Document:

Exhibit 10.18

      

       

      

      FORM OF CONVERTIBLE NOTE

      

      

      THE SECURITIES REPRESENTED BY THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE
        SECURITIES LAWS.  THE SECURITIES REPRESENTED BY THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT
        TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 904, RULE 144 OR RULE 144A UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(A)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR
        INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4[a](1) AND A HALF” SALE.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN, FINANCING OR INDEBTEDNESS ARRANGEMENT
        SECURED BY THE SECURITIES.

       

      SENIOR SECURED CONVERTIBLE NOTE

       

      
        	Issuance Date:  [__], 2020    

              	Principal:  U.S. $[__]

      

            

      

      FOR VALUE RECEIVED, ADC Therapeutics SA, a Swiss stock corporation (société anonyme) (the “Company”), hereby, subject to a conversion into Common Shares in accordance with Section 2 hereof, promises to pay to [_________________________], or its registered assigns (the “Holder”),

        the principal amount of [__] Dollars ($[__]) pursuant to, and in accordance with, the terms of that certain Facility Agreement, dated as of April 24, 2020, by and among the Company, the Lenders party thereto, the Agent and the other parties thereto
        (together with all exhibits and schedules thereto and as may be amended, restated, modified and supplemented from time to time, the “Facility Agreement”).  The Company hereby promises to pay accrued and
        unpaid Interest (as defined below) and premium, if any, on the Principal on the dates, at the rates and in the manner provided for in the Facility Agreement (including upon a Major Transaction Redemption or any conversion of this Note).  The
        Company hereby promises to pay any Make Whole Amount and any Exit Charge that is due on the Principal in accordance with the Facility Agreement (including, in the case of the Make Whole Amount, upon a Major Transaction Redemption and, in the case
        of the Exit Fee, upon a Major Transaction Redemption or any conversion of this Note). Pursuant to Section 2(c)(iv) hereof, the Principal amount of this Note may be less than the amount indicated above.

       

      This Senior Secured Convertible Note (including all Senior Secured Convertible Notes issued in exchange, transfer or replacement hereof, and as any of the foregoing may be amended, restated,
        supplemented or otherwise modified from time to time, this “Note”) is one of the Senior Secured Convertible Notes issued pursuant to the Facility Agreement (collectively, including all Senior Secured
        Convertible Notes issued in exchange, transfer or replacement thereof, and as any of the foregoing may be amended, restated, supplemented or otherwise modified from time to time, the “Notes”).  All
        capitalized terms used and not otherwise defined herein shall have the respective meanings set forth in the Facility Agreement.

       

      
        
          

      

      
      This Note evidences a Loan issued under the Facility Agreement.  Accordingly, any payment of the Principal of this Note (it being agreed that the settlement of the Company’s obligations by delivery
        of Conversion Shares (as defined below)  upon conversion of any Principal of this Note shall be deemed to constitute payment of such Principal) or any payment of Interest hereon constitutes a payment of the principal amount of such Loan or interest
        thereon, as the case may be.  This Note may not be transferred separately from the Holder’s rights and obligations as a Lender under the Facility Documents with respect to the corresponding Loan amount.

       

      This Note is secured by Liens on and security interests in certain property and assets of the Company and the other Loan Parties that have been granted to the Agent, for the benefit
        and, where applicable, acting as the direct representative (direkter Stellvertreter) or in case of an assignment of receivables as the indirect representative (indirekter Stellvertreter) of the Secured Parties, pursuant to the Loan Documents.
        Reference is hereby made to the other Loan Documents for a description of the Collateral securing the obligations evidenced by this Note, the terms and conditions upon which such Liens and security interests were granted and the rights and remedies
        of the Holder in respect thereof.

       

      The Company has no right, but under certain circumstances may have an obligation, to make payments of Principal prior to the due date for such payments set forth in the Facility Agreement.  The
        Facility Agreement contains provisions for acceleration of the maturity of the unpaid Principal upon the happening of certain events.

       

      1.           Definitions.

       

      (a)          Certain Defined Terms.  For purposes of this Note, the following terms shall have the following meanings:

       

      (i)          “Applicable Value” means (A) the product of (x) the number of issued and outstanding Common Shares on the date the Company delivers the Major
        Transaction/Organic Change Notice (as defined in Section 3(b)) multiplied by (y) the Closing Price of the Common Shares on such date, plus (B) the amount of the Company’s and its consolidated subsidiaries’ debt as shown on the latest
        consolidated financial statements of the Company and its subsidiaries filed with the SEC (the “Current Financial Statements”), plus (C) if applicable, the aggregate liquidation preference of each class of the
        Company’s preferred shares, less (D) the amount of cash and cash equivalents of the Company and its consolidated subsidiaries, as shown on the Current Financial Statements.

       

      (ii)          “Articles” means the Company’s articles of association, as may be amended or restated from time to time.

       

      (iii)        “Asset Sale” means a transaction described in clause (B) of the definition of “Major Transaction” in connection with which the Company
        distributes assets to shareholders.

       

      
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      (iv)      “Bloomberg” means Bloomberg Financial Markets or an equivalent, reliable reporting service designated by the Company and subject to the consent of
        the Required Note Holders (such consent not to be unreasonably withheld, conditioned or delayed).

       

      (v)          “Capital Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other
        equivalents of or interests in (however designated) stock issued by that entity, but for the avoidance of doubt, excluding any debt securities convertible into such stock.

       

      (vi)         “CHF” means the legal currency of Switzerland.

       

      (vii)        “Closing Price” means, for any security as of any Trading Day, the closing (last sale) price per share for such security on its Principal
        Market on such Trading Day (at the end of regular trading hours on such Principal Market), as reported by Bloomberg, or if no closing price per share is reported for such security by Bloomberg, the average of the last bid and last ask price (or if
        more than one in either case, the average of the average last bid and average last ask prices) per share for such security on such Trading Day as reported in the composite transactions for the principal U.S. national or regional securities exchange
        on which the Common Shares are traded.  If such security is not listed for trading on a U.S. national or regional securities exchange on the relevant Trading Day, then the Closing Price for such security will be the average of the mid-point of the
        last bid and last ask prices per share for such security in the over-the-counter market on the relevant Trading Day as reported by OTC Markets Group or similar organization.  If the Closing Price cannot be calculated for a security on such date on
        any of the foregoing bases, the Closing Price of such security on such date shall be the fair market value per share of such security as mutually determined in good faith by the Board of Directors of the Company and the Required Note Holders.

       

      (viii)      “Common Shares” means the common shares, par value CHF 0.064 per share, of the Company, subject to Section 3(d).

       

      (ix)       “Conversion Agent” means UBS Switzerland AG, Bahnhofstrasse 45, 8098 Zurich, Switzerland, in its capacity as Swiss bank for the purposes of
        article 653e of the Swiss Code of Obligations and as conversion agent for the Notes, and includes any successor to UBS Switzerland AG, in its capacity as conversion agent.

       

      (x)          “Conversion Amount” means the Principal to be converted with respect to which this determination is being made.

       

      (xi)         “Conversion Price” means $[___]1, subject to adjustment
        as provided herein.

       

      

      1  If this Note is issued in respect of an Initial Convertible  Loan, the initial Conversion Price shall be 130% of the IPO
        Price.  If this Note is issued in respect of a Subsequent Convertible Loan, the initial Conversion Price shall be equal to the lesser of (i) 115% of the Conversion Price in effect under the Convertible Notes in respect of the Initial Convertible
        Loans as of the Subsequent Convertible Loan Disbursement Date (equivalent to 150% of the IPO Price, subject to adjustment), and (ii) 120% of the arithmetic average of the Volume Weighted Average Price of the Common Shares on each of the fifteen
        (15) consecutive Trading Days immediately prior to the Subsequent Convertible Loan Disbursement Date, subject to adjustment under the terms of this Note (as if this Note had been issued immediately following the end of such fifteen (15)-Trading Day
        period); provided, however, that in no event shall such initial Conversion Price be less than 62% of the Conversion Price in effect under the Convertible Notes in respect of the Initial Convertible Loans as of the Subsequent Convertible Loan
        Disbursement Date (equivalent to 80% of the IPO Price, subject to adjustment).

       

      
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      (xii)      Delisting Event” means any of the following: (A) the Common Shares are not listed on the Principal Market, (B) trading in the Common Shares on
        the Principal Market is suspended, or (C) the Company has received a notice of delisting due to noncompliance with any material rule or regulation applicable to the trading or listing of the Common Shares on the Principal Market and such
        noncompliance has not been cured as set forth in a notice from the Principal Market.

       

      (xiii)       “Dollars” or “$” means United States Dollars.

       

      (xiv)      “Effective Date” means, with respect to any Major Transaction, the date on which such Major Transaction occurs or becomes effective.

       

      (xv)        “Eligible Market” means the New York Stock Exchange, Inc., the NYSE American, the NASDAQ Capital Market, the NASDAQ Global Market or the NASDAQ
        Global Select Market (or, in each case, any successor thereto).

       

      (xvi)       “Fair Market Value” means (i) with respect to any security that is listed, quoted or traded on an Eligible Market, as of any date of
        determination, the Closing Price of such security on such date, and (ii) with respect to any other security or asset, the fair market value as mutually determined in good faith by the Board of Directors of the Company and Required Note Holders,
        subject to the dispute resolution provisions set forth in Section 2(c)(iii) below.

       

      (xvii)     “Freely Tradeable Shares” means Common Shares which, at the time of issuance thereof, (i) are duly authorized, validly issued, fully paid and
        non-assessable, (ii) are eligible for resale by the Holder, without limitation or restriction (including any volume limitation or current public information requirement) under state or federal securities laws, pursuant to Rule 144 under the
        Securities Act or are the subject of an effective registration statement under the Securities Act covering the resale thereof, as provided for in the Registration Rights Agreement, and (iii) do not bear, and are not subject to, any restrictive
        legend, stop transfer or similar restriction (assuming in the case of clauses (ii) and (iii), that such holder is not at the time of such conversion, and has not during the three (3) months immediately prior thereto been, an Affiliate of the
        Company).

       

      (xviii)    “Interest” means any interest (including any default interest) accrued on the Principal pursuant to the terms of this Note and the Facility
        Agreement.

       

      
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      (xix)       “Issuance Date” means [__]2, regardless of any exchange
        or replacement hereof.

       

      (xx)        “Major Transaction” means any of the following events:

       

      (A)      a consolidation, merger, exchange of shares, tender or exchange offer, recapitalization, reorganization, amalgamation, scheme of arrangement, business combination, purchase or sale of
        shares or other similar event, (1) following which the holders of Common Shares (on an as converted basis, assuming the conversion of all outstanding Convertible Securities into Common Shares), or of the voting power of voting stock immediately
        preceding such consolidation, merger, exchange, recapitalization, reorganization, amalgamation, scheme of arrangement, business combination, sale of shares or other event either (a) no longer hold a majority of the Common Shares (on an as converted
        basis, assuming the conversion of all outstanding Convertible Securities into Common Shares), or of the shares or voting power of voting stock of the Company, or (b) no longer have the ability to elect a majority of the Board of Directors of the
        Company, or (2) as a result of which the Common Shares shall be changed into (or the holders of the Common Shares become entitled to receive) the same or a different number of shares of the same or another class or classes of stock or securities of
        another entity (other than to the extent the Common Shares are changed or exchanged solely to reflect a change in the Company’s jurisdiction of incorporation);

       

      (B)         the sale or transfer (including, for the avoidance of doubt, by way of an exclusive license that is substantially equivalent to a sale, it being agreed that an exclusive license solely
        in respect of Europe is not in and of itself substantially equivalent to a sale) in one transaction or a series of related transactions of (i) all or substantially all of the assets of the Company (including, for the avoidance of doubt, a sale of
        all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole) to any Person other than one of the Company’s wholly-owned Subsidiaries or (ii) assets of the Company (including, for the avoidance of doubt, assets of
        the Company and its Subsidiaries, taken as a whole) to any Person other than one of the Company’s wholly-owned Subsidiaries for a purchase price equal to more than 50% of the Applicable Value, in connection with which the Company distributes its
        assets to shareholders;

       

      (C)         the stockholders of the Company approve any plan or proposal for the liquidation, dissolution or winding-up of the Company;

       

      (D)         a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, files any schedule, form or report under the
          Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner” as defined in Rule 13d-3 under the Exchange Act of the Company’s Common Shares representing more than 50% of the Common Shares or the shares or
          voting power of the Company’s voting stock; or

      

      

      2 The Issuance Date shall be the Disbursement Date on which this Note (or the Principal represented hereby) is originally
        issued.

       

      
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      (E)        the Common Shares cease to be listed on any Eligible Market on which they are then listed and are not immediately re-listed on another Eligible Market.

       

      (xxi)       “Major Transaction Redemption Price” means the Principal amount of this Note to be redeemed.

       

      (xxii)     “Market Disruption Event” with respect to any Trading Day, (A) a failure by the Principal Market for the Common Shares to open for trading during
        its entire regular trading session, (B) the occurrence or existence prior to 1:00 p.m., New York City time, on such Trading Day, for more than a one half-hour period in the aggregate during regular trading hours, of any suspension or limitation
        imposed on trading (by reason of movements in price exceeding limits permitted by the relevant securities exchange or otherwise) in the Common Shares or in any options, contracts or future contracts relating to the Common Shares, or (C) a failure
        of any sales of the Common Shares to occur on the Principal Market on such Trading Day.

       

      (xxiii)     “Number of Make-Whole Shares” means, with respect to any Major Transaction, the number of Common Shares per $1,000 Principal amount determined
        as set forth in Schedule 1 based on the Share Price and Effective Date of such Major Transaction; provided that the Number of Make-Whole Shares in connection with any Major Transaction Conversion following
        a Company Share Major Transaction (until such time as another Major Transaction shall occur, from and after which the Number of Make-Whole Shares shall be determined by reference to such Major Transaction that results in a determination of the
        greatest Number of Make-Whole Shares) shall be determined as set forth in Schedule 1 (x) based on the Share Price determined on the Effective Date (without giving effect to clause (y) of this proviso) of such Company Share Major Transaction and (y)
        as though the Conversion Date of such Major Transaction Conversion were the Effective Date of such Major Transaction.

       

      (xxiv)    “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person, or, if there is more than one such
        Person or Parent Entity, the Person or Parent Entity with the largest enterprise value as of the date of consummation of a Major Transaction.

       

      (xxv)      “Principal” means the outstanding principal amount of this Note as of any date of determination.

       

      (xxvi)     “Principal Market” means, with respect to the Common Shares, the principal Eligible Market on which the Common Shares are listed, and with
        respect to any other security, the principal securities exchange or trading market for such security.

       

      (xxvii)    “Registration Rights Agreement” means that certain Registration Rights Agreement dated as of [_], 2020 among the Company and the Lenders party to
        the Facility Agreement, as the same may be amended from time to time.

       

      (xxviii)   “Required Note Holders” means, as of any date of determination, Holders of Notes having an aggregate principal amount of more than 50% of the
        outstanding principal amount of all Notes as of such date.

       

      
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      (xxix)     “Share Price” means, with respect to any Major Transaction, (a) in the case of a Major Transaction described in clause (A) or (B) of the
        definition thereof in which the holders of Common Shares receive in exchange for their Common Shares only cash, the amount of such cash per Common Share and (b) in any other case, the Closing Price per Common Share on the Trading Day immediately
        preceding the Effective Date of such Major Transaction.

       

      (xxx)     “Standard Settlement Period” means the standard settlement period for equity trades effected by U.S. broker-dealers, expressed in a number of
        Trading Days, as in effect on the date the applicable Conversion Notice (as defined below) is received or deemed received by the Company.

       

      (xxxi)     “Stock Event” means a stock split, stock combination, reclassification, payment of stock dividend, recapitalization or other similar transaction
        of such character that the Common Shares shall be changed into or become exchangeable for a larger or small number of shares.

       

      (xxxii)    “Successor Entity” means any Person purchasing the Company’s assets sold in a Major Transaction or a majority of the Company’s Capital Stock in a
        Major Transaction, or any successor entity resulting from a Major Transaction, or if the Note is to be convertible for shares of Capital Stock of any such Person’s Parent Entity, its Parent Entity.

       

      (xxxiii)   “Successor Major Transaction” means either a Takeout Major Transaction or an Asset Sale.

       

      (xxxiv)  “Takeout Major Transaction” means a “Major Transaction” in which the Common Shares of the Company are converted into the right to receive cash,
        securities of another entity and/or other assets.

       

      (xxxv)    “Trading Day” means, in respect of any security, any day on which trading of such security occurs on its Principal Market; provided, that, for
        purposes of the satisfaction of the One Year Pricing Forced Conversion Condition or Three Year Pricing Forced Conversion Condition (each as defined in Section 2(f)), Trading Day shall not include any Trading Day on which there is a Market
        Disruption Event.

       

      (xxxvi)   “Volume Weighted Average Price” means, as of any Trading Day, (A) the volume weighted average sale price of the Common Shares on the Principal
        Market (or, if not the Principal Market, the principal U.S. national or regional securities exchange on which the Common Shares are traded), as reported by Bloomberg, or (B) if no volume weighted average sale price is reported for the Common
        Shares, then the Closing Price on such Trading Day, or, if no Closing Price is reported for the Common Shares by Bloomberg, the average of the last bid and last ask price (or if more than one in either case, the average of the average last bid and
        average last ask prices) of the Common Shares on such Trading Day as reported in the composite transactions for the principal U.S. national or regional securities exchange on which the Common Shares are traded.  If the Common Shares are not listed
        for trading on a U.S. national or regional securities exchange on the relevant Trading Day, then the Volume Weighted Average Price will be the average of the mid-point of the last bid and last ask prices of the Common Shares in the over-the-counter
        market on the relevant Trading Day as reported by OTC Markets Group or similar organization. If the Volume Weighted Average Price cannot be calculated for the Common Shares on such date in the manner provided above, the Volume Weighted Average
        Price shall be the fair market value per Common Share as mutually determined in good faith by the Board of Directors of the Company and the Holders holding a majority of the aggregate outstanding Principal amount of the Notes being converted for
        which the calculation of the Volume Weighted Average Price is required.  The Volume Weighted Average Price shall be determined without regard to after-hours trading or any other trading outside of the regular trading hours. In the event that a
        Stock Event is consummated during any period of consecutive Trading Days on which Volume Weighted Average Prices are being calculated, the Volume Weighted Average Price for each Trading Day during such period prior to the effectiveness of such
        Stock Event shall be appropriately adjusted to reflect such Stock Event.

       

      
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      (xxxvii) “Withholding Date” means the first date on which the Company withholds, or determines that it is required to withhold, any Taxes as a result of any
        Forced Conversion or the issuance of any Common Shares thereupon.

       

      2.           Conversion Rights.  This Note may be converted into Common Shares on the terms and conditions set forth in this Section 2.

       

      (a)        Conversion at Option of the Holder.  On or after the date hereof, the Holder shall be entitled to convert all or any part of the Principal into fully paid up and nonassessable
        Common Shares (the “Conversion Shares”). The Company shall not issue any fraction of a Common Share upon any conversion.  If the issuance would result in the issuance of a fraction of a Common Share, then the
        Company shall round such fraction of a Common Share up or down to the nearest whole share (with 0.5 rounded up) and no cash payment will be made in lieu thereof where rounded down.  If, at any time, the Required Note Holders not including the
        Holder elect to convert all of the outstanding Notes held by them in accordance with this Section 2, then, effective upon such conversion, (i) this Note shall automatically, and without any action by the Holder, convert into Conversion
        Shares at the same Conversion Rate and otherwise upon the same terms as the Notes held by the Required Note Holders are being converted, as if the Holder had delivered a Conversion Notice hereunder, and (ii) the Holder shall be deemed to have
        accepted, and hereby accepts and agrees, (A) such conversion of its Principal amount into Conversion Shares and that, where necessary under Swiss law, the Conversion Agent shall effect such conversion on such Holder’s behalf, and (B) that its
        obligation to pay up the Conversion Shares to be issued shall be set off against its claim for repayment of such Principal amount, which claim shall be deemed to be due and payable immediately prior to the time when, as a matter of Swiss law, the
        relevant Common Shares are paid up.

       

      
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      (b)         Conversion Rate.  The number of Conversion Shares issuable upon a conversion of any portion of this Note pursuant to Section 2, including a Forced Conversion (as
        defined below), shall be determined according to the following formula (the “Conversion Rate”):

       

      	 	
              Conversion Amount

            	 
	 	
              Conversion Price

            	 

       

      

      (c)         Mechanics of Conversion.  The conversion of this Note shall be conducted in the following manner:

       

      (i)       Holder’s Delivery Requirements.  To convert a Conversion Amount into Conversion Shares on any date (the “Conversion Date”), the Holder
        shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 5:00 p.m. New York City time on such date, an unsigned copy of a written conversion notice in the form attached hereto as Exhibit A (the “Conversion Notice”) to the offices of the Company, Route de la Corniche 3B, 1066 Epalinges, Switzerland (Attention:  Chief Executive Officer, Email: [_____]), or such other address or email address as the Company may designate in
        writing, and (B) if required by Section 2(c)(vi), surrender to a common carrier for delivery to the Company, no later than three (3) Business Days after the Conversion Date, the original Note being converted (or an indemnification
        undertaking in customary form with respect to this Note in the case of its loss, theft or destruction).

       

      (ii)         Company’s Response.  Upon receipt or deemed receipt by the Company of an unsigned copy of a Conversion Notice, the Company (A) shall (1) promptly forward the Conversion Notice
        to Homburger AG or such other counsel as shall have been designated by the Company for these purposes upon at least 30 days’ written notice to the Lenders, (2) cause Homburger AG or such other counsel to confirm the receipt of the Conversion Notice
        and further cause Homburger AG or such other counsel to (and Homburger AG or such other counsel is hereby authorized by the Holder to) attach a manually signed signature page of the Holder thereto and deliver the completed manually signed
        Conversion Notice to the Conversion Agent (provided that the Holder shall have provided manually signed signature pages to Homburger AG or such other counsel prior thereto) and (3) cause the Conversion Agent to thereafter confirm the receipt of the
        Conversion Notice and the declaration of set-off contained therein, (B) shall promptly send, via email, a confirmation of receipt of such Conversion Notice to the Holder and the Company’s designated transfer agent (the “Transfer Agent”), if applicable, which confirmation shall constitute an instruction to any such Transfer Agent to further process, with the assistance of the Conversion Agent, where necessary, such Conversion Notice in accordance
        with the terms herein and (C) (1) in the case of a conversion at a time when the Conversion Shares are required to bear a restrictive legend pursuant to Section 2(d), on or before the fifth (5th) Business Day following the Conversion Date
        (the “Restricted Voluntary Conversion Delivery Deadline”), issue and deliver to the address as specified in the Conversion Notice, a stock certificate, registered in the name of the Holder or its designee,
        for the number of Conversion Shares to which the Holder shall be entitled, and (2) in the case of a conversion at a time when the Conversion Shares are not required to bear a restrictive legend pursuant to Section 2(d), on or before the
        second (2nd) Business Day (or, if earlier, the last day of the Standard Settlement Period) following the Conversion Date (the “Unrestricted Voluntary Conversion Delivery Deadline”), cause the Transfer Agent
        to credit the aggregate number of Conversion Shares to which the Holder shall be entitled to the Holder’s or its designee’s balance account with The Depository Trust Company (“DTC”) through DTC’s
        Deposit/Withdrawal at Custodian (DWAC) system.  In the case of a Forced Conversion, clause (2) of the immediately preceding sentence shall apply, except that the applicable deadline for purposes of the immediately preceding sentence shall be
        measured from the date of the Company’s delivery of the Forced Conversion Notice (such delivery deadline for a Forced Conversion, the Restricted Voluntary Conversion Delivery Deadline or the Unrestricted Voluntary Conversion Delivery Deadline, as
        applicable, being referred to as the “Share Delivery Date”).  If, notwithstanding the provisions of Section 2(c)(vi), the Holder elects to physically surrender this Note for conversion and the
        Principal represented by this Note is greater than the Principal being converted, then the Company shall, as soon as practicable and in no event later than (1) in the case of a conversion at a time when the Conversion Shares are required to bear a
        restrictive legend pursuant to Section 2(d), five (5) Business Days after receipt of this Note, or (2), in the case of a conversion at a time when the Conversion Shares are not required to bear a restrictive legend pursuant to Section
          2(d), two (2) Trading Days (the “Note Delivery Date”), and at its own expense, issue and deliver to the Holder a new Note representing the Principal not converted and cancel this Note.  Subject, in the
        case of this Note, to Section 9.4 of the Facility Agreement, this Note and the Conversion Shares will be free-trading, and freely transferable, and will not contain a legend restricting the resale or transferability of the Conversion Shares if any
        of the Unrestricted Conditions (as defined below) are met with respect thereto.

       

      
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      (iii)        Dispute Resolution.  In the case of a dispute as to the determination of the Conversion Price, Conversion Rate, Major Transaction Redemption Price, Successor Major Transaction
        Consideration, Major Transaction Company Shares or the Major Transaction Conversion Amount (including any determination as to Fair Market Value) or the arithmetic calculation of the Conversion Rate, the Company shall issue, or instruct the Transfer
        Agent to issue, as applicable, to the Holder the number of Conversion Shares that is not disputed and shall transmit an explanation of the disputed determinations or arithmetic calculations to the Holder via email within two (2) Business Days of
        receipt or deemed receipt of the Holder’s Conversion Notice or other date of determination.  If the Holder and the Company are unable to agree upon the determination of the Conversion Price, Conversion Rate, Major Transaction Redemption Price,
        Successor Major Transaction Consideration, Major Transaction Company Shares, Major Transaction Conversion Amount or arithmetic calculation of the Conversion Rate within one (1) Business Day of such disputed determination or arithmetic calculation
        being transmitted to the Holder, then the Company shall promptly (and in any event within two (2) Business Days) submit via email (A) the disputed determination of the Conversion Price, Conversion Rate, Major Transaction Redemption Price, Successor
        Major Transaction Consideration or Major Transaction Conversion Amount to an independent, reputable investment banking firm selected by the Company and subject to the approval of the Required Note Holders (such consent not to be unreasonably
        withheld, conditioned or delayed), or (B) the disputed arithmetic calculation of the Conversion Rate to the Company’s independent registered public accounting firm, as the case may be.  The Company shall direct the investment bank or the accounting
        firm, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than two (2) Business Days from the time it receives the disputed determinations or calculations.  Such investment
        bank’s or accounting firm’s determination or calculation, as the case may be, shall be binding upon all parties absent manifest error.  Notwithstanding anything herein to the contrary, any such final determination in respect of a dispute in
        connection with a Major Transaction in which the Company is not the surviving parent entity, shall be made prior to the occurrence of such Major Transaction.  Neither the Holder nor the Company shall have the right to dispute any determination
        pursuant to the provisions of this Section 2(c)(iii) unless such party notifies the other party of such dispute in writing no later than two (2) Business Days after the other party notifies the Holder or the Company, as applicable, in
        writing of such determination.  Any determination that is specified herein to be made mutually by the Company (or its Board of Directors) and the Required Note Holders shall be made solely by the Company (or its Board of Directors) if the Required
        Note Holders do not provide their determination to the Company in writing within five (5) Business Days after the later of (A) the Holder being requested to do so by the Company in writing and (B) the Company having provided the Holder all
        information reasonably necessary in order for the Holder to make the subject determination.

       

      
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      (iv)         Record Holder.  The Conversion Shares issuable upon a conversion of this Note shall be deemed to have been issued to the Person or Persons entitled to receive such Conversion
        Shares, and such Person or Persons shall be treated for all purposes as the legal and record holder or holders of such Conversion Shares, entitled to all rights of a holder thereof, (A) in the case of a conversion at the option of the Holder, upon
        delivery by the Holder of the Conversion Notice, or (B) in the case of a Forced Conversion, upon delivery by the Company to the Holder of the Forced Conversion Notice.

       

      (v)          Company’s Failure to Timely Convert.

       

      (A)         Cash Damages.  If by the Share Delivery Date, the Company shall fail to issue and deliver a certificate to the Holder for, or, if as required by the Section 2(c)(ii)
        hereof the Transfer Agent shall fail to credit the Holder’s or its designee’s balance account with DTC with, the applicable number of Conversion Shares (free of any restrictive legend, provided any Unrestricted Condition is satisfied), then, in
        addition to all other available remedies that the Holder may pursue hereunder and under the Facility Agreement, the Company shall pay additional damages to the Holder for each 30-day period after the Share Delivery Date such conversion is not
        timely effected and/or each 30-day period after the Note Delivery Date such Note is not delivered in an amount equal to (prorated for any partial period) (x) in the case of a failure to deliver a certificate for the Conversion Shares or, if as
        required by the Section 2(c)(ii) hereof the Transfer Agent shall fail to credit the Holder’s or its designee’s balance account with DTC with, the applicable number of Conversion Shares (free of any restrictive legend, provided any
        Unrestricted Condition is satisfied), one percent (1.0%) of the Conversion Amount or (y) in the case of a failure to deliver a new Note, one percent (1.0%) of the outstanding balance of the new Note.  Alternatively in lieu of the foregoing
        additional damages, subject to Section 2(c)(iii), at the written election of the Holder made in the Holder’s sole discretion, if, on or after the applicable Conversion Date, the Holder purchases (in an open market transaction or otherwise)
        Common Shares to deliver in satisfaction of a sale by the Holder of Conversion Shares (or Common Shares issuable upon conversion of Conversion Shares) that such Holder anticipated receiving from the Company (such purchased shares, “Buy-In Shares”), the Company shall (I) be obligated to promptly pay to the Holder (in addition to all other available remedies that the Holder may otherwise have), 100% of the amount by which (A) the Holder’s
        total purchase price (including brokerage commissions, if any) for such Buy-In Shares exceeds (B) the net proceeds received by the Holder from the sale of a number of shares equal to up to the number of Conversion Shares (or Common Shares issuable
        upon conversion of the Conversion Shares, without giving effect to any limitations on conversion thereof) such Holder was entitled to receive but had not received on the Share Delivery Date and (II) at the option of the Holder, by notice to the
        Company made via email prior to receipt by the Holder of the Conversion Shares, either reinstate the portion of this Note and equivalent number of Conversion Shares for which such conversion was not honored or deliver to the Holder the number of
        Common Shares that would have been issued had the Company timely complied with its conversion and delivery obligations hereunder.  If the Company fails to pay the additional damages set forth in this Section 2(c)(v)(A) within five (5)
        Business Days of the date incurred, then the Holder entitled to such payments shall have the right at any time, so long as the Company continues to fail to make such payments, to require the Company, upon written notice, to immediately issue, in
        lieu of such cash damages, the number of Common Shares equal to the quotient of (X) the aggregate amount of the damages payments described herein divided by (Y) the Conversion Price applicable to the conversion to which the additional damages
        relate.  Nothing herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
        Company’s failure to timely deliver Common Shares upon conversion of this Note as required pursuant to the terms hereof.

       

      
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      (B)          Event of Default.  If for any reason the Holder has not received all of the Conversion Shares prior to the tenth (10th) Business Day after the Share Delivery Date with respect
        to a conversion of this Note (a “Conversion Failure”), such Conversion Failure shall constitute an Event of Default under the Facility Agreement and entitle the Lenders to all payments and remedies provided
        under the Facility Agreement upon the occurrence of an Event of Default.

       

      (vi)         Book-Entry.  Notwithstanding anything to the contrary set forth herein, upon conversion or redemption of this Note in accordance with the terms hereof, the Holder shall not be
        required to physically surrender this Note to the Company unless all of the Principal is being converted or redeemed.  The Holder and the Company shall maintain records showing the Principal converted or redeemed and the dates of such conversions
        or redemptions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon any such partial conversion or redemption.  Notwithstanding the foregoing, if this Note
        is converted or redeemed as aforesaid, the Holder may not transfer this Note unless the Holder first physically surrenders this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note of
        like tenor, registered as the Holder may request, representing in the aggregate the remaining Principal represented by this Note.  The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of
        this paragraph, following conversion or redemption of any portion of this Note, the Principal of this Note may be less than the principal amount stated on the face hereof.

       

      (d)         Legends.

       

      (i)          Restrictive Legend.  The Holder understands that, except as otherwise specified pursuant to Section 2(d)(ii), this Note and the Conversion Shares, as applicable, shall
        bear a restrictive legend in substantially the following form (and a stop-transfer order shall be placed against transfer of the certificates for such securities):

       

      “THE SECURITIES REPRESENTED BY THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES

          ACT”), OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES REPRESENTED BY THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION HEREOF MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
        THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 904, RULE 144 OR RULE 144A UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(A)(7) OF THE
        SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4[a](1) AND A HALF” SALE.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
        LOAN, FINANCING OR INDEBTEDNESS ARRANGEMENT SECURED BY THE SECURITIES.”

       

      
        - 12 -

        
          

      

      (ii)         Removal of Restrictive Legend.  This Note and the certificates evidencing the Conversion Shares, as applicable, shall not contain any legend restricting the transfer thereof
        (including the legend set forth above in subsection 2(d)(i)):  (A) while a registration statement (including a Registration Statement, as defined in the Registration Rights Agreement) covering the sale or resale of such security is
        effective under the Securities Act, or (B) if the Holder provides customary paperwork to the effect that it has sold such Note and/or Conversion Shares pursuant to Rule 144, or (C) if such Note or Conversion Shares, as the case may be, are eligible
        for sale under Rule 144(b)(1) as set forth in customary non-affiliate paperwork provided by the Holder, or (D) if at any time on or after the date hereof that the Holder certifies that it is not an Affiliate of the Company and that the Holder’s
        holding period for purposes of Rule 144 and, in the case of the Conversion Shares, subsection (d)(3)(ii) thereof with respect to such Note and/or Conversion Shares is at least twelve (12) months (or six (6) months if the Company is, and shall have
        been for a period of at least ninety (90) days, subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act), or (E) if the Company is a “foreign issuer” (as defined in Rule 405 under the Securities Act) as of the Issuance Date
        and the Holder provides a declaration, substantially in the form of Exhibit B hereto, to the effect that the Note and/or Conversion Shares have been or will be sold in accordance with Rule 904 of Regulation S under the Securities Act, and, if
        reasonably requested by the Company, the Holder provides a legal opinion of Katten Muchin Rosenman LLP or other nationally recognized counsel to the Holder to the effect that the Note and/or Conversion Shares (as applicable) may then be sold in
        accordance with Rule 904 of Regulation S under the Securities Act, or (F) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) as
        determined in good faith by counsel to the Company or set forth in a legal opinion delivered by Katten Muchin Rosenman LLP or other nationally recognized counsel to the Holder (collectively, the “Unrestricted
          Conditions”).  The Company shall cause its counsel to issue a legal opinion to the Transfer Agent promptly after the Registration Date (as defined below), or at such other time as any of the Unrestricted Conditions have been satisfied, if
        required by the Company’s Transfer Agent to effect the issuance of this Note or the Conversion Shares, as applicable, without a restrictive legend or removal of the legend hereunder.  If any of the Unrestricted Conditions are met at the time of
        issuance of any of the Conversion Shares, then such Conversion Shares shall be issued free of all legends.  The Company agrees that following the Registration Date or at such time as any of the Unrestricted Conditions are met or such legend is
        otherwise no longer required under this Section 2(d), it will, no later than two (2) Trading Days (or, if less, the number of days comprising the Standard Settlement Period) following the delivery by the Holder to the Company or the
        Transfer Agent of this Note or a certificate representing Conversion Shares, as applicable, issued with a restrictive legend, deliver or cause to be delivered to such Holder this Note and/or a certificate (or electronic transfer) representing such
        shares that is free from all restrictive and other legends.  For purposes hereof, “Registration Date” shall mean the date that the first Registration Statement covering
        the Conversion Shares that the Company is required to file pursuant to the Registration Rights Agreement has been declared effective by the SEC.

       

      
        - 13 -

        
          

      

      (iii)        Sale of Unlegended Shares.  The Holder agrees that the removal of any restrictive legends from any securities as set forth in this Section 2(d) is predicated upon the
        Company’s reliance that the Holder will sell such securities pursuant to either the registration requirements of the Securities Act or an exemption therefrom, and that if such securities are sold pursuant to a registration statement, they will be
        sold in compliance with the plan of distribution set forth therein.

       

      (e)        Share Dividend, Subdivision, Combination or Reclassification.  If the Company shall, at any time or from time to time, (A) declare a dividend on any Common Shares, or
        capitalization of profits or reserves, payable in shares of its Capital Stock (including any Common Shares), other than a dividend for which the Holder would be entitled to participate pursuant to Section 6, (B) subdivide any outstanding
        Common Shares into a larger number of Common Shares, (C) consolidate or combine the outstanding Common Shares into a smaller number of Common Shares or (D) issue any shares of its Capital Stock in a reclassification of any Common Shares (including
        any such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then in each such case, the Conversion Price in effect at the time of the record date for such dividend or of the effective
        date of such subdivision, combination or reclassification shall be adjusted so that the Holder of this Note upon conversion after such date at the Conversion Price shall be entitled to receive the aggregate number and kind of shares of its Capital
        Stock which, if this Note had been converted immediately prior to such date at the Conversion Price, such holder would have owned upon such conversion and been entitled to receive by virtue of such dividend, subdivision, combination or
        reclassification.  Any such adjustment shall become effective immediately after the record date of such dividend or the effective date of such subdivision, combination or reclassification.  Such adjustment shall be made successively whenever any
        event listed above shall occur.  If a dividend on any Common Shares or capitalization of profits or reserves, payable in shares of its Capital Stock (including Common Shares) is declared and such dividend is not paid, the Conversion Price shall
        again be adjusted to be the Conversion Price in effect immediately prior to such record date (giving effect to all adjustments that otherwise would be required to be made pursuant to this Section 2 from and after such record date).

       

      
        - 14 -

        
          

      

      (f)          Forced Conversion.

       

      (i)         (A) In the event that on and after the one-year anniversary of the date on which the Required Note Holders receive evidence satisfactory to them that the Company has received the Final
        BLA Approval, subject to the terms and conditions of this Section 2, and the limitations set forth in this Section 2(f) and the Additional Forced Conversion Conditions (as defined below), each of the following is greater than 275%
        of the Conversion Price (the “One Year Pricing Forced Conversion Condition”): (1) the Volume Weighted Average Price of the Common Shares on at least twenty (20) Trading Days during any period of thirty (30)
        consecutive Trading Days ending on or prior to the second Business Day immediately prior to the Maturity Date, (2) the Volume Weighted Average Price of the Common Shares on the last Trading Day of such period and (3) the Closing Price of the Common
        Shares on the last Trading Day of such period, or (B) in the event that on and after the three-year anniversary of the date on which the Required Note Holders receive evidence satisfactory to them that the Company has received the Final BLA
        Approval, subject to the terms and conditions of this Section 2, and the limitations set forth in this Section 2(f) and the Additional Forced Conversion Conditions, each of the following is greater than 175% of the Conversion Price
        (the “Three Year Pricing Forced Conversion Condition”): (1) the Volume Weighted Average Price of the Common Shares on at least twenty (20) Trading Days during any
        period of thirty (30) consecutive Trading Days ending on or prior to the second Business Day immediately prior to the Maturity Date, (2) the Volume Weighted Average Price of the Common Shares on the last Trading Day of such period and (3) the
        Closing Price of the Common Shares on the last Trading Day of such period, then, in the case of either (A) or (B), the Company may cause, and in such case each Note Holder shall be deemed to have instructed the Conversion Agent and the Company to
        cause and to have accepted and hereby accepts and agrees, (1) to the conversion into Common Shares (a “Forced Conversion”) of all or any portion of the outstanding Principal amount of this Note, as set forth
        in a Forced Conversion Notice (as defined below), and that, where necessary under Swiss law, the Conversion Agent shall effect such conversion on such Holder’s behalf, and (2) that its obligation to pay up the Common Shares to be issued shall be
        set off against its claim for repayment of such Principal amount, which claim shall be deemed to be due and payable immediately prior to the time when, as a matter of Swiss law, the relevant Common Shares are paid up; provided that such Principal
        Amount shall not be less than the lesser of $1,000,000 and the outstanding Principal of this Note.  The Company shall effect Forced Conversions under each of the Notes on a pro rata basis, based upon the respective outstanding principal amounts
        thereof.

       

      (ii)         To effect a Forced Conversion, the Company shall send a written notice via electronic mail to the Holder (a “Forced Conversion Notice”) at any
        time between 4:00 p.m. and 5:00 p.m., New York City time on the Trading Day on which both (A) either the One Year Pricing Forced Conversion Condition or the Three Year Pricing Forced Conversion Condition is satisfied and (B) the Additional Forced
        Conversion Conditions are satisfied. The Forced Conversion Notice shall certify that either the One Year Pricing Forced Conversion Condition or the Three Year Pricing Forced Conversion Condition has been satisfied and the Additional Forced
        Conversion Conditions and the other applicable conditions set forth in this Section 2 have been satisfied (including reasonable supporting information) and shall state the Principal amount hereunder that the Company shall be deemed to be
        instructed by the Holder to cause to be converted on the Forced Conversion Date. Notwithstanding the foregoing, in no event shall the Company send any Forced Conversion Notice to the Holder within thirty-one (31) days of any other Forced Conversion
        Notice sent by the Company to the Holder.

       

      
        - 15 -

        
          

      

      (iii)         Notwithstanding anything to the contrary contained herein, the Company shall not deliver a Forced Conversion Notice, and the Company shall not effect a Forced Conversion, (a) during
        the occurrence of a Delisting Event, (b) at any time following such time as the Company has delivered (or is obligated to deliver) a Major Transaction/Organic Change Notice in respect of a Major Transaction that has not yet been consummated or
        abandoned (and publicly disclosed as consummated or abandoned), (c) at any time following the occurrence, and during the continuance, of an Event of Default or a Default, (d) from and after a Withholding Date, (e) unless all material information
        regarding the Company (including any material information that may be included in, or reflected by, the Forced Conversion Notice, but excluding any material information relating to the Company’s operating results that the Company has not yet
        Publicly Disclosed, nor been obligated to Publicly Disclose (in a filing with the SEC or otherwise), other than operating results that would trigger non-compliance with a covenant under the Facility Agreement) has been Publicly Disclosed in a
        report filed pursuant to the Exchange Act or has been otherwise Publicly Disclosed in a manner calculated to reach the securities marketplace through one of the Company recognized channels of distribution, (f) unless all Common Shares issuable
        pursuant to the Forced Conversion will constitute Freely Tradeable Shares, (g) unless the Company is in compliance with the “current public information” requirement of Rule 144(c) under the Securities Act, or (h) if the Transfer Agent for the
        Common Shares is not participating in DTC’s Fast Automated Securities Transfer Program (collectively, the “Additional Forced Conversion Conditions”), except to the extent the Holder has waived any such
        Additional Forced Conversion Condition by written notice to the Company. If any of the Additional Forced Conversion Conditions is not satisfied at any time following the delivery of a Forced Conversion Notice and prior to the Share Issuance Date in
        respect of Forced Conversion, the Company shall immediately notify the Holder of such failure and, unless the Holder waives such Additional Forced Conversion Condition by written notice to the Company, the Forced Conversion Notice shall be voided
        and the Forced Conversion shall not be effected.

       

      (iv)        The Company hereby acknowledges and agrees that (i) no Forced Conversion Notice shall constitute or contain any material non-public information with respect to the Company or its
        securities, and (ii) the Holder shall not have any duty of trust or confidence with respect to, nor any obligation not to trade in any securities on the basis of, any information contained in any Forced Conversion Notice.

       

      (g)        Notwithstanding anything herein to the contrary, the Company shall not issue to the Holder, and the Holder may not acquire, a number of Conversion Shares upon any conversion of this
        Note or otherwise acquire any Conversion Shares pursuant hereto or the Facility Agreement to the extent that, upon such conversion, the number of Common Shares then beneficially owned by the Holder and its Affiliates and any other persons or
        entities whose beneficial ownership of Common Shares would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including shares held by any “group” of which the Holder is a member, but excluding shares beneficially
        owned by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise or purchase similar to the limitation set forth hereinafter) would exceed 4.985% of the total number of Common
        Shares then issued and outstanding (the “4.985% Cap”); provided that the 4.985% Cap shall not apply to the extent that Common Shares are not deemed to constitute “equity securities” pursuant to Rule 13d-1(i)
        under the Exchange Act. For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and applicable regulations of the SEC, and the percentage beneficially owned by the Holder shall be determined in a manner
        consistent with the provisions of Section 13(d) of the Exchange Act. For purposes hereof, the Holder may rely on the number of outstanding Common Shares as set forth in the Company’s most recent annual report filed with the SEC, or any report filed
        by the Company with the SEC subsequent thereto, in each case, unless the Company has confirmed to the Holder the number of Common Shares outstanding as provided in the next sentence (in which case the Holder may rely upon such confirmation).  Upon
        the written request of the Holder, the Company shall, within two (2) Trading Days, confirm orally and in writing to the Holder the number of Common Shares then outstanding.

       

      
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      (h)        HSR Submissions.  If the Holder determines that, in connection with the conversion of this Note, it and the Company are required to file Premerger Notification Reports with the
        Federal Trade Commission (the “FTC”) and the United States Department of Justice (“DOJ”) and observe the Waiting Period under the Hart-Scott Rodino Antitrust
        Improvements Act of 1976, as amended, and the related rules and regulations promulgated thereunder (collectively, the “HSR Act”), the Company agrees to (i) cooperate with the Holder in the Holder’s preparing
        and making such submission and any responses to inquiries of the FTC and DOJ; (ii) prepare and make any submission required to be filed by the Company under the HSR Act and respond to inquiries of the FTC and DOJ in connection therewith; and (iii)
        reimburse Holder for the cost of the required filing fee for the Holder’s submission under the HSR Act. For the avoidance of doubt, the Holder shall bear all of its other costs and expenses in connection with such submission, including any
        attorneys’ fees associated therewith.

       

      3.           Rights Upon Major Transaction or Organic Change. Without limiting any other rights of the Holder under the Facility Agreement or any other Facility Document in respect of Major
        Transactions, in the event of a Major Transaction, then the Holder, at its option, may, (A) convert all or a portion of the outstanding Principal in accordance with the provisions of this Section 3 (a “Major
          Transaction Conversion”) or (B) require the Company to redeem all or any portion of the outstanding Principal of this Note for the Major Transaction Redemption Price as provided in this Section 3 (a “Major Transaction Redemption”).  In the case of a Successor Major Transaction, the Company may elect, by notice to the Holder in the Major Transaction/Organic Change Notice, to require a Major Transaction Redemption with respect to
        all of the outstanding Principal of this Note except for any portion of such Principal as to which the Holder timely elects a Major Transaction Conversion in connection with such Successor Major Transaction.  The Holder shall have the right to
        waive its rights under this Section 3 with respect to any Major Transaction.

       

      
        - 17 -

        
          

      

      (a)         Major Transaction Conversion. The Holder may elect a Major Transaction Conversion as follows: (1) in the case of a Successor Major Transaction, the Holder, at its option, may
        elect to convert, in whole or in part, by written notice to the Company, effective immediately prior to, and upon, the consummation of a Takeout Major Transaction or, in the case of an Asset Sale, the Company’s distribution of assets to its
        shareholders, as applicable (a “Successor Major Transaction Conversion”), the outstanding Principal into the amount of cash and other assets and the number of securities or other property of the Successor
        Entity or other entity that the Holder would have received had such Holder converted the Major Transaction Conversion Amount (as defined below) into the number of Common Shares equal to the number of Common Shares into which the outstanding
        Principal then being converted would otherwise be converted as calculated under Section 2 hereof (such number of shares, the “Base Conversion Shares”) plus the Number of Make-Whole Shares determined
        with respect to such Major Transaction and such Major Transaction Conversion Amount (without regard to the 4.985% Cap or any other restriction or limitation on conversion) (the “Successor Major Transaction
          Consideration”), and (2) in the case of any one or more Major Transactions other than a Successor Major Transaction (a “Company Share Major Transaction”), the Holder shall have the right to convert,
        in whole or in part, following the occurrence of any such Major Transaction and from time to time thereafter, the outstanding Principal into a number of Common Shares equal to the Base Conversion Shares plus the Number of Make-Whole Shares
        determined with respect to any such Major Transaction and any such Major Transaction Conversion Amount (“Major Transaction Company Shares”).

       

      (b)         Notice; Major Transaction Redemption Election; Major Transaction Conversion Election.

       

      (i)           At least thirty (30) days prior to the occurrence of any Major Transaction or Organic Change, but, in any event, one (1) Trading Day following (x) the date of the first public
        announcement of such Major Transaction or Organic Change if such announcement is made before 4:00 p.m., New York City time, or (y) the day following the first public announcement of such Major Transaction or Organic Change if such announcement is
        made on or after 4:00 p.m., New York City time, the Company shall deliver written notice thereof via (i) email and (ii) overnight courier to the Holder (a “Major Transaction/Organic Change Notice”); provided,
        however, that, with respect to any Major Transaction or Organic Change that is not a Successor Major Transaction, the applicable deadline by which the Company must deliver the Major Transaction/Organic Change Notice shall be within one (1) Trading
        Day following (x) the date of the first public announcement by any person of such Major Transaction or Organic Change if such announcement is made before 4:00 p.m., New York City time, or (y) the day following the public announcement of such Major
        Transaction or Organic Change if such announcement is made on or after 4:00 p.m., New York City time; and provided, further, that the Company shall make a public announcement of any Major Transaction or Organic Change not later than one (1) Trading
        Day after the Company first has knowledge of the occurrence thereof.

       

      (ii)         If a Major Transaction/Organic Change Notice is given (or required to be given) at any time, then at any time during the period beginning on the date the Company delivers (or is
        obligated to deliver) such Major Transaction/Organic Change Notice and ending on the later of (1) ten (10) Trading Days prior to the occurrence of such Major Transaction and (2) ten (10) Trading Days after the Holder’s receipt of such Major
        Transaction/Organic Change Notice (or, in the case of a Major Transaction that is not a Successor Major Transaction, at any time during the period beginning on the date the Company delivers (or is obligated to deliver) a Major Transaction/Organic
        Change Notice with respect thereto and ending on the later of (1) the sixtieth (60th) day after the Company actually delivers the Major Transaction/Organic Change Notice and (2) the Effective Date of such Major Transaction), the Holder may elect to
        require a Major Transaction Redemption by delivering written notice thereof (the “Major Transaction Redemption Notice”) to the Company, which Major Transaction Redemption Notice shall indicate the portion of
        the Principal that the Holder is electing to have redeemed in a Major Transaction Redemption.

       

      
        - 18 -

        
          

      

      (iii)        If such Major Transaction/Organic Change Notice is given (or required to be given)  in respect of a Successor Major Transaction, and the Holder has not elected to require a Major
        Transaction Redemption in respect of all of the Principal, at any time during the period beginning on the date the Company delivers (or is obligated to deliver) such Major Transaction/Organic Change Notice in respect of a Major Transaction and
        ending on the later of (1) ten (10) Trading Days prior to the occurrence of such Major Transaction and (2) ten (10) Trading Days after the Holder’s receipt of such Major Transaction/Organic Change Notice, the Holder may elect to require a Successor
        Major Transaction Conversion (in respect of all or any portion of the Principal, except any portion that that the Holder has elected to be redeemed in a Major Transaction Redemption) by delivering written notice thereof (the “Major Transaction Early Termination Notice”) to the Company, which Major Transaction Early Termination Notice shall indicate the portion of the Principal that Holder is electing to be treated as a Successor Major
        Transaction Conversion (provided, for the avoidance of doubt, that the Holder may elect a Major Transaction Redemption in respect to a portion of the Principal and a Successor Major Transaction Conversion in respect of another portion of the
        Principal).  If holders of any Common Shares are given any choice as to the securities, cash or property to be received in a Successor Major Transaction or Organic Change, then the Holder shall be given the same choice as to the type of
        consideration it receives upon any conversion of this Note in connection with such Successor Major Transaction or Organic Change.  Notwithstanding anything to the contrary contained herein, the Holder shall be entitled to elect to require a
        Successor Major Transaction Conversion in respect of all or any portion of the Principal, even if the Company has elected to require a Major Transaction Redemption with respect to all of the outstanding Principal with respect to this Note as
        provided above (and, for the avoidance of doubt, there shall be no Major Transaction Redemption with respect to the Principal of this Note as to which the Holder has elected a Successor Major Transaction Conversion).

       

      (iv)         In respect of any Company Share Major Transaction, at any time from the date the Company delivers (or is obligated to deliver) to the Holder a Major Transaction/Organic Change Notice
        with respect thereto, the Holder may deliver written notice of a Major Transaction Conversion (“Major Transaction Conversion Notice”) to the Company, which Major Transaction Conversion Notice shall indicate
        the portion of the Principal (the “Major Transaction Conversion Amount”) that the Holder is electing to treat as a Major Transaction Conversion (which may be of all or any portion of the Principal, except any
        portion that the Holder has elected to be redeemed in a Major Transaction Redemption) and the effective date of such Major Transaction Conversion (which shall not be prior to the consummation of the applicable Company Share Major Transaction)
        (provided, for the avoidance of doubt, that the Holder may elect a Major Transaction Redemption in respect to a portion of the Principal and Major Transaction Conversions in respect of other portions of the Principal). For the avoidance of doubt,
        the Holder shall be permitted to make successive conversions and send successive Major Transaction Conversion Notices in respect of a Company Share Major Transaction from time to time (provided that the effective date of any such conversion shall
        not be prior to the consummation of the applicable Company Share Major Transaction).  For the avoidance of doubt, in the event that the Company delivers a Forced Conversion Notice at any time after a Company Share Major Transaction has been
        consummated, upon such Forced Conversion, and subject to the provisions of Section 2(f), the Holder shall be entitled to receive the Base Conversion Shares plus the Number of Make-Whole Shares that the Holder would have been entitled to
        receive had the Holder voluntarily delivered a Conversion Notice following such Company Share Major Transaction.

       

      
        - 19 -

        
          

      

      (c)      Settlement of Major Transaction Consideration. Following receipt of a Major Transaction Redemption Notice or Major Transaction Early Termination Notice from the Holder in respect
        of a Successor Major Transaction, the Company shall not effect the Successor Major Transaction with respect to which Holder has elected a Major Transaction Redemption or Successor Major Transaction Conversion unless it either (a) shall first place
        into an escrow account with an independent escrow agent, at least one (1) Trading Day prior to the closing date of the Successor Major Transaction, the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable)
        applicable thereto, plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement), or (b) shall obtain the written agreement of the Successor Entity (which
        agreement shall include provisions entitling the Holder to enforce such agreement as a third party beneficiary) that payment or issuance of the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable)
        applicable thereto plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement) shall be made to the Holder concurrently with the consummation of such
        Successor Major Transaction and such payment or issuance, as the case may be, which shall be a condition precedent to the consummation of such Successor Major Transaction.  Concurrently upon closing of such Successor Major Transaction, the Company
        shall pay or issue, as the case may be, or instruct the escrow agent to deliver, or cause the Successor Entity to pay or issue, as applicable, the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable)
        applicable thereto, as the case may be, plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement).

       

      
        - 20 -

        
          

      

      (d)        Organic Change. Any recapitalization, reorganization, reclassification, consolidation, merger, or any other transaction, in each case, that is effected in such a way that
        holders of Common Shares are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to, or in exchange for, Common Shares (other than any transaction referred to in Section 2(e) or Section

          6) is referred to herein as an “Organic Change.”  Without limiting any other rights of the Holder under this Section 3 or any other provision of this Note, unless otherwise provided in writing
        by the Required Note Holders, prior to the consummation of any Organic Change, the Company will make appropriate provision (pursuant to written agreements in form and substance reasonably satisfactory to the Required Note Holders and approved by
        the Holder prior to the consummation of such Organic Change (such approval (x) not to be unreasonably withheld, conditioned or delayed and (y) to be deemed given if the Holder does not respond to a request for comments thereon within five (5)
        Business Days of being requested to do so in writing by the Company) to ensure that the Holder will thereafter have the right to acquire and receive, in lieu of the Common Shares otherwise acquirable or receivable upon the conversion of this Note
        (without regard to the 4.985% Cap or any other restriction or limitation on conversion; provided that such written agreement shall contain a limitation on conversion comparable to the 4.985% Cap), such shares of stock, securities and/or assets as
        would have been issued or payable in such Organic Change with respect to, or in exchange for, the number of Common Shares which would have been acquirable or receivable upon the conversion of this Note immediately prior to such Organic Change
        (without regard to the 4.985% Cap or any other restriction or limitation on conversion). In any such case, the Company will make appropriate provision (pursuant to written agreements in form and substance reasonably satisfactory to the Required
        Note Holders and approved by such Holders prior to the consummation of such Organic Change (such approval (x) not to be unreasonably withheld, conditioned or delayed and (y) to be deemed given if the Holder does not respond to a request for
        comments thereon within five (5) Business Days of being requested to do so in writing by the Company) with respect to the Holder’s rights and interests to ensure that the provisions of this Section 3(d) will thereafter be applicable to this
        Note.  The Company shall not effect any Non-Surviving Organic Change (as defined below), unless prior to the consummation thereof, the Acquiring Entity (as defined below) provides a written agreement (in form and substance reasonably satisfactory
        to the Holder and approved by Holder prior to the consummation of such Non-Surviving Organic Change (such approval (x) not to be unreasonably withheld, conditioned or delayed and (y) to be deemed given if the Holder does not respond to a request
        for comments thereon within five (5) Business Days of being requested to do so in writing by the Company) to deliver to the Holder, upon conversion of this Note, such shares of stock, securities and/or assets as would have been issued or payable in
        such Non Surviving Organic Change with respect to, or in exchange for, the number of Common Shares that would have been acquirable or receivable upon the conversion of this Note immediately prior to such Organic Change (without regard to the 4.985%
        Cap or any other restriction or limitation on conversion).  For purposes of this Note, “Non-Surviving Organic Change” means any Organic Change following which the Company is not a surviving entity or as a
        result of which the Company has a new Parent Entity; and “Acquiring Entity” means the Person purchasing assets of the Company in a Non-Surviving Organic Change or the Successor Entity resulting from any
        Non-Surviving Organic Change. Notwithstanding the foregoing, in no event shall a Major Transaction as to which Holder has exercised its right to require a Major Transaction Redemption Price or a Successor Major Transaction Conversion in respect of
        all of the Principal of this Note, or as to which the Company shall have elected to require a Major Transaction Redemption, be subject to the provisions of this Section 3(d), and the foregoing shall not affect Holder’s right to convert this
        Note prior to the consummation of the Organic Change.

       

      For the avoidance of doubt, the rights and obligations of the Company and the Holder upon the occurrence of a Major Transaction or Organic Change are conditional upon such Major Transaction or
        Organic Change being consummated (or actually occurring) and in the event that a Major Transaction or Organic Change for which the Holder is given notice is not consummated (or does not occur), then upon written notice from the Company to the
        Holder confirming that such Major Transaction has not and will in no event be consummated (or occur), all actions taken under this Section 3 prior to such written notice in connection with such Major Transaction shall be deemed to be
        rescinded and null and void and the Company shall return to the Holder this Note (if previously surrendered to the Company in connection with an anticipated Major Transaction or Organic Change under this Section 3). In the event that such
        Major Transaction is being consummated pursuant to an agreement between the Company (or any Affiliate thereof) and any other Person, the Company shall not deliver the written notice contemplated by the immediately preceding sentence unless such
        agreement has terminated.

       

      

      
        - 21 -

        
          

      

       

      (e)        Injunction; Damages. In the event that the Company either (A) attempts to consummate a Successor Major Transaction following the receipt of a Major Transaction Redemption Notice
        or Major Transaction Early Termination Notice from the Holder without either: (1) placing the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable) applicable thereto plus accrued and unpaid interest
        through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement), in escrow in accordance with subsection (c) above, or (2) obtaining the written agreement of the Successor Entity
        described in subsection (c) above, or (B) attempts to consummate a Successor Major Transaction without delivering or causing to be delivered the Major Transaction Redemption Price or Successor Major Transaction Consideration (as applicable)
        applicable thereto plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement) to Holder concurrently with consummation of such Successor Major
        Transaction, or (C) attempts to consummate a Non-Surviving Organic Change without obtaining the written agreement of an Acquiring Entity described in subsection (d) above, the Holder shall have the right to apply for an injunction in any
        state or federal court sitting in the City of New York, borough of Manhattan to prevent (as applicable) the closing of such Successor Major Transaction until the Major Transaction Redemption Price or Successor Major Transaction Consideration (as
        applicable) applicable thereto plus accrued and unpaid interest through the date of such payment or issuance, as applicable (and any other amounts payable under the Facility Agreement) is delivered to the Holder in full, or to prevent the
        consummation of such Non-Surviving Organic Change until the Company shall have complied with its obligation under subsection (d) above, as applicable.

       

      Notwithstanding anything to the contrary contained herein and without derogating any obligations or rights herein, until the Holder receives its appropriate payment or securities, plus any accrued
        and unpaid interest under this Note (and any other amounts payable under the Facility Agreement), in accordance with the provisions of this Section 3 and the Facility Agreement, this Note may be converted, in whole or in part, by the Holder
        into Common Shares, or in the event that such payments and/or shares have not been delivered prior to the consummation of the Successor Major Transaction in which the Company is not the surviving parent entity, common shares (or their equivalent)
        of the Successor Entity at an appropriate conversion price based upon the prevailing Conversion Price (as adjusted hereunder) at the time of such Major Transaction and price per share or conversion ratio received by holders of Common Shares in the
        Major Transaction.

       

      4.          Registration Failures.  Upon any Registration Failure (as defined in the Registration Rights Agreement), in addition to all other available remedies that the Holder may pursue
        hereunder and under the Facility Agreement, the Registration Rights Agreement and this Note, the Company shall pay additional damages to the Holder for each 30-day period (prorated for any partial period) after the date of such Registration Failure
        in an amount in cash equal to one percent (1.0%) of such Holder’s Principal amount of this Note on the date of such Registration Failure.  Such payments shall accrue until the earlier of (i) such time as the Registration Failure has been cured and
        (ii) the date on which all of the Conversion Shares may be sold without restriction under Rule 144 (including volume restrictions and without the need for the availability of current public information under Rule 144).  All such payments that
        accrue under this Section 4 shall be payable no later than five (5) Business Days following such date of accrual.

       

      
        - 22 -

        
          

      

      5.          Voting Rights.  Except as required by law, the Holder shall have no voting rights with respect to any of the Conversion Shares until the Conversion Date relating to the
        conversion of this Note upon which such Conversion Shares are issuable.

       

      6.         Participation.  The Holder, as the holder of this Note, shall be entitled to receive such dividends paid (or cash amounts equal to such dividends) and distributions of any kind
        made to the holders of any Common Shares (or any preferred shares convertible into Common Shares, subject to the last sentence of this Section 6), other than dividends of, or distributions payable in, Common Shares or additional shares of
        the class of preferred shares upon which the dividends or distributions are issued, made or paid, to the same extent as if the Holder had converted this Note into such Common Shares (without regard to the 4.985% Cap or any other limitations on
        exercise herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized and reserved to effect any such exercise and issuance) and had held such Common Shares on the record date for such dividends and
        distributions.  Payments under the preceding sentence shall be made concurrently with the dividend or distribution to the holders of such Common Shares.  To the extent any dividends paid and distributions  are issued, made or paid on any preferred
        shares convertible into Common Shares, such dividends or distributions shall, for purposes hereof, be deemed to have been issued made or paid upon the Common Shares into which such preferred shares are convertible, based upon the applicable
        conversion rate of such preferred shares.

       

      7.           Certain Provisions Related to Common Shares Issued Hereunder.

       

      (a)        Sufficient Shares.  The Company shall provide, free from preemptive rights, out of the Company’s conditional or authorized share capital or by means of shares held in treasury,
        sufficient Common Shares to provide for conversion of the Notes held by the Holder from time to time as such Notes are presented for conversion (assuming that at the time of computation of such number of Common Shares, all such Notes would be
        converted by the Holder into Conversion Shares (without regard to the 4.985% Cap)).

       

      (b)         Fully-Paid.  The Company covenants that all Common Shares issued upon conversion of Notes held by the Holder in accordance with Section 2(c) will be fully paid up by
        the Company and free from all taxes, liens and charges with respect to the issue thereof.

       

      8.           Amendment; Waiver.  The terms and provisions of this Note shall not be amended or waived except in a writing signed by the Company and the Holder; provided that the Company and
        the Required Note Holders may in writing amend the Notes on behalf of all of the Holders of Notes.

       

      9.          Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Note shall be cumulative and in addition to all other remedies
        available under this Note, the Facility Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief).  No remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise
        to such remedy, and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Company to comply with the terms of this Note.  The Company covenants to the Holder that, except as may be set forth in the Facility
        Agreement, there shall be no characterization concerning this instrument other than as expressly provided herein.  Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the
        amounts to be received by the Holder thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).  The Company acknowledges that a breach by it of its obligations
        hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.  The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in
        addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

       

      
        - 23 -

        
          

      

      10.        Specific Shall Not Limit General; Construction.  No specific provision contained in this Note shall limit or modify any more general provision contained herein.  This Note shall
        be deemed to be jointly drafted by the Company and all purchasers of Notes pursuant to the Facility Agreement and shall not be construed against any Person as the drafter hereof

       

      11.         Failure or Indulgence Not Waiver.  No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
        nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

       

      12.       Notices.  Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance with Section 9.1 of the Facility
        Agreement.

       

      13.         Transfers of Notes.

       

      (a)         Registration or Exemption Required.  This Note has been issued in a transaction exempt from the registration requirements of the Securities Act and exempt from state
        registration or qualification under applicable state laws.  None of this Note or the Conversion Shares may be pledged, transferred, sold, assigned, hypothecated or otherwise disposed of except pursuant to an effective registration statement under
        the Securities Act or pursuant to an exemption from registration under the Securities Act, including pursuant to Rule 904, Rule 144 or Rule 144A under the Securities Act or pursuant to a private sale effected under Section 4(a)(7) of the Securities
        Act or applicable formal or informal SEC interpretation or guidance, such as a so-called “4(a)(1) and a half” sale.

       

      (b)        Assignment.  Subject to Section 13(a) and Section 9.4 of the Facility Agreement, the Holder may sell, transfer, assign, pledge, hypothecate or otherwise dispose
        (collectively, “Transfer”; and “Transferee” shall have a correlative meaning) of this Note, in whole or in part, so long as the Loans represented thereby are
        simultaneously Transferred in accordance with, and subject to the restrictions set forth in, the Facility Agreement. Holder shall deliver a written notice to Company, substantially in the form of the Assignment attached hereto as Exhibit C,
        indicating the Person or Persons to whom the Note shall be Transferred and the respective principal amount of the Note to be Transferred to each assignee.  The Company shall effect the Transfer within two (2) Business Days and shall deliver to the
        assignee(s) designated by Holder a Note or Notes of like tenor and terms for the appropriate principal amount.  This Note and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors and assigns of the Holder. 
        The provisions of this Note are intended to be for the benefit of all Holders from time to time of this Note, and shall be enforceable by any such Holder.  For avoidance of doubt, in the event Holder notifies the Company that such sale or transfer
        is a so-called “4(a)(1) and a half” transaction, the parties hereto agree that a legal opinion from Katten Muchin Rosenman LLP or other nationally recognized outside counsel for the Holder delivered to the Company substantially in the form attached
        hereto as Exhibit D shall be the only requirement to satisfy an exemption from registration under the Securities Act to effectuate such “4(a)(1) and a half” transaction.  Notwithstanding anything to the contrary herein or in the Facility Documents,
        this Note may not be Transferred separately from the Holder’s rights and obligations as a Lender under the Facility Documents with respect to the corresponding Loan amount.  Any purported Transfer of this Note in violation of the terms of this Note
        or the Facility Agreement shall be void ab initio.

       

      
        - 24 -

        
          

      

      14.         Obligations of the Company.  For so long as any conversion rights under this Note remain capable of being exercised, the Company will keep available for issue out of its
        conditional or authorized capital free from pre-emptive rights (other than pre-emptive rights that have been waived) such number of Common Shares as would enable the Conversion Shares to be issued in full.  The Company hereby covenants and agrees
        that the Company will not, by amendment of its Articles or bylaws or through any reorganization, transfer of assets, consolidation, merger, amalgamation, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary
        action, avoid or seek to avoid the observance or performance of any of the terms of this Note or otherwise intentionally materially adversely affect the rights or remedies to which the Holder is entitled hereunder, including by structuring any
        transaction, structuring other agreements or arrangements for payments to Affiliates of the Company in connection with any transaction, or take any other action that has the purpose or effect of circumventing any of the rights or remedies of the
        Holder under this Note, including Section 3 hereof, and will at all times in good faith carry out all the provisions of this Note. Without limiting the foregoing, for so long as any Principal remains outstanding, the Company will not,
        without the consent of the Holder, make any alteration to its Articles which could have a material adverse effect on the rights attaching to the Common Shares.  Without limiting the generality of the foregoing, the Company shall take all such
        actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Common Shares upon the conversion of this Note.

       

      15.         Payment of Collection, Enforcement and Other Costs.  If (a) this Note is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any
        legal proceeding; or (b) an attorney is retained to represent the Holder in any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the Company
        shall pay the costs incurred by the Holder for such collection, enforcement or action, including reasonable attorneys’ fees and disbursements.

       

      16.         Cancellation.  After all Principal, Interest and other amounts at any time owed under, or on account of, this Note have been paid in full or converted into Common Shares in
        accordance with the terms hereof, this Note shall automatically be deemed cancelled, shall be surrendered to the Company for cancellation and shall not be reissued.

      

      
        - 25 -

        
          

      

      
        17.        Registered Note.  This Note may be Transferred only upon notation of such Transfer on the Register, and no Transfer thereof shall be effective until recorded therein.  Until there has been a valid
          Transfer of this Note and of all of the rights hereunder by the Holder in accordance with this Note, the Company shall deem and treat the Holder as the absolute beneficial owner and holder of this Note and of all of the rights hereunder for all
          purposes (including for the purpose of receiving all payments to be made under this Note).

         

        18.        Waiver of Notice.  To the extent permitted by law, the Company hereby waives demand, notice, presentment, protest and all other demands and notices in connection with the delivery, acceptance,
          performance, default or enforcement of this Note and the Facility Agreement.

      

       

      

      19.        Governing Law.  This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note
        and all disputes arising hereunder shall be governed by, the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
        cause the application of the laws of any jurisdictions other than the State of New York.  The Company (a) agrees that any legal action or proceeding with respect to this Note or any other agreement, document, or other instrument executed in
        connection herewith, shall be brought exclusively in any state or federal court located within New York, New York, (b) irrevocably waives any objections which the Company may now or hereafter have to the venue of any suit, action or proceeding
        arising out of or relating to this Note, or any other agreement, document, or other instrument executed in connection herewith, brought in the aforementioned courts, (c) further irrevocably waives any claim that any such suit, action, or proceeding
        brought in any such court has been brought in an inconvenient forum and (d) hereby consents that personal service of summons or other legal process may be made as set forth in the Facility Agreement.  EACH OF THE COMPANY AND THE HOLDER (BY
        ACCEPTANCE HEREOF) IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BROUGHT TO ENFORCE ANY PROVISION OF THIS NOTE OR ANY OTHER TRANSACTION DOCUMENT.

       

      20.       Interpretative Matters.  Unless the context otherwise requires, (a) all references to Sections or Exhibits are to Sections or Exhibits contained in or attached to this Note, (b)
        each accounting term not otherwise defined in this Note has the meaning assigned to it in accordance with IFRS, (c) words in the singular or plural include the singular and plural and pronouns stated in either the masculine, the feminine or neuter
        gender shall include the masculine, feminine and neuter and (d) the use of the word “including” in this Note shall be by way of example rather than limitation.  If a Stock Event occurs during any period over which an average price is being
        determined, then an appropriate adjustment will be made to such average to reflect such event.  All cash payments to be made pursuant to this Note shall be made in Dollars.

       

      21.         Execution.  A facsimile, telecopy, PDF or other reproduction of this Note may be delivered by the Company, and an executed copy of this Note may be delivered by the Company by
        facsimile, email or other similar electronic transmission device pursuant to which the signature of or on behalf of the Company can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.  The
        Company hereby agrees that it shall not raise the execution of facsimile, PDF or other reproduction of this Note, or the fact that any signature was transmitted by facsimile, email or other similar electronic transmission device, as a defense to
        the Company’s execution of this Note.  Notwithstanding the foregoing, the Company shall be required to deliver an originally executed Note to the Holder (or its designee).

       

      [Signature page follows]

       

      
        - 26 -

        
          

      

      IN WITNESS WHEREOF, the Company has caused this Senior Secured Convertible Note to be duly executed as of the date first set forth above.

       

      	 	
              COMPANY:

            
	 	 
	 	
              ADC THERAPEUTICS SA

            

      

      

      	 	
              By:

            	 	 

      	 	
              Name:

            
	 	
              Title:

            

      

      

      Signature Page to Senior Secured Convertible Note

       

      

      
        
          

      

      Exhibit A

       

      CONVERSION NOTICE

       

      Reference is made to (i) the Senior Secured Convertible Note (the “Note”) of ADC THERAPEUTICS SA, a Swiss stock corporation (société anonyme) (the “Company”), in the original principal amount of $[       
                    ] and (ii) article [ARTICLE ON CONDITIONAL CAPITAL] of the articles of association of the Company.  In accordance with and pursuant to the Note, the undersigned [HOLDER NAME] hereby (i) elects to convert the Conversion Amount (as
        defined in the Note) of the Note indicated below into Common Shares (as defined in the Note) of the Company, as of the date specified below, and (ii) pays in the issuance price of the relevant Common Shares by setting off the corresponding amount
        under the Note converted.

       

      	
              Date of Conversion:

            	 	 

      

      

      Aggregate Conversion Amount to be converted at the Conversion Price (as defined in the Note):

       

      	
              Principal, applicable thereto, to be converted:

            	 	 

      

      

      
        Please confirm the following information:

      

      

      

      	
              Conversion Price:

            	 	 

      

      

      	
              Number of Common Shares to be issued:

            	 	 

      

      

      Please issue the Common Shares into which the Note is being converted in the following name and to the following address:

       

      	
              Issue to:

            	 	 

      

      

      	
              Email Address:

            	 	 

      

      

      	
              Dated:

            	 	 

      

      

      	
              DTC Details (if applicable):

            	 	 

      

      

      	
              By:

            	 	 

      

      

      	
              Name:

            	 	 	
              Title:

            	 	 

      

      

      
        
          

      

      ACKNOWLEDGMENT

       

      The Company hereby acknowledges this Conversion Notice and hereby directs [TRANSFER AGENT] to issue the above indicated number of Common Shares in accordance with the Irrevocable Transfer Agent Instructions dated [ 
            ], 20[_] from the Company and acknowledged and agreed to by [TRANSFER AGENT].

       

      ADC Therapeutics SA

       

      	
              By:

            	 	 

      

      

      	
              Name:

            	 	 	
              Title:

            	 	 

      

      

      
        
          

      

      Exhibit B

       

      FORM OF DECLARATION FOR REMOVAL OF LEGEND

      

      

      	
              TO:

            	
              [TRANSFER AGENT]

            

      AND TO: ADC Therapeutics SA (the “Company”)

      

      

      The undersigned (A) acknowledges that the sale of the securities of the Company to which this declaration relates has been or will be made in reliance on Rule 904 of Regulation S under the Securities
        Act of 1933, as amended (the “Securities Act”), and (B) certifies that (1) the undersigned is not (a) an “affiliate” of the Company (as that term is defined in Rule 405 under the Securities Act), (b) a
        “distributor” as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such securities was not made or will not be made to a person in the United States and either (a) at the time the buy order was or will be originated,
        the buyer was or will be outside the United States, or the seller and any person acting on its behalf reasonably believed or will reasonably believe that the buyer was or will be outside the United States, or (b) the transaction was or will be
        executed on or through the facilities of a designated offshore securities market and neither the seller nor any person acting on its behalf knows or will know that the transaction has been or will be prearranged with a buyer in the United States;
        (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities; (4) the sale was
        or will be bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not
        intend to replace securities sold in reliance on Rule 904 of Regulation S with fungible unrestricted securities; and (6) the contemplated sale is not or will not be a transaction, or part of a series of transactions, which, although in technical
        compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities Act. Terms used herein have the meanings given to them by Regulation S under the Securities Act.

      

      

      The Company and [________] {insert name of transfer agent} shall be entitled to assume, and shall assume, that the matters certified above
        shall remain true and correct, unless and until the undersigned advises the Company otherwise, in writing.

      

      

      	
              Dated:

            	 	 	X	
              

              

            	 

      	 	
              Signature of individual (if Seller is an individual)

            

      

      

      	 	 	 	
              X

            	

            	 

      	 	 	 	
              Authorized signatory (if Seller is not an individual)

            
	 	 	 	 	 
	 	 	 	
              Name of Seller (please print)

            
	 	 	 	 	 
	 	 	 	
              Name of authorized signatory (please print)

            
	 	 	 	

            	 
	 	 	 	
              Title of authorized signatory(please print)

            

      

      

      
        
          

      

      Exhibit C

       

      ASSIGNMENT

       

      (To be executed by the registered holder desiring to transfer the Note)

       

      FOR VALUE RECEIVED, the undersigned holder of the attached Senior Secured Convertible Note (the “Note”) hereby sells, assigns and transfers unto the person or persons below named the right to receive the principal
        amount of $___________ from ADC Therapeutics SA, a Swiss stock corporation (société anonyme), evidenced by the attached Note and does hereby irrevocably constitute and appoint _______________ attorney to
        transfer the said Note on the books of the Company, with full power of substitution in the premises.

       

      	
              Dated:

            	 	 

      

      

      	 	 
	
              Signature

            	 
	 	 
	
              Fill in for new registration of Note:

            	 
	 	 
	 	 
	
              Name

            	 
	 	 
	 	 
	 	 
	 	 
	
              Address

            	 
	 	 
	 	 
	
              Please print name and address of assignee

            
	
              (including zip code number)

            

      

      

      
        
          

      

      Exhibit D

       

      FORM OF OPINION

       

      ,20_____

       

      Re:          ADC Therapeutics (the “Company”)

       

      Dear Sir:

      

      

      [_______________] (“[______________]”) intends to transfer its Senior Secured Convertible Note in the principal amount of $_________ (the “Note”) of the Company to ________ (“_____”) without registration under the
        Securities Act of 1933, as amended (the “Securities Act”).  In connection herewith, we have examined such documents and issues of law as we have deemed relevant.

       

      Based on and subject to the foregoing, we are of the opinion that the transfer of the Note by _____________ to ______________ may be effected without registration under the Securities Act: provided, however, that the
        Note to be transferred to __________ shall contain a legend restricting its transferability pursuant to the Securities Act as set forth in the Note and may to a stop transfer order consistent therewith.

       

      The foregoing opinion is furnished only to ___________ and may not be used, circulated, quoted or otherwise referred to or relied upon by you for any purposes other than the purpose for which furnished or by any
        other person for any purpose, without our prior written consent.

       

      Very truly yours,

       

      
        
          

      

      Schedule 1

      

      

      Number of Make-Whole Shares per $1,000 Principal

      

      

      The following table sets forth the Number of Make-Whole Shares per $1,000 Principal amount for each Share Price and Effective Date set forth below:3

       

      	 	
              Share Price

            	 	 
	
              Effective Date

            	
              $[ ]

            	
              $[ ]

            	
              $[ ]

            	
              $[ ]

            	
              $[ ]

            	
              $[ ]

            	
              $[ ]

            	
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      The Share Prices set forth in the column headings of the table above shall be adjusted as of any date on which the Conversion Price is otherwise adjusted pursuant to Section 2(e) in the
        same manner and at the same time as such adjustment to the Conversion Price.  In such event, each Number of Make-Whole Shares set forth in the table above shall be adjusted at the same time as such adjustment to the Conversion Price and shall equal
        the Number of Make-Whole Shares applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Price immediately prior to such adjustment and the
        denominator of which is the Conversion Price as so adjusted.

       

      The exact Share Price and Effective Date may not be set forth in the table above, in which case:

       

      (i)          if the Share Price is between two Share Prices in the table above or the Effective Date is between two Effective Dates in the table, the Number of Make-Whole Shares
        shall be determined by a straight-line interpolation between the Number of Make-Whole Shares set forth for the higher and lower Share Prices and the earlier and later Effective Dates, as applicable, based on a 365-day year;

       

      (ii)        if the Share Price is greater than $[___.__] per share (subject to adjustment in the same manner as the Share Prices set forth in the column headings of the table
        above), the Number of Make-Whole Shares shall be zero; and

       

      (iii)       if the Share Price is less than $[___.__] per share (subject to adjustment in the same manner as the Share Prices set forth in the column headings of the table
        above), the Number of Make-Whole Shares shall be zero.

       

      

      3 To be included on the Issuance Date and
          prepared by the Lenders on a customary basis for convertible notes and consistent with the methodology and inputs agreed between the Lenders and representatives of the Company prior to the date of the Facility Agreement, subject to approval of
          the Company (not to be unreasonably withheld) and, to the extent necessary, to the dispute resolution provisions set forth in Section 2(c)(iii).Exhibit 10.19

      

     

      

    FORM OF REGISTRATION RIGHTS AGREEMENT

    

    

    REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [_], 2020, by and among ADC Therapeutics SA, a Swiss stock corporation (société anonyme) (the “Company”), and Deerfield Partners, L.P. and Deerfield Private Design Fund IV, L.P (each individually, a “Lender”
      and together, the “Lenders”).

    

    

    WHEREAS:

    

    

    A. In connection with the Facility Agreement, dated as of April 24, 2020, by and among the Company, the Lenders, the other
        Loan Parties (as defined therein) and Cortland Capital Market Services LLC, as agent for itself and the Secured Parties (as defined therein) (as the same has heretofore been amended, modified, restated or otherwise supplemented, the “Facility Agreement”), the Company (i) is on the date hereof issuing senior secured convertible notes to the Lenders (such senior secured convertible notes, together with any notes issued in exchange or substitution therefor or
          replacement thereof, as the same may be amended, restated or modified and in effect from time to time, the “Initial Notes”; and the Common Shares issuable upon conversion of the Initial Notes, without regard to any limitation on conversion thereof, being referred to as the “Initial Note Conversion Shares”) and (ii) subject to the terms and conditions set forth in the Facility Agreement may issue additional senior secured convertible
          notes to the Lenders (such senior secured convertible notes, together with any notes issued in exchange or substitution therefor or replacement thereof, as the same may be amended, restated or modified and in effect from time to time, the “Subsequent Notes,” and together with the Initial Notes, the “Notes”; and the Common Shares issuable upon conversion of the Subsequent Notes, without regard to any limitation on conversion thereof, being
          referred to as the “Subsequent Note Conversion Shares” and, together with the Initial Note
          Conversion Shares, the “Shares”).

    

    

    B. To induce the Lenders to execute and deliver the Facility Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as
      amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”), and applicable state securities laws.

    

    

    NOW, THEREFORE, in consideration of the premises and the mutual
        covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Lenders hereby agree as follows:

    

    

    1. DEFINITIONS.

    

    

    a. As used in this Agreement, the following terms shall have the following meanings (all capitalized terms used and not otherwise defined herein having the respective
      meanings set forth in the Facility Agreement):

    

    

    (i) “Additional Filing Deadline” means, with respect to any Registration Statements that may be required pursuant to Section 2(a)(iv),
      (A) the tenth (10th) Business Day following the first date on which the applicable Registrable Securities may then be included in a Registration Statement if such Registration Statement is required to be filed because the SEC shall have notified the
      Company in writing that certain Registrable Securities were not eligible for inclusion in a previously filed Registration Statement, or (B) if such additional Registration Statement is required for a reason other than as described in (A) above, the
      thirtieth (30th) day following the date on which the Company first knows that such additional Registration Statement is required.

    
      
        

    

    
    (ii) “Additional Registration Deadline” means, with respect to any additional Registration Statement(s) required to be filed pursuant
      to Section 2(a)(iv), the forty fifth (45th) day following the applicable Additional Filing Deadline.

    

    

    (iii) “Common Shares” means the common shares, par value CHF 0.064 per share, of the Company.

    

    

    (iv) “Exchange Act” means the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated
      thereunder, and any successor statute.

    

    

    (v) “FINRA” means the Financial Industry Regulatory Authority, Inc. (or successor thereto).

    

    

    (vi) “Filing Deadline,” for the Mandatory Registration Statement required pursuant to Section 2(a)(i), shall mean the Mandatory
      Registration Filing Deadline, for the Subsequent Mandatory Registration Statement required pursuant to Section 2(a)(ii), shall mean the Subsequent Filing Deadline, and for each Registration Statement required pursuant to Section 2(a)(iv) shall mean
      the Additional Filing Deadline.

    

    

    (vii) “Foreign Private Issuer” has the meaning set forth in Rule 405 of Regulation C under the Securities Act or any successor rule
      thereto.

    

    

    (viii) “Form S-1” means a Registration Statement on Form S-1, or if the Company is a Foreign
          Private Issuer, Form F-1, or in each case, any successor form of registration statement.

    

    

    (ix) “Form S-3” means a Registration Statement on Form S-3, or if the Company is a Foreign Private Issuer, Form F-3, or in each case, any successor form
        of registration statement.

    

    

    (xi) “Investor” means any Lender and any transferee or assignee who agrees in writing to become bound by the provisions of this
      Agreement in accordance with Section 10 hereof.

    

    

    (xii) “Person” means and includes any natural person, partnership, joint venture, corporation, trust, limited liability company,
      limited company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other entity.

    

    

    (xiii) “Prospectus” means (i) any prospectus (preliminary or final) included in any Registration Statement, as may be amended or
      supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to such prospectus, including
      post-effective amendments, and all material incorporated by reference in such prospectus, and (ii) any “free writing prospectus” as defined in Rule 405 under the Securities Act relating to any offering of Registrable Securities pursuant to a
      Registration Statement.

    

    

    (xiv) “Register,” “Registered,” and “Registration”
      refer to a registration effected by preparing and filing a Registration Statement or Statements in compliance with the Securities Act and pursuant to Rule 415, and the declaration of effectiveness of such Registration Statement (to the extent
      required, by declaration or ordering of effective, of such Registration Statement by the United States Securities and Exchange Commission (the “SEC”)).

    
      2

      
        

    

    (xv) “Registrable Securities,” for a given Registration, means (a) any Shares issued or issuable upon conversion of, or otherwise
      pursuant to, the Initial Notes (without giving effect to any limitations on conversion set forth in the Initial Notes) and, following the Subsequent Note Issuance Date, the Subsequent Notes (without giving effect to any limitations on conversion set
      forth in the Subsequent Notes), (b) any shares of capital stock issued or issuable as a dividend on or in exchange for or otherwise with respect to any of the foregoing, (c) any additional Common Shares issuable in connection with any anti-dilution
      provisions in the Notes, (d) any other Common Shares issuable pursuant to the terms of the Notes, and (e) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to any of
      the foregoing.

    

    

    (xvi) “Registration Deadline” shall mean, for purposes of any Registration Statement required pursuant to Section 2(a)(i) or 2(a)(ii),
      the date that is seventy-five (75) days after the applicable Filing Deadline, and with respect to any Registration Statement required pursuant to Section 2(a)(iv), the Additional Registration Deadline. Any Registration Deadline (or any extension
      thereof) shall be automatically extended if the Company has, and continues to use, its commercially reasonable efforts to respond and resolve any comments to the Registration Statement received from the SEC. Notwithstanding the foregoing, at any time
      that the Company (A) is not a Foreign Private Issuer and (B) is required to comply with Rule 3-01 of SEC Regulation S-X but is not eligible to rely upon paragraph (c) thereof, if a Registration Deadline would otherwise occur during the period
      beginning 45 days after the end of any fiscal year of the Company and ending on the date the Company files its Annual Report on Form 10-K for the previously completed fiscal year (the “Prior Year Annual Report”),
      the Registration Deadline shall be automatically extended until the Company files its Prior Year Annual Report, provided that the Company uses commercially reasonable efforts to file the Prior Year Annual Report as soon as practicable, and in no
      event shall such extension of a Registration Deadline extend past the due date for the applicable Prior Year Annual Report.

    

    

    (xvii) “Registration Failure” means that (A) the Company fails to file with the SEC on or before the Filing Deadline any Registration
      Statement required to be filed pursuant to Section 2 hereof, (B) the Company fails to use its commercially reasonable efforts to obtain effectiveness with the SEC, prior to the Registration Deadline, and if such Registration Statement does not become
      effective prior to the Registration Deadline, as soon as possible thereafter, of any Registration Statement that is required to be filed pursuant to Section 2(a) hereof, or fails to use its commercially reasonable efforts to keep such Registration
      Statement current and effective as required in Section 3 hereof, (C) the Company fails to file any additional Registration Statement required to be filed pursuant to Section 2(a)(ii) hereof on or before the Additional Filing Deadline or fails to use
      its commercially reasonable efforts to cause such additional Registration Statement to become effective on or before the Additional Registration Deadline, and if such effectiveness does not occur within such period, as soon as possible thereafter, or
      (D) the Registration Statement required to be filed hereunder, after its initial effectiveness and during the applicable Registration Period, lapses in effect or, other than on a day during an Allowable Grace Period, sales of all of the Registrable
      Securities cannot otherwise be made thereunder (whether by reason of the Company’s failure to amend or supplement the prospectus included therein in accordance herewith, the Company’s failure to file and use its commercially reasonable efforts to
      obtain effectiveness with the SEC of an additional Registration Statement or amended Registration Statement required pursuant to Section 2(a)(ii) or 3(b) hereof, as applicable, or otherwise).

    
      3

      
        

    

    (xviii) “Registration Statement(s)” means any registration statement(s) of the Company filed under the Securities Act that covers the
      resale of any of the Registrable Securities pursuant to the provisions of this Agreement, all amendments and supplements to such Registration Statement, including post-effective amendments, and all exhibits to, and all material incorporated by
      reference in, such Registration Statement.

     

    

    (xix) “Rule 415” means Rule 415 under the Securities Act or any successor rule providing for the offering of securities on a
      continuous basis.

    

    

    (xx) “Subsequent Note Issuance Date” means the date of issuance of the Subsequent Notes.

    

    

    2. REGISTRATION.

    

    

    a. MANDATORY REGISTRATION / SUBSEQUENT REGISTRATION.

    

    

    (i) On or prior to the date that is forty-five (45) days after the six (6) month anniversary of the effective date of the
        registration statement for the Qualifying IPO (the “Mandatory Registration Filing Deadline”), the Company shall
        prepare and file with the SEC a Registration Statement (the “Mandatory Registration Statement”) on Form S-1, covering (x) if the Subsequent Note Issuance Date has not occurred prior to the Mandatory Registration
          Filing Deadline, the resale of all of the Registrable Securities relating to the Initial Notes, or (y) if the Subsequent Note Issuance Date has occurred prior to the Mandatory Registration Filing Deadline, the resale of all of the Registrable
          Securities relating to the Notes. The Mandatory Registration Statement, to the extent allowable under the Securities Act and the rules and regulations promulgated thereunder (including Rule 416), shall state that such Registration Statement also
          covers such indeterminate number of additional Common Shares as may become issuable upon exercise of or otherwise pursuant to (x) if the Subsequent Note Issuance Date has not occurred prior to the Mandatory Registration Filing Deadline, the
          Initial Notes or (y) if the Subsequent Note Issuance Date has occurred prior to the Mandatory Registration Filing Deadline, the Notes.  Notwithstanding the foregoing, if the Subsequent Note Issuance Date occurs subsequent to the Mandatory
          Registration Filing Deadline but prior to the date of the submission of the Company’s acceleration request with respect to the Mandatory Registration Statement, the Company shall cause all Registrable Securities relating to the Notes to be
          included in the Mandatory Registration Statement, which Registration Statement, to the extent allowable under the Securities Act and the rules and regulations promulgated thereunder (including Rule 416), shall state that such Registration
          Statement also covers such indeterminate number of additional Common Shares as may become issuable upon exercise of or otherwise pursuant to the Notes.

    

    

    (ii) If the Subsequent Note Issuance Date has not occurred prior to the date of the submission of the Company’s acceleration
        request with respect to the Mandatory Registration Statement, the Company shall prepare, and, on or prior to the date that is thirty (30) days following the Subsequent Note Issuance Date (the “Subsequent Filing Deadline”), file with the SEC a Registration Statement (the “Subsequent Mandatory Registration Statement”) on Form S-1, covering the resale of all of the Registrable Securities that are not at that time covered by the Mandatory Registration Statement (as then in effect and available
        for resale of the Registrable Securities covered thereby), which Registration Statement, to the extent allowable under the Securities Act and the rules and regulations promulgated thereunder (including Rule 416), shall state that such Registration
        Statement also covers such indeterminate number of additional Common Shares as may become issuable upon exercise of or otherwise pursuant to the Notes. To the extent allowable under the Securities Act and the rules and regulations promulgated
        thereunder, the Subsequent Mandatory Registration Statement shall include a combined prospectus for the resale of the Registrable Securities registered by the Mandatory Registration Statement and the Subsequent Mandatory Registration Statement and shall be deemed a post-effective amendment to the Mandatory Registration Statement in
          accordance with Rule 429 under the Securities Act.

    
      4

      
        

    

    (iii) Subject to any SEC comments, any Registration Statement pursuant to this Section 2(a) shall include a “plan of distribution” approved by the holders of a
      majority-in-interest of the Registrable Securities to be in included in such Registration Statement. No Investor shall be named as an “underwriter” in the Registration Statement without the Investor’s prior written consent; provided, that
      notwithstanding any other provision in this Agreement, if despite the Company’s compliance with Section 3(p), the SEC or the Securities Act requires such Investor(s) to be named as an “underwriter” in the Registration Statement and such Investor(s)
      withhold written consent to be so named, the Company’s failure to fulfill its obligations under this Section 2(a) solely as a result thereof shall not constitute a Registration Failure.  Each Registration Statement (and each amendment or supplement
      thereto, and each request for acceleration of effectiveness thereof) shall be provided to (and shall be subject to the approval, which shall not be unreasonably withheld or delayed, of) the Investors and Legal Counsel (as defined below) prior to its
      filing or other submission.

    

    

    (iv) If for any reason, despite the Company’s use of its commercially reasonable efforts to include all of the Registrable Securities requested or required to be included in
      any Registration Statement filed pursuant to Section 2(a)(i) or Section 2(a)(ii) (and subject to Section 3(p) below), the SEC does not permit all such Registrable Securities to be included in such Registration Statement, or for any other reason any
      such Registrable Securities are not then included in a Registration Statement, then the Company shall prepare, and, as soon as practicable but in no event later than the Additional Filing Deadline, file with the SEC an additional Registration
      Statement on Form S-1 covering the resale of all Registrable Securities requested or required to be included in such Registration Statement filed pursuant to Section 2(a)(i) or Section 2(a)(ii) and not already covered by an existing and effective
      Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415.

    

    

    (v) Notwithstanding the foregoing, if at the time the Company is required to file a Mandatory Registration Statement pursuant to Section 2(a)(i), a Subsequent Mandatory
      Registration Statement pursuant to Section 2(a)(ii) or an additional Registration Statement pursuant to Section 2(a)(iv), the Company is eligible to use Form S-3 to register the resale of securities by the Investors, then the Company shall file such
      Registration Statement on Form S-3.

    

    

    b. PIGGY-BACK REGISTRATIONS. If at any time subsequent to the effective date of the registration statement in respect of the Qualifying IPO but prior to the
          expiration of the Registration Period (as defined below) the Company shall determine (i) to file with the SEC a registration statement under the Securities Act relating (in whole or in part) to an offering of Common Shares for its own account or
          for the account of any other holder of its equity securities (other than securities being registered on Form S-4, Form F-4 or Form S-8 or their then equivalents relating to equity securities to be issued solely in connection with any acquisition
          of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans), and/or (ii) otherwise to effect an underwritten offering of any securities of the Company of a type included in a
        then effective Registration Statement (other than “at the market” or “registered direct” offerings on behalf of the Company), the Company shall send to each Investor written notice of such determination at least ten (10) days prior to the
        anticipated filing date of the registration statement and, if within five (5) days after the receipt of such notice, the Investor shall so request in writing, the Company shall use commercially reasonable efforts to include in such Registration Statement and/or include in such underwritten offering, as applicable, all or any part of such Investor’s Registrable
          Securities that the Investor requests to be registered and/or included in the underwritten offering, as applicable, except that if, in connection with any underwritten offering for the account of the Company, the managing underwriter(s) thereof
          shall advise the Company in writing, in good faith, a limitation on the number of Registrable Securities which may be included in such offering is desirable because, in such underwriter(s)’ judgment, marketing or other factors dictate the
          inclusion of such Registrable Securities would interfere with the public distribution, then the Company shall be obligated to include in such underwritten offering only such limited portion of the Registrable Securities with respect to which the
          Investor has requested inclusion hereunder as the underwriter(s) shall permit;

    
      5

      
        

    

    provided, however, that the Company shall not
        exclude any Registrable Securities unless the Company has first excluded all outstanding securities to be sold for the accounts of any holders of the Company’s equity securities which are not entitled by contract to inclusion of such securities in
        an underwritten offering or are not entitled to pro rata inclusion with the Registrable Securities; and

    

    

    provided, further, however, that, after giving
        effect to the immediately preceding proviso, any exclusion of Registrable Securities shall be made pro rata with holders of other securities having the contractual right to include such securities in such underwritten offering. No right to
        registration of Registrable Securities under this Section 2(b) shall be construed to limit any registration required under Section 2(a) hereof. If an Investor’s Registrable Securities are included in an underwritten offering pursuant to this
        Section 2(b), then such Investor shall, unless otherwise agreed by the Company, offer and sell such Registrable Securities in such underwritten offering using the same underwriter or underwriters and, subject to the provisions of this Agreement, on
        the same terms and conditions as other Common Shares included in such underwritten offering.

    

    

    Notwithstanding the foregoing, if, prior to the effectiveness of the registration statement described in Section 2(b) above, the Company determines for any reason not to
      proceed with the offering, the Company shall give notice to the Investors and shall be relieved of its obligation to register any Registrable Securities in connection with such registration statement (but, for the avoidance of doubt, shall not
      relieve the Company of its obligations pursuant to Section 6).

    

    

    c. NOTICES. Each Investor acknowledges and agrees that, in the event the Company would be required by the terms of this Section 2 to
      provide notice to such Investor of the filing of any Registration Statement (including for purposes of an underwritten offering pursuant to Section 2(b) hereof) in which any Registrable Securities of any Investor are eligible to be included, the
      Company shall provide such notice only to counsel to such Investor (which shall be Katten Muchin Rosenman LLP (Attn: Mark D. Wood and Mark I. Fisher) or such other counsel as shall have been designated by such Investor), unless such Investor has
      given prior written instructions to the contrary to the Company.

    

    

    3.  OBLIGATIONS OF THE COMPANY. In connection with any registration
        of the Registrable Securities hereunder, the Company shall have the following obligations:

    

    

    a. The Company shall prepare promptly, and
        file with the SEC as soon as practicable after such registration obligation arises hereunder (but in no event later than the applicable Filing Deadline), such Registration Statements with respect to the Registrable Securities as provided in Section
        2(a), and thereafter use its commercially reasonable efforts to cause each such Registration Statement relating to Registrable Securities to become effective as soon as possible after such filing, but in any event shall use its commercially
        reasonable efforts to cause each such Registration Statement relating to Registrable Securities to become effective no later than the applicable Registration Deadline, and shall use its commercially reasonable efforts to keep the Registration
        Statement current and effective pursuant to Rule 415 at all times after its effective date until such date as is the earlier of (i) the date on which all of the Registrable Securities included in such Registration Statement have been sold pursuant
        to such Registration Statement or pursuant to Rule 144 and (ii) the date on which all of the Registrable Securities included in such Registration Statement (in the opinion of counsel to the Investors) may be immediately sold to the public without
        registration or restriction (including without limitation as to volume by each holder thereof), and without compliance with any “current public
          information” requirement, pursuant to Rule 144 under the Securities Act (the “Registration Period”),
          which Registration Statement (including any amendments or supplements thereto and prospectuses contained therein), except for information provided in writing by an Investor pursuant to Section 4(a), shall not contain any untrue statement of a
          material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading.  In the event that Form S-3 is not available for the registration of the resale of any Registrable
          Securities hereunder (but, for the avoidance of doubt, without in any way affecting the Company’s obligation to register the resale of the Registrable Securities on such other form as is available, as provided in Section 2(a)), (i) the Company
          shall undertake to file, within thirty (30) days of such time as such form is available for such registration, a post-effective amendment to the Registration Statement then in effect, or otherwise file a Registration Statement on Form S-3,
          registering such Registrable Securities on Form S-3; provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement (or post-effective amendment) on Form S-3
          covering such Registrable Securities has been declared effective by the SEC, and (ii) the Company shall provide that any Registration Statement on Form S-1 filed hereunder shall incorporate documents by reference (including by way of forward
          incorporation by reference) to the maximum extent possible. If the Company is a “well-known seasoned issuer” (as defined in Rule 405 under the Securities Act) and to the extent permitted by the rules and regulations of the SEC applicable to the
          Company, at the time the Company is requested or required hereunder to file a Registration Statement or amendment to a Registration Statement hereunder, the Company shall use its commercially reasonable efforts to file the Registration Statement
          or amendment as an “automatic shelf registration statement” (as defined in Rule 405 under the Securities Act).

    
      6

      
        

    

    b. The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to each Registration Statement and the prospectus
      used in connection with each Registration Statement as may be necessary to keep each Registration Statement current and effective at all times during the Registration Period, and, during the Registration Period, shall comply with the provisions of
      the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by each Registration Statement until such time as all of such Registrable Securities have been disposed of in accordance with the intended methods
      of disposition by the seller or sellers thereof as set forth in such Registration Statement.

    

    

    c. The Company shall furnish to each Investor and Legal Counsel (i) promptly after the same is prepared and publicly
        distributed, publicly filed with the SEC or received by the Company, one copy of each Registration Statement and any amendment thereto, each preliminary prospectus and prospectus and each amendment or supplement thereto, and, each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in
          each case relating to such Registration Statement (other than any portion of any thereof which contains information for which the Company has sought or intends to seek confidential treatment, which contains or reflects any material non-public
          information with respect to the Company or its securities), and (ii) such number of copies of a prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as an Investor may reasonably
          request in order to facilitate the disposition of the Registrable Securities owned by such Investor; provided that the Company may provide any such copies in electronic form only.  The Company will promptly notify each of the Investors by
          electronic mail of the effectiveness of each Registration Statement or any post-effective amendment thereto. The Company will use commercially reasonable efforts to promptly
          respond to any and all comments received from the SEC with respect to any Registration Statement filed pursuant to this Agreement, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the
          SEC (to the extent required, by declaration or ordering of effective, of such Registration Statement or amendment by the SEC) as soon as practicable, and, as soon as practicable,
          but in no event later than five (5) Business Days, following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to
          review, shall file a request for acceleration of effectiveness of such Registration Statement (to the extent required, by declaration or ordering of effective, of such Registration
          Statement or amendment by the SEC) to a time and date not later than two (2) Business Days after the submission of such request.  No later than two (2) Business Days after the Registration Statement becomes effective, the Company shall
        file with the SEC the final prospectus included in the Registration Statement pursuant to Rule 424 (or successor thereto) under the Securities Act.

    

    

    d. The Company shall use its commercially reasonable efforts to (i) register and qualify, in any jurisdiction in the United States where registration and/or qualification is
      required, the Registrable Securities covered by the Registration Statements under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investors shall reasonably request, (ii) prepare and file in those
      jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be reasonably necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
      actions as may be reasonably necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities
      for sale in such jurisdictions; except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (d), be required to be so
      qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction, except where the Company is then already required to be so qualified, already subject to taxation or required to
      consent to general service of process.

    
      7

      
        

    

    e.  As promptly as practicable after becoming aware of such event, the Company shall notify each Investor that holds Registrable Securities of the happening of any event, of
      which the Company has knowledge, as a result of which the prospectus included in any Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or
      necessary to make the statements therein not misleading, and, subject to Section 3(r), use its commercially reasonable efforts to promptly prepare a supplement or amendment to any Registration Statement to correct such untrue statement or omission,
      and deliver such number of copies of such supplement or amendment to each Investor as such Investor may reasonably request.

    

    

    f. The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of any Registration Statement,
      and, if such an order is issued, to obtain the withdrawal of such order as promptly as reasonably practicable, and to notify each Investor that holds Registrable Securities covered by such Registration Statement (and, in the event of an underwritten
      offering, the managing underwriters) of the issuance of such order and the resolution thereof, in each case as promptly as reasonably practicable.

    

    

    g. The Company shall permit one outside legal counsel designated by the Investors (which shall be Katten Muchin Rosenman LLP (Attn: Mark D. Wood) or such other counsel as
      shall have been designated by the Investors) (“Legal Counsel”) to review such Registration Statement and all amendments and supplements thereto (as well as all requests for acceleration or effectiveness thereof
      but excluding the Company’s filings under the Exchange Act), a reasonable period of time prior to their filing with the SEC (not less than five (5) Business Days) and not file any documents in a form to which Legal Counsel reasonably objects and will
      not request acceleration of such Registration Statement without prior notice to Legal Counsel; provided that, notwithstanding the foregoing, in no event shall the Company be (i) required to file any document with the SEC which in the view of the
      Company or its counsel contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make any statement therein not misleading or (ii) prohibited from filing any document with the SEC
      which the Company or its counsel reasonably believes to be required by law to be so filed.

    

    

    h. The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure of such information is
      necessary to comply with federal or state securities laws or otherwise required in the context of any Registration Statement or offering of securities in which any Investor participates, (ii) the disclosure of such information is necessary to avoid
      or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other order from a court or governmental body of competent jurisdiction, or (iv) such information has been
      made generally available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning any Investor is sought in or by a
      court or governmental body of competent jurisdiction or through other means, give prompt notice to such Investor prior to making such disclosure, and allow such Investor, at its expense, to undertake appropriate action to prevent disclosure of, or to
      obtain a protective order for, such information.

    

    

    i. The Company shall use its commercially reasonable efforts to cause all the Registrable Securities covered by each Registration Statement to be listed on the principal U.S.
      securities exchange on which securities of the same class or series issued by the Company are then listed, and, to arrange for at least two market makers to register with FINRA as such with respect to such Registrable Securities.

    
      8

      
        

    

    j. The Company shall provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of the initial
      Registration Statement.

    

    

    k. The Company shall cooperate with each Investor that holds Registrable Securities being offered and the managing underwriter
        or underwriters with respect to an applicable Registration Statement, if any, to facilitate the timely (i) preparation and delivery of certificates (not bearing any restrictive legends) representing Registrable Securities to be offered pursuant to
        such Registration Statement, and enable such certificates to be registered in such names and in such denominations or amounts, as the case may be, or (ii) crediting of the Registrable Securities to be offered pursuant to a Registration Statement to
        the applicable account (or accounts) with DTC through its Deposit/Withdrawal At Custodian (DWAC) system, in any such case as such Investor or the managing underwriter or underwriters, if any, may reasonably request.  Within two (2) Business Days
        after a Registration Statement which includes Registrable Securities becomes effective, the Company shall deliver, and, if required by the transfer
          agent, shall cause legal counsel selected by the Company to deliver, to the transfer agent for the Registrable Securities (with copies to each Investor) an appropriate instruction and an opinion of such counsel in the form required by the
          transfer agent in order to issue or transfer (as applicable) such the Registrable Securities free of restrictive legends.

    

    

    l. At the reasonable request of an Investor, the Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a
      Registration Statement and any prospectus used in connection with the Registration Statement as may be necessary in order to change the plan of distribution set forth in such Registration Statement, in each case as promptly as is reasonably
      practicable.

    

    

    m. The Company shall not, and shall not agree to, allow the holders of any Common Shares or other securities of the Company to include any of their securities (other than
      Registrable Securities) in any Registration Statement filed pursuant to Section 2(a) or any amendment or supplement thereto under Section 3(b) hereof without the consent of Investors holding a majority-in-interest of the then outstanding Registrable
      Securities.  In addition, the Company shall not include any securities for its own account or the account of others in any Registration Statement filed pursuant to Section 2(a) or any amendment or supplement thereto filed pursuant to Section 3(b)
      hereof without the consent of Investors holding a majority-in-interest of the then outstanding Registrable Securities.

    

    

    n. The Company shall comply in all material respects with all applicable laws related to a Registration Statement and offering and sale of securities and all applicable rules
      and regulations of governmental authorities in connection therewith (including the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC).

    

    

    o.  If required by the FINRA Corporate Financing Department, the Company shall promptly effect a filing with FINRA pursuant to FINRA Rule 5110 (or successor thereto) with
      respect to the public offering contemplated by resales of securities under the Registration Statement (an “Issuer Filing”), and pay the filing fee required by such Issuer Filing. The Company shall use its
      commercially reasonable efforts to pursue the Issuer Filing until FINRA issues a letter confirming that it does not object to the terms of the offering contemplated by the Registration Statement.

    
      9

      
        

    

    p.  If at any time the SEC advises the Company in writing that the offering of some or
        all of the Registrable Securities in a Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act, the Company shall use its commercially reasonable efforts to
        persuade the SEC that the offering contemplated by a Registration Statement is a bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Investors is an “underwriter.”  The
        Investors shall have the right to participate or have their respective legal counsel be advised of, and consulted with regarding any meetings or discussions with the SEC regarding the SEC’s position and to comment or have their respective legal
        counsel comment on any written submission made to the SEC with respect to such matters.  In the event that, despite the Company’s commercially reasonable efforts and compliance with the terms of this Section 3(p), the SEC refuses to alter its
        position, the Company shall remove from the Registration Statement such portion of the Registrable Securities as the SEC requires in writing be removed therefrom.  Any such cut-back imposed by the SEC as contemplated by this Section 3(p) shall be
        imposed on a pro rata basis (based upon the Registrable Securities held by each of the Investors).

    

    

    q. Subject to the limitations contained herein, the Company shall use commercially reasonable efforts to take all other reasonable actions arising out of its obligations
      under this Agreement and necessary to facilitate the disposition by the Investors of the Registrable Securities pursuant to a Registration Statement.

    

    

    r.  Notwithstanding anything to the contrary in Section 3(e), the Company may postpone
        effecting a Registration or, at any time after the effective date of the applicable Registration Statement, the Company may suspend the use of any prospectus forming a part of such Registration Statement, if (i) the Board of Directors of the
        Company determines that any registration or offering of Registrable Securities should not be made or continued because it would materially and adversely interfere with any existing or potential material financing, acquisition, corporate
        reorganization, merger, share exchange or other transaction or event involving the Company or any of its subsidiaries or because the Company does not have appropriate financial statement of any acquired or to-be-acquired entities available for
        filing, or (ii) the Board of Directors of the Company determines that the Company would otherwise be required to disclose material non-public information concerning the Company, the disclosure of which is not otherwise required and which the
        Company has a bona fide business purpose for preserving in confidence (the period of such postponement or suspension, a “Grace Period”); provided, that the Company
        shall (i) promptly notify the Investors in writing of the existence of the Grace Period (provided that in each notice the Company shall not disclose the content of any material non-public information to any Investor unless otherwise requested in
        writing by such Investor) and the date on which the Grace Period will begin, and (ii) as soon as such date may be determined, promptly notify the Investors in writing of the date on which the Grace Period ends; and, provided, further, that (A) no
        Grace Period shall exceed forty-five (45) consecutive days, (B) during any three hundred sixty five (365) day period, such Grace Periods shall not exceed an aggregate of ninety (90) days, (C) the first day of any Grace Period must be at least
        forty-five (45) days after the last day of any prior Grace Period, and (D) no Grace Period may postpone the effectuation of any Registration or otherwise affect the Filing Deadline in respect of any Registration as to which the Registration
        Deadline has been otherwise extended pursuant to the last sentence of the definition thereof (each Grace Period that satisfies all of the requirements of this Section 3(r) being referred to as an “Allowable Grace Period”).  For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice referred to in clause
        (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such notice.  The provisions of Section 3(e) hereof shall not be applicable during the period of any
        Allowable Grace Period, and the unavailability of a Registration Statement for resales of the Registrable Securities on any day during an Allowable Grace Period shall not constitute a “Registration Failure.”  Upon expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(e) with respect to the information giving rise thereto unless such material non-public
        information is no longer applicable.

    

    

    s.  The Company shall not grant any Person any registration rights with respect to Common Shares or any other securities of the Company other than registration rights that
      will not adversely affect the rights of the Investors hereunder (including by limiting in any way the number of Registrable Securities that could be included in any Registration Statement pursuant to Rule 415) and shall not otherwise enter into any
      agreement that is inconsistent with the rights granted to the Investors hereunder; provided that the grant of registration rights to other current or future securityholders shall not in and of itself be deemed to adversely affect the rights of the
      Investors hereunder.

    
      10

      
        

    

    4. OBLIGATIONS OF THE INVESTOR. In connection with the registration
        of the Registrable Securities, each Investor shall have the following obligations:

    

    

    a. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of
      an Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to
      effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least five (5) Business Days prior to the first anticipated filing date of a
      Registration Statement, the Company shall notify each Investor of the information the Company requires from such Investor.  Any such information shall not contain any untrue statement of a material fact or omit to state a material fact required to be
      stated therein, or necessary to make the statements therein not misleading.

    

    

    b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with
      the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of the Investor’s Registrable Securities from such Registration Statement.

    

    

    c. Upon request, in the event of an underwritten offering pursuant to Section 2(b) in which any Registrable Securities of any Investor are to be included, such Investor
      agrees to enter into and perform the Investor’s obligations under an underwriting agreement, in usual and customary form, including customary indemnification and contribution obligations (as applicable to selling security holders generally), with the
      managing underwriter of such offering; provided, that no Investor including Registrable Securities in any underwritten offering shall be required to make any representations or warranties to the Company or the underwriters other than representations
      and warranties regarding such Investor, such Investor’s ownership of its Registrable Securities to be sold in the offering and such Investor’s intended method of distribution or to undertake any indemnification obligations to the Company or the
      underwriters with respect thereto except to the extent expressly set forth in Section 7 hereof.

    

    

    d. Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(e) or 3(f), such Investor will
      immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section
      3(e) or 3(f).

    

    

    5. REGISTRATION FAILURE.  In the event of a Registration Failure, the
        Investors shall be entitled to additional damages as set forth in Section 4 of the Notes and such other rights as set forth in the Notes.

    

    

    6. EXPENSES OF REGISTRATION. All reasonable expenses, other than underwriting discounts and commissions or other charges of any broker-dealer acting on behalf of the Investors, incurred in connection with registrations, filings or qualifications pursuant
        to Sections 2 and 3, including all registration, listing and qualification fees, printers and accounting fees, and the fees and disbursements of counsel for the Company shall be borne by the Company.  The
        Company shall also reimburse the Investors for the reasonable and documented fees and disbursements of Legal Counsel in connection with registrations pursuant to Section 2 or 3 of this Agreement, provided that the amount of such reimbursements
        shall not exceed $35,000 per Registration in connection with Registrations involving an underwritten offering and $25,000 per Registration in connection with Registrations that do not involve an underwritten offering.  For the avoidance of doubt,
        any documentation required under this Agreement with respect to any legal fees and expenses shall not be required to include any detailed time entries or description of work.

    
      11

      
        

    

    7. INDEMNIFICATION. In the event any Registrable Securities are
        included in a Registration Statement under this Agreement:

    

    

    a. The Company will indemnify, hold harmless and defend (i) each Investor, (ii) the directors, officers, partners, managers, members, employees and agents of each Investor,
      and each Person who controls any Investor within the meaning of the Securities Act or the Exchange Act, if any, (iii) any underwriter (as defined in the Securities Act) for each Investor in connection with an underwritten offering pursuant to Section
      2(b) hereof, and (iv) the directors, officers, partners and employees of, and each Person who controls, any such underwriter within the meaning of the Securities Act or the Exchange Act, if any (each, an “Indemnified
        Person”), against any joint or several losses, claims, damages, liabilities or expenses (collectively, together with actions, proceedings or inquiries by any regulatory or self-regulatory organization, whether commenced or threatened, in
      respect thereof, “Claims”) to which any of them may become subject insofar as such Claims arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in any
      Registration Statement, or any amendment as supplement thereto, or any filing made under state securities laws as required hereby, or the omission or alleged omission to state therein a material fact required to be stated or necessary to make the
      statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, or any amendment or supplement thereto, or the omission or alleged omission to state therein any material fact
      necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any
      other law, including any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities, and relating to any action required by or inaction by the Company in connection with the offer or sale of
      the Registrable Securities (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). The Company shall reimburse the Indemnified Person, promptly as such expenses are incurred
      and are due and payable, for any reasonable and documented legal fees and other reasonable and documented expenses incurred by them in connection with investigating or defending any such Claim.  Notwithstanding anything to the contrary contained
      herein, the indemnification agreement contained in this Section 7(a) shall not apply to a Claim arising out of or based upon a Violation to the extent that such Violation occurs in reliance upon and in conformity with information furnished in writing
      to the Company by or on behalf of any Indemnified Person expressly for use in connection with the preparation of such Registration Statement or related prospectus or any such amendment thereof or supplement thereto, or to any amounts paid in
      settlement of any Claim effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed.  Such indemnity shall remain in full force and effect regardless of any investigation made by
      or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by any of the Investors pursuant to Section 10.

    

    

    b. Promptly after receipt by an Indemnified Person under this Section 7 of notice of the commencement of any action (including any governmental action), such Indemnified
      Person shall, if a Claim in respect thereof is to be made against the Company under this Section 7, deliver to the Company a written notice of the commencement thereof, and the Company shall have the right to participate in, and, to the extent the
      Company so desires, to assume control of the defense thereof with counsel mutually satisfactory to the Company and the Indemnified Person, as the case may be;

    

    

    provided, however, that an Indemnified Person shall have the right to retain its own counsel with the reasonable and documented fees and expenses to be paid by the Company, if, in the opinion of counsel for such Indemnified Person, the
        representation by such counsel of the Indemnified Person and the Company would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The
        Company shall pay for only one separate legal counsel (in addition to one separate local counsel, if required) for the Indemnified Persons, and such legal counsel shall be selected by the Investors. The failure to deliver written notice to the
        Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability to the Indemnified Person under this Section 7, except to the extent that the Company is actually prejudiced in its ability to
        defend such action, and shall not relieve the Company of any liability to the Indemnified Person otherwise than pursuant to this Section 7.  The Company shall not, without the prior written consent of the
        Indemnified Persons, consent to entry of any judgment or enter into any settlement or other compromise with respect to any Claim in respect of which indemnification or contribution may be or has been sought hereunder (whether or not any such
        Indemnified Party is an actual or potential party to such action or claim) which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified Persons of a full release from all liability with respect
        to such Claim or which includes any admission as to fault or culpability on the part of any Indemnified Person.  The indemnification required by this Section 7 shall be made by periodic
          payments of the amount thereof during the course of the investigation or defense, as any expense, loss, damage or liability is incurred and is due and payable.

    
      12

      
        

    

    c.  Each Investor will indemnify, hold harmless and defend (i) the Company, and (ii) the directors, officers, partners, managers, members, employees and agents of the
      Company, if any (each, a “Company Indemnified Person”), against any Claims to which any of them may become subject insofar as such Claims arise out of or are based upon any violation or alleged violation by the
      Company of the Securities Act, the Exchange Act, any other law, including any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities, which occurs due to the inclusion by the Company in
      a Registration Statement or prospectus, or any amendment or supplement thereto, of false or misleading information about an Investor, where such information was furnished in writing to the Company by or on behalf of such Investor expressly for the
      purpose of inclusion in such Registration Statement or prospectus.  Notwithstanding anything herein to the contrary, the indemnity agreement contained in this Section 7(c) shall not apply to amounts paid in settlement of any Claim if such settlement
      is effected without the prior written consent of the Investors, which consent shall not be unreasonably withheld or delayed; and provided, further, however, that an Investor shall be liable under this Section 7(c) for only that amount of a Claim as
      does not exceed the net amount of proceeds received by such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement.

    

    

    d.  Promptly after receipt by a Company Indemnified Person under this Section 7 of notice of the commencement of any action (including any governmental action), such Company
      Indemnified Person shall, if a Claim in respect thereof is to be made against any Investor under this Section 7, deliver to such Investor a written notice of the commencement thereof, and such Investor shall have the right to participate in, and, to
      the extent such Investor so desires, to assume control of the defense thereof with counsel mutually satisfactory to such Investor and such Company Indemnified Person. No Investor shall, without the prior written consent of the Company, consent to
      entry of any judgment or enter into any settlement or other compromise with respect to any Claim in respect of which indemnification or contribution may be or has been sought by any Company Indemnified Person hereunder (whether or not any such
      Company Indemnified Person is an actual or potential party to such action or claim) which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Company Indemnified Persons of a full release from all
      liability with respect to such Claim or which includes any admission as to fault or culpability on the part of any Company Indemnified Person.

    

    

    8.  CONTRIBUTION.  If for any reason the indemnification provided
        for in Section 7(a) or 7(c) (as applicable) is unavailable to an Indemnified Person or Company Indemnified Person (as applicable) or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall
        contribute to the amount paid or payable by the Indemnified Person or Company Indemnified Person (as applicable) as a result of the Claim in such proportion as is appropriate to reflect the relative fault of the Indemnified Person or Company
        Indemnified Person (as applicable) and the indemnifying party (provided that the relative fault of any Company Indemnified Person shall be deemed to include the fault of all other Company Indemnified Persons), as well as any other relevant
        equitable considerations.  No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation.  In no event
        shall the contribution obligation of an Investor be greater in amount than the net amount of proceeds received by such Investor as a result of the sale of Registrable Securities giving rise to such contribution obligation pursuant to the applicable
        Registration Statement (net of the aggregate amount of any damages or other amounts such Investor has otherwise been required to pay (pursuant to Section 7(c) or otherwise) by reason of such Investor’s untrue or alleged untrue statement or omission
        or alleged omission).

     

      

    9.  REPORTS UNDER THE 1934 ACT.  With a view to making available to
        the Investors the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration, the
        Company agrees to, at all times following the effective date of the registration statement in respect of the Qualifying IPO:

     

      

    a.  make and keep public information available, as those terms are understood and defined in Rule 144;

     

    

    b.  file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act so long as the Company remains subject to such
      requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and

     

    

    c.  so long as any of the Investors owns Registrable Securities, promptly upon request, furnish to such Investor (i) a written statement by the Company that it has complied
      with the reporting requirements of the Exchange Act as required for applicable provisions of Rule 144 and (ii) such other information as may be reasonably requested to permit such Investor to sell such Registrable Securities pursuant to Rule 144
      without registration.

    
      13

      
        

    

    10.  ASSIGNMENT OF REGISTRATION RIGHTS.  The rights under this
        Agreement shall be automatically assignable by each Investor to any transferee of all or any portion of the Registrable Securities if:  (i) such Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such
        agreement is furnished to the Company within a reasonable time after such assignment, (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or
        assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned, and (iii) at or before the time the Company receives the written notice contemplated in clause (ii) of this sentence, the transferee
        or assignee agrees in writing with the Company to be bound by all of the provisions contained herein as applicable to an Investor.  In the event that the Company receives written notice from an Investor that it has transferred all or any portion of
        its Registrable Securities pursuant to this Section, the Company shall have up to ten (10) days to file any amendments or supplements necessary to keep a Registration Statement current, effective and available for the resale of all of the
        Registrable Securities pursuant to Rule 415.  The Company shall not assign this Agreement (or any rights or obligations hereunder) without the prior written consent of the holders of a majority-in-interest
        of the then-outstanding Registrable Securities.

     

      

    11.  AMENDMENT OF REGISTRATION RIGHTS.  Provisions of this Agreement
        may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with written consent of the Company and the holders of a majority in interest of then-outstanding
        Registrable Securities.  Any amendment or waiver effected in accordance with this Section 11 shall be binding upon each of the Investors and the Company.

     

      

    12.  MISCELLANEOUS.

     

    

    a.  A Person is deemed to hold, and be a holder of, Common Shares or other Registrable Securities whenever such Person owns of record or beneficially through a “street name”
      holder such Common Shares or other Registrable Securities (or the Notes or other securities upon exercise, conversion or exchange of which such Registrable Securities are directly or indirectly issuable, without giving effect to any limitations on
      conversion of the Notes or other securities), and solely for purposes hereof, Registrable Securities shall be deemed outstanding to the extent they are directly or indirectly issuable upon conversion of the Notes or other outstanding securities,
      Registrable Securities, without giving effect to any limits on exercise, conversion or exchange of the Notes or other securities.  If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
      same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities (or the Notes or other securities upon exercise, conversion or exchange of which
      such Registrable Securities are directly or indirectly issuable).

    
      14

      
        

    

    b.  Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt requested) or delivered personally or
      by courier (including a recognized overnight delivery service) or by electronic mail and shall be effective upon receipt, in each case addressed to a party.  The addresses for such communications shall be:

     

    

    If to the Company:

     

    

    

    	
            ADC Therapeutics SA

          
	
            Biopôle

          
	
            Route de la Corniche 3B

          
	
            1066 Epalinges

          
	
            Switzerland

          
	
            E-mail:

          	
            Michael.Forer@adctherapeutics.com

          
	 	
            Dominique.Graz@adctherapeutics.com

          
	
            Attn:

          	
            Michael Forer

          
	 	
            Dominique Graz

          
	 	 
	
            With copy to:

          
	 
	
            Davis Polk & Wardwell LLP

          
	
            450 Lexington Avenue

          
	
            New York, NY 10017

          
	
            Email: 

            

          	deanna.kirkpatrick@davispolk.com 

          
	 	
            Yasin.keshvargar@davispolk.com

          
	
            Attn:

          	
            Deanna L. Kirkpatrick

          
	 	
            Yasin Keshvargar

          

    

    

    If to an Investor:

    c/o Deerfield Mgmt, L.P.

      780 Third Avenue, 37th Floor

      New York, NY 10017

      Fax:  (212) 599-1248

      E-mail: dclark@deerfield.com

    Attn: David J. Clark, Esq.

    

    

    With a copy to:

    Katten Muchin Rosenman LLP

    525 West Monroe Street

    Chicago, Il 60661

    Email: mark.wood@katten.com

    Attn: Mark D. Wood, Esq.

    

    

    Each party shall provide notice to the other party of any change in address.

    
      15

      
        

    

    c.  Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a
      waiver thereof.

     

    

    d.  Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in
      accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
      York, borough of Manhattan (and, in each case, the applicable state and federal appeals courts sitting in the City of New York or, if not available or applicable, the State of New York).  Each party hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
      irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such
      proceeding.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
      of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in
      any way any right to serve process in any other manner permitted by law.  The parties hereby waive all rights to a trial by jury.  If either party shall commence an action or proceeding to enforce any provision of this Agreement, then the prevailing
      party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

     

    

    e.  This Agreement, the Facility Agreement, the Notes and the instruments referenced herein and therein, including the Facility Documents (as defined in the Facility
      Agreement) (collectively, the “Transaction Documents”), constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof.  This Agreement and the other Transaction
      Documents (including all schedules and exhibits hereto and thereto) supersedes all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

     

    

    f.  Subject to the requirements of Section 10 hereof, this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the
      parties hereto, and the provisions of Sections 7 and 8 hereof shall inure to the benefit of, and be enforceable by, each Indemnified Person and Company Indemnified Person (as applicable).

     

    

    g.  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

    
      16

      
        

    

    h.  This Agreement and any amendments hereto may be executed and delivered in two or more counterparts, and by the different parties hereto in separate counterparts, each of
      which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when counterparts have been signed by each party hereto and delivered to the other parties
      hereto, it being understood that all parties need not sign the same counterpart.  In the event that any signature to this Agreement or any amendment hereto is delivered by facsimile transmission, by e-mail delivery of a “.pdf” format data file or by
      other electronic means, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile, “.pdf” or other electronic signature page
      were an original thereof.  No party hereto shall raise the use of a facsimile machine, e-mail delivery of a “.pdf” format data file or other electronic means to deliver a signature to this Agreement or any amendment hereto or the fact that such
      signature was transmitted or communicated through the use of a facsimile machine, e-mail delivery of a “.pdf” format data file or other electronic means as a defense to the formation or enforceability of a contract, and each party hereto forever
      waives any such defense.

     

    

    i.  The parties hereto acknowledge that a breach by it of its obligations hereunder will cause irreparable harm to the non-breaching party hereto by vitiating the intent and
      purpose of the transactions contemplated hereby.  Accordingly, the parties hereto acknowledge that the remedy at law for breach of its obligations hereunder will be inadequate and agrees, in the event of a breach or threatened breach by any other
      party hereto of any of the provisions hereunder, that the non-breaching party hereto shall be entitled, in addition to all other available remedies in law or in equity, to an injunction or injunctions to prevent or cure breaches of the provisions of
      this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

     

    

    j.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be
      applied against any party.

     

    

    k.  In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
      to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any
      other provision hereof.

     

    

    l.  In the event an Investor shall sell or otherwise transfer any of such holder’s Registrable Securities, each transferee shall be allocated a pro rata portion of the number
      of Registrable Securities included in a Registration Statement for such transferor.

     

    

    m.  There shall be no oral modifications or amendments to this Agreement.  This Agreement may be modified or amended only in writing.

     

    

    p.  The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no provision of this Agreement is intended to confer
      any obligations on any Investor vis-à-vis any other Investor.  Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other
      kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein.

     

    

    o.  Unless the context otherwise requires, (i) all references to Sections, Schedules or Exhibits are to Sections, Schedules or Exhibits contained in or attached to this
      Agreement, (ii) words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter, and (iii) the use of the word “including” in
      this Agreement shall be by way of example rather than limitation.

    

    

    [Remainder of page left intentionally blank]

     

    

    [Signature page follows]

    
      17

      
        

    

    IN WITNESS WHEREOF, the undersigned Investors and the Company have caused this Registration Rights Agreement to be duly executed as of the date first written above.

     

    

    
      	 	
              COMPANY:

            
	 	 	 
	 	
              ADC THERAPEUTICS SA

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

    

    
       

      

      [Signature Page to Registration Rights Agreement]

    

    
      
        

    

    IN WITNESS WHEREOF, the undersigned Investors and the Company have caused this Registration Rights Agreement to be duly executed as of the date first written above.

    

    

    
      	 	
              INVESTORS:

            
	 	 
	 	
              DEERFIELD PARTNERS, L.P.

            
	 	 	 	 
	 	
              By:

            	
              Deerfield Mgmt, L.P.,

            
	 	 	
              its General Partner

            
	 	 	 	 
	 	
              By:

            	
              J.E. Flynn Capital, LLC,

            
	 	 	
              its General Partner

            
	 	 	 
	 	
              By:

            	
              

              

            
	 	 	
              Name:

            	
              David J. Clark

            
	 	 	
              Title:

            	
               Authorized Signatory

            

       

      

      
        	 	
                DEERFIELD PRIVATE DESIGN FUND IV, L.P.

              
	 	 
	 	
                By: Deerfield Mgmt IV, L.P., General Partner

              
	 	 
	 	
                By: J.E. Flynn Capital IV, LLC, General Partner

              
	 	 
	 	
                By: 

                

              	

              
	 	 	
                Name:

              	
                David J. Clark

              
	 	 	
                Title:

              	
                Authorized Signatory

              

         

        

        
           

          

          [Signature Page to Registration Rights Agreement]

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