Document:

Guaranty Agreement, dated November 24, 2010

  Exhibit 10.26 

GUARANTY 

This GUARANTY (this “Guaranty”), dated as of November 24, 2010, is entered into by and among each of the
guarantors signatory hereto as specified on Schedule 2.1 hereto (each a “VC Guarantor” and collectively, the “VC Guarantors”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC. and HERCULES TECHNOLOGY III,
L.P. (individually, a “Lender” and, collectively, the “Lenders”). 
 W I T N E S S E T H:

 WHEREAS, pursuant to the Loan and Security Agreement, dated of even date, among Pacira Pharmaceuticals, Inc., a
California corporation (“Pacira California”), Pacira Pharmaceuticals, Inc., a Delaware corporation (“Parent” and, together with Pacira California, the “Borrowers”), and Lender (as amended, restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”), the Lender has agreed to make certain Term Loans and to extend certain financial accommodations to Borrowers; 

WHEREAS, Parent owns 100% of the outstanding capital stock of Pacira California, and each VC Guarantor is a shareholder of Parent, and as
such each VC Guarantor will derive direct and indirect economic benefits from the making of the Term Loans and other financial accommodations provided to Borrowers pursuant to the Loan Agreement; 

WHEREAS, in order to induce Lenders to enter into the Loan Agreement and the other Loan Documents and to induce Lenders to make the Term
Loan A Loan as provided for in the Loan Agreement, each VC Guarantor has agreed to guarantee payment of certain of the Secured Obligations incurred in connection with the Term Loan A Loan; and 

WHEREAS, each VC Guarantor acknowledges that the Lenders would not enter into the Loan Agreement but for such VC Guarantor’s
entering into this Guaranty; 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, and to
induce Lenders to provide the Term Loans and other financial accommodations under the Loan Agreement, it is agreed as follows: 
  

	1.	DEFINITIONS. 

 (a) Capitalized terms used herein shall have the meanings assigned to them in the Loan Agreement, unless otherwise defined herein. “Loan Party” shall mean each Borrower and each VC Guarantor.

 (b) References to this “Guaranty” shall mean this Guaranty, including all amendments, restatements,
modifications and supplements and any annexes, exhibits and schedules to any of the foregoing, and shall refer to this Guaranty as the same may be in effect at the time such reference becomes operative. 

	2.	THE GUARANTY. 

 2.1
Guaranty of Term Loan A Loan. Each VC Guarantor hereby unconditionally, on a several and not joint basis, (i) guarantees to Lenders, and their respective successors, endorsees, transferees and assigns, the prompt payment (whether at
stated maturity, by acceleration or otherwise) and performance of such VC Guarantor’s Pro Rata Portion (as defined below) of the principal amount of the Term Loan A Loan, all interest thereon, and all fees, expenses (including without
limitation, costs of collection) incurred in connection with the Term Loan A Loan (collectively, the “Obligations”), provided that the aggregate liability of each VC Guarantor under this clause (i) shall be limited to a maximum
amount of (1) such VC Guarantor’s Pro Rata Portion of the principal amount of all Obligations plus (2) such VC Guarantor’s Pro Rata Portion of all interest, fees, expenses (including, without limitation, costs of
collection) and other Obligations under the Loan Documents, and provided further that for each VC Guarantor the aggregate amount of clauses (1) and (2) shall not exceed an amount equal to such VC Guarantor’s Pro Rata Portion
multiplied by $11,250,000 (the aggregate amount of clauses (1) and (2), the “Maximum Amount”), (ii) agrees to pay interest on any amount due and payable under this Guaranty by such VC Guarantor after the date such
payment becomes due and payable until payment in full of such amounts due and payable by such VC Guarantor at the highest rate then applicable to the Term Loan A Loan, and (iii) agrees to pay all expenses (including reasonable counsel fees and
expenses) incurred by Lenders in enforcing their rights against such VC Guarantor under this Guaranty, or obtaining advice of counsel with respect to this Guaranty with respect to such VC Guarantor, and all other reasonable costs of collection
against such VC Guarantor (collectively, the aggregate amount of in clauses (i), (ii) and (iii), the “Guaranteed Obligations”). No VC Guarantor shall be required to pay to the Lenders its Pro Rata Portion of the Guaranteed
Obligations until the earlier of (1) the date that is thirty (30) days after a Lender has given written notice (an “Acceleration Notice”) to MPM BioVentures IV-QP, L.P. that Lenders have accelerated the Obligations under
the Loan Agreement and (2) the date on which any proceeding shall be instituted by or against a Borrower or any VC Guarantor seeking to adjudicate it a bankrupt or insolvent or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief, composition of it or its debts or any similar order under any law relating to bankruptcy, insolvency or reorganization or relief of debtors. Each VC Guarantor agrees that this Guaranty is a guaranty of payment and
performance and not of collection, and that its obligations under this Guaranty shall be primary, absolute and unconditional, irrespective of, and unaffected by: 

(a) the genuineness, validity, regularity, enforceability or any future amendment of, or change in this Guaranty, any
other Loan Document or any other agreement, document or instrument to which any Loan Party and/or VC Guarantor is or may become a party; 
 (b) the absence of any action to enforce this Guaranty or any other Loan Document or the waiver or consent by a Lender with respect to any of the provisions thereof; 

(c) the existence, value or condition of, or failure to perfect Lenders’ Liens against, any Collateral for the
Guaranteed Obligations or any action, or the absence of any action, by a Lender in respect thereof (including, without limitation, the release of any such security); 

  
 2. 

 (d) the insolvency of any Loan Party; or 

(e) any other action or circumstances which might otherwise constitute a legal or equitable discharge or defense of a
surety or guarantor, 
 it being agreed by each VC Guarantor that its obligations under this Guaranty shall not be discharged until the
Termination Date. Subject to the limitations and notice provisions in this Section 2.1, each VC Guarantor shall be regarded, and shall be in the same position, as principal debtor with respect to the Guaranteed Obligations. Each VC Guarantor
agrees that any notice or directive given at any time to a Lender which is inconsistent with the waiver in the immediately preceding sentence shall be null and void and may be ignored by Lenders, and, in addition, may not be pleaded or introduced as
evidence in any litigation relating to this Guaranty for the reason that such pleading or introduction would be at variance with the written terms of this Guaranty, unless Lenders have specifically agreed otherwise in writing. It is agreed among
each VC Guarantor and Lenders that the foregoing waivers are of the essence of the transaction contemplated by the Loan Documents and that, but for this Guaranty and such waivers, Lenders would decline to enter into the Loan Documents and to provide
the Term Loan A Loan. As used in this Guaranty with respect to any VC Guarantor, the term “Pro Rata Portion” shall mean the percentage set forth opposite such VC Guarantor’s name on Schedule 2.1 hereto. 

2.2 Demand by Lenders. In addition to the terms of the Guaranty set forth in Section 2.1 hereof, and in no manner
imposing any limitation on such terms, it is expressly understood and agreed that, if, at any time, the outstanding principal amount of the Guaranteed Obligations under the Loan Agreement (including all accrued interest thereon) is declared to be
immediately due and payable in accordance with the terms thereof, then each VC Guarantor shall, without demand (other than the giving of any Acceleration Notice), pay to the Lenders (for the benefit of the holders of the Guaranteed Obligations) the
entire outstanding Guaranteed Obligations due and owing by such VC Guarantor to such holders. Payment by each VC Guarantor shall be made to Lenders in United States dollars and by wire transfer or ACH transfer in immediately available funds (which
shall be the exclusive means of payment hereunder) to an account, designated by Lenders and shall be credited and applied to the Guaranteed Obligations, 
 2.3 Enforcement of Guaranty. In no event shall a Lender have any obligation (although it is entitled, at its option) to proceed against Borrowers or any other Loan Party or any Collateral pledged
to secure the Obligations or the Guaranteed Obligations before seeking satisfaction from the VC Guarantor (provided that a Lender shall have given the Notice of Acceleration pursuant to Section 2.1, if applicable), and Lender may proceed, prior
or subsequent to, or simultaneously with, the enforcement of Lender’s rights hereunder, to exercise any right or remedy which it may have against any Collateral, as a result of any Lien it may have as security for all or any portion of the
Obligations or the Guaranteed Obligations. 
 2.4 Waiver. In addition to the waivers contained in Section 2.1
hereof, each VC Guarantor waives and agrees that it shall not at any time insist upon, plead or in any manner whatever claim or take the benefit or advantage of, any appraisal, valuation, stay, extension,

  
 3. 

 
marshaling of assets or redemption laws, or exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance by such VC Guarantor of its
Guaranteed Obligations under, or the enforcement by Lenders of, this Guaranty against such VC Guarantor. Each VC Guarantor hereby waives diligence, presentment and demand (whether for non-payment or protest or of acceptance, maturity, extension of
time, change in nature or form of the Guaranteed Obligations, acceptance of further security, release of further security, composition or agreement arrived at as to the amount of, or the terms of, the Guaranteed Obligations, notice of adverse change
in any Loan Party’s financial condition or any other fact which might increase the risk to such VC Guarantor) with respect to any of the Guaranteed Obligations or all other demands whatsoever and waives the benefit of all provisions of law
which are or might be in conflict with the terms of this Guaranty. Each VC Guarantor represents, warrants and agrees that, as of the date of this Guaranty, its obligations under this Guaranty are not subject to any offsets or defenses against
Lenders or any Loan Party of any kind. Each VC Guarantor further agrees that its obligations under this Guaranty shall not be subject to any counterclaims, offsets or defenses against any Lender or against any Loan Party of any kind which may arise
in the future. Each VC Guarantor waives the benefit of California Civil Code Sections 2815, 2809, 2810, 2819, 2839, 2845, 2848, 2849, 2850, 2899 and 1432. 
 2.5 Benefit of Guaranty. The provisions of this Guaranty are for the benefit of Lenders and their respective successors, transferees (to the extent such transfer is made in accordance with the
terms and conditions of the Loan Agreement), endorsees and assigns, and nothing herein contained shall impair, as between any Loan Party and Lenders, the obligations of any Loan Party under the Loan Documents. In the event all or any part of the
Guaranteed Obligations are transferred, indorsed or assigned by any Lender to any Person or Persons, any reference to “Lender” herein shall be deemed to refer equally to such Person or Persons. 

2.6 Modification of Guaranteed Obligations, Etc. Each VC Guarantor hereby acknowledges and agrees that Lenders may at any time or
from time to time, with or without the consent of, or notice to, any VC Guarantor: 
 (a) change or extend the
manner, place or terms of payment of, or renew or alter all or any portion of, the Guaranteed Obligations; 
 (b)
take any action under or in respect of the Loan Documents (other than actions under this Guaranty, which may only be taken by Lenders in accordance with the terms and conditions hereof) in the exercise of any remedy, power or privilege contained
therein or available to it at law, equity or otherwise, or waive or refrain from exercising any such remedies, powers or privileges; 
 (c) amend or modify, in any manner whatsoever, the Loan Documents (other than this Guaranty, which may only be amended in accordance with the terms and conditions hereof); 

(d) extend or waive the time for any Loan Party’s performance of, or compliance with, any term, covenant or agreement
on its part to be performed or observed under the Loan Documents, or waive such performance or compliance or consent to a failure of, or departure from, such performance or compliance; 

  
 4. 

 (e) take and hold Collateral for the payment of the Guaranteed Obligations
guaranteed hereby or sell, exchange, release, dispose of, or otherwise deal with, any property pledged, mortgaged or conveyed, or in which Lenders have been granted a Lien, to secure any Obligations; 

(f) release anyone who may be liable in any manner for the payment of any amounts owed by any VC Guarantor or any Loan
Party to any Lender; 
 (g) modify or terminate the terms of any intercreditor or subordination agreement
pursuant to which claims of other creditors of VC Guarantor or any Loan Party are subordinated to the claims of Lenders; and/or 
 (h) apply any sums by whomever paid or however realized to any amounts owing by any VC Guarantor or any Loan Party to any Lender in such manner as any Lender shall determine in its discretion; 

and Lenders shall not incur any liability to any VC Guarantor as a result thereof, and no such action shall impair or release the Guaranteed Obligations
of any VC Guarantor under this Guaranty. 
 2.7 Reinstatement. This Guaranty shall remain in full force and effect and
continue to be effective should any petition be filed by or against any Loan Party or any VC Guarantor for liquidation or reorganization, should any Loan Party or any VC Guarantor become insolvent or make an assignment for the benefit of creditors
or should a receiver or trustee be appointed for all or any significant part of such Loan Party’s or such VC Guarantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and
performance of the Guaranteed Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any Lender, whether as a “voidable preference”, “fraudulent
conveyance”, or otherwise, all as though such payment or performance had not been made (provided that (1) as any such rescission, reduction or requirement to return payments relates to a payment made by the Borrowers, such liability of the
VC Guarantors under this Section 2.7 shall be reinstated against each VC Guarantor based on such VC Guarantor’s Pro Rata Portion of the amount of such payment so rescinded, reduced or required to be returned, and (2) any such
reinstatement or revival shall be subject to the limitation on each VC Guarantor’s Guaranteed Obligations pursuant to Section 2.1 herein). In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the
Guaranteed Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 2.8 Waiver of Subrogation, Etc. Notwithstanding anything to the contrary in this Guaranty, or in any other Loan Document, until the Termination Date each VC Guarantor hereby: 

(a) expressly and irrevocably waives, on behalf of itself and its successors and assigns (including any surety), any and
all rights at law or in equity to subrogation, to reimbursement, to exoneration, to contribution, to indemnification, to set off or to any other rights that could accrue to a surety against a principal, to a guarantor against a

  
 5. 

 
principal, to a guarantor against a maker or obligor, to an accommodation party against the party accommodated, to a holder or transferee against a maker, or to the holder of any claim against
any Person, and which such VC Guarantor may have or hereafter acquire against any Loan Party in connection with or as a result of such VC Guarantor’s execution, delivery and/or performance of this Guaranty, or any other documents to which such
VC Guarantor is a party or otherwise; and 
 (b) acknowledges and agrees (i) that this waiver is intended to
benefit Lenders and shall not limit or otherwise affect such VC Guarantor’s liability hereunder or the enforceability of this Guaranty, and (ii) that Lenders and their respective successors and assigns are intended third party
beneficiaries of the waivers and agreements set forth in this Section 2.8 and their rights under this Section 2.8 shall survive payment in full of the Guaranteed Obligations. 

2.9 Election of Remedies. If a Lender may, under applicable law, proceed to realize benefits under any of the Loan Documents
giving Lenders a Lien upon any Collateral, either by judicial foreclosure or by non-judicial sale or enforcement, such Lender may, at its sole option, determine which of such remedies or rights it may pursue without affecting any of such rights and
remedies under this Guaranty. If, in the exercise of any of its rights and remedies, a Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Loan Party, whether because of any applicable
laws pertaining to “election of remedies” or the like, each VC Guarantor hereby consents to such action by such Lender and waives any claim based upon such action, even if such action by such Lender shall result in a full or partial loss
of any rights of subrogation which such VC Guarantor might otherwise have had but for such action by such lender. Any election of remedies which results in the denial or impairment of the right of a Lender to seek a deficiency judgment against any
Loan Party shall not impair any VC Guarantor’s obligation to pay the full amount of its Guaranteed Obligations. In the event a Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan
Documents, such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any
such sale shall be conclusively deemed to be the fair market value of the collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed
Obligations guaranteed under this Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Lenders might otherwise be entitled but for such
bidding at any such sale. 
 2.10 This Guaranty shall terminate upon the earliest to occur of the following: (a) a
Borrower’s receipt after the Closing Date of at least $75,000,000 in net new cash proceeds in any 12-month period from one or more of an Initial Public Offering, an equity financing, or convertible debt financing or strategic partnership, or
any combination thereof, or (b) (i) a Borrower’s receipt after the Closing Date of at least $50,000,000 in net new cash proceeds from an Initial Public Offering, equity financing, convertible debt or strategic partnership, or any
combination thereof, in any 12-month period, and (ii) the FDA approves EXPAREL or (c) a Borrower completes an Initial Public Offering, and after giving effect thereto, such Borrower has a market capitalization of at least $400,000,000 and
a balance of unrestricted cash (other than 

  
 6. 

 
Permitted Liens) of at least $50,000,000. A Borrower shall provide prompt notice to the VC Guarantors of the occurrence of any such event. Such termination shall be effective upon Lender’s
receipt of a Borrower’s notice to terminate, together with such evidence as Lender may reasonably request of the satisfaction of the occurrence of any of (a), (b), or (c). 

 

	3.	REPRESENTATIONS AND WARRANTIES. 

 To induce Lenders to make the Term Loans under the Loan Agreement, each VC Guarantor makes the following representations and warranties with respect to such VC Guarantor to each Lender, each and all of
which shall survive the execution and delivery of this Guaranty: 
 3.1 Corporate Existence; Compliance with Law. Such VC
Guarantor (i) is a corporation, limited partnership or other business organization duly organized or formed, validly existing and in good standing under the laws of its jurisdiction of organization; (ii) is duly qualified to do business
and is in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification; (iii) has the requisite organizational power and authority and the legal right to
own, pledge, mortgage and operate its properties, to lease the property it operates under lease, and to conduct its business as now, heretofore and proposed to be conducted (including, without limitation, to execute, deliver and perform this
Guaranty); (iv) has all licenses, permits, consents or approvals from or by, and has made all material filings with, and has given all notices to, all Governmental Authorities having jurisdiction, to the extent required for such ownership,
operation and conduct (including, without limitation, to execute, deliver and perform this Guaranty); (v) is in compliance with its charters and bylaws, limited partnership agreement or other applicable operating agreement; (vi) has
unfunded commitments from its investors in an amount equal to one and one-half (1.5) times such VC Guarantor’s Maximum Amount (including, for the avoidance of doubt and as of any date of determination, the VC Guarantor’s Pro Rata
Portion of all Final Payment Fees that would be due and payable if all of the Term Loans were repaid on such date), in each case after taking into account all direct and contingent liabilities for indebtedness, letters of credit, deferred
liabilities or similar obligations (including guarantees thereof) that may be required to be paid with proceeds of such commitments; (vii) is not subject to, nor is any of such VC Guarantor’s properties subject to, any pending or
threatened action, suit or proceeding before any court or other Governmental Authority or any arbitrator (a) which challenges the validity or enforceability of this Guaranty, or (b) which could reasonably be expected to have a Material
Adverse Effect on such VC Guarantor, (viii) has and will continue to have an independent means of obtaining information concerning the affairs, financial condition and business of Borrowers and the other Loan Parties, and has no need of, or
right to obtain from, any Lender, any credit or other information concerning the affairs, financial condition or business of Borrowers or the other Loan Parties that may come into the possession of any Lender, and (ix) is in compliance with all
applicable provisions of law, except where the failure to comply, individually or in the aggregate, would not have a Material Adverse Effect on such Guarantor. 
 3.2 Executive Offices. Each VC Guarantor’s jurisdiction of organization, federal employer identification number, organizational identification number, executive office and principal place of
business are as set forth in Schedule 3.2 hereto. 

  
 7. 

 3.3 Corporate Power; Authorization; Enforceable Guaranteed Obligations. The
execution, delivery and performance of this Guaranty, any other Loan Document to which each VC Guarantor is a party and all other instruments and documents to be delivered by each VC Guarantor (including, without limitation, the making of capital
calls by VC Guarantor to pay the Guaranteed Obligations) are within such VC Guarantor’s organizational power, have been duly authorized by all necessary or proper organizational action, including the resolution of its board of directors or
similar governing body and the consent of equityholders, are not in contravention of any provision of such VC Guarantor’s bylaws, limited partnership agreement, operating agreement or other applicable governing document (including, without
limitation, any restrictions under such governing document that prevent a VC Guarantor from incurring or guarantying indebtedness that exceeds any specified percentage of such VC Guarantor’s aggregate capital commitments or its aggregate
uncalled capital commitments), do not violate any law or regulation, or any order or decree of any Governmental Authority, do not conflict with or result in the breach of, or constitute a default under, or accelerate or permit the acceleration of
any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such VC Guarantor is a party or by which such VC Guarantor or any of its property is bound, do not result in the creation or
imposition of any Lien upon any of the property of such VC Guarantor, and the same do not require the consent or approval of any Governmental Authority or any other Person. On or prior to the date hereof, this Guaranty and each other Loan Document
to which each VC Guarantor is a party shall have been duly executed and delivered for the benefit of or on behalf of such VC Guarantor, and each shall then constitute a legal, valid and binding obligation of such VC Guarantor, enforceable against
such VC Guarantor in accordance with its terms. 
  

	4.	COVENANTS. 

 To induce
Lenders to make the Term Loan A Loan under the Loan Agreement, each VC Guarantor hereby covenants and agrees as follows: 
 4.1
Maintenance of Unfunded Commitments. Such VC Guarantor shall maintain at all times unfunded commitments from its investors (minus all direct and contingent liabilities for indebtedness, letters of credit, deferred liabilities or similar
obligations (including guarantees thereof)) in an amount equal to one and one-half (1.5) times such VC Guarantor’s Maximum Amount (including, for the avoidance of doubt and as of any date of determination, the VC Guarantor’s Pro Rata
Portion of all Final Payment Fees that would be due and payable if all of the Advances were repaid on such date). 
  

	 	4.2	Change of Control. 

 (a) MPM Bioventures IV GP LLC shall at all times be the (i) general partner of MPM BioVentures IV-QP, L.P., (ii) managing limited partner of MPM BioVentures IV GmbH & Co. Beteiligungs
KG, and (iii) manager of MPM Asset Management Investors BV4 LLC, in each case with sole authority to direct the day-to-day operations, management and administration of the entity. 

  
 8. 

 (b) OrbiMed Capital GP III, LLC shall at all times be the general partner of
OrbiMed Private Investments III, LP, with sole authority to direct the day-to-day operations, management and administration of the entity. 
 (c) OrbiMed Advisors, LLC shall at all times be the general partner of OrbiMed Associates III, LP, with sole authority to direct the day-to-day operations, management and administration of the entity.

 (d) Middleton, McNeil, Mills & Associates VI, LLC shall at all times be the general partner of each
of Sanderling Venture Partners VI, L.P., Sanderling Venture Partners VI Co-Investment, L.P., Sanderling VI Beteiligungs GmbH & Co. KG and Sanderling VI Limited Partnership, in each case with sole authority to direct the day-to-day
operations, management and administration of the entity. 
 (e) Each of the parties hereto further agrees to
provide the Lenders with prompt written notice should its respective representations in this Section 4.2 no longer be true. 
 4.3 No Conflicts. No VC Guarantor shall enter into any indenture, mortgage, deed of trust, lease, agreement or other instrument or modify any of its organizational documents, in each case, that
restricts the ability of the VC Guarantor to use its assets (including, without limitation, unfunded commitments) to pay the VC Guarantor’s obligations hereunder. 
 4.4 Delivery of Compliance Certificate. Each VC Guarantor shall deliver to Lenders within 30 days after the end of each calendar quarter a compliance certificate in the form attached hereto as
Exhibit A signed by an authorized officer of such VC Guarantor. 
  

	5.	FURTHER ASSURANCES. 

 Each
VC Guarantor agrees, upon the written request of any Lender, to execute and deliver to such Lender, from time to time, any additional instruments or documents reasonably requested by such Lender to cause this Guaranty to be, become or remain valid
and effective in accordance with its terms. 
  

	6.	PAYMENTS FREE AND CLEAR OF TAXES. 

 All payments required to be made by any VC Guarantor hereunder shall be made to Lenders free and clear of, and without deduction for, any and all present and future taxes, withholdings, duties,
impositions or other charges (other than taxes on the overall net income of any Lender and comparable taxes). 
  

	7.	OTHER TERMS. 

 7.1
Entire Agreement. This Guaranty, together with the other Loan Documents, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements relating to a guaranty of the
Obligations under the Loan Documents. 

  
 9. 

 7.2 Headings. The headings in this Guaranty are for convenience of reference only and
are not part of the substance of this Guaranty. 
 7.3 Severability. Whenever possible, each provision of this Guaranty
shall be interpreted in such a manner to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition
or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty. 
 7.4
Notices. Whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties
desires to give or serve upon another any such communication with respect to this Guaranty, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be addressed to the party to be
notified as follows: 
 (a)       If to any Lender, at: 

Hercules Technology Growth Capital, Inc. 
 400 Hamilton Ave., Suite 310 
 Palo Alto, CA 

Attn: Chief Legal Officer and Parag Shah 
 Facsimile: (650) 473-9194 
 (b)
      If to a VC Guarantor, to the attention of such VC Guarantor at the address of MPM BioVentures IV-QP, L.P. set forth following MPM BioVentures IV-QP, L.P.’s name on the signature pages hereof, with a copy to:

 Mark Tanoury, Esq. 
 Cooley LLP 
 3175 Hanover Street 

Palo Alto, California 94304-1130 
 Facsimile: (650) 849-7400 
 or at such other address as may be substituted by notice given as
herein provided. The giving of any notice required hereunder may be waived in writing by the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration or other communication hereunder shall be deemed to
have been validly served, given or delivered (i) upon the earlier of actual receipt and four (4) Business Days after the same shall have been deposited with the United States mail, registered or certified mail, return receipt requested,
with proper postage prepaid, (ii) upon receipt of confirmation of proper transmission, when sent by telecopy or other similar facsimile transmission, (iii) one (1) Business Day after deposit with a nationally recognized overnight
carrier with all charges prepaid, or (iv) when delivered, if hand-delivered by messenger. 

  
 10.

 7.5 Successors and Assigns. This Guaranty and all obligations of each VC Guarantor
hereunder shall be binding upon the successors and assigns of such VC Guarantor (including a debtor-in-possession on behalf of such VC Guarantor) and shall, together with the rights and remedies of Lenders hereunder, inure to the benefit of Lenders,
all future holders of any instrument evidencing any of the Obligations and their respective successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument
evidencing the Obligations or any portion thereof or interest therein shall in any manner affect the rights of Lenders hereunder. No VC Guarantor may assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Guaranty.

 7.6 No Waiver; Cumulative Remedies; Amendments. Neither Lender shall by any act, delay, omission or otherwise be
deemed to have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by Lenders and then only to the extent therein set forth. A waiver by a Lender of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which such Lender would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising on the part of any Lender, any right, power or privilege hereunder, shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder
provided are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Guaranty may be waived, altered, modified, supplemented or amended except
by an instrument in writing, duly executed by Lenders and the VC Guarantor against which such waiver, alteration, modification, supplement or amendment is applicable. 
 7.7 Termination. This Guaranty is a continuing guaranty and shall remain in full force and effect until the Termination Date. Upon payment and performance in full of the Guaranteed Obligations by
any VC Guarantor hereunder, Lenders shall deliver to such VC Guarantor such documents, in form and substance acceptable to Lenders and such VC Guarantor, as such VC Guarantor may reasonably request to evidence the termination of this Guaranty with
respect to such VC Guarantor. 
 7.8 Counterparts. This Guaranty may be executed in any number of counterparts and by
different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed signature page to this Guaranty by
facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 
  

	8.	GOVERNING LAW, JURISDICTION AND WAIVER OF JURY TRIAL. 

 8.1 Governing Law. The laws of the State of California shall govern all matters arising out of, in connection with or relating to this Guaranty, including, without limitation, its validity,
interpretation, construction, performance and enforcement. 
 8.2 Submission to Jurisdiction. Any legal action or
proceeding with respect to this Guaranty may be brought in the courts of the State of California or the United States located in Santa Clara County and, by execution and delivery of this Guaranty, each VC Guarantor hereby

  
 11.

 
accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any objection,
including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions. Each VC Guarantor hereby agrees that
any process with respect to such VC Guarantor in any such action shall be duly served if mailed by registered mail, postage prepaid, to such VC Guarantor at its address described in Section 7.4 above, or if served by any other means permitted
by applicable law. 
 8.3 Waiver of Jury Trial. EACH OF PARTIES HERETO UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY, ANY OF THE OTHER LOAN DOCUMENTS, ANY DEALINGS AMONG ANY GUARANTOR, AND/OR LENDERS RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS,
AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED AMONG ANY GUARANTOR AND/OR LENDERS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS WAIVER MAY NOT
BE MODIFIED EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS GUARANTY, ANY OTHER LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS
TRANSACTION OR ANY RELATED TRANSACTION. THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. If the waiver of jury trial set forth in this Section is ineffective or unenforceable, the parties agree that all claims arising out
of this Guaranty (“Claims”) shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee
selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. In the event Claims are to be
resolved by judicial reference, either party may seek from a court identified in Section 18.2, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law
notwithstanding that all Claims are otherwise subject to resolution by judicial reference. 
 [Signature Pages Follow]

  
 12.

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

					
	MPM BIOVENTURES IV-QP, L.P.
			
		 	By:	 	 MPM BIOVENTURES IV GP LLC, its
 General Partner

		 	  By:	 	 MPM BIOVENTURES IV LLC, its

Managing Member

  
					
		
	By:	 	 /s/ Luke Evnin

	Name: Luke Evnin
	Title: Member

   

			
		 	 Notice Address for all VC Guarantors:

		 	 ____________________

		 	 ____________________

		 	 ____________________

		 	 Attn:________________

		 	 Facsimile:_____________

 

					
	MPM ASSET MANAGEMENT INVESTORS BV4 LLC
			
		 	  By:	 	MPM BIOVENTURES IV LLC, its Manager

  
					
		
	By:	 	 /s/ Luke Evnin

	Name: Luke Evnin
	Title: Member

  [Signature Page to VC
Guaranty] 

  
  
			
	MPM BIOVENTURES IV GMBH & CO.
BETEILIGUNGS KG
	
	 By: MPM Bioventures IV GP LLC, in its capacity as the Managing Limited Partner

	
	 By: MPM BIOVENTURES IV LLC
 Its: Managing Member

		
	 By:
	 	 /s/ Luke Evnin

			
	 Name:
	 	Luke Evnin
	 Title:
	 	Member

 [Signature Page to VC Guaranty] 

  
  
			
	ORBIMED PRIVATE INVESTMENTS III, LP
		
	By:	 	 /s/ Carl Gordon

		
	Name:	 	 Carl Gordon

		
	Title:	 	 General Partner

	  
 ORBIMED ASSOCIATES III, LP

		
	By:	 	 /s/ Carl Gordon

		
	Name:	 	 Carl Gordon

		
	Title:	 	 General Partner

  
 [Signature Page to VC
Guaranty] 

  

			
	SANDERLING VENTURE PARTNERS VI, L.P.
	
	 SANDERLING VENTURE PARTNERS VI CO-
 INVESTMENT, L.P.

	
	 SANDERLING VI BETEILIGUNGS GMBH &
 CO. KG

	
	SANDERLING VI LIMITED PARTNERSHIP

  

					
		 	By: Middleton, McNeil, Mills & Associates VI, LLC
		 	Its: General Partner

  
  
			
	 By:
	 	 /s/ Fred A. Middleton

		 	Fred A. Middleton
		 	Managing Director

  
 [Signature Page to VC
Guaranty] 

  
  
			
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
		
	By:	 	 /s/ K. Nicholas Martitsch

	Name:	 	 K. Nicholas Martitsch

	Title:	 	 Associate General Counsel

	
	 HERCULES TECHNOLOGY III, L.P.,
 a Delaware limited partnership

	By:      Hercules Technology SBIC Management,
	LLC, its General Partner
	By:      Hercules Technology Growth Capital, Inc., its Manager
	By:	 	 /s/ K. Nicholas Martitsch

	Name:	 	 K. Nicholas Martitsch

	Its:	 	 Associate General Counsel

  
 SPONSOR GUARANTY SIGNATURE
PAGE 

 SCHEDULE 2.1 
 Pro Rata Portion of each VC Guarantor 
  

									
	 VC Guarantor
	  	Pro Rata Portion	 	 	Maximum Amount as of 
the
Date Hereof	 
	 MPM BioVentures IV-QP, L.P.
	  	 	31.24	% 	 	$	3,514,500	  
	 MPM BioVentures IV GmbH & Co. Beteiligungs KG
	  	 	1.20	% 	 	$	135,000	  
	 MPM Asset Management Investors BV4 LLC
	  	 	0.89	% 	 	$	100,125	  
	 OrbiMed Private Investments III, LP
	  	 	33.01	% 	 	$	3,713,625	  
	 Orbimed Associates III, LP
	  	 	0.32	% 	 	$	36,000	  
	 Sanderling Venture Partners VI, L.P.
	  	 	17.65	% 	 	$	1,985,625	  
	 Sanderling Venture Partners VI Co-Investment, L.P.
	  	 	14.45	% 	 	$	1,625,625	  
	 Sanderling VI Beteiligungs GmbH & Co. KG
	  	 	0.56	% 	 	$	63,000	  
	 Sanderling VI Limited Partnership
	  	 	0.68	% 	 	$	76,500	  
	 Total
	  	 	100	% 	 	$	11,250,000.00	  

 In no event shall the
aggregate Maximum Amount of Sanderling Venture Partners VI, L.P., Sanderling Venture Partners VI Co-Investment, L.P., Sanderling VI Beteiligungs GmbH & Co. KG and Sanderling VI Limited Partnership exceed $3,750,750. 

 SCHEDULE 3.2 
 MPM BioVentures IV-QP, L.P.: 
  

	1.	Jurisdiction of organization: Delaware 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: 20-4217788 

 

	3.	 Executive Office and Principal Place of Business: The John Hancock Tower, 200 Clarendon Street, 54th Floor, Boston, MA 02116 

MPM BioVentures IV GmbH & Co. Beteiligungs KG: 
  

	1.	Jurisdiction of organization: Germany 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: N/A 

 

	3.	 Executive Office and Principal Place of Business: The John Hancock Tower, 200 Clarendon Street, 54th Floor, Boston, MA 02116 

MPM Asset Management Investors BV4 LLC: 
  

	1.	Jurisdiction of organization: Delaware 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: 20-4218062 

 

	3.	 Executive Office and Principal Place of Business: The John Hancock Tower, 200 Clarendon Street, 54th Floor, Boston, MA 02116 

OrbiMed Private Investments III, LP: 
  

	1.	Jurisdiction of organization: Delaware 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: 16- 1758090 

 

	3.	 Executive Office and Principal Place of Business: c/o OrbiMed Advisors LLC, 767 3rd Avenue, 30th Floor, New York, NY 10017 

 Orbimed Associates III, LP: 
  

	1.	Jurisdiction of organization: Delaware 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: 16- 1758083 

 

	3.	 Executive Office and Principal Place of Business: c/o OrbiMed Advisors LLC, 767 3rd Avenue, 30th Floor, New York, NY 10017 

 Sanderling Venture Partners VI, L.P.: 

 

	1.	Jurisdiction of organization: California 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: 201044833 

 

	3.	Executive Office and Principal Place of Business: 400 South El Camino Real, Suite 1200, San Mateo, California 94402-1708 

Sanderling Venture Partners VI Co-Investment, L.P.: 
  

	1.	Jurisdiction of organization: California 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: 201044877 

 

	3.	Executive Office and Principal Place of Business: 400 South El Camino Real, Suite 1200, San Mateo, California 94402-1708 

Sanderling VI Beteiligungs GmbH & Co. KG: 
  

	1.	Jurisdiction of organization: Cayman Islands 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: Foreign 

 

	3.	Executive Office and Principal Place of Business: c/o Sanderling Ventures 400 South El Camino Real, Suite 1200, San Mateo, California 94402-1708

 Sanderling VI Limited Partnership: 
  

	1.	Jurisdiction of organization: Germany 

  

	2.	Federal Employee Identification Number/Organizational Identification Number: Foreign 

 

	3.	Executive Office and Principal Place of Business: c/o Sanderling Ventures 400 South El Camino Real, Suite 1200, San Mateo, California 94402-1708

  
 2. 

 EXHIBIT A 

Compliance Certificate Form 
 [DATE] 
 Reference is made to the Guaranty, dated as of November
    , 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), made by (the “Fund”) and each of the other VC Guarantors signatory thereto in
favor of Hercules Technology Growth Capital, Inc. and Hercules Technology II, L.P. (“Lenders”). Capitalized terms used but not defined herein are used with the meanings assigned to such terms in the Agreement. 

I, [                    ], do hereby
certify in my capacity as an officer of the Fund that: 
 (i) I am the duly elected, qualified and acting [TITLE] of the Fund; 

(ii) as of the date hereof, the Fund has unfunded commitments from its investors (minus all direct and contingent liabilities for indebtedness, letters
of credit, deferred liabilities or similar obligations (including guarantees thereof)) in an amount equal to $        , which amount is at least one and one-half (1.5) times such VC
Guarantor’s Maximum Amount; 
 (iii) the Fund is not in default of any of its obligations under the Agreement; and 

(iv) all representations and warranties of the Fund stated in the Agreement are true and correct in all material respects (without duplication of any
materiality qualifier contained therein) on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all
material respects (without duplication of any materiality qualifier contained therein) on and as of such earlier date. 
 IN WITNESS
WHEREOF, I have hereunto set my hand as of the first date written above 
  

			
		 	  

	Name:	 	  

	Title:Warrant to purchase preferred stock of the Registrant

  Exhibit 10.27 
  THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS. 
 WARRANT AGREEMENT 
 To Purchase Shares of Preferred Stock of 
 Pacira Pharmaceuticals, Inc. 

Dated as of November 24, 2010 (the “Effective Date”) 

WHEREAS, Pacira Pharmaceuticals, Inc., a Delaware corporation (the “Company”), has entered into a Loan and Security
Agreement of even date herewith (the “Loan Agreement”) with Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Warrantholder”) and Hercules Technology III, L.P., a Delaware limited partnership;

 WHEREAS, the Company desires to grant to Warrantholder, in consideration for, among other things, the financial
accommodations provided for in the Loan Agreement, the right to purchase shares of Preferred Stock (as defined below) pursuant to this Warrant Agreement (the “Agreement”); 

NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the Loan Agreement and providing the financial
accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 
 SECTION 1. GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK. 
 For value
received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and purchase, from the Company, One Million Nine Hundred Twenty Five
Thousand (1,925,000) fully paid and non-assessable shares of the Preferred Stock (as defined below). The Exercise Price is a price equal to the lower of (a) $1.25 per share if this Agreement is exercised for Series A Preferred Stock (as
defined below) or (b) the price per Share paid in the next private institutional equity financing of the Company prior to an Initial Public Offering if this Agreement is exercised for securities sold in such private institutional equity
financing. The number of shares and Exercise Price are subject to adjustment as provided in Section 8. As used herein, the following terms shall have the following meanings: 

“Act” means the Securities Act of 1933, as amended. 

“Charter” means the Company’s Articles of Incorporation, Certificate of Incorporation or other constitutional
document, as may be amended from time to time. 
 “Common Stock” means the Company’s common stock, $0.001
par value per share; 

 “Initial Public Offering” means the initial underwritten public offering of
Common Stock pursuant to a registration statement under the Act, which registration statement for the public offering has been declared effective by the Securities and Exchange Commission (“SEC”); 

“Merger Event” means a merger or consolidation involving the Company in which the Company is not the surviving entity, or
in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of capital stock of another entity. 
 “Preferred Stock” means the Series A Preferred Stock, $0.001 par value per share, of the Company (the “Series A Preferred Stock”) and any other stock into or for which
the Series A Preferred Stock may be converted or exchanged; provided that if the Company issues its equity securities in a private institutional equity financing after the date hereof but before the date of the Initial Public Offering then, at
Holder’s option, the Preferred Stock shall be of the class and type sold in such financing. Upon and after the occurrence of an event which results in the automatic or voluntary conversion, redemption or retirement of all (but not less than
all) of the outstanding shares of such Preferred Stock, including, without limitation, the consummation of an Initial Public Offering of the Common Stock in which such a conversion occurs, then from and after the date upon which such outstanding
shares are so converted, redeemed or retired, “Preferred Stock” shall mean such Common Stock. Notwithstanding the foregoing, in no event shall “Preferred Stock” include any debt security or other evidences of indebtedness of the
Company. 
 “Purchase Price” means, with respect to any exercise of this Agreement, an amount equal to the
Exercise Price as of the relevant time multiplied by the number of shares of Preferred Stock requested to be exercised under this Agreement pursuant to such exercise. 
 “Rights Agreement” means that certain Investor’s Rights Agreement, between the Company and certain of its stockholders, dated March 23, 2007. 

SECTION 2. TERM OF THE AGREEMENT. 
 Except as otherwise provided for herein, the term of this Agreement and the right to purchase Preferred Stock as granted herein (the “Warrant) shall commence on the Effective Date and shall be
exercisable for a period ending upon the earlier to occur of (i) ten (10) years from the Effective Date; or (ii) five (5) years following the effective date of the registration statement for the Initial Public Offering (the
earlier of (i) and (ii), the “Expiration Date”). 
 SECTION 3. EXERCISE OF THE PURCHASE RIGHTS.

 (a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in
part, at any time, or from time to time, prior to the Expiration Date, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”), duly
completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the Company shall issue to the
Warrantholder a certificate for the number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the
number of shares which remain subject to future exercises, if any. 

  
 2 

 The Purchase Price may be paid at the Warrantholder’s election either (i) by cash
or check, or (ii) by surrender of all or a portion of the Warrant for shares of Preferred Stock to be exercised under this Agreement and, if applicable, an amended Agreement representing the remaining number of shares purchasable hereunder, as
determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method of exercise, the Company will issue Preferred Stock in accordance with the following formula: 

 

					
		 	 X = Y(A-B)
	  	
		 	            A
	  	

  

					
	Where:	 	X = the number of shares of Preferred Stock to be issued to the Warrantholder.
		
		 	Y = the number of shares of Preferred Stock requested to be exercised under this Agreement.
		
		 	A = the fair market value of one (1) share of Preferred Stock at the time of issuance of such shares of Preferred Stock.
		
		 	B = the Exercise Price.

 For
purposes of the above calculation, current fair market value of Preferred Stock shall mean with respect to each share of Preferred Stock: 
 (i) if the exercise is in connection with an Initial Public Offering, and if the Company’s Registration Statement relating to such Initial Public Offering has been declared effective by the SEC, then
the fair market value per share shall be the product of (x) the initial “Price to Public” of the Common Stock specified in the final prospectus with respect to the offering and (y) the number of shares of Common Stock into which
each share of Preferred Stock is convertible at the time of such exercise; 
 (ii) if the exercise is after, and
not in connection with an Initial Public Offering,: 
 (A) if the Common Stock is traded on a securities
exchange, then the fair market value shall be deemed to be the product of (x) the average of the closing prices over a five (5) day period ending three days before the day the current fair market value of the securities is being determined
and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise; or 
 (B) if the Common Stock is traded over-the-counter, then the fair market value shall be deemed to be the product of (x) the average of the closing bid and asked prices quoted on the NASDAQ system (or
similar system) over the five (5) day period ending three days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Preferred Stock is
convertible at the time of such exercise; 
 (iii) if at any time the Common Stock is not listed on any
securities exchange or quoted in the NASDAQ National Market or the over-the-counter market, the current fair market value of Preferred Stock shall be the product of (x) the highest price per share which the Company could obtain from a willing
buyer (not a current employee or director) for shares of Common Stock sold by the Company, from authorized but unissued shares, as determined in good faith by its Board of Directors and (y) the number of shares of Common Stock into which each
share of Preferred Stock is convertible at the 

  
 3 

 
time of such exercise, unless the Company shall become subject to a Merger Event, in which case the fair market value of Preferred Stock shall be deemed to be the per share value received by the
holders of the Preferred Stock on an as-converted-to common stock basis pursuant to such Merger Event. 
 Upon partial exercise
by either cash or Net Issuance, the Company shall promptly issue an amended Agreement representing the remaining number of shares of Preferred Stock purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical
to those contained herein, including, but not limited to the Effective Date hereof. 
 (b) Exercise Prior to Expiration.
To the extent this Agreement is not previously exercised as to all Preferred Stock subject hereto, and if the fair market value of one share of the Preferred Stock is greater than the Exercise Price then in effect, this Agreement shall be deemed
automatically exercised pursuant to Section 3(a) (even if not surrendered) immediately prior to the Expiration Date. For purposes of such automatic exercise, the fair market value of one share of the Preferred Stock upon such Expiration Date
shall be determined pursuant to Section 3(a). To the extent this Agreement or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of
shares of Preferred Stock, if any, the Warrantholder is to receive by reason of such automatic exercise. 
 SECTION 4.
RESERVATION OF SHARES. 
 During the term of this Agreement, the Company will at all times have authorized and reserved a
sufficient number of shares of its Series A Preferred Stock to provide for the exercise of the rights to purchase Series A Preferred Stock as provided for herein, and shall have authorized and reserved a sufficient number of shares of Common Stock
to provide for the conversion of the Series A Preferred Stock available hereunder. 
 SECTION 5. NO FRACTIONAL SHARES OR
SCRIP. 
 No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but
in lieu of such fractional shares the Company shall make a cash payment therefor in an amount equal to the product of (i) the Exercise Price then in effect, multiplied by (ii) the fraction of a share. 

SECTION 6. REGISTRATION RIGHTS; NO OTHER RIGHTS AS STOCKHOLDER. 

The Common Stock into which the Preferred Stock is convertible shall be “Registrable Securities”, and Warrantholder shall have
the rights of an “Investor” under the Rights Agreement. This Agreement does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the exercise of this Agreement. 

SECTION 7. WARRANTHOLDER REGISTRY. 
 The Company shall maintain a registry showing the name and address of the registered holder of this Agreement. Warrantholder’s initial address, for purposes of such registry, is set forth below
Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving written notice of such changed address to the Company. 

  
 4 

 SECTION 8. ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of Preferred Stock purchasable hereunder are subject to adjustment, as follows: 

(a) Merger Event. If at any time there shall be Merger Event, then, as a part of such Merger Event, lawful provision shall be made
so that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of shares of preferred stock or other securities or property of the successor corporation resulting from such Merger Event that would have
been issuable if Warrantholder had exercised this Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of
the provisions of this Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to the end that the provisions of this Agreement (including adjustments of the Exercise Price and number of shares of Preferred
Stock purchasable) shall be applicable in their entirety, and to the greatest extent possible. Without limiting the foregoing, in connection with any Merger Event, upon the closing thereof, the successor or surviving entity shall assume the
obligations of this Agreement. In connection with a Merger Event and upon Warrantholder’s written election to the Company, the Company shall cause this Warrant Agreement to be exchanged for the consideration that Warrantholder would have
received if Warrantholder chose to exercise its right to have shares issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging such shares for such
consideration. 
 (b) Reclassification of Shares. Except as set forth in Section 8(a), if the Company at any time
shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities of the same class or
any other class or classes, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase
rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. 

(c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Preferred Stock, (i) in
the case of a subdivision, the Exercise Price shall be proportionately decreased, and the number of shares of Preferred Stock issuable upon exercise of this Agreement shall be proportionately increased, or (ii) in the case of a combination, the
Exercise Price shall be proportionately increased, and the number of shares of Preferred Stock issuable upon the exercise of this Agreement shall be proportionately decreased. 
 (d) Stock Dividends. If the Company at any time while this Agreement is outstanding and unexpired shall: 
 (i) pay a dividend with respect to the Preferred Stock payable in Preferred Stock, then the Exercise Price shall be adjusted, from and after the date of determination of stockholders entitled to receive
such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Preferred Stock
outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Preferred Stock outstanding immediately after such dividend or distribution; or 

(ii) make any other distribution with respect to Preferred Stock (or stock into which the Preferred Stock is convertible),
except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this Warrant a
proportionate share of any such distribution as though it were the holder of the Preferred Stock (or other stock for which the Preferred Stock is convertible) as of the record date fixed for the determination of the stockholders of the Company
entitled to receive such distribution. 

  
 5 

 (e) Antidilution Rights. Additional antidilution rights applicable to the Preferred
Stock purchasable hereunder are as set forth in the Charter and shall be applicable with respect to the Preferred Stock issuable hereunder. The Company shall promptly provide the Warrantholder with any restatement, amendment, modification or waiver
of the Charter; provided, that no such amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Preferred Stock as of the date hereof unless such amendment, modification or waiver affects the rights
of Warrantholder with respect to the Preferred Stock in the same manner as it affects all other holders of Preferred Stock. The Company shall provide Warrantholder with prior written notice of any issuance of its stock or other equity security to
occur after the Effective Date, which notice shall include (a) the price at which such stock or security is to be sold, (b) the number of shares to be issued, and (c) such other information as is reasonably necessary for Warrantholder
to determine if a dilutive event has occurred. For the avoidance of doubt, there shall be no duplicate anti-dilution adjustment pursuant to this subsection (e), the forgoing subsection (d) and the Charter. 

(f) Notice of Adjustments. If: (i) the Company shall declare any dividend or distribution upon its stock, whether in stock,
cash, property or other securities; (ii) the Company shall offer for subscription prorata to the holders of any class of its Preferred Stock or other convertible stock any additional shares of stock of any class or other rights;
(iii) there shall be any Merger Event; (iv) there shall be an Initial Public Offering; (v) the Company shall sell, lease, exclusive license or otherwise transfer all or substantially all of its assets; or (vi) there shall be any
voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the Warrantholder: (A) at least ten (10) days’ prior written notice of the date on which the books of
the Company shall close or a record shall be taken for such dividend, distribution, subscription rights (specifying the date on which the holders of Preferred Stock shall be entitled thereto) or for determining rights to vote in respect of such
Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event, sale, lease, exclusive license or other transfer of all or substantially all assets, dissolution, liquidation or winding up, at least ten
(10) days’ prior written notice of the date when the same shall take place (and specifying the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable
upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering, the Company shall give the Warrantholder at least five (5) days’ written notice prior to the effective date of the
registration statement therefore. . 
 Each such written notice shall set forth, in reasonable detail, (i) the event
requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price has been
adjusted), and (D) the number of shares subject to purchase hereunder after giving effect to such adjustment. Such written notice shall be given by first class mail, postage prepaid, by reputable overnight courier with all charges prepaid or
via electronic transmission, addressed to the Warrantholder at the address for Warrantholder set forth in Section 12(g). 

(g) Election. At least ten (10) days prior to the consummation of any private institutional equity financing of the Company
to be consummated prior to the Initial Public Offering (an “Equity Financing”), the Company shall give written notice to the Warrantholder of such Equity Financing (the “Financing Notice”) setting forth a summary of
the material terms of such Equity Financing. Within three (3) days following the date of such Financing Notice, the Warrantholder 

  
 6 

 
shall deliver written notice to the Company electing to have the securities set forth in the following clause (i) or (ii) be issuable upon exercise of this warrant (i) Series A
Preferred Stock of the Company or (ii) the class and series of equity securities issued in such Equity Financing, be issuable upon exercise of this Warrant. From and after such election, the equity securities set forth in such notice shall be
deemed “Preferred Stock” for all purposes hereof. 
 SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF
THE COMPANY. 
 (a) Reservation of Preferred Stock. The Series A Preferred Stock issuable upon exercise of the
Warrantholder’s rights has been duly and validly reserved and, when the Preferred Stock is issued in accordance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens,
charges or encumbrances of any nature whatsoever; provided, that the Preferred Stock issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made available to
the Warrantholder true, correct and complete copies of its Charter and bylaws currently in effect. The issuance of certificates for shares of Preferred Stock upon exercise of this Agreement shall be made without charge to the Warrantholder for any
issuance tax in respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Preferred Stock; provided, that the Company shall not be required to pay any tax which may be
payable in respect of any transfer and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 
 (b) Due Authority. The execution and delivery by the Company of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right
to acquire the shares of Preferred Stock and the Common Stock into which it may be converted, have been duly authorized by all necessary corporate action on the part of the Company. This Agreement: (1) does not violate the Charter or current
bylaws; (2) does not contravene any law or governmental rule, regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other
instrument to which it is a party or by which it is bound. This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. 
 (c) Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of
any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Agreement, except for the filing of notices
pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 
 (d) Issued Securities. All issued and outstanding shares of Common Stock, Series A Preferred Stock or any other securities of the Company have been duly authorized and validly issued and are fully
paid and nonassessable. All outstanding shares of Common Stock, Series A Preferred Stock and any other securities were issued in full compliance with all federal and state securities laws. In addition, as of the date immediately preceding the date
of this Agreement: 
 (i) The authorized capital of the Company consists of (A) 120,000,000 shares of Common
Stock, of which 6,171,755 shares are issued and outstanding, and (B)

  
 7 

 
88,000,000 shares of Series A Preferred Stock, of which 68,000,000 shares are issued and outstanding and are convertible into 68,000,000 shares of Common Stock at $1.25 per share. 

(ii) The Company has reserved 18,600,750 shares of Common Stock for issuance under its Stock Option Plan(s), under which
16,170,553 options are outstanding. Other than warrants to purchase (i) an aggregate of 1,700,000 shares of Common Stock and (ii) an aggregate of 250,000 shares of Series A Preferred Stock, there are no other options, warrants, conversion
privileges or other rights presently outstanding to purchase or otherwise acquire any authorized but unissued shares of the Company’s capital stock or other securities of the Company. The Company has no outstanding loans to any employee,
officer or director of the Company, and the Company agrees not to enter into any such loan or otherwise guarantee the payment of any loan made to an employee, officer or director by a third party. 

(iii) Except as set forth in the Rights Agreement, , no stockholder of the Company has preemptive rights to purchase new
issuances of the Company’s capital stock. 
 (e) Other Commitments to Register Securities. Except as set forth in
this Agreement and the Rights Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any of its presently outstanding securities or any of its securities
which may hereafter be issued. 
 (f) Exempt Transaction. Subject to the accuracy of the Warrantholder’s
representations set forth in Section 10, the issuance of the Preferred Stock upon exercise of this Agreement, and the issuance of the Common Stock upon conversion of the Preferred Stock, will each constitute a transaction exempt from
(i) the registration requirements of Section 5 of the Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable state securities laws. 

(g) Compliance with Rule 144. If the Warrantholder proposes to sell Preferred Stock issuable upon the exercise of this Agreement,
or the Common Stock into which it is convertible, in compliance with Rule 144 promulgated by the SEC, then, upon Warrantholder’s written request to the Company, the Company shall furnish to the Warrantholder, within ten (10) days after
receipt of such request, a written statement confirming the Company’s compliance with the filing requirements of the SEC as set forth in such Rule, as such Rule may be amended from time to time. 

(h) Information Rights. During the term of this Warrant, Warrantholder shall be entitled to the information rights contain in
Section 7.1 of the Loan Agreement, and Section 7.1 of the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein, provided, however, that the Company shall not be required to deliver a
Compliance Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the Company to Warrantholder has been repaid. 
 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 
 This
Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 
 (a) Investment Purpose. This Agreement and the Preferred Stock issuable upon exercise of the Warrantholder’s rights contained herein are and will be acquired for investment

  
 8 

 
and not with a view to the sale or distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of the same except pursuant
to a registration or exemption. 
 (b) Private Issue. The Warrantholder understands (i) that the Preferred Stock
issuable upon exercise of this Agreement is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement will be exempt from the registration and qualifications
requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 
 (c) Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability
to bear the economic risks of its investment. 
 (d) Risk of No Registration. The Warrantholder understands that if the
Company does not register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement covering the
securities under the Act is not in effect when it desires to sell (i) the rights to purchase Preferred Stock pursuant to this Agreement or (ii) the Preferred Stock issuable upon exercise of the right to purchase, it may be required to hold
such securities for an indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Preferred Stock or (B) Preferred Stock issued or issuable hereunder which might be made by it in reliance
upon Rule 144 under the Act may be made only in accordance with the terms and conditions of that Rule. 
 (e) Accredited
Investor. Warrantholder is an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 
 SECTION 11. TRANSFERS. 
 Subject to compliance with applicable federal and
state securities laws, this Agreement and all rights hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed. Each taker and holder of this
Agreement, by taking or holding the same, consents and agrees that this Agreement, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the
Company’s books, shall be treated by the Company and all other persons dealing with this Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of
this Agreement shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the
Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. Notwithstanding the foregoing,
this Agreement shall not be transferable to any competitor of the Company prior to the Initial Public Offering (as determined in good faith by the Board of Directors of the Company). 

SECTION 12. MISCELLANEOUS. 
 (a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the Company on the date hereof. This
Agreement shall be binding upon any successors or assigns of the Company. 

  
 9 

 (b) Remedies. In the event of any default hereunder, the non-defaulting party may
proceed to protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where
Warrantholder will not have an adequate remedy at law and where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this
Agreement requiring specific performance of any or all provisions hereof or enjoining the Company from continuing to commit any such breach of this Agreement. 
 (c) Additional Documents. The Company, upon execution of this Agreement, shall provide the Warrantholder with certified resolutions with respect to the representations, warranties and covenants set
forth in Sections 9(a) through 9(d) and 9(f). The Company shall also supply such other documents as the Warrantholder may from time to time reasonably request. 
 (d) Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’
fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 12(e), attorneys’ fees shall include without limitation fees incurred in connection with the following: (i) contempt
proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and third party examinations; and (v) post-judgment motions
and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 
 (e)
Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or
unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 

(f) Notices. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process
or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the
earlier of: (i) the day of transmission by facsimile, electronic transmission or hand delivery if such transmission or delivery occurs on a business day at or before 5:00 pm in the time zone of the recipient, or, if transmission or delivery
occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service; or (ii) the third calendar day after deposit in
the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as follows: 
 If to Warrantholder: 
 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

Legal Department 
 Attention: Chief Legal Officer and Manuel Henriquez 
 400 Hamilton Avenue, Suite
310 
 Palo Alto, CA 94301 
 Facsimile: 650-473-9194 
 Telephone: 650-289-3060 

Email : pshah@herculestech.com 

  
 10 

 If to the Company: 

PACIRA PHARMACEUTICALS, INC. 
 5 Sylvan Way 
 Parsipany, NJ 07054 

Attention: James Scibetta 
 Facsimile: 
 Telephone: 973-254-3570 

Email: james.scibetta@pacira.com 
 With a copy to: 
 WilmerHale LLP 

950 Page Mill Road 
 Palo Alto, CA 94304 
 Attention: Joe Wyatt 

Facsimile: 650-858-6100 
 Telephone: 650-858-6016 
 Email: joe.wyatt@wilmerhale.com 

or to such other address as each party may designate for itself by like notice, provided that any notice delivered to Warrantholder or Company shall be
valid notwithstanding the failure to deliver a copy of such notice to any other person or entity. 
 (g) No Strict
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 (h) No Waiver. No omission or delay by Warrantholder at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the
Company at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder to enforce such provisions thereafter. 

(i) Survival. All agreements, representations and warranties contained in this Agreement or in any document delivered pursuant
hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 
 (j) Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the State of California, and shall have been accepted by Warrantholder in the State of California. Delivery
of Preferred Stock to Warrantholder by the Company under this Agreement is due in the State of California. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of
laws principles that would cause the application of laws of any other jurisdiction. 
 (k) Consent to Jurisdiction and
Venue. All judicial proceedings arising in or under or related to this Agreement may be brought in any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party
hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to
assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. 

  
 11 

 (l) Mutual Waiver of Jury Trial; Judicial Reference. Because disputes arising in
connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that
their disputes be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY
OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims that involve Persons other
than the Company and Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal
relief of any kind, arising out of this Agreement. If this waiver of jury trial is ineffective or unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil
Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California,
with California rules of evidence and discovery applicable to such proceeding. In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in this Section, any prejudgment order, writ or other relief
and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference 

(m) Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

(n) Specific Performance. The parties hereto hereby declare that it is impossible to measure in money the damages which will
accrue to Warrantholder by reason of the Company’s failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall be specifically enforceable by Warrrantholder. If Warrantholder institutes any
action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that Warrantholder has an adequate remedy at law, and such person shall not
offer in any such action or proceeding the claim or defense that such remedy at law exists. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed by its officers thereunto duly authorized as of the Effective Date. 
  

							
	 COMPANY:
	 		 	PACIRA PHARMACEUTICALS, INC.
				
		 		 	By:	 	 /s/ James Scibetta

				
		 		 	Name:	 	 James Scibetta

				
		 		 	Title:	 	 Chief Financial Officer

  
 12 

 WARRANTHOLDER: HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

 
  
			
	 By:
	 	 /s/ K. Nicholas Martitsch

		 	K. Nicholas Martitsch
	 Title:
	 	 Associate General Counsel

  
 13 

 EXHIBIT I 
 NOTICE OF EXERCISE 
  

	To:	Pacira Pharmaceuticals, Inc. 

  

	(1)	The undersigned Warrantholder hereby elects to purchase [            ] shares of the Series
[    ] Preferred Stock of [                    ], pursuant to the terms of the Agreement dated the
[    ] day of [        ,         ] (the “Agreement”) between
[                    ] and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in full, together with all
applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.] 

  

	(2)	Please issue a certificate or certificates representing said shares of Series [__] Preferred Stock in the name of the undersigned or in such other name as is specified
below. 

  

	
	
	  

	(Name)
	
	  

	(Address)

 WARRANTHOLDER: HERCULES
TECHNOLOGY GROWTH CAPITAL, INC. 
  

			
	By:	 	  

		
	Title:	 	  

		
	Date:	 	  

  
 14 

 EXHIBIT II 
 ACKNOWLEDGMENT OF EXERCISE 
 The undersigned
[                    ], hereby acknowledge receipt of the “Notice of Exercise” from Hercules Technology Growth Capital,Inc., [
Hercules Technology II, L.P.] to purchase [        ] shares of the Series [    ] Preferred Stock of
[            ], pursuant to the terms of the Agreement, and further acknowledges that [        ] shares remain subject to purchase
under the terms of the Agreement. 
  

							
	 COMPANY:
	 		 	PACIRA PHARMACEUTICALS, INC.
				
		 		 	By:	 	  

				
		 		 	Title:	 	  

				
		 		 	Date:	 	  

  
 15 

 EXHIBIT III 
 TRANSFER NOTICE 
 (To transfer or assign the foregoing Agreement execute this form and supply
required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Agreement and all rights evidenced thereby
are hereby transferred and assigned to 
  

			
	  

	 (Please Print)

		
	 whose address is
	 	  

	
	  

 

			
	Dated:	 	  

 

			
	Holder’s Signature:	 	  

 

			
	Holder’s Address:	 	  

	
	  

  
 16

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