Document:

Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) dated as of November 2, 2018 is by and among UNITED THERAPEUTICS
CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors, the Lenders party hereto and WELLS FARGO
BANK, NATIONAL ASSOCIATION, a national banking association, as the Administrative Agent (in such capacity, “Administrative
Agent”).

 

W I T N E S S E T H

 

WHEREAS, the Borrower,
the Guarantors party thereto, the Lenders from time to time party thereto and the Administrative Agent are party to that certain
Credit Agreement, dated as of June 27, 2018 (as amended, restated, extended, supplemented or otherwise modified from time
to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed thereto in the Credit Agreement, as amended hereby);

 

WHEREAS, the Borrower
has requested that the Lenders approve certain amendments to the Credit Agreement; and

 

WHEREAS, the Required
Lenders have approved the Borrower’s requested amendments on the terms and conditions set forth herein.

 

NOW, THEREFORE, IN
CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.            Defined
Terms. Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the
Credit Agreement.

 

2.            Amendment.
The definition of “Consolidated EBITDA” in Section 1.1 of the Credit Agreement is hereby amended and restated
in its entirety as follows:

 

“Consolidated
EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication,
for the Borrower and its Subsidiaries in accordance with GAAP: (a) Consolidated Net Income for such period plus
(b) the sum of the following, without duplication, to the extent deducted in determining Consolidated Net Income for
such period: (i) income and franchise taxes, (ii) Consolidated Interest Expense, (iii) amortization and
depreciation, (iv) stock based compensation expense (including with respect to stock option, share tracking award and
employee stock purchase plans), (v) non-cash license fee charges and other non-cash charges (or minus non-cash
adjustments increasing Consolidated Net Income) recorded in respect to purchase accounting adjustments, (vi) non-cash
asset impairment charges, (vii) non-recurring non-cash charges reducing Consolidated Net Income in such period
(excluding any such expenses or charges to the extent representing an accrual or reserve for any cash charge in any future
period and excluding write-downs of current assets), (viii) non-recurring transaction fees, costs and expenses,
integration, reorganization and restructuring costs and facility consolidation and closing costs incurred in connection with
reorganizations, restructurings, Investments and other acquisitions or inbound licenses of any rights in respect of
(including any collaboration or development agreements with respect to) drug or pharmaceutical products or other technologies
(and any related property or assets) (including, the incurrence or repayment of Indebtedness in connection therewith) and
Asset Dispositions permitted hereunder, provided that (A) such fees, costs and expenses in this clause
(viii) are incurred within twelve (12) months of the occurrence of such applicable triggering event and (B) the
aggregate amount of such fees, costs and expenses added back pursuant to this clause (viii) shall not exceed the
greater of (1) 15% of Consolidated EBITDA for the applicable period of four fiscal quarters (prior to giving effect to
such adjustments) and (2) $100,000,000 during any such applicable period of four fiscal quarters, (ix) any upfront
payments and any milestone payments or other deferred consideration (including purchase price adjustments, earn-outs,
compensation, contingent value rights, non-compete payments and similar obligations but excluding ongoing royalty payments),
contingent or non-contingent, accrued or paid during such period, and any buy-down of royalty obligations, in each case in
respect of acquisitions or inbound licenses of any rights in respect of (including any collaboration or development
agreements with respect to) drug or pharmaceutical products or other technologies (and any related property or assets), and
(x) losses (or minus gains) associated with the revaluation of any milestone payments or other deferred consideration
referred to in clause (ix) above, less (c) to the extent included in determining Consolidated Net Income for
such period, (i) interest income and (ii) all non-recurring non-cash items increasing Consolidated Net Income. For
purposes of this Agreement, Consolidated EBITDA shall be adjusted on a Pro Forma Basis.

 

     

     

    

 

3.            Conditions
Precedent. The effectiveness of this Amendment shall be subject to receipt by the Administrative Agent of counterparts of this
Amendment duly executed by the Borrower, each Guarantor, the Required Lenders and the Administrative Agent.

 

4.            Amendment
is a “Loan Document”. This Amendment is a Loan Document and all references to a “Loan Document” in
the Credit Agreement and the other Loan Documents shall be deemed to include this Amendment.

 

5.            Reaffirmation
of Obligations. Each Credit Party hereby ratifies the Credit Agreement, as amended hereby, and each other Loan Document to
which it is a party and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement, as amended hereby,
and each other Loan Document to which it is a party applicable to it and (b) that it is responsible for the observance and
full performance of its respective obligations under the Loan Documents.

 

6.            No
Other Changes. Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force
and effect.

 

7.            Expenses.
The Borrower agrees to pay all reasonable costs and expenses incurred by the Administrative Agent in connection with the preparation,
execution and delivery of this Agreement, including without limitation the reasonable fees and expenses of the Administrative Agent’s
legal counsel.

 

8.            Counterparts;
Delivery. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”)
format shall be effective as delivery of a manually executed counterpart of this Amendment.

 

9.            Governing
Law. This Amendment and any claim, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby
shall be governed by, and construed in accordance with, the law of the State of New York.

 

[Signature Pages Follow]

 

     

     

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date first above
written.

 

	BORROWER:	UNITED
    THERAPEUTICS CORPORATION,
	 	a
    Delaware corporation
	 	 
	 	By:	/s/
    James Edgemond
	 	Name:
    James Edgemond
	 	Title:
    Chief Financial Officer and Treasurer
	 	 
	GUARANTORS:	LUNG
    BIOTECHNOLOGY PBC,
	 	a
    Delaware public benefit corporation
	 	 
	 	By:	/s/
    James Edgemond
	 	Name:
    James Edgemond
	 	Title:
    Chief Financial Officer and Treasurer

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	AGENTS
    AND LENDERS:	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, 
	 	as
    Administrative Agent,
	 	Swingline
    Lender and Lender
	 	 
	 	By:	/s/
    Kirk Tesch
	 	Name:
    Kirk Tesch
	 	Title:
    Managing Director

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	BANK
    OF AMERICA, N.A.,
	 	as
    Lender
	 	 
	 	By:	/s/
    H. Hope Walker
	 	Name:
    H. Hope Walker
	 	Title:
    Senior Vice President

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	DNB Capital LLC,
	 	as Lender
	 	 
	 	By:	 /s/ Kristie Li
	 	Name: Kristie Li
	 	Title: Senior Vice President
	 	 
	 	By:	 /s/ Kristi Birkeland Sorensen
	 	Name: Kristi Birkeland Sorensen
	 	Title: Head of Corporate Banking

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	MUFG Bank, Ltd.,
	 	as Lender
	 	 
	 	By:	/s/ Kevin Wood
	 	Name: Kevin Wood
	 	Title: Director

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as Lender
	 	 
	 	By:	 /s/ Carolyn L. West
	 	Name: Carolyn L. West
	 	Title: Senior Vice President

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	Citibank, N.A.,
	 	as Lender
	 	 
	 	By:	/s/ Pranjal Gambhir
	 	Name: Pranjal Gambhir
	 	Title: Vice President

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	Barclays Bank PLC,
	 	as Lender
	 	 
	 	By:	/s/ Jonathan Stone
	 	Name: Jonathan Stone
	 	Title: Director
	 	Date: 11.2.18
	 	Executed in New York

 

Restricted - Internal

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	HSBC Bank USA, National Association, 
	 	as Lender
	 	 
	 	By:	 /s/ John Treadwell
	 	Name: John P. Treadwell Jr.
	 	Title: SVP

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	State Bank of India, New York,
	 	as Lender
	 	 
	 	By:	/s/ Manoranjan Panda
	 	Name: Mr. Manoranjan Panda
	 	Title: Vice President & Head (Credit)

 

[SEAL]

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENT

 

     

     

    

 

	 	JPMorgan Chase Bank, N.A.,
	 	as Lender
	 	 
	 	By:	/s/ Anthony Galea
	 	Name: Anthony Galea
	 	Title: Executive Director

 

UNITED THERAPEUTICS CORPORATION

First
Amendment to CREDIT AGREEMENTExhibit 10.2

 

EXECUTION VERSION

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) dated as of December 1, 2020 is by and among UNITED THERAPEUTICS CORPORATION,
a Delaware corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and WELLS FARGO
BANK, NATIONAL ASSOCIATION, a national banking association, in its capacities as the Administrative Agent and the Swingline Lender.

 

W I T N E S S E T H

 

WHEREAS, the Borrower,
the Guarantors party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, a national
banking association, in its capacities as the Administrative Agent and the Swingline Lender, are party to that certain Credit Agreement,
dated as of June 27, 2018 (as amended, restated, extended, supplemented or otherwise modified from time to time, the “Credit
Agreement”);

 

WHEREAS, the Borrower
has requested that the Lenders approve certain amendments to the Credit Agreement; and

 

WHEREAS, the Lenders
party hereto have approved the Borrower’s requested amendments on the terms and conditions set forth herein.

 

NOW, THEREFORE, IN
CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.             Defined
Terms. Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the
Credit Agreement.

 

2.             Amendments.

 

(a)           The
definition of “Bail-In Action” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an Affected Financial Institution.

 

(b)           The
definition of “Bail-In Legislation” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA
Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United
Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

    

     

    

 

(c)            The
definition of “Revolving A Credit Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended and restated
in its entirety as follows:

 

“Revolving
A Credit Maturity Date” means the earliest to occur of (a) December 1, 2025, (b) the date of termination of the Revolving
A Credit Commitments by the Borrower pursuant to Section 2.5, and (c) the date of termination of the Revolving A Credit
Commitments pursuant to Section 8.2(a).

 

(d)           The
definition of “Revolving B Credit Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended and restated
in its entirety as follows:

 

“Revolving
B Credit Maturity Date” means, with respect to each Revolving B Credit Lender, the earliest to occur of (a) December
1, 2025, (b) the date of termination of the Revolving B Credit Commitments by the Borrower pursuant to Section 2.5, and
(c) the date of termination of the Revolving B Credit Commitments pursuant to Section 8.2(a).

 

(e)            The
definition of “Write-Down and Conversion Powers” in Section 1.1 of the Credit Agreement is hereby amended and restated
in its entirety as follows:

 

“Write-Down
and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

(f)            The
following defined terms are hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (a) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning assigned thereto in Section 11.25.

 

    2

     

    

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

“Electronic
Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Electronic
Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

“QFC
Credit Support” has the meaning assigned thereto in Section 11.25.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Supported
QFC” has the meaning assigned thereto in Section 11.25.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit
institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

“U.S.
Special Resolution Regimes” has the meaning assigned thereto in Section 11.25.

 

(g)           The
following defined terms are hereby deleted from Section 1.1 of the Credit Agreement: Anniversary Date; Current Revolving A Credit
Maturity Date; Current Revolving B Credit Maturity Date; Extending Revolving A Credit Lender; Extending Revolving B Credit Lender;
Extension Letter; Non-Extending Revolving A Credit Lender; Non-Extending Revolving B Credit Lender; Notice Date; Scheduled Revolving
A Credit Maturity Date; and Scheduled Revolving B Credit Maturity Date.

 

(h)           Article
I of the Credit Agreement is hereby amended to add a new Section 1.10 immediately following Section 1.9 of the Credit Agreement
as follows:

 

Section
1.10          Divisions. For all purposes under the Loan Documents,
in connection with any division or plan of division under Delaware law (or any comparable event under a different
jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to
the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized
on the first date of its existence by the holders of its Equity Interests at such time.

 

    3

     

    

 

(i)            Section
2.7 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

Section 2.7            [Reserved].

 

(j)            The
text of Section 3.12(b) of the Credit Agreement prior to the first proviso thereof is hereby amended and restated in its entirety
as follows:

 

If any Lender requests compensation
under Section 3.10, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.11, and, in each case, such Lender has declined
or is unable to designate a different Lending Office in accordance with Section 3.12(a), or if any Lender is a Defaulting
Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section 11.9), all of its interests, rights (other than its existing rights to payments pursuant
to Section 3.10 or Section 3.11) and obligations under this Agreement and the related Loan Documents to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);

 

(k)           Section
5.20 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

Section 5.20          No
Affected Financial Institution. No Credit Party is an Affected Financial Institution.

 

(l)            Section
11.16(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(b)           Electronic
Execution. The words “execute,” “execution,” “signed,” “signature,”
 “delivery” and words of like import in or related to this Agreement, any other Loan Document or any document,
amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or
authorization to be signed or delivered in connection with this Agreement or any other Loan Document or the transactions
contemplated hereby shall be deemed to include Electronic Signatures or execution in the form of an Electronic Record, and
contract formations on electronic platforms approved by the Administrative Agent, deliveries or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable
Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each party
hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on
itself and each of the other parties hereto to the same extent as a manual, original signature. For the avoidance of doubt,
the authorization under this paragraph may include use or acceptance by the parties of a manually signed paper which has been
converted into electronic form (such as scanned into .pdf), or an electronically signed paper converted into another format,
for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative
Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the
Administrative Agent pursuant to procedures approved by it; provided, that without limiting the foregoing, (i) to the
extent the Administrative Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative
Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on
behalf of the executing party without further verification and (ii) upon the request of the Administrative Agent or any
Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof. Without
limiting the generality of the foregoing, each party hereto hereby (A) agrees that, for all purposes, including in connection
with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative
Agent, the Lenders and any of the Credit Parties, electronic images of this Agreement or any other Loan Document (in each
case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as
any paper original, and (B) waives any argument, defense or right to contest the validity or enforceability of the Loan
Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature
pages thereto.

 

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(m)          Section
11.21 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

Section 11.21       Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject
to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation
of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred
on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection
with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

 

(n)           Section
11.23 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

Section 11.23        Certain
ERISA Matters.

 

(a)          
 Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true:

 

(i)            
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or
more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Commitments or this Agreement;

 

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(ii)           
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement;

 

(iii)          
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to
enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part
I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Commitments and this Agreement; or

 

(iv)           such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)           In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a
Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv)
in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person
became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such
Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective
Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that none
of the Administrative Agent, any Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of
such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the
Administrative Agent under this Agreement, any other Loan Document or any documents related hereto or thereto).

 

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(o)           Article
XI of the Credit Agreement is hereby amended to add a new Section 11.25 immediately following Section 11.24 of the Credit Agreement
as follows:

 

Section 11.25       Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and,
each such QFC, a “Supported QFC”), the parties acknowledge and agree that, with respect to the resolution power
of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of
such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any
Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other
state of the United States), in the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such
QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.
In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that
may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be
exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the
United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect
to a Supported QFC or any QFC Credit Support.

 

(p)           Exhibit
I to the Credit Agreement is hereby amended and restated in its entirety to read “[Reserved]”. The reference to Exhibit
I in the table of contents of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Exhibit I             [Reserved]

 

    7

     

    

 

3.             Conditions
Precedent. The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent (the
date such on which conditions precedent are satisfied being referred to herein as the “Second Amendment Effective Date”):

 

(a)           receipt
by the Administrative Agent of counterparts of this Amendment duly executed by the Borrower, each Guarantor, the Lenders, the Administrative
Agent, and the Swingline Lender;

 

(b)           immediately
prior to giving effect to this Amendment, and after giving effect to this Amendment, (i) no Default or Event of Default shall exist
or be continuing, and (ii) the representations and warranties of the Credit Parties contained in the Credit Agreement (as amended
by this Amendment) and the other Loan Documents shall be true and correct in all material respects, except for any representation
and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall
be true and correct in all respects, on and as of the Second Amendment Effective Date with the same effect as if made on and as
of the Second Amendment Effective Date (except for any such representation and warranty that by its terms is made only as of an
earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date,
except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such
representation and warranty shall be true and correct in all respects as of such earlier date);

 

(c)           receipt
by the Administrative Agent of a certificate from a Responsible Officer of the Borrower certifying as to the accuracy of the conditions
set forth in Section 3(b);

 

(d)           the
Borrower shall have paid, or made arrangements to pay, contemporaneously with the occurrence of the Second Amendment Effective
Date, any fees or commissions due on or prior to the Second Amendment Effective Date pursuant to the Loan Documents or any fee
letter entered into in connection with this Amendment;

 

(e)           each
Credit Party shall have provided to the Administrative Agent and each Lender the documentation and other information requested
by the Administrative Agent or such Lender in order to comply with requirements of the PATRIOT Act, applicable “know your
customer” and anti-money laundering rules and regulations; and

 

(f)            if
the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall have
delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to the Borrower.

 

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

 

4.             Amendment
is a “Loan Document”. This Amendment is a Loan Document and all references to a “Loan Document” in
the Credit Agreement and the other Loan Documents shall be deemed to include this Amendment.

 

    8

     

    

 

5.             Reaffirmation
of Obligations. Each Credit Party hereby ratifies the Credit Agreement, as amended hereby, and each other Loan Document to
which it is a party and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement, as amended hereby,
and each other Loan Document to which it is a party applicable to it and (b) that it is responsible for the observance and full
performance of its respective obligations under the Loan Documents.

 

6.             Lender
Representation and Warranty; Lender Covenant; Acknowledgement. Each Lender party hereto represents and warrants that, after
giving effect to this Amendment, the representations and warranties of such Lender set forth in Section 11.23 of the Credit Agreement
(as amended by this Amendment) are true and correct as of the Second Amendment Effective Date. Each Lender party hereto hereby
agrees to comply with the covenants applicable to such Lender set forth in Section 11.23 of the Credit Agreement (as amended by
this Amendment). Each party hereto acknowledges and agrees to the provisions set forth in Sections 11.16(b), 11.21 and 11.25 of
the Credit Agreement (as amended by this Amendment).

 

7.             No
Other Changes. Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force
and effect.

 

8.             Expenses.
The Borrower agrees to pay all reasonable costs and expenses incurred by the Administrative Agent in connection with the preparation,
execution and delivery of this Amendment, including the reasonable fees and expenses of the Administrative Agent’s legal
counsel.

 

9.             Counterparts;
Delivery; Electronic Execution. This Amendment may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment. Subject to Section
11.16(b) of the Credit Agreement (as amended by this Amendment), this Amendment may be in the form of an Electronic Record (as
defined in the Credit Agreement (as amended by this Amendment)), and may be executed using Electronic Signatures (as defined in
the Credit Agreement (as amended by this Amendment)), including facsimile and .pdf, and shall be considered an original and shall
have the same legal effect, validity and enforceability as a paper record.

 

10.           Governing
Law. This Amendment and any claim, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby
shall be governed by, and construed in accordance with, the law of the State of New York.

 

[Signature Pages Follow]

 

    9

     

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date first above
written.

 

	BORROWER:	UNITED
    THERAPEUTICS CORPORATION,
	 	a
    Delaware corporation
	 	 
	 	By:	/s/ James Edgemond
	 	Name:	James Edgemond
	 	Title:	Chief Financial Officer and Treasurer
	 	 
	GUARANTORS:	LUNG
    BIOTECHNOLOGY PBC,
	 	a
    Delaware public benefit corporation
	 	 
	 	By:	/s/ James Edgemond
	 	Name: 	James Edgemond
	 	Title:	Chief Financial Officer and Treasurer

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	ADMINISTRATIVE
    AGENT AND LENDERS:	WELLS
    FARGO BANK, NATIONAL ASSOCIATION,
	 	as
    the Administrative Agent, the Swingline Lender and a Lender
	 	 
	 	By:	/s/
    Kirk Tesch
	 	Name: 	Kirk
    Tesch
	 	Title:	Managing
    Director

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	BANK
    OF AMERICA, N.A.,
	 	as
    a Lender
	 	 
	 	By:	/s/ H. Hope Walker
	 	Name: 	 H. Hope Walker
	 	Title: 	Senior Vice President

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	DNB
    Capital LLC,
	 	as
    a Lender
	 	 
	 	By:	/s/ Mita Zalavadia
	 	Name: 	Mita Zalavadia
	 	Title: 	Assistant Vice President
	 	 
	 	By:	/s/ Ahelia Singh
	 	Name:  	Ahelia Singh
	 	Title: 	Assistance Vice President

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	MUFG
    Bank, Ltd.,
	 	as
    a Lender
	 	 
	 	By:	/s/ Jack Lonker
	 	Name: 	 Jack Lonker
	 	Title: 	Director

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	PNC
    BANK, NATIONAL ASSOCIATION,
	 	as
    a Lender
	 	 
	 	By:	/s/ Eric H. Williams
	 	Name: 	 Eric H. Williams
	 	Title:	 Senior Vice President

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	Citibank,
    N.A.,
	 	as
    a Lender
	 	 
	 	By:	/s/
Pranjal Gambhir
	 	Name: 	 Pranjal Gambhir
	 	Title: 	Vice President

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	Barclays
    Bank PLC,
	 	as
    a Lender
	 	 
	 	By:	/s/
Robert F Komminsk
	 	Name:  	Robert F Komminsk
	 	Title:	 Director
	 	Date: 	11/23/2020

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	HSBC
    Bank USA, National Association,
	 	as
    a Lender
	 	 
	 	By:	/s/
Kyle O’Reilly
	 	Name: 	 Kyle O’Reilly
	 	Title: 	Vice President

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	State
    Bank of India, New York,
	 	as
    a Lender
	 	 
	 	By:	/s/
Ramachandra Rao G.
	 	Name:  	Ramachandra Rao G.
	 	Title: 	Vice President and Head Credit

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

 

    

     

    

 

	 	JPMorgan
    Chase Bank, N.A.,
	 	as
    a Lender
	 	 
	 	By:	/s/ Erik Barragan
	 	Name:  	Erik Barragan
	 	Title: 	Authorized Officer

 

UNITED THERAPEUTICS CORPORATION

 SECOND AMENDMENT TO CREDIT AGREEMENT

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