1, and, upon receipt of such written notice, Borrower shall promptly discontinue delivering such designated information and/or reports without the need to amend this Agreement or any
further action by Agent or Lenders. 

  
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 6.2 Books; Records; Inspections. 

Keep, and cause each other Loan Party to keep, its books and records in accordance with sound business practices sufficient to allow the
preparation of financial statements in accordance with GAAP; permit, and cause each other Loan Party to permit (at any reasonable time and with reasonable notice), Agent or any representative thereof to, no more often than once on an annual basis
prior to the occurrence and during the continuation of an Event of Default, inspect the properties and operations of Borrower or any other Loan Party; and permit, and cause each other Loan Party to permit, at any reasonable time and with reasonable
prior written notice (or at any time without notice if an Event of Default exists), Agent (accompanied by any Lender) or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and its
independent auditors (and Borrower hereby authorizes such independent auditors to discuss such financial matters with any Lender or Agent or any representative thereof), and to examine (and photocopy extracts from) any of its books or other records
related to the financial condition of the Loan Parties or their compliance with the provision of the Loan Documents; and permit, and cause each other Loan Party to permit, (at any reasonable time and with reasonable notice) Agent and its
representatives to inspect the Collateral and other tangible assets of Borrower or Loan Party, to perform appraisals of the equipment of Borrower or Loan Party, and to inspect, audit, check and make copies of and extracts from the books, records,
computer data, computer programs, journals, orders, receipts, correspondence and other data relating to any Collateral. 
 6.3 Conduct of
Business; Maintenance of Property; Insurance. 
 (a) Borrower shall, and shall cause each other Loan Party to, (i) conduct its
business substantially in accordance with its current business practices, (ii) engage principally in the same or similar lines of business substantially as heretofore conducted and lines of business ancillary or related thereto or a reasonable
extension thereof, (iii) collect the Royalties in the ordinary course of business, (iv) maintain all of its Collateral used or useful in its business in good repair, working order and condition (normal wear and tear excepted and except as
may be disposed of in the ordinary course of business and in accordance with the terms of the Loan Documents), (v) from time to time to make all necessary repairs, renewals and replacements to the Collateral; (vi) maintain and keep in full
force and effect all material Permits and qualifications to do business and good standing in its jurisdiction of formation and each other jurisdiction in which the ownership or lease of property or the nature of its business makes such Permits or
qualification necessary and in which failure to maintain such Permits or qualification could reasonably be expected to be, have or result in a Material Adverse Effect; (vii) remain in good standing and maintain operations in all jurisdictions
in which it is currently located, except where the failure to remain in good standing or maintain operations would not reasonably be expected to be, have or result in a Material Adverse Effect, and (viii) maintain, comply with and keep in full
force and effect all Intellectual Property and Permits necessary to conduct its business, except in each case where the failure to maintain, comply with or keep in full force and effect could not reasonably be expected to be, have or result in a
Material Adverse Effect. 
 (b) Borrower shall maintain, and cause each other Loan Party to maintain, with responsible insurance companies,
such insurance coverage as shall be required by all laws, governmental regulations and court decrees and orders applicable to it and such other insurance, to such extent and against such hazards and liabilities, as is (i) customarily maintained
by Persons operating in the same geographical region as Borrower that are (A) subject to CLIA and other applicable Health Care Laws, or (B) otherwise delivering to customers products or services similar to the Services (in each case, as
determined by Agent in its reasonable discretion), and (ii) otherwise in form, substance, and amounts acceptable to Agent in its reasonable discretion; provided that in any event, such insurance shall, unless the Agent otherwise agrees,
insure against all risks and liabilities of the type insured against as of the Closing Date and shall have 

  
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insured amounts no less than, and deductibles no higher than, those amounts provided for as of the Closing Date. Upon request of Agent or any Lender, Borrower shall furnish to Agent or such
Lender a certificate setting forth in reasonable detail the nature and extent of all insurance maintained by Borrower and each other Loan Party. Borrower shall cause each issuer of an insurance policy to provide Agent with an endorsement
(x) showing Agent as a lender’s loss payee with respect to each policy of property or casualty insurance and naming Agent as an additional insured with respect to each policy of liability insurance promptly upon request by Agent,
(y) providing that the insurance carrier will endeavor to give at least thirty (30) days’ prior written notice to Borrower and Agent (or ten (10) days’ prior written notice in the event of any non-payment of premiums) before the termination or cancellation of the policy prior to the expiration thereof and (z) reasonably acceptable in all other respects to Agent. 

(c) Unless Borrower provides Agent with evidence of the continuing insurance coverage required by this Agreement, Agent (upon reasonable
advance notice to Borrower) may purchase insurance at Borrower’s expense to protect Agent’s and Lenders’ interests in the Collateral. This insurance shall protect Borrower’s and each other Loan Party’s interests. The
coverage that Agent purchases shall pay any claim that is made against Borrower or any other Loan Party in connection with the Collateral. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that
Borrower has obtained the insurance coverage required by this Agreement. If Agent purchases insurance for the Collateral, as set forth above, Borrower will be responsible for the reasonable costs of that insurance, including interest and any other
charges that may be imposed with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance, and such costs of the insurance may be added to the principal amount of the Loans owing hereunder 

6.4 Compliance with Laws; Payment of Taxes and Liabilities. 

(a) Comply, and cause each other Loan Party to comply, in all material respects with all applicable laws, rules, regulations, decrees, orders,
judgments, licenses and permits, except where failure to comply would not reasonably be expected to have a Material Adverse Effect; (b) without limiting clause (a) above, ensure, and cause each other Loan Party to ensure, that no
person who Controls a Loan Party is (i) listed on the Specially Designated Nationals and Blocked Person List maintained by OFAC, and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or
regulation or (ii) a Person designated under Section 1(b), (c) or (d) or Executive Order No. 13224 (September 23, 2001), any related enabling legislation or any other similar Executive Orders; (c) without limiting clause
(a) above, comply and cause each other Loan Party to comply, with all applicable Bank Secrecy Act and anti-money laundering laws and regulations, (d) file, or cause to be filed, all federal and material state and foreign Tax returns
and reports required by law to be filed by any Loan Party, and (e) pay, and cause each other Loan Party to pay, prior to delinquency, all federal and material state and foreign Taxes and other material governmental charges against it or any of
its property, as well as material claims of any kind which, if unpaid, could become a Lien (other than a Permitted Lien) on any of its property; provided that the foregoing shall not require Borrower or any other Loan Party to pay any such
tax, charge or claim so long as it shall contest the validity thereof in good faith by appropriate proceedings and shall set aside on its books adequate reserves with respect thereto in accordance with GAAP. For purposes of this
Section 6.4, “Control” shall mean, when used with respect to any Person, (x) the direct or indirect beneficial ownership of fifty-one percent (51%) or more of
the outstanding Equity Interests of such Person or (y) the power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

  
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 6.5 Maintenance of Existence. 

Maintain and preserve, and (subject to Section 7.4) cause each other Loan Party to maintain and preserve,
(a) its existence and good standing in the jurisdiction of its organization and (b) its qualification to do business and good standing in each jurisdiction where the nature of its business makes such qualification necessary, other than any
such jurisdiction where the failure to be qualified or in good standing would not reasonably be expected to have a Material Adverse Effect. 

6.6 Employee Benefit Plans. 

Except to the extent that failure to do so would not be reasonably expected to result in (a) a Material Adverse Effect or
(b) liability in excess of $100,000 of any Loan Party, maintain, and cause each other Loan Party to maintain, each Pension Plan (if any) in substantial compliance with all applicable requirements of law and regulations. 

6.7 Environmental Matters. 

Except to the extent the failure to do so would not be reasonably expected to result in a Material Adverse Effect, if any release or disposal
of Hazardous Substances shall occur or shall have occurred on any real property or any other assets of Borrower or any other Loan Party, cause, or direct the applicable Loan Party to cause, the prompt containment and removal of such Hazardous
Substances and the remediation of such real property or other assets as is necessary to comply in all material respects with all Environmental Laws and to preserve the value of such real property or other assets. Without limiting the generality of
the foregoing, except to the extent the failure to do so would not be reasonably expected to result in a Material Adverse Effect, Borrower shall, and shall cause each other Loan Party to, comply with each valid federal or state judicial or
administrative order requiring the performance at any real property by Borrower or any other Loan Party of activities in response to the release or threatened release of a Hazardous Substance. 

6.8 Further Assurances. 

(a) Subject, in each case, to the limitations set forth in the Guaranty and Collateral Agreement, take, and cause each other Loan Party to
take, such actions as are reasonably necessary or as Agent ay reasonably request from time to time to ensure that the Obligations of Borrower and each other Loan Party under the Loan Documents are secured by a perfected Lien in favor of Agent
(subject only to the Permitted Liens) on substantially all of the assets of Borrower and each Subsidiary of Borrower (as well as all equity interests of each Subsidiary of Borrower) and guaranteed by all of the Subsidiaries of Borrower (including,
promptly (and in any event within thirty (30) days following the acquisition or creation thereof, any Subsidiary of Borrower acquired or created after the Closing Date), in each case including (a) the execution and delivery of guaranties,
security agreements, pledge agreements, mortgages, deeds of trust, financing statements and other documents, and the filing or recording of any of the foregoing; (b) the delivery of certificated securities (if any) and other Collateral with
respect to which perfection is obtained by possession but excluding (i) the requirement for the Loan Parties to execute and deliver leasehold mortgages, and (ii) any other Excluded Collateral as defined in the Guarantee and Collateral
Agreement; and (c) using commercially reasonable efforts to obtain and deliver executed Collateral Access Agreements in relation to any foreign and domestic location where a material portion of the Collateral is held or otherwise stored from
time to time. 

  
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 (b) In the event that Agent and Borrower agree, in their mutual and reasonable discretion,
that being a party to the Guarantee and Collateral Agreement, granting of Liens thereunder and the related transactions contemplated herein or therein in relation to any Subsidiary that is organized outside of the United States (each an
“Immaterial Foreign Subsidiary”) may cause such Immaterial Foreign Subsidiary or Borrower to suffer a material, negative tax consequence (or any other undue burden in light of the operations and/or assets of such Immaterial Foreign
Subsidiary) to Borrower and/or one of its Subsidiaries, then Agent and Borrower shall work together in good faith, as may be necessary to limit the obligations hereunder and under any other Loan Documents. Except as otherwise agreed to by Agent in
its commercially-reasonable discretion, no Immaterial Foreign Subsidiary shall own any material assets or engage in any material business operations. As of the Closing Date, Borrower does not have any Immaterial Foreign Subsidiaries. 

6.9 Compliance with Health Care Laws. 

(a) Without limiting or qualifying Section 6.4 or any other provision of this Agreement, Borrower will comply, and
will cause each other Loan Party to comply, in all material respects with all applicable Health Care Laws relating to the operation of such Person’s business, except where failure to comply would not reasonably be expected to have a Material
Adverse Effect. 
 (b) Borrower will, and will cause each other Loan Party to: 

(i) Keep in full force and effect all Authorizations required to operate such Person’s business under applicable Health
Care Laws and maintain any other qualifications necessary to conduct, arrange for, administer, provide services in connection with or receive payment for all applicable Services, except to the extent such failure to keep in full force and effect or
maintain would not reasonably be expected to have a Material Adverse Effect. 
 (ii) Promptly furnish or cause to be
furnished to the Agent, with respect to matters that would reasonably be expected to have a Material Adverse Effect, (w) copies of all material reports of investigational/inspectional observations issued to and received by the Loan Parties or
any of their Subsidiaries, and issued by any Governmental Authority relating to such Person’s business, (x) copies of all material establishment investigation/inspection reports (including, but not limited to, FDA Form 483’s) issued
to and received by Loan Parties or any of their Subsidiaries and issued by any Governmental Authority, (y) copies of all material warnings and material untitled letters as well as other material documents received by Loan Parties or any of
their Subsidiaries from the FDA, CMS, DEA, or any other Governmental Authority relating to or arising out of the conduct applicable to the business of the Loan Parties or any of their Subsidiaries that asserts past or ongoing lack of compliance with
any Health Care Law or any other applicable foreign, federal, state or local law, directive or regulation of similar import and (z) notice of any material investigation or material audit or similar proceeding by the FDA, DEA, CMS, or any other
Governmental Authority. 
 (iii) Promptly furnish or cause to be furnished to the Agent, with respect to matters that would
reasonably be expected to have a Material Adverse Effect, (in such form as may be reasonably required by Agent) copies of all non-privileged, reports, correspondence, pleadings and other communications
relating to any matter that could lead to the loss, revocation or suspension (or threatened loss, revocation or suspension) of any material Authorization or of any material qualification of any Loan Party or Subsidiary; provided that any
internal reports to a Person’s compliance “hot line” which are promptly investigated and determined to be without merit need not be reported. 

  
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 (iv) Promptly furnish or cause to be furnished to the Agent notice of all
material fines or penalties imposed by any Governmental Authority under any Health Care Law against any Loan Party or any of its Subsidiaries. 

(v) Promptly furnish or cause to be furnished to the Agent notice of all material allegations by any Governmental Authority (or
any agent thereof) of fraudulent activities of any Loan Party or any of its Subsidiaries in relation to the provision of clinical research or related services. 

Notwithstanding anything to the contrary in any Loan Document, no Loan Party or any of its Subsidiaries shall be required to furnish to Agent
or any Lender patient-related or other information, the disclosure of which to Agent or such Lender is prohibited by any applicable law. 

6.10 Cure of Violations. 

If there shall occur any breach of Section 6.9, Borrower shall take such commercially reasonable action as is
necessary to validly challenge or otherwise appropriately respond to such fact, event or circumstance within any timeframe required by applicable Health Care Laws, and shall thereafter diligently pursue the same. 

6.11 Payment of Debt. 

Except as otherwise prescribed in the Loan Documents, Borrower shall pay, discharge or otherwise satisfy when due and payable (subject to
applicable grace periods and, in the case of trade payables, to ordinary course of payment practices) all of its material obligations and liabilities, except when the amount or validity thereof is being contested in good faith by appropriate
proceedings and appropriate reserves shall have been made in accordance with GAAP consistently applied. 
 6.12 Post-Closing
Covenants. 
 (a) Within forty-five (45) days of the Closing Date, Borrower shall have delivered to Agent a fully-executed
Account Control Agreement in relation to that certain Deposit Account set forth on Schedule 7.14 as of the Closing Date, which Account Control Agreement shall (i) provide for Agent’s sole dominion and control over such Deposit
Account following the Acer-001 CRL Date and any Event of Default and (ii) otherwise be in form and substance acceptable to Agent in its reasonable discretion. Upon the request of Agent, Borrower or such
other applicable Loan Party, shall use commercially-reasonable efforts to promptly enter into an Account Control Agreement, in form and substance reasonably satisfactory to Agent, in relation to any additional Deposit Account(s) established by Loan
Parties from time to time. 
 (b) Within forty-five (45) days of the Closing Date (or such longer period as permitted by Agent in its
reasonable discretion), Borrower shall deliver certificates or other evidence of insurance and endorsements naming Agent as lenders’ loss payee and/or additional insured, as applicable, in form and substance reasonably satisfactory to Agent in
relation to each insurance policy described on Schedule 5.16 hereto. 

  
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 Section 7 Negative Covenants. 

From the Closing Date until all Obligations have been Paid in Full, Borrower agrees that, unless at any time Agent shall otherwise expressly
consent in writing, in its sole discretion, it will: 
 7.1 Debt. 

Not, and not permit any other Loan Party to, create, incur, assume or suffer to exist any Debt, except: 

(a) Obligations under this Agreement and the other Loan Documents; 

(b) Debt existing on the Closing Date and set forth on Schedule 7.1; 

(c) [Reserved]; 
 (d)
Subordinated Debt, including without limitation, the convertible notes issued to MAM Aardvark, LLC and Marathon Healthcare Finance Fund, L.P. on or prior to the date on which the Term Loan is funded (collectively, the “Convertible
Note”); 
 (e) Debt secured by Liens permitted by Section 7.2(b),
Section 7.2(d) or Section 7.2(n) and extensions, renewals and re-financings thereof; provided that the aggregate amount of all such Debt permitted
under Section 7.2(d) at any time outstanding shall not exceed $100,000; 
 (f) Debt with respect to any Hedging
Obligations incurred for bona fide hedging purposes and not for speculation; 
 (g) Debt (i) arising from customary agreements for
indemnification related to sales of goods, licensing of intellectual property or adjustment of purchase price or similar obligations in any case incurred in connection with the acquisition or disposition of any business, assets or Subsidiary of
Borrower otherwise permitted hereunder, (ii) representing deferred compensation to employees of any Loan Party, or in respect of worker’s compensation claims, payment obligations in connection with health, disability or other types of
social security benefits, unemployment or other insurance obligations, in each case incurred in the ordinary course of business, or (iii) representing trade payables incurred with suppliers in the ordinary course of business and customer
deposits and advance payments received in the ordinary course of business from customers for goods purchased or services rendered in the ordinary course of business; 

(h) Debt with respect to cash management obligations and other Debt in respect of automatic clearing house arrangements, netting services,
overdraft protection and similar arrangements, in each case incurred in the ordinary course of business; 
 (i) Debt incurred in connection
with surety bonds, performance bonds or letters of credit for worker’s compensation, unemployment compensation and other types of social security and otherwise in the ordinary course of business or referred to in
Section 7.2(e); 
 (j) Debt or guarantees incurred as a result of endorsing negotiable instruments received in the
ordinary course of business; 

  
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 (k) guarantees by any Loan Party of any outstanding Debt of any other Loan Party that is
permitted to be incurred under this Section 7.1; 
 (l) Debt in connection with corporate credit cards to the extent it is paid on or
prior to the date which is 30 days after the invoice therefore; 
 (m) unsecured Debt (which for further clarity shall exclude accounts
payable and other current liabilities incurred by Loan Parties in the ordinary course of business), in addition to the Debt listed above, in an aggregate outstanding amount not at any time exceeding $100,000; 

(n) unsecured Debt among the Loan Parties; and 

(o) extensions, refinancings, modifications, amendments and restatements of any Debt described in clauses (a) through (n) above, provided
that the principal amount thereof is not increased. 
 7.2 Liens. 

Not, and not permit any other Loan Party to, create or permit to exist any Lien on any of its real or personal properties, assets or rights of
whatsoever nature (whether now owned or hereafter acquired), except: 
 (a) Liens for taxes or other governmental charges not at the time
delinquent or thereafter payable without penalty or being diligently contested in good faith by appropriate proceedings and, in each case, for which it maintains adequate reserves in accordance with GAAP and with respect to which no execution or
other enforcement has occurred; 
 (b) Liens arising in the ordinary course of business (including without limitation (i) Liens of
carriers, warehousemen, mechanics, landlords and materialmen and other similar Liens imposed by law and (ii) Liens incurred in connection with worker’s compensation, unemployment compensation and other types of social security or in
connection with surety bonds, bids, tenders, performance bonds, trade contracts not for borrowed money, licenses, statutory obligations and similar obligations) for sums not overdue or being diligently contested in good faith by appropriate
proceedings and not involving any deposits or advances or borrowed money or the deferred purchase price of property or services and, in each case, for which it maintains adequate reserves in accordance with GAAP and with respect to which no
execution or other enforcement of which is effectively stayed; 
 (c) Liens existing on the Closing Date and set forth on Schedule
7.2 and the replacement, extension or renewal of a Lien permitted by one of the foregoing clause in the same property subject thereto arising out of the extension, renewal or replacement of the Debt secured thereby (without increase in the
amount thereof); 
 (d) (i) Liens arising in connection with Capital Leases (and attaching only to the property being leased),
(ii) Liens on any property securing debt incurred for the purpose of financing all or any part of the cost of acquiring or improving such property; provided that any such Lien attaches to such property within ninety (90) days of the
acquisition or improvement thereof and attaches solely to the property so acquired or improved, and (iii) the replacement, extension or renewal of a Lien permitted by one of the foregoing clauses (i) or (ii) in the same
property subject thereto arising out of the extension, renewal or replacement of the Debt secured thereby (without increase in the amount thereof); 

  
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 (e) Liens relating to litigation bonds and attachments, appeal bonds, judgments and other
similar Liens arising in connection with any judgment or award that is not an Event of Default hereunder; 
 (f) easements, rights of way,
restrictions, minor defects or irregularities in title and other similar Liens not interfering in any material respect with the ordinary conduct of the business of Borrower or any other Loan Party; 

(g) Liens arising under the Loan Documents; 

(h) any interest or title of a licensor, sublicensor, lessor or sublessor under any license, lease, sublicense or sublease agreement entered
into in the normal course of business, only to the extent limited to the item licensed or leased; 
 (i) (i) Liens of a collection bank
arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (ii) customary set off rights of deposit banks with respect to deposit accounts maintained at such
deposit banks or which are contained in standard agreements for the opening of an account with a bank; 
 (j) Liens arising from
precautionary filings of financing statements under the Uniform Commercial Code or similar legislation of any applicable jurisdiction in respect of operating leases permitted hereunder and entered into by a Loan Party in the ordinary course of
business; 
 (k) Liens attaching to cash earnest money deposits in connection with any letter of intent or purchase agreement permitted
hereunder or indemnification other post-closing escrows or holdbacks; 
 (l) Liens incurred with respect to Hedging Obligations incurred for
bona fide hedging purposes and not for speculation; 
 (m) Liens to secure obligations of a Loan Party to another Loan Party; 

(n) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods in the ordinary course
of business; and 
 (o) Liens securing the Convertible Note. 

7.3 Dividends; Redemption of Equity Interests. 

Not (a) declare, pay or make any dividend or distribution on any Equity Interests or other securities or ownership interests, other than
dividends or distributions declared, paid or made to a Loan Party or in the form of Equity Interests, (b) apply any of its funds, property or assets to the acquisition, redemption or other retirement of any Equity Interests or other securities
or interests or of any options to purchase or acquire any of the foregoing, (c) otherwise make any payments, dividends or distributions to any member, manager, managing member, stockholder, director or other equity owner in such Person’s
capacity as such other than in compliance with Section 7.7 hereof, or (d) make any payment of any management, service or related or similar fee to any Affiliate or holder of Equity Interests of Borrower other than in
compliance with Section 7.7 hereof; provided that notwithstanding the foregoing, (i) any Subsidiary may declare and pay dividends or make distributions to Borrower, (ii) the Borrower may

  
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purchase, redeem, retire or otherwise acquire its Equity Interests with the proceeds received from a substantially concurrent issue of new shares of its Equity Interests, (iii) a Loan Party
may repurchase or redeem any class of stock or other Equity Interest pursuant to employee, director or consultant repurchase plans or other similar agreements, provided the repurchase or redemption price does not exceed the original consideration
therefore, (iv) a Loan Party may repurchase any Equity Interest upon the exercise of stock options or warrants if such repurchased Equity Interests represent a portion of the exercise price of such options or warrants pursuant to a
“cashless exercise” or similar feature, (v) the Borrower may make cash payments in lieu of issuance of fractional shares made (x) to redeem, purchase, repurchase, or retire its obligations under any warrants issued by it in
accordance with the terms thereof and (y) upon the conversion of the Convertible Note; provided further that, notwithstanding anything to the contrary in any Loan Document, neither the issuance of nor the performance of obligations under the
Convertible Note shall be prohibited by this Section 7.3 or any other provision of any Loan Document. 
 7.4
Mergers; Consolidations; Asset Sales. 
 (a) Not be a party to any amalgamation or any other form of Division, merger or
consolidation, unless agreed to by Agent in its sole discretion, nor permit any other Loan Party to be a party to any Division, amalgamation or any other form of merger or consolidation, unless either (i) a Loan Party merges into another Loan
Party or such Loan Party or Borrower is the surviving entity of such merger or consolidation or (ii) as agreed to by Agent in its reasonable discretion. 

(b) Not, and not permit any other Loan Party to, sell, transfer, dispose of, convey, lease or license any of its real or personal property
assets or Equity Interests, except for (i) sales of Inventory in the ordinary course of business for at least fair market value, (ii) transfers, destruction or other disposition of obsolete or
worn-out assets in the ordinary course of business and (iii) any other sales and dispositions of assets (excluding (A) any Equity Interests of Borrower or any Subsidiary or (B) sales of
Inventory described in clause (i) above) for at least fair market value (as determined by the Board) so long as the net book value of all assets sold or otherwise disposed of in any Fiscal Year does not exceed $250,000 with respect to
sales and dispositions made pursuant to this clause (iii), (iv) sales and dispositions to Loan Parties, (v) leases, licenses, subleases and sublicenses entered into in the ordinary course of business, (vi) sales and exchanges of
Cash Equivalent Investments to the extent otherwise permitted hereunder, (vii) Liens expressly permitted under Section 7.2 and transactions expressly permitted by clause (a) or
Section 7.10, (viii) sales or issuances of Equity Interests by Borrower, (ix) issuances of Equity Interests by any Loan Party to any other Loan Party, (x) dispositions in the ordinary course of business consisting
of the abandonment of intellectual property rights which, in the reasonable good faith determination of Borrower, are not material to the conduct of the business of the Loan Parties, (xi) a cancellation of any intercompany Debt among the Loan
Parties, (xii) a disposition which constitutes an insured event or pursuant to a condemnation, expropriation, “eminent domain” or similar proceeding, (xiii) sales and dispositions among Loan Parties, and (xiv) exchanges of
existing equipment for new equipment that is substantially similar to the equipment being exchanged and that has a value equal to or greater than the equipment being exchanged. Notwithstanding anything set forth in any Loan Document to the contrary,
Borrower shall not consummate any Disposition in relation to Acer-001 and/or Osanetant without the prior written consent of Agent in its sole discretion. 

(c) Notwithstanding any provision in this Agreement or any other Loan Documents to the contrary, the prior consent of Agent shall not be
required in connection with the licensing or sublicensing of Intellectual Property pursuant to collaborations, licenses or other strategic transactions with third parties executed (i) in the ordinary course of a Loan Party’s business,
(ii) on an arms-length basis and (iii) prior to the occurrence of an Event of Default. 

  
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 7.5 Modification of Organizational Documents. 

Not permit the charter, by-laws or other organizational documents of Borrower or any other Loan Party
to be amended or modified in any way which could reasonably be expected to materially and adversely affect the interests of Agent or any Lender. An amendment to Borrower’s certificate of incorporation to increase Borrower’s authorized
capital stock shall not be deemed to adversely affect the interests of Agent or any Lender. 
 7.6 Use of Proceeds. 

Use the proceeds of the Loans solely to refinance the Prior Debt, if any, and otherwise for working capital, for fees and expenses related to
the negotiation, execution, delivery and closing of this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby and for other general business purposes of Borrower and its Subsidiaries, and not use any proceeds
of any Loan or permit any proceeds of any Loan to be used, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of “purchasing or carrying” any Margin Stock. 

7.7 Transactions with Affiliates. 

Not, and not permit any other Loan Party to, enter into, or cause, suffer or permit to exist any transaction, arrangement or contract with any
of its other Affiliates, which is on terms which are less favorable than are obtainable from any Person which is not one of its Affiliates, other than (i) reasonable compensation and indemnities to, benefits for, reimbursement of expenses of,
and employment arrangements with, officers, employees and directors in the ordinary course of business, (ii) transactions among Loan Parties and (iii) transactions pursuant to agreements in existence on the Closing Date and set forth on
Schedule 7.7. Notwithstanding anything set forth herein to the contrary, Loan Parties shall not make bonus payments (or any similar, non-salary type payments) to senior management
and/or executive officers of Borrower in excess of $300,000, in the aggregate, from the period beginning on the Closing Date until the earlier of (i) to the Acer-001 Approval Date or (ii) the
Osanetant Trigger Date without the prior written consent of Agent in its sole discretion; provided, however, that Loan Parties may make such bonus payments (or similar, non-salary type payments)
in excess of such $300,000 limit exclusively via the proceeds of the issuance of additional Equity Interests and/or Subordinated Debt by Borrower without the prior written consent of Agent so long as no Event of Default has occurred and is
continuing. 
 7.8 Inconsistent Agreements. 

Not, and not permit any other Loan Party to, enter into any agreement containing any provision which would (a) be violated or breached by
any borrowing by Borrower hereunder or by the performance by Borrower or any other Loan Party of any of its Obligations hereunder or under any other Loan Document, (b) prohibit Borrower or any other Loan Party from granting to Agent and Lenders
a Lien on any of its assets or (c) create or permit to exist or become effective any encumbrance or restriction on the ability of any other Loan Party to (i) pay dividends or make other distributions to Borrower or any other Loan Party, or
pay any Debt owed to Borrower or any other Loan Party, (ii) make loans or advances to Borrower or any other Loan Party or (iii) transfer any of its assets or properties to Borrower or any other Loan Party, other than, in the cases of
clauses (b) and (c), (A) restrictions or conditions imposed by any agreement relating to purchase money Debt, Capital Leases and other secured Debt or to leases and licenses permitted by this Agreement if such restrictions or
conditions apply only to the property or assets securing such Debt or the property leased or licensed, (B) customary provisions in leases and other contracts restricting the assignment thereof, (C) restrictions and conditions imposed by
law, (D) those arising under 

  
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any Loan Document or any loan documents governing any Subordinated Debt and (E) customary provisions in contracts for the disposition of any assets; provided that the restrictions in
any such contract shall apply only to the assets or Subsidiary that is to be disposed of and such disposition is permitted hereunder. 
 7.9
Business Activities. 
 Not, and not permit any other Loan Party to, engage in any line of business other than the businesses
engaged in on the Closing Date and businesses ancillary or reasonably related thereto or extensions thereof. 
 7.10 Investments.

 Not, and not permit any other Loan Party to, make or permit to exist any Investment in any other Person, except the following: 

(a) Investments existing on the Closing Date and described in Schedule 7.10 and, after the Closing Date, the creation of any
Wholly-Owned Subsidiary and contributions by Borrower to the capital of any Wholly-Owned Subsidiary of Borrower, so long as the recipient of any such contribution has guaranteed the Obligations and such guaranty is secured by a pledge of all of its
equity interests and substantially all of its real and personal property, in each case in accordance with Section 6.8; 

(b) Cash Equivalent Investments; 

(c) bank deposits in the ordinary course of business; 

(d) any purchase or other acquisition by Borrower or any Wholly-Owned Subsidiary of Borrower of the assets or equity interests of any
Subsidiary of Borrower; 
 (e) transactions among Loan Parties permitted by Section 7.4; 

(f) Investments that also constitute Debt, including Hedging Obligations, permitted under Section 7.1; 

(g) prepaid expenses, negotiable instruments held for collection or workers compensation, lease, utility and other similar deposits made in
the ordinary course of business and notes receivable of, or prepaid royalties, of customers and other trade credit extended in the ordinary course of business; 

(h) Investments consisting of the non-cash portion of the consideration received in respect of
dispositions permitted hereunder; 
 (i) Investments permitted by Borrower or any Loan Party as a result of the receipt of insurance and/or
condemnation or expropriation proceeds in accordance with the Loan Documents; 
 (j) extension of trade credit in the ordinary course of
business (including notes receivable or prepaid royalties) to customers and suppliers who are not Affiliates and Investments (i) received as a result of the bankruptcy or reorganization of any Person or taken in settlement of or other
resolution of claims or disputes or (ii) in securities of customers and suppliers received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and bona fide disputes with, customers and suppliers, and,
in each case, extensions, modifications and renewals thereof; 

  
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 (k) Investments consisting of non-cash loans to
employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock purchase plans or other similar arrangements approved by Borrower’s board of directors; 

(l) Investments consisting of employee loans and travel advances in the ordinary course of business in accordance with past business practices
of Loan Parties; 
 (m) Investments consisting of the non-exclusive licensing of technology, the
development of technology or the providing of technical support to joint ventures and other strategic or collaborative arrangements; and 

(n) other Investments that do not exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate in any fiscal year. 

7.11 Restriction of Amendments to Certain Documents. 

Not, nor permit any Loan Party to, amend or otherwise modify in any material manner, or waive any material rights under, any provisions
of any of (i) any loan documents governing any Subordinated Debt (except that the terms of any document governing any such Debt may be amended, modified or otherwise waived to the extent permitted under the applicable subordination agreement or
intercreditor agreement that Agent is a party to in connection therewith), or (ii) any Material Contracts (or any replacements thereof) following the occurrence and continuance of an Event of Default; in either case without the written
approval of Agent. 
 7.12 Fiscal Year. 

Not change its Fiscal Year. 

7.13 Minimum Consolidated Unencumbered Liquid Assets. 

Not permit the Consolidated Unencumbered Liquid Assets, at any time, to be less than the lesser of (a) the principal amount of Loans
outstanding hereunder, or (b) $1,500,000; provided, however, such amount shall automatically be increased (without the need for any further action by Agent or Borrower) to (i) $4,000,000 on the date that is twenty (20) days following the Acer-001 CRL Date, if any, and (ii) $6,500,000 on the date that is forty (40) days following the Acer-001 CRL Date, if any. Notwithstanding the forgoing, such increased
amount(s) described in the prior sentence shall automatically be reduced (without the need for any further action by Agent or Borrower) to $2,000,000 in the event the Osanetant Trigger Date occurs following any such
Acer-001 CRL Date. 
 7.14 Deposit Accounts. 

Not, and not permit any other Loan Party, to maintain or establish any new Deposit Accounts other than (a) Exempt Accounts and
(b) the Deposit Accounts set forth on Schedule 7.14 (which Deposit Accounts constitute all of the Deposit Accounts, securities accounts or other similar accounts maintained by the Loan Parties as of the Closing Date) without prior
written notice to Agent. 

  
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 7.15 Subsidiaries. 

Not, and not permit any other Loan Party to, in each case without the prior written consent of Agent in its sole discretion, establish or
acquire any Subsidiary unless (i) no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) such Subsidiary shall have assumed and joined each Loan Document as a Loan Party as contemplated by
Section 6.8 and (iii) all other Loan Parties shall have reaffirmed all Obligations as well as all representations and warranties under the Loan Documents (except to the extent such representations and warranties
specifically relate to a prior date only). 
 7.16 Regulatory Matters. 

To the extent that any of the following would reasonably be expected to result in a Material Adverse Effect, not, and not permit any other
Loan Party to, (i) make, and use commercially reasonable efforts to not permit any officer, employee or agent of any Loan Party to make, any untrue statement of material fact or fraudulent statement to the FDA or any Governmental Authority;
fail to disclose a material fact required to be disclosed to the FDA or any Governmental Authority; or commit a material act, make a material statement, or fail to make a statement in breach of CLIA or that could otherwise reasonably be expected to
provide the basis for CMS or any Governmental Authority to undertake action against such Loan Party, (ii) commence any clinical studies in the United States or sponsor the conduct of any clinical research in the United States,
(iii) introduce into commercial distribution any FDA Products which are, upon their shipment, adulterated or misbranded in violation of 21 U.S.C. § 331, (iv) make, and use commercially reasonable efforts to not permit any officer, employee
or agent of any Loan Party to make, any untrue statement of material fact or fraudulent statement to the FDA or any other Governmental Authority; fail to disclose a material fact required to be disclosed to the FDA or any other Governmental
Authority; or commit a material act, make a material statement, or fail to make a statement in breach of the FD&C Act or that could otherwise reasonably be expected to provide the basis for the FDA or any other Governmental Authority to invoke
its policy respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities,” as set forth in 56 Fed. Reg. 46191 (September 10, 1991), or (v) otherwise incur any material liability (whether actual or contingent)
for failure to comply with Health Care Laws. 
 7.17 Name; Permits; Dissolution; Insurance Policies; Disposition of Collateral; Taxes;
Trade Names. 
 Borrower shall not, nor shall it permit any Loan Party to, (a) change its jurisdiction of organization or change
its corporate name without thirty (30) calendar days prior written notice to Agent, (b) amend, alter, suspend, terminate or make provisional in any material way, any Permit, the suspension, amendment, alteration or termination of which
would reasonably be expected to be, have or result in a Material Adverse Effect without the prior written consent of Agent, which consent shall not be unreasonably withheld, (c) wind up, liquidate or dissolve (voluntarily or involuntarily) or
commence or suffer any proceedings seeking or that would result in any of the foregoing (other than with respect to any Subsidiary, any winding up or liquidation following the disposition of substantially all of its assets to another Loan Party),
(d) amend, modify, restate or change any insurance policy in a manner adverse to Agent or Lenders or otherwise allow its aggregate products liability insurance coverage to be less than an amount that is commercially reasonable and consistent with
customary industry practices, (e) change its federal tax employer identification number or similar tax identification number under the relevant jurisdiction or establish new or additional trade names without providing not less than thirty
(30) days advance written notice to Agent, or (f) revoke, alter or amend any Tax Information Authorization (on IRS Form 8821 or otherwise) or other similar authorization mandated by the relevant Governmental Authority given to any Lender.

  
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 7.18 Truth of Statements. 

Borrower shall not knowingly furnish to Agent or any Lender any certificate or other document that contains any untrue statement of a material
fact or that omits to state a material fact necessary to make it not misleading in light of the circumstances under which it was furnished. 

Section 8 Events of Default; Remedies. 

8.1 Events of Default. 

Each of the following shall constitute an Event of Default under this Agreement: 

8.1.1 Non-Payment of Credit. 

(a) Default in the payment when due of all outstanding Obligations on the Termination Date; (b) default in the payment of any
requirement payment of principal and/or interest hereunder on the applicable Payment Date; or (c) without duplication of clause (b) hereof, default, and continuance thereof for five (5) Business Days, in the payment when due of any
fee, or other amount payable by any Loan Party hereunder or under any other Loan Document. 
 8.1.2 Default Under Other Debt. 

Any “Event of Default” (or such similar defined term) shall occur under the terms applicable to any Debt of any Loan Party
(excluding the Obligations) in an aggregate principal amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding
$250,000. 
 8.1.3 Bankruptcy; Insolvency. 

(a) Any Loan Party shall (i) be unable to pay its debts generally as they become due, (ii) file a petition under any insolvency
statute, (iii) make a general assignment for the benefit of its creditors, (iv) commence a proceeding for the appointment of a receiver, trustee, liquidator or conservator of itself or of the whole or any substantial part of its property
or shall otherwise be dissolved or liquidated, or (v) make an application or commence a proceeding seeking reorganization or liquidation or similar relief under any Debtor Relief Law or any other applicable law; or 

(b) (i) a court of competent jurisdiction shall (A) enter an order, judgment or decree appointing a custodian, receiver, trustee,
liquidator or conservator of any Loan Party or the whole or any substantial part of any of Loan Party’s properties, which shall continue unstayed and in effect for a period of sixty (60) calendar days, (B) approve a petition or claim
filed against any Loan Party seeking reorganization, liquidation, appointment of a receiver, interim receiver, liquidator, conservator, trustee or special manager or similar relief under the any Debtor Relief Law or any other applicable law, which
is not dismissed within sixty (60) calendar days or, (C) under the provisions of any Debtor Relief Law or other applicable law or statute, assume custody or control of any Loan Party or of the whole or any substantial part of any of Loan
Party’s properties, which is not irrevocably relinquished within sixty (60) calendar days, or (ii) there is commenced against any Loan Party any proceeding or petition seeking reorganization, liquidation or similar relief under any
Debtor Relief Law or any other applicable law or statute, which (A) is not unconditionally dismissed within sixty (60) calendar days after the date of commencement, or (B) is with respect to which Borrower takes any action to indicate
its approval of or consent. 

  
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 8.1.4 Non-Compliance with Loan Documents.

 (a) Any failure by Borrower to comply with or to perform any covenant set forth in Section 6.12 or
Section 7; or (b) failure by any Loan Party to comply with or to perform any other provision of this Agreement or any other Loan Document applicable to it (and not constituting an Event of Default under any other
provision of this Section 8) and continuance of such failure described in this clause (b) for thirty (30) days after the earlier of any responsible officer of a Loan Party becoming aware of such failure or
notice thereof to Borrower from Agent or any Lender. 
 8.1.5 Representations; Warranties. 

Any representation or warranty made by any Loan Party herein or any other Loan Document is false or misleading in any material respect when
made, or any schedule, certificate, financial statement, report, notice or other writing furnished by any Loan Party to Agent or any Lender in connection herewith is false or misleading in any material respect on the date as of which the facts
therein set forth are stated or certified. 
 8.1.6 Pension Plans. 

(a) Institution of any steps by any Person to terminate a Pension Plan if as a result of such termination any Loan Party or any member
of the Controlled Group could be required to make a contribution to such Pension Plan, or could incur a liability or obligation to such Pension Plan, in excess of $250,000; (b) a contribution failure occurs with respect to any Pension Plan
sufficient to give rise to a Lien under Section 303(k) of ERISA securing obligations in excess of $250,000; or (c) there shall occur any withdrawal or partial withdrawal from a Multiemployer Pension Plan and the withdrawal liability
(without un-accrued interest) to Multiemployer Pension Plans as a result of such withdrawal (including any outstanding withdrawal liability that Borrower or any other Loan Party or any member of the Controlled
Group have incurred on the date of such withdrawal) exceeds $250,000. 
 8.1.7 Judgments. 

Final judgments which exceed an aggregate of $250,000 (to the extent not adequately covered by insurance as to which the insurance company
has not disclaimed liability (provided that customary “reservation of rights” letters shall not be deemed to be disclaimers of liability)) shall be rendered against any Loan Party and shall not have been paid, discharged or vacated or had
execution thereof stayed pending appeal within thirty (30) calendar days after entry or filing of such judgments. 
 8.1.8
Invalidity of Loan Documents or Liens. 
 (a) Any Loan Document shall cease to be in full force and effect otherwise in accordance
with its express terms that results in a material diminution of the rights and remedies afforded to Agent and/or Lenders or any other secured parties thereunder; (b) any Loan Party (or any Person by, through or on behalf of any Loan Party)
shall contest in any manner the validity, binding nature or enforceability of any Loan Document; or (c) any Lien created pursuant to any Loan Document ceases to constitute a valid first priority perfected Lien (subject to Permitted Liens) on
any material portion of the Collateral in accordance with the terms thereof, or Agent ceases to have a valid perfected first priority security interest (subject to Permitted Liens) in any material portion of the Collateral pledged to Agent, for the
benefit of Agent and Lenders, pursuant to the Collateral Documents. 

  
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 8.1.9 Invalidity of Subordination Provisions. 

Any subordination provision in any document or instrument governing any Subordinated Debt and any subordination provision in any
intercreditor agreement or subordination agreement in relation thereto shall cease to be in full force and effect, or any Loan Party shall contest in any manner the validity, binding nature or enforceability of any such provision. 

8.1.10 Change of Control. 

A Change of Control shall occur. 

8.1.11 Certificate Withdrawals, Adverse Test or Audit Results, and Other Matters. 

(a) The institution of any proceeding by FDA, CMS, or any other Governmental Authority to order the withdrawal of any Product or Product
category or Service or Service category from the market or to enjoin Borrower or any of its Affiliates from manufacturing, marketing, selling, distributing, or otherwise providing any Product or Product category or Service or Service category that
would reasonably be expected to have a Material Adverse Effect, (b) the institution of any action or proceeding by DEA, FDA, CMS, or any other Governmental Authority to revoke, suspend, reject, withdraw, limit, or restrict any Required Permit
held by Borrower or any of its Affiliates or any of their representatives, which, in each case, would reasonably be expected to have a Material Adverse Effect, (c) the commencement of any enforcement action against Borrower or any of its
Affiliates by DEA, FDA, CMS, or any other Governmental Authority that would reasonably be expected to have a Material Adverse Effect, (d) the recall of any Products or Service from the market, the voluntary withdrawal of any Products or Service
from the market, or actions to discontinue the sale of any Products or Service that would reasonably be expected to have a Material Adverse Effect, (e) the occurrence of adverse test, audit, or inspection results in connection with a Product or
Service which would reasonably be expected to have a Material Adverse Effect, or (f) the occurrence of any event described in clauses (a) through (e) above that would otherwise cause Borrower to be excluded from participating
in any federal, provincial, state or local health care programs under Section 1128 of the Social Security Act or any similar law or regulation. 

8.1.12 Material Adverse Effect. 

Any Material Adverse Effect shall occur that is not otherwise provided for in this Section 8.1. 

8.2 Remedies. 
 (a) If
any Event of Default described in Section 8.1.3 shall occur, the Loan and all other Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind; and, if any other Event of
Default shall occur and be continuing, Agent may, and upon the written request of Required Lenders shall, declare all or any part of the Loans and other Obligations to be due and payable, whereupon the Loans and other Obligations (including without
limitation the Exit Fee) shall become immediately due and payable (in whole or in part, as applicable), all without presentment, demand, protest or notice of any kind. Agent shall use commercially reasonable efforts to promptly advise Borrower of
any such declaration, but failure to do so shall not impair the effect of such declaration. 

  
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 (b) In addition to the acceleration provisions set forth in
Section 8.2(a) above, upon the occurrence and continuation of any other Event of Default, Agent may (or shall at the request of Required Lenders) exercise any and all rights, options and remedies provided for in any Loan
Document, under the Uniform Commercial Code, any other applicable foreign or domestic laws or otherwise at law or in equity, including, without limitation, the right to (i) apply any property of Borrower held by Agent to reduce the Obligations,
(ii) foreclose the Liens created under the Loan Documents, (iii) realize upon, take possession of and/or sell any Collateral or securities pledged, with or without judicial process, (iv) exercise all rights and powers with respect to
the Collateral as Borrower might exercise, (v) collect and send notices regarding the Collateral, with or without judicial process, (vi) by its own means or with judicial assistance, enter any premises at which Collateral and/or pledged
securities are located, or render any of the foregoing unusable or dispose of the Collateral and/or pledged securities on such premises without any liability for rent, storage, utilities, or other sums, and Borrower shall not resist or interfere
with such action, (vii) at Borrower’s expense, require that all or any part of the Collateral be assembled and made available to Agent, for the benefit of Lenders, or Required Lenders at any place reasonably designated by Required Lenders
in their sole discretion and/or relinquish or abandon any Collateral or securities pledged or any Lien thereon. 
 (c) The enumeration of
any rights and remedies in any Loan Document is not intended to be exhaustive, and all rights and remedies of Agent and Lenders described in any Loan Document are cumulative and are not alternative to or exclusive of any other rights or remedies
which Agent and Lenders otherwise may have. The partial or complete exercise of any right or remedy shall not preclude any other further exercise of such or any other right or remedy. 

(d) Notwithstanding any provision of any Loan Document, Agent, in its sole discretion shall have the right, but not any obligation, at any
time that Loan Parties fail to do so, subject to any applicable cure periods permitted by or otherwise set forth in the Loan Documents, and from time to time, without prior notice, to: (i) discharge (at Borrower’s expense) taxes or Liens
affecting any of the Collateral that have not been paid in violation of any Loan Document or that jeopardize Agent’s Lien priority in the Collateral; or (ii) make any other payment (at Borrower’s expense) for the administration,
servicing, maintenance, preservation or protection of the Collateral (each such advance or payment set forth in clauses (i) and (ii) herein, a “Protective Advance”). Agent shall be reimbursed for all Protective Advances
pursuant to Section 10.4, and any Protective Advances shall bear interest at the Default Rate from the date such Protective Advance is paid by Agent until it is repaid. No Protective Advance by Agent shall be construed as a
waiver by Agent, or any Lender of any Default, Event of Default or any of the rights or remedies of Agent or any Lender under any Loan Document. 

Section 9 Agent. 
 9.1
Appointment; Authorization. 
 Each Lender hereby irrevocably appoints, designates and authorizes Agent to take such action on its
behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as
are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, Agent shall not have any duty or responsibility except those expressly set forth herein, nor shall
Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist
against Agent. 

  
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 9.2 Delegation of Duties. 

Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct
of any agent or attorney-in-fact that it selects with reasonable care. 

9.3 Limited Liability. 

None of Agent or any of its Affiliates, directors, officers, employees or agents shall (a) be liable for any action taken or omitted to
be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except to the extent resulting from its own gross negligence or willful misconduct as determined by a court of
competent jurisdiction), or (b) be responsible in any manner to any Lender for any recital, statement, representation or warranty made by any Loan Party or Affiliate of any Loan Party, or any officer thereof, contained in this Agreement or in
any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (or the creation, perfection or priority of any Lien or security interest therein), or for any failure of any Loan Party or any other party to any Loan Document
to perform its Obligations hereunder or thereunder. Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any
other Loan Document, or to inspect the properties, books or records of any Loan Party or Affiliate of any Loan Party. 
 9.4
Reliance. 
 Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent,
certificate, affidavit, letter or telephone message, statement or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel
(including counsel to any Loan Party), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first
receive such advice or concurrence of Required Lenders (or all Lenders if expressly required hereunder) as it deems appropriate and, if it so requests, confirmation from Lenders of their obligation to indemnify Agent against any and all liability
and expense which may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance
with a request or consent of Required Lenders (or all Lenders if expressly required hereunder) and such request and any action taken or failure to act pursuant thereto shall be binding upon each Lender. 

9.5 Notice of Default. 

Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default or Default except with respect to defaults in
the payment of principal, interest and fees required to be paid to Agent for the account of Lenders, unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Event of Default or Default
and stating that such notice is a “notice of default”. Agent will notify Lenders of its receipt of any such notice or any such default in the payment of principal, interest and fees required to be paid to Agent for the account of Lenders.
Agent 

  
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shall take such action with respect to such Event of Default or Default as may be requested by Required Lenders in accordance with Section 8.2; provided that
unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or Default as it shall deem advisable or in the best interest
of Lenders. 
 9.6 Credit Decision. 

Each Lender acknowledges that Agent has not made any representation or warranty to it, and that no act by Agent hereafter taken, including any
review of the affairs of Borrower and the other Loan Parties, shall be deemed to constitute any representation or warranty by Agent to any Lender. Each Lender represents to Agent that it has, independently and without reliance upon Agent and based
on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower, and made its own decision
to enter into this Agreement and to extend credit to Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon Agent and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business,
prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except for notices, reports and other documents expressly herein required to be furnished to Lenders by Agent, Agent shall not have any duty or
responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of any Loan Party which may come into the possession of Agent. 

9.7 Indemnification. 

Whether or not the transactions contemplated hereby are consummated, each Lender shall indemnify upon demand Agent and its Affiliates,
directors, officers, employees and agents (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), based on such Lender’s Pro Rata Term Loan Share, from and against any and all
actions, causes of action, suits, losses, liabilities, damages and out-of-pocket expenses, including Legal Costs, except to the extent any thereof result from the
applicable Person’s own gross negligence or willful misconduct, as determined by a court of competent jurisdiction. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Legal Costs) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the
extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section 9.7 shall survive repayment of the Loans, cancellation of the Notes, any foreclosure under, or modification,
release or discharge of, any or all of the Collateral Documents, termination of this Agreement and the resignation or replacement of Agent. 

9.8 Agent Individually. 

SWK and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and
generally engage in any kind of banking, trust, financial advisory, underwriting or other business with any Loan Party and any Affiliate of any Loan Party as though SWK were not Agent hereunder and without notice to or consent of any Lender. Each
Lender acknowledges that, pursuant to such activities, SWK or its Affiliates may receive information regarding Loan Parties or 

  
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their Affiliates (including information that may be subject to confidentiality obligations in favor of any such Loan Party or such Affiliate) and acknowledge that Agent shall be under no
obligation to provide such information to them. With respect to their Loans (if any), SWK and its Affiliates shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though SWK were not Agent, and
the terms “Lender” and “Lenders” include SWK and its Affiliates, to the extent applicable, in their individual capacities. 

9.9 Successor Agent. 

Agent may resign as Agent at any time upon 30 days’ prior notice to Lenders and Borrower (unless during the existence of an Event of
Default such notice is waived by Required Lenders). If Agent resigns under this Agreement, Required Lenders shall, with (so long as no Event of Default exists) the consent of Borrower (which shall not be unreasonably withheld or delayed), appoint
from among Lenders (other than a Defaulting Lender) a successor agent for Lenders. If no successor agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint, on behalf of, and after consulting with Lenders and (so
long as no Event of Default exists) Borrower, a successor agent. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Agent and the term
“Agent” shall mean such successor agent, and the retiring Agent’s appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent becomes effective, the provisions of this
Section 9 and Sections 10.4 and 10.5 shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor agent has accepted
appointment as Agent by the date which is thirty (30) days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and Lenders shall perform all of the duties
of Agent hereunder until such time, if any, as Required Lenders appoint a successor agent as provided for above; provided that in the case of any collateral security held by Agent for the benefit of Lenders under any of the Loan Documents,
the retiring Agent shall continue so to hold such collateral security until such time as a successor Agent is appointed and the provisions of this Section 9 and Sections 10.4 and 10.5 shall
continue to inure to its benefit so long as retiring Agent shall continue to so hold such collateral security. Upon the acceptance of a successor’s appointment as Agent hereunder, the retiring Agent shall be discharged from all of its duties
and obligations hereunder or under the other Loan Documents in respect of the Collateral. 
 9.10 Collateral and Guarantee Matters.

 Lenders irrevocably authorize Agent, at its option and in its discretion, (a) to release any Lien granted to or held by Agent under
any Collateral Document (i) when all Obligations have been Paid in Full; (ii) constituting property sold or to be sold or disposed of as part of or in connection with any sale or other disposition permitted hereunder (including by consent,
waiver or amendment and it being agreed and understood that Agent may conclusively rely without further inquiry on a certificate of an officer of Borrower as to the sale or other disposition of property being made in compliance with this Agreement);
or (iii) subject to Section 10.1, if approved, authorized or ratified in writing by Required Lenders; (b) notwithstanding Section 10.1(a)(ii) hereof to release any party from its guaranty
under the Guarantee and Collateral Agreement (i) when all Obligations have been Paid in Full or (ii) if such party was sold or is to be sold or disposed of as part of or in connection with any disposition permitted hereunder (including by
consent, waiver or amendment and it being agreed and understood that Agent may conclusively rely without further inquiry on a certificate of an officer of Borrower as to the sale or other disposition being made in compliance with this Agreement);
or (c) to subordinate its interest in any Collateral to any holder of a Lien on such Collateral which is permitted by Section 7.2(d) (it being understood that Agent may conclusively rely on a certificate from
Borrower in determining whether the Debt secured by any such Lien is permitted by Section 7.1). Upon request by Agent at any time, Lenders will confirm in writing Agent’s authority to release, or subordinate its
interest in, particular types or items of Collateral pursuant to this Section 9.10. 

  
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 Agent shall release any Lien granted to or held by Agent under any Collateral Document
(i) when all Obligations have been Paid in Full, (ii) in respect of property sold or to be sold or disposed of as part of or in connection with any sale or other disposition permitted hereunder (it being agreed and understood that Agent
may conclusively rely without further inquiry on a certificate of an officer of Borrower as to the sale or other disposition of property being made in compliance with this Agreement) or (iii) subject to Section 10.1,
if directed to do so in writing by Required Lenders. 
 In furtherance of the foregoing, Agent agrees to execute and deliver to Borrower, at
Borrower’s expense, such termination and release documentation as Borrower may reasonably request to evidence a Lien release that occurs pursuant to terms of this Section 9.10. 

9.11 Intercreditor and Subordination Agreements. 

Each Lender hereby irrevocably appoints, designates and authorizes Agent to enter into one or more intercreditor agreements and/or
subordination agreements in relation to any other Debt of Borrower entered into in accordance with this Agreement or as otherwise approved by Required Lenders, on its behalf and to take such action on its behalf under the provisions of any such
agreement (subject to the last sentence of this Section 9.11). Each Lender further agrees to be bound by the terms and conditions of any such intercreditor agreement and subordination agreement. Each Lender hereby
authorizes Agent to issue blockages notices in connection with any such Debt of Borrower and such intercreditor agreement and subordination agreement, or any replacement intercreditor agreement and/or subordination agreement, in its discretion or,
at the direction of Required Lenders. 
 9.12 Actions in Concert. 

For the sake of clarity, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its
rights arising out of this Agreement, the Notes or any other Loan Document (including exercising any rights of set-off) without first obtaining the prior written consent of Agent and Required Lenders, it being
the intent of Lenders that any such action to protect or enforce rights under this Agreement, the Notes and the other Loan Documents shall be taken in concert and at the direction or with the consent of Agent or Required Lenders. 

Section 10 Miscellaneous. 
 10.1
Waiver; Amendments. 
 (a) Except as otherwise expressly provided in this Agreement, no amendment, modification or waiver of, or
consent with respect to, any provision of this Agreement or any of the other Loan Documents shall in any event be effective unless the same shall be in writing and signed by Borrower (with respect to Loan Documents to which Borrower is a party), by
Lenders (other than Defaulting Lenders) having aggregate Pro Rata Term Loan Shares of not less than the aggregate Pro Rata Term Loan Shares expressly designated herein with respect thereto or, in the absence of such express designation herein, by
Required Lenders, and then any such amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that: 

  
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 (i) no such amendment, modification, waiver or consent shall, unless in
writing and signed by all of the Lenders directly affected thereby, in addition to Required Lenders and Borrower, do any of the following: (A) increase any of the Commitments (provided that only the Lenders participating in any such
increase of the Commitments shall be considered directly affected by such increase), (B) extend the date scheduled for payment of any principal of (except as otherwise expressly set forth below in clause (C)), or interest on, the Loans or any
fees or other amounts payable hereunder or under the other Loan Documents, or (C) reduce the principal amount of any Loan, the amount or rate of interest thereon, or any fees or other amounts payable hereunder or under the other Loan Documents;
and 
 (ii) no such amendment, modification, waiver or consent shall, unless in writing and signed by all of the Lenders in
addition to Borrower (with respect to Loan Documents to which Borrower is a party), do any of the following: (A) release any material guaranty under the Guarantee and Collateral Agreement or release all or substantially all of the Collateral
granted under the Collateral Documents, except as otherwise specifically provided in this Agreement or the other Loan Documents, (B) change the definition of Required Lenders, (C) change any provision of this
Section 10.1, (D) amend the provisions of Section 2.10.2 or Section 2.10.4, or (E) reduce the aggregate Pro Rata Term Loan Shares required to effect any amendment,
modification, waiver or consent under the Loan Documents. 
 (b) No amendment, modification, waiver or consent shall, unless in writing and
signed by Agent, in addition to Borrower and Required Lenders (or all Lenders directly affected thereby or all of the Lenders, as the case may be, in accordance with the provisions above, other than in each case any Defaulting Lender), affect the
rights, privileges, duties or obligations of Agent (including without limitation under the provisions of Section 9), under this Agreement or any other Loan Document. 

(c) No delay on the part of Agent or any Lender in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any
single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. 

10.2 Notices. 
 All
notices hereunder shall be in writing (including via electronic mail) and shall be sent to the applicable party at its address shown on Annex II or at such other address as such party may, by written notice received by the other parties, have
designated as its address for such purpose. Notices sent by electronic mail transmission shall be deemed to have been given when sent if sent during regular business hours on a Business Day, otherwise, such deemed delivery will be effective as of
the next Business Day; notices sent by mail shall be deemed to have been given five (5) Business Days after the date when sent by registered or certified mail, first class postage prepaid; and notices sent by hand delivery or overnight courier
service shall be deemed to have been given when received. Borrower, Agent and Lenders each hereby acknowledge that, from time to time, Agent, Lenders and Borrower may deliver information and notices using electronic mail. 

  
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 10.3 Computations. 

Unless otherwise specifically provided herein, any accounting term used in this Agreement shall have the meaning customarily given such term
in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP consistently applied. The explicit qualification of terms or computations by the phrase “in accordance with GAAP” shall in no way
be construed to limit the foregoing. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made,
without giving effect to any election under Statement of Financial Accounting Standards 159 (Codification of Accounting Standards 825-10) to value any Debt or other liabilities of any Loan Party or any
Subsidiary at “fair value”, as defined therein. 
 10.4 Costs; Expenses. 

Borrower agrees to pay on demand the reasonable, out-of-pocket
costs and expenses of (a) Agent (including Legal Costs) in connection with (i) the preparation, execution, syndication and delivery (including perfection and protection of Collateral) of this Agreement, the other Loan Documents and all
other documents provided for herein or delivered or to be delivered hereunder or in connection herewith, (ii) the administration of the Loans and the Loan Documents, and (iii) any proposed or actual amendment, supplement or waiver to any
Loan Document, and (b) Agent and Lenders (including Legal Costs) in connection with the collection of the Obligations and enforcement of this Agreement, the other Loan Documents or any such other documents. In addition, Borrower agrees to pay
and to save Agent and Lenders harmless from all liability for, any fees of Borrower’s auditors in connection with any reasonable exercise by Agent and Lenders of their rights pursuant to and to the extent provided in
Section 6.2. All Obligations provided for in this Section 10.4 shall survive repayment of the Loans, cancellation of the Notes, and termination of this Agreement. 

10.5 Indemnification by Borrower. 

In consideration of the execution and delivery of this Agreement by Agent and Lenders and the agreement to extend the Commitments provided
hereunder, Borrower hereby agrees to indemnify, exonerate and hold Agent, each Lender and each of the officers, directors, employees, Affiliates and agents of Agent and each Lender (each a “Lender Party”) free and harmless from and
against any and all actions, causes of action, suits, losses, liabilities, damages and expenses, including Legal Costs (collectively, the “Indemnified Liabilities”), incurred by Lender Parties or any of them as a result of, or
arising out of, or relating to any Loan Party or any of their respective officers, directors or agents, including, without limitation, (a) any tender offer, merger, purchase of equity interests, purchase of assets or other similar transaction
financed or proposed to be financed in whole or in part, directly or indirectly, with the proceeds of any of the Loans, (b) the use, handling, release, emission, discharge, transportation, storage, treatment or disposal of any Hazardous
Substance at any property owned or leased by Borrower or any other Loan Party, (c) any violation of any applicable Environmental Laws with respect to conditions at any property owned or leased by any Loan Party or the operations conducted
thereon, (d) the investigation, cleanup or remediation of offsite locations at which any Loan Party or their respective predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, (e) the execution, delivery,
performance or enforcement of this Agreement or any other Loan Document by any Lender Party, except to the extent any such Indemnified Liabilities result solely from the applicable Lender Party’s own gross negligence or willful misconduct as
finally determined by a court of competent jurisdiction in a non-appealable judgment, or (f) such Person’s general operation of its business including all product liability out of or in connection
with such Person’s or any of its Affiliates or licensees manufacture use or sale of a Product or the provision of a Service. If and to the extent that the foregoing undertaking may be unenforceable for any reason, Borrower hereby agrees to make
the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. All Obligations provided for in this Section 10.5 shall survive repayment of the
Loans, cancellation of the Notes, any foreclosure under, or any modification, release or discharge of, any or all of the Collateral Documents and termination of this Agreement. Notwithstanding the foregoing, this
Section 10.5 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

  
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 10.6 Marshaling; Payments Set Aside. 

Neither Agent nor any Lender shall be under any obligation to marshal any assets in favor of Borrower or any other Person or against or in
payment of any or all of the Obligations. To the extent that Borrower makes a payment or payments to Agent or any Lender, or Agent or any Lender enforces its Liens or exercises its rights of set-off, and such
payment or payments or the proceeds of such enforcement or set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by Agent or any Lender in its discretion) to be repaid to a trustee, receiver or any other party in connection with any bankruptcy, insolvency or similar proceeding, or otherwise, then (a) to the fullest extent permitted
by applicable law, to the extent of such recovery, the obligation hereunder or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not occurred and (b) each Lender severally agrees to pay to Agent upon demand its ratable share of the total amount so recovered from or repaid by Agent to the extent paid to such Lender. 

10.7 Non-liability of Lenders. 

The relationship between Borrower on the one hand and Lenders and Agent on the other hand shall be solely that of borrower and lender. Neither
Agent nor any Lender shall have any fiduciary responsibility to Borrower. Neither Agent nor any Lender undertakes any responsibility to Borrower to review or inform Borrower of any matter in connection with any phase of Borrower’s business or
operations. To the fullest extent permitted under applicable law, execution of this Agreement by Borrower constitutes a full, complete and irrevocable release of any and all claims which Borrower may have at law or in equity in respect of all prior
discussions and understandings, oral or written, relating to the subject matter of this Agreement and the other Loan Documents. Neither Agent nor any Lender shall have any liability with respect to, and Borrower hereby, to the fullest extent
permitted under applicable law, waives, releases and agrees not to sue for, any special, indirect, punitive or consequential damages or liabilities. 

10.8 Assignments. 

10.8.1 Assignments. 

(a) Any Lender may at any time assign to one or more Persons (other than a Loan Party and their respective Affiliates) (any such Person, an
“Assignee”) all or any portion of such Lender’s Loans and Commitments, with (x) the prior written consent of Agent and (y) solely to the extent no Event of Default has occurred and is continuing,
the prior written consent of Borrower; provided, however, that no such consent(s) shall be required: 
 (i)
from Borrower for an assignment by a Lender to another Lender or an Affiliate of a Lender; 
 (ii) from Agent
for an assignment by a Lender to an Affiliate of a Lender or an Approved Fund of a Lender; 
 (iii) from Agent for an
assignment by SWK, as a Lender, to any Person for which SWK Advisors LLC acts as an investment advisor (or any similar type of representation or agency) pursuant to a written agreement, but SWK will give written notice to Borrower of any such
assignment; 

  
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 (iv) from Agent for an assignment by a Lender of its Loans and its
Note as collateral security to a Federal Reserve Bank or, as applicable, to such Lender’s trustee for the benefit of its investors (but no such assignment shall release any Lender from any of its obligations hereunder); or 

(v) from Borrower, Agent or any Lender for (A) the assignment of SWK’s Loans and Commitments to a Permitted
Assignee (as defined below) or (B) a collateral assignment by SWK of, and the grant by SWK of a security interest in, all of SWK’s right, title and interest in, to and under each of the Loan Documents, including, without limitation, all of
SWK’s rights and interests in, to and under this Agreement, the Obligations and the Collateral (collectively, the “Assigned Rights”), to a Permitted Assignee, provided that no such collateral assignment shall release SWK
from any of its obligations under any of the Loan Documents. In connection with any enforcement of or foreclosure upon its security interests in any of the Assigned Rights, a Permitted Assignee, upon notice to Borrower, SWK and the other Lenders,
shall be entitled to substitute itself, or its designee, for SWK as a Lender under this Agreement. For purposes hereof, the term “Permitted Assignee” shall mean any lender to or funding source of SWK or its Affiliate, together with
its successors, assigns or designees (including, without limitation, any purchaser or other assignee of the Assigned Rights from such Person). Effective immediately upon the replacement of SWK as a Lender under this Agreement by a Permitted Assignee
in accordance with this clause (v), SWK shall automatically be deemed to have resigned as Agent pursuant to Section 9.9 of this Agreement (without the need for Agent giving advance written notice of such resignation
as required pursuant to such Section 9.9), and Required Lenders shall appoint a successor Agent in accordance with Section 9.9 of this Agreement. 

(b) From and after the date on which the conditions described above have been met, (i) such Assignee shall be deemed automatically to
have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder and (ii) the assigning
Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights (other than its indemnification rights) and obligations hereunder. Upon the request of the
Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, Borrower shall execute and deliver to Agent for delivery to the Assignee (and, as applicable, the assigning Lender) a Note in the principal amount of
the Assignee’s Pro Rata Term Loan Share (and, as applicable, a Note in the principal amount of the Pro Rata Term Loan Share retained by the assigning Lender). Each such Note shall be dated the effective date of such assignment. Upon receipt by
the assigning Lender of such Note, the assigning Lender shall return to Borrower any prior Note held by it. 
 (c) Agent, acting solely for
this purpose as an agent of Borrower, shall maintain at one of its offices in the United States a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of each Lender, and the Commitments of,
and principal amount of the Loans owing to, such Lender pursuant to the terms hereof. The entries in such register shall be, in the absence of manifest error, conclusive, and Borrower, Agent and Lenders may treat each Person whose name is recorded
therein pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such register shall be available for inspection by Borrower and any Lender, at any reasonable time upon reasonable
prior notice to Agent. 

  
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 (d) Notwithstanding the foregoing provisions of this
Section 10.8.1 or any other provision of this Agreement, any Lender may at any time assign all or any portion of its Loans and its Note (i) as collateral security to a Federal Reserve Bank or, as applicable, to such
Lender’s trustee for the benefit of its investors (but no such assignment shall release any Lender from any of its obligations hereunder) and (ii) to (w) an Affiliate of such Lender which is at least fifty percent (50%) owned
(directly or indirectly) by such Lender or by its direct or indirect parent company, (x) its direct or indirect parent company, (y) to one or more other Lenders or (z) to an Approved Fund. 

10.9 Participations. 

Any Lender may at any time sell to one or more Persons participating interests in its Loans, Commitments or other interests hereunder (any
such Person, a “Participant”). In the event of a sale by a Lender of a participating interest to a Participant, (a) such Lender’s obligations hereunder shall remain unchanged for all purposes, (b) Borrower and
Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations hereunder and (c) all amounts payable by Borrower shall be determined as if such Lender had not sold such
participation and shall be paid directly to such Lender. No Participant shall have any direct or indirect voting rights hereunder except with respect to any event described in Section 10.1 expressly requiring the unanimous
vote of all Lenders or, as applicable, all affected Lenders. Each Lender agrees to incorporate the requirements of the preceding sentence into each participation agreement which such Lender enters into with any Participant. Borrower agrees, to the
fullest extent permitted by applicable law, that if amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have the right of
set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this
Agreement; provided that such right of set-off shall be subject to the obligation of each Participant to share with Lenders, and Lenders agree to share with each Participant, as provided in
Section 2.10.4. Borrower also agrees that each Participant shall be entitled to the benefits of Section 3 as if it were a Lender (provided that a Participant shall not be entitled to such
benefits unless such Participant agrees, for the benefit of Borrower, to comply with the documentation requirements of Section 3.1(c) as if it were a Lender and complies with such requirements, and provided,
further, that no Participant shall receive any greater compensation pursuant to Section 3 than would have been paid to the participating Lender if no participation had been sold). Any such Lender transferring
a participation shall, as an agent for Borrower, maintain in the United States a register to record the names, address, and interest, principal and other amounts owing to, each Participant. The entries in such register shall be, in the absence of
manifest error, conclusive, and Borrower, Agent and the Lenders may treat each Person whose name is recorded therein pursuant to the terms hereof as a Participant hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
Such participation register shall be available for inspection by the Agent or Borrower, at any reasonable time upon reasonable prior written notice from Agent or Borrower. 

10.10 Confidentiality. 

Borrower, Agent and each Lender agree to use commercially reasonable efforts (equivalent to the efforts Borrower, Agent or such Lender applies
to maintain the confidentiality of its own confidential information) to maintain as confidential all information (including, without limitation, any information provided by Borrower pursuant to Sections 6.1, 6.2 and 6.9)
provided to them by any other party hereto and/or any other Loan Party, as applicable, except that (i) Borrower may disclose such information (a) to Persons employed or engaged by Borrower in connection with this Agreement that have a need
to know and are bound by a duty of confidentiality or have agreed to the covenants set forth in this Section 10.10, (b) as required or requested by any federal or state regulatory authority or examiner, or as reasonably

  
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believed by Borrower to be compelled by any court decree, subpoena or legal or administrative order or process; (d) as, on the advice of Borrower’s counsel, is required by law;
(e) in connection with the exercise of any right or remedy under the Loan Documents; (f) to any nationally recognized rating agency; (g) that ceases to be confidential through no fault of Borrower; (h) to a Person that is an
investor or prospective investor in Borrower and who agrees to treat such information as confidential and (ii) Agent and each Lender may disclose such information (a) to Persons employed or engaged by Agent or such Lender or any of their
Affiliates (including collateral managers of Lenders) in evaluating, approving, structuring or administering the Loans and the Commitments (provided that such Persons have been informed of and agreed to be bound by the covenants
contained in this Section 10.10); (b) to any assignee, funding source of Agent or any Lender, or participant or potential assignee or participant that has agreed to comply with the covenants contained in this
Section 10.10 (and any such assignee or participant or potential assignee or participant may disclose such information to Persons employed or engaged by them as described in clause (a) above); (c) as
required or requested by any federal or state regulatory authority or examiner, or any insurance industry association, or as reasonably believed by Agent or such Lender to be compelled by any court decree, subpoena or legal or administrative order
or process; (d) as, on the advice of Agent’s or such Lender’s counsel, is required by law; (e) in connection with the exercise of any right or remedy under the Loan Documents or in connection with any litigation to which Agent or
such Lender is a party; (f) to any nationally recognized rating agency or investor of a Lender that requires access to information about a Lender’s investment portfolio in connection with ratings issued or investment decisions with respect
to such Lender; (g) that ceases to be confidential through no fault of Agent or any Lender; (h) to a Person that is an investor or prospective investor in a Securitization that agrees that its access to information regarding Borrower and
the Loans and Commitments is solely for purposes of evaluating an investment in such Securitization and who agrees to treat such information as confidential; or (i) to a Person that is a trustee, collateral manager, servicer, noteholder or
secured party in a Securitization in connection with the administration, servicing and reporting on the assets serving as collateral for such Securitization. For purposes of this Section, “Securitization” means a public or
private offering by a Lender or any of its Affiliates or their respective successors and assigns, of securities which represent an interest in, or which are collateralized, in whole or in part, by the Loans or the Commitments. In each case described
in clauses (c), (d) and (e) (as such disclosure in clause (e) pertains to litigation only), where the Agent or Lender, as applicable, is compelled to disclose a Loan Party’s confidential information, promptly
after such disclosure the Agent or such Lender, as applicable, shall notify Borrower of such disclosure provided, that neither the Agent nor any Lender shall be required to notify Borrower of any such disclosure (i) to any federal or
state banking regulatory authority conducting an examination of the Agent or such Lender, or (ii) to the extent that it is legally prohibited from so notifying Borrower. Notwithstanding the foregoing, Agent reserves the right to provide to
industry trade organizations information necessary and customary for inclusion in league table measurements. 
 10.11 Captions. 

Captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement. 

10.12 Nature of Remedies. 

All Obligations of Borrower and rights of Agent and Lenders expressed herein or in any other Loan Document shall be in addition to and not in
limitation of those provided by applicable law. No failure to exercise and no delay in exercising, on the part of Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

  
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 10.13 Counterparts; Electronic Signatures. 

This Agreement and the other Loan Documents may be executed in counterparts with the same effect as if all parties had executed the same
document. All counterparts shall be construed together and shall constitute a single agreement. Further, the parties hereto consent and agree that this Agreement and the other Loan Documents may be signed and/or transmitted by e-mail of any .pdf file, .jpeg file, or any other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act or the New York
Electronic Signatures and Records Act, which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the parties hereto and reasonably available at no undue burden or expense to the
Agent), except to the extent the Agent requires otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly
delivered for all purposes hereunder. No party hereto shall raise the use of e-mail or other electronic transmission to deliver a signature or the fact that any signature or agreement or amendment was
transmitted or communicated through the use of e-mail or other electronic transmission as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

10.14 Severability. 
 The
illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument
or agreement required hereunder. 
 10.15 Entire Agreement. 

This Agreement, together with the other Loan Documents, embodies the entire agreement and understanding among the parties hereto and
supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof. 

10.16 Successors; Assigns. 

This Agreement shall be binding upon Borrower, Lenders and Agent and their respective successors and assigns, and shall inure to the
benefit of Borrower, Lenders and Agent and the successors and assigns of Lenders and Agent. No other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this
Agreement or any of the other Loan Documents. Borrower may not assign or transfer any of its rights or Obligations under this Agreement without the prior written consent of Agent and each Lender. 

10.17 Governing Law. 

THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 

  
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 10.18 Forum Selection; Consent to Jurisdiction. 

ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND
MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT
AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, U.S. FIRST CLASS POSTAGE PREPAID, OR BY PERSONAL
SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 10.19
Waiver of Jury Trial. 
 EACH OF BORROWER, AGENT AND EACH LENDER, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, HEREBY
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

10.20 Patriot Act. 
 Each
Lender that is subject to the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), and Agent (for itself and not on behalf of any
Lender), hereby notifies each Loan Party that, pursuant to the requirements of the Patriot Act, such Lender and Agent are required to obtain, verify and record information that identifies each Loan Party, which information includes the name and
address of each Loan Party and other information that will allow such Lender or Agent, as applicable, to identify each Loan Party in accordance with the Patriot Act. 

10.21 Independent Nature of Relationship. 

Nothing herein contained shall constitute any Loan Party and SWK as a partnership, an association, a joint venture or any other kind of entity
or legal form or constitute any party the agent of the other. No party shall hold itself out contrary to the terms of this Section 10.21 and no party shall become liable by any representation, act or omission of the other
contrary to the provisions hereof. No Loan Party, Lender, nor SWK has any fiduciary or other special relationship with the other party hereto or any of its Affiliates. The Loan Parties and SWK agree that SWK is not involved in or responsible for the
manufacture, marketing or sale of any Product or the provision of any Service. 
 [Remainder of page intentionally blank; signature pages
follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their duly authorized officers as of the date first set forth above. 
  

			
	BORROWER:
	
	 ACER THERAPEUTICS INC.,
 a
Delaware corporation

		
	By:	 	/s/ Chris Schelling
	Name:	 	Chris Schelling
	Title:	 	Chef Executive Officer

 
	
	 AGENT AND LENDER:

	
	SWK FUNDING LLC, a Delaware limited liability company, as Agent and a Lender

 

			
	By:	 	SWK Holdings Corporation, a Delaware
	corporation, its sole Manager

  

			
	By:	 	/s/ Winston Black
	Name:	 	Winston Black
	Title:	 	Chief Executive Officer

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