Document:

Amended and Restated Advisory Agreement

 Exhibit 10.3 

AMENDED AND RESTATED ADVISORY AGREEMENT 

among 

INDUSTRIAL INCOME TRUST INC., 

INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 

and 

INDUSTRIAL INCOME ADVISORS LLC 

					
			
	 1.
	    	 DEFINITIONS
	  	1
			
	 2.
	    	 APPOINTMENT
	  	7
			
	 3.
	    	 DUTIES OF THE ADVISOR
	  	7
			
	 4.
	    	 AUTHORITY OF ADVISOR
	  	10
			
	 5.
	    	 BANK ACCOUNTS
	  	10
			
	 6.
	    	 RECORDS; ACCESS
	  	10
			
	 7.
	    	 LIMITATIONS ON ACTIVITIES
	  	11
			
	 8.
	    	 RELATIONSHIP WITH DIRECTORS
	  	11
			
	 9.
	    	 FEES
	  	11
			
	 10.
	    	 EXPENSES
	  	13
			
	 11.
	    	 OTHER SERVICES
	  	14
			
	 12.
	    	 REIMBURSEMENT TO THE ADVISOR
	  	14
			
	 13.
	    	 OTHER ACTIVITIES OF THE ADVISOR
	  	14
			
	 14.
	    	 TERM; TERMINATION OF AGREEMENT
	  	15
			
	 15.
	    	 TERMINATION BY THE PARTIES
	  	15
			
	 16.
	    	 ASSIGNMENT TO AN AFFILIATE
	  	15
			
	 17.
	    	 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	  	16
			
	 18.
	    	 INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP
	  	16
			
	 19.
	    	 INDEMNIFICATION BY ADVISOR
	  	16
			
	 20.
	    	 NOTICES
	  	17
			
	 21.
	    	 MODIFICATION
	  	17
			
	 22.
	    	 SEVERABILITY
	  	17
			
	 23.
	    	 CONSTRUCTION
	  	17
			
	 24.
	    	 ENTIRE AGREEMENT
	  	17
			
	 25.
	    	 INDULGENCES, NOT WAIVERS
	  	17
			
	 26.
	    	 GENDER
	  	17
			
	 27.
	    	 TITLES NOT TO AFFECT INTERPRETATION
	  	17
			
	 28.
	    	 EXECUTION IN COUNTERPARTS
	  	18
			
	 29.
	    	 INITIAL INVESTMENT
	  	18

 AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of May 14, 2010, is among Industrial Income Trust Inc., a Maryland
corporation (the “Corporation”), Industrial Income Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Income Advisors LLC, a Delaware limited liability company. 

W I T N E S S E T H 

WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms
of Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Corporation is the general partner of the Operating
Partnership and intends to conduct all its business and make all investments in Assets through the Operating Partnership; 

WHEREAS, the Corporation and the Operating Partnership desire to avail themselves of the experience, sources of information, advice,
assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision, of the Board of Directors of the Corporation, all as provided
herein; 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of
Directors, on the terms and conditions hereinafter set forth; 
 WHEREAS, the Corporation, the Operating Partnership and the
Advisor wish to amend and restate the Advisory Agreement, dated as of December 16, 2009, among the parties hereto as set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
 1. DEFINITIONS. As used in this Amended and Restated Advisory Agreement (the “Agreement”), the
following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. Any and all expenses, exclusive of
Acquisition Fees, incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without
limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence.

 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other
Person (including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of
interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees,
nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of a project. 
 Advisor. Industrial Income Advisors LLC, a Delaware limited liability company, any
successor advisor to the Corporation, the Operating Partnership or any person or entity to which Industrial Income Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or
retained by Industrial Income Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Industrial
Income Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
  

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 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive
officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or
other current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
 Asset
Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and disposition of the Corporation’s Assets. 

Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or
indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed
securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation,
whether they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the
Corporation, as the same are in effect from time to time. 
 Cause. With respect to the termination of this Agreement,
fraud, criminal conduct or willful misconduct by the Advisor, or a material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 

Charter. The amended and restated articles of incorporation of the Corporation, as amended from time to time. 

Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of
the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property which is
reasonable, customary, and competitive in light of the size, type, and location of the property. 
  

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 Contract Purchase Price. The term “Contract Purchase Price” shall mean
(i) the amount actually paid or allocated in respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate
related entity in which the Corporation acquires a majority economic interest or which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or
allocated in respect of an investment in any other real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case
including any third party expenses, debt, whether borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 

Contract Sales Price. The total consideration received by the Corporation for the sale of Assets. 

Corporation. Corporation shall have the meaning set forth in the preamble of this Agreement. 

Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board
of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

Dealer Manager Fee. Up to 2.5% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold
pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 

Director. A member of the Board of Directors of the Corporation. 

Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that
may constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial
interest of the Corporation of any class or series, including common shares or preferred shares. 
 FINRA. Financial
Industry Regulatory Authority, Inc. 
 GAAP. Generally accepted accounting principles as in effect in the United States
of America from time to time. 
 Good Reason. With respect to the termination of this Agreement, (i) any failure to
obtain a satisfactory agreement from any successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any
material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership. 
 Gross
Proceeds. The aggregate purchase price of all Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager Fees, volume discounts, any marketing support and due diligence expense
reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or a Dealer Manager Fee are paid to the Dealer Manager or a Soliciting Dealer
(where net proceeds to the Corporation are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 

Independent Director. Independent Director shall have the meaning set forth in the Charter. 

 

 3 

 Independent Expert. A person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 

Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its
subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity
Event. The term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities
redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have the option to receive, cash or other consideration.

 Listing. The listing of the Shares on a national securities exchange or the receipt by the Corporation’s
stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed. 

Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the Corporation, all of
the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts as
adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net
Income. For any period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and
excluding any gain from the sale of the Corporation’s Assets. 
 Offering. The public offering of Shares pursuant to
a Prospectus. 
 Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this
Agreement. 
 Operating Partnership Agreement. The Operating Partnership Agreement among the Corporation, the Advisor,
and Industrial Income Advisors Group LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership.

 Organization and Offering Expenses. Any and all costs and expenses, other than the Sales Commission and the Dealer
Manager Fee, incurred in connection with the formation of the Corporation and the qualification and registration of an Offering, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts
and commissions (including fees of the underwriters’ attorneys), expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries of employees while engaged in sales activity,
telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories and
experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The Organization and Offering Expense
reimbursement paid by the Corporation in connection with its formation will not exceed 1.75% of Gross Proceeds from the sale of Shares in the primary offering and the Corporation’s distribution reinvestment plan. 

 

 4 

 Person. An individual, corporation, partnership, trust, joint venture, limited
liability company or other entity. 
 Property or Properties. All or a portion of the Real Property or Real Properties
acquired by the Corporation, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 

Prospectus. Prospectus shall have the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended
(the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever
name known, utilized for the purpose of offering and selling securities to the public. 
 Real Estate Asset Value.
The amount actually paid or allocated to the purchase, development, construction or improvement of a Real Property, exclusive of Acquisition Fees and Acquisition Expenses. 

Real Property. Land, rights in land (including leasehold interests), and any buildings, structures, improvements, furnishings,
fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in tenancy-in-common interests, beneficial interests in Delaware statutory trusts,
and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such properties are being leased by the Corporation or any Affiliate from the tenancy-in-common investors, and (ii) such properties
are reflected as Assets of the Corporation in accordance with GAAP. 
 REIT. A “real estate investment trust”
under Sections 856 through 860 of the Code or as may be amended. 
 Sale or Sales. Any transaction or series of
transactions whereby: (A) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or
portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation
or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Corporation or the
Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Corporation or the Operating Partnership
as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards;
(D) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect
to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar
awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously
described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of
transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 
  

 5 

 Sales Commission. Up to 7.0% of Gross Proceeds from the sale of primary shares in the
Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 

Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires:
Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or
otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to
subscribe to, purchase or acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Corporation
sold in the Offering. 
 Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from
broker-dealer registration, and who, in either case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 

Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(d). 

Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation,
(ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Corporation, either alone or in
conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services
and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a
basis that is not customary in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length with the Corporation. “Sponsor” does not include any Person whose only
relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional
services. 
 Stockholders. The registered holders of the Corporation’s Shares. 

Termination Date. The date of termination of this Agreement. 

Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or
transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause.

 Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as determined under generally
accepted accounting principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising
capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and
Acquisition Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition,
disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the
definition set forth above, any expense of the Corporation which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

 

 6 

 Total Project Cost. With regard to any Real Property acquired prior to or during the
development, construction, improvement or acquisition stages, all hard and soft costs and expenses paid or incurred by the Corporation that are in any way related to the development of such Real Property, including, but not limited to, any debt,
whether borrowed or assumed, land and construction costs. 
 2%/25% Guidelines. For any year in which the Corporation
qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of
the Corporation’s Net Income over the same 12 month period. 
 2. APPOINTMENT. The Corporation and the Operating
Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of
Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the Charter and Bylaws of the Corporation and the Operating Partnership Agreement, the Advisor shall, either
directly or by engaging an Affiliate: 
 (a) serve as the Corporation’s and the Operating Partnership’s investment and
financial advisor and provide research and economic and statistical data in connection with the Corporation’s assets and investment policies; 

(b) manage and supervise the Offering process, including, without limitation: (i) develop the product offering, including the
determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents, and obtain all required regulatory approvals; (ii) along with the Dealer Manager, approve the participating
broker dealers and negotiate the related selling agreements; (iii) coordinate the due diligence process for participating broker dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the
preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer
agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions; and (vi) manage and supervise all other services related to the organization of the Corporation, the Operating
Partnership or the Offering; 
  

 7 

 (c) provide the daily management for the Corporation and the Operating Partnership and
perform and supervise the various administrative functions reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items,
legal and other services, office space, office furnishings, personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the
activities of the Corporation and the Operating Partnership as shall be required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial
statements; (iii) oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate
with the transfer agent the quarterly dividend process and payments to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations;
(vi) provide the Board of Directors with updates related to the overall regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters; (vii) consult with the Board of
Directors with respect to the corporate governance structure and appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Corporation and
the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act; (ix) manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other
communications; and (x) establish technology infrastructure to assist in providing Stockholder support and service; 
 (d)
investigate, select, and, on behalf of the Corporation and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to
consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers,
property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other
capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing;

 (e) consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation
and implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of
the Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 

(f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments,
(ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership in compliance with the investment
objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale
of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Properties;

 (g) upon request, provide the Board of Directors with periodic reports regarding prospective investments; 

(h) obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case
may be, for any and all investments in and dispositions of Real Properties; 
  

 8 

 (i) make investments in and dispositions of Assets within the discretionary limits and
authority as granted by the Board; 
 (j) negotiate on behalf of the Corporation and the Operating Partnership with banks or
lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and
Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties
incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 

(k) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the
value of investments or contemplated investments of the Corporation and/or the Operating Partnership in Assets; 
 (l) from time
to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of its performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to
potential conflicts of interest involving the Advisor or any of its affiliates; 
 (m) provide the Corporation and the Operating
Partnership with all necessary cash management services; 
 (n) do all things necessary to assure its ability to render the
services described in this Agreement; 
 (o) deliver to or maintain on behalf of the Corporation copies of all appraisals
obtained in connection with the investments in Real Properties and all valuations of other Assets as may be required to be obtained by the Board; 

(p) notify and obtain the approval of the Corporation’s investment committee for all non-affiliated transactions that have a
Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 

(q) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or
Contract Sales Price of more than $30 million before such transactions are completed; 
 (r) notify and obtain the approval of a
majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 

(s) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may
be approved by the Board. 
 Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any
Person so long as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person
that is not an Affiliate. 
  

 9 

 4. AUTHORITY OF ADVISOR. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to
the continuing and exclusive authority of the Board of Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities,
(2) manage and supervise the offering process, (3) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (4) acquire
and dispose of investments in compliance with the investment objectives and policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee
Affiliated and non-Affiliated property managers who perform services for the Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required
to be performed under this Agreement, (9) manage communications with Stockholders, and (10) manage public reporting, internal controls, accounting and other record-keeping functions and general corporate services for the Corporation and
the Operating Partnership. 
 (b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of
Real Property by the Corporation or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may
be. 
 (c) In connection with a proposed transaction, the Advisor will deliver to the Board or to any delegated committee of the
board or other group of directors, as the case may be, all documents and other information required by them to properly evaluate the proposed transaction. 

The prior approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each
transaction to which the Advisor or its Affiliates is a party. The Board of Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies
or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification
or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 

5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Corporation
and/or the Operating Partnership or in the name of the Corporation and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Corporation
and/or the Operating Partnership, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings
of such collections and payments to the Board of Directors and to the auditors of the Corporation. 
 6. RECORDS; ACCESS. The
Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from time to time
during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Corporation and the Operating Partnership. 
  

 10 

 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the
Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be
permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of
such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of
the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall
not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the
Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Paragraphs 19 of this Agreement. 

8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification
of the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Corporation, except that no
member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive any compensation from the Corporation for serving as a Director or officer of the Corporation other
than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set
forth in the Charter. 
 9. FEES. 

(a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s
behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether the Real Property acquired is in the operational, development or construction stage. For each Real Property acquired in the operational stage, the
Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the property (or the Corporation’s proportional interest therein) for the first $500,000,000 of Real Property acquired, and 1.0% thereafter (or the Corporation’s
proportional interest therein), including Real Property held in Joint Ventures or other entities that are co-owned. For each Real Property acquired prior to or during the development or construction stage, the Acquisition Fee will be an amount that
will equal up to 4.0% of Total Project Cost; provided, however, that the Corporation will only pay such a fee to the Advisor if the Advisor provides, directly or indirectly, the development services. The Advisor is also entitled to receive
Acquisition Fees of (i) 1.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or that the
Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the acquisition of an interest in any other real estate related entity. Additionally, in
connection with the acquisition or origination of any Mortgage, any other type of debt investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses related
to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid at or after the closing of an investment. The total of all
Acquisition Fees and Acquisition Expenses payable with respect to any Asset shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a majority of
the Board of Directors, including a majority of the Independent Directors. 
  

 11 

 (b) Real Estate Sales Commissions. If the Advisor or an Affiliate provides a
substantial amount of the services in connection with the Sale of one or more Properties, the Advisor or an Affiliate shall receive a real estate sales commission equal to the lesser of (i) one-half of a Competitive Real Estate Commission or
(ii) 3% of the Contract Sales Price of such Property or Properties. The real estate sales commission may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions paid to all Persons
by the Corporation with respect to the sale of such Property or Properties shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of the Property or Properties or (ii) the Competitive Real Estate Commission.

 (c) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services
rendered in connection with the management and disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part,
from time to time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the
Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting
purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of
the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate
related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) a fee equal to 2.0% of the Contract Sales Price of each Asset upon disposition. With the exception of any portion
of the Asset Management Fee related to the disposition of Assets, which shall be payable at the time of such disposition, the Asset Management Fee shall be payable on the 1st day of each month. 

(d) Operating Partnership Interests. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in
exchange for OP Units, which it subsequently exchanged for 20,000 shares of common stock of the Corporation. The Sponsor or an Affiliate of the Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units
constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of the
Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. 

(e) Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating
Partnership unless a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Corporation or the Operating
Partnership than loans between unaffiliated parties under the same circumstances. 
 (f) Exclusion of Certain
Transactions. In the event the Corporation or the Operating Partnership shall propose to enter into any transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the
Board of Directors (including a majority of the Independent Directors) as fair and reasonable to the Corporation. 
  

 12 

 10. EXPENSES. 

(a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the
Corporation or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to
this Agreement, including, but not limited to: 
 (i) Up to 1.75% of Gross Proceeds as an Organization and Offering Expense
reimbursement. The Advisor will use all or a portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The
Advisor or an Affiliate of the Advisor will be responsible for the cumulative Organization and Offering Expenses to the extent that such expenses exceed the amount remaining from the 1.75% Organization and Offering Expense reimbursement, without
recourse against or reimbursement by the Corporation; 
 (ii) Acquisition Expenses; 

(iii) the actual cost of goods and services used by the Corporation and obtained from entities not affiliated with the Advisor, other
than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 
 (iv)
interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments
on income of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 
 (vi) costs associated with
insurance required in connection with the business of the Corporation or by the officers and Directors; 
 (vii) expenses of
managing and operating Assets owned by the Corporation, whether payable to an Affiliate of the Corporation or a non-affiliated Person; 

(viii) all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders; 

(ix) expenses associated with a Listing, if applicable; 

(x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the
Stockholders; 
 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Corporation or the
Charter; 
 (xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and
mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xiii) administrative service expenses (including related personnel costs) relating to, among other things, the services set forth in
Section 3(c) hereof); provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives a separate fee; 

 

 13 

 (xiv) audit, accounting and legal fees and other fees for professional services relating to
the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 

(xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and ordinances; and 

(xvi) all other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 

(b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10
shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall
deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11.
OTHER SERVICES. Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be
separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms
of this Agreement. 
 12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT, the
Corporation shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of
Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from
the Total Operating Expenses reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the
Excess Amount may be paid and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in
determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor
or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 

13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or
earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements
governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. The parties to this Agreement hereby acknowledge
that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 
  

 14 

 The Advisor shall report to the Board the existence of any condition or circumstance,
existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited
liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates
thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its
Affiliates follow the method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation.

 The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program
to the Corporation which is consistent with the investment policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the
Corporation even if the opportunity is of character which, if presented to the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of
Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the
Corporation and Affiliates of the Advisor. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a
period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before
renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE PARTIES.
This Agreement may be terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the
Independent Directors of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of
Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed. 

16. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a
majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Board of Directors.
This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Corporation or the Operating Partnership to a corporation, limited partnership or
other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same
manner as the Corporation and the Operating Partnership are bound by this Agreement. 
  

 15 

 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be
entitled to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of
this Agreement. 
 (b) The Advisor shall promptly upon termination: 

(i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the
Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 

(iii) deliver to the Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of
the Advisor; and 
 (iv) cooperate with the Corporation and the Operating Partnership to provide an orderly management
transition. 
 18. INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation and the Operating
Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of
their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the
laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation and the Operating Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective members, managers, officers,
directors, partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the REIT Guidelines adopted by the North American Securities Administrators Association. 

19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Corporation and the Operating Partnership from contract
or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred
by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or
declining to follow any advice or recommendation given by the Advisor. 
  

 16 

 20. NOTICES. Any notice, report or other communication required or permitted to be given
hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by
overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	 To the Directors and to the Corporation:
	 	 Industrial Income Trust Inc.

518
17th Street

17th Floor

 Denver, CO 80202

		
	 To the Operating Partnership:
	 	 Industrial Income Operating Partnership LP

518
17th Street

17th Floor

 Denver, CO 80202

		
	 To the Advisor:
	 	 Industrial Income Advisors LLC

518
17th Street

17th Floor

 Denver, CO 80202

Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this Paragraph 20.

 21. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an
instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 22. SEVERABILITY. The
provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or
unenforceable in whole or in part. 
 23. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Colorado. 
 24. ENTIRE AGREEMENT. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an
agreement in writing. 
 25. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to exercise any
right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 26. GENDER. Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

27. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only,
and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
  

 17 

 28. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 29.
INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units, which it subsequently exchanged for shares of common stock of the Corporation. The Advisor may not sell any of such
shares while the Advisor acts in such advisory capacity to the Corporation, provided, that such shares may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor
or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or
any of its Affiliates. 
  

 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Advisory
Agreement as of the date and year first above written. 
  

			
	INDUSTRIAL INCOME TRUST INC.
		
	By:	 	 /s/ Thomas G. McGonagle

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer and Treasurer
	
	INDUSTRIAL INCOME OPERATING PARTNERSHIP LP
	
	By: Industrial Income Trust Inc., its Sole General Partner
		
	By:	 	 /s/ Thomas G. McGonagle

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer and Treasurer
	
	INDUSTRIAL INCOME ADVISORS LLC
	
	By: Industrial Income Advisors Group LLC, its Sole Member
		
	By:	 	 /s/ John A. Blumberg

	Name:	 	John A. Blumberg
	Title:	 	Manager

  

 19Asset Purchase Agreement

 Exhibit 10.116 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT MARKED WITH [***] HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 
 Confidential

 Execution Copy 
  

 
  

ASSET PURCHASE AGREEMENT 

BY AND BETWEEN 

BIOVAIL LABORATORIES INTERNATIONAL SRL, AS BUYER, 

AND 

CORTEX PHARMACEUTICALS, INC., AS SELLER 

 TABLE OF CONTENTS 

 

							
	 	  	Page
		
	 ARTICLE I DEFINITIONS; INTERPRETATION
	  	1
				
		  	Section 1.1.	  	Definitions	  	1
				
		  	Section 1.2.	  	Interpretation	  	14
		
	ARTICLE II PURCHASE AND SALE	  	14
				
		  	Section 2.1.	  	Purchase and Sale of Assets; Purchase Price; Additional Consideration.	  	14
				
		  	Section 2.2.	  	Acquired Assets; Excluded Assets	  	15
				
		  	Section 2.3.	  	Assumed Liabilities; Buyer Not Successor to Seller; Excluded Liabilities	  	17
				
		  	Section 2.4.	  	Procedures for Certain Acquired Assets Not Freely Transferable	  	18
				
		  	Section 2.5.	  	Licenses	  	19
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER	  	20
				
		  	Section 3.1.	  	Organization, Standing and Power	  	20
				
		  	Section 3.2.	  	Authority; Binding Agreements	  	20
				
		  	Section 3.3.	  	Conflicts; Consents	  	21
				
		  	Section 3.4.	  	Governmental Authorizations	  	21
				
		  	Section 3.5.	  	Absence of Changes	  	21
				
		  	Section 3.6.	  	Good Title; Sufficiency of Assets	  	22
				
		  	Section 3.7.	  	Tangible Property	  	22
				
		  	Section 3.8.	  	Intellectual Property.	  	22
				
		  	Section 3.9.	  	Contracts.	  	25
				
		  	Section 3.10.	  	Compliance with Applicable Law; Permits	  	26
				
		  	Section 3.11.	  	Non-Clinical and Clinical Material	  	26
				
		  	Section 3.12.	  	Litigation	  	26
				
		  	Section 3.13.	  	Adverse Information	  	27
				
		  	Section 3.14.	  	Insurance	  	27
				
		  	Section 3.15.	  	Taxes	  	27
				
		  	Section 3.16.	  	Brokers	  	28
				
		  	Section 3.17.	  	Regulatory Matters	  	28
				
		  	Section 3.18.	  	Adequate Consideration; Solvency	  	29
				
		  	Section 3.19.	  	Environmental Matters	  	29
				
		  	Section 3.20.	  	Disclosure	  	29

 TABLE OF CONTENTS (Cont.) 

 

							
	 	  	Page
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER	  	29
				
		  	Section 4.1.	  	Organization, Standing and Power	  	29
				
		  	Section 4.2.	  	Authority; Binding Agreements	  	30
				
		  	Section 4.3.	  	Conflicts; Consents	  	30
				
		  	Section 4.4.	  	Litigation	  	30
				
		  	Section 4.5.	  	Brokers	  	30
		
	ARTICLE V ADDITIONAL AGREEMENTS	  	30
				
		  	Section 5.1.	  	Access to Information	  	30
				
		  	Section 5.2.	  	Confidentiality; Non Competition; Covenant Not to Sue	  	31
				
		  	Section 5.3.	  	Patent Family 11 Applications	  	33
				
		  	Section 5.4.	  	Certain Tax Matters.	  	33
				
		  	Section 5.5.	  	Public Announcements	  	34
				
		  	Section 5.6.	  	Checks; Remittances and Refunds	  	34
				
		  	Section 5.7.	  	Cooperation in Litigation	  	34
				
		  	Section 5.8.	  	Cooperation in Patent Transfer, Assignment, Prosecution, Maintenance and Enforcement	  	35
				
		  	Section 5.9.	  	Required Approvals and Consents	  	35
				
		  	Section 5.10.	  	Transfer Period	  	35
				
		  	Section 5.11.	  	Compliance with Laws	  	35
				
		  	Section 5.12.	  	Variable Interest Entities	  	35
				
		  	Section 5.13.	  	Post-Closing Filings; Further Assurances	  	36
				
		  	Section 5.14.	  	 [***]
	  	37
		
	ARTICLE VI CONDITIONS PRECEDENT	  	37
				
		  	Section 6.1.	  	Conditions to Obligations of Buyer and Seller	  	37
				
		  	Section 6.2.	  	Conditions to Obligations of Buyer	  	38
				
		  	Section 6.3.	  	Conditions to Obligations of Seller	  	40
		
	ARTICLE VII REPURCHASE OF ASSETS	  	41
				
		  	Section 7.1.	  	Repurchase of Assets by Seller	  	41
		
	ARTICLE VIII INDEMNIFICATION	  	42
				
		  	Section 8.1.	  	Survival; Expiration	  	42
				
		  	Section 8.2.	  	Indemnification by Seller	  	43
				
		  	Section 8.3.	  	Indemnification by Buyer	  	43

 [***]: CONFIDENTIAL PORTIONS OMITTED AND
FILED SEPARATELY WITH THE COMMISSION. 
  

 ii 

 TABLE OF CONTENTS (Cont.) 

 

							
	 	  	 	  	 	  	Page
				
		  	Section 8.4.	  	Calculation of Losses; Mitigation of Damages	  	44
				
		  	Section 8.5.	  	Certain Procedures for Indemnification	  	44
				
		  	Section 8.6.	  	Certain Limitations on Indemnification	  	45
				
		  	Section 8.7.	  	Exclusive Remedy	  	46
		
	ARTICLE IX MISCELLANEOUS	  	46
				
		  	Section 9.1.	  	Governing Law	  	46
				
		  	Section 9.2.	  	Notices	  	46
				
		  	Section 9.3.	  	Benefits of Agreement	  	47
				
		  	Section 9.4.	  	Amendments and Waivers	  	47
				
		  	Section 9.5.	  	Cumulative Rights	  	47
				
		  	Section 9.6.	  	Expenses	  	48
				
		  	Section 9.7.	  	Arbitration	  	48
				
		  	Section 9.8.	  	Assignment	  	49
				
		  	Section 9.9.	  	Enforceability; Severability	  	49
				
		  	Section 9.10.	  	Entire Agreement	  	49
				
		  	Section 9.11.	  	Counterparts	  	49

  

 iii 

 ASSET PURCHASE AGREEMENT 

This Asset Purchase Agreement (this “Agreement”), dated as of March 25, 2010 (the “Effective
Date”), is made by and between Cortex Pharmaceuticals, Inc., a Delaware corporation (“Seller”) and Biovail Laboratories International SRL, an international society with restricted liability organized under the
laws of Barbados (“Buyer”). Buyer and Seller may be referred to herein each individually as a “Party” and collectively as the “Parties”. 

RECITALS 

WHEREAS, Seller owns or has license rights to certain pharmaceutical compounds, including the Primary AMPAKINE® Compounds (as
hereinafter defined) and the Other AMPAKINE® Compounds (as hereinafter defined), which are being or may be developed, among other things, for use in the prevention and/or treatment of RD (as hereinafter defined) or vaso-occlusive crises
associated with sickle cell disease (the “Field”); 
 WHEREAS, Buyer is a pharmaceutical company
with expertise and experience in researching, developing, manufacturing and commercializing pharmaceutical products; 

WHEREAS, subject to the terms and conditions of this Agreement, Seller desires to transfer to Buyer and Buyer desires to acquire
Seller’s interest in certain assets relating to the Compounds (as defined herein); and 
 WHEREAS, Buyer and Seller
are simultaneously entering into the Seller License Agreement (as hereinafter defined) for the license back to Seller of certain of the Acquired Assets (as hereinafter defined) for use outside the Field. 

NOW, THEREFORE, in consideration of the mutual benefits to be derived from this Agreement and of the representations, warranties,
conditions, agreements and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 

DEFINITIONS; INTERPRETATION 

Section 1.1. Definitions. The capitalized terms used in this Agreement have the respective meanings ascribed to them as
follows: 
 “508 Application” means the Patent application [***]. 

“254 Application” means the Patent application [***] and the US Patent application [***], both of which claim
priority to provisional Patent application [***]. 
 “Act” means the United States Federal Food, Drug,
and Cosmetic Act, as amended, and the rules, regulations, guidelines, guidances and requirements promulgated thereunder, as may be in effect from time to time. 

“Acquired Assets” has the meaning set forth in Section 2.2(a). 

[***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 

 “Acquired Patent Families” means, collectively, Patent Family 5
and Patent Family 6. 
 “Action” means any claim, action, suit, arbitration, inquiry, audit,
proceeding or investigation by or before or otherwise involving, any Governmental Authority. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling or controlled
by, or under direct or indirect common control with, such first Person. For purposes of this definition, a Person shall be deemed, in any event, to control another Person if it (a) owns or controls, directly or indirectly, or has the ability to
direct or cause the direction or control of, more than 50% of the voting equity of the other Person, or (b) has the ability to direct, cause the direction of, or control the actions of such other Person, whether through direct or indirect
ownership of voting equity, by contract or otherwise. 
 “Agreement” has the meaning set forth in the
preamble hereof. 
 “Ampakine Molecule” means any compound that positively modulates
through an allosteric mechanism AMPA receptor mediated responses. 
 “AMPAKINE® NDA
Submission” has the meaning set forth in the definition of Second Milestone Event. 
 “AMPAKINE®
Pivotal Studies” has the meaning set forth in the definition of Second Milestone Event. 

“AMPAKINE® Trademark” means the Trademark having serial number 74439919, filed on September 24, 1993 and
registered on May 12, 1998 as registration number 2157044. 
 “Applicable Law” means any applicable
supra-national, federal, state, regional, local or foreign constitution, treaty, law, statute, ordinance, rule, regulation, interpretation, directive, policy, administrative code, guidance, order, writ, award, decree, injunction, judgment, stay or
restraining order of any Governmental Authority, the terms of any Permit, and any other ruling or decision of, agreement with or by, or any other requirement of, any Governmental Authority. 

“Assumed Contracts” has the meaning set forth in Section 2.2(a)(ii). 

“Assumed Liabilities” has the meaning set forth in Section 2.3(a). 

“Basket” has the meaning set forth in Section 8.6(a). 

“BfArM Approvals” means all Regulatory Approvals by the Bundesinstitut für Arzneimittel und Medizinprodukte
(German Federal Institute for Drugs and Medical Devices) with respect to CX717. 
 “Books and Records”
means all books, records, files (including data files) and documents (including research and development and records), correspondence and, to the extent not originals, true and complete copies of all files relating to the acquired Compounds or the
Acquired Assets or the filing, prosecution, issuance, maintenance, enforcement or defense of any Patents, Trademarks, Copyrights or other Intellectual Property, including file wrappers, written third party correspondence,

  

 2 

 
records and documents primarily related to the Seller Compound Activities, including laboratory notebooks, procedures, tests, dosage information, criteria for patient selection, safety and
efficacy and study protocols, investigators brochures and all pharmacovigilance and other safety records) in all forms, including electronic, in which they are stored or maintained, and all data and information included or referenced therein, in
each case that are licensed, owned or Controlled by or otherwise in the possession of Seller or any of its Affiliates, as applicable; provided, however, the [***] Books and Records shall be excluded from Books and Records for so
long as Seller is bound by the confidentiality restrictions pursuant to the [***] Agreement, and thereafter, the [***] Books and Records shall be included in Books and Records.  

“Business Day” means any day excluding Saturdays, Sundays and any day that is a legal holiday under the laws of
the United States or Barbados or that is a day on which banking institutions located in New York, New York are authorized or required by Applicable Law or other governmental action to close. 

“Buyer” has the meaning set forth in the preamble hereof. 

“Buyer 508 Application” has the meaning set forth in Section 6.2(m)(i). 

“Buyer 254 Applications” has the meaning set forth in Section 6.2(m)(ii). 

“Buyer Confidential Information” means (a) all financial, technical, commercial, proprietary or other
information disclosed by or on behalf of Buyer or an Affiliate of Buyer to Seller, its Affiliates or any of its or their officers, directors, employees or Representatives (each, for purposes of this definition, a “Seller
Recipient”) in connection with the transactions contemplated by this Agreement, (b) each of the provisions contained in this Agreement and the Related Documents, (c) all financial, technical, commercial, proprietary or other
information of Buyer or its Affiliates disclosed by or on behalf of Buyer to any Governmental Authority in connection with any filings or review in connection with the transactions contemplated by this Agreement, and (d) all financial,
technical, commercial, proprietary or other information of Seller or its Affiliates relating to the Acquired Assets, including all Seller Intellectual Property and Books and Records. Notwithstanding the preceding sentence, the definition of Buyer
Confidential Information does not include any information that (i) is in the public domain at the time of disclosure to a Seller Recipient or becomes part of the public domain after such disclosure through no fault of a Seller Recipient,
(ii) except with respect to information set forth in subclause (d) above which shall constitute Buyer Confidential Information, is already in the possession of a Seller Recipient at the time of disclosure to such Seller Recipient and had
not been previously provided by Buyer or its Affiliates, (iii) is disclosed to a Seller Recipient by any Person other than by or on behalf of a Buyer Recipient; provided that, no Seller Recipient has actual knowledge that such Person is
prohibited from disclosing such information (either by reason of contract or legal or fiduciary obligation) or (iv) is developed independently by a Seller Recipient without the use of any Buyer Confidential Information. 

“Buyer Patent Family 11 Applications” means, collectively, the Buyer 508 Application and the Buyer 254
Applications. 
 “Buyer Recipient” has the meaning set forth in the definition of Seller Confidential
Information. 
  

 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

 3 

 “Cap” has the meaning set forth in Section 8.6(a). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Compounds” means the Primary AMPAKINE® Compounds and the Other AMPAKINE® Compounds. 

“Competing Compound” means any compound or product that has as an active ingredient an Ampakine Molecule or any
metabolites, salts, free base forms, prodrugs, isomers, enantiomers, derivatives or analogs thereof either in single or combination form. 

“Consent” means, with respect to a Contract or a Permit, any consent or approval of any Person other than either
Party to this Agreement that, in accordance with the terms of such Contract or Permit, is required to be obtained for the transfer or assignment thereof to Buyer. 

“Contracts” has the meaning set forth in Section 3.9(b). 

“Control” including its various tenses and derivatives (such as “Controlled” and
“Controlling”) means (a) when used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through the
ownership of voting securities, by contract or otherwise, (b) when used with respect to any security, the possession, directly or indirectly, of the power to vote, or to direct the voting of, such security or the power to dispose of, or to
direct the disposition of, such security, and (c) when used with respect to any item of Intellectual Property, possession of the right, whether directly or indirectly, and whether by ownership, license or otherwise, to assign or grant a
license, sublicense or other right to or under such Intellectual Property. 
 “Copyrights” means
(a) all copyrights (including copyrights in any package inserts, marketing or promotional materials, labeling or other text provided to prescribers or consumers), whether registered or unregistered throughout the world; (b) any
registrations and applications therefor; (c) works of authorship (whether published or unpublished) and rights to databases of any kind under the Applicable Laws of any jurisdiction; (d) all rights and priorities afforded under any
international treaty, convention or the like; (e) all extensions and renewals thereof; (f) the right to sue for past, present and future infringements of any of the foregoing, and all proceeds of the foregoing, including licenses,
royalties, income, payments, claims, damages (including attorneys’ fees), and proceeds of suit; and (g) any rights similar to the foregoing in any country, including moral rights. 

“[***]” shall have the meaning set forth in Exhibit 1. 

“CX717” shall have the meaning set forth in Exhibit 1. 

“CX1739” shall have the meaning set forth in Exhibit 1. 

“CX1763” shall have the meaning set forth in Exhibit 1. 

“CX1942” shall have the meaning set forth in Exhibit 1. 

 

 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

 4 

 “CX717 IND” means IND #[***] filed with the FDA on [***] for CX717.

 “Distribute” or “Distribution” means any and all activities related to the
distribution, marketing, promoting, offering for sale and selling of any product, including advertising, detailing, educating, planning, promoting, conducting reporting, storing, handling, shipping and communicating with Governmental Authorities and
third parties in connection therewith. 
 “Dollars” or “$” means United States
dollars. 
 “Effective Date” has the meaning set forth in the preamble hereto. 

“Employee” means an individual who has provided or is currently providing services to Seller in respect of the
Seller Compound Activities, or otherwise has knowledge in respect of the Seller Intellectual Property, as an employee or consultant of Seller. 

“Environmental Law” means any Applicable Law relating to (a) pollution or protection of the environment,
including natural resources, disposal of pollutants, toxic, hazardous, or other waste, and discharge and treatment of stormwater or sanitary and industrial wastewater; (b) health and safety, including exposure of employees or other persons, to
toxic or hazardous substances; (c) protection of the public health or welfare from the effects of by-products, wastes, emissions, discharges or releases of any chemical or other substances from industrial or commercial activities; or
(d) regulation of the manufacture, use or introduction into commerce of chemical or other substances, including their manufacture, importation, exportation, formulation, labeling, distribution, transportation, handling, storage, treatment,
recycling, removal and disposal, specifically including petroleum and petroleum derived products. 
 “Excluded
Assets” has the meaning set forth in Section 2.2(c). 
 “Excluded Intellectual
Property” means all right, title and interest of Seller (or its Affiliates, as applicable) in and to Intellectual Property, whether now existing or hereafter developed or acquired other than the Seller Intellectual Property. 

“Excluded Liabilities” has the meaning set forth in Section 2.3(c). 

“Exploit” or “Exploitation” means to make, have made, import, use, sell, offer for sale,
or otherwise dispose of, including all discovery, research, development, registration, modification, enhancement, improvement, manufacture, storage, formulation, optimization, importation, exportation, transportation, Distribution,
commercialization, promotion and marketing activities related thereto. 
 “FDA” means the United States
Food and Drug Administration, or any successor agency thereto. 
 “Field” has the meaning set forth in
the recitals hereto. 
 “Filing Date” has the meaning set forth in Section 9.7(c). 

 

 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

 5 

 “First Milestone Event” means the date on which Buyer generates data
which in Buyer’s sole discretion successfully demonstrates the utility of the Compound referred to as CX717 in the intravenous dosage format for the prophylactic or rescue treatment of RD. 

“First Milestone Payment” has the meaning set forth in Section 2.1(c)(i). 

“Good Manufacturing Practices” means standards and methods to be used in, and the facilities or controls to be
used for, the manufacture, processing, packaging, testing or holding of a drug to assure that such drug meets the requirements of Applicable Law and other requirements of any Governmental Authority as to safety, identity and strength, and meets the
quality and purity characteristics that it purports or is represented to possess. 
 “Governmental
Authority” means any supra-national, federal, state, local or foreign government, legislature, governmental or administrative agency, department, commission, bureau, board, instrumentality, self-regulatory association or authority,
court or other authority of tribunal of competent jurisdiction (including any arbitration or other alternative dispute forum), or any other governmental authority or instrumentality anywhere in the world. 

“Hold-Back Amount” has the meaning set forth in Section 2.1(a)(i). 

“Improvement” means any modification, variation or revision to a compound, product or technology or any
discovery, technology, device, process or formulation related to such compound, product or technology, whether or not patented or patentable, including any enhancement in the efficiency, operation, manufacture, ingredients, preparation,
presentation, formulation, means of delivery, packaging or dosage of such compound, product or technology, any discovery or development of any new or expanded indications for such compound, product or technology, or any discovery or development that
improves the stability, safety or efficacy of such compound, product or technology or would, if commercialized, replace or displace such compound, product or technology. 

“IND” means (a) an Investigational New Drug Application, as defined in the Act, which is required to be
filed with the FDA before beginning clinical testing of a product in human subjects, and its equivalent in other countries or regulatory jurisdictions in the Territory or any successor application or procedure, and (b) all supplements and
amendments that may be filed with respect to the foregoing. 
 “Indemnification Claim” has the meaning
set forth in Section 8.5(b). 
 “Indemnified Party” has the meaning set forth in
Section 8.5(a). 
 “Indemnifying Party” has the meaning set forth in Section 8.5(a).

 “Information and Inventions” means all technical, scientific and other know-how and information,
trade secrets, knowledge, technology, means, methods, processes, practices, formulas, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer programs, apparatuses,
specifications, data, results and other material, including high-throughput screening and other drug discovery and development technology, pre-clinical and clinical trial results, manufacturing procedures, test procedures and purification and
isolation techniques, (whether or not confidential, proprietary, patented or 
  

 6 

 
patentable) in written, electronic or any other form and all Improvements, whether to the foregoing or otherwise, and other discoveries, developments, inventions, and other Intellectual Property
(whether or not confidential, proprietary, patented or patentable), but excluding the Regulatory Documentation. 

“Intellectual Property” means all intellectual property rights, whether registered or unregistered, including
(a) Patents, (b) Information and Inventions, (c) Trademarks, (d) Copyrights, (e) other intellectual property rights, including confidential information, trade secrets, and similar proprietary rights in confidential
inventions, discoveries, analytic models, improvements, processes, techniques, devices, methods, patterns, formulations and specifications, (f) all completed or pending registrations, renewals or applications for registration or renewal of any
of the foregoing, (g) copies and tangible embodiments of any of the foregoing (in whatever form or media) and (h) other tangible and intangible information or material. 

“Licensed Patent Families” means, collectively, Patent Family 1 and Patent Family 9. 

“Lien” means any lien (statutory or otherwise), security interest, pledge, hypothecation, mortgage, assessment,
lease, claim, levy, license, defect in title, charge, or any other third party right, license or property interest of any kind, or any conditional sale or other title retention agreement, right of first option, right of first refusal or similar
restriction, any covenant not to sue, or any restriction on use, transfer, receipt of income or exercise of any other attribute of ownership or any agreement to give any of the foregoing in the future or similar encumbrance of any kind or nature
whatsoever. 
 “Losses” has the meaning set forth in Section 8.2. 

“Marketing Authorization Application” or “MAA” means a New Drug Application as defined in
the Act, and any corresponding foreign application, registration or certification, necessary or reasonably useful to market any product containing any of the Compounds as an active pharmaceutical ingredient in the Territory, but not including
pricing and reimbursement approvals. 
 “Material Adverse Effect” means any effect that (a) is
materially adverse to the Seller Compound Activities or the Acquired Assets, in whole or in part, (b) materially impacts, materially delays or prevents the consummation of the transactions contemplated hereby, (c) creates a material
limitation on the ability of the Buyer to develop, use or otherwise Exploit the Compounds in the Field in the Territory or (d) creates a material limitation on the ability of Buyer to acquire valid and marketable title to the Acquired Assets
free and clear of all Liens (other than Permitted Liens). 
 “Material Consent” means any Consent under
any Assumed Contract or Permit as designated on Schedule 3.3. 
 “MHRA Approvals” means all
Regulatory Approvals by the Medicines & Healthcare products Regulatory Agency in the United Kingdom with respect to the Compound referred to as CX717. 

“Milestone Event” means any of the First Milestone Event, the Second Milestone Event or the Third Milestone
Event, as applicable. 
 “Milestone Payments” has the meaning set forth in Section 2.1(c).

  

 7 

 “NDA” means a New Drug Application for any product requesting
permission to place the product on the market in accordance with the Act, together with all supplements or amendments filed with respect thereto pursuant to the requirements of the Act, including all documents, data and other information concerning
the product that are reasonably necessary for the FDA approval to market the product in the United States. 

“Non-Assignable Right” has the meaning set forth in Section 2.4(a). 

“Non-Clinical and Clinical Material” has the meaning set forth in Section 2.2(a)(vi). 

“Non-Compete Adjustment Trigger” means the acquisition of beneficial ownership of Seller by a third party of all
or a material portion of the assets of, or any material equity interest in, Seller pursuant to a merger, consolidation or other business combination, sale of shares of capital stock, sale of assets, licensing transaction, tender or exchange offer or
similar transaction involving Seller, including any single or multi-step transaction or series of related transactions that is structured to permit such party to acquire beneficial ownership of any material portion of the assets of, or any material
equity interest in, Seller. For the purposes of this definition, a material portion of the assets of, or material equity interest in, Seller means greater than [***]% of the assets of, or equity interest in, Seller. 

“Order” means any writ, judgment, decree, injunction or similar order, including consent orders, of any
Governmental Authority (in each such case whether preliminary or final). 
 “[***] Agreement” means that
certain [***] Agreement, dated [***], by and between [***] and Buyer. 
 “[***] Books and Records” means
books, records, files (including data files) and documents (including research and development records) and correspondence relating solely to information under Patent Family 5 and for which Seller is subject to confidentiality restrictions pursuant
to the [***] Agreement (as such confidentiality restrictions are in effect as of the date hereof). 
 “[***]
Sublicense” means the sublicense granted by Seller to Buyer in the Seller License Agreement of Seller’s Intellectual Property rights in Patent Family 5 that are licensed to Seller pursuant to the [***] Agreement. 

“Other AMPAKINE® Compounds” means the molecules disclosed in, claimed in or otherwise covered by the Acquired
Patent Families (other than the Primary AMPAKINE® Compounds). 
 “Party” or
“Parties” has the meaning set forth in the preamble hereto. 
 “Patent
Family 1” means the Patents listed on Schedule 1.1(a) hereto. 
 “Patent Family 1
UofC License Agreement” means that certain Exclusive License Agreement, dated as of June 25, 1993, by and between the Regents of the University of California and Seller, as amended. 

 

 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

 8 

 “Patent Family 5” means the Patents listed on
Schedule 1.1(b) hereto, and covering CX717 and [***]. 
 “Patent Family 6” means the
Patents listed on Schedule 1.1(c) hereto, and covering CX1739, CX1942 and CX1763. 
 “Patent
Family 9” means the Patents listed on Schedule 1.1(d) hereto. 
 “Patent Family 11
Applications” means, collectively, the 508 Application and the 254 Applications, as set forth on Schedule 1.1(e) hereto. 

“Patents” means (a) all national, regional and international patents and patent applications, including
provisional patent applications; (b) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from either of these, including divisionals, continuations,
continuations-in-part, substitutions, provisionals, converted provisionals, continued prosecution applications and requests for continued examination applications; (c) any and all patents that have issued or in the future issue from the
foregoing patent applications described in clauses (a) and (b), including utility models, petty patents and design patents and certificates of invention; (d) 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 the foregoing patents or patent applications described in clauses (a), (b) and (c);
(e) any and all causes of action, claims, demands or other rights occasioned from or because of any and all past, present and future infringement of any of the foregoing, including all rights to recover damages (including attorneys’ fees),
profits and injunctive or other relief for such infringement; and (f) any similar rights, including so-called pipeline protection, or any importation, revalidation, confirmation or introduction patent or registration patent or patent of
additions to any such foregoing patent applications and patents. 
 “Permits” means all licenses,
permits, construction permits, approvals, concessions, franchises, certificates, consents, qualifications, registrations, privileges and other authorizations and rights, including the Regulatory Approvals, from or issued by any Governmental
Authority held by Seller (or its Affiliates, as applicable) that primarily relate to any Compound or the Seller Compound Activities in the Field, including those set forth on Schedule 3.10, together with any renewals, extensions, or
modifications thereof and any additions thereto. 
 “Permitted Liens” means (a) Liens for Taxes or
assessments that are not yet due or which are being contested in good faith by appropriate Actions and (b) statutory mechanics’, materialmen’s, contractors’, warehousemen’s, repairmen’s and other similar statutory Liens
arising in the ordinary course of business and consistent with past practice and that are not delinquent or as set forth on Schedule 1.1(f). 

“Person” means a human being, labor organization, partnership, firm, enterprise, association, joint venture,
corporation, limited liability company, cooperative, legal representative, foundation, society, political party, estate, trust, trustee, trustee in bankruptcy, receiver or any other organization or entity whatsoever, including any Governmental
Authority. 
  

 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

 9 

 “Phase III Clinical Study” means a human clinical trial of a
compound or product on a sufficient number of subjects that is designed to establish that the compound or product is safe and efficacious for its intended use, and to determine warnings, precautions and adverse reactions that are associated with the
compound or product in the dosage range to be prescribed, and to support Regulatory Approval of the compound or product or label expansion of the compound or product. 

“Primary AMPAKINE® Compounds” means CX717, CX1739, CX1942 and CX1763, and their respective metabolites,
salts, free base forms, prodrug forms or enantiomers. 
 “Primary Contract” has the meaning set forth in
Section 3.9(a). 
 “Purchase Price” has the meaning set forth in Section 2.1(a)(i).

 “RD” or “respiratory depression” means a variety of conditions
characterized by reduced frequency and inspiratory drive to cranial and spinal motor neurons. Specifically, respiratory depression refers to conditions where the medullary neural network associated with respiratory rhythm generating activity does
not respond to accumulating levels of PCO2 (or decreasing
levels of PO2) in the blood and subsequently under stimulates
motor neurons controlling lung musculature. 
 “Regulatory Approval” means, with respect to a country in
the Territory, any and all approvals (including pricing and reimbursement approvals), licenses, registrations or authorizations of any Governmental Authority necessary or useful for the Exploitation of the Compound in such country, including, where
applicable, (a) approval of any Compound or any product containing any Compound, including any INDs, MAAs and supplements and amendments thereto; (b) pre- and post-approval marketing authorizations (including any prerequisite manufacturing
approval or authorization related thereto); (c) labeling approval; and (d) technical, medical and scientific licenses. 

“Regulatory Documentation” means any and all applications (including for “orphan drug” status),
registrations, licenses, authorizations and approvals (including all Regulatory Approvals), and non-clinical and clinical study authorization applications or notifications (including all supporting files, writings, data, studies and reports)
prepared for submission to a Governmental Authority or research ethics committee with a view to the granting of any Regulatory Approval, and any correspondence to or with the FDA or any other Governmental Authority with respect to the Compounds, the
Seller Compound Activities (including minutes and official contact reports relating to any communications with any Governmental Authority), and all data contained in any of the foregoing, including all INDs, MAAs, regulatory drug lists, advertising
and promotion documents, adverse event files, complaint files and manufacturing records. 
 “Related
Contract” has the meaning set forth in Section 3.9(b). 
 “Related Documents” means,
other than this Agreement, all agreements, certificates and documents signed and delivered by either Party in connection with this Agreement. 

“Representatives” has the meaning set forth in Section 5.2(a). 

 

 10 

 “Second Milestone Event” means the occurrence of both: (i) the
successful completion by Buyer of a Phase III program for a Primary AMPAKINE® Compound in the intravenous dosage format for prophylactic or rescue treatment of RD, as measured by [***]; and (ii) [***] (the “[***]”)
[***] (the “[***]”). 
 “Second Milestone Payment” has the meaning set forth in
Section 2.1(c)(ii). 
 “Seller” has the meaning set forth in the preamble hereof. 

“Seller 508 Application” has the meaning set forth in Section 6.2(m)(i). 

“Seller 254 Applications” has the meaning set forth in Section 6.2(m)(ii). 

“Seller Compound Activities” means those tests, studies (whether preclinical or clinical) and other activities
conducted by or on behalf of Seller or its Affiliates in connection with the Compounds or the Exploitation thereof. 

“Seller Confidential Information” means (a) all financial, technical, commercial, proprietary or other
information of Seller or an Affiliate of Seller disclosed by Seller or an Affiliate of Seller to Buyer, its Affiliates or any of its or their officers, directors, employees (or Representatives for purposes of this definition, each a
“Buyer Recipient”) in connection with the transactions contemplated by this Agreement that does not primarily relate to the Seller Compound Activities or the Acquired Assets, (b) each of the provisions contained in this
Agreement and the Related Documents, and (c) all financial, technical, commercial, proprietary or other information of Seller or an Affiliate of Seller disclosed by Seller or an Affiliate of Seller to any Governmental Authority in connection
with any filings or review in connection with the transactions contemplated hereunder not primarily relating to the Seller Compound Activities or the Acquired Assets. Notwithstanding the preceding sentence, the definition of Seller Confidential
Information does not include any information that (i) is in the public domain at the time of disclosure to a Buyer Recipient or becomes part of the public domain after such disclosure through no fault of such Buyer Recipient, (ii) is
already in the possession of a Buyer Recipient at the time of disclosure to such Buyer Recipient and had not been previously provided by Seller or its Affiliates, (iii) is disclosed to a Buyer Recipient by any Person other than by or on behalf
of a Seller Recipient; provided that, no Buyer Recipient has actual knowledge that such Person is prohibited from disclosing such information (either by reason of contract or legal or fiduciary obligation) or (iv) is developed
independently by a Buyer Recipient without the use of any Seller Confidential Information. 

“Seller Intellectual Property” means (a) the Seller Patent Rights, (b) the Seller
Know-How, (c) the AMPAKINE® Trademark, and (d) all other Intellectual Property Controlled by Seller
(or its Affiliates) primarily related to the Seller Compound Activities and the Compounds and the Exploitation thereof, together with all associated goodwill. 

“Seller Know-How” means all Information and Inventions developed by or at the request of, or in the possession or
Control of, Seller or its Affiliates as of the Effective Date primarily relating to the Seller Compound Activities or the Compounds (or the Exploitation thereof) or any Improvements thereto as of the Effective Date, to the extent that such
Information and Inventions are not generally known, but excluding any Information and Inventions to the extent covered or claimed by the Seller 

 

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 11 

 
Patent Rights. Seller Know-How shall include all: (a) biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, clinical, safety, manufacturing and
quality control data and information primarily related to the Seller Compound Activities or any Compound, (b) assays and biological methodology necessary or useful for the conduct of the Seller Compound Activities or Exploitation of any
Compound, and (c) any and all Information and Inventions primarily related to any and all Compounds, or the Exploitation thereof, discovered or developed by or on behalf of Seller or its Affiliates as of the Effective Date, that are not covered
or claimed by the Seller Patent Rights. 
 “Seller’s Knowledge” (and similar phrases) means the
actual knowledge of any officer or director of Seller or Seller’s Affiliates. 
 “Seller License
Agreement” means the license agreement entered into simultaneously herewith between Buyer and Seller with respect to (a) the license of certain of the Seller Intellectual Property by Buyer to Seller for use outside the Field and
(b) the [***]. 
 “Seller Patent Rights” means the Acquired Patent Families, the Buyer Patent
Family 11 Applications and the Licensed Patent Families. 
 “Seller Recipient” has the meaning set
forth in the definition of Buyer Confidential Information. 
 “Seller Resource Employees” has the
meaning set forth in Section 5.10. 
 “Sleep Apnea” or
“SA” means a chronic disorder characterized by brief and frequently repeated interruptions of breathing during sleep, including obstructive sleep apnea and central sleep apnea.

 “Subsidiary” means, with respect to any Person, any other Person of which at least a majority
of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or Controlled by such Person and/or by
one or more of its Subsidiaries. 
 “Tax” or “Taxes” means any and all taxes,
assessments, levies, tariffs, duties or other charges or impositions in the nature of a tax (together with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority,
including income, estimated income, gross receipts, profits, business, license, occupation, franchise, capital stock, real or personal property, sales, use, transfer, value added, employment or unemployment, social security, disability, alternative
or add-on minimum, customs, excise, stamp, environmental, commercial rent or withholding taxes, and shall include any liability for Taxes of any other Person under Applicable Law, as a transferee or successor, by contract or otherwise. 

“Tax Return” means any return, declaration, report, claim for refund, information return or statement relating to
Taxes, including any schedule or attachment thereto, filed or maintained, or required to be filed or maintained, in connection with the calculation, determination, assessment or collection of any Tax and shall include any amended returns required as
a result of examination adjustments made by the Internal Revenue Service or other Tax authority. 
  

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 12 

 “Territory” means worldwide. 

“Third Milestone Event” means receipt by Buyer of Regulatory Approval from the FDA for the NDA pursuant to the
AMPAKINE® NDA Submission. 
 “Third Milestone Payment” has the meaning set forth in
Section 2.1(c)(iii). 
 “Trademark” means (a) any word, name, symbol, color, designation or
device or any combination thereof, including any trademark, trade dress, brand mark, trade name, brand name, logo, domain name or business symbol and (b) all registrations and applications for any of the foregoing; and (c) all rights and
priorities connected with the foregoing afforded under Applicable Law. 
 “Transfer Date” means with
respect to an Assumed Contract requiring the Consent, the date such Consent is obtained and such Assumed Contract is duly assigned to Buyer. 

“Transfer Taxes” has the meaning set forth in Section 5.4(a). 

“Transfer Period” has the meaning set forth in Section 5.10. 

“Transfer Plan” has the meaning set forth in Section 5.10. 

“UofA Consent and Amendment” means the written consent of the University of Alberta, in form and substance
reasonably satisfactory to Buyer, to the assignment to Buyer of the UofA License Agreement, and the related amendment of the UofA License Agreement. 

“UofA License Agreement” means that certain Patent License Agreement, dated as of May 9, 2007, by and
between the University of Alberta, as licensor, and Seller, as licensee, as amended as of June 8, 2007, relating to Patent Family 9. 

“[***]” means the lesser of (a) [***] and (b) [***], at any time up to and including the Effective Date
for a period up to and including [***], to [***] on account of, and in connection with, [***] in contemplation of the transactions set forth herein, [***]. 

“UofA Research Agreement” means the Research Contract and Materials Transfer Agreement, dated as of
June 2007, by and between Seller and 1328254 Alberta Ltd. (now known as Neurochemical Modulation Inc.), as amended on May 27, 2009. 

“UofA Research Consent” means the written consent of 1328254 Alberta Ltd. (now known as Neurochemical Modulation
Inc.), in form and substance reasonably satisfactory to Buyer, to the assignment to Buyer of the UofA Research Agreement. 

“UofC Field-Limited Agreement” means the Field-limited non-exclusive license to be granted by the Regents of the
University of California to Buyer relating to Patent Family 1 in connection with the transactions contemplated hereunder. 

“UofC Intellectual Property” means the Intellectual Property acquired by Buyer from the Regents of the University
of California relating to Patent Family 5. 
  

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 13 

 “[***]” means the lesser of (a) [***] and (b) [***], as
the case may be, at any time up to and including the Effective Date for a period up to and including [***] to [***] on account of, and in connection with, [***] in connection with [***]. 

“US GAAP” means United States generally accepted accounting principles, consistently applied. 

Section 1.2. Interpretation. 

(a) Descriptive headings are for convenience only and shall not control or affect the meaning or construction of any provision of this
Agreement. 
 (b) Except as otherwise expressly provided in this Agreement or as the context otherwise requires, the following
rules of interpretation apply to this Agreement: (i) the singular includes the plural and the plural includes the singular; (ii) “or” and “any” are not exclusive and the words “include” and
“including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation;” (iii) a reference to any contract includes supplements and
amendments; (iv) a reference to an Applicable Law includes any amendment or modification to such Applicable Law; (v) a reference to a Person includes its successors, heirs and permitted assigns; (vi) a reference to one gender shall
include any other gender; (vii) a reference in this Agreement to an Article, Section, Exhibit or Schedule is to the referenced Article, Section, Exhibit or Schedule of this Agreement; (viii) “hereunder,” “hereof,” and
words of similar import shall be deemed references to this Agreement as a whole and not to any particular Article, Section or other provision; and (ix) “commercially reasonable efforts” of a Party shall be construed as the
efforts that a prudent Person in such Party’s industry, desirous of achieving a result, would use in similar circumstances to achieve that result as expeditiously as possible. 

(c) The Parties hereto agree that they have been represented by counsel during the negotiation, drafting, preparation and execution of
this Agreement and, therefore, waive the application of any Applicable Law or rule of construction providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document. 

ARTICLE II 

PURCHASE AND SALE 

Section 2.1. Purchase and Sale of Assets; Purchase Price; Additional Consideration. 

(a) Purchase and Sale of Assets; Purchase Price. Pursuant to the terms and subject to the conditions of this Agreement, on the date
hereof, Seller shall (and, as applicable, shall cause its Affiliates to) sell, convey, deliver, transfer and assign to Buyer, free and clear of all Liens (other than Permitted Liens), and Buyer shall purchase, take delivery of and acquire from
Seller (and its Affiliates, as applicable), all of Seller’s (and, as applicable, its Affiliates’) right, title and interest in, to and under all of the Acquired Assets of Seller (and, as applicable, its Affiliates). In consideration of the
sale, conveyance, delivery, transfer, and assignment of the Acquired Assets to Buyer and Seller’s other covenants and obligations hereunder, on the date hereof and pursuant to the terms and subject to the conditions hereof, Buyer shall:

 (i) pay Seller an amount equal to $10,000,000 (the “Purchase Price”), less an amount equal to
$1,000,000 (the “Hold Back Amount”) which shall be payable to Seller upon completion of the Transfer Plan and the Transfer Period, and 
  

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 14 

 (ii) assume the Assumed Liabilities. 

(b) Payment of Purchase Price. Buyer shall deliver the Purchase Price, by wire transfer of immediately available funds to the
account set forth on Schedule 6.3(d)(i). 
 (c) Additional Consideration; Milestone Events. As additional
consideration of the sale, conveyance, delivery, transfer, and assignment of the Acquired Assets to Buyer and Seller’s other covenants and obligations hereunder, Buyer shall pay Seller the following amounts (the “Milestone
Payments”), subject to the following conditions, which amounts shall be due and payable, if at all, as specified below: 

(i) Subject to Section 7.1(a), within ninety (90) days of satisfaction of the First Milestone Event, Buyer shall pay Seller an
amount equal to $[***] plus (A) [***] plus (B) [***] (the “First Milestone Payment”). 

(ii) Subject to Section 7.1(b), within ninety (90) days of satisfaction of the Second Milestone Event, Buyer shall pay Seller
an amount equal to $[***] (the “Second Milestone Payment”). 
 (iii) Within ninety (90) days of
satisfaction of the Third Milestone Event, Buyer shall pay Seller an amount equal to $[***] (the “Third Milestone Payment”). 

For clarity, each Milestone Payment set forth in clauses (i) through (iii) above shall only be payable once upon the first such Milestone Event
to occur. 
 (d) Notwithstanding anything to the contrary herein, the maximum amount payable by Buyer to Seller hereunder in
respect of the Purchase Price and the Milestone Payments, including reimbursement of Seller’s expenses pursuant to Section 9.6(b), shall not exceed $[***] in the aggregate. 

Section 2.2. Acquired Assets; Excluded Assets. 

(a) Acquired Assets. The term “Acquired Assets” means all of Seller’s right, title and interest in and
to all properties and assets (tangible or intangible) used, useful, held for use, or generated under or in connection with, or otherwise primarily related to, the Compounds or the Seller Compound Activities, including all properties and assets used
or generated under or in connection with the Compounds or the Seller Compound Activities, other than the Excluded Assets (as set forth in Section 2.2(c)), including the following: 

(i) the Compounds; 

(ii) all of Seller’s rights in and to the contracts set forth in Schedule 2.2(a)(ii) (collectively, the
“Assumed Contracts”), including (A) all rights to receive goods and services purchased pursuant to such contracts, (B) contracts by which Seller or its Affiliates Control any Seller Intellectual Property or the
Compounds, and (C) rights to assert claims and take other actions in respect of breaches or other violations of the foregoing; 
  

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 15 

 (iii) Regulatory Documentation generated under or in connection with the Compounds,
including, for clarity, original and, if available, electronic copies of (a) the CX717 IND, MHRA Approvals and BfArM Approvals, (b) all clinical studies and tests and all data generated in connection with the Compounds (including case
report forms), (c) all correspondence and other documentation related to communications to or from Governmental Authorities and (d) all other supporting documentation and materials that would be necessary or useful to obtain or maintain
Regulatory Approvals in connection with the Compounds; 
 (iv) all Seller Intellectual Property, including the registrations
and applications listed on Schedule 2.2(a)(iv) (except the AMPAKINE® Trademark, which is licensed to the Buyer pursuant to Section 2.5 hereof); 

(v) all Books and Records and originals (or copies for the AMPAKINE® Trademark, which is licensed to the Buyer pursuant to
Section 2.5 hereof) of any tangible embodiments of Seller Intellectual Property, including laboratory notebooks and original files of any Patents that have issued in Seller’s (or any of its Affiliate’s) name; 

(vi) all right, title and interest in and to (a) 1 kg of CX1739, and (b) all inventory of CX717 and CX1942 in Seller’s
(or Seller’s Affiliates) possession or control as of the Effective Date together with all work-in-progress, packaging and all bulk active pharmaceutical ingredient related to CX717 and CX1942 owned by Seller (or its Affiliates, as applicable)
as of the Effective Date, including that which is described on Schedule 2.2(a)(vi) (collectively, the “Non-Clinical and Clinical Material”); provided that, Seller may retain up to 10 g of each of CX717 and
CX1942 for analytical reference material and internal comparative use studies; 
 (vii) all Permits and applications for any
Permits, together with any renewals, extensions, or modifications thereof and additions thereto; 
 (viii) all claims,
counterclaims, credits, causes of action, chooses in action, rights of recovery, and rights of indemnification or setoff against third parties and other claims arising out of or relating primarily to any Acquired Assets or the Assumed Liabilities
and all other intangible property rights that primarily relate to any Acquired Assets or the Assumed Liabilities; and 
 (ix)
all goodwill of or primarily relating to the Compounds. 
 (b) Notwithstanding anything in this Agreement to the contrary, if
the existence or condition of any asset (including an asset that, but for this sentence, would be deemed to be an Acquired Asset) constitutes or arises out of a breach or inaccuracy of any representation or warranty or the non-fulfillment or breach
of any covenant, agreement or obligation of Seller hereunder, then Buyer shall have the right to elect at any time to deem such asset to be an Excluded Asset for purposes hereof. 

(c) Excluded Assets. Notwithstanding Section 2.2(a), Buyer shall not acquire from Seller pursuant to this Agreement any of
the following assets of Seller (or its Affiliates, as applicable) (the “Excluded Assets”): 
 (i) any of
the rights of Seller under this Agreement and the Related Documents; 
  

 16 

 (ii) any contract that is not an Assumed Contract, including the Patent Family 1 UofC
License Agreement, as amended for the UofC Field-Limited Agreement, and the [***] Agreement; 
 (iii) any right, title or
interest to the Excluded Intellectual Property; and 
 (iv) any employees or agreements related to employment or consulting
arrangements. 
 Section 2.3. Assumed Liabilities; Buyer Not Successor to Seller; Excluded Liabilities. 

(a) Assumed Liabilities. Pursuant to the terms and subject to the conditions of this Agreement, on the date hereof, Seller shall
sell, convey, transfer and assign to Buyer, and Buyer shall assume from Seller, only the Assumed Liabilities. “Assumed Liabilities” means only, and only to the extent not excluded pursuant to Section 2.3(c)(iii):

 (i) any and all liabilities with respect to obligations and commitments in connection with the Regulatory Documentation
(except as it relates to [***] or CX1739 in the oral form) included in the Acquired Assets but excluding any liability, obligation or commitment arising out of or resulting from any breach or violation of such Regulatory Documentation or any related
requirement of Applicable Law by Seller prior to the Effective Date. 
 (ii) any and all liabilities with respect to
obligations and commitments under the Assumed Contracts accruing with respect to the period commencing after the Effective Date or the Transfer Date (if Consent to assignment thereof is required) but excluding any liability, obligation or commitment
arising from or relating to the performance or non-performance thereof on or prior to the Effective Date or the Transfer Date (if Consent to assignment thereof is required); and 

(iii) any and all liabilities to prosecute and maintain the Seller Patent Rights (other than Patent Family 1) arising after the
Effective Date, including liabilities to defend patents and applications and their foreign counterparts, including in reexamination, reissue, litigation, interference, opposition or nullity actions or the like. The foregoing shall be subject to the
terms of the Seller License Agreement. 
 (b) Buyer Not Successor to Seller. Notwithstanding anything herein to the
contrary, in no event shall Buyer be deemed to have assumed any liability or obligation (including a liability or obligation that, but for this sentence, would be deemed to be an Assumed Liability) where the existence or nature of such liability or
obligation constitutes or arises out of a breach or inaccuracy of any representation or warranty or the non-fulfillment or breach of any covenant, agreement or obligation of Seller hereunder. 

(c) Excluded Liabilities. Buyer shall not be the successor to Seller, and Buyer expressly does not assume and shall not become
liable to pay, perform or discharge, any liability, obligation or commitment whatsoever of Seller or relating to the Seller Compound Activities or any 
  

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 17 

 
of the Acquired Assets other than the Assumed Liabilities. All liabilities, obligations or commitments other than the Assumed Liabilities are referred to herein as the “Excluded
Liabilities.” Seller shall pay, perform and discharge when due, all of the Excluded Liabilities. Without limitation of the foregoing, the term “Excluded Liabilities” includes the following liabilities,
obligations and commitments, whether accrued or fixed, absolute or contingent, known or unknown, determined or determinable, or otherwise (and whether due or to become due) and, unless otherwise expressly provided herein, whenever arising:

 (i) any liabilities, obligations or commitments relating to or arising out of the Excluded Assets; 

(ii) any liabilities, obligations or commitments of Seller or any of its Affiliates under this Agreement, the Related Documents or in
connection with the transactions contemplated hereby and thereby; 
 (iii) any liabilities, obligations or commitments under
the Assumed Contracts to the extent such liabilities, obligations or commitments relate to the period ending on or prior to the Effective Date or the Transfer Date (if Consent to assignment thereof is required), as the case may be, and all
liabilities, obligations or commitments under any contract not listed on Schedule 3.9; 
 (iv) except as otherwise
provided in Section 2.3(a), any liabilities, obligations or commitments arising from the Seller Compound Activities or the ownership of the Acquired Assets on or prior to the Effective Date; 

(v) any liabilities, obligations or commitments of Seller or any of its Affiliates to third parties for royalty, license fee and other
payment obligations under the Assumed Contracts not indicated on Schedule 3.8(f); and 
 (vi) any liabilities,
obligations or commitments of Seller or any of its Affiliates not related to the Acquired Assets. 
 Section 2.4.
Procedures for Certain Acquired Assets Not Freely Transferable. 
 (a) If any Assumed Contract is not assignable or
transferable to Buyer either by virtue of the provisions thereof or under Applicable Law without the Consent of one or more third Persons (each, a “Non-Assignable Right”), Seller shall promptly notify Buyer and shall use its
commercially reasonable efforts, at Seller’s sole cost and expense, to obtain such Consents. If any such Consent cannot be obtained prior to the Effective Date and Buyer agrees to allow such Consent to be delivered after the date hereof, then,
notwithstanding anything to the contrary in this Agreement or any Related Document, (i) this Agreement and the related instruments of transfer shall not constitute an assignment or transfer of the Non-Assignable Right, and (A) Seller shall
use its commercially reasonable efforts to obtain such Consent as soon as possible after the Effective Date and (B) Buyer shall cooperate, to the extent commercially reasonable, with Seller in Seller’s efforts to obtain such Consent; and
(ii) at Buyer’s election, (A) the Non-Assignable Right shall be an Excluded Asset and Buyer shall have no obligation or rights pursuant to Section 2.2(a) or Section 2.3(a) or otherwise with respect to any such Non-Assignable
Right or any liability with respect thereto or (B) Seller shall use its commercially reasonable efforts to obtain for Buyer substantially all of the practical benefit and burden of such Non-Assignable Right, including by

  

 18 

 
(1) entering into appropriate and reasonable alternative arrangements on terms mutually agreeable to Buyer and Seller and (2) subject to the consent and control of Buyer, enforcement,
at the cost and for the account of Buyer, of any and all rights of Seller against the other Party thereto arising out of the breach or cancellation thereof by such other Party or otherwise. 

(b) If any of the Permits included in the Acquired Assets are not assignable or transferable without obtaining a replacement Permit,
then, notwithstanding anything to the contrary in this Agreement or any Related Document, this Agreement and the related instruments of transfer shall not constitute an assignment or transfer of any such Permit, and Seller shall cooperate, to the
extent commercially reasonable, with Buyer in its efforts to obtain a replacement Permit issued in Buyer’s name. If any replacement Permit has not been obtained prior to the Effective Date, Seller shall allow Buyer to operate under
Seller’s Permit, if permitted by Applicable Law or applicable Governmental Authorities, for a period of up to ninety (90) days after the Effective Date (or such longer period as may be reasonably necessary for Buyer, using its commercially
reasonable efforts, to obtain the replacement Permit). 
 Section 2.5. Licenses. 

(a) Seller grants Buyer a non-exclusive, worldwide, royalty-free license with the right to sublicense to use (i) all licenses,
permits, construction permits, approvals, concessions, franchises, certificates, consents, qualifications, registrations, privileges and other authorizations and rights, including Regulatory Approvals, from or issued by any Governmental Authority
held by Seller (or its Affiliates, as applicable) that relate, but not primarily, to any Compound or the Seller Compound Activities in the Field, including those set forth on Schedule 3.10 and the right to cross-reference Regulatory
Documentation relating to CX1739 filed with the Medicines & Healthcare products Regulatory Agency in the United Kingdom, as listed in Schedule 3.4, together with any renewals, extensions, or modifications thereof and any additions
thereto; and (ii) all other books, records, files, documents, correspondence and filings which are related, but not primarily, to the Compounds or the Acquired Assets. 

(b) Seller hereby grants to Buyer an exclusive, royalty-free, irrevocable, perpetual, worldwide license, with the right to sublicense, to
use the AMPAKINE® Trademark in the Field. Buyer will have the right to direct Seller to file Trademark applications from time to time in form and substance reasonably satisfactory to Buyer in additional jurisdictions in the Territory for use by
Buyer in the Field, at Buyer’s cost and expense. To the extent Buyer directs Seller to make such filings, Seller shall use counsel reasonably acceptable to Buyer to comply with such obligation. Buyer shall not commence commercial use of the
AMPAKINE® Trademark in such jurisdiction until an appropriate Trademark search has been conducted and an application has been filed. All uses of the AMPAKINE® Trademark shall comply with all applicable laws and regulations (including,
without limitation, those laws and regulations particularly applying to the proper use and designation of Trademarks in the applicable countries). Buyer specifically undertakes to make any changes in the manner in which the Trademark is used and in
such materials bearing the Trademark that are reasonably requested by the Seller for the purpose of preventing material harm to the goodwill associated with the Trademark. Buyer recognizes Seller’s ownership in and title to the AMPAKINE®
Trademark throughout the world and it is understood that so long as Seller is still the owner of the AMPAKINE® Trademark, Buyer shall not contest the validity of the AMPAKINE® Trademark, claim adversely to Seller any right, title or interest
in and to the AMPAKINE® Trademark and shall not register, apply to register or aid a third party in registering the AMPAKINE® Trademark, or a confusingly similar trademark(s) anywhere in world during and after

  

 19 

 
the term of this Agreement. All rights to the AMPAKINE® Trademark, except as specifically granted to Buyer herein, are expressly reserved to Seller for its own use and benefit. Seller and
Buyer agree that neither Party shall use the AMPAKINE® Trademark in a commercial product name. 
 (c) Seller shall be
notified in writing at least twenty (20) Business Days in advance of the grant of any sublicense (including a description of the rights to be granted, the identity of the sublicensee and the countries involved). Any such sublicense shall
(a) be subject and subordinate to the terms and conditions of this Agreement, (b) contain terms and conditions which are consistent with the terms and conditions of this Agreement, (c) not in any way diminish, reduce or eliminate any
of Buyer’s obligations under this Agreement and (d) impose on the sublicensee all applicable obligations under the terms of this Agreement. Buyer shall promptly provide Seller with a fully executed copy of each such sublicense agreement.
Buyer shall ensure that all sublicensees comply with the terms and conditions of this Agreement, and Buyer shall remain responsible for, and shall guarantee, the performance of its sublicensees hereunder. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller represents and warrants to Buyer, as of the date hereof, as follows, with each such representation and warranty subject only to
such exceptions, if any, as are set forth in the particular disclosure Schedule numbered and captioned to correspond to, and referenced in, such representation or warranty: 

Section 3.1. Organization, Standing and Power. Seller is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Seller is duly qualified to do business and is in good standing in each
jurisdiction in which such qualification is necessary because of the property owned, leased or operated by it or because of the nature of its business as now being conducted, except where any failure, individually or in the aggregate, to be so
qualified or in good standing does not or could not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 3.1, Seller has never operated the Acquired Assets or conducted any of the Seller Compound
Activities under or otherwise used, for any purpose or in any jurisdiction, any fictitious name, assumed name, trade name or other name. Except as set forth on Schedule 3.1, Seller has no, and since December 31, 2008 has not had, any
Subsidiaries or Affiliates. The only shares of capital stock of Seller issued and outstanding are Seller’s common stock and Seller’s Series B Convertible Preferred Stock. 

Section 3.2. Authority; Binding Agreements. The execution and delivery by Seller of this Agreement and the Related Documents
to which it is or will become a party and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary action on the part of Seller. Seller has all requisite power and authority to enter
into this Agreement and the Related Documents to which it is or will become a party and to consummate the transactions contemplated hereby and thereby, and this Agreement and such Related Documents have been, or upon execution and delivery thereof
will be, duly executed and delivered by Seller. No stockholder or other equityholder approval is required on behalf of Seller for the execution, delivery or performance of this Agreement and such Related Documents. This Agreement and the Related
Documents to which Seller is or will become a party are, or upon execution and delivery by Seller thereof will be, the valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms, subject to laws of
general application relating to the rights of creditors generally. 
  

 20 

 Section 3.3. Conflicts; Consents. Except as set forth on Schedule 3.3,
the execution and delivery by Seller of this Agreement and the Related Documents to which it is or will become a party, the consummation of the transactions contemplated hereby and thereby and compliance by Seller with any of the provisions hereof
and thereof do not and will not: 
 (a) conflict with or result in a breach of the certificate of incorporation, bylaws or other
constitutive or organizational documents of Seller; 
 (b) conflict with, result in a default or give rise to any right of
termination, cancellation, modification or acceleration under any note, bond, lease, mortgage, indenture, Permit, contract or other instrument or obligation to which Seller or any of its Affiliates is a party, or by which Seller, any of its
Affiliates, or any of the Acquired Assets may be bound or affected except as set forth on Schedule 3.3; 
 (c) violate
any Applicable Law with respect to Seller, the Seller Compound Activities or any of the Acquired Assets; or 
 (d) result in the
creation or imposition of any Lien upon any Acquired Asset. 
 Section 3.4. Governmental Authorizations. Except as
set forth on Schedule 3.4, no consent, approval or authorization of, or registration, declaration or other similar action in respect of, or filing with, any Governmental Authority is required to be obtained or made by or with respect to
Seller or any of its Affiliates in connection with the execution, delivery and performance of this Agreement, the Related Documents or the consummation of the transactions contemplated hereby and thereby. 

Section 3.5. Absence of Changes. Since [***], Seller and its Affiliates have maintained the Acquired Assets and conducted the
Seller Compound Activities in the ordinary course of business and consistent with past practice, and, except as set forth on Schedule 3.5, there has not been in connection with or related to the Seller Compound Activities or the Acquired
Assets: 
 (a) any Material Adverse Effect or event, development or state of circumstances that individually or in the aggregate
could reasonably be expected to result in a Material Adverse Effect; 
 (b) any incurrence, assumption or guarantee by Seller or
any of its Affiliates of any liability or obligation (whether accrued, fixed, absolute, contingent, known, unknown, determined, determinable or otherwise, and whether due or to become due) with respect to the Seller Compound Activities or any
Acquired Asset, other than current liabilities and obligations incurred in the ordinary course of business and consistent with past practice that are not material to the Seller Compound Activities or the Acquired Assets; 

(c) any sale, assignment, license, transfer or other disposition of any Seller Intellectual Property or any other intangible assets
related to the Seller Compound Activities or any Acquired Asset; 
  

 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

 21 

 (d) except in the ordinary course of business and consistent with past practice, any
amendment, modification or termination of any Contract; 
 (e) any creation or other incurrence of any Lien (other than
Permitted Liens) on any Acquired Asset; 
 (f) any material damage, destruction or loss (whether or not covered by insurance)
affecting any Acquired Asset; 
 (g) any cancellation, delinquency or loss of any Permit; 

(h) any institution of, settlement of or agreement to settle any Action related to the Compounds or the Seller Compound Activities;

 (i) any change in the customary maintenance of all Regulatory Documentation contained in the Books and Records in the
ordinary course of business; 
 (j) any agreement or action not otherwise referred to in items (a) through (i) above
entered into or taken that is material to the Acquired Assets; or 
 (k) any agreement or commitment, whether in writing or
otherwise, to take any of the actions specified in items (a) through (j) above. 
 Section 3.6. Good Title;
Sufficiency of Assets. 
 (a) Except as set forth on Schedule 3.6(a), (i) Seller has good and marketable
title to, or valid contract rights to, as applicable, all of the Acquired Assets free and clear of all Liens (other than Permitted Liens), and has the complete and unrestricted power and unqualified right to sell, convey, deliver, transfer and
assign to Buyer, as applicable, the Acquired Assets; (ii) to Seller’s Knowledge there are no adverse claims of ownership to the Acquired Assets and (iii) neither Seller nor any of its Affiliates has received written notice that any
Person has asserted a claim of ownership or right of possession or use in or to any of the Acquired Assets. Except as set forth on Schedule 3.6(a), Buyer will acquire from Seller, good and marketable title to, or valid contract rights
to, as applicable, all of the Acquired Assets, free and clear of all Liens (other than Permitted Liens). 
 (b) The Acquired
Assets constitute all of the properties, interests, assets and rights owned or Controlled by Seller or any of its Affiliates that are used, useful or held for use primarily in connection with the Acquired Assets. The Acquired Assets constitute all
those properties, interests, assets and rights necessary to continue to conduct the Seller Compound Activities consistent with current and historical practice. 

Section 3.7. Tangible Property. Seller owns no Tangible Personal Property primarily related to the Acquired Assets.

 Section 3.8. Intellectual Property. 

(a) Seller owns all right, title and interest in and to, or has valid license rights to, all of the Seller Intellectual Property. The
Seller Intellectual Property includes all of the Patents owned or Controlled by, or otherwise in the possession of Seller or any of its Affiliates that claim or cover, or other Intellectual Property owned or Controlled by, or otherwise in the
possession of Seller 
  

 22 

 
or any of its Affiliates that are necessary for or that otherwise primarily relates to the Compounds, the Exploitation thereof to date, or any Improvements thereto to date and the conduct of the
Seller Compound Activities as they are presently conducted. Except as set forth on Schedule 3.8(a), none of the rights of Seller or its Affiliates under the Seller Patent Rights were developed with federal funding from the U.S. government or
any other Governmental Authority. 
 (b) Schedule 2.2(a)(iv) sets forth a true, accurate and complete list of all
registrations, applications for registration and similar filings with any Governmental Authority relating to the Seller Intellectual Property owned by, Controlled by, or otherwise in the possession of, Seller or any of its Affiliates (which Schedule
identifies the applicable serial or other identifying number, country, filing, expiration date and title, if applicable). Seller has provided true and complete copies of all such registrations, applications and similar filings to Buyer, has taken
all action necessary to prosecute all of Seller’s existing applications and to maintain all such registrations in full force and effect, and has not taken or failed to take any action that could reasonably be expected to have the effect of
waiving any rights to the Seller Intellectual Property. 
 (c) Schedule 3.8(c) lists all license agreements in
respect of any of the Seller Intellectual Property either licensed by Seller or any of its Affiliates as licensor to third parties or licensed by third parties to Seller or any of its Affiliates as licensee. 

(d) Except as set forth on Schedule 3.8(d), (i) the Seller Intellectual Property is, to Seller’s Knowledge,
enforceable and valid and (ii) none of the Seller Intellectual Property has been or is the subject of (A) any pending Action (including, with respect to Patents, inventorship challenges, interferences, reissues, reexaminations and
oppositions or similar Actions) or any Order or other agreement restricting (x) the use of any Seller Intellectual Property in connection with the Exploitation of any Compound within the Territory or (y) the assignment or license thereof
by Seller (or any of its Affiliates, as applicable), or (B) to Seller’s Knowledge, any threatened Action or claim of infringement threatened or made in writing or any pending Action to which Seller (or any of its Affiliates, as applicable)
is a party. Schedule 3.8(d) sets forth any and all settlements or agreements reached with respect to any such Actions related to the Seller Intellectual Property. 

(e) Except as set forth on Schedule 3.8(e), Seller (or its Affiliates, as applicable) possesses the ability, whether by
ownership, license or otherwise, to grant the right to access or use, grant a license or a sublicense under, or otherwise exercise any indicia of control over, all Seller Intellectual Property within the Territory. Except as set forth on Schedule
3.8(e), Seller (or its Affiliates, as applicable) has the right to assign, transfer or grant to Buyer all its rights in and to the Seller Intellectual Property that are being assigned, transferred or granted to Buyer under this Agreement and the
Related Documents, in each case free of any rights or claims of any Person or any other Liens (other than Permitted Liens), and without payment by either party of any royalties, license fees or other amounts to any other Person. 

(f) Schedule 3.8(f) sets forth a true, accurate and complete list of all royalty, license fee and other payment obligations
of Seller or its Affiliates with respect to the Compounds. Other than as set forth on Schedule 3.8(f), no royalties, license fees or other payment obligations are owed by Seller or its Affiliates to any Person in connection with the Exploitation of
any Compound. There are no royalties, license fees or other payments outstanding to any Person as of the date hereof in connection with the UofA License Agreement. 

 

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 (g) Except as set forth on Schedule 3.8(g), (i) neither Seller nor its
Affiliates, if applicable, has assigned, transferred, conveyed, or granted any licenses to the Seller Intellectual Property to third parties within the Territory, or otherwise caused or permitted any Lien to attach to any Seller Intellectual
Property or the Compounds; (ii) neither Seller nor its Affiliates, if applicable, nor to Seller’s Knowledge, any other Person, is party to any agreements with third parties that materially limit or restrict the use of the Seller
Intellectual Property within the Territory or require any payments for their use; (iii) (A) to Seller’s Knowledge, no Person, other than Seller or its Affiliates, has any proprietary, commercial, joint ownership, royalty or other
interest in the Seller Intellectual Property or the goodwill associated therewith within the Territory, and (B) Seller has not created or permitted to exist any such interest; and (iv) neither Seller nor its Affiliates, if applicable, has
entered into any contract (except for [***]) (A) granting any Person the right to bring infringement actions with respect to, or otherwise to enforce rights with respect to, any of the Seller Intellectual Property, (B) expressly
agreeing to indemnify any Person against any charge of infringement of any of the Seller Intellectual Property, or (C) granting any Person the right to control the prosecution of any of the Seller Intellectual Property. Except for the Permitted
Liens, there are no existing agreements, options, commitments, or rights with, of or to any third party from Seller or its Affiliates to acquire or obtain any rights to any of the Seller Intellectual Property. 

(h) To Seller’s Knowledge, there is no unauthorized use, infringement, misappropriation or violation of any of the Seller
Intellectual Property by any Person within the Territory. To Seller’s Knowledge, the conduct of the Seller Compound Activities in the Territory, as it has been and is now being conducted, does not infringe or misappropriate or otherwise
violate, as applicable, the Intellectual Property of any Person and, except as set forth on Schedule 3.8(h), Seller has not received any written notice from any Person regarding, and has no Knowledge of, any claim or assertion to the
contrary. 
 (i) All issuance, renewal, maintenance and other material payments that are or have become due with respect to the
Seller Intellectual Property have been timely paid by or on behalf of Seller. All documents, certificates and other material in connection with the Seller Intellectual Property have, for the purposes of maintaining such Seller Intellectual Property,
been filed in a timely manner with the relevant Governmental Authorities in the United States, Canada, the United Kingdom, Germany, France, Italy, Spain and Japan and in such other countries where the failure to do so would not have a Material
Adverse Effect. Seller and its Affiliates, as applicable, have properly filed, prosecuted and maintained all Patents included in the Seller Intellectual Property, and have properly filed and maintained all other Seller Intellectual Property, in each
case in the United States, Canada, the United Kingdom, Germany, France, Italy, Spain and Japan and in such other countries where the failure to do so would not have a Material Adverse Effect. 

(j) Seller has taken reasonable measures to protect and preserve the security, confidentiality, value and ownership of the Information
and Inventions and other confidential information included in the Acquired Assets. Seller has obtained from each of its Affiliates, sublicensees, employees and agents, and from the employees and agents of its Affiliates, sublicensees and agents who
performed any of the Seller Compound Activities, rights to any and all Information and Inventions arising out of or relating to such Seller Compound Activities. Seller’s public disclosures of Information and Inventions with respect to the Field
or the Primary AMPAKINE® Compounds are as set forth on Schedule 3.8(j) hereto. Except as disclosed under confidentiality agreements and listed on Schedule 3.8(j) hereto, none of such Information and Inventions with respect to the
Field or the Primary AMPAKINE® Compounds has been used by, disclosed or divulged to, or appropriated by or for the benefit of any Person other than Seller. 
  

 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

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 Section 3.9. Contracts. 

(a) Schedule 3.9(a) sets forth a true, accurate and complete list of all contracts, commitments, arrangements, agreements,
leases, subleases, licenses, sublicenses, purchase orders for the sale or purchase of goods or services and any other understandings primarily related to the Acquired Assets to which Seller or any of its Affiliates is a party or by which any of them
is bound, or to which any of the Acquired Assets are subject, including the Assumed Contracts set forth on Schedule 2.2(a)(ii) (the “Primary Contracts”), and including: 

(i) Contracts that are material to the Compounds or the Exploitation thereof or that are material to the conduct of the Seller Compound
Activities; 
 (ii) Contracts pursuant to which the Seller Compound Activities are or were conducted by third parties;

 (iii) Contracts under which Seller or its Affiliates, as applicable, own, have under license, have a right to acquire (by
option or otherwise), have a right to use or exercise (including any covenant not to sue or other similar right of forbearance), or otherwise Control, or have any other right or interest in or to any Seller Intellectual Property; and 

(iv) Contracts limiting or restraining Seller in any material respect from engaging or competing in any lines of business with any
Person or from purchasing any products, services or inventory from any third parties. 
 Seller has delivered to Buyer true and complete copies
of all Primary Contracts, including all amendments, modifications and waivers relating thereto. Neither Seller nor any of its Affiliates are party to, or otherwise bound by, any oral contracts or agreements primarily related to the Acquired Assets.

 (b) Schedule 3.9(b) sets forth a true, accurate and complete list of all contracts, commitments, arrangements,
agreements, leases, subleases, licenses, sublicenses, purchase orders for the sale or purchase of goods or services and any other understandings related, but not primarily related, to the Acquired Assets to which Seller or any of its Affiliates is a
party or by which any of them is bound, or to which any of the Acquired Assets are subject (the “Related Contracts” and, collectively with the Primary Contracts, the “Contracts”). The Primary Contracts
are (i) in full force and effect, (ii) the valid and binding obligations of Seller, and to Seller’s Knowledge, the other parties thereto and (iii) enforceable in accordance with their respective terms, subject to the laws of
general application relating to the rights of creditors generally. Except as would not have a Material Adverse Effect, the Related Contracts are (i) in full force and effect, (ii) the valid and binding obligations of Seller and, to
Seller’s Knowledge, the other parties thereto and (iii) enforceable in accordance with their respective terms, subject to the laws of general application relating to the rights of creditors generally. There exists no default, or any event
which upon notice or the passage of time, or both, could reasonably be expected to give rise to any default, in the performance by Seller or, to Seller’s Knowledge, by any other party under any Contract that would result in a Material Adverse
Effect. Seller has not received any written notice, nor does Seller have any Knowledge, that any party to any of the Primary Contracts intends to cancel or terminate any Primary Contract or has or intends to submit to Seller (or any of its
Affiliates, as applicable) any claim of material breach by any such party with respect to the performance of Seller’s obligations under any such Primary Contract. 
  

 25 

 Seller has delivered to Buyer true and complete copies of all Related Contracts, including all amendments,
modifications and waivers relating thereto. Neither Seller nor any of its Affiliates are party to, or otherwise bound by, any oral contracts or agreements related, but not primarily related, to the Acquired Assets. 

(c) Schedule 3.3 sets forth a true, accurate and complete list of those Assumed Contracts for which Consents are required to
assign such Assumed Contracts to Buyer, including the UofA License Agreement. Subject to the receipt of the Consents listed on Schedule 3.3, Buyer will succeed to all right, title and interest of Seller (or its Affiliates, as applicable)
under each Assumed Contract without the necessity to obtain any Consent to the assignment of such Assumed Contract. 
 (d) None
of the Assumed Contracts have been entered into by Seller (or any of its Affiliates, as applicable) other than in the ordinary course of its or their business or other than on an arm’s length basis. 

Section 3.10. Compliance with Applicable Law; Permits. The Seller Compound Activities have been and are conducted in material
compliance with Applicable Law. Schedule 3.10 sets forth a true, accurate and complete list of all of the Permits. The Permits set forth on Schedule 3.10 have been issued to Seller and constitute all Permits that are required
by Applicable Law or Governmental Authorities for the lawful conduct of the Seller Compound Activities and the lawful ownership of the Acquired Assets. Seller is in compliance in all material respects with the terms of all of the Permits, each
Permit is in full force and effect, and no violations are or have been recorded in respect thereof. Except as set forth on Schedule 3.10, Buyer will succeed to all right, title and interest of Seller (or its Affiliate, as applicable) under
each Permit without the necessity to obtain any Consents. No Action is pending or, to Seller’s Knowledge, threatened to cancel, suspend, revoke or limit any of the Permits and, to Seller’s Knowledge, there is no basis for any such Action.

 Section 3.11. Non-Clinical and Clinical Material. 

(a) All of the Non-Clinical and Clinical Material met specifications therefor when released and was produced in a good scientific manner
and in accordance with customary industry practices. To the extent used for clinical activities, such material was at the time of use not adulterated or misbranded and was of suitable quality. Since their respective release dates, all material not
used for clinical activities has been stored in accordance with good scientific practices and all material used for clinical activities has been stored in accordance with Good Manufacturing Practices. 

(b) To the extent that the Non-Clinical and Clinical Material contains raw materials and works-in-progress, such raw materials and
works-in-progress met specifications therefor when released and were produced in a good scientific manner and in accordance with customary industry practices, and to the extent used for clinical activities, were at the time of use not adulterated or
misbranded and were of suitable quality. Since their release dates, all raw materials and works-in-process have been stored in accordance with good scientific practices. 
  

 26 

 Section 3.12. Litigation. Except as set forth on Schedule 3.12,
there is no Action pending, or to Seller’s Knowledge, threatened before any Governmental Authority, and there is no claim, investigation or administrative action of any Governmental Authority pending, or to Seller’s Knowledge, threatened,
that affects Seller or the Acquired Assets or that could reasonably be expected to result in restraining, enjoining or otherwise preventing the completion by Seller of the transactions contemplated by this Agreement or the Related Documents, nor has
Seller been notified in writing of any reasonable basis on which any Action may be brought in the future that affects Seller, nor has Seller been notified of any reasonable basis on which any Action may be brought in the future that adversely
affects the Acquired Assets. Seller has made available to Buyer true and complete copies of all court papers and other documents with respect to the matters referred to on Schedule 3.12. Except as set forth on Schedule 3.12,
there is no outstanding Order of any Governmental Authority against Seller relating to the Acquired Assets or that adversely affects the Seller Compound Activities or delays the ability of Seller to perform its obligations hereunder or under any
Related Document. No Action listed on Schedule 3.12 has had or would have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.13. Adverse Information. Reports of all material adverse information with respect to the safety and efficacy of the
Compounds known to Seller (or its Affiliates) as of the Effective Date has been provided to Buyer and (i) with respect to its conclusion, such report is true, complete and correct and (ii) with respect to the balance of such report, such
report is true, complete and correct in all material respects. There are no scientific or technical facts or circumstances that would have a Material Adverse Effect on the scientific, therapeutic or commercial potential of the Compound other than
the information provided to Buyer pursuant to the first sentence of this Section 3.13. 
 Section 3.14.
Insurance. Seller has maintained commercial general liability insurance covering bodily injury and third party property damage with minimum limits of $[***] per occurrence and $[***] general aggregate, and (b) products
liability/completed operations coverage (including clinical trial liability coverage) with minimum limits of $[***] each occurrence and $[***] general aggregate. Schedule 3.14 sets forth a true, accurate and complete list of all policies of
casualty and liability insurance related to the Acquired Assets held by Seller or its Affiliates (specifying for each such insurance policy the insurer, the policy number or cover note number with respect to binders, the policy period, the policy
limits, each pending claim thereunder, and setting forth the aggregate amounts paid out under each such policy during the past three years through the Effective Date). To Seller’s Knowledge, each such policy is valid and binding, and is or has
been in effect during the entire policy period stated therefor. All insurance policies are in the name of Seller and all premiums with respect to such policies are paid on an installment basis when due. Seller has not received notice of cancellation
or termination of any such policy, nor has it been denied or had revoked or rescinded any policy of insurance and Seller has not borrowed against any such policies. No claim under any such policy is pending. 

Section 3.15. Taxes. Seller (and each of its Affiliates, as applicable) has timely paid all Taxes that will have been
required to be paid by it, the non-payment of which would result in a Lien on any Acquired Asset, would otherwise adversely affect the Seller Compound Activities or would result in Buyer becoming liable or responsible therefor. 

[***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 

 

 27 

 Section 3.16. Brokers. Except as set forth on Schedule 3.16 hereto, no
agent, broker, firm or other Person acting on behalf, or under the authority, of Seller is or will be entitled to any broker’s or finder’s fee or any other commission or similar fee directly or indirectly in connection with any of the
transactions contemplated hereby. 
 Section 3.17. Regulatory Matters. 

(a) Seller and its Affiliates, if applicable, have conducted all clinical activities related to the Compounds in accordance with good
clinical and good laboratory practices and in material compliance with other Applicable Law. To Seller’s Knowledge, Seller and its Affiliates have employed Persons with appropriate education, knowledge and experience to conduct and to oversee
the conduct of the Seller Compound Activities. 
 (b) No Governmental Authority has notified Seller or its Affiliates, and
Seller is not otherwise aware, that the conduct of the Seller Compound Activities were or are in violation of any Applicable Law or the subject of any investigation. Except as set forth on Schedule 3.17(b) and other than with respect to the
pharmaceutical industry or the regulatory landscape in general, neither Seller nor any of its Affiliates is aware of any circumstances currently existing, which would reasonably be expected to lead to an adverse effect on the acceptance, or the
subsequent approval, by any Governmental Authority of any filing, application or request for Regulatory Approval with respect to the Compounds. 

(c) Neither Seller nor any of the Employees that conducted any Seller Compound Activities has been disqualified, debarred or voluntarily
excluded by the FDA or any other Governmental Authority for any purpose, or has been charged with or convicted under United States federal law for conduct relating to the development or approval, or otherwise relating to the regulation, of any drug
product under the Generic Drug Enforcement Act of 1992, the Act or any other Applicable Law, or has made an untrue statement of a material fact to any Governmental Authority with respect to the Acquired Assets (whether in any submission to such
Governmental Authority or otherwise), or failed to disclose a material fact required to be disclosed to any Governmental Authority with respect to the Acquired Assets. Neither Seller nor any Employee has received any notice to such effect.

 (d) Seller has made available, or has caused its Affiliates to make available, to Buyer all Regulatory Documentation, Seller
Know-How and any other data, clinical studies, pre-clinical studies and other Information and Inventions in Seller’s or Seller’s Affiliates’ possession or Control regarding or primarily related to any Compound or any Improvement
thereto, and all such Regulatory Documentation, Seller Know-How and other Information and Inventions were and are true, complete and correct in all material respects at such time and as of the date hereof. Except as set forth on Schedule
3.17(d), Seller has prepared, maintained and retained all Regulatory Documentation that is required to be maintained or reported pursuant to and in material compliance with good laboratory and clinical practices and other Applicable Law and all
such information is true, complete and correct in all material respects and what it purports to be. 
 (e) Concurrently with the
Effective Date, Seller and its Affiliates will assign to Buyer all of Seller’s and its Affiliates’ right, title and interest in and to all Regulatory Documentation, including, to the extent permitted by Applicable Law, all Regulatory
Approvals, Controlled by Seller or its Affiliates at any time prior to the Effective Date. 
  

 28 

 Section 3.18. Adequate Consideration; Solvency. The consideration to be received
by Seller under this Agreement constitutes fair consideration and reasonable value for the Acquired Assets. Seller is not insolvent, and shall not be rendered insolvent by any of the transactions contemplated by this Agreement or the Related
Documents. As used in this Section 3.18, “insolvent” means that the sum of the debts and other liabilities and obligations of Seller exceeds the present fair saleable value of Seller’s assets. Immediately after giving effect to
the consummation of the transactions contemplated by this Agreement and the Related Documents, (a) Seller will be able to pay its liabilities and obligations as they become due in the usual course of its business, (b) Seller will not have
unreasonably small capital with which to conduct its business, (c) Seller will have assets (calculated at fair market value) that exceed its liabilities and obligations and (d) taking into account all pending and threatened litigation,
final judgments against Seller in actions for money damages are not reasonably anticipated to be rendered at a time when, or in amounts such that, Seller shall be unable to satisfy any such judgment promptly in accordance with its terms (taking into
account an estimated probable amount of such judgments in any such actions and the earliest reasonable time at which such judgments might be rendered) as well as all other obligations of Seller. The cash available to Seller is and shall be
sufficient to pay all such liabilities, obligations and judgments promptly in accordance with their terms. 
 Section 3.19.
Environmental Matters. 
 (a) There are no writs, injunctions, decrees, orders or judgments outstanding against Seller and
no written notice, notification, demand, request for information, citation, summons or order has been received by Seller, no written complaint has been filed, no penalty has been assessed and no investigation, action, claim, suit or proceeding is
pending, or to Seller’s Knowledge, threatened by any Governmental Authority or other Person involving any of Seller, any current or former subsidiary of Seller or the current or past activities, operations, real property or assets of Seller or
any current or former subsidiary of Seller and relating to or arising out of any Environmental Law or Hazardous Substance against Seller, (i) which remains unresolved; and (ii) alleges or is with respect to a violation of any applicable
Environmental Law that would have a Material Adverse Effect; and 
 (b) Seller has provided copies to Buyer of all material
written environmental investigation reports that relate to its current facilities or, to Seller’s Knowledge, are otherwise in its possession. 

Section 3.20. Disclosure. No representation or warranty of Seller contained in this Agreement or the disclosure Schedules
furnished in connection herewith contains any untrue statement of a material fact or omits to state a material fact necessary to make the statement contained herein or therein not misleading. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller, as of the date hereof, as follows, with each such representation and warranty subject only to
such exceptions, if any, as are set forth in the particular disclosure Schedule numbered and captioned to correspond to, and referenced in, such representation or warranty: 

Section 4.1. Organization, Standing and Power. Buyer is an international society with restricted liability duly organized,
validly existing and in good standing under the laws of Barbados and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

 

 29 

 Section 4.2. Authority; Binding Agreements. The execution and delivery by Buyer
of this Agreement and the Related Documents to which it is or will become a party and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary action on the part of Buyer. Buyer has
all requisite power and authority to enter into this Agreement and the Related Documents to which it is or will become a party and to consummate the transactions contemplated hereby and thereby, and this Agreement and such Related Documents have
been, or upon execution and delivery thereof will be, duly executed and delivered by Buyer. This Agreement and the Related Documents to which Buyer is or will become a party are, or upon execution and delivery thereof will be, the valid and binding
obligations of Buyer, enforceable against Buyer in accordance with their respective terms, subject to laws of general application relating to the rights of creditors generally. 

Section 4.3. Conflicts; Consents. The execution and delivery by Buyer of this Agreement and the Related Documents to which it
is or will become a party, the consummation of the transactions contemplated hereby and thereby and compliance by Buyer with the provisions hereof and thereof do not and will not (a) conflict with or result in a breach of the constitutive or
organizational documents of Buyer, (b) violate any Applicable Law with respect to Buyer or Buyer’s properties or assets, (c) conflict with, result in a default or give rise to any right of termination, cancellation, modification or
acceleration under any note, bond, lease, mortgage, indenture, permit, contract or other instrument or obligation to which Buyer or any of its Affiliates is a party, or by which Buyer, any of its Affiliates, may be bound or affected except as would
not be expected to have a material impact or delay or prevent the consummation of the transactions contemplated by this Agreement and the Related Documents; or (d) require the Consent of, or any notification to or filing with, any Governmental
Authority or other Person. 
 Section 4.4. Litigation. There is no Action pending, or to Buyer’s Knowledge,
threatened before any Governmental Authority, and there is no claim, investigation or administrative action of any Governmental Authority pending, or to Buyer’s Knowledge, threatened, that could reasonably be expected to result in restraining,
enjoining or otherwise preventing the completion by Buyer of the transactions contemplated by this Agreement or the Related Documents. 

Section 4.5. Brokers. No agent, broker, investment banker, firm or other Person acting on behalf, or under the authority, of
Buyer is or will be entitled to any broker’s or finder’s fee or any other commission or similar fee in connection with any of the transactions contemplated hereby. 

ARTICLE V 

ADDITIONAL AGREEMENTS 

Section 5.1. Access to Information. Seller shall grant to Buyer such access to information in its possession related to the
Acquired Assets and the transactions contemplated hereby and in the Related Documents with respect to the period before the Effective Date and such cooperation and assistance as shall be reasonably required to enable Buyer to complete its legal,
regulatory, stock exchange and financial reporting requirements and for any other reasonable business purpose, including in respect of litigation and insurance matters; provided, however, that such access is upon

  

 30 

 
reasonable prior notice and does not unreasonably disrupt the normal operations of Seller. Buyer shall promptly reimburse Seller for Seller’s reasonable out-of-pocket expenses associated
with requests made by Buyer under this Section 5.1 but no other charges shall be payable by Buyer to Seller in connection with such requests. 

Section 5.2. Confidentiality; Non Competition; Covenant Not to Sue. 

(a) Seller Confidentiality Agreement. Subject to Seller’s rights under (A) the Seller License Agreement, (B) Article
VII hereof, and (C) Section 5.5 below, Seller shall, and shall cause its Affiliates and its and their respective counsel, accountants, financial advisors, lenders and other agents and representatives (collectively,
“Representatives”) to: (i) protect Buyer Confidential Information with at least the same degree of care, but no less than reasonable care, with which it protects its own most sensitive confidential information and not
disclose or reveal any Buyer Confidential Information to any Person other than to Seller’s or its Affiliates’ respective Representatives, including financial advisors, current and prospective lenders and investors who need to know Buyer
Confidential Information in connection with any investigation of Seller or the negotiation, preparation or performance of this Agreement or any Related Document or for the purpose of evaluating the transactions contemplated hereby, except to the
extent that disclosure of Buyer Confidential Information has been consented to in writing by Buyer; and (ii) not use Buyer Confidential Information for any purpose other than (A) in connection with the evaluation or consummation of the
transactions contemplated by this Agreement; (B) to the extent necessary in connection with any filing requirements under Applicable Law or to obtain any Consents from any Governmental Authority or other Person to the transactions contemplated
by this Agreement; (C) to enforce Seller’s rights and remedies under this Agreement; or (D) as required to be disclosed under Applicable Law (provided, that, prompt notice of such disclosure will be given as far in advance as
reasonably possible to Buyer to give Buyer an opportunity to determine whether disclosure is required and to assess the extent of Buyer Confidential Information required to be disclosed). The obligations of Seller under this Section 5.2(a)
shall survive the Effective Date. 
 (b) Buyer Confidentiality Agreement. Buyer shall and shall cause its Affiliates and
its and their respective Representatives to: (i) protect the Seller Confidential Information with at least the same degree of care, but no less than reasonable care, with which it protects its own most sensitive confidential information and not
disclose or reveal any Seller Confidential Information to any Person other than to Buyer’s or its Affiliates’ respective Representatives, including financial advisors, current and prospective lenders and investors who need to know Seller
Confidential Information in connection with the performance of this Agreement or any document to be delivered hereunder or for the purpose of evaluating the transactions contemplated hereby, except to the extent that disclosure of such Seller
Confidential Information has been consented to in writing by Seller; and (ii) not use Seller Confidential Information for any purpose other than (A) in connection with the evaluation or consummation of the transactions contemplated by this
Agreement; (B) to the extent necessary in connection with any filing requirements under Applicable Law or to obtain any Consents from any Governmental Authority or other Person to the transactions contemplated by this Agreement; (C) to
enforce Buyer’s rights and remedies under this Agreement; or (D) as required to be disclosed under Applicable Law (provided, that prompt notice of such disclosure will be given as far in advance as reasonably possible to Seller to
give Seller an opportunity to determine whether disclosure is required and to assess the extent of Seller Confidential Information required to be disclosed). The obligations of Buyer under this Section 5.2(b) shall survive the Effective Date.

  

 31 

 (c) Restrictions on Seller’s Activities. Until the later of (i) the
expiration of the last patent under the Seller Patent Rights or (ii) [***] from the date of the first commercial sale by Buyer or its Affiliate of a product that incorporates a Compound, neither Seller nor any of its Affiliates shall, directly
or indirectly, develop, use or otherwise Exploit any compound or product in the Territory in the Field; provided that, in the event of a Non-Compete Adjustment Trigger, the restrictions set forth herein shall not apply to the acquiring
entity’s activities that do not directly or indirectly use a Competing Compound in the Field. 
 (d) Restrictions on
Buyer’s Activities. Neither Buyer nor its Affiliates shall directly or indirectly use or permit any third party to use any of its rights under Patent Family 5, Patent Family 6 or the Seller Know-How for any purposes outside of the Field. By
way of example, without limiting the scope of the foregoing, Buyer and its Affiliates shall not directly or indirectly use or permit any third party to use any of its rights under Patent Family 5, Patent Family 6 or the Seller Know-How in the fields
of neurodegenerative diseases, disorders and conditions, psychiatric diseases, disorders and conditions, sleep disorders, including Sleep Apnea and overcoming sleep deprivation, and sexual dysfunction. Additionally, neither Buyer nor its Affiliates
shall directly or indirectly develop, use or otherwise Exploit or permit a third party to Exploit CX1739 other than in the Field in an injectable formulation. The Buyer hereby agrees that neither it nor its Affiliates shall directly or indirectly
use or permit any third party to use any of its rights under Patent Family 9 for the prevention or treatment of Sleep Apnea. To the extent that Buyer determines in its sole discretion that CX1739 is not suitable for prevention or treatment in the
Field, Buyer agrees not to, directly or indirectly, use or otherwise Exploit CX1739. 
 (e) Covenant Not to Sue. Buyer on
behalf of itself, its Affiliates and any successors and assigns of Buyer or its Affiliates hereby waives any right, remedy or cause of action against Seller or its Affiliates or any of their respective licensees, transferees, successors or assigns
for infringement of any Patents in Patent Family 9, with respect to products for use in the prevention or treatment of Sleep Apnea. 

(f) Interpretation. Each Party acknowledges and agrees that the provisions of this Section 5.2 are necessary and reasonable
to protect the other Party in the Exploitation of its compounds and are a material inducement to such Party’s execution and delivery of this Agreement. If the restrictions against engaging in competition contained in this Section 5.2 are
determined in accordance with Section 9.1 to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, this Section 5.2
shall be interpreted to extend only over the maximum period of time for which it may be enforceable and over the maximum geographical areas as to which it may be enforceable and to the maximum extent in all other respects as to which it may be
enforceable all as determined in accordance with Section 9.1. Each Party hereby waives any right to assert that any provision of law renders the restrictions contained in this Section 5.2 as invalid, illegal or unenforceable in any
respect. 
 (g) Equitable Relief. Each Party acknowledges and agrees that a breach of this Section 5.2 will cause
irreparable damage and great loss to the other Party or its Affiliates, the exact amount of which will be difficult to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, each Party acknowledges and agrees
that in the event of such a breach, the other Party shall be entitled to equitable relief, including injunctive relief, without posting bond or other security and without a showing of the inadequacy of monetary damages as a remedy. 

 

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 32 

 Section 5.3. Patent Family 11 Applications. Seller shall bear all costs and
expenses associated with the filing and prosecution of the Patent Family 11 Applications; provided that, within ten (10) days of receipt of documentation, Buyer agrees to reimburse Seller up to a maximum of $[***] in the aggregate for
Seller’s documented out-of-pocket expenses incurred in connection with the filing and prosecution of the Buyer 508 Application and the Buyer 254 Applications. If Buyer determines, in its sole discretion, to develop, use or otherwise Exploit
either of the Compounds referred to as [***] and [***], then at such time Buyer shall have the right to negotiate a license with Seller on customary terms to use the Patent Family 11 Applications in the Field in any injectable dosage formulation for
such compound(s) only. At the time such license is granted, Seller shall assist Buyer in obtaining such quantities of the Compounds referred to as [***] and [***] as Buyer may reasonably request, at Buyer’s cost and expense. 

Section 5.4. Certain Tax Matters. 

(a) Transfer Taxes. All recordation, transfer, documentary, excise, sales, value added, use, stamp, conveyance or other similar
Taxes, duties or governmental charges, and all recording or filing fees or similar costs, imposed or levied by reason of, in connection with or attributable to this Agreement and the Related Documents or the transactions contemplated hereby and
thereby (collectively, “Transfer Taxes”) shall be borne equally by Seller and Buyer; provided, however, that Buyer and Seller shall reasonably cooperate with one another to lawfully minimize such Taxes; provided
further, however, that Buyer shall be solely responsible for any non-U.S. tax liabilities. In the case of Transfer Taxes for which Buyer is liable to the applicable taxing authority, on the Effective Date Seller shall pay to Buyer 50% of the
amount of such Transfer Taxes as reasonably estimated by Buyer, with subsequent additional payments by Seller to Buyer or refunds by Buyer to Seller of amounts previously paid by Seller in the event it is subsequently determined that the amount of
the subject Transfer Taxes was more or less than the estimated amounts. 
 (b) Tax Withholding. Buyer and Seller agree
that all payments under this Agreement will be made without any deduction or withholding for or on account of any Taxes or other amounts unless required by Applicable Law. In the event Buyer determines that it is required under Applicable Law to
withhold and pay any Tax to any revenue authority in respect of any payments made to Seller, the amount of such Tax shall be deducted by Buyer and paid to the relevant revenue authority, and Buyer shall notify Seller thereof and shall promptly
furnish to Seller all copies of any Tax certificate or other documentation evidencing such withholding. Buyer shall not be required to pay any additional amounts to Seller in respect of any amounts paid to any revenue authority pursuant to the
immediately preceding sentence. In the event that any withholding Tax shall subsequently be found to be due, payment of such Tax shall be the responsibility of Seller. The Parties agree to reasonably cooperate with each other, including by
completing or filing documents required under the provisions of any applicable income tax treaty or Applicable Law, to claim any applicable exemption from, or reduction of, any such applicable Taxes. [***] 

 

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 (c) Bulk Sales. Seller and Buyer hereby waive compliance with any Applicable Laws
with respect to “bulk sales” (including any requirement to withhold any amount from payment of the Purchase Price or the Milestone Payments) applicable to the sale to Buyer of the Acquired Assets by Seller. 

(d) Cooperation and Exchange of Information. Each of Seller and Buyer shall provide the other with such assistance as may
reasonably be requested by the other Party in connection with the preparation of any Tax Return. 
 Section 5.5. Public
Announcements. Other than the press release(s) set forth on Schedule 5.5 hereto (which shall be released promptly following the execution of this Agreement by both Parties), and a Form 8-K (including copies of the Agreement and the
Related Documents as required) to be filed by Seller with the Securities and Exchange Commission with respect to the transactions contemplated hereby (and following reasonable prior review by Buyer), neither Party shall issue or permit any of their
respective Affiliates to issue any press release or other public announcement with respect to this Agreement or the transactions contemplated hereby or by the Related Documents without the prior consent of the other Party, which consent shall not be
unreasonably withheld, except as may be required by Applicable Laws (in which case the Party required to make the release or statement shall allow the other Party reasonable time to comment on such release or statement in advance of such issuance to
the extent permitted by Applicable Laws). Each Party shall give the other Party a reasonable opportunity to review all filings of this Agreement and all filings describing the terms of this Agreement with any Governmental Authority, including
without limitation the United States Securities and Exchange Commission, prior to submission of such filings, and shall give due consideration to any reasonable comments by the non-filing Party relating to such filing, including the provisions of
this Agreement for which confidential treatment should be sought. 
 Section 5.6. Checks; Remittances and Refunds.
If Seller or its Affiliates receive any payment, refund or other amount that is attributable to or results from an Acquired Asset and that is properly due and owing to Buyer in accordance with the terms of this Agreement, Seller shall promptly
remit, or cause to be remitted, such amount to Buyer. Seller shall promptly endorse and deliver to Buyer any notes, checks, negotiable instruments, letters of credit or other documents received on account of or attributable to the Acquired Assets
that are properly due and owing to Buyer in accordance with the terms of this Agreement, and Buyer shall have the right and authority to endorse, without recourse, the name of Seller or any of its Affiliates on any such instrument or document.

 Section 5.7. Cooperation in Litigation. Subject to the terms of the Seller License Agreement, Buyer and Seller
shall cooperate with each other in the defense or prosecution of any Action instituted prior to the Effective Date or that may be instituted thereafter against or by such Parties relating to or arising out of the activities conducted pursuant to the
Seller Compound Activities or the Acquired Assets prior to or after the Effective Date (other than litigation between Buyer and Seller or their respective Affiliates arising out of the transactions contemplated hereby or by the Related Documents).
Subject to Article VIII, the Party requesting such cooperation shall pay the reasonable and verifiable out-of-pocket costs and expenses of providing such cooperation (including legal fees and disbursements) incurred by the Party providing such
cooperation and by its officers, directors, employees and agents, and any applicable Taxes in connection therewith, but shall not be responsible for reimbursing such Party or its officers, directors, managers, employees or agents for their time
spent in such cooperation, provided that, the amount of such time is reasonable and consistent with such individual’s other obligations. 
  

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 Section 5.8. Cooperation in Patent Transfer, Assignment, Prosecution, Maintenance
and Enforcement. Upon the reasonable request of Buyer, and at Buyer’s sole expense, Seller and its patent attorneys and agents will cooperate with Buyer following the Effective Date to prepare any additional documentation required to record
and give effect to the assignment of the Seller Patent Rights in accordance with this Agreement. Subject to the terms of the Seller License Agreement, Seller shall, at Buyer’s expense for Seller’s reasonable and verifiable out-of-pocket
costs and expenses, cooperate and assist Buyer with the filing, prosecution, defense and enforcement of any Patents that are included in the Acquired Assets or that claim or cover any Information and Inventions included therein, including by
providing access to inventors and other persons familiar with the conception and reduction to practice of any Information and Inventions included within the Acquired Assets. 

Section 5.9. Required Approvals and Consents. As soon as reasonably practicable, but in any event, no later than ten
(10) Business Days after the Effective Date, Seller shall make all filings required to be made by Seller in order to consummate the transactions contemplated herein. The Parties shall also cooperate with each other with respect to all filings
that Buyer elects to make. Seller shall use its commercially reasonable efforts to obtain all Consents, in accordance with its obligations under Section 2.4, required to effect the assignment of the Assumed Contracts and Permits to Buyer.

 Section 5.10. Transfer Period. Buyer and Seller shall use their commercially reasonable efforts to transfer all
tangible embodiments of the Seller Intellectual Property and Books and Records included in the Acquired Assets as soon as reasonably practicable but in any event within [***] months of the Effective Date (the “Transfer
Period”) in accordance with the transfer plan set forth on Schedule 5.10 (the “Transfer Plan”). At Buyer’s reasonable request, Seller shall provide technical assistance to the employees and
contractors of Buyer and its Affiliates as may be reasonably required to ensure an efficient and orderly transfer of the Seller Intellectual Property and Books and Records to Buyer, including making available to Buyer those of Seller’s
Employees with training and expertise relating to the Acquired Assets listed on Schedule 5.10 (the “Seller Resource Employees”) for a minimum of [***] hours per week during the Transfer Period. To the extent that
assistance is required after the expiration of the Transfer Period or exceeds [***] hours in the aggregate for all Seller Resource Employees, then Buyer shall reimburse Seller for its reasonable, documented out-of-pocket expenses relating to such
assistance at a rate of $[***]/hour. 
 Section 5.11. Compliance with Laws. Each Party shall perform, and shall
ensure that its Affiliates, sublicensees and contractors perform, the activities for which such Party is responsible under this Agreement and all other activities required or permitted under this Agreement in compliance with the Foreign Corrupt
Practices Act, and, in all material respects, with all other Applicable Laws and regulations. 
 Section 5.12. Variable
Interest Entities. [***] Seller agrees that, in the event that Buyer and its independent auditors (of nationally recognized standing in the U.S.) determine in good faith that Buyer or any one of its Affiliates is required (subsequent to the
Effective Date) to consolidate Seller under US GAAP as a result of (i) [***] or (ii) [***], Buyer shall notify Seller as soon as reasonably practicable and Buyer shall (no less than thirty (30) Business Days prior to the date
upon which Buyer and its Affiliates, as a calendar year end U.S. domestic issuer, would be required to 
  

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 35 

 
publicly release consolidated financial results) provide Seller with [***] and, for so long as Buyer or its Affiliate is required to so consolidate, Seller shall: 

(a) provide to Buyer and its auditors all (i) financial information, (ii) audited annual or unaudited quarterly financial
statements, as applicable, prepared in accordance with US GAAP and (iii) access to Seller’s books, records and accounting personnel that is necessary in order for Buyer to prepare such consolidated financial statements and reconcile
Seller’s financial results to US GAAP, in each case within a time period sufficient to permit Buyer and its Affiliates (as a calendar year end U.S. domestic issuer) to consolidate the financial results; and 

(b)(i) collaborate in good faith with Buyer and its Affiliates to provide information as reasonably necessary (including by permitting
Buyer to use or disclose to its lenders Seller’s financial information and financial statements) to enable Buyer and its Affiliates to determine their compliance with any covenants under their credit agreements with their lenders and
(ii) comply with any covenants under such credit agreements if such covenants become applicable to Seller as of such consolidation requirement; provided that, in no event shall any such accommodation restrict Seller’s ability to
conduct its operations in the normal course of business; and provided further that, Buyer shall engage in good faith negotiations with its lenders to exempt and waive compliance with such requirement. 

[***] Buyer agrees that any and all information of Seller disclosed pursuant to this Section 5.12 shall be considered Seller Confidential
Information for all purposes and limited to the uses described in this Section 5.12. 
 Section 5.13. Post-Closing
Filings; Further Assurances. 
 (a) As promptly as practicable following Closing, Seller shall submit filings with the
following Governmental Authorities in order to assign ownership of the Regulatory Documentation relating to CX717 to Buyer: 

(i) FDA; 

(ii) Medicines & Healthcare products Regulatory Agency in the United Kingdom; and 

(iii) Bundesinstitut für Arzneimittel und Medizinprodukte (German Federal Institute for Drugs and Medical Devices). 

(b) As promptly as practicable following Closing, Seller shall submit filings with the Medicines & Healthcare products
Regulatory Agency in the United Kingdom to provide Buyer the right to cross-reference Regulatory Documentation relating to CX1739. 

(c) As promptly as practicable following Closing, Seller shall use its commercially reasonable efforts, at Seller’s sole cost and
expense, to obtain, prior to the end of the Transfer Period, Consent for the assignment of any of the Assumed Contracts to the extent not obtained prior to the Effective Date. Seller shall provide Buyer the reasonable opportunity to review and
comment on each such Consent prior to the execution thereof and shall take into account any 
  

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 36 

 
comments received by Buyer and incorporate such comments to the extent practicable. With respect to the following contracts: (i) [***]; (ii) [***]; (iii) [***]; (iv) [***];
and (v) [***], Seller shall use its commercially reasonable efforts, at Seller’s sole cost and expense, to bifurcate, prior to the end of the Transfer Period, such contract such that the portion of such contract relating to CX717 may, with
Buyer’s reasonable consent, become an Assumed Contract. 
 (d) In the event that any contract (including, without
limitation, the [***]) retained by Seller relates to one or more Compounds and includes obligations of the other party to keep data or other information confidential, Seller shall enforce its rights with respect to such obligations for the benefit
of Buyer. In the event that any contract (including, without limitation: (i) [***] and (ii) [***]) retained by Seller relates to one or more Compounds and includes provisions for publication of data or other information relating to such
Compound(s), Seller shall not publish such data or other information without the prior written consent of Buyer and shall exercise its rights under such contract to prevent or limit any such publication by any other party thereto. In the event that
any contract (including, without limitation, [***]) retained by Seller relates to one or more Compounds and includes provisions for the furnishing to Seller of any data or other information relating to such Compound(s) after the Effective Date,
Seller shall promptly upon receipt of such data or other information provide a copy thereof (in all forms received under such contract) to Buyer. 

(e) At such time that the [***] Books and Records are no longer subject to confidentiality restrictions under the [***] Agreement, Seller
shall, and hereby does, promptly transfer to Buyer all right, title and interest in and to such [***] Books and Records (and all tangible embodiments thereof) free and clear of all Liens other than contractual rights in favor of [***] under the
[***] Agreement or Seller under the Seller License Agreement, including their respective successors and assigns. 
 (f) Each
Party shall, and shall cause its Affiliates to, at any time and from time to time, upon the request of the other Party, and at the requesting Party’s expense, do, execute, acknowledge, deliver and file, or cause to be done, executed,
acknowledged, delivered and filed, all such further acts, deeds, transfers, conveyances, assignments or assurances as may be reasonably required for carrying out the purposes of this Agreement and the Related Documents and the consummation of the
transactions contemplated hereby and thereby. 
 Section 5.14. [***] 

ARTICLE VI 

CONDITIONS PRECEDENT 

Section 6.1. Conditions to Obligations of Buyer and Seller. The obligations of Buyer and Seller to complete the transactions
contemplated by this Agreement are subject to the satisfaction at or prior to the Effective Date of the following conditions: 

(a) No Adverse Law; No Injunction. No Applicable Law shall have been enacted, entered, promulgated or enforced by any Governmental
Authority that prohibits the consummation of all or any part of the transactions contemplated by this Agreement or the Related Documents, and no Action shall be pending or threatened by any Governmental Authority or other Person seeking any such
Order or decree or seeking to recover any damages or obtain other relief as a result of the consummation of such transactions; 
  

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 37 

 (b) Governmental Approvals. All required notifications and filings with any
Governmental Authority shall have been made and any waiting periods applicable to the transactions contemplated hereby pursuant to any Applicable Law shall have expired or been terminated. 

Section 6.2. Conditions to Obligations of Buyer. The obligation of Buyer to complete the transactions contemplated by this
Agreement is subject to the satisfaction or waiver by Buyer at or prior to the Effective Date of the following additional conditions: 

(a) Representations and Warranties. The representations and warranties of Seller contained herein that are qualified by
materiality or subject to thresholds shall be true and correct in all respects, and the representations and warranties of Seller contained herein that are not so qualified shall be true and correct in all material respects, as of the Effective Date.

 (b) Covenants; Material Adverse Effect. Seller shall have performed and complied in all material respects with all
covenants, agreements and obligations required to be performed or complied with on or prior to the Effective Date. As of the Effective Date, there shall have been no Material Adverse Effect. 

(c) Officer’s Certificate. Buyer shall have received a certificate, dated as of the Effective Date, duly executed by an
authorized executive officer of Seller, certifying that: 
 (i) all of the conditions set forth in Section 6.2(a) and
Section 6.2(b) have been satisfied; 
 (ii) the resolutions adopted by the Board of Directors of Seller (or a duly
authorized committee thereof) authorizing the execution, delivery and performance of this Agreement, as attached to the certificate, were duly adopted at a duly convened meeting of such board or committee, at which a quorum was present and acting
throughout or by unanimous written consent, remain in full force and effect, and have not been amended, rescinded or modified, except to the extent attached thereto; and 

(iii) Seller’s officer executing this Agreement, and each of the other documents necessary for consummation of the transactions
contemplated herein, is an incumbent officer, and the specimen signature on such certificate is a genuine signature. 
 (d)
Material Consents. Subject to Section 2.4, Buyer shall have received duly executed and delivered copies of all Material Consents and all such other Consents or approvals required to vest in Buyer good and marketable title in the Acquired
Assets, free and clear of any and all Liens (other than Permitted Liens and Liens set forth on Schedule 3.6(a)), shall have been obtained or made, as the case may be. 

(e) Certain Deliveries at Signing. Seller shall have delivered or caused to be delivered to Buyer: 

(i) subject to Section 2.4, a Bill of Sale and Assignment and Assumption Agreement, substantially in the form of
Exhibit 6.2(e)(i), as may be reasonably necessary, among other things, to effect the assignment to Buyer of all rights of Seller (and its Affiliates, as applicable) in and to the Assumed Contracts, duly executed by Seller (or its
Affiliate, as applicable); 
  

 38 

 (ii)(A) an opinion of Seller’s corporate counsel, and (B) an opinion of
Seller’s Delaware counsel, each dated as of the Effective Date, in form and substance reasonably satisfactory to Buyer; 

(iii) assignments duly executed by Seller for the registrations and applications included in the Seller Intellectual Property (except
the AMPAKINE® Trademark, which is licensed to the Buyer pursuant to Section 2.5(b) hereof) in substantially the form attached hereto as Exhibit 6.2(e)(iii), which shall be recordable in all jurisdictions in which such
registrations have been made or such applications have been filed; 
 (iv) an unredacted, fully executed copy of each Primary
Contract, and physical possession of all other Acquired Assets, subject to the Transfer Plan, together with all such other deeds, endorsements or other instruments as shall be reasonably requested by Buyer to vest in Buyer good and marketable title
to all of the Acquired Assets, free and clear of all Liens (other than Permitted Liens and Liens set forth on Schedule 3.6(a) hereto); 

(v) drafts of all filings referenced on Schedule 3.4 hereto to be made with Governmental Authorities following the Effective
Date; 
 (vi) a duly executed counterpart to the Seller License Agreement; and 

(vii) evidence that the first $[***] milestone payable under the Patent Family 1 UofC License Agreement in connection with the compound
referred to as [***] has been paid to the University of California. 
 (f) Certificate of Good Standing. Buyer shall have
received a certificate of good standing in respect of Seller certified by the Secretary of State or other appropriate official of the State of Delaware, dated as of a date not more than ten (10) days prior to the Effective Date. 

(g) Board Approval. This Agreement and the transactions contemplated hereby shall have been duly approved and adopted by the
Seller’s Board of Directors in accordance with Seller’s charter documents and Applicable Law. 
 (h) Tax Form.
Seller shall have delivered to Buyer a properly completed IRS form W-9 duly executed by Seller. 
 (i) UofC Intellectual
Property. The UofC Intellectual Property shall have been conveyed to Buyer from the University of California. 
 (j) UofC
Field-Limited Agreement. The University of California shall have duly executed and delivered the UofC Field-Limited Agreement, in form and substance reasonably acceptable to Buyer. 

(k) UofA Consent and Amendment. The University of Alberta shall have duly executed and delivered the UofA Consent and Amendment.

  

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 39 

 (l) UofA Research Consent. [***] (now known as [***]) shall have duly executed and
delivered the UofA Research Consent. 
 (m) AMPAKINE® Trademark Registration. Seller shall have filed Trademark
applications for Buyer’s use of the AMPAKINE® Trademark in the Field in the United States. 
 (n)
Nationalization/Filing of Patent Family 11 Applications. 
 (i) Seller shall have completed
nationalization of the 508 Application in the jurisdictions listed on Schedule 6.2(m)(i) hereto, and in any additional jurisdictions as may be agreed by the Parties, as two separate Patent applications on the same day, each in
form and substance acceptable to Buyer. The first Patent application shall include claims directed to the Other AMPAKINE® Compounds and their method of use outside the Field (the “Seller 508 Application”) and the second
Patent application shall include claims directed to the method of use of the Other AMPAKINE® Compounds in the Field (the “Buyer 508 Application”). 

(ii) Seller shall have filed two PCT Patent applications and two US utility Patent applications for the 254 Application on the same day,
each in form and substance reasonably acceptable to Buyer. The first PCT Patent application and the first US utility Patent application shall include claims directed to the Other AMPAKINE® Compounds and their method of use outside the Field (the
“Seller 254 Applications”) and the second PCT Patent application and the second US utility Patent application shall include claims directed to the method of use of the Other AMPAKINE® Compounds in the Field (the
“Buyer 254 Applications”). 
 (iii) Seller shall have executed and delivered assignment documentation,
in form and substance reasonably satisfactory to Buyer, transferring ownership to Buyer of the Buyer 508 Application and the Buyer 254 Applications. 

(o) Other Documents. Buyer shall have received such other documents, certificates and instruments as it may reasonably request,
and all actions hereunder and all documents and other papers required to be delivered by Seller hereunder or in connection with the consummation of the transactions contemplated hereby, and all other related matters, shall be reasonably acceptable
to Buyer in form and substance. 
 Section 6.3. Conditions to Obligations of Seller. The obligation of Seller to
consummate the transactions contemplated by this Agreement is subject to the satisfaction or waiver by Seller at or prior to the Effective Date of the following additional conditions: 

(a) Representations and Warranties. The representations and warranties of Buyer contained herein that are qualified by materiality
or subject to thresholds shall be true and correct in all respects, and the representations and warranties of Buyer contained herein that are not so qualified shall be true and correct in all material respects, as of the Effective Date. 

(b) Covenants. Buyer shall have performed and complied in all material respects with all covenants, agreements and obligations
required to be performed or complied with on or prior to the Effective Date. 
  

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 (c) Officer’s Certificate. Seller shall have received a certificate, dated as of
the Effective Date, duly executed by an authorized representative of Buyer, certifying that: 
 (i) all of the conditions set
forth in Section 6.3(a) and Section 6.3(b) have been satisfied; 
 (ii) all required approvals of Buyer authorizing
the execution, delivery and performance of this Agreement have been obtained and remain in full force and effect; and 
 (iii)
Buyer’s officer executing this Agreement, and each of the other documents necessary for consummation of the transactions contemplated herein, is an incumbent officer, and the specimen signature on such certificate is a genuine signature.

 (d) Certain Deliveries at Signing. Buyer shall have delivered or caused to be delivered to Seller: 

(i) payment of the Purchase Price less the Holdback Amount by wire transfer of same day funds directly to the account set forth on
Schedule 6.3(d)(i); and 
 (ii) a Bill of Sale and Assignment and Assumption Agreement, substantially in the form
of Exhibit 6.2(e)(i), duly executed by Buyer, as may be reasonably necessary, among other things, to effect the consummation of the transactions contemplated herein; 

(iii) a duly executed counterpart to the Seller License Agreement; and 

(iv) a duly executed counterpart to the UofC Field-Limited Agreement. 

(e) Other Documents. Seller shall have received such other documents, certificates and instruments as it may reasonably request,
and all actions hereunder and all documents and other papers required to be delivered by Buyer hereunder or in connection with the consummation of the transactions contemplated hereby, and all other related matters, shall be reasonably acceptable to
Seller in form and substance. 
 ARTICLE VII 

REPURCHASE OF ASSETS 

Section 7.1. Repurchase of Assets by Seller. 

(a) In the event that Buyer determines, in its sole discretion, that (i) the First Milestone has not been
achieved or (ii) Buyer no longer intends to develop, use or otherwise Exploit the Primary AMPAKINE®
Compounds in the Field, then Buyer shall promptly notify Seller and may elect, within ninety (90) days of such determination, to (x) continue to conduct and fund additional studies required for Regulatory Approval by the FDA of an NDA for
a Primary AMPAKINE® Compound for use in the Field, (y) require Seller to repurchase the Acquired Assets
from Buyer for consideration of $1, or (z) proceed with other arrangements as may be agreed by the Parties. Notwithstanding the foregoing, in the event that, within ninety (90) days of satisfaction of the First Milestone Event, Buyer has
not paid the First Milestone Payment, then the First Milestone Payment shall not be payable, and Seller shall have the right, within thirty (30) days thereafter, to require Buyer to sell the Acquired Assets to Seller for consideration of $1 by
giving written notice to Buyer. 
  

 41 

 (b) In the event that Buyer determines, in its sole discretion, that
(i) the AMPAKINE® Pivotal Studies are inconclusive and additional studies are required to support
Regulatory Approval of the AMPAKINE® NDA Submission or (ii) Buyer no longer intends to develop, use or
otherwise Exploit the Primary AMPAKINE® Compounds in the Field, then Buyer shall promptly notify Seller and may
elect, within ninety (90) days of such determination, to (x) continue to conduct and fund additional studies required for Regulatory Approval by the FDA of an NDA for the Compound referred to as CX717 or any other Primary
AMPAKINE® Compound for use in the Field, (y) require Seller to repurchase the Acquired Assets from Buyer
for consideration of $1, or (z) proceed with other arrangements as may be agreed by the Parties. Notwithstanding the foregoing, in the event that, within ninety (90) days of satisfaction of the Second Milestone Event, Buyer has not paid
the Second Milestone Payment, then the Second Milestone Payment shall not be payable, and Seller shall have the right, within thirty (30) days thereafter, to require Buyer to sell the Acquired Assets to Seller for consideration of $1 by giving
written notice to Buyer. 
 (c) In the event that Seller is to repurchase the Acquired Assets from Buyer pursuant to Sections
7.1(a) or 7.1(b) above, the Parties shall use commercially reasonable efforts to prepare customary documentation and consummate such transaction in an expeditious manner. For purposes of clarification, the Acquired Assets subject to repurchase shall
include, without limitation, all Information and Inventions, Regulatory Documents and other assets set forth in Section 2.2 through the repurchase date. 

ARTICLE VIII 

INDEMNIFICATION 

Section 8.1. Survival; Expiration. 

(a) Notwithstanding any investigation made by or on behalf of Seller or Buyer prior to, on or after the Effective Date, the
representations and warranties contained in this Agreement (including the Schedules hereto) and in any Related Document shall survive the Effective Date and shall terminate [***] the Effective Date, except that the representations and warranties:

 (i) set forth in Section 3.1 (Organization, Standing and Power); Section 3.2 (Authority; Binding
Agreements); Section 3.3 (Conflicts; Consents); Section 3.4 (Governmental Authorizations); Section 3.6(a) (Good Title; Sufficiency of Assets), Section 3.16 (Brokers), Section 4.1
(Organization, Standing and Power), Section 4.2 (Authority; Binding Agreements), Section 4.3 (Conflicts; Consents) and Section 4.4 (Brokers) shall survive indefinitely; 

(ii) that constitute or are based upon fraud or intentional misrepresentation shall survive indefinitely; and 

(iii) set forth in Section 3.15 (Taxes) and Section 3.19 (Environmental Matters) shall survive until the expiration of the
applicable statute of limitation. 
 The covenants, agreements and obligations of the Parties shall survive until fully performed and
discharged, unless otherwise expressly provided herein. For clarity, the covenant set forth in Section 5.12 shall survive indefinitely. Each Party shall give prompt written notice to the other Party of 

[***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 

 

 42 

 (x) any event, circumstance or condition that constitutes a breach of, or makes inaccurate, any
representation and warranty of such Party hereunder, or (y) the non-fulfillment of any covenant, agreement or obligation of such Party hereunder. 

Section 8.2. Indemnification by Seller. Seller shall indemnify and hold harmless Buyer and its Affiliates, and the directors,
officers, managers, employees and Representatives of Buyer and its Affiliates, from and against any and all liabilities, judgments, claims, settlements, losses, damages, fees, Liens, Taxes, penalties, obligations and expenses (including reasonable
attorneys’ fees and expenses and costs and expenses of investigation) (collectively, “Losses”) incurred or suffered, directly or indirectly, by any such Person arising from, by reason of or in connection with:

 (a) any breach or inaccuracy of any representation or warranty of Seller in this Agreement or any Related Document;

 (b) any failure by Seller to duly and timely perform or fulfill any of its covenants or agreements required to be performed
by Seller under this Agreement, any Related Document or under any other document or instrument delivered by Seller pursuant hereto or thereto or the UofC Field-Limited Agreement; 

(c) any Excluded Liability or Excluded Asset; 

(d) except with respect to the laws of Barbados, the failure of Seller to comply with any Applicable Laws relating to bulk sales or Tax
applicable to the transactions contemplated by this Agreement; 
 (e) any Transfer Taxes allocated to Seller pursuant to
Section 5.4; 
 (f) any Permitted Lien relating to the Acquired Assets; and 

(g) any fees payable by Seller to any entity set forth on Schedule 3.16 hereto. 

Section 8.3. Indemnification by Buyer. Buyer shall indemnify and hold harmless Seller and its Affiliates, and the directors,
officers, employees and Representatives of Seller and its Affiliates, from and against any and all Losses incurred or suffered, directly or indirectly, by any such Person arising from, by reason of or in connection with: 

(a) any breach or inaccuracy of any representation or warranty of Buyer in this Agreement or any Related Document; 

(b) any failure by Buyer to duly and timely perform or fulfill any of its covenants or agreements required to be performed by Buyer under
this Agreement or any Related Document or under any other document or instrument delivered by Buyer pursuant hereto or thereto; 

(c) the failure of Buyer to comply with any Applicable Laws relating to bulk sales or Tax applicable to the transactions contemplated by
this Agreement; 
 (d) any Transfer Taxes allocated to Buyer pursuant to Section 5.4; and 

(e) any Assumed Liability. 
  

 43 

 Section 8.4. Calculation of Losses; Mitigation of Damages. 

(a) The amount of any Losses for which indemnification is provided under this Article VIII shall be net of any amounts actually
recovered by the Indemnified Party under insurance policies or otherwise with respect to such Losses (net of any Tax or expenses incurred in connection with such recovery). For purposes of clarification, nothing set forth in this provision shall
require the Buyer to seek recovery under its insurance policies with respect to such Losses. 
 (b) Any indemnity payment
hereunder shall be treated as an adjustment to the Purchase Price to the extent permitted by Applicable Law. Where the receipt of any such payment is treated for Tax purposes in a manner other than as an adjustment to the Purchase Price, the amount
of the payment shall be adjusted to take account of any net Tax cost actually incurred, or benefit actually enjoyed, by the Indemnified Party in respect thereof. 

(c) Each Party shall take and shall cause its Affiliates to take all reasonable steps to mitigate any Losses upon becoming aware of any
event which would reasonably be expected to, or does, give rise thereto. 
 (d) Notwithstanding anything to the contrary
elsewhere in this Agreement, no Party shall, in any event, be liable to any other Person for any consequential, incidental, indirect, special or punitive damages of such other Person, including loss of revenue, income or profits, loss of business
reputation or opportunity relating to the breach or alleged breach hereof. 
 Section 8.5. Certain Procedures for
Indemnification. 
 (a) If any Person entitled to indemnification under this Agreement (an “Indemnified
Party”) asserts a claim for indemnification, or receives notice of the assertion of any claim or of the commencement of any Action by any Person not a party to this Agreement against such Indemnified Party, for which a Party is required
to provide indemnification under this Article VIII (an “Indemnifying Party”), the Indemnified Party shall promptly notify the Indemnifying Party in writing of the claim or the commencement of that Action; provided,
however, that the failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability that it may have to the Indemnified Party, except to the extent that such failure prejudices the Indemnifying Party’s
ability to defend such Action. 
 (b) With respect to third party claims for which indemnification is claimed hereunder (each,
an “Indemnification Claim”), (i) the Indemnifying Party shall be entitled to participate in the defense of any such Indemnification Claim, and (ii) if, in the reasonable opinion of counsel to the Indemnified Party,
such Indemnification Claim can properly be resolved by money damages alone and the Indemnifying Party has the financial resources to pay such damages and commits to diligently and vigorously conduct such defense, then the Indemnifying Party shall be
entitled (A) to direct the defense of any Indemnification Claim at its sole cost and expense, but such defense shall be conducted by legal counsel reasonably satisfactory to the Indemnified Party, and (B) to settle and compromise any such
Indemnification Claim or Action for money damages alone; provided, however, that if the Indemnified Party has elected to be represented by separate counsel pursuant to the proviso below, or if such settlement or compromise does not include an
unconditional release of the Indemnified Party for any liability arising out of such Indemnification Claim or Action, such settlement or compromise shall be effected only with the written consent of the Indemnified Party, which consent will not be
unreasonably withheld. Notwithstanding the foregoing, if a 
  

 44 

 
settlement or compromise offer solely for money damages is made by the applicable third party claimant, and the Indemnifying Party notifies the Indemnified Party in writing of the Indemnifying
Party’s willingness to accept the offer and, subject to the applicable limitations of Sections 8.6, pay the amount called for by such offer, and the Indemnified Party declines to accept such offer, the Indemnified Party may continue to
contest such Indemnification Claim, free of any participation by the Indemnifying Party, and the amount of any ultimate liability with respect to such Indemnification Claim that the Indemnifying Party has an obligation to pay hereunder shall be
limited to the lesser of (A) the amount of the settlement or compromise offer that the Indemnified Party declined to accept plus the Losses of the Indemnified Party relating to such Indemnification Claim through the date of its rejection
of the settlement offer or (B) the aggregate Losses of the Indemnified Party with respect to such Indemnification Claim. After notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such claim or
Action, the Indemnifying Party shall not be liable to the Indemnified Party under this Section 8.5 for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof; provided, however,
that if, in the reasonable opinion of counsel to the Indemnified Party, an actual or potential conflict of interest exists between the Indemnifying Party and the Indemnified Party that would make such separate representation advisable, then the
Indemnified Party shall have the right to employ counsel to represent it and in that event the reasonable fees and expenses of such separate counsel shall be paid by the Indemnifying Party; provided further, that in no event shall the
Indemnifying Party be responsible for the fees of more than one law firm for all Indemnified Parties in connection with any Indemnification Claim. The Indemnified Party and the Indemnifying Party shall each render to each other such assistance as
may reasonably be requested in order to ensure the proper and adequate defense of any such Action. 
 (c) In the event that
Seller owes any amounts to Buyer with respect to Seller’s indemnification obligations set forth in this Article VIII, then without limiting any other rights or remedies of Buyer hereunder, and subject to the Cap, the Buyer shall be entitled to
offset any unpaid and indemnifiable Losses against any Milestone Payments remaining due to the Seller hereunder. 

Section 8.6. Certain Limitations on Indemnification. 

(a) Notwithstanding the provisions of this Article VIII, no Party shall have any indemnification obligations for Losses under
Sections 8.2(a) or 8.3(a) unless the aggregate amount of all such Losses exceeds $[***] (the “Basket”), in which case Seller or Buyer, as applicable, shall be liable for all Losses arising from such Indemnification Claim
(subject to the Cap, as defined below). In no event shall the aggregate indemnification to be paid by Seller, on the one hand, or Buyer, on the other hand, for any indemnification obligations for Losses under Sections 8.2(a) or 8.3(a) exceed
$[***] (the “Cap”). 
 (b) If the Indemnifying Party makes any payment on any Indemnification Claim, the
Indemnifying Party shall be subrogated, to the extent of such payment, to all rights and remedies of the Indemnified Party to any insurance benefits or other claims of the Indemnified Party with respect to such Indemnification Claim. For purposes of
clarification, nothing set forth in this provision shall require the Indemnifying Party to seek recovery under its insurance policies with respect to such Indemnification Claim. 

[***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 

 

 45 

 Section 8.7. Exclusive Remedy. The sole and exclusive remedy for any breach or
failure to be true and correct, or alleged breach or failure to be true and correct, of any representation or warranty or any covenant or agreement in this Agreement or the Related Documents, shall be indemnification in accordance with this
Article VIII. In furtherance of the foregoing, each of the Parties hereby waives, to the fullest extent permitted by Applicable Law, any and all other rights, claims and causes of action (including rights of contributions, if any) known or
unknown, foreseen or unforeseen, which exist or may arise in the future, that it may have against the other Party, arising under or based upon any Applicable Law (including any such law relating to environmental matters or arising under or based
upon common law or otherwise). Notwithstanding the foregoing, this Section 8.7 shall not operate to limit the rights of the Parties to seek equitable remedies (including specific performance or injunctive relief) or limit the rights of the
Parties to pursue claims based upon fraud. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1. Governing Law. Construction and interpretation of this Agreement shall be governed by 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 to the substantive Applicable Law of another jurisdiction. 

Section 9.2. Notices. All notices, requests, demands and other communications that are required or may be given pursuant to
the terms of this Agreement shall be in written form, and shall be deemed delivered (a) on the date of delivery when delivered by hand on a Business Day, (b) on the Business Day designated for delivery if sent by reputable overnight
courier maintaining records of receipt and (c) on the date of transmission when sent by facsimile, electronic mail or other electronic transmission during normal business hours on a Business Day, with confirmation of transmission by the
transmitting equipment; provided, however, that any such communication delivered by facsimile or other electronic transmission shall only be effective if within two Business Days of such transmission such communication is also delivered by
hand or deposited with a reputable overnight courier maintaining records of receipt for delivery on the Business Day immediately succeeding such day of deposit. All such communications shall be addressed to the Parties at the address set forth as
follows, or at such other address as a Party may designate upon ten (10) days’ prior written notice to the other Party. 

If to Buyer, to: 

Biovail Laboratories International SRL 

Welches, Christ Church 

Barbados, West Indies BB17154 

Attention: Chief Operating Officer 

Facsimile: (246) 420-1532 

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

Biovail Corporation 

7150 Mississauga Road 

Mississauga, ON L5N 8M5 

Attention: Vice President, Associate General Counsel 

Facsimile: (905) 286-3370 
  

 46 

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

Morgan Lewis & Bockius LLP 

502 Carnegie Center 

Princeton, NJ 08540 

Attention: Randall B. Sunberg, Esq. 

Facsimile: (609) 919-6701 

If to Seller to: 

Cortex Pharmaceuticals, Inc. 

15241 Barranca Parkway 

Irvine, California 92618 

Attention: Chief Executive Officer 

Facsimile: (949) 727-3657 

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

Stradling Yocca Carlson & Rauth, P.C. 

660 Newport Center Drive, Suite 1600 

Newport Beach, California 92660 

Attention: Lawrence B. Cohn 

Facsimile: (949) 725-4100 

Section 9.3. Benefits of Agreement. All of the terms and provisions of this Agreement shall be binding upon and inure to the
benefit of the Parties hereto and their respective successors and permitted assigns. Except for the provisions of Article VIII, this Agreement is for the sole benefit of the Parties hereto and not for the benefit of any third party, including, for
the avoidance of doubt, any Employee. 
 Section 9.4. Amendments and Waivers. No modification, amendment or waiver
of any provision of, or consent or approval required by, this Agreement, nor any consent to or approval of any departure herefrom, shall be effective unless it is in writing and signed by the Party against whom enforcement of any such modification,
amendment, waiver, consent or approval is sought. Such modification, amendment, waiver, consent or approval shall be effective only in the specific instance and for the purpose for which given. Neither the failure of either Party to enforce, nor the
delay of either Party in enforcing, any condition or part of this Agreement at any time shall be construed as a waiver of that condition or part or forfeit any rights to future enforcement thereof. No action taken pursuant to this Agreement,
including any investigation by or on behalf of either Party hereto, shall be deemed to constitute a waiver by the Party taking action of compliance by the other Party with any representation, warranty, covenant, agreement or obligation contained
herein. 
 Section 9.5. Cumulative Rights. Except as expressly provided herein, the various rights under this
Agreement shall be construed as cumulative, and no one of them is exclusive of any other or exclusive of any rights allowed by Applicable Law. 
  

 47 

 Section 9.6. Expenses. 

(a) Except as otherwise specified herein, each Party shall bear any costs and expenses with respect to the transactions contemplated
herein incurred by it. 
 (b) If the Effective Date occurs on or before March 25, 2010, then Buyer shall reimburse Seller
up to a maximum of $[***] of the reasonable and documented out-of-pocket expenses incurred by Seller in connection with the transactions contemplated by this Agreement and the Related Documents (including attorneys’ fees and disbursements);
which reimbursement shall occur within ten (10) days of receipt of a documented request. 
 Section 9.7.
Arbitration. 
 (a) Except as otherwise expressly provided in this Agreement, any disputes, claims or controversies
arising between the Parties relating to, arising out of or in any way connected with this Agreement or any term or condition hereof, or the performance by either Party of its obligations hereunder, shall be promptly presented to the Chief Executive
Officers of Buyer and Seller (or alternative officers designated by Buyer or Seller) for resolution and if such officers cannot promptly resolve such disputes, claims or controversies then such dispute, claim or controversey shall be finally
resolved by binding arbitration. Whenever a Party shall decide to institute arbitration proceedings, it shall give written notice to that effect to the other Party. The Party giving such notice shall refrain from instituting the arbitration
proceedings for a period of sixty (60) days following such notice. 
 (b) Any arbitration hereunder shall be conducted
before the American Arbitration Association, or its successor. The arbitration shall be conducted before a single arbitrator and shall be conducted in accordance with the rules and regulations promulgated by the American Arbitration Association
unless specifically modified herein. The arbitration shall be located in New York, New York. The arbitrator shall have the authority to grant specific performance, and to allocate between the Parties the costs of arbitration in such equitable manner
as he or she determines. 
 (c) The parties covenant and agree that the arbitration shall commence within ninety (90) days
of the date on which a written demand for arbitration is filed by either Party (the “Filing Date”). In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by
each Party and any third-party witnesses. In addition, each Party may take up to three (3) depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However,
the arbitrator shall not have the power to order the answering of interrogatories or the response to requests for admission. In connection with any arbitration, each Party shall provide to the other, no later than seven (7) Business Days before
the date of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a Party’s witnesses or experts. The arbitrator’s
decision and award shall be made and delivered within thirty (30) days of the closing of the arbitration hearing. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. 

(d) The Parties covenant and agree that they will participate in the arbitration in good faith. Any Party unsuccessfully refusing to
comply with an order of the arbitrator shall be 
 [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE
COMMISSION. 
  

 48 

 liable for costs and expenses, including attorneys’ fees, incurred by the other Party in enforcing the
award. Notwithstanding anything to the contrary contained in this Agreement, this Section 9.7 shall not apply to any request by any Party to this Agreement for temporary, preliminary or permanent injunctive relief or other forms of equitable
relief. 
 (e) Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to
such court for judicial acceptance of any award and an order of enforcement, as the case may be. 
 Section 9.8.
Assignment. This Agreement and the rights and obligations hereunder shall not be assignable or transferable by either Party hereto without the prior written consent of the other Party hereto, which consent will not be unreasonably withheld;
provided, however, that, upon prior written notice to the other Party, either Party may assign, sublicense, subcontract or delegate this Agreement and any or all of its rights and obligations under this Agreement (i) to any of its
Affiliates, (ii) in connection with a merger, consolidation, sale of substantially all of such Party’s assets or (iii) otherwise by operation of Applicable Law without the prior written consent of the other Party. Any attempted
assignment, sublicense, subcontract or delegation in violation of this Section 9.8 shall be null and void. 

Section 9.9. Enforceability; Severability. Without limitation to Section 5.2(e), (a) if any covenant or provision
hereof is determined to be void or unenforceable in whole or in part, it shall not be deemed to affect or impair the validity of any other covenant or provision hereof if the rights and obligations of a Party hereto will not be materially and
adversely affected, each of which is hereby declared to be separate and distinct, (b) if any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable, and
(c) if any provision of this Agreement is declared invalid or unenforceable for any reason other than overbreadth, the Parties hereto agree to modify the offending provision so as to maintain the essential benefits of the bargain (including the
rights and obligations hereunder) between the Parties to the maximum extent possible, consistent with Applicable Law and public policy. 

Section 9.10. Entire Agreement. This Agreement, together with the Schedules and Exhibits expressly contemplated hereby and
attached hereto, the Related Documents and the other agreements, certificates and documents delivered in connection herewith or otherwise in connection with the transactions contemplated hereby and thereby, contain the entire agreement among the
Parties with respect to the transactions contemplated by this Agreement and supersede all prior agreements or understandings among the Parties with respect to the subject matter hereof. 

Section 9.11. Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart hereof
shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be
effective as delivery of a manually executed original counterpart of this Agreement. 
 [Remainder of page intentionally left
blank] 
  

 49 

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

			
	CORTEX PHARMACEUTICALS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BIOVAIL LABORATORIES INTERNATIONAL SRL
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Asset Purchase Agreement] 

 Exhibit 1 – Certain Compound Definitions 

[***] 

“CX717” means [***] 

“CX1739” means [***] 

“CX1763” means [***] 

“CX1942” means [***] 

[***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

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