Document:

EX-4.1

 Exhibit 4.1 

THE SHERWIN-WILLIAMS COMPANY 
  

 
 INDENTURE

 Dated as of [             ] 

 
  

U.S. BANK TRUST COMPANY, 

NATIONAL ASSOCIATION, 

Trustee 
  

 

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture

Act Section
	  	 Indenture

Section

	310(a)(1)	  	7.10
	(a)(2)	  	7.10
	(a)(3)	  	N.A.
	(a)(4)	  	N.A.
	(a)(5)	  	7.10
	(b)	  	7.10
	(c)	  	N.A.
	311(a)	  	7.11
	(b)	  	7.11
	(c)	  	N.A.
	312(a)	  	2.06
	(b)	  	11.03
	(c)	  	11.03
	313(a)	  	7.06
	(b)(2)	  	7.06; 7.07
	(c)	  	7.06; 11.02
	(d)	  	7.06
	314(a)	  	4.03; 4.04; 11.02
	(b)	  	N.A.
	(c)(l)	  	11.04
	(c)(2)	  	11.04
	(c)(3)	  	N.A.
	(d)	  	N.A.
	(e)	  	11.05
	(f)	  	N.A.
	315(a)	  	7.01
	(b)	  	7.05; 11.02
	(c)	  	7.01
	(d)	  	7.01
	(e)	  	6.11
	316(a) (last sentence)	  	2.10
	(a)(l)(A)	  	6.05
	(a)(l)(B)	  	6.04
	(a)(2)	  	N.A.
	(b)	  	6.07
	(c)	  	2.14
	317(a)(l)	  	6.08
	(a)(2)	  	6.09
	(b)	  	2.05
	318(a)	  	11.01
	(b)	  	N.A.
	(c)	  	11.01

  
 N.A. means
not applicable. 
  

	*	 This Cross Reference Table is not part of this Indenture. 

  
 2 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	5	 
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	 	5	 
	 Section 1.04
	 	Rules of Construction	  	 	6	 
		
	 ARTICLE 2 THE NOTES
	  	 	6	 
			
	 Section 2.01
	 	Issuable in Series	  	 	6	 
	 Section 2.02
	 	Establishment of Terms of Series of Notes	  	 	7	 
	 Section 2.03
	 	Execution and Authentication	  	 	8	 
	 Section 2.04
	 	Registrar and Paying Agent	  	 	9	 
	 Section 2.05
	 	Paying Agent to Hold Money in Trust	  	 	9	 
	 Section 2.06
	 	Holder Lists	  	 	10	 
	 Section 2.07
	 	Transfer and Exchange	  	 	10	 
	 Section 2.08
	 	Replacement Notes	  	 	10	 
	 Section 2.09
	 	Outstanding Notes	  	 	11	 
	 Section 2.10
	 	Treasury Notes	  	 	11	 
	 Section 2.11
	 	Temporary Notes	  	 	11	 
	 Section 2.12
	 	Cancellation	  	 	11	 
	 Section 2.13
	 	Defaulted Interest	  	 	11	 
	 Section 2.14
	 	Global Notes	  	 	12	 
	 Section 2.15
	 	CUSIP Number	  	 	13	 
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	13	 
			
	 Section 3.01
	 	Notice to Trustee	  	 	13	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed	  	 	13	 
	 Section 3.03
	 	Notice of Redemption	  	 	14	 
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	14	 
	 Section 3.05
	 	Deposit of Redemption Price	  	 	14	 
	 Section 3.06
	 	Notes Redeemed in Part	  	 	15	 
		
	 ARTICLE 4 COVENANTS
	  	 	15	 
			
	 Section 4.01
	 	Payment of Principal and Interest	  	 	15	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	15	 
	 Section 4.03
	 	Reports	  	 	15	 
	 Section 4.04
	 	Compliance Certificate	  	 	15	 
	 Section 4.05
	 	Taxes	  	 	16	 
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	 	16	 
	 Section 4.07
	 	Corporate Existence	  	 	16	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	16	 
			
	 Section 5.01
	 	Merger, Consolidation, or Sale of Assets	  	 	16	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	17	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	17	 
			
	 Section 6.01
	 	Events of Default	  	 	17	 
	 Section 6.02
	 	Acceleration	  	 	18	 
	 Section 6.03
	 	Other Remedies	  	 	19	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	19	 
	 Section 6.05
	 	Control by Majority	  	 	19	 
	 Section 6.06
	 	Limitation on Suits	  	 	19	 
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	20	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	20	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	20	 
	 Section 6.10
	 	Priorities	  	 	21	 
	 Section 6.11
	 	Undertaking for Costs	  	 	21	 
	 Section 6.12
	 	Restoration of Rights and Remedies	  	 	21	 
		
	 ARTICLE 7 TRUSTEE
	  	 	21	 
			
	 Section 7.01
	 	Duties of Trustee	  	 	21	 
	 Section 7.02
	 	Rights of Trustee	  	 	22	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	24	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	24	 
	 Section 7.05
	 	Notice of Defaults	  	 	24	 
	 Section 7.06
	 	Reports by Trustee to Holders of the Notes	  	 	24	 
	 Section 7.07
	 	Compensation and Indemnity	  	 	25	 
	 Section 7.08
	 	Replacement of Trustee	  	 	25	 
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	 	26	 
	 Section 7.10
	 	Eligibility; Disqualification	  	 	26	 
	 Section 7.11
	 	Preferential Collection of Claims Against Company	  	 	26	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	27	 
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	27	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	27	 
	 Section 8.03
	 	Covenant Defeasance	  	 	27	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	28	 
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	29	 
	 Section 8.06
	 	Repayment to Company	  	 	29	 
	 Section 8.07
	 	Reinstatement	  	 	29	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	29	 
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	29	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	30	 
	 Section 9.03
	 	Compliance with Trust Indenture Act	  	 	31	 
	 Section 9.04
	 	Revocation and Effect of Consents	  	 	31	 
	 Section 9.05
	 	Notation on or Exchange of Notes	  	 	31	 
	 Section 9.06
	 	Trustee to Sign Amendments, etc.	  	 	32	 
		
	 ARTICLE 10 SATISFACTION AND DISCHARGE
	  	 	32	 
			
	 Section 10.01
	 	Satisfaction and Discharge	  	 	32	 
	 Section 10.02
	 	Application of Trust Money	  	 	33	 
		
	 ARTICLE 11 MISCELLANEOUS
	  	 	33	 
			
	 Section 11.01
	 	Trust Indenture Act Controls	  	 	33	 
	 Section 11.02
	 	Notices	  	 	33	 
	 Section 11.03
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	35	 
	 Section 11.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	35	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 11.05
	 	Statements Required in Certificate or Opinion	  	 	35	 
	 Section 11.06
	 	Rules by Trustee and Agents	  	 	35	 
	 Section 11.07
	 	Calculation of Foreign Currency Amounts	  	 	36	 
	 Section 11.08
	 	No Personal Liability of Directors, Officers, Employees and Shareholders	  	 	36	 
	 Section 11.09
	 	Governing Law	  	 	36	 
	 Section 11.10
	 	No Adverse Interpretation of Other Agreements	  	 	36	 
	 Section 11.11
	 	Successors	  	 	36	 
	 Section 11.12
	 	Severability	  	 	36	 
	 Section 11.13
	 	Counterpart Originals	  	 	36	 
	 Section 11.14
	 	Table of Contents, Headings, etc.	  	 	37	 
	 Section 11.15
	 	Waiver of Jury Trial	  	 	37	 
	 Section 11.16
	 	Patriot Act Compliance	  	 	37	 
	 Section 11.17
	 	Foreign Account Tax Compliance Act (FATCA)	  	 	37	 

  
 iii 

 INDENTURE, dated as of August [        ], by and
between The Sherwin-Williams Company, an Ohio corporation (the “Company”), and U.S. Bank Trust Company, National Association, a national banking association organized and existing under the laws of the United States of America, as
trustee (the “Trustee”). 
 The Company and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders of the Notes issued under this Indenture. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 

BY REFERENCE 
 Section 1.01
Definitions. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings. 
 “Agent”
means any Registrar, co-registrar, Custodian, Paying Agent or additional paying agent. 

“Applicable Procedures” means, with respect to any payment, tender, redemption, transfer, exchange, or conversion of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such payment, tender, redemption, transfer, exchange, or conversion. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means any day other than a Legal Holiday. If a payment date falls on a day that is not a Business Day, the
related payment shall be made on the next succeeding Business Day as if made on the date the payment is due, and no interest shall accrue on such payment for the intervening period. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, provided that no obligation will be deemed a “Capital Lease Obligation” for any purpose under this Indenture if
such obligation would not, as of December 31, 2018, have been required to be capitalized and reflected as a liability on a balance sheet in accordance with GAAP. 

 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Company” means The Sherwin-Williams Company, and, subject to Article 5, any and all successors thereto. 

“Company Order” means a written order signed in the name of the Company by an Officer. 

“Corporate Trust Office of the Trustee” means the designated office of the Trustee at which at any time its corporate trust
business in respect of this Indenture shall be administered, which office at the date hereof is located at 1350 Euclid Avenue, Suite 1100, Cleveland, OH 44115, Attention: Earl Hunt, or such other address as the Trustee may designate from time to
time by notice to the Holders and the Company, or the designated corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means the Trustee, as custodian for the Depositary with respect to any Global Notes, or any successor entity
thereto. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an
Event of Default. 
 “Depositary” means, with respect to the Notes of any Series issuable or issued in whole or in part in
the form of one or more Global Notes, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person,
“Depositary” as used with respect to the Notes of any Series shall mean the Depositary with respect to the Notes of such Series. 

“Discount Note” means any Note that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
 “Dollars” and
“$” means the currency of The United States of America. 
 “Equity Interests” means Capital Stock and all
warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States
of America. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect from time to time. 

  
 2 

 “Global Note” or “Global Notes” means a Note or Notes, as
the case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Notes, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the
payment for which the United States pledges its full faith and credit. 
 “Guarantee” means a guarantee other than by
endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness. 
 “Hedging Obligations” means, with respect to any specified
Person, the obligations of such Person under: 
 (1) interest rate swap agreements (whether from fixed to floating or from floating to
fixed), interest rate cap agreements and interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest
rates or interest rate risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency
exchange rates or commodity prices. 
 “Holder” means a Person in whose name a Note is registered. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent
(without duplication): 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments; 

(3) in respect of banker’s acceptances or other similar instruments or credit transactions (including reimbursement obligations with
respect thereto), other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) – (2), (4) or (5) hereof) entered into in the ordinary course of business of such Person to
the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter
of credit; 
 (4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued
expense or trade payable; or 
 (6) representing any Hedging Obligations, 

if and to the extent any of the preceding items, other than letters of credit and Hedging Obligations, would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person, whether or not such Indebtedness is assumed by the
specified Person, and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person or any liability of any person, whether or not contingent and whether or not it appears on the balance sheet
of such Person. Notwithstanding anything to the contrary in the foregoing, the term “Indebtedness” excludes (x) any indebtedness of the Company or any Subsidiary 

  
 3 

 
of the Company to the Company or another Subsidiary of the Company and (y) any Guarantee by the Company or any Subsidiary of the Company of indebtedness of the Company or any Subsidiary of
the Company. 
 The amount of any Indebtedness outstanding as of any date shall be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness that does not require the current payment of interest; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of
any other Indebtedness. 
 “Indenture” means this Indenture, as amended, supplemented or restated from time to time and
shall include the form and terms of particular Series of Notes established as contemplated hereunder. 
 “Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or the city where the Corporate Trust Office of the Trustee is located at such time are required or authorized by law, regulation or executive order to close
or be closed. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease
be deemed to constitute a Lien. 
 “Notes” means notes or other debt instruments of the Company of any Series issued under
this Indenture. 
 “Officer” means, with respect to any Person, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, the Assistant Secretary or any Vice-President of such Person. 

“Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of the Company that meets the
requirements of Section 11.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel, who may be an
employee of or counsel to the Company or any Subsidiary of the Company, or other counsel reasonably acceptable to the Trustee, that meets the requirements of Section 11.05 hereof. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Responsible Officer,” when used
with respect to the Trustee, means any officer within the corporate trust department of the Trustee, including any director, vice president, assistant vice president, associate, assistant secretary, assistant treasurer or trust officer within the
Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers who at the time shall have direct
responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of this Indenture. 
 “SEC” means the Securities and
Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 

  
 4 

 “Series” or “Series of Notes” means each series of
debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof. 
 “Significant
Subsidiary” means a Subsidiary of any Person that would be a “significant subsidiary” as defined under Regulation S-X promulgated under the Securities Act. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date
originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees
of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary
of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

“TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 

“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is then a Trustee hereunder, and if at any time there is more than one such person,
“Trustee” as used with respect to the Notes of any Series shall mean the Trustee with respect to Notes of that Series. 

“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to
vote in the election of the Board of Directors of such Person. 
 Section 1.02 Other Definitions. 

 

					
	
Term               
                         
	  	Defined
in Section	 
	 “Authentication Order”
	  	 	2.03	 
	 “Covenant Defeasance”
	  	 	8.03	 
	 “Event of Default”
	  	 	6.01	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Paying Agent”
	  	 	2.04	 
	 “Registrar”
	  	 	2.04	 

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

  
 5 

 “indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company, and any other obligor upon the Notes. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time; 
 (8) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

(9) words importing any gender include the other genders; 

(10) references to “writing” include printing, typing, lithography and other means of reproducing words in a visible
form; 
 (11) the words “including,” “includes” and “include” shall be deemed to be followed by
the words “without limitation”; and 
 (12) unless otherwise provided, references to agreements and other
instruments shall be deemed to include all amendments and other modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture. 

ARTICLE 2 
 THE NOTES

 Section 2.01 Issuable in Series. 

The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. The Notes may be issued in
one or more Series. All Notes of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to the authority granted
under a Board Resolution. In the case of Notes of a Series to be 

  
 6 

 
issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board
Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Notes may differ between Series in respect of any matters,
provided that all Series of Notes shall be equally and ratably entitled to the benefits of this Indenture. 
 Section 2.02
Establishment of Terms of Series of Notes. 
 At or prior to the issuance of any Notes within a Series, the
following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Notes within the Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(r)) by or pursuant to a Board
Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officer’s Certificate pursuant to authority granted under a Board Resolution: 

(a) the title of the Series (which shall distinguish the Notes of that particular Series from the Notes of any other Series); 

(b) the price or prices (expressed as a percentage of the principal amount thereof) at which the Notes of the Series will be issued; 

(c) any limit upon the aggregate principal amount of the Notes of the Series which may be authenticated and delivered under this Indenture
(except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the Series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.05); 

(d) the date or dates on which the principal of the Notes of the Series is payable; 

(e) the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Notes of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which
such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

(f) the place or places where the principal of, premium and interest, if any, on the Notes of the Series shall be payable, where the Notes of
such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes of such Series and this Indenture may be served, and the method of such payment, if by wire
transfer, mail or other means; 
 (g) if applicable, the period or periods within which, the price or prices at which and the terms and
conditions upon which the Notes of the Series may be redeemed, in whole or in part, at the option of the Company; 
 (h) the obligation, if
any, of the Company to redeem or purchase the Notes of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Notes of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (i) the dates,
if any, on which and the price or prices at which the Notes of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

(j) the denominations in which the Notes of the Series shall be issuable, if other than minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof; 
 (k) the forms of the Notes of the Series in bearer or fully registered form (and, if in fully registered
form, whether the Notes will be issuable as Global Notes); 

  
 7 

 (l) if other than the principal amount thereof, the portion of the principal amount of the
Notes of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02; 
 (m) the
designation of the currency, currencies or currency units in which payment of the principal of, premium and interest, if any, on the Notes of the Series will be made if other than U.S. dollars; 

(n) the provisions, if any, relating to any security provided for the Notes of the Series, and any subordination in right of payment, if any,
of the Notes of the Series; 
 (o) any addition to or change in the Events of Default which applies to any Notes of the Series and any change
in the right of the Trustee or the requisite Holders of such Notes to declare the principal amount thereof due and payable pursuant to Section 6.02; 

(p) any addition to or change in the covenants set forth in Articles 4 or 5 that applies to Notes of the Series; 

(q) any other terms of the Notes of the Series (which may modify or delete any provision of this Indenture insofar as it applies to such
Series); and 
 (r) any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to
Notes of such Series if other than those appointed herein. 
 All Notes of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above, and, unless otherwise provided, a Series may
be reopened, without the consent of the Holders, for issuances of additional Notes of such Series; provided, however, that if such additional Notes are not fungible with the Notes of such Series for U.S. federal income tax purposes,
the additional Notes will have a separate CUSIP number or ISIN number (if then generally in use). No Board Resolution or Officer’s Certificate may affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise with
respect to any series of Notes except as it may agree in writing. 
 Section 2.03 Execution and Authentication. 

One Officer shall sign the Notes for the Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds
that office at the time such Note is authenticated, such Note shall nevertheless be valid. 
 A Note shall not be valid until authenticated
by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note, as applicable, has been authenticated under this Indenture. 

The Trustee shall, upon a written order of the Company signed by one Officer (an “Authentication Order”), authenticate the
Notes for original issue in accordance with this Indenture. The Notes shall be dated their date of authentication. 
 The Trustee may
appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company. 
 At any time
and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes of any Series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Notes, and the Trustee in accordance with the Company Order will authenticate and deliver such Notes. In authenticating such Notes, and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall
receive, and (subject to Section 7.01) will be fully protected in relying upon, an Opinion of Counsel stating: 

  
 8 

 (a) that such form has been established in conformity with the provisions of this Indenture;

 (b) that such terms have been established in conformity with the provisions of this Indenture; and 

(c) that this Indenture and such Notes, when authenticated and delivered by the Trustee and, with respect to the Notes, when issued by the
Company, in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company enforceable in accordance with their terms, except as the enforceability thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or affecting creditors’ rights and by general principles of equity. 

The Trustee shall have the right to decline to authenticate and deliver any Notes under this Section if the Trustee, being advised by counsel,
reasonably determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing holders. 

Section 2.04 Registrar and Paying Agent. 

The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register with respect to each Series of the Notes and of their transfer and exchange. The
Company may appoint one or more co-registrars and one or more additional paying agents or change the office of such Registrar or Paying Agent. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder; however, the Company shall maintain a
Paying Agent in each place of payment for the Notes of each Series. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.
The Company shall be solely responsible for making calculations called for under the Notes and this Indenture, including, but not limited to, determination of interest, additional amounts, redemption price, premium, if any, and any other amounts
payable on the Notes. The Company will make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders. The Company will provide a schedule of its calculations to the Trustee when requested
by the Trustee in writing, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent verification. The Trustee shall forward the Company’s calculations to any Holder of the Notes
upon the written request of such Holder. 
 Section 2.05 Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Holders of any Series of Notes, or the Trustee, all money held by the Paying Agent for the payment of principal or interest on the Series of Notes, and shall notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. All payments to a Paying Agent on any
Notes which remain unclaimed for a period of two years after such payment was due shall be repaid to the Company. Thereafter, the Holder may look only to the Company for repayment. Upon payment over to the Trustee, or to the Company, as the case may
be, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of
any Series of Notes all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

  
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 Section 2.06 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Holders of each Series of Notes and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee, at least seven Business Days before each interest payment date and at such other
times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of each Series of Notes and the Company shall otherwise comply with TIA
Section 312(a). 
 Section 2.07 Transfer and Exchange. 

Notes may be transferred or exchanged at the office of the Registrar or co-registrar designated by the
Company. Where Notes of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the
Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Notes at the Registrar’s request. No service charge
shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.06 or 9.05). 

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Notes of any Series for the
period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Notes of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to
register the transfer of or exchange Notes of any Series selected, called or being called for redemption as a whole or a portion thereof, except the unredeemed portion of Notes being redeemed in part. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 Each Holder of a Note agrees to indemnify the Company and the Trustee against any liability that may result from the
transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable U.S. federal or state securities laws. 

Section 2.08 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee, or if the Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order together with such indemnity or security sufficient in the judgment of the Trustee and the Company to protect the Company, the
Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced, shall authenticate a replacement Note of the same Series if the Trustee’s requirements are met. The Company may charge for its
expenses in replacing a Note. 
 Every replacement Note of any Series is an additional obligation of the Company and shall be entitled to
all of the benefits of this Indenture equally and proportionately with all other Notes of that Series duly issued hereunder. 

  
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 Section 2.09 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.10 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant to
Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.10 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes of a Series have concurred in any direction, waiver, request,
demand, authorization, notice, amendment, modification or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, shall be considered as
though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver, request, demand, authorization, notice, amendment, modification or consent, only Notes of a Series
that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 
 Section 2.11 Temporary Notes.

 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an
Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 

Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 

Section 2.12 Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. The Company may not issue new
Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. Cancelled Notes shall be disposed of by the Trustee pursuant to its standard procedures and, upon written request by the Company, the Trustee shall
deliver a certificate or other evidence of such disposition. 
 Section 2.13 Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Notes, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who are Holders of the Series on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each 

  
 11 

 
such special record date and payment date, provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15
days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed (or, in the case of the Depositary with respect to any Global
Note, sent electronically) to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

Section 2.14 Global Notes. 

(a) Terms of Notes. A Board Resolution, a supplemental indenture hereto, or an Officer’s Certificate shall establish whether the
Notes of a Series shall be issued in whole or in part in the form of one or more Global Notes and shall name the Depositary for such Global Note or Notes. Except as provided herein, each Global Note shall be (i) registered in the name of the
Depositary, (ii) deposited with the Depositary or its nominee, and (iii) bear the legend indicated in Section 2.14(c). 
 (b)
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 and in addition thereto, any Global Note shall be exchangeable pursuant to Section 2.07 for Notes registered in the names of Holders
other than the Depositary for such Note or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or if at any time such Depositary ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to
the Trustee an Officer’s Certificate to the effect that such Global Note shall be so exchangeable or (iii) an Event of Default with respect to the Notes represented by such Global Note shall have happened and be continuing. Any Global Note
that is exchangeable pursuant to the preceding sentence shall be exchangeable for Notes registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Note with like
tenor and terms. 
 Except as provided in this Section 2.14(b), a Global Note may not be transferred except as a whole by the
Depositary with respect to such Global Note to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary, or any such nominee to a successor Depositary or a nominee of
such a successor Depositary. 
 (c) Legend. Any Global Note issued hereunder shall bear a legend in substantially the following form:

 “This Note is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name
of the Depositary or a nominee of the Depositary. This Note is exchangeable for Notes registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and may not be
transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of
such a successor Depositary.” 
 (d) Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize
participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture. The record date for purposes of determining the identity of Holders
entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture may be determined as provided for in Section 316(c) of the TIA. 

(e) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Note shall be made to the Holder thereof. Prior to due presentment of a Note for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may
treat the Person in whose name such Note is registered as the owner of such Note at the close of business on the regular record date for the purpose of receiving payment of principal of and any premium and (subject to Section 2.13) any interest
on such Note and for all other purposes whatsoever, 

  
 12 

 
whether or not such Note shall be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee will be affected by notice to the contrary. 

(f) Consents, Declaration and Directions. Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall treat
a person as the Holder of such principal amount of outstanding Notes of such Series represented by a Global Note as shall be specified in a written statement of the Depositary with respect to such Global Note, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
 (g) Responsibility of Trustee or
Agents. Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. The Company has entered into a letter of representations with the Depositary in the form provided by the Depositary and
the Trustee and each Agent is hereby authorized to act in accordance with such letter and the Applicable Procedures. 
 Section 2.15 CUSIP
Number. 
 The Company in issuing the Notes may use “CUSIP” or “ISIN” numbers (if then generally in use),
and, if so, the Trustee shall use CUSIP or ISIN numbers in notices, including notices of redemption, as a convenience to Holders; provided that the Trustee shall have no liability for any defect in the CUSIP or ISIN numbers as they appear on
any Note, notice or elsewhere, and provided further any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice, including a notice of redemption,
and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice or redemption shall not be affected by any defect in or the omission of such numbers. The Company shall promptly notify the Trustee in
writing of any change in the CUSIP or ISIN numbers. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notice to Trustee. 

The Company may, with respect to any Series of Notes, reserve the right to redeem and pay the Series of Notes or may covenant to redeem and pay
the Series of Notes or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Notes. If a Series of Notes is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Notes pursuant to the terms of such Notes, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Notes to be redeemed. The Company shall give the notice at
least 15 days prior to the mailing or sending of notice of redemption to the Holders of the Notes to be redeemed (or such shorter notice as may be acceptable to the Trustee). 

Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes of a Series are to be redeemed or purchased in an offer to purchase at any time, the Trustee (subject to the
applicable procedures of the Depositary) shall select the Notes of a Series to be redeemed or purchased among the Holders of the Notes (a) in compliance with the requirements of the principal national securities exchange, if any, on which the
Notes are listed or, (b) if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee considers fair and appropriate. 

The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for
partial redemption, the principal amount thereof to be redeemed. Notes of a Series and portions of them selected shall be in amounts of $2,000 or whole multiples of $1,000, or with respect to Notes of any Series issuable in other denominations
pursuant to Section 2.02(j), the minimum principal denomination for each Series and integral multiples thereof. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes of a Series called for redemption or
repurchase also apply to portions of Notes of a Series called for redemption or repurchase. 

  
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 Section 3.03 Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at
least 10 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, or, in the case of the Depositary with respect to any Global Note, sent electronically, a notice of redemption to
each Holder whose Notes are to be redeemed at its registered address. 
 The notice shall identify the Notes of the Series to be redeemed
and shall state: 
 (1) the redemption date; 

(2) the redemption price (or manner of calculation if not then known); 

(3) the name and address of the Paying Agent; 

(4) that Notes of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 (5) that interest on Notes of the Series called for redemption ceases to accrue on and after the redemption date; 

(6) the CUSIP number, if any, provided that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes; 
 (7) the conditions precedent, if any, to the redemption;
and 
 (8) any other information as may be required by the terms of the particular Series of the Notes or the Notes of a
Series being redeemed. 
 At the Company’s request, and upon receipt of an Officer’s Certificate complying with Section 11.04
hereof at least 15 days prior to the date notice is to be given (unless a shorter period shall be satisfactory to the Trustee), together with the notice to be given setting forth the information to be stated therein as provided in the preceding
paragraph, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. 
 Section 3.04
Effect of Notice of Redemption. 
 Once notice of redemption is sent in accordance with Section 3.03 hereof,
Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
a notice of redemption may not be conditional. 
 Section 3.05 Deposit of Redemption Price. 

At least one Business Day prior to the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to
pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
 If the Company complies with the
provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If any Note called for redemption shall not be so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such 

  
 14 

 
principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06 Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall
authenticate for the Holder, or transfer by book-entry, at the expense of the Company, a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

No Notes of $2,000 or less can be redeemed in part (or with respect to Notes of any Series issuable in other denominations pursuant to
Section 2.02(j), the minimum denomination for each Series and integral multiples thereof). 
 ARTICLE 4 

COVENANTS 
 Section 4.01
Payment of Principal and Interest. 
 The Company covenants and agrees for the benefit of the Holders of each Series
of Notes that it will pay or cause to be paid the principal of, premium, if any, and interest on such Series of Notes on the dates and in the manner provided in such Notes. Principal, premium, if any, and interest on any Series of Notes will be
considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all principal, premium, if any, and interest then due. 
 Section 4.02 Maintenance of Office or Agency.

 The Company covenants and agrees for the benefit of the Holders of each Series of Notes that it will maintain an office or agency
(which may be an office of the Trustee for such Notes or an affiliate of the Trustee, Registrar for such Notes or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and
where notices and demands to or upon the Company in respect of such Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee for such Notes of the location, and any change in the location, of such office or
agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee. 
 With respect to each Series of Notes, the Company hereby designates the Corporate Trust Office of the Trustee as one such
office or agency of the Company in accordance with Section 2.04. 
 Section 4.03 Reports. 

The Company will at all times comply with TIA § 314(a). Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall have no duty to review or make independent investigation with respect to any of the foregoing received by the
Trustee, and shall hold the same solely as repository. 
 Section 4.04 Compliance Certificate. 

The Company and each guarantor of any Series of Notes (to the extent that such guarantor is so required under the TIA) shall deliver to the
Trustee with respect to such Series, within 120 days after the end of each fiscal year, an Officer’s Certificate signed by the principal executive officer, the principal financial officer or the principal accounting officer, stating that a
review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the 

  
 15 

 
Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to the Officer signing such certificate, that to the best of his or her knowledge
the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) (or if the Company shall not be in
compliance with its obligations under this Indenture, specifying such non-compliance and the nature and status thereof of which such signer may have knowledge) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto. 
 Section 4.05 Taxes. 

The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental
levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

Section 4.06 Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not, and each guarantor of such Notes will not, at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture;
and the Company and each of such guarantors (to the extent that it may lawfully do so), as applicable, hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or
impede the execution of any power herein granted to the Trustee for such Notes, but will suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07 Corporate Existence. 

Subject to Articles 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(a) the corporate, partnership or other existence of itself and each of its Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 
 (b) the rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of
any of its Subsidiaries, if an Officer shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Notes. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01
Merger, Consolidation, or Sale of Assets. 
 The Company shall not, directly or indirectly: 

(a) merge or consolidate with or into another Person or Persons; or 

  
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 (b) sell, convey, transfer, lease or otherwise dispose of all or substantially all of the
properties or assets of the Company and its Subsidiaries, taken as a whole, in one or more related transactions, to another Person or Persons, unless: 

(1) either: 

(A) the transaction is a merger or consolidation and the Company is the surviving corporation; or 

(B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale,
conveyance, transfer, lease or other disposition has been made is a corporation, limited liability company, partnership, trust or other entity organized and existing under the laws of the United States, any state of the United States or the District
of Columbia and expressly assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee; 

(2) immediately after giving effect to such transaction and treating the Company’s obligations in connection with or as a
result of such transaction as having been incurred as of the time of such transaction, no Default or Event of Default shall have occurred and be continuing; and 

(3) the Company or the surviving entity shall have delivered to the Trustee (a) an Officer’s Certificate stating that
the conditions in (1) and (2) above have been satisfied and any other conditions precedent in this Indenture relating to such transaction have been satisfied and (b) an Opinion of Counsel stating that the conditions in (1) above have
been satisfied and any other conditions precedent in this Indenture relating to such transaction have been satisfied. 
 Section 5.02
Successor Corporation Substituted. 
 Upon any merger or consolidation, or any sale, conveyance, transfer, lease or
other disposition of all or substantially all of the properties or assets of the Company and its Subsidiaries in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person into which
the Company is merged or formed by such consolidation or to which such sale, conveyance, transfer, lease or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such merger, consolidation, sale,
conveyance, transfer, lease or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under
this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on any
Series of Notes except in the case of a sale of all of the assets of the Company and its Subsidiaries in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.01 Events of Default. 

“Event of Default,” wherever used herein with respect to Notes of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a) default in the payment of any interest on any Note of that Series when it becomes due and payable, and continuance of such default for a
period of 30 days; or 
 (b) default in payment when due of the principal of, or premium, if any, on any Note of that Series; or 

(c) failure on the part of the Company to comply with Article 5; or 

  
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 (d) default in the performance or breach of any covenant or warranty of the Company in this
Indenture or in any Board Resolution, supplemental indenture or Officer’s Certificate with respect to such Series(other than a covenant or warranty that has been included in this Indenture or a Board Resolution, supplemental indenture or
Officer’s Certificate solely for the benefit of Series of Notes other than that Series), which default continues uncured for a period of 90 days after (i) the Company receives written notice from the Trustee for such Notes or (ii) the
Company and the Trustee receive written notice from Holders of not less than 25% in aggregate principal amount of Notes of that Series outstanding; or 

(e) the Company or any of its Significant Subsidiaries: 

(1) commences a voluntary case in bankruptcy, 

(2) consents to the entry of an order for relief against it in an involuntary bankruptcy case, 

(3) applies for or consents to the appointment of any custodian, receiver, trustee, conservator, liquidator, rehabilitator or
similar officer of it or a Significant Subsidiary or for all or substantially all of any of their property, 
 (4) makes a
general assignment for the benefit of its creditors, or 
 (5) generally is unable to pay its debts as they become due; 

(f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(1) is for relief against the Company or any of its Significant Subsidiaries; 

(2) appoints a custodian for the Company or any of its Significant Subsidiaries or for all or substantially all of the property
of the Company or any of its Significant Subsidiaries; or 
 (3) orders the winding up or liquidation of the Company or any
of its Significant Subsidiaries; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(g) any other Event of Default provided with respect to Notes of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate, in accordance with Section 2.02. 
 The Company shall deliver to the Trustee
promptly after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (c), (d) or (g), its status and what
action the Company is taking or proposes to take with respect thereto. 
 Section 6.02 Acceleration. 

If an Event of Default with respect to Notes of any Series at the time outstanding occurs and is continuing (other than an Event of Default
referred to in Section 6.01(e) or (f)) (in either case with respect to the Company) then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes of that Series may declare the
principal amount (or, if any Notes of that Series are Discount Notes, such portion of the principal amount as may be specified in the terms of such Notes) of and accrued and unpaid interest, if any, on all of the Notes of that Series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and
payable. If an Event of Default specified in Section 6.01(e) or (f) (in either case with respect to the Company) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Notes shall
ipso facto 

  
 18 

 
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after such a declaration of acceleration with respect to any Series has been made, the Holders of a majority in principal amount
of the outstanding Notes of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if the rescission and annulment would not conflict with any judgment or decree already rendered
and if all existing Events of Default with respect to that Series (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived and all sums paid or advanced by the Trustee
hereunder and the reasonable compensation expenses and disbursements of the Trustee and its agents and counsel have been paid. 
 No such
rescission shall affect any subsequent Event of Default or impair any right consequent thereon. 
 Section 6.03 Other Remedies.

 If an Event of Default with respect to Notes of any Series at the time outstanding occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and interest on such Notes or to enforce the performance of any provision of such Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

Prior to the acceleration of the maturity of the Notes of any Series as provided in Section 6.02, the Holders of a majority in aggregate
principal amount of the Notes of any Series then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes of such Series waive any existing Default or Event of Default with respect to such Series and its consequences
under this Indenture except (i) a continuing Default or Event of Default in the payment of premium or interest on, or the principal of, the Notes of such Series (including in connection with an offer to purchase) or (ii) a Default or Event
of Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected thereby. Upon any such waiver, such Default or Event of Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes of any Series may in writing direct the time, method and
place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it, subject to Section 7.02(f). However, the Trustee may refuse to follow any direction that conflicts with law
or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes of such Series (it being understood that the Trustee does not have an affirmative duty to ascertain whether any such directions are
unduly prejudicial to such Holders) or that may involve the Trustee in personal liability. The Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. In the event the Trustee receives
inconsistent or conflicting requests and indemnity from two or more groups of Holders of the Notes, each representing less than a majority in aggregate principal amount of the Notes outstanding, the Trustee, in its sole discretion, may, and shall be
fully indemnified for refraining from acting in the absence of such written direction, determine, what action, if any shall be taken and the Trustee may, in its sole discretion, take other actions. 

Section 6.06 Limitation on Suits. 

A Holder of any Series of Notes may pursue a remedy with respect to this Indenture or the Notes only if: 

  
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 (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of
Default; 
 (b) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes of such Series make a written request
to the Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee
security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request
within 60 days after receipt of the request and the offer and, if requested, the provision of security or indemnity; and 
 (e) during such 60-day period the Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series do not give the Trustee a direction inconsistent with the request, 

it being understood and intended and being expressly covenanted by the taker and Holder of every Note, with every other taker and Holder with the Trustee that
no one or more of such Holders will have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other of such Holders (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 
 Section 6.07
Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right
of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08
Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01 (a) or (b) hereof occurs
and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest
on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee for each Series of Notes is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes of such Series allowed in any judicial proceedings
relative to the Company (or any other obligor upon the Notes of such Series), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims
and any custodian in any such judicial proceeding is hereby authorized by each Holder of such Series to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders of such
Series, to pay to the Trustee any amount due to it for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders of such Series may be entitled to receive in such proceeding whether
in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the 

  
 20 

 
rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. 

If the Trustee collects any money or property with respect to a Series of Notes pursuant to this Article 6, or, after an Event of Default, any
money or other property distributable in respect of the Company’s obligations under this Indenture, it shall pay out the money or property in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof applicable to the Notes
of such Series, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes of such Series for amounts due and unpaid on the Notes for principal, premium, if any, and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note
pursuant to Section 6.07 hereof, or a suit by Holders or group of Holders of more than 10% in principal amount of the then outstanding Notes of any Series. 

Section 6.12 Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee, and the Holders will be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had been instituted. 

ARTICLE 7 
 TRUSTEE

 Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default the duties of the Trustee will be determined solely by the express provisions of this
Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee. 

  
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 (c) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the certificates and opinions to determine whether or not they conform, on their face, to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (d) The Trustee
may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee will not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Notes of such Series; and 

(4) no provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee
will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

 (e) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b), (c) and (d) of this Section 7.01. 
 (f) The Trustee will not be liable for interest on any money received by
it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. The Trustee shall not be required to give any bond or surety in respect
of the performance of its powers or duties hereunder. The permissive rights or powers of the Trustee to do things enumerated in this Indenture shall not be construed as duties of the Trustee. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the
Trustee acts or refrains from acting or as specifically called for in this Indenture, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may
act or execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its attorneys and agents, and the Trustee will not be responsible for the acts, omissions, misconduct or negligence of any attorney
or agent appointed with due care by it hereunder. 

  
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 (d) The Trustee will not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically
provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. Any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 

(f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, costs, liabilities and expenses that might be incurred by it in compliance with such request or direction.

 (g) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, pandemics, epidemics, recognized public
emergencies, nuclear or natural catastrophes or acts of God, interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, or other unavailability of the Federal Reserve Bank wire or facsimile or
other wire or communication facility or hacking, cyber-attacks, or other use or infiltration of the Trustee’s technological infrastructure exceeding authorized access (other than in the case of the Trustee’s negligence in protecting
against security threats); it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(h) In no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
compensated, reimbursed, and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of a Default or Event of Default from the Company or by the Holders of at least 25% in aggregate principal amount of the then outstanding Notes of such Series is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Notes and this Indenture. 
 (k) The Trustee may request that the Company deliver
a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

(l) The Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document, or inquire as to the performance by the Company or any guarantor of any of their covenants in
this Indenture, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it will be entitled
to examine the books, records, and premises of the Company or any such guarantor, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or
investigation. 
 (m) It shall not be the duty of the Trustee to see that any duties or obligations imposed herein upon the Company, any
guarantor of their covenants or other persons are performed, and the Trustee shall not be liable or responsible for the failure of the Company, any guarantor of their covenants or such other persons to perform any act required of them by this
Indenture. 

  
 23 

 (n) Before taking any action hereunder at the request or direction of the beneficial owners
or Holders, the Trustee may require that security or indemnity satisfactory to it be furnished to it for the reimbursement of its fees, costs, liabilities and all expenses (including reasonable attorneys’ fees and expenses) which it may incur
and to protect it against all liability, except liability which may result from its negligence or willful misconduct, by reason of any action so taken. 

(o) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of negligence or willful misconduct on its part, as determined by a court of competent jurisdiction in a
final non-appealable order, conclusively rely upon an Officer’s Certificate. 
 Section 7.03
Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as defined in the TIA it must
eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to
Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by any Notes. 

Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee in accordance with Section 7.02(j), the
Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee
may withhold the notice from Holders of the Notes if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the
Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee in writing when the Notes are listed on any stock exchange or delisted therefrom. 

  
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 Section 7.07 Compensation and Indemnity. 

(a) The Company will pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the
Trustee and the Company may agree from time to time in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all
disbursements, advances and expenses incurred or made by it in accordance with any provision of this Indenture in addition to the compensation for its services. Such expenses will include the compensation, disbursements and expenses of the
Trustee’s agents and counsel. 
 (b) The Company will indemnify the Trustee, its officers, directors, employees, representatives and
agents, and hold them harmless, from and against any and all losses, liabilities, damages, claims, taxes or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including
the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct. The Trustee will notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate
counsel and the Company will pay the fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

(c) The obligations of the Company under this Section 7.07 will survive the resignation or removal of the Trustee and the satisfaction and
discharge of this Indenture. 
 (d) To secure the Company’s payment obligations in this Section 7.07, the Trustee will have a Lien
prior to the Notes on all money or properly held or collected by the Trustee. Such Lien will survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. 

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(e) or (f) hereof occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

(f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

(g) “Trustee” for the purposes of this Section 7.07 shall include any predecessor Trustee and the Trustee in each of its
capacities hereunder and each agent, custodian and other person employed to act hereunder; provided, however, that the negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee
hereunder. 
 Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created with respect to one or more Series of Notes by so notifying the Company with 30 days prior notice. The Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series may remove the Trustee
by so notifying the Trustee and the Company with 30 days prior notice in writing. The Company may remove the Trustee with respect to one or more Series of Notes with 30 days prior written notice if: 

(1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 

  
 25 

 (3) a custodian or public officer takes charge of the Trustee or its
property; or 
 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series may appoint a successor Trustee to replace the successor Trustee
appointed by the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed,
the retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes of such Series may petition any court of competent jurisdiction, at the sole expense of the Company, for the appointment of
a successor Trustee. 
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to
comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction, at the sole expense of the Company, for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will promptly transfer all properly held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, etc. 

Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or
entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee shall be the successor of the
Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article 7, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$50.0 million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(l), (2) and (5). The Trustee is subject to TIA § 310(b). There shall be excluded from the operation of TIA § 310(b)(1) any series of Notes under this Indenture if the
requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
 Section 7.11 Preferential Collection of Claims Against
Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA
§ 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

  
 26 

 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate,
elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes of such Series on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes of such Series, which will
thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all their other obligations under such
Notes and this Indenture (and the Trustee, on written demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder: 
 (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or
premium, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (b) the Company’s
obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (c) the rights, powers, trusts, duties and immunities
of the Trustee hereunder and the Company’s obligations in connection therewith; and 
 (d) this Article 8. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the
guarantors, if any, will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Section 4.03 and any other covenants specified in the applicable
Board Resolutions, supplemental indenture or Officer’s Certificate as being subject to covenant defeasance pursuant to this Section 8.03, in each case, with respect to the outstanding Notes of the applicable Series on and after the date
the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes of such Series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to
comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions 

  
 27 

 
set forth in Section 8.04 hereof, (i) the failure to comply with any such covenant shall not constitute an Event of Default pursuant to Section 6.01(d) and
(ii) Section 6.01 (f) (with respect to Significant Subsidiaries only) and (g) (with respect to Significant Subsidiaries only) shall not constitute an Event of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the written opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public
accountants delivered to the Trustee, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify
whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 
 (b) in the case of an election
under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that: 
 (1) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (2) since the date of
this Indenture, there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the
case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that the beneficial owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes
as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound;

 (e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 

(f) the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

(g) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

  
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 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and
non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of the outstanding Notes of any Series will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes of the applicable Series. 

Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request
of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on, any Series of Notes and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall, subject to applicable abandoned property law, be paid to the Company on its
written request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease. 
 Section 8.07
Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Company’s and any applicable guarantors’ obligations under this Indenture and the applicable Notes and the guarantees will be revived and reinstated as though no deposit had occurred
pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the
Company makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money
held by the Trustee or Paying Agent. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes of one or
more Series without the consent of any Holder of Note: 
 (a) to cure any ambiguity or to correct or supplement any provision contained
herein or in any supplemental indenture that may be defective or inconsistent with any other provision contained herein or in any 

  
 29 

 
supplemental indenture, or to conform the provisions of this Indenture to the description of the Notes contained in the prospectus or other offering document pursuant to which the Notes of one or
more Series were sold, as evidenced by an Officer’s Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in the offering document; 

(b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(c) to provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the Company pursuant to
Article 5 hereof; 
 (d) to make any change that would provide any additional rights or benefits to the Holders of all or any Series of Notes
or that does not adversely affect the rights hereunder of any Holder in any material respect, as evidenced by an Officer’s Certificate; 

(e) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 

(f) to provide for the issuance of and establish the form and terms and conditions of Notes of any Series as permitted by this Indenture; 

(g) to add guarantees with respect to the Notes of any Series or to provide security for the Notes of any Series; or 

(h) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee or successor Trustees with respect to the Notes
of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder (provided that, in the case of a successor Trustee being
appointed, the Trustee being succeeded need not execute such amendment or supplement). 
 Upon the request of the Company accompanied by a
Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of any amended
or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent
of Holders of Notes. 
 The Company and the Trustee may enter into a supplemental indenture with the written consent of the
Holders of at least a majority in aggregate principal amount of the outstanding Notes of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Notes of such
Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of Notes of each such
Series. Except as otherwise provided herein, the Holders of at least a majority in aggregate principal amount of the outstanding Notes of each Series, by notice to the Trustee (including consents obtained in connection with a tender offer or
exchange offer for the Notes of such Series) may waive compliance by the Company with any provision of this Indenture or the Notes with respect to such Series. 

It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed
supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the
Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture affects the Trustee’s 

  
 30 

 
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental
Indenture. 
 After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Notes
affected thereby a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture
or waiver. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting Holder: 

(a) reduce the principal amount, any premium or change the Stated Maturity of any Note or alter or waive any of the provisions with respect to
the redemption or repurchase of the Notes; 
 (b) reduce the rate (or alter the method of computation) of or extend the time for payment of
interest, including defaulted interest, on any Note; 
 (c) waive a Default or Event of Default in the payment of principal of or premium, if
any, or interest on the Notes, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes of such Series with respect to a nonpayment default and a waiver of the
payment default that resulted from such acceleration; 
 (d) make the principal of or premium, if any or interest on any Note payable in
currency other than that stated in the Notes; 
 (e) change any place of payment where the Notes of any series or interest thereon is
payable; 
 (f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of the
Notes to receive payments of principal of, premium or interest, if any, on the Notes and to institute suit for the enforcement of any such payments; 

(g) make any change in the foregoing amendment and waiver provisions; or 

(h) reduce the percentage in principal amount of any Notes, the consent of the Holders of which is required for any of the foregoing
modifications or otherwise necessary to modify or amend this Indenture or to waive any past Defaults. 
 Section 9.03 Compliance with
Trust Indenture Act. 
 Every amendment to this Indenture or the Notes of one or more Series will be set forth in a
supplemental indenture hereto that complies with the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents.

 Until an amendment or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note
and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note
may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every
Holder. 
 Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment or waiver on any Note of any Series thereafter authenticated. The Company in
exchange for Notes of that Series may issue and the Trustee shall authenticate upon request new Notes of that Series that reflect the amendment or waiver. 

  
 31 

 Failure to make the appropriate notation or issue a new Note will not affect the validity
and effect of such amendment or waiver. 
 Section 9.06 Trustee to Sign Amendments, etc. 

In executing, or accepting the additional trusts created by, any supplemental indenture or amendment permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating
that the execution of such supplemental indenture or amendment is authorized or permitted by this Indenture, and an Opinion of Counsel stating that it will be the legal, valid and binding upon the Company, enforceable against the Company in
accordance with its terms, subject to customary exceptions. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture or amendment which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise. 
 ARTICLE 10 

SATISFACTION AND DISCHARGE 

Section 10.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to a Series of Notes issued hereunder, when: 

(a) either: 
 (1)
all such Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered
to the Trustee for cancellation; or 
 (2) all such Notes that have not been delivered to the Trustee for cancellation have
become due and payable by reason of the sending of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely
for the benefit of the Holders of such Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(b) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other material instrument to which the Company or any guarantor, as applicable, is a
party or by which the Company, or any guarantor, as applicable, is bound; 
 (c) the Company or any guarantor of such Notes has paid or
caused to be paid all sums payable by it under this Indenture; and 
 (d) the Company has delivered irrevocable instructions to the Trustee
under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition,
the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(2) of clause (a) of this Section 10.01, the provisions of Sections 10.02 and 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those provisions of

  
 32 

 
Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. After the conditions to discharge contained in this Article Ten have been satisfied, and
the Company has paid or caused to be paid all other sums payable hereunder by the Company, and delivered to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that all conditions precedent to satisfaction and discharge
have been satisfied, the Trustee upon Company request shall acknowledge in writing the discharge of the obligations of the Company (except for those surviving obligations specified in this Section 10.01 and the rights, powers, trusts, duties
and immunities of the Trustee hereunder and the Company’s obligations in connection therewith). 
 Section 10.02 Application of Trust
Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to
Section 10.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes with respect to which such deposit was made and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the cash in U.S. dollars, non-callable Government Securities, or a combination thereof, deposited pursuant to Section 10.01 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes of the applicable Series. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any applicable guarantor’s obligations under this
Indenture and the applicable Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on,
any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 11 

MISCELLANEOUS 
 Section 11.01
Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA § 318(c), the imposed duties will control. 
 Section 11.02 Notices. 

Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or by first class
mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company: 
 The
Sherwin-Williams Company 
 101 West Prospect Avenue 

Cleveland, Ohio 44115 
 Attention:
Secretary 
 Facsimile No.: (216) 566-2947 

Telephone No.: (216) 566-2000 

  
 33 

 With a copy to: 

Jones Day 
 North Point 

901 Lakeside Avenue 
 Cleveland,
Ohio 44114 
 Attention: Michael J. Solecki, Esq. 

Facsimile No.: (216) 579-0212 

Telephone No.: (216) 586-7103 

If to the Trustee: 
 U.S. Bank
Trust Company, National Association 
 1350 Euclid Avenue, Suite 1100 

Cleveland, Ohio 44115 
 Attention:
Earl Hunt 
 Telephone No.: (216) 623-5976 

The Company or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA
§ 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. Notwithstanding any other provision of this Indenture or
any Global Note, where this Indenture or any Global Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if
given to the Depositary (or its designee) pursuant to the Applicable Procedures, including by electronic mail in accordance with the standing instructions from the Depositary. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same
time. 
 The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written
instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing
such instructions or directions and such party shall provide to the Trustee an incumbency certificate listing such authorized representative, which incumbency certificate shall be amended whenever a person is to be added or deleted from the listing.
If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the
Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs 

  
 34 

 
or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a
subsequent written instruction. The party providing electronic instructions agrees (i) to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties, (ii) that is fully informed of the protections and risks associated with the various methods of transmitting instructions to the
Trustee and that there may be more secure methods of transmitting instructions than the method(s) selected by the Trustee and (iii) that the security procedures (if any) to be followed in connection with its transmission of instructions provide
to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 
 Section 11.03 Communication by
Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders
with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 11.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee
(except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or
opinion need be furnished): 
 (1) an Officer’s Certificate stating that, in the opinion of the signers (who may rely
upon an Opinion of Counsel as to matters of law), all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel stating that, in the opinion of such counsel (who may rely upon an Officer’s Certificate as to
matters of fact), all such conditions precedent and covenants have been satisfied. 
 Section 11.05 Statements Required in Certificate or
Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
(other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

Section 11.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 

  
 35 

 Section 11.07 Calculation of Foreign Currency Amounts. 

The calculation of the U.S. dollar equivalent amount for any amount denominated in a foreign currency shall be the noon buying rate in the City
of New York as certified by the Federal Reserve Bank of New York on the date on which such determination is required to be made or, if such day is not a day on which such rate is published, the rate most recently published prior to such day. 

Section 11.08 No Personal Liability of Directors, Officers, Employees and Shareholders. 

No past, present or future director, officer, employee, incorporator or shareholder of the Company, as such, will have any liability for any
obligations of the Company under the Notes, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

Section 11.09 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES, AND THE GUARANTEES, IF ANY, WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 11.10 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.11 Successors.

 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this
Indenture will bind its successors. 
 Section 11.12 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 11.13 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Electronic signatures reasonably believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic
images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider reasonably acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party
assumes all risks arising out of the use of electronic signatures. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in
lieu of, or in addition to, any such electronic signature. 

  
 36 

 Section 11.14 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 11.15 Waiver of Jury Trial. 

EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.16 Patriot Act Compliance. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee, like all financial institutions and
in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account, which information includes
the name, address, tax identification number and formation documents and other information that will allow Trustee to identify the person or legal entity in accordance with the USA Patriot Act. The parties to this Indenture agree that they will
provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

Section 11.17 Foreign Account Tax Compliance Act (FATCA) 

In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by
competent authorities) in effect from time to time (“Applicable Law”) to which a foreign financial institution, issuer, trustee, paying agent, holder or other institution is or has agreed to be subject related to this Indenture, the
Company agrees (i) to provide to the Trustee sufficient information about Holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so as to enable the Trustee to determine whether it
has tax related obligations under Applicable Law and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law for which the Trustee
shall not have any liability. The terms of this section shall survive the termination of this Indenture. 
 [Signatures on following page]

  
 37 

 SIGNATURES 

Dated as of [                 ] 

 

			
	THE SHERWIN-WILLIAMS COMPANY
		
	By:	 	      

	Name:
	Title:
	
	 U.S. BANK TRUST COMPANY,

NATIONAL ASSOCIATION, as Trustee

		
	By:	 	      

	Name:
	Title:

  
 [Signature Page to
Indenture]EX-10.1

  Exhibit 10.1

   

  EXECUTION VERSION

  	 

   

   

  Portions of this Exhibit have been redacted because they are both (i) not material and (ii) the registrant customarily and actually treats such information as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”.

  Portions of this Exhibit have been redacted because they are both (i) not material and (ii) the registrant customarily and actually treats such information as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”.

  LICENSE AGREEMENT 

  between

  KYMAB LIMITED

  and

  RALLYBIO IPE, LLC

  Dated as of May 5, 2022

   

   

   

  

  Exhibit 10.1

   

  EXECUTION VERSION

  	 

   

  TABLE OF CONTENTS

   

   

  ARTICLE 1 DEFINITIONS	1

  ARTICLE 2 GRANT OF RIGHTS	11

  2.1	Grants		11

  2.2	Retention of Rights	12

  2.3	Sublicenses	12

  2.4	No Implied Rights	12

  2.5	Disclosure of Licensed Know-How	12

  2.6	Transferred Materials	13

  2.7	Technical Assistance	13

  ARTICLE 3 DEVELOPMENT AND REGULATORY	13

  3.1	Development	13

  3.2	Development Diligence	14

  3.3	Development Reports	14

  3.4	Subcontracting	14

  3.5	Compliance	14

  3.6	Regulatory Matters	14

  ARTICLE 4 COMMERCIALIZATION	14

  4.1	In General	15

  4.2	Commercialization Reports	15

  4.3	Commercialization Diligence	15

  4.4	Compliance with Applicable Law	15

  4.5	Sales and Distribution	15

  4.6	Subcontracting	15

  ARTICLE 5 MANUFACTURE AND SUPPLY	16

  5.1	In General	16

  5.2	Subcontracting	16

  5.3	Compliance	16

  ARTICLE 6 PAYMENTS	16

  6.1	Upfront Payment	16

  6.2	Milestones	16

   

  

   

  6.3	Royalties	18

  6.4	Payment Dates and Reports	19

  6.5	Sublicense Income; Transfer Income	19

  6.6	Priority Review Voucher	19

  6.7	Mode of Payment; Currency Conversion	19

  6.8	Taxes		20

  6.9	Interest on Late Payments	20

  6.10	Financial Records	20

  6.11	Audit		20

  6.12	Audit Dispute	21

  6.13	Confidentiality	21

  ARTICLE 7 INTELLECTUAL PROPERTY	21

  7.1	Ownership of Arising Know-How 	21

  7.2	Prosecution and Maintenance of Patents	21

  7.3	Enforcement of Patents	23

  7.4	Infringement Claims by Third Parties	24

  7.5	Invalidity or Unenforceability Defenses or Actions	24

  7.6	Third Party Licenses	25

  7.7	Product Trademarks	25

  ARTICLE 8 PHARMACOVIGILANCE AND SAFETY	26

  8.1	Global Safety Database.	26

  8.2	Pharmacovigilance Agreement	26

  ARTICLE 9 Confidentiality AND Non-Disclosure	26

  9.1	Confidentiality Obligations	26

  9.2	Permitted Disclosures	27

  9.3	Use of Name	28

  9.4	Press Releases	28

  9.5	Publications	29

  9.6	Destruction of Confidential Information	29

  ARTICLE 10 REPRESENTATIONS AND WARRANTIES	29

  10.1	Mutual Representations and Warranties	29

  10.2	Representations, Warranties and Covenants of Sanofi Kymab	30

  10.3	Representations, Warranties and Covenants of Licensee	31

  10.4	Disclaimer of Warranty	31

  10.5	Additional Wavier	31

  ARTICLE 11 Indemnity	32

  11.1	Indemnification of Sanofi Kymab	32

  -ii-

  

   

  11.2	Indemnification of Licensee	32

  11.3	Notice of Claim	33

  11.4	Control of Defense	33

  11.5	Limitation on Damages and Liability	35

  11.6	Insurance	35

  ARTICLE 12 Term and Termination	35

  12.1	Term		35

  12.2	Termination for Convenience	35

  12.3	Termination of this Agreement for Material Breach	35

  12.4	Termination by Sanofi Kymab for Patent Challenge	36

  12.5	Termination Upon Insolvency	36

  12.6	Rights in Bankruptcy	36

  12.7	Consequences of Termination	37

  12.8	Accrued Rights; Surviving Obligations	37

  ARTICLE 13 Miscellaneous	38

  13.1	Force Majeure	38

  13.2	Alliance Managers	38

  13.3	Export Control	38

  13.4	Assignment; Change of Control	38

  13.5	Severability	39

  13.6	Dispute Resolution	39

  13.7	Governing Law, Jurisdiction, and Venue	39

  13.8	Notices	40

  13.9	Entire Agreement; Amendments	41

  13.10	English Language	41

  13.11	Equitable Relief	41

  13.12	Waiver and Non-Exclusion of Remedies	41

  13.13	No Benefit to Third Parties	41

  13.14	Further Assurance	42

  13.15	Relationship of the Parties	42

  13.16	References	42

  13.17	Construction	42

  13.18	Performance through Affiliates	42

  13.19	Counterparts	42

   

  -iii-

  

   

  Schedules

   

  		
	Schedule 1.8
	Back-up Sequences

	Schedule 1.57
	Licensed Anemia Patents 

	Schedule 1.58
	KY1066 Sequence

	Schedule 1.59
	Licensed Know-How

	Schedule 1.60
	Licensed Platform Patents

	Schedule 1.62
	Licensed Product Patents

	Schedule 1.75
	Baseball Arbitration for Determination of Net Sales of Combination Products

	Schedule 2.6
	Transferred Materials

	Schedule 3.1.2
	Development Plan

	Schedule 9.4
	Initial Press Release

   

   

   

   

   

   

  -iv-

  

    

  LICENSE AGREEMENT

  This License Agreement (this “Agreement”) is made and entered into as of May 5, 2022 (the “Effective Date”) by and between Kymab Limited, a corporation incorporated in the United Kingdom, having offices located at Bennet Building (B930), Babraham Research Campus, Cambridge, UK, CB22 3AT (“Sanofi Kymab” or “Licensor”) and Rallybio IPE LLC, a Delaware limited liability company, having offices located at 234 Church Street, Suite 1020, New Haven, CT 06510 (“Rallybio” or “Licensee”). Sanofi Kymab and Licensee are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

  RECITALS

  WHEREAS, Sanofi Kymab controls certain property rights with respect to the Licensed Compound (as defined herein) and Licensed Products (as defined herein) in the Territory (as defined herein); and

  WHEREAS, Sanofi Kymab wishes to grant to Licensee, and Licensee wishes to be granted, a license under such property rights to Exploit (as defined herein) Licensed Products in the Territory, in each case, in accordance with the terms and conditions set forth below.  

  NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

  ARTICLE 1
DEFINITIONS

  Unless otherwise specifically provided herein, the following terms shall have the following meanings:

  1.1.“Accountant” has the meaning set forth in Section 6.12 (Audit Dispute).

  1.2.“Accounting Standards” means the then-current version financial reporting standards followed by Licensee, its Affiliate or Sublicensee, examples of which are IFRS (International Financial Reporting Standards) and GAAP (United States generally accepted accounting principles), in each case consistently applied.  

  1.3.“Adverse Event” means (a) the development of an undesirable medical condition or the deterioration of a pre-existing medical condition in a patient or clinical investigation subject during or following exposure to or use of a Licensed Product, whether or not considered causally related to such Licensed Product, (b) the exacerbation of any pre-existing condition occurring during or following exposure to or use of a Licensed Product, or (c) any other adverse experience or adverse drug experience (as described in the FDA’s Investigational New Drug safety reporting and NDA post-marketing reporting regulations, 21 C.F.R.  §§312.32 and 314.80, respectively, and any applicable corresponding regulations outside the United States, in each case as may be amended from time to time), occurring during or following exposure to or use of a Licensed Product.  For purposes of this Agreement, “undesirable medical condition” includes symptoms (e.g., nausea, chest pain), signs (e.g., tachycardia, enlarged liver) or the abnormal results 

   

  1

  

    

  of an investigation (e.g., laboratory findings, electrocardiogram), including unfavorable side effects, toxicity, injury, overdose or sensitivity reactions.

  1.4.“Affiliate” means, with respect to a Party, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such Party.  For purposes of this definition, “control” and, with correlative meanings, the terms “controlled by” and “under common control with” means (a) the possession, directly or indirectly, of the power to direct the management or policies of a business entity, whether through the ownership of voting securities, by contract relating to voting rights or corporate governance, or otherwise, or (b) the ownership, directly or indirectly, of fifty percent (50%) or more of the voting securities or other ownership interest of a business entity (or, with respect to a limited partnership or other similar entity, its general partner or controlling entity).  

  1.5.“Agreement” has the meaning set forth in the preamble hereto.

  1.6.“Alliance Manager” has the meaning set forth in Section 13.2 (Alliance Managers).

  1.7.“Applicable Law” means laws, statutes, rules, regulations, treaties (including tax treaties), orders, judgments or ordinances having the effect of law of any national, multinational, federal, state, provincial, county, city or other political subdivision, that are applicable to the performance of the relevant activities under this Agreement, including any rules, regulations, guidelines (including Good Clinical Practices, Good Laboratory Practices and Good Manufacturing Practices, as respectively defined under the ICH Guidelines) or other requirements of the Regulatory Authorities that may be in effect from time to time.

  1.8.“Back-up” means the specific anti-MTP2 monoclonal antibodies having the sequences listed in Schedule 1.8 (Back-up Sequences).

  1.9.“BLA” has the meaning set forth in Section 1.33 (Drug Approval Application).	

  1.10.“Breaching Party” has the meaning set forth in Section 12.3 (Termination of this Agreement for Material Breach).

  1.11.“Business Day” means a day other than (a) a Saturday or Sunday, or (b) any day on which banking institutions in Paris, France or New York, New York are closed.

  1.12.“Calendar Quarter” means each successive period of three (3) calendar months commencing on January 1, April 1, July 1 and October 1.

  1.13.“Calendar Year” means each successive period of twelve (12) calendar months commencing on January 1 and ending on December 31.

  1.14.“Change of Control”  means, with respect to a Party, (a) any sale, exchange, transfer, or issuance to or acquisition by one or more Third Parties of shares representing more than fifty percent (50%) of the aggregate ordinary voting power entitled to vote for the election of directors represented by the issued and outstanding stock of such Party or any Affiliate that directly or indirectly controls (as defined in Section 1.4 (Affiliate)) (such Affiliate, a “Parent” of such Party), whether such sale, exchange, transfer, issuance or acquisition is made directly or indirectly, 

   

  2

  

    

  beneficially or of record or in one transaction or a series of related transactions, but excluding the issuance of shares in financing transactions, including any venture capital financing or any public offering; or (b) a merger or consolidation under Applicable Law of such Party with a Third Party in which the shareholders of a Party or such Parent immediately prior to such merger or consolidation do not continue to hold immediately following the closing of such merger or consolidation more than fifty percent (50%) of the aggregate ordinary voting power entitled to vote for the election of directors represented by the issued and outstanding stock of the entity surviving or resulting from such consolidation. 

  1.15.“Clinical Studies” means human clinical trials for a Licensed Product and any other tests and studies for a Licensed Product in human subjects.

  1.16.“Combination Product” means a product composed of (a) any combination of a Licensed Product and a device; or (b) a Licensed Product together with one or more other products whose active ingredients is/are not Licensed Compounds (formulated or packaged either as a fixed dose or as separate doses), and wherein (a) and (b) are sold in a single package for a single price.

  1.17.“Commercialization” means, with respect to a Licensed Product, any and all activities (whether before or after Market Approval) directed to the marketing, promotion and sale of such Licensed Product in the Field in the Territory after Market Approval for commercial sale has been obtained, including pre‐launch and post-launch marketing, advertising, promoting, marketing research, distributing, offering to commercially sell and commercially selling such Licensed Product, importing, exporting or transporting such Licensed Product for commercial sale, medical education activities with respect to such Licensed Product, conducting Clinical Studies that are not required to obtain or maintain Market Approval for such Licensed Product for an indication, which may include epidemiological studies, modeling and pharmacoeconomic studies, post-marketing surveillance studies, investigator sponsored studies and health economics studies and regulatory affairs (including interacting with Regulatory Authorities) with respect to the foregoing.  When used as a verb, “Commercializing” means to engage in Commercialization and “Commercialize” and “Commercialized” shall have a corresponding meaning.  

  1.18.“Commercially Reasonable Efforts” means [***].

  1.19.“Commercialization Reports” has the meaning set forth in Section 12.3 (Commercialization Report).

  1.20.“Complaining Party” has the meaning set forth in Section 12.3 (Termination of this Agreement for Material Breach).

  1.21.“Completion of Toxicity Studies” means [***].

  1.22.“Confidential Information” has the meaning set forth in Section 9.1 (Confidentiality Obligations).  

  1.23.“Control” means, with respect to any Know-How, Patent, or other property right, possession of the right by a Party, whether directly or indirectly, and whether by ownership, license or otherwise (other than by operation of the license and other grants in Section 2.1 (Grants)), to grant access, assign or grant a license, sublicense or other right to or under such 

   

  3

  

    

  property right as provided for herein without violating the terms of any agreement or other arrangement with any Third Party or misappropriating trade secret information of a Third Party.

  1.24.“Controlling Party” has the meaning set forth in Section 7.4.1 (Defense of Third Party Claims).

  1.25.“Derived Patent” means any Patent filed by Licensee or its Affiliate or Sublicensee [***] the claims of which are [***] Licensed Know-How.

  1.26.“Development” means, with respect to a compound or product (including new Indications and formulations of a compound or product), all activities related to research, development, preclinical and other non-clinical testing (including compound discovery), test method development and stability testing, toxicology, formulation, process development, quality, Clinical Studies (including Manufacturing in support thereof (but excluding any commercial Manufacturing)), statistical analysis and report writing, the preparation and submission of Drug Approval Applications, regulatory affairs with respect to the foregoing and all other activities necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a condition or in support of obtaining or maintaining a Market Approval, in each case for such compound or product.  When used as a verb, “Develop” means to engage in Development. 

  1.27.“Development and Regulatory Milestone Events” has the meaning set forth in Section 6.2 (Development and Regulatory Milestones).

  1.28.“Development and Regulatory Milestone Payments” has the meaning set forth in Section 6.2 (Development and Regulatory Milestones).

  1.29.“Development Plan” means the plan for the Development of the Licensed Products as described in Section 3.1.2, as updated from time to time pursuant to Section 3.1.2 (Development Plan).

  1.30.“Disclosing Party” has the meaning set forth in Section 9.1 (Confidentiality Obligations).

  1.31.“Dispute” has the meaning set forth in Section 13.6 (Dispute Resolution).

  1.32.“Dollars” or “$” means United States Dollars.

  1.33.“Drug Approval Application” or (“DAA”) means an authorization or approval to market a Licensed Product in a particular country or regulatory jurisdiction in the Territory, including a Biologics License Application (a “BLA”) as defined in the United States Public Health Service Act (“PHSA”) and the regulations promulgated thereunder (including all additions, supplements, extensions and modifications thereto), or any corresponding application in other jurisdictions in the Territory, including, with respect to the European Union, a Marketing Authorization Application (an “MAA”) filed with the EMA pursuant to the centralized approval procedure or with the applicable Regulatory Authority of a country in Europe with respect to the mutual recognition or any other national approval procedure.

  1.34.“Effective Date” has the meaning set forth in the preamble hereto.  

   

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  1.35.“ELNs” has the meaning set forth in Section 2.5 (Disclosure of Licensed Know-How).

  1.36.“EMA” means the European Medicines Agency and any successor agency thereto.

  1.37.“Europe” means the countries comprising the European Economic Area as it may be constituted from time to time. 

  1.38.“European Union” or “EU” means the economic, scientific and political organization of member states as it may be constituted from time to time.

  1.39.“Executive Officer” means a senior executive of a Party having corporate authority to make decisions regarding this Agreement.

  1.40.“Exploit” means, with respect to a product, to use, have used, Develop, have Developed, Manufacture, have Manufactured, Commercialize, have Commercialized or otherwise exploit such product and “Exploitation” means the act of Exploiting a product.  

  1.41.“FDA” means the United States Food and Drug Administration and any successor agency thereto.

  1.42.“FFDCA” means the United States Food, Drug, and Cosmetic Act, as amended from time to time, and the rules and regulations promulgated thereunder.

  1.43.“Field” means the prevention, diagnosis and/or treatment of any disease in humans, including without limitation, the treatment of diseases resulting from or in iron dysregulation.

  1.44.“First Commercial Sale” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the first sale to a Third Party for monetary value for use or consumption by the general public of such Licensed Product in such country after the applicable Regulatory Authority has approved the Drug Approval Application for such Licensed Product in such country and for which any of Licensee or its Affiliates or Sublicensees has  invoiced sales of Licensed Products in the Territory; provided, however, that the following shall not constitute a First Commercial Sale: (a) [***]; (b) Licensee’s, its Affiliates’ or its or their Sublicensees’ transfer of any Licensed Product to an Affiliate or Sublicensees, unless such Licensed Product is consumed by such Affiliate or Sublicensee in the course of its commercial activities; or (c) any use of such Licensed Product in Clinical Studies or non-clinical development activities with respect to such Licensed Product by or on behalf of a Party. 

  1.45.“Force Majeure Event” has the meaning set forth in Section 13.1 (Force Majeure).

  1.46.“Hatch-Waxman Act” means the Drug Price Competition and Patent Term Restoration Act of 1984, as amended.

  1.47.“IND” means an investigational new drug application filed with the FDA for authorization to commence Clinical Studies in the United States (including all additions, 

   

  5

  

    

  amendments, supplements, extensions and modifications thereto), or any corresponding applications in other jurisdictions in the Territory.

  1.48.“Indemnification Claim Notice” has the meaning set forth in Section 11.3 (Notice of Claim).

  1.49.“Indemnified Party” has the meaning set forth in Section 11.3 (Notice of Claim).

  1.50.“Indemnifying Party” has the meaning set forth in Section 11.3 (Notice of Claim).

  1.51.“Indication” means any distinct human disease category, as evidenced by the filing of a separate Drug Approval Application (or supplemental Drug Approval Application, as the case may be).

  1.52.“Infringement” has the meaning set forth in Section 7.3.1 (Notice).

  1.53.“Infringement Notice” has the meaning set forth in Section 7.3.1 (Notice).

  1.54.“Inserm Agreement” has the meaning set forth in Section 9.5 (Publications).

  1.55.“Invoiced Sales” has the meaning set forth in the Section 1.75 (Net Sales).

  1.56.“Know-How” shall mean technical or scientific information, know-how, data, results, protocols, techniques, discoveries, inventions, specifications, designs, trade secrets, improvements and other information, including marketing or supply information and data, and information and data included or referenced in a Regulatory Documentation, whether or not protected by trade secret under Applicable Law, whether or not patentable.

  1.57.“Licensed Anemia Patents” means the Patents Controlled by Sanofi Kymab as of the Effective Date set forth on Schedule 1.57 (Licensed Anemia Patents).

  1.58.“Licensed Compound” means the specific anti-MTP2 monoclonal antibody internally referred to by Sanofi Kymab as KY1066 whose sequence is listed in Schedule 1.58 (KY1066 Sequence), (b) [***], and (c) any [***] clauses (a) and (b) [***].

  1.59.“Licensed Know-How” means the Know-How Controlled by Sanofi Kymab and its Affiliates as of the Effective Date set forth on Schedule 1.59 (Licensed Know-How). 

  1.60.“Licensed Platform Patents” means the Patents Controlled by Sanofi Kymab as of the Effective Date set forth on Schedule 1.60 (Licensed Platform Patents).

  1.61.“Licensed Product” means any pharmaceutical product containing a Licensed Compound as an active pharmaceutical ingredient, in any form, formulation, dose, or presentation, alone or in combination with one or more other active ingredients.

  1.62.“Licensed Product Patents” means the Patents Controlled by Sanofi Kymab as of the Effective Date set forth on Schedule 1.62 (Licensed Product Patents).

  1.63.“Licensee” has the meaning set forth in the preamble hereto.

   

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  1.64.“Licensee Indemnitees” has the meaning set forth in Section 11.2 (Indemnification of Licensee).

  1.65.“Losses” has the meaning set forth in Section 11.1 (Indemnification of Sanofi Kymab).

  1.66.“MAA” has the meaning set forth in Section 1.33 (Drug Approval Application).

  1.67.“Major Markets” has the meaning set forth in Section 3.2 (Development Diligence).

  1.68.“Manufacture” and “Manufacturing” means, with respect to a product, all activities related to the production, manufacture, processing, filling, finishing, packaging, labeling, shipping, holding, stability testing, quality assurance or quality control of such product or any intermediate thereof.

  1.69.“Market Approval” means an approval from a Regulatory Authority of the applicable Drug Approval Application for such Licensed Product by such Regulatory Authority.  

  1.70.“Milestone Event” means each of the Development and Regulatory Milestone Events identified as a milestone event in Section 6.2.1 (Development and Regulatory Milestones) and the Sales Milestone Events identified as a milestone event in Section 6.2.2 (Sales Milestones).

  1.71.“Milestone Payment” means each of the Development and Regulatory Milestone Payments identified in Section 6.2.1 (Development and Regulatory Milestones) and the Sales Milestone Payments identified in Section 6.2.2 (Sales Milestones).

  1.72.“Monetization” means the monetization of all or a portion of Sanofi Kymab’s rights to receive royalties and other related payments under this Agreement, including by means of a direct sale (through an auction process or otherwise) or a financing (through a borrowing of loans, an offering of securities or otherwise).

  1.73.“MTP2” means matriptase-2.

  1.74.“National Phase Entry” has the meaning set forth in Section 7.2.1 (Licensed Product Patents).

  1.75.“Net Sales” means, for any period, the gross amount invoiced by Licensee or any of its Affiliates or Sublicensees for the sale of a Licensed Product (the “Invoiced Sales”), less deductions for: (a) [***].

  [***]. 

  [***].

  Licensee’s, its Affiliates’ or its or their Sublicensees’ transfer of any Licensed Product to an Affiliate or Sublicensee shall not result in any Net Sales, unless such Licensed Product is consumed by such Affiliate or Sublicensee in the course of its commercial activities.

   

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  1.76.“Non-Controlling Party” has the meaning set forth in Section 7.4.1 (Defense of Third Party Claims).

  1.77.“NPE Counsel Transfer Date” has the meaning set forth in Section 7.2.1 (Licensed Product Patents).

  1.78.“NPE Countries” has the meaning set forth in Section 7.2.1 (Licensed Product Patents).

  1.79.“NPE Transfer Date” has the meaning set forth in Section 7.2.1 (Licensed Product Patents).

  1.80.“Party” and “Parties” each has the meaning set forth in the preamble hereto.

  1.81.“Patents” means (a) all national, regional and international patents and patent applications, including provisional patent applications, (b) all patent applications filed from any of the foregoing provisional patent applications in clause (a), (c) all patent applications that claim priority to any patent or patent applications in clause (a) or clause (b), including divisionals, continuations, continuations-in-part, provisionals, converted provisionals and continued prosecution applications, (d) any and all patents that have issued or in the future issue from any of foregoing patent applications in clause (a), clause (b) or clause (c), including utility models, petty patents and design patents and certificates of invention, and (e) any and all extensions or restorations by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including any supplementary protection certificates and the like) of any of the foregoing patents or patent applications in clause (a), clause (b), clause (c) or clause (d).

  1.82.“Payments” has the meaning set forth in Section 6.8 (Taxes).

  1.83.“Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision, department or agency of a government.

  1.84.“Phase 1 Clinical Study” means a Clinical Study of a Licensed Product (or the portion thereof in the case of a Phase 1/2 Clinical Study) that meets the definition of a Phase 1 study in the Clinical Trial Regulation EU No 536/2014 and for the United States as described in 21 C.F.R. §312.21(a), or its successor regulation, or the equivalent regulation in any other country

  1.85.“Phase 2 Clinical Study” means a Clinical Study of a Licensed Product (or the portion thereof in the case of a Phase 1/2 Clinical Study or Phase 2/3 Clinical Study) that meets the definition of a Phase 2 study in the Clinical Trial Regulation EU No 536/2014 and for the United States as described in 21 C.F.R. §312.21(b), or its successor regulation, or the equivalent regulation in any other country.

  1.86.“Phase 3 Clinical Study” means a Clinical Study of Licensed Product (or the portion thereof in the case of a Phase 2/3 Clinical Study) that meets the definition of a Phase 3 study in the Clinical Trial Regulation EU No 536/2014 and for the United States as described in 21 C.F.R. §312.21(c), or its successor regulation, or the equivalent regulation in any other country.

   

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  1.87.“Priority Review” means a review of a DAA by the applicable Regulatory Authority not later than six (6) months after the filing of DAA to such Regulatory Authority.

  1.88.“Priority Review Voucher” or “PRV” means a priority review voucher granted by the U.S. Secretary of Health and Human Services that entitles the holder of such voucher to Priority Review of a single human drug application submitted under Section 505(b)(1) of the FFDCA or a single biologic application submitted under Section 351(a) of the PHSA.

  1.89.“Product Trademarks” means the Trademark(s) to be used or that are used by Licensee or its Affiliates for the Commercialization of the Licensed Products in the Field in the Territory and any registrations thereof or any pending applications relating thereto in the Territory (excluding, in any event, any Trademarks that include any corporate name or logo of the Parties or their Affiliates).

  1.90.“Profit Sharing Arrangement” means a transaction in which Licensee and a proposed Sublicensee would share responsibility for Development and/or Manufacturing and/or Commercialization of one or more Licensed Compounds and/or Licensed Products in a country or region of the Territory, in which the financial terms of such arrangement would include a pre-determined allocation of profits and losses for on sales of Licensed Products in such country or region), in addition to or in lieu of the payment of fees, milestones payments, royalties, and sharing of Sublicense Income, and which may also include cost sharing as between Licensee and the proposed Sublicensee with respect to their respective for Development and/or Manufacturing and/or Commercialization activities with respect to Licensed Compounds and/or Licensed Products.

  1.91.“Receiving Party” has the meaning set forth in Section 9.1 (Confidentiality Obligations).

  1.92.“Regulatory Authority” means any applicable supra-national, federal, national, regional, state, provincial or local regulatory agencies, departments, bureaus, commissions, councils or other government entities regulating or otherwise exercising authority with respect to the Exploitation of a Licensed Compound or a Licensed Product in the Territory.

  1.93.“Regulatory Documentation” means all (a) applications (including all INDs and Drug Approval Applications), registrations, licenses, authorizations and approvals (including all Market Approvals), (b) correspondence and reports submitted to or received from Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory Authority) and all supporting documents with respect thereto, including all regulatory drug lists, advertising and promotion documents, Adverse Event files and complaint files.

  1.94.“Regulatory Exclusivity” means any period of data or market exclusivity granted or otherwise authorized in respect of a Licensed Product that prohibits a Person from (a) relying on safety or efficacy data generated by or on behalf of a Party with respect to such Licensed Product in an application for regulatory approval of a biosimilar product, or (b) Commercializing a Licensed Product, including any such period under the FFDCA, European Parliament and Council Regulations (EC) Nos. 726/2004, 141/2000 and 1901/2006, or national implementations of Article 10 of Directive 2001/83/EC, and all equivalents (in the United States, European Union or elsewhere) of any of the foregoing. A Patent is not a form of Regulatory Exclusivity.

   

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  1.95.“Royalty Term” means on a Licensed Product by Licensed Product and country-by-country basis, the period beginning on the date of the First Commercial Sale of such Licensed Product in such country, and ending on the latest to occur of: (a) the expiration of last Valid Claim of a Licensed Product Patent or Derived Patent; (b) the loss (solely to the extent not arising from any act or omission of Licensee, its Affiliate, Sublicensee or any Person acting on behalf of any of the foregoing) or expiration of Regulatory Exclusivity in such country for such Licensed Product; and (c) the [***] of the First Commercial Sale of such Licensed Product in such country.  

  1.96.“Sales Milestone Events” has the meaning set forth in Section 6.2.2 (Sales Milestones).

  1.97.“Sales Milestone Payments” has the meaning set forth in Section 6.2.2 (Sales Milestones).

  1.98.“Sanofi Kymab” has the meaning set forth in the preamble hereto.

  1.99.“Sanofi Kymab Indemnitees” has the meaning set forth in Section 11.1 (Indemnification of Sanofi Kymab).

  1.100.“Securities Regulator” is defined in Section 9.2.1 (Permitted Disclosures).

  1.101.“Service Provider” means a Third Party retained by Licensee, its Affiliate or Sublicensee, as applicable, to perform services on behalf of Licensee, its Affiliate or Sublicensee, as applicable. 

  1.102.“Sublicense Agreement” has the meaning set forth in Section 2.3

  1.103.“Sublicensee” means a Third Party to whom a Licensee, its Affiliate or Sublicensee, as applicable, has granted a sublicense in accordance with Section 2.3 for such Third Party to Exploit the Licensed Compounds and/or Licensed Products, and which rights may be limited to Development, Manufacture and/or Commercialization, as applicable.  

  1.104.“Sublicense Income” means all non-royalty payments including upfront fees, annual or maintenance license fees, development and/or regulatory and/or sales milestones (net of any amount due to Sanofi Kymab under Section 6.2 (Milestones) [***] event), received by Licensee from a Third Party as consideration of the grant of a sublicense pursuant to a Sublicense Agreement, but excluding (a) [***].

  1.105.“Start” means with respect to any Clinical Study the date upon which the first study subject receives a dose of any placebo, Licensed Product, or comparator product or adjunct therapy in such study.

  1.106.“Term” has the meaning set forth in Section 12.1 (Term).

  1.107.“Termination Notice Period” has the meaning set forth in Section 12.3 (Termination of this Agreement for Material Breach).

  1.108.“Territory” means all the countries and territories of the world.

   

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  1.109.“Third Party” means any Person other than Sanofi Kymab, Licensee and their respective Affiliates.

  1.110.“Third Party Claims” has the meaning set forth in Section 11.1 (Indemnification of Sanofi Kymab).

  1.111.“Third Party License” has the meaning set forth in Section 6.3.2(ii) (Third Party License).

  1.112.“Trademark” means any word, name, symbol, color, designation or device or any combination thereof that functions as a source identifier, including any trademark, trade dress, brand mark, service mark, trade name, brand name, logo or business symbol, whether or not registered.

  1.113.“Transfer Income” means all non-royalty payments including upfront fees, annual or maintenance license fees, development and/or regulatory and/or sales milestones (net of any amount due to Sanofi Kymab under Section 6.2 (Milestones) [***]), received by Licensee from a Third Party as consideration of the assignment (but not the sublicense) of the rights granted herein, but excluding (a) [***].

  1.114.“Transferred Materials” means the biological or chemical materials listed on Schedule 2.6 (Transferred Materials). 

  1.115.“Upfront Payment” has the meaning set forth in Section 6.1 (Upfront Payment).

  1.116.“Valid Claim” means, with respect to a particular country, (a) any claim of an issued and unexpired Patent in such country that (i) has not been held permanently revoked, unenforceable or invalid by a decision of a court or governmental agency of competent jurisdiction that is unappealable or unappealed within the time allowed for appeal and (ii) has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise in such country or (b) any claim of a pending Patent application that has not been abandoned or finally disallowed without the possibility of appeal or re-filing of the application; provided that the term “Valid Claim” shall exclude any such claim in such a pending application that has not been granted within seven (7) years following the earliest priority filing date for such claim (unless and until such claim is granted).

  ARTICLE 2
GRANT OF RIGHTS

  2.1.Grants.  Subject to the other terms and conditions of this Agreement, Sanofi Kymab hereby grants to Licensee (a) an exclusive license (including with regard to Sanofi Kymab and its Affiliates) under the Licensed Product Patents to Exploit the Licensed Compounds and Licensed Products in the Field in the Territory, (b) a non-exclusive license under the Licensed Platform Patents solely to Manufacture Licensed Compounds and Licensed Products, (c) a non-exclusive license to use the Licensed Know-How to Exploit the Licensed Compounds and Licensed Products in the Field in the Territory and (d) a non-exclusive license under the Licensed Anemia Patents to Exploit the Licensed Compounds and Licensed Products in the Field in the Territory.

   

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  2.2.Retention of Rights TC "2.2	Retention of Rights" \f C \l "2" . Sanofi Kymab retains on behalf of itself and its Affiliates: (a) the right to practice under the Licensed Platform Patents for all uses except to Manufacture Licensed Compounds and Licensed Products, (b) the right to practice under the Licensed Anemia Patents and (c) the right to use the Licensed Know-How and retain samples of Licensed Compounds in Sanofi Kymab’s compound library for [***], other than to Exploit any Licensed Product in the Field and in the Territory.

  2.3.Sublicenses TC "2.4	Sublicenses" \f C \l "2" .  Licensee shall have the right to sublicense its rights granted under Section 2.1 (Grants) to any of its Affiliates or any Third Party; provided that Licensee would structure the material terms of any proposed sublicense agreement so as to be substantially aligned to the material terms of this Agreement including with regard to triggers and tiers of Milestones and royalties to facilitate coherent calculation of all payments to Sanofi Kymab from Licensee including Sublicense Income; and further provided that in the event that Licensee intends to enter into any sublicense agreement which includes a Profit Sharing Arrangement, Licensee  may only do so with Sanofi Kymab’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Licensee will provide Sanofi Kymab with a copy of each sublicense agreement (a “Sublicense Agreement”) within [***] Business Days of execution, which may be redacted of any terms not relevant or otherwise necessary to confirm that such Sublicense Agreement is generally consistent with the material relevant terms of this Agreement. Licensee shall, notwithstanding any sublicense granted under any Sublicense Agreement, remain liable to Sanofi Kymab under this Agreement. Licensee shall not structure any Sublicense Agreement, either alone or in connection with other assets owned or controlled by Licensee and/or its Affiliate in a single transaction or series of related transactions, in order to minimize or avoid making payment to Sanofi Kymab of Sublicense Income generated by granting a sublicense of its rights hereunder that is required to be paid in accordance with the terms of this Agreement. For clarity, the terms of a Sublicense Agreement shall be deemed to be aligned and generally consistent with the relevant terms of this Agreement if the applicable terms of the Sublicense Agreement do not materially diminish either Sanofi Kymab’s rights and/or Licensee’s obligations, hereunder.  Further, if Rallybio seeks the consent of Sanofi Kymab to any Profit Sharing Arrangement or other Sublicense Agreement (including in circumstances when such consent is not otherwise required by this Agreement), Sanofi Kymab will not unreasonably withhold, condition or delay such consent, and Sanofi Kymab will use reasonable efforts to provide its response to such request for consent as soon as practicable after Licensee delivers notice requesting consent to Sanofi Kymab hereunder, but in any event Sanofi Kymab will respond to Licensee’s notice requesting consent no later than [***] calendar days following receipt of such notice; provided that if such notice is received in the months of August or December, then Sanofi Kymab will respond to Licensee’s notice requesting consent no later than [***] calendar days following receipt of such notice.

  2.4.No Implied Rights TC "2.6	No Implied Rights" \f C \l "2" .  Licensee and its Affiliates shall have no right, express or implied, with respect to any Patent, Know-How, materials, or other property Controlled by Sanofi Kymab or its Affiliates except as expressly provided in Section 2.1 (Grants).

  2.5.Disclosure of Licensed Know-How.  

  2.5.1.Sanofi Kymab shall disclose and make available to Licensee the Licensed Know-How listed on Schedule 1.59 (Licensed Know-How) as of the Effective Date within [***] calendar days after the Effective Date by granting the Licensee download rights to the data room from which the Licensed Know-How may be accessed. Licensee shall complete its 

   

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  download of such Licensed Know-How within [***] calendar days after having been granted download rights in accordance with the preceding sentence.

  2.5.2.[***].

  2.5.3.All Licensed Know-How will be provided in the format and the language in which it was created. 

  2.5.4.[***]. 

  2.6.Transferred Materials. Sanofi Kymab will deliver [***] the inventory of Transferred Materials listed on Schedule 2.6 (Transferred Materials) in a single shipment within ninety (90) calendar days after having received from Licensee all information necessary to deliver such Transferred Materials to Licensee (including without limitation, the Licensee’s preferred delivery address, contact name(s) and customs information), which Licensee shall provide to Sanofi Kymab within [***] calendar days after the Effective Date. Licensee shall pay Sanofi Kymab's invoice for all shipping costs, including insurance, customs duties and any transfer tax incurred in connection with the delivery of the Transferred Materials within [***] days of receipt thereof. Delivery of the Transferred Materials by Sanofi Kymab to Licensee shall not constitute a sale of the Transferred Materials. Licensee shall hold the Transferred Materials only as permitted under this Agreement as a bailee. Licensee may use the Transferred Materials solely to conduct non-clinical Development of Licensed Compounds and the Licensed Products.  Sanofi Kymab’s obligation to transfer the Transferred Materials pursuant to this Section 2.6 (Transferred Materials) is subject to any Third Party consent required in connection with such transfer, and if Licensee requests that the Parties seek such Third Party’s consent, the Parties agree to cooperate to seek such consent in a timely manner. Licensee acknowledges that the consent of any Third Party may not be granted unless and until Licensee and such Third Party enter into a separate agreement regarding the use of the Transferred Materials.

  2.7.Technical Assistance. Beginning on the Effective Date and continuing for [***] thereafter, Sanofi Kymab would answer Licensee’s reasonable technical questions regarding the Licensed Compounds, Licensed Product Patents, Licensed Know-How, and Transferred Materials to the extent such expertise is available within Sanofi Kymab and its Affiliates. Such technical assistance would be provided for no more than [***] during such [***] period. Following expiry of the initial [***] period of technical assistance, Sanofi Kymab may, at its sole discretion provide additional technical assistance requested by Licensee regarding the Licensed Compounds, Licensed Product Patents, Licensed Know-How, and Transferred Materials for no more than [***] during a [***] period, unless a greater number of hours is otherwise agreed, and Licensee would pay Sanofi Kymab [***] per full time equivalent. Licensee shall pay Sanofi Kymab for such technical assistance within [***] days of receipt of Sanofi Kymab’s invoice for such technical assistance. [***]. 

  ARTICLE 3
DEVELOPMENT AND REGULATORY

  3.1.Development.

  3.1.1.In General.  As between the Parties, Licensee has sole responsibility for Development of the Licensed Products in the Field in the Territory and such Development shall be at Licensee’s own cost and expense.

   

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  3.1.2.Development Plan.   An initial plan to Develop the Licensed Compounds and Licensed Products in the Field in the Territory is attached hereto as Schedule 3.1.2 (such plan and any updates thereto, the “Development Plan”). The Development Plan must contain sufficient detail as to unambiguously identify each of the Development or Regulatory Milestone Events that Licensee anticipates may be achieved during the next [***] months, provided, that, Sanofi Kymab agrees that the identification of a Development and Regulatory Milestone Event in the Development Plan and each Development report provided under Section 3.3 (Development Reports) is based on Licensee’s then-current estimate of when such Development and Regulatory Milestone Event may be achieved. The Development Plan is the Confidential Information of Licensee.    

  3.2.Development Diligence.  Licensee shall use Commercially Reasonable Efforts (itself or with or through its Affiliates and/or Sublicensees) to Develop and obtain Market Approval of at least one Licensed Product in at least one Indication in the Field in each of (i) the United States, (ii) any of France, Germany, Spain, or Italy, (iii) the United Kingdom, and (iv) Japan (collectively the “Major Markets”).

  3.3.Development Reports.  Licensee shall deliver to Sanofi Kymab a written annual report of its Development activities no later than [***] days after the end of each Calendar Year, which report shall include (a) an update, if any, to the then-current Development Plan including anticipated dates by which each of the Development and Regulatory Milestone Events are anticipated to occur in such Calendar Year, (b) a detailed summary of Development activities conducted during the reporting period Calendar Year (c) a detailed summary of all planned pre-clinical studies, Clinical Studies and regulatory submissions, and (d) the date upon which [***] as applicable. Each such Development report is the Confidential Information of Licensee.

  3.4.Subcontracting.  Licensee may retain Service Providers to conduct Development activities on its behalf provided that (a) Licensee shall oversee the performance by its Service Providers of the subcontracted Development activities, (b) Licensee shall remain liable to Sanofi Kymab in accordance with the terms of this Agreement for the performance of all Development activities conducted on behalf of Licensee hereunder, despite any such subcontracting, and (c) any agreement pursuant to which Licensee retains any Service Provider to perform Development activities must be in writing and must not be inconsistent with the relevant provisions of this Agreement.

  3.5.Compliance.  Licensee shall perform (and shall cause its Affiliates, Sublicensees and Service Providers to perform) all of its Development activities in compliance with the terms of this Agreement and all Applicable Laws.

  3.6.Regulatory Matters.

  3.6.1. TC "3.2	Regulatory Matters" \f C \l "2" Regulatory Responsibilities.  As between the Parties, Licensee shall be solely responsible for preparing, obtaining and maintaining Drug Approval Applications and any other Market Approvals and other submissions, and for conducting communications with the Regulatory Authorities, for any Licensed Product in the Territory at its cost and expense. As between the Parties, all Market Approvals in the Territory for any Licensed Product shall be owned by Licensee.

  ARTICLE 4
COMMERCIALIZATION

   

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  4.1.In General.  As between the Parties, Licensee has sole responsibility for Commercialization of the Licensed Products in the Field in the Territory and such Commercialization shall be at Licensee’s own cost and expense.  

  4.2.Commercialization Reports. Licensee shall deliver to Sanofi Kymab a written annual report of its Commercialization activities (a “Commercialization Report”), which shall be delivered within [***] days after the end of each Calendar Year; provided however that the first such report shall not be due until after the end of the year in which the first Development and Regulatory Milestone Event is achieved. Each Commercialization Report shall include (a) a detailed summary of Commercialization activities conducted during the prior Calendar Year including the date of First Commercial Sale of any Licensed Product in any country in the Territory, and (b) a detailed summary of all Commercialization activities planned for the next Calendar Year, including the anticipated date of First Commercial Sale of any Licensed Product in any country in the Territory and forecast of Net Sales of Licensed Products for the current and next Calendar Year. Sanofi Kymab agrees that the identification of any First Commercial Sale date for Licensed Product in a country in the Territory in a Commercialization Report provided under this Section 4.2 is based on Licensee’s then-current estimate of when and if such First Commercial Sale may occur. Licensee’s Commercialization Reports shall be the Confidential Information of Licensee. 

  4.3.Commercial Diligence TC "4.3	Diligence" \f C \l "2" .  Licensee shall use Commercially Reasonable Efforts to Commercialize each Licensed Product in each Major Market for which Market Approval has been granted for such Licensed Product in the Field.

  4.4.Compliance with Applicable Law TC "4.4	Compliance with Applicable Law" \f C \l "2" .  Licensee shall, and shall cause its Affiliates and Sublicensees to, comply with all Applicable Law with respect to the Commercialization of the Licensed Products.  

  4.5.Sales and Distribution TC "4.5	Sales and Distribution" \f C \l "2" .  As between the Parties, Licensee shall be solely responsible for invoicing and booking sales, establishing all terms of sale (including pricing and discounts) and warehousing and distributing the Licensed Products in the Field in the Territory and shall perform all related services, in each case, in a manner that does not violate the terms and conditions of this Agreement.  Licensee shall be solely responsible for handling all returns, recalls and withdrawals, order processing, invoicing and collection, distribution and inventory and receivables with respect to the Licensed Product in the Territory.  

  4.6.Subcontracting.  Licensee may retain Service Providers to conduct Commercialization activities on its behalf provided that (a) Licensee shall oversee the performance by its Service Providers of the subcontracted Commercialization activities, (b) Licensee shall remain liable to Sanofi Kymab in accordance with the terms of this Agreement for the performance of all Commercialization activities conducted on behalf of Licensee hereunder, despite any such subcontracting, and (c) any agreement pursuant to which Licensee retains any Service Provider to perform Commercialization activities must be in writing and must not be inconsistent with the relevant provisions of this Agreement.

   

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  ARTICLE 5
MANUFACTURE AND SUPPLY

  5.1.In General.  As between the Parties, Licensee has sole responsibility for Manufacture, including to have Manufactured, its entire supply of the Licensed Compounds and Licensed Products at its own cost and expense. 

  5.2.Subcontracting.  Licensee may retain Service Providers to conduct Manufacturing activities on its behalf provided that (a) Licensee shall oversee the performance by its Service Providers of the subcontracted Manufacturing activities, (b) Licensee shall remain liable to Sanofi Kymab in accordance with the terms of this Agreement for the performance of all Manufacturing activities conducted on behalf of Licensee hereunder, despite any such subcontracting, and (c) any agreement pursuant to which Licensee retains any Service Provider to perform Manufacturing must be in writing and must not be inconsistent with the relevant provisions of this Agreement.

  5.3.Compliance.  Licensee shall perform (and shall cause its Affiliates, Sublicensees and Service Providers to perform) all of its Manufacturing activities in a good scientific manner and in compliance with the terms of this Agreement and all Applicable Laws.

  ARTICLE 6
PAYMENTS

  6.1.Upfront Payment.  Licensee shall pay Sanofi Kymab an upfront payment of Three Million Dollars ($3,000,000.00) (the “Upfront Payment”), within ten (10) Business Days of receipt of Sanofi Kymab’s invoice therefore, which invoice shall be dated no earlier than the Effective Date. The Upfront Payment is not refundable or creditable against any other payments due hereunder.

  6.2.Milestones.  

  6.2.1.Development and Regulatory Milestones.  Licensee shall notify Sanofi Kymab of achievement of each of the development and regulatory milestone events described in the table below (the “Development and Regulatory Milestone Events”) within thirty (30) calendar days of achievement thereof by Licensee, its Affiliate or Sublicensee. Licensee shall pay Sanofi Kymab the following non-refundable, non-creditable development and regulatory milestone payments described in the table below for the applicable Development and Regulatory Milestone Events (“Development and Regulatory Milestone Payments”) within thirty (30) calendar days after receipt of invoice therefor from Sanofi Kymab, which invoice Sanofi Kymab shall provide to Licensee following Sanofi Kymab’s receipt of notice from Licensee of the achievement of the applicable Development and Regulatory Milestone Event in accordance with the preceding sentence.  Each  Development & Regulatory Milestones Payment shall be payable on an Indication-by-Indication basis for each of the first four Indications developed by Licensee, its Affiliates or Sublicensees, with respect to any Licensed Product to achieve the corresponding Development & Regulatory Milestones Event; provided that in respect of each Licensed Product, (i) for the first such Indication the applicable payment shall be the amount set forth below, (ii) for the second Indication the applicable payment shall be 50% of the amount set forth below, (iii) for the third Indication the applicable payment shall be 25% of the amount set forth below; and (iv) for the fourth Indication the applicable payment shall be 10% of the amount set forth below:

   

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	Development and Regulatory Milestone Events 
 
	Development and Regulatory Milestone Payments 

	1
	[***]
	 
$[***]

	2
	[***]
	$[***]

	3
	[***]
	$[***]

	4
	[***]
	$[***]

	5
	[***]
	$[***]

	6
	[***]
	$[***]

   

  In the event that Licensee, its Affiliate or Sublicensee, as applicable, combines a Phase 1 Clinical Study and a Phase 2 Clinical Study into a Phase 1/2 Clinical Study, then the Development Milestone Payments payable for the Start of a Phase 2 Clinical Study shall be payable at the Start of the Phase 2 portion of such Phase 1/2 Clinical Study.

  In the event that Licensee, its Affiliate or Sublicensee, as applicable, combines a Phase 2 Clinical Study and a Phase 3 Clinical Study into a Phase 2/3 Clinical Study, and the Development Milestone Payment payable for the Start of a Phase 2 Clinical Study has not been paid, then the Development Milestone Payments payable for each of the Start of a Phase 2 Clinical Study and a Phase 3 Clinical Study shall both be payable at the Start of such Phase 2/3 Clinical Study.

  Nothing in this Section 6.2.1 (Development and Regulatory Milestones) shall be construed as to limit or otherwise cap any payments owed to Sanofi Kymab under any other provision of this Agreement, including without limitation Section 6.5 (Sublicense Income; Transfer Income). 

   

  With respect to Development and Regulatory Milestone Events other than those for Market Approval in a country or region, if a latter event is achieved before an earlier event, then the Development and Regulatory Milestone Payment for the earlier Development and Regulatory Milestone Event shall become due and payable upon the achievement of the next Development and Regulatory Milestone. 

   

  6.2.2.Sales Milestones.  Licensee shall notify Sanofi Kymab of achievement of each Sales Milestone event described in the table below (each a “Sales Milestone Event”) by Licensee, its Affiliate or Sublicensee within sixty (60) calendar days of the end of the Calendar Year in which such Sales Milestone Event is first achieved. Licensee shall pay Sanofi Kymab the following non-refundable, non-creditable payments (each a “Sales Milestone Payments”), described in the table below within thirty (30) calendar days after receipt of invoice therefor from Sanofi Kymab, which invoice Sanofi Kymab shall provide to Licensee following Sanofi Kymab’s receipt of notice from Licensee of the achievement of the applicable Sales Milestone Event in accordance with the preceding sentence.  Each Sales Milestone Payment below is payable one time only.

   

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	Sales Milestone Events
 
	Sales Milestone Payments 

	A
	Aggregate Net Sales of all Licensed Products in the Territory in a Calendar Year exceed [***]
	[***]

	B
	Aggregate Net Sales of all Licensed Products in the Territory in a Calendar Year exceed [***]
	[***]

	C
	Aggregate Net Sales of all Licensed Products in the Territory in a Calendar Year exceed [***]
	[***]

   

  6.2.3.Determination that Milestone Events Have Occurred.  In the event that Licensee has not provided Sanofi Kymab notice of achievement of a particular Milestone Event as provided in Section 6.2.1 (Development and Regulatory Milestones) or Section 6.2.2 (Sales Milestones), and Sanofi Kymab believes that any such Milestone Event has been achieved then Sanofi Kymab shall so notify Licensee in writing and the Parties shall promptly meet and discuss in good faith whether such Milestone Event has been achieved. Any dispute under this Section 6.2 (Milestones) regarding whether or not a Milestone Event has been achieved shall be subject to resolution in accordance with Section 13.6 (Dispute Resolution).

  6.3.Royalties.

  6.3.1.Royalty Rates. Licensee shall pay Sanofi Kymab the applicable royalty set forth below on Net Sales of Licensed Products in the Territory for each Calendar Year (or partial Calendar Year) during the Royalty Term as follows: 

  		
	That portion of Net Sales of all Licensed Products in the Territory in a Calendar Year that is:
	Royalty rate 
 

	Less than $[***]
	[***]

	Equal to or greater than $[***] but  less than $[***]
	[***]

	Equal to or greater than $[***]
	[***]

   

  6.3.2.Adjustments to Royalties.

  (i)Absence of Valid Claim.  If during the Royalty Term a Licensed Product is sold in any country and such Licensed Product is not covered by a Valid Claim of a Licensed Product Patent or Derived Patent in such country, then the royalty rate on such Licensed Product in such country, shall be reduced by [***] of the rate specified in the table in Section 6.3.1 (Royalty Rates).

   

  (ii)Third Party License. On a Licensed Product-by-Licensed Product, Indication-by-Indication and country-by-country basis, (a) if Licensee must obtain a license from 

   

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  any Third Party to a Patent Controlled by such Third Party (a “Third Party License”) in order to Exploit such Licensed Product in such Indication in such country, then the royalty payment that would otherwise be due to Sanofi Kymab in any Calendar Quarter shall be reduced, on a Calendar Quarter-by-Calendar Quarter basis, by [***] of any royalty payment payable to such Third Party in such Calendar Quarter in consideration for such Third Party License. 

   

  6.3.3.Limitation on Royalty Adjustments.  Notwithstanding any provision to the contrary set forth in this Agreement, the royalty payments that would otherwise be due to Sanofi Kymab pursuant to Section 6.3.1 (Royalty Rates) with respect to a particular Calendar Quarter shall not be reduced by more than [***] by operation of Section 6.3.2(i) (Adjustments to Royalties).

  6.4.Payment Dates and Reports.  Royalty payments shall be made by Licensee within [***] calendar days after the end of each Calendar Quarter commencing with the Calendar Quarter in which the first day of the first Royalty Term for the first Licensed Product occurs.  Licensee shall also provide to Sanofi Kymab, at the same time each such payment is made, a report showing: (a) the Invoiced Sales and Net Sales of the Licensed Products by country in the Territory; (b) the calculation for any deductions from Invoiced Sales to Net Sales; (c) applicable royalty rates for the Licensed Products; (c) the exchange rates used in calculating any of the foregoing; (d) a calculation of the amount of royalty due to Sanofi Kymab, and (e) date of First Commercial Sale of each Licensed Product in each country within the Territory where Market Approval has been obtained. 

  6.5.Sublicense Income; Transfer Income.

  6.5.1.Sublicense Income. Licensee shall pay Sanofi Kymab the following percentage of all Sublicense Income received by Licensee as consideration for the grant of a sublicense of its rights under Section 2.1 (Grants) with respect to each Indication of any Licensed Product within thirty (30) calendar days after such Sublicense Income is received by Licensee: (a) [***] for any sublicense granted prior to [***]; (b) [***] for any sublicense granted after [***]; (c) [***] for any sublicense granted after [***]; and (d) [***] for any sublicense granted after [***].

  6.5.2.Transfer Income. Licensee shall pay Sanofi Kymab the following percentage of all Transfer Income received by  Licensee as consideration for the assignment of its rights under Section 2.1 (Grants) within thirty (30) calendar days after such Transfer Income is received by Licensee:  (a) [***] for any assignment executed prior to [***]; (b) [***] for any assignment executed after [***]; (c) [***] for any assignment executed after [***]; (d) [***] for any assignment executed after [***], and (e) [***] for any assignment executed after [***].

  6.6.Priority Review Voucher. [***].

  6.7.Mode of Payment; Current Conversion TC "6.5	Mode of Payment; Currency Conversion" \f C \l "2" .  

  (i)All payments to Sanofi Kymab under this Agreement shall be made by deposit of Dollars in the requisite amount to such bank account as Sanofi Kymab may from time to time designate on notice to Licensee.  

   

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  (ii)If any currency conversion shall be required in connection with any payment hereunder, then such conversion shall be made by using the arithmetic mean of the exchange rates for the purchase of Dollars as published in The Wall Street Journal, Eastern Edition, on the last Business Day of each month in the Calendar Quarter to which such payments relate.

  6.8.Taxes TC "6.6	Taxes" \f C \l "2" .    The upfront payment, milestone payments and other amounts payable by Licensee to Sanofi Kymab pursuant to this Agreement (“Payments”) shall not be reduced on account of any taxes unless required by Applicable Law.  Sanofi Kymab alone shall be responsible for paying any and all taxes (other than withholding taxes required by Applicable Law to be paid by Licensee) levied on account of, or measured in whole or in part by reference to, any Payments it receives.  Licensee shall deduct or withhold from the Payments any taxes that it is required by Applicable Law to deduct or withhold.  Notwithstanding the foregoing, if Sanofi Kymab is entitled under any applicable tax treaty to a reduction of rate of, or the elimination of, applicable withholding tax, it may deliver to Licensee or the appropriate governmental authority (with the assistance of Licensee to the extent that this is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve Licensee of its obligation to withhold tax, and Licensee shall apply the reduced rate of withholding, or dispense with withholding, as the case may be; provided that Licensee has received evidence, in a form reasonably satisfactory to Licensee, of Sanofi Kymab’s delivery of all applicable forms (and, if necessary, its receipt of appropriate governmental authorization) at least [***] calendar days prior to the time that the Payments are due.  If, in accordance with the foregoing, Licensee withholds any amount, it shall pay to Sanofi Kymab the balance when due, make timely payment to the proper taxing authority of the withheld amount and send to Sanofi Kymab proof of such payment within ten days following such payment.  Licensee shall be responsible for any sales or other similar tax that Sanofi Kymab may be required to collect with respect to the Payments. 

  6.9.Interest on Late Payments.  If any undisputed Payment due to Sanofi Kymab under this Agreement is not paid when due, then Licensee shall pay interest thereon and on any unpaid accrued interest (before and after any judgment) at an annual rate (but with interest accruing on a daily basis) of three hundred (300) basis points above the rate utilized by the United States Federal Reserve Bank, such interest to run from the date upon which payment of such amount became due until payment thereof in full together with such accrued interest.

  6.10.Financial Records.  Licensee shall, and shall cause its Affiliates and Sublicensees, to (a) keep complete and accurate books and records pertaining to the sale, delivery and use of the Licensed Products, including books and records of Invoiced Sales (including any deductions therefrom) and Net Sales of the Licensed Products in the Territory and (b) complete unredacted copies of all Sublicense Agreements and any Third Party License.  Licensee shall, and shall cause its Affiliates and Sublicensees to, retain such books and records, until the later of (3) three years after the end of the period to which such books and records pertain and the expiration of the applicable tax statute of limitations (or any extensions thereof), or for such longer period as may be required by Applicable Law.

  6.11.Audit TC "6.9	Audit" \f C \l "2" .  At the request of Sanofi Kymab, Licensee shall, and shall cause its Affiliates and Sublicensees to, permit an independent certified public accountant retained by Sanofi Kymab, at reasonable times and upon reasonable notice, to audit the books and records maintained pursuant to Section 6.10 (Financial Records). Licensee will provide to such independent certified public accountant complete unredacted copies of each Sublicense 

   

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  Agreement and Third Party License executed by Licensee, its Affiliate or Sublicensee in connection with any audit conducted under this Section 6.11 (Audit); provided that such copies remain with the independent certified public accountants for the sole purpose of such audits.  Such audits may not (a) be conducted for any Calendar Quarter more than three years after the end of such Calendar Quarter, (b) be conducted more than once in any 12-month period (unless a previous audit during such 12-month period revealed an underpayment of more than 5% with respect to such period or Licensee restates or revises such books and records for such 12-month period) or (c) be repeated for any Calendar Quarter.  Except as provided below, the cost of any audit shall be borne by Sanofi Kymab, unless the audit reveals an underpayment of more than 5% from the reported amounts, in which case Licensee shall reimburse Sanofi Kymab’s costs for the audit, and pay Sanofi Kymab’s invoice therefore within thirty (30) calendar days.  Unless disputed pursuant to Section 6.12 (Audit Dispute), if such audit concludes that additional payments are owed for the audited period, Licensee shall pay the additional amounts, with interest from the date originally due, within thirty (30) calendar days after the date on which Sanofi Kymab delivers the auditor’s findings to Licensee.

  6.12.Audit Dispute TC "6.10	Audit Dispute" \f C \l "2" .  In the event of a dispute over the results of any audit conducted pursuant to Section 6.11 (Audit), Sanofi Kymab and Licensee shall work in good faith to resolve such dispute.  If the Parties are unable to reach a mutually acceptable resolution of any such dispute within [***] calendar days, the dispute shall be submitted for arbitration to a certified public accounting firm selected by each Party’s certified public accountants or to such other Person as the Parties shall mutually agree (the “Accountant”) or failing such agreement, as the Chairman of the International Chamber of Commerce (or such other body as the Parties may mutually agree), may nominate.  The decision of the Accountant shall be final and the costs of such arbitration, as well as the initial audit, shall be borne between the Parties in such manner as the Accountant shall determine.  Not later than [***] calendar days after such decision and in accordance with such decision, Licensee shall pay the additional royalties, with interest from the date originally due.

  6.13.Confidentiality TC "6.11	Confidentiality" \f C \l "2" .  Sanofi Kymab shall treat all information provided by Licensee under this Article 6 (Payments) in accordance with Article 9 (Confidentiality and Non-Disclosure) and Sanofi Kymab shall cause any accountant retained by Sanofi Kymab pursuant to Section 6.11 (Audit) or the Accountant, as applicable, to enter into a confidentiality agreement that includes an obligation to retain all such financial information it receives from the Parties in confidence.

  ARTICLE 7
INTELLECTUAL PROPERTY

  7.1.Ownership of Arising Know-How.  As between the Parties, Licensee shall own and retain all right, title and interest in and to any and all Know-How that arises from, or is created or otherwise made by or on behalf of Licensee or its Affiliates or Sublicensees in performance of the exercise of the rights and licenses granted to Licensee pursuant to Section 2.1 (Grants).  Licensee shall have the sole right to prepare, file, prosecute, maintain, enforce and defend (including with respect to related interference, re-issuance, re-examination and opposition proceedings) any Patent claiming such arising Know-How, at its own cost and expense.

  7.2.Prosecution and Maintenance of Patents.  

   

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  7.2.1.Licensed Product Patents. Licensee shall have the first right to prepare, file, prosecute, maintain, enforce and defend (including with respect to related interference, re-issuance, re-examination and opposition proceedings) the Licensed Product Patents in the Territory, at its sole cost and expense, using outside counsel reasonably acceptable to Sanofi Kymab, and in any case, with reasonable care and skill; provided that (i) [***]; and (ii) [***]. If [***] plans to abandon any Licensed Product Patent in the Territory, Licensee shall notify Sanofi Kymab in writing at least [***] in advance of the due date of any payment or other action that is required to prosecute and maintain such Licensed Product Patent and all licenses under such Licensed Product Patent [***] and [***] shall thereafter have the sole right to prosecute, maintain, enforce and defend such Licensed Product Patent. [***].   

  7.2.2.Licensed Platform Patents; Licensed Anemia Patents. As between the Parties, Sanofi Kymab shall have the sole right, but not the obligation, to prepare, file, prosecute, maintain, enforce and defend (including with respect to related interference, re-issuance, re-examination and opposition proceedings) any Licensed Platform Patents in the Territory, at its sole cost and expense. As between the Parties, Sanofi Kymab shall have the sole right, but not the obligation, to prepare, file, prosecute, maintain, enforce and defend (including with respect to related interference, re-issuance, re-examination and opposition proceedings) any Licensed Anemia Patents in the Territory, at its sole cost and expense.

  7.2.3.Derived Patents.  Licensee shall have the sole right to prepare, file, prosecute, maintain, enforce and defend (including with respect to related interference, re-issuance, re-examination and opposition proceedings) any Derived Patent in the Territory, at its sole cost and expense.  Licensee shall notify Sanofi Kymab of any Derived Patents filed within thirty (30) calendar days of filing. To the extent necessary, Sanofi Kymab shall cooperate with Licensee to file Derived Patents, including by providing evidence of assignment of rights from Sanofi Kymab’s inventor employees. Licensee shall, where practicable, request such evidence in writing at least [***] days prior to the planned filling date of such Derived Patent.

  7.2.4.Patent Term Extension and Supplementary Protection Certificate.  Licensee shall have the sole right, but not the obligation, to apply for any patent term extensions, including supplementary protection certificates and any other extensions that are now or become available in the future, wherever applicable, with respect to the Licensed Product Patents in any country in the Territory at Licensee’s cost in Licensee’s name, or if required by applicable laws or regulations, in Sanofi Kymab’s or its Affiliate’s name as applicable, and Sanofi Kymab shall execute such authorizations and other documents and take such other actions as may be reasonably requested to obtain such patent term extensions. Licensee shall reimburse Sanofi Kymab for its costs and expenses associated therewith within thirty (30) calendar days of receipt of Sanofi Kymab’s invoice therefor. Notwithstanding the foregoing, in the event that Sanofi Kymab wishes Licensee to apply for a patent term extension or supplementary protection certificate with respect to any Licensed Product Patents in any country which Licensee does not itself intend to file, then Licensee will consider Sanofi Kymab’s request in good faith, and if Licensee agrees to Sanofi Kymab’s request, Sanofi Kymab shall reimburse Licensee for its costs and expenses associated therewith within thirty (30) calendar days of receipt of Licensee’s invoice therefore. Sanofi Kymab shall have the sole right, but not the obligation, to apply for any patent term extensions, including supplementary protection certificates and any other extensions that are now or become available in the future, wherever applicable, with respect to the Licensed Platform Patents and Licensed Anemia Patents and in connection with any pharmaceutical product that is not a Licensed Product.

   

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  7.3.Enforcement of Patents.

  7.3.1.Notice.  In the event either Party becomes aware of (a) any suspected infringement of any Licensed Product Patents or (b) any certification filed under the Hatch-Waxman Act claiming that any Licensed Product Patents are invalid or unenforceable or claiming that any Licensed Product Patents would not be infringed by the making, use, offer for sale, sale or import of a product for which an application under the Hatch-Waxman Act is filed, or any equivalent or similar certification or notice in any other jurisdiction in the Territory (each of clauses (a) and (b), an “Infringement”), such Party shall promptly notify the other Party and provide it with the details of such Infringement of which it is aware (each, an “Infringement Notice”); provided that each Party shall give the other Party an Infringement Notice not later than three (3) Business Days after it becomes aware of any Infringement described in clause (b) above.  

  7.3.2.Licensed Product Patents in the Territory.  Licensee shall have the first right, but not the obligation, through counsel of its choosing, to initiate an infringement action with respect to any Infringement of any Licensed Product Patents at its sole cost and expense.  Licensee may, subject to Section 2.3 (Sublicenses), grant the infringing Third Party a sublicense as Licensee deems appropriate.  If Licensee does not initiate such an infringement action within [***] calendar days (or twenty-five (25) calendar days in the case of any Infringement described in clause (b) of the definition thereof) of learning of such Infringement, or earlier notifies Sanofi Kymab in writing of its intent not to so initiate an action, and Licensee has not granted such infringing Third Party rights and licenses to continue its otherwise infringing activities, then Sanofi Kymab and Licensee shall discuss such matter in good faith to determine a course of action.  If the Parties are unable to agree on a course of action within thirty (30) calendar days, then Sanofi Kymab shall have the right, but not the obligation, to bring such an action.  [***].  

  7.3.3.Settlement.  The Party that controls the prosecution of a given Infringement claim pursuant to Section 7.3.2 (Licensed Product Patents in the Territory) also shall have the right to control settlement of such claim; provided that no settlement shall be entered into without the prior consent of the other Party if such settlement would adversely affect or diminish the rights or benefits of the other Party under this Agreement, or impose any new obligations or adversely affect any obligations of the other Party under this Agreement.

  7.3.4.Cooperation.  In the event a Party is entitled to and brings an infringement action in accordance with this Section 7.3 (Enforcement of Patents), the non-controlling Party shall provide reasonable assistance and cooperation, at the controlling Party’s cost, including being joined as a party plaintiff in such action, providing access to relevant documents and other evidence and making its employees available at reasonable business hours.  If a Party pursues an action against such alleged Infringement, then it shall consider in good faith any comments from the other Party and shall keep the other Party reasonably informed of any steps taken to preclude such infringement.

  7.3.5.Costs and Recovery.  Any damages or other amounts collected from any such Infringement action shall be first allocated to reimburse the Parties for their respective costs and expenses in making such recovery (which amounts shall be allocated pro rata if insufficient to cover the totality of such expenses).  Any remainder after such reimbursement is made shall (a) before the First Commercial Sale of the considered Licensed Product, be shared [***] for Sanofi Kymab and [***] for Licensee, or (b) after the First Commercial Sale of the considered Licensed Product, be included in the Net Sales calculation for such Licensed Product.

   

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  7.4.Infringement Claims by Third Parties.  

  7.4.1.Defense of Third Party Claims.  If a Third Party files a claim and asserts that a Patent or other intellectual property right owned or otherwise controlled by such Third Party is infringed by the Exploitation of the Licensed Products in the Field in the Territory, the Party first made aware of such a claim shall promptly provide the other Party written notice of such claim along with the related facts in reasonable detail.  Licensee shall have the first right, but not the obligation, to control the defense of such claim.  If Licensee fails to assume control of the defense of such claim within [***] calendar days after receiving notice thereof from, or giving notice thereof to, Sanofi Kymab pursuant to the first sentence of this Section 7.4.1 (Defense of Third Party Claims), then Sanofi Kymab shall have the right, but not the obligation, to defend against any such claim that is filed against Sanofi Kymab (but not Licensee).  Notwithstanding the foregoing, the Party controlling such defense (the “Controlling Party”) shall not be entitled to assert a claim or counterclaim against such Third Party based on the Patents or other intellectual property rights owned or otherwise controlled by the other Party (the “Non-Controlling Party”) without the prior written consent of the Non-Controlling Party, such consent not to be unreasonably conditioned, withheld or delayed. The Non-Controlling Party shall cooperate with the Controlling Party, at the Controlling Party’s reasonable request and expense, in any such defense and shall have the right, at its own expense, to be represented separately by counsel of its own choice in any such proceeding.

  7.4.2.Settlement of Third Party Claims.  The Controlling Party with respect to a particular claim pursuant to Section 7.4.1 (Defense of Third Party Claims) also shall have the right to control settlement of such claim; provided that (a) no settlement shall be entered into without the prior written consent of the Non-Controlling Party if such settlement would adversely affect or diminish the rights and benefits of the Non-Controlling Party under this Agreement, or impose any new obligations or adversely affect any obligations of the Non-Controlling Party under this Agreement, and (b) the Controlling Party shall not be entitled to settle any such claim by granting a license or covenant not to sue under or with respect to the Patents or other intellectual property rights owned or otherwise controlled by the Non-Controlling Party without the prior written consent of the Non-Controlling Party, such consent not to be unreasonably conditioned, withheld or delayed.  

  7.4.3.Allocation of Costs.  All costs and expenses relating to any defense, settlement and judgments in actions commenced pursuant to this Section 7.4 (Infringement Claims by Third Parties) shall be borne by the Party that incurs such cost.  

  7.5.Invalidity or Unenforceability Defenses or Actions.  

  7.5.1.Third Party Defense or Counterclaim.  

  (i)If a Third Party asserts, as a defense or as a counterclaim in any infringement action filed under Section 7.3 (Enforcement of Patents) or claim or counterclaim asserted under Section 7.4 (Infringement Claims by Third Parties), or in a declaratory judgment action or similar action or claim filed by such Third Party, that any Licensed Product Patent is invalid or unenforceable, then the Party pursuing such infringement action, or the Party first obtaining knowledge of such declaratory judgment action, as the case may be, shall promptly give written notice to the other Party.

   

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  (ii)Licensee shall have the first right, but not the obligation, through counsel of its choosing, at its sole cost and expense, to defend against such action. If Licensee fails to exercise its first right to control of the defense of such action (as it considers such Licensed Product Patent to no longer be of strategic value to it, its Affiliates or Sublicensees) within ninety (90) calendar days after receiving notice thereof from, or giving notice thereof to, then Sanofi Kymab shall have the right to defend such action, through counsel of its choosing, at its sole cost and expense, to defend against such action, and in such event under such Licensed Product Patents granted in Section 2.1 (Grants) shall terminate unless Licensee pays Sanofi Kymab [***] of the external costs incurred by Sanofi Kymab in defending such action.

  7.5.2.Assistance.  Each Party shall assist and cooperate with the other Party as such other Party may reasonably request from time to time in connection with its activities set forth in Section 7.5.1 (Third Party Defense or Counterclaim), including by providing access to relevant documents and other evidence and making its employees available at reasonable business hours; provided that neither Party shall be required to disclose legally privileged information unless and until procedures reasonably acceptable to such disclosing Party are in place to protect such privilege.  In connection with any such defense or claim or counterclaim, the Controlling Party shall consider in good faith any comments from the other Party and shall keep the other Party reasonably informed of any steps taken, and shall provide copies of all documents filed, in connection with such defense, claim or counterclaim.  In connection with the activities set forth in Section 7.5.1 (Third Party Defense or Counterclaim), each Party shall consult with the other as to the strategy for the defense of the Licensed Product Patents.  

  7.6.Third Party Licenses.  If Licensee obtains a license from any Third Party in order to Exploit a Licensed Product in the Field in the Territory, as between the Parties, Licensee shall be solely responsible for all license fees, milestones, royalties or other such payments due to such Third Party; provided however that Licensee may deduct from the payments it otherwise must pay to Sanofi Kymab under Section 6.3 (Royalties) the payments made to such Third Party if the conditions of Section 6.3.2(ii) (Third Party Licenses) are met.

  7.7.Product Trademarks.  

  7.7.1.Selection and Ownership of Product Trademarks.  Licensee shall have the right to select and own the Product Trademarks to be used with respect to the Exploitation of the Licensed Products in the Field in the Territory, at its costs and expense.

  7.7.2.Maintenance and Prosecution of Product Trademarks.  Licensee shall have sole control over and decision-making authority with respect to the registration, prosecution and maintenance of Product Trademarks, at its cost and expense.  

  7.7.3.Enforcement of Product Trademarks.  Licensee shall have the sole right to take action against a Third Party based on any alleged, threatened or actual infringement, dilution, misappropriation, or other violation of, or unfair trade practices or any other like offense relating to, the Product Trademarks by a Third Party in the Territory.  Licensee shall bear the costs and expenses relating to any enforcement action commenced pursuant to this Section 7.7.3 (Enforcement of Product Trademarks) and any settlements and judgments with respect thereto and shall retain any damages or other amounts collected in connection therewith.  

   

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  7.7.4.Third Party Claims.  Licensee shall have the sole right to defend against any alleged, threatened or actual claim by a Third Party that the use or registration of the Product Trademarks in the Territory infringes, dilutes, misappropriates or otherwise violates any Trademark or other right of such Third Party or constitutes unfair trade practices or any other like offense, or any other claims as may be brought by a Third Party against a Party in connection with the use of the Product Trademarks with respect to a Licensed Product in the Territory.  Licensee shall bear the costs and expenses relating to any defense commenced pursuant to this Section 7.7.4 (Third Party Claims) and any settlements and judgments with respect thereto, and shall retain any damages or other amounts collected in connection therewith.

  ARTICLE 8
PHARMACOVIGILANCE AND SAFETY

  8.1.Global Safety Database. tc “8.2	Global Safety Database.” \f C \l 2  Licensee shall set up, hold, and maintain (at Licensee’s sole cost and expense) the global safety database for the Licensed Products in the Territory. If required by Applicable Law, and on Sanofi Kymab’s request, Licensee shall grant Sanofi Kymab access to such global safety database for the Licensed Products or provide Sanofi Kymab with global safety data reports to comply with any such Applicable Law.

  8.2.Pharmacovigilance Agreement.  Where required by Applicable Law, the Parties shall execute a safety data exchange or other applicable pharmacovigilance agreement.

  ARTICLE 9
CONFIDENTIALITY AND Non-Disclosure

  9.1.Confidentiality Obligations.  At all times during the Term and for a period of [***] following termination or expiration of this Agreement, each Party shall, and shall cause its Affiliates and, in the case of Licensee as the Receiving Party its Sublicensees, and with respect to both Parties their respective officers, directors, employees and agents to, keep completely confidential (using not less than the efforts that such Receiving Party uses to maintain in confidence its own proprietary information of similar kind and value, but in no event less than a reasonable degree of effort) and not publish or otherwise disclose and not use, directly or indirectly, for any purpose, any Confidential Information furnished or otherwise made known to it, directly or indirectly, by the other Party, except to the extent such disclosure or use is expressly permitted by the terms of this Agreement or such use is reasonably necessary for the performance of its obligations or the exercise of its rights under this Agreement.  “Confidential Information” means any confidential or proprietary information Controlled and provided by one (1) Party or its Affiliates (the “Disclosing Party”) to the other Party or its Affiliates (the “Receiving Party”) under or in connection with this Agreement, including the terms of this Agreement or any information relating to the Licensed Products, any information relating to any Exploitation of the Licensed Products in the Territory or the scientific, regulatory or business affairs or other activities of either Party, regardless of whether any of the foregoing are marked “confidential” or “proprietary” or communicated to the other Party by or on behalf of the disclosing Party in oral, written, visual, graphic or electronic form. Notwithstanding the foregoing, Confidential Information shall not include any information that:

  9.1.1.is or hereafter becomes part of the public domain by public use, publication, general knowledge or the like through no wrongful act or omission on the part of the Receiving Party in breach of this Agreement; 

   

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  9.1.2.was obtained or was already known by the Receiving Party or any of its Affiliates without obligation of confidentiality as a result of disclosure from a Third Party that neither the Receiving Party nor any of its Affiliates knew was under an obligation of confidentiality to the Disclosing Party or any of its Affiliates with respect to such information;

  9.1.3.was previously or is subsequently received by the Receiving Party from a Third Party who is not bound by any obligation of confidentiality with respect to such information; or

  9.1.4.can be demonstrated by documentation or other competent evidence to have been independently developed by or for the Receiving Party without reference to the Disclosing Party’s Confidential Information.

  Specific aspects or details of Confidential Information shall not be deemed to be within the public domain or in the possession of the Receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of the Receiving Party.  Further, any combination of Confidential Information shall not be considered in the public domain or in the possession of the Receiving Party merely because individual elements of such Confidential Information are in the public domain or in the possession of the Receiving Party unless the combination and its principles are in the public domain or in the possession of the Receiving Party.

   

  9.2.Permitted Disclosures.  Each Receiving Party may disclose Confidential Information disclosed to it by the Disclosing Party to the extent that such disclosure by the Receiving Party is:

  9.2.1.necessary to comply with Applicable Law including disclosure that a Party is compelled to make in response to a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial and local governmental or regulatory body of competent jurisdiction (including prosecution or defense of litigation) if, in the reasonable opinion of the Receiving Party’s counsel, such disclosure is necessary for such compliance with Applicable Law; provided that the Receiving Party shall first have given notice, to the extent legally permitted, to the Disclosing Party and given the Disclosing Party a reasonable opportunity to quash such order and to obtain a protective order requiring that the Confidential Information and documents that are the subject of such order be held in confidence by such court or agency or, if disclosed, be used only for the purposes for which the order was issued; and provided, further, that if a disclosure order is not quashed or a protective order is not obtained, then the Confidential Information disclosed in response to such court or governmental order shall be limited to the information that is legally required to be disclosed in response to such court or governmental order;

  9.2.2.necessary to comply with the rules and regulations of the U.S. Securities and Exchange Commission (or any securities exchange in any jurisdiction in the Territory) applicable to a Party (each, a “Securities Regulator”), which disclosure is, in the reasonable opinion of the Receiving Party’s counsel, necessary for compliance with the requirements of such securities exchange, and, in connection therewith, each Party acknowledges and agrees that the other Party may submit this Agreement to, or file this Agreement with, such Securities Regulators, provided that if a Party intends to submit this Agreement to, or intends to file this Agreement with, any Securities Regulator, such Party agrees to engage in a reasonable 

   

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  consultation, on not less than [***], with the other Party with respect to the preparation and submission of a confidential treatment request for this Agreement or other Confidential Information related to this Agreement to be disclosed to such Securities Regulator;

  9.2.3.made by the Receiving Party to a Regulatory Authority as required in connection with any filing, application or request for Market Approval;

  9.2.4.made by the Receiving Party to file or prosecute Patent applications, prosecute or defend litigation or otherwise establish rights or enforce obligations under this Agreement;

  9.2.5.made by the Receiving Party to actual or prospective investors, acquirers, merger candidates, or, with respect to Sanofi Kymab as the Receiving Party, investors in connection with a Monetization (and to its and their respective Affiliates, representatives and financing sources); provided that (a) each such Third Party signs an agreement that contains obligations of confidentiality that are substantially similar to the Receiving Party’s obligations hereunder (except that the obligations under such agreement may, if executed within three years of the Effective Date, terminate five years after the effective date of such agreement, and if executed after the third anniversary of the Effective Date, terminate [***] after the effective date of such agreement, provided that for clarity, if no Confidential Information of the Disclosing Party is disclosed to such Third Party, then the termination date of such agreement may be shorter), and (b) each such Third Party to whom information is disclosed shall (i) be subject to reasonable obligations of confidentiality, (ii) be informed of the confidential nature of the Confidential Information so disclosed and (ii) agree to hold such Confidential Information subject to the terms thereof.

  9.3.Use of Name.  Except as expressly provided in this Agreement including Section 9.4 (Press Releases), neither Party shall mention or otherwise use the name, insignia, symbol or other Trademark of the other Party (or any abbreviation or adaptation thereof) in any publication, press release, marketing and promotional material or other form of publicity without the prior written approval of such other Party in each instance, such approval not to be unreasonably conditioned, withheld or delayed.  The restrictions imposed by this Section 9.3 (Use of Name) shall not prohibit either Party from making any disclosure (a) identifying the other Party as a counterparty to this Agreement to its investors, (b) that is required by Applicable Law or the requirements of a national securities exchange or another similar regulatory body (provided that any such disclosure shall be governed by this Article 9 (Confidentiality and Non-Disclosure)) or (c) with respect to which written consent has previously been obtained.  Further, the restrictions imposed on each Party under this Section 9.3 (Use of Name) are not intended, and shall not be construed, to prohibit a Party from identifying the other Party in its internal business communications, provided that any Confidential Information in such communications remains subject to this Article 9 (Confidentiality and Non-Disclosure).  

  9.4.Press Releases.  On or after the Effective Date, Licensee may issue a press release to announce this Agreement in substantially the form attached hereto as Schedule 9.4 (Initial Press Release). Except as otherwise permitted in accordance with the preceding sentence or Section 9.2 (Permitted Disclosures), no Party shall issue any press release or other similar public communication relating to this Agreement, its subject matter or the transactions covered by it, or the activities of the Parties under or in connection with this Agreement, without the prior written approval of the other Party. If a Party wishes to issue any press release or other similar public communication relating to this Agreement, its subject matter or the transactions covered by it, or 

   

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  the activities of the Parties under or in connection with this Agreement, then such Party shall provide the other Party reasonable opportunity to review and comment on any such press release or public communication at least [***] Business Days in advance thereof (to the extent permitted under Applicable Law), and further provided that the period of review and comment shall notwithstanding the foregoing be [***] Business Days during the months of August and December, and the issuing Party shall act in good faith to incorporate any comments provided by the other Party on such press release or public communication. This Section 9.4 (Press Releases) shall not apply with respect to (a) information that has been previously disclosed by any Party publicly or (b) disclosure of development, regulatory, or commercial progress by Licensee, its Affiliate or Sublicensee; provided that with respect to (b), such proposed disclosure would not conflict with Licensee’s obligations under Section 9.3 (Use of Names)

  9.5.Publications.  

  9.5.1.As between the Parties, and subject to Section 9.5.2, [***] may and shall have sole right to issue, disclose, release, or otherwise publish scientific information regarding the subject matter of this Agreement, including with respect to the Licensed Compounds. Any publication of papers regarding the Licensed Compounds made by or on behalf of [***] shall, acknowledge the contributions of [***] according to standard practice for assigning scientific credit, either through authorship or acknowledgement, as may be appropriate. 

  9.5.2.[***].

  9.6.Destruction of Confidential Information.  Within ninety (90) days after the termination of this Agreement, or at the written request of the Disclosing Party, the Receiving Party shall promptly destroy all documentary, electronic or other tangible embodiments of the Disclosing Party’s Confidential Information to which the Receiving Party does not retain rights hereunder and any and all copies thereof, and destroy those portions of any documents that incorporate or are derived from the Disclosing Party’s Confidential Information to which the Receiving Party does not retain rights hereunder, and provide a written certification of such destruction, except that the Receiving Party may retain one (1) copy thereof, to the extent that the Receiving Party requires such Confidential Information for the purpose of performing any obligations or exercising any rights under this Agreement that may survive such expiration or termination, or for archival or compliance purposes.  Notwithstanding the foregoing, the Receiving Party also shall be permitted to retain such additional copies of or any computer records or files containing the Disclosing Party’s Confidential Information that have been created solely by the Receiving Party’s automatic archiving and back-up procedures, to the extent created and retained in a manner consistent with the Receiving Party’s standard archiving and back-up procedures, but not for any other use or purpose.

  ARTICLE 10
REPRESENTATIONS AND WARRANTIES

  10.1.Mutual Representations and Warranties.  Each Party hereby represents and warrants to the other Party as of the Effective Date as follows:

  10.1.1.Corporate Authority.  Such Party (a) has the power and authority and the legal right to enter into this Agreement and perform its obligations hereunder, (b) has taken all necessary action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder, and (c) is duly organized and validly existing 

   

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  under the Applicable Law of its jurisdiction of incorporation and it has full corporate power and authority and has taken all corporate action necessary to enter into and perform this Agreement.  This Agreement has been duly executed and delivered by such Party and constitutes a legal, valid and binding obligation of such Party and is enforceable against it in accordance with its terms subject to the effects of bankruptcy, insolvency or other laws of general application affecting the enforcement of creditor rights and judicial principles affecting the availability of specific performance and general principles of equity, whether enforceability is considered in a proceeding at law or equity.

  10.1.2.Conflicts.  The execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of Applicable Law or any provision of the articles of incorporation or bylaws of such Party in any material way and (b) do not conflict with, violate or breach or constitute a default or require any consent under, any contractual obligation or court or administrative order by which such Party is bound.

  10.2.Representations, Warranties and Covenants of Sanofi Kymab.  Sanofi Kymab represents and warrants to Licensee, as of the Effective Date: 

  10.2.1.Patents.  

  (i)Sanofi Kymab or its Affiliates own, and Sanofi Kymab Controls, the Patents set forth in Schedule 1.57 (Licensed Anemia Patents). 

  (ii)Sanofi Kymab or its Affiliates own, and Sanofi Kymab Controls, the Patents set forth in Schedule 1.60 (Licensed Platform Patents). 

  (iii)Sanofi Kymab Controls the Patents set forth in Schedule 1.62 (Licensed Product Patents) and to the knowledge of those specific Sanofi Kymab personnel having responsibility for the management of Licensed Product Patents Sanofi Kymab and its Affiliates are the sole and exclusive owners of such Patents free and clear of all liens, charges or encumbrances. 

  (iv)To the knowledge of Sanofi Kymab or its Affiliates’   personnel having responsibility for the management of Licensed Product Patents, Schedule 1.62 (Licensed Product Patents) sets forth a complete and accurate list of the Patents that Sanofi Kymab  and its Affiliates filed prior to the Effective Date which claim the Back-up Sequences and/or the KY1066 Sequence.

  (v)To the knowledge of those specific Sanofi Kymab personnel having responsibility for the management of Licensed Product Patents, (a) the Licensed Product Patents have been diligently prosecuted in the respective patent offices in the Territory in accordance with Applicable Law, and (b) all applicable fees payable to a patent office related to Licensed Product Patents have been paid on or before the due date for such payments.

  10.2.2.Licensed Know-How. Sanofi Kymab or its Affiliates Controls the Know-How set forth in Schedule 1.59 (Licensed Know-How).

  10.2.3.Transferred Materials. Sanofi Kymab or its Affiliates Controls the materials set forth in Schedule 2.6 (Transferred Materials).

   

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  10.2.4.License.  Sanofi Kymab has the right to grant the licenses and rights granted to Licensee hereunder on its own behalf and on behalf of its Affiliates.

  10.2.5.Third Party Claims. To the knowledge of those specific Sanofi Kymab or its Affiliates’ personnel having responsibility for such matters, Sanofi Kymab and its Affiliates have not received any written notice of any claim made by any Person (other than a governmental authority, e.g. a patent office such as the European Patent Office or the United States Patent and Trademark Office) against Sanofi Kymab or its Affiliates that alleges that any Licensed Product Patent is invalid or unenforceable.

  10.3.Representations, Warranties and Covenants of Licensee TC "10.2	Representations, Warranties and Covenants of Opiant" \f C \l "2" .  Neither Licensee nor any of its Affiliates has been debarred or is subject to debarment and neither Licensee nor any of its Affiliates will use in any capacity, in connection with the activities to be performed under this Agreement, any Person who has been debarred pursuant to Section 306 of the FFDCA or who is the subject of a conviction described in such section.  Licensee shall inform Sanofi Kymab in writing promptly if it or any Person who is performing activities hereunder is debarred or is the subject of a conviction described in Section 306 or if any action, suit, claim, investigation or legal or administrative proceeding is pending or, to the best of Licensee’s knowledge, is threatened, relating to the debarment or conviction of Licensee or any Person performing activities hereunder. 

  10.4.DISCLAIMER OF WARRANTY. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN SECTION 10.1 (MUTUAL REPRESENTATIONS AND WARRANTIES) AND 10.2 (REPRESENTATIONS, WARRANTIES AND COVENANTS OF SANOFI KYMAB), NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTY, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND SANOFI KYMAB SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE WITH RESPECT TO THE TRANSFERRED MATERIALS OR PURPOSE OR ANY WARRANTY AS TO FREEDOM TO OPERATE OR THE VALIDITY OF ANY LICENSED PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.  

  10.5.ADDITIONAL WAIVER TC "10.4	ADDITIONAL WAIVER" \f C \l "2" . LICENSEE ACKNOWLEDGES THAT THE LICENSED PATENTS, LICENSED KNOW-HOW AND TRANSFERRED MATERIALS WERE ACQUIRED THROUGH A TRANSACTION RELATED TO ASSETS UNRELATED TO THE SUBJECT MATTER OF THIS AGREEMENT, AND THEREFORE, LICENSEE AGREES THAT EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN SECTION 10.1 (MUTUAL REPRESENTATIONS AND WARRANTIES) AND 10.2 (REPRESENTATIONS, WARRANTIES AND COVENANTS OF SANOFI KYMAB):  (A) THE LICENSED PATENTS ARE LICENSED “AS IS,” “WITH ALL FAULTS,” AND “WITH ALL DEFECTS,” AND LICENSEE EXPRESSLY WAIVES ALL RIGHTS TO MAKE ANY CLAIM WHATSOEVER AGAINST SANOFI KYMAB FOR MISREPRESENTATION OR FOR BREACH OF PROMISE, GUARANTEE OR WARRANTY OF ANY KIND RELATING TO THE LICENSED PATENTS; (B) LICENSEE AGREES THAT SANOFI KYMAB will have no liability to LICENSEE for any act or omission in the preparation, filing, prosecution, maintenance, enforcement, DEFENCE or other handling of the LICENSED Patents; (C) LICENSEE is solely responsible for determining whether the Licensed PRODUCT Patents have 

   

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  applicability or utility in LICENSEE’s CONTEMPLATED EXPLOITATION OF ANY LICENSED PRODUCT, and LICENSEE assumes all risk and liability THAT RESULTS FROM such determination; (D) SANOFI KYMAB MAKES NO REPRESENTATION OR WARRANTY AS TO THE COMPLETENESS OF the licensed know-how; (e) LICENSEE is solely responsible for determining whether the Licensed KNOW-HOW HAS applicability or utility in LICENSEE’s CONTEMPLATED EXPLOITATION OF ANY LICENSED PRODUCT, and LICENSEE assumes all risk and liability in connection with such determination; (f) THE TRANSFERRED MATERIALS ARE PROVIDED “AS IS,” “WITH ALL FAULTS,” AND “WITH ALL DEFECTS,” AND LICENSEE EXPRESSLY WAIVES ALL RIGHTS TO MAKE ANY CLAIM WHATSOEVER AGAINST SANOFI KYMAB FOR CLAIM AS TO THE QUALITY OF FITNESS FOR A PARTICULAR PURPOSE OF THE transferred materialS; (g) LICENSEE AGREES THAT SANOFI KYMAB shall have no liability to LICENSEE for the use of the TRANSFERRED MATERIALS, which materials shall be used soley for non-clinical purposes and Licensee acknowleges that use of the transferred materials in humans is expressly prohibited; (h) LICENSEE is solely responsible for determining whether the transferred MATERIALS have applicability or utility in LICENSEE’s CONTEMPLATED EXPLOITATION OF any LICENSED PRODUCT, and LICENSEE assumes all risk and liability in connection with such determination.

  ARTICLE 11 
Indemnity

  11.1.Indemnification of Sanofi Kymab.  Licensee shall indemnify Sanofi Kymab, its Affiliates and its and their respective directors, officers, employees and agents (collectively, “Sanofi Kymab Indemnitees”), and defend and save each of them harmless, from and against any and all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) in connection with any and all suits, investigations, claims or demands of Third Parties (collectively, “Third Party Claims”) arising from or occurring as a result of: (a) the breach by Licensee of any term of this Agreement, (b) the gross negligence or willful misconduct on the part of any Licensee Indemnitee, or (c) the Exploitation of any Licensed Compounds or Licensed Products by or on behalf of Licensee or any of its Affiliates; provided that, with respect to any Third Party Claim for which Licensee has an obligation to any Sanofi Kymab Indemnitee pursuant to this Section 11.1 (Indemnification of Sanofi Kymab) and Sanofi Kymab has an obligation to any Licensee Indemnitee pursuant to Section 11.2 (Indemnification of Licensee), each Party shall indemnify each of the Sanofi Kymab Indemnitees or the Licensee Indemnitees, as applicable, for its Losses to the extent of its responsibility, relative to the other Party.

  11.2.Indemnification of Licensee.  Sanofi Kymab shall indemnify Licensee, its Affiliates and its and their respective directors, officers, employees and agents (collectively, “Licensee Indemnitees”), and defend and save each of them harmless, from and against any and all Losses in connection with any and all Third Party Claims arising from or occurring as a result of: (a) the breach by Sanofi Kymab of this Agreement and (b) the gross negligence or willful misconduct on the part of any Sanofi Kymab Indemnitee; provided that, with respect to any Third Party Claim for which Sanofi Kymab has an obligation to any Licensee Indemnitee pursuant to this Section 11.2 (Indemnification of Licensee) and Licensee has an obligation to any Sanofi 

   

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  Kymab Indemnitee pursuant to Section 11.1 (Indemnification of Sanofi Kymab), each Party shall indemnify each of the Sanofi Kymab Indemnitees or the Licensee Indemnitees, as applicable, for its Losses to the extent of its responsibility, relative to the other Party.  

  11.3.Notice of Claim.  All indemnification claims in respect of a Sanofi Kymab Indemnitee or a Licensee Indemnitee shall be made solely by Sanofi Kymab or Licensee, as applicable (each of Sanofi Kymab or Licensee in such capacity, the “Indemnified Party” and the Party having the indemnification obligation under this Agreement, the “Indemnifying Party”).  The Indemnified Party shall give the Indemnifying Party prompt written notice (an “Indemnification Claim Notice”) of any Losses or discovery of fact upon which such Indemnified Party intends to base a request for indemnification under Section 11.1 (Indemnification of Sanofi Kymab) or Section 11.2 (Indemnification of Licensee), but in no event shall the Indemnifying Party be liable for any Losses that result from any delay in providing such notice other than in the event such delay materially prejudices the Indemnifying Party’s ability to defend the applicable claim.  Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount of such Loss is known at such time).  The Indemnified Party shall furnish promptly to the Indemnifying Party copies of all papers and official documents received in respect of any Losses and Third Party Claims.  

  11.4.Control of Defense.  

  11.4.1.Control of Defense.  The Indemnifying Party shall assume the defense of any Third Party Claim by giving written notice to the Indemnified Party within thirty (30) days after the Indemnifying Party’s receipt of an Indemnification Claim Notice.  The assumption of the defense of a Third Party Claim by the Indemnifying Party shall not be construed as an acknowledgment that the Indemnifying Party is liable to indemnify any Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, in respect of the Third Party Claim, nor shall it constitute a waiver by the Indemnifying Party of any defenses it may assert against a Sanofi Kymab Indemnitee’s or a Licensee Indemnitee’s, as applicable, claim for indemnification.  Upon assuming the defense of a Third Party Claim, the Indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the Indemnifying Party.  In the event the Indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party shall immediately deliver to the Indemnifying Party all original notices and documents (including court papers) received by any Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, in connection with the Third Party Claim.  If the Indemnifying Party assumes the defense of a Third Party Claim, except as provided in Section 11.4.2 (Right to Participate in Defense), the Indemnifying Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party or any Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, in connection with the analysis, defense or settlement of such Third Party Claim.  In the event that it is ultimately determined that the Indemnifying Party is not obligated to indemnify, defend or hold harmless a Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, from and against a Third Party Claim, the Indemnified Party shall reimburse the Indemnifying Party for any and all costs and expenses (including attorneys’ fees and costs of suit) incurred by the Indemnifying Party in its defense of such Third Party Claim.  

  11.4.2.Right to Participate in Defense.  Without limiting Section 11.4.1 (Control of Defense), any Indemnified Party shall be entitled to participate in, but not control, the defense of a Third Party Claim and to employ counsel of its choice for such purpose; provided that such employment of counsel shall be at the Indemnified Party’s own expense unless (a) the 

   

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  employment of counsel thereof has been specifically authorized by the Indemnifying Party in writing, (b) the Indemnifying Party has failed to assume the defense and employ counsel in accordance with Section 11.4.1 (Control of Defense) (in which case the Indemnified Party shall control the defense) or (c) the interests of the Indemnified Party and any Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, on the one hand, and the Indemnifying Party, on the other hand, with respect to such Third Party Claim are sufficiently adverse to prohibit the representation by the same counsel of all such Persons under Applicable Law, ethical rules or equitable principles.  

  11.4.3.Settlement.  With respect to any Third Party Claims relating solely to the payment of money damages in connection with a Third Party Claim that shall not result in any Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, becoming subject to injunctive or other relief or otherwise adversely affecting the business of any Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, in any manner and as to which the Indemnifying Party shall have acknowledged in writing the obligation to indemnify such Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, hereunder, the Indemnifying Party shall have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Third Party Claim, on such terms as the Indemnifying Party, in its sole discretion, shall deem appropriate.  With respect to all other Third Party Claims not described in the preceding sentence, where the Indemnifying Party has assumed the defense of the Third Party Claim in accordance with Section 11.4.1 (Control of Defense), the Indemnifying Party shall have authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Third Party Claim, provided that it obtains the prior written consent of the Indemnified Party (such consent not to be unreasonably conditioned, withheld or delayed).  The Indemnifying Party shall not be liable for any settlement or other disposition of a Third Party Claim by a Sanofi Kymab Indemnitee or a Licensee Indemnitee that is reached without the prior written consent of the Indemnifying Party.  Regardless of whether the Indemnifying Party chooses to defend or prosecute any Third Party Claim, the Indemnified Party shall not, and the Indemnified Party shall ensure that each Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, does not, admit any liability with respect to or settle, compromise or discharge, any Third Party Claim without the prior written consent of the Indemnifying Party, such consent not to be unreasonably conditioned, withheld or delayed.  

  11.4.4.Cooperation.  The Indemnified Party shall, and shall cause each Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, to cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, provide such witnesses and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith.  Such cooperation shall include access during normal business hours afforded to the Indemnifying Party to, and reasonable retention by the Indemnified Party and any Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable, of, records and information that are reasonably relevant to such Third Party Claim, and making all Sanofi Kymab Indemnitees or Licensee Indemnitees, as applicable, and other employees and agents available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder; provided that neither Party shall be required to disclose legally privileged information unless and until procedures reasonably acceptable to such Party are in place to protect such privilege, and the Indemnifying Party shall reimburse the Indemnified Party for all its reasonable costs and expenses in connection therewith.

  11.4.5.Expenses.  Except as provided above, the costs and expenses, including fees and disbursements of counsel, incurred by the Indemnified Party in connection with any Third Party Claim (such as providing witnesses for such Third Party Claim) shall be 

   

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  reimbursed on a Calendar Quarter basis by the Indemnifying Party, without prejudice to the Indemnifying Party’s right to contest any Sanofi Kymab Indemnitee’s or Licensee Indemnitee’s, as applicable, right to indemnification and subject to refund in the event the Indemnifying Party is ultimately held not to be obligated to indemnify a Sanofi Kymab Indemnitee or Licensee Indemnitee, as applicable. 

  11.5.Limitation on Damages and Liability.  EXCEPT IN CIRCUMSTANCES OF GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT BY A PARTY OR ITS AFFILIATES (OR, IN THE CASE OF LICENSEE, ITS SUBCONTRACTORS OR SUBLICENSEES), OR WITH RESPECT TO A BREACH OF ARTICLE 9 (CONFIDENTIALITY AND NON-DISCLOSURE), NEITHER PARTY NOR ANY OF THEIR RESPECTIVE AFFILIATES SHALL BE LIABLE FOR SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, OR FOR LOST PROFITS OR LOST REVENUE, WHETHER IN CONTRACT, WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHERWISE, ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT, EVEN IF SUCH PARTY HAS BEEN INFORMED OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.

  11.6.Insurance. Licensee shall, and shall cause its Affiliates to, have and maintain such type and amounts of liability insurance covering the Exploitation of the Licensed Products as is normal and customary in the pharmaceutical industry generally for parties similarly situated, and shall upon request provide Sanofi Kymab with a copy of its policies of insurance in that regard, along with any amendments and revisions thereto.  Maintenance of such insurance coverage shall not relieve Licensee of any responsibility under this Agreement for damages in excess of insurance limits or otherwise.

  ARTICLE 12
Term and Termination

  12.1.Term.  This Agreement shall commence on the Effective Date and shall, unless earlier terminated in accordance with this Article 12 (Term and Termination), continue (a) with respect to each Licensed Product in each country in the Territory, until the expiration of the Royalty Term for such Licensed Product in such country and (b) with respect to this Agreement in its entirety, until the expiration of the Royalty Term for the last Licensed Product for which there has been a First Commercial Sale in the Territory (such period, the “Term”).  Upon expiry of the Royalty Term in any country, Licensee’s license with respect to the applicable Licensed Product in such country shall become fully paid-up, perpetual and irrevocable.

  12.2.Termination for Convenience.  Licensee may terminate this Agreement, for any reason or no reason, upon [***] prior notice to Sanofi Kymab.

  12.3.Termination of this Agreement for Material Breach TC "12.2	Termination of this Agreement for Material Breach" \f C \l "2" .  In the event that a Party materially breaches this Agreement (such Party, the “Breaching Party”), the other Party (the “Complaining Party”) may in addition to any other right and remedy it may have, terminate this Agreement, upon [***] prior written notice (the “Termination Notice Period”) to the Breaching Party, which notice shall specify the material breach and its claim of right to terminate; provided that the termination shall not become effective at the end of the Termination Notice Period if the Breaching Party cures the material breach complained of during the Termination Notice Period , except in the case of a payment breach, as to which the Breaching Party shall have only a [***] 

   

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  cure period; and further provided however that the Complaining Party will not unreasonably withhold its consent to extend the Termination Notice Period if so requested in writing by the Breaching Party, for so long as the Executive Officers of each Party are engaged in discussions in accordance with Section 13.6 (Dispute Resolution).

  12.4.Termination by Sanofi Kymab for Patent Challenge TC "12.3	Termination by Sanofi" \f C \l "2" . 

  12.4.1.In the event that Licensee or any of its Affiliates anywhere in the Territory, institutes, prosecutes or otherwise participates in (or in any way aids any Third Party in instituting, prosecuting or participating in), at law or in equity before any court or administrative or regulatory body, including the U.S. Patent and Trademark Office or its foreign counterparts, any claim, demand, action or cause of action for declaratory relief, damages or any other remedy or for an enjoinment, injunction or any other equitable remedy, including any interference, re-examination, opposition or any similar proceeding, alleging in such proceeding that any claim in a Licensed Product Patent or a Licensed Platform Patent or a Licensed Anemia Patent (a) is invalid, unenforceable or otherwise not patentable or (b) would not be infringed by Licensee’s activities contemplated by this Agreement absent the rights and licenses granted hereunder Sanofi Kymab may terminate this Agreement immediately upon written notice to Licensee. 

  12.4.2.In the event that Sanofi Kymab or its Affiliate initiates a claim, demand, action or cause of action against Licensee or its Affiliates under this Agreement, including without limitation, pursuant to Section 6.12 (Audit Dispute) or Section 12.3 (Termination of this Agreement for Material Breach), Licensee and its Affiliates may notwithstanding Section 12.4.1, assert as a defence, counterclaim or other defensive countermeasure in such proceeding that a Licensed Product Patent or a Licensed Platform Patent or a Licensed Anemia Patent would not be infringed by Licensee’s activities contemplated by this Agreement absent the rights and licenses granted hereunder, and in such case, Sanofi Kymab shall have no right to terminate this Agreement under this Section 12.4.

  12.5.Termination Upon Insolvency TC "12.4	Termination Upon Insolvency" \f C \l "2" .  Sanofi Kymab may terminate this Agreement if, at any time, Licensee (a) files in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of such other Party or of its assets, (b) proposes a written agreement of composition or extension of its debts, (c) is served with an involuntary petition against it, filed in any insolvency proceeding that is not dismissed within sixty (60) calendar days after the filing thereof, (d) proposes or is a party to any dissolution or liquidation, or (e) makes an assignment for the benefit of its creditors.

  12.6.Rights in Bankruptcy TC "12.5	Rights in Bankruptcy" \f C \l "2" .  All rights and licenses granted under or pursuant to this Agreement by Sanofi Kymab are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code.  The Parties agree that Licensee, as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code.  The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against Sanofi Kymab under the U.S. Bankruptcy Code, Licensee shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not already in Licensee’s possession, shall be promptly delivered 

   

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  to it (a) upon any such commencement of a bankruptcy proceeding upon Licensee’s written request therefor, unless Sanofi Kymab subject to such proceeding elects to continue to perform all of its obligations under this Agreement or (b) if not delivered under (a) above, following the rejection of this Agreement by or on behalf of Sanofi Kymab upon written request therefor by Licensee.  To the extent available in countries other than the U.S., Applicable Law similar to Section 365(n) of the U.S. Bankruptcy Code shall be applied so as to treat this Agreement as an executory contract.

  12.7.Consequences of Termination TC "12.6	Consequences of Termination" \f C \l "2" .  In the event of a termination of this Agreement in its entirety:

  (i)all rights and licenses granted by Sanofi Kymab hereunder (including under any Sublicense Agreement) shall immediately terminate and all rights granted to Licensee, its Affiliates and Sublicensees shall revert to Sanofi Kymab; 

  (ii)if Sanofi Kymab has an interest in assuming the Exploitation of any Licensed Compound and/or Licensed Product in the Field in the Territory, the Parties shall negotiate in good faith: (A) a license or other transaction to provide Sanofi Kymab rights to the Patents, Know-How, materials and other properties Controlled by Licensee and/or its Affiliates which Sanofi Kymab may require to so Exploit such Licensed Compound and/or Licensed Product in the Field in the Territory; and (B) where permitted by Applicable Law, the assignment to Sanofi Kymab all of its right, title and interest in and to, and transfer possession to Sanofi Kymab of, all Regulatory Documentation (including, for clarity, Regulatory Approvals) then in its name applicable to any Licensed Product in the Territory; provided that neither Party will be obligated to enter into any such agreement and may do so in its sole discretion; and

  (iii)to the extent that any Sublicensee has complied with its Sublicense Agreement and agrees to assume all obligations of Licensee, Sanofi Kymab may, at its election, enter into a direct license agreement with such Sublicensee; provided however that if Sanofi Kymab had granted its consent to Licensee’s entering into a Sublicense Agreement with a particular Sublicensee in accordance with Section 2.3 (Sublicenses) then Sanofi Kymab will, if requested by such Sublicensee, enter into a direct license agreement with such Sublicensee.

  12.8.Accrued Rights; Surviving Obligations.  

  12.8.1.Accrued Rights.  Termination of this Agreement for any reason shall be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or expiration.  Such termination or expiration shall not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this Agreement.

  12.8.2.Survival. The following Sections and Articles shall survive the termination or expiration of this Agreement for any reason: Section 6.6 (Priority Review Voucher); Section 6.11 (Audit); Section 6.12 (Audit Dispute); Section 6.13 (Confidentiality) solely with regard to the auditable period up to the effective date of termination; Section 7.4 (Infringement Claims by Third Parties) solely with respect to any enforcement actions ongoing as of the effective date of termination; Section 12.1 (Term) solely with respect to the final sentence thereof provided that Licensee’s royalty and other payment obligations have been fulfilled as of the date of expiration or termination of this Agreement; Section 12.7 (Consequences of Termination); and this Section 12.8 (Accrued Rights; Surviving Obligations); Article 1 (Definitions) to the extent necessary to give effect to surviving provisions; Article 6 (Payments) with regard to any payment obligations which accrued prior to termination or expiration and also with regard to any 

   

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  post-termination or post-expiration payments; Article 9 (Confidentiality and Non-Disclosure) for the period prescribed in Section 9.1 (Confidentiality Obligations); Article 11 (Indemnity), provided that Section 11.6 (Insurance) shall survive only with respect to insurable events which occurred during the period prior to termination or expiration; and Article 13 (Miscellaneous) to the extent necessary to give effect to surviving provisions.  

  ARTICLE 13
Miscellaneous

  13.1.Force Majeure.  Neither Party shall be held liable or responsible to the other Party or be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement (other than an obligation to make payments) when such failure or delay is caused by or results from events beyond the reasonable control of the non-performing Party, including fires, floods, earthquakes, embargoes, shortages, epidemics, pandemics, quarantines, war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots, civil commotion, strikes, lockouts or other labor disturbances (whether involving the workforce of the non-performing Party or of any other Person), acts of God or acts, omissions or delays in acting by any governmental authority (each, a “Force Majeure Event”).  The non-performing Party shall notify the other Party of a Force Majeure Event within 15 days after the occurrence of such Force Majeure Event by giving written notice to the other Party stating the nature of such Force Majeure Event, its anticipated duration, and any action being taken to avoid or minimize its effect.  The suspension of performance shall be of no greater scope and no longer duration than is necessary and the non-performing Party shall use commercially reasonable efforts to remedy its inability to perform.  In the event that such suspension of performance lasts for more than 180 days and in the absence of such Force Majeure Event such suspension of performance would be a material breach of this Agreement, such other Party shall have the right to terminate this Agreement pursuant to Section 12.2 (Termination of this Agreement for Material Breach).

  13.2.Alliance Managers.  Within thirty (30) days after the Effective Date, each Party shall appoint and notify the other Party of the identity of a representative having the appropriate qualifications, including a general understanding of pharmaceutical development and commercialization issues, to act as its alliance manager under this Agreement (the “Alliance Manager”).  The Alliance Managers shall serve as the primary contact points between the Parties for the purpose of Sanofi Kymab facilitating the flow of information and otherwise promoting communication, coordination and collaboration between the Parties.  Each Party may replace its Alliance Manager at any time upon written notice to the other Party.  

  13.3.Export Control TC "13.3	Export Control" \f C \l "2" .  This Agreement is made subject to any restrictions concerning the export of products or technical information from the United States or other countries that may be imposed on or related to the Parties from time to time.  Each Party agrees that it will not export, directly or indirectly, any technical information acquired from the other Party under this Agreement or any products using such technical information to a location or in a manner that at the time of export requires an export license or other governmental approval, without first obtaining the written consent to do so from the appropriate agency or other governmental entity in accordance with Applicable Law.

  13.4.Assignment; Change of Control. Except as provided in this Section 13.4 (Assignment; Change of Control), this Agreement may not be assigned or transferred, whether by operation of law or otherwise, nor may any right or obligation hereunder be assigned or transferred, 

   

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  by either Party without the prior written consent of the other Party; provided, however, that either Party may, without such consent, assign this Agreement and its rights and obligations hereunder in whole or in part: (a) to its successor in interest in the transfer or sale of all or substantially all of its assets or business related to the subject matter of this Agreement; or (b) to its successor in interest in a merger or consolidation (or similar transaction) of the assigning Party.  In addition, Sanofi Kymab will have the right, without the consent of Licensee, (i) to perform any or all of its obligations and exercise any or all of its rights under this Agreement through any of its Affiliates, and (ii) assign any or all of its rights and delegate any or all of its obligations hereunder to any of its Affiliates.  Any successor of Licensee, or any assignee or delegee of all of Licensee’s rights under this Agreement that has also assumed all of Licensee’s obligations hereunder in writing will, upon any such succession or assignment and assumption, be deemed to be a party to this Agreement as though named herein in substitution for Licensee, whereupon Licensee will cease to be a party to this Agreement and will cease to have any rights or obligations under the Agreement; provided, however, in the case of an assignment by Licensee to its Affiliate, Licensee will be jointly and severally liable with such Affiliate assignee under this Agreement. Any attempted assignment not in accordance with this Section 13.4 (Assignment; Change of Control) will be void. Further, Sanofi Kymab may assign its right to obtain payment(s) hereunder upon written notice to Licensee. All validly assigned and delegated rights and obligations of a Party hereunder shall be binding upon and inure to the benefit of and be enforceable by and against the successors and permitted assigns of such Party, as the case may be.  

  13.5.Severability.  To the fullest extent permitted by Applicable Law, the Parties waive any provision of law that would render any provision in this Agreement invalid, illegal or unenforceable in any respect.  If any provision of this Agreement is held to be invalid, illegal or unenforceable, in any respect, then such provision shall be given no effect by the Parties and shall not form part of this Agreement.  To the fullest extent permitted by Applicable Law and if the rights or obligations of either Party will not be materially and adversely affected, all other provisions of this Agreement shall remain in full force and effect, and the Parties shall use their best efforts to negotiate a provision in replacement of the provision held invalid, illegal, or unenforceable that is consistent with Applicable Law and achieves, as nearly as possible, the original intention of the Parties.

  13.6.Dispute Resolution TC "13.6	Dispute Resolution" \f C \l "2" .  If a dispute arises between the Parties in connection with the interpretation, validity or performance of this Agreement or any document or instrument delivered in connection herewith (a “Dispute”), then either Party shall have the right to refer such dispute to the Executive Officers for attempted resolution by good faith negotiations during a period of [***] Business Days.  Any final decision mutually agreed to by the Executive Officers shall be conclusive and binding on the Parties.  If such Executive Officers are unable to resolve such Dispute within such [***] Business Day period, either Party shall have the right to initiate litigation and seek such remedies as may be available to such Party. Notwithstanding this Section 13.6 (Dispute Resolution), each Party shall be entitled to initiate litigation without having first referred a dispute to the Executive Officers if litigation is necessary to prevent irreparable harm to that Party.

  13.7.Governing Law, Jurisdiction, and Venue.

  13.7.1.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement 

   

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  to the substantive law of another jurisdiction.  The Parties agree to exclude the application to this Agreement of the United Nations Convention on Contracts for the International Sale of Goods.  

  13.7.2.Jurisdiction.  Subject to Section 13.7 (Governing Law, Jurisdiction and, Venue) and Section 13.11 (Equitable Relief), the Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of the courts of New York for any action, suit or proceeding (other than appeals therefrom) arising out of or relating to this Agreement, and agree not to commence any action, suit or proceeding (other than appeals therefrom) related thereto except in such courts.  The Parties irrevocably and unconditionally waive their right to a jury trial.

  13.7.3.Venue.  The Parties further hereby irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding (other than appeals therefrom) arising out of or relating to this Agreement in the courts of New York, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

  13.8.Notices.

  13.8.1.Notice Requirements.  Any notice, request, demand, waiver, consent, approval or other communication permitted or required under this Agreement shall be in writing, shall refer specifically to this Agreement and shall be deemed given only if delivered by internationally recognized overnight delivery service that maintains records of delivery, addressed to the Parties at their respective addresses specified in Section 13.8.2 (Address for Notice) or to such other address as the Party to whom notice is to be given may have provided to the other Party in accordance with this Section 13.8 (Notices).  Such notice shall be deemed to have been given as of the date delivered by such internationally recognized overnight delivery service.  This Section 13.8 (Notices) is not intended to govern the day-to-day business communications necessary between the Parties in performing their obligations under the terms of this Agreement.  Telephone numbers are provided solely to facilitate delivery by courier.  

  13.8.2.Address for Notice.

  If to Licensee, to:

   

  c/o Rallybio IPE, LLC

  234 Church Street, Suite 1020

  New Haven, CT 06510

   

  Attention:  General Counsel

  Email:  legal@rallybio.com (which does not constitute notice)

   

  If to Sanofi Kymab, to:

   

  c/o Sanofi 

  82, avenue Raspail

  94250 Gentilly, France

   

  Attention: Head of Out-Licensing Management 

   

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  Global Alliance Management

  Telephone: [***]

  Email: alliance.management@sanofi.com (which does not constitute notice)

   

  13.9.Entire Agreement; Amendments TC "13.9	Entire Agreement; Amendments" \f C \l "2" .  This Agreement, together with the Schedules attached hereto, sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and all prior agreements, understandings, promises and representations, whether written or oral, with respect thereto are superseded hereby.  No amendment of this Agreement shall be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties.

  13.10.English Language.  This Agreement shall be written and executed in, and all other communications under or in connection with this Agreement shall be in, the English language.  Any translation into any other language shall not be an official version thereof, and in the event of any conflict in interpretation between the English version and such translation, the English version shall control.

  13.11.Equitable Relief.  The Parties acknowledge and agree that the restrictions set forth in Article 9 (Confidentiality and Non-Disclosure) are reasonable and necessary to protect the legitimate interests of each of them and that such other Party would not have entered into this Agreement in the absence of such restrictions, and that any breach or threatened breach of any provision of Article 9 (Confidentiality and Non-Disclosure) may result in irreparable injury to the  other Party for which there may be no adequate remedy at law.  In the event of such a breach or threatened breach of any provision of this Agreement, the aggrieved Party may seek from any court of competent jurisdiction injunctive relief, whether preliminary or permanent, specific performance and an equitable accounting of all earnings, profits and other benefits arising from such breach, threatened breach or allegation of breach, as applicable, which rights shall be cumulative and in addition to any other rights or remedies to which such Party may be entitled in law or equity.  Each aggrieved Party hereby waives any requirement that the other Party (a) post a bond or other security as a condition for obtaining any such relief and (b) show irreparable harm, balancing of harms, consideration of the public interest or inadequacy of monetary damages as a remedy.  Nothing in this Section 13.11 (Equitable Relief) is intended, or should be construed, to limit either Party’s right to equitable relief for a breach or the threatened of any other provision of this Agreement.

  13.12.Waiver and Non-Exclusion of Remedies.  Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition.  The waiver by either Party of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by the other Party whether of a similar nature or otherwise.  

  13.13.No Benefit to Third Parties.  The representations, warranties, covenants and agreements set forth in this Agreement are for the sole benefit of the Parties, their respective Affiliates and its and their successors and permitted assigns, and they shall not be construed as conferring any rights on any Third Parties.

   

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  13.14.Further Assurance.  Each Party shall duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents and instruments, as may be necessary or as the other Party may reasonably request in connection with this Agreement or to carry out more effectively the provisions and purposes hereof, or to better assure and confirm unto such other Party its rights and remedies under this Agreement.

  13.15.Relationship of the Parties.  It is expressly agreed that Sanofi Kymab, on the one hand, and Licensee, on the other hand, shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency.  Neither Sanofi Kymab, on the one hand, nor Licensee, on the other hand, shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other, without the prior written consent of the other Party to do so.  All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and expense of such Party.

  13.16.References.  Unless otherwise specified, (a) references in this Agreement to any Article, Section or Schedule means references to such Article, Section or Schedule of this Agreement, (b) references in any section to any clause are references to such clause of such section and (c) references to any agreement, instrument or other document in this Agreement refer to such agreement, instrument or other document as originally executed or, if subsequently varied, replaced or supplemented from time to time, as so varied, replaced or supplemented and in effect at the relevant time of reference thereto.  

  13.17.Construction.  Except where the context otherwise requires, wherever used, the singular shall include the plural, the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is used in the inclusive sense (and/or).  The captions of this Agreement are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement.  The term “including” as used herein means including, without limiting the generality of any description preceding such term.  The language of this Agreement shall be deemed to be the language mutually chosen by the Parties and no rule of strict construction shall be applied against either Party.  Whenever this Agreement refers to a number of days without using a term otherwise defined herein, such number refers to calendar days.  The word “will” shall be construed to have the same meaning and effect as the word “shall”. References to any specific law, rule or regulation, or article, section or other division thereof, shall be deemed to include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof.  Any reference herein to any person or entity shall be construed to include the person’s or entity’s successors and assigns.  Each Party represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it has participated in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption shall apply against the Party which drafted such terms and provisions.

  13.18.Performance through Affiliates. Sanofi Kymab shall have the right to exercise its rights and perform its obligations hereunder, in whole or in part, through any of its Affiliates (as long as such entity remains an Affiliate of Sanofi Kymab).

  13.19.Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute 

   

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  one and the same instrument.  This Agreement may be executed and delivered in portable document format (PDF) using electronic signatures and such signatures shall be deemed to bind each Party as if they were ink signatures.

  [SIGNATURE PAGE FOLLOWS]

   

   

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  THIS AGREEMENT IS EXECUTED by the authorized representatives of the Parties as of the date first written above.

   

  		
	 KYMAB LIMITED
	Rallybio IPE, LLC

	 
 
By: /s/ Gordon Tillet
Name: Gordon Tillet 
Title: Director
	 
 
By: /s/ Stephen Uden
Name: Stephen Uden
Title: President & COO
 

   

   

   

   

   

   

   

   

  	 

   

   

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