Document:

Second Amendment to Lease Agreement - ARE-2425/2400/2450 Garcia Bayshore, LLC

 EXHIBIT 10.15 
 SECOND AMENDMENT TO LEASE AGREEMENT 
 This Second Amendment to Lease Agreement (this “Second
Amendment) is made as of July 26, 2006, by and between ARE-2425/2400/2450 GARCIA BAYSHORE, LLC, a Delaware limited liability company (“Landlord”), and MAP PHARMACEUTICALS, INC, a Delaware corporation
(“Tenant”). 
 RECITALS 
 A. Landlord and Tenant entered into that certain Lease Agreement dated June 2, 2004, as amended by that certain First Amendment to Lease Agreement dated August 2, 2004 (as amended, the
“Lease”), pursuant to which Landlord leased to Tenant certain premises consisting of 21,316 square feet (“Original Premises”) located at 2400 Bayshore Parkway, Mountain View, California. Capitalized terms used
herein without definition shall have the meanings defined for such terms in the Lease. 
 B. Landlord and Tenant desire, subject to the terms
and conditions set forth below, to among other things, expand the Original Premises by adding approximately 10,800 rentable square feet. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this
reference, the mutual promises and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
 1. Expansion Premises. Commencing on August 1, 2006 (“Expansion Premises Commencement Date”), in addition to the Original Premises as
described in the Lease, Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, that certain portion of the Building, consisting of approximately 10,800 rentable square feet, as shown on Exhibit A attached hereto (the
“Expansion Premises”). As of the Expansion Premises Commencement Date, the term “Premises” shall mean the Original Premises and the Expansion Premises and the term “Rentable Area of Premises” as
described in the Basic Lease Provisions to the Lease shall mean approximately 32,116 rentable square feet. 
 2. Base Rent. Commencing on the
Expansion Premises Commencement Date, Tenant shall pay Base Rent for the Premises as follows: 
 A. For the period commencing on the Expansion
Premises Commencement Date through May 31, 2007: $53,660.44 per month for the Original Premises and $21,168.00 per month for the Expansion Premises for a total of $74,828.44 per month; and 
 B. For the period commencing on June 1, 2007 through the expiration of the Base Term: $55,538.56 per month for the Original Premises and $21,908.88
per month for the Expansion Premises for a total of $77,447.44 per month. 

 3. Tenant’s Share of Building Expenses. Commencing on of the Expansion Premises Commencement Date, the
definition of “Tenant’s Share of Operating Expenses for the Building” on Page 1 of the Lease is hereby deleted in its entirety and replaced with the following: 
 “Tenant’s Share of Operating Expenses for the Building:        75.33%” 
 4. Condition of Premises. Except as set forth in this Second Amendment: (i) Tenant shall accept the Expansion Premises in their condition as of the
Expansion Premises Commencement Date, subject to all applicable Legal Requirements (as defined in Section 7 of the Lease); and (ii) Tenant’s taking possession of the Expansion Premises shall be conclusive evidence that Tenant accepts
the Expansion Premises and that the Expansion Premises were in good condition at the time possession was taken. Upon request of Landlord, Tenant shall execute and deliver a written acknowledgment of the Expansion Premises Commencement Date when such
date is established in a form of the “Acknowledgment of Expansion Premises Commencement Date” to be presented to Tenant by Landlord; provided, however, Landlord’s failure to deliver such acknowledgment and/or Tenant’s failure to
execute and deliver such acknowledgment shall not affect Landlord’s rights hereunder. 
 5. Tenant Improvement Allowance. Landlord shall
make available to Tenant a tenant improvement allowance of up to $45,000 (the “TI Allowance”) for the construction of fixed and permanent improvements in the Expansion Premises desired by and performed by Tenant (subject to
Landlord’s supervision) and which improvements shall be of a fixed and permanent nature (the “Expansion Improvements”). Tenant acknowledges that (i) Landlord’s prior written consent shall be required with respect to
the Expansion Improvements (which consent shall be granted or withheld in accordance with the standards established in Section 12 of the Lease), and (ii) upon the expiration of the Term of the Lease, the Expansion Improvements shall
become the property of Landlord and may not be removed by Tenant. Except for the TI Allowance, Tenant shall be solely responsible for all of the costs of the Expansion Improvements. The Expansion Improvements shall be treated as Alterations and
shall be undertaken pursuant to Section 12 of the Lease. Landlord shall have the right to approve the contractor for the Expansion Improvements. Landlord shall not unreasonably delay its approval of such contractor. Landlord shall fund
the TI Allowance upon completion of the Expansion Improvements and upon presentation to Landlord of a draw request containing unconditional lien waivers and such other documents as are customary for construction projects in the Mountain View area.
Promptly following completion of the Expansion Improvements and prior to funding by Landlord, Tenant shall provide to Landlord: (i) sworn statements setting forth the names of all contractors and subcontractors who did work on the Expansion
Improvements and final lien waivers from all such contractors and subcontractors; and (ii) “as built” plans for the Expansion Improvements. 
 6. Right to Extend Term. Effective as of the Expansion Premises Commencement Date, Section 39 of the Lease is hereby deleted in its entirety and replaced with the following: 
  

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 “39. Right to Extend Term. 
 (a) Tenant shall have 2 options (each, an “Extension Right”) to extend the Term of this Lease for additional terms of 3
to 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than as to the amount of Base Rent) by giving Landlord written notice (the “Election Notice”) of its election to
exercise the Extension Right and the desired length of the Extension Term at least 9 months prior, and no earlier than 12 months prior, to the expiration of the Base Term of the Lease or, if applicable, the expiration of the initial Extension Term.
If Tenant fails to specify the length of the desired Extension Term in the Extension Notice, Tenant shall be deemed to have elected to extend the Term for 3 years. 
 Base Rent for the first and second years of the initial Extension Term shall be $77,447.44 per month. Thereafter, Base Rent shall be
adjusted on each annual anniversary of the commencement of the initial Extension Term by multiplying the Base Rent payable immediately before such adjustment by 3.5% and adding the resulting amount to the Base Rent payable immediately before each
adjustment. 
 Upon the commencement of the second Extension Term, Base Rent shall be equal to the greater of the Base Rent
payable during the last year of the initial Extension Term or the then prevailing Market Rate (as defined below). Thereafter, Base Rent shall be adjusted on each annual anniversary of the commencement of the second Extension Term by multiplying the
Base Rent payable immediately before such adjustment by 3.5% and adding the resulting amount to the Base Rent payable immediately before each adjustment. As used herein, “Market Rate” shall mean the then market rental rate as
determined by Landlord and agreed to by Tenant. 
 If, on or before the date which is 180 days prior to the expiration of the
second Extension Term of this Lease, Tenant has not agreed with Landlord’s determination of the Market Rate, the parties shall be deemed to have elected arbitration as described in Section 39(b). Tenant acknowledges and agrees that,
if Tenant has elected to exercise an Extension Right by delivering an Extension Notice to Landlord as required pursuant to this Section 39(a), Tenant shall have no right thereafter to rescind or elect not to extend the term of the Lease
for the applicable Extension Term. 
 (b) Arbitration. 
 (i) Within 10 days of parties deemed election to arbitrate Market Rate, each party shall deliver to the other a proposal containing the
Market Rate that the submitting party believes to be correct (“Extension Proposal”). If either party fails to timely submit an Extension Proposal, the other party’s submitted proposal shall determine the Base Rent for the
Extension Term. If both parties submit Extension Proposals, then Landlord and Tenant shall meet 

  

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within 7 days after delivery of the last Extension Proposal and make a good faith attempt to mutually appoint a single Arbitrator (and defined below) to
determine the Market Rate. If Landlord and Tenant are unable to agree upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an Arbitrator. If either party fails to timely give
notice of its selection for an Arbitrator, the other party’s submitted proposal shall determine the Base Rent for the Extension Term. The 2 Arbitrators so appointed shall, within 5 business days after their appointment, appoint a third
Arbitrator. If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator by application to
any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior written notice to the other party of such intent. 
 (ii) The decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator,
as applicable. The decision of the single Arbitrator shall be final and binding upon the parties. The average of the two closest Arbitrators in a three Arbitrator panel shall be final and binding upon the parties. Each party shall pay the fees and
expenses of the Arbitrator appointed by or on behalf of such party and the fees and expenses of the third Arbitrator shall be borne equally by both parties. If the Market Rate is not determined by the first day of the second Extension Term, then
Tenant shall pay Landlord Base Rent in an amount equal to the Base Rent in effect immediately prior to the second Extension Term until such determination is made. After the determination of the Market Rate, the parties shall make any necessary
adjustments to such payments made by Tenant. Landlord and Tenant shall then execute an amendment recognizing the Market Rate for the second Extension Term. 
 (iii) An “Arbitrator” shall be any person appointed by or on behalf of either party or appointed pursuant to the provisions hereof and: (i) shall be (A) a member of the American Institute of
Real Estate Appraisers with not less than 10 years of experience in the appraisal of improved office and high tech industrial real estate in the greater San Francisco metropolitan area, or (B) a licensed commercial real estate broker with not
less than 15 years experience representing landlords and/or tenants in the leasing of high tech or life sciences space in the greater San Francisco metropolitan area, (ii) devoting substantially all of their time to professional appraisal or
brokerage work, as applicable, at the time of appointment and (iii) be in all respects impartial and disinterested. 
 (c) Rights Personal. The Extension Right is personal to Tenant and is not assignable without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord
to an assignment of Tenant’s interest in the Lease. 
  

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 (d) Exceptions. Notwithstanding anything set forth above to the contrary, the
Extension Right shall not be in effect and Tenant may not exercise the Extension Right: 
 (i) during any period of time that
Tenant is in Default under any provision of this Lease; or 
 (ii) if Tenant has been in Default under any provision of this
Lease 3 or more times during the Term, whether or not the Defaults are cured, during the 12 month period immediately prior to the date that Tenant intends to exercise the Extension Right, whether or not the Defaults are cured. 
 (e) No Extensions. The period of time within which the Extension Right may be exercised shall not be extended or enlarged by reason
of Tenant’s inability to exercise the Extension Right. 
 (f) Termination. The Extension Right shall terminate and
be of no further force or effect even after Tenant’s due and timely exercise of the Extension Right, if, after such exercise, but prior to the commencement date of the Extension Term, (i) Tenant fails to timely cure any default by Tenant
under this Lease; or (ii) Tenant has Defaulted 3 or more times during the period from the date of the exercise of the Extension Right to the date of the commencement of the Extension Term, whether or not such Defaults are cured.”

 7. Miscellaneous. 
 (a) This
Second Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written agreements and discussions with respect to the matters addressed herein. This Second
Amendment may be amended only by an agreement in writing, signed by the parties hereto. 
 (b) This Second Amendment is binding upon and
shall inure to the benefit of the parties hereto, their respective agents, employees, representatives, officers, directors, divisions, subsidiaries, affiliates, assigns, heirs, successors in interest and shareholders. 
 (c) This Second Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when taken together
shall constitute one and the same instrument. The signature page of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical
thereto except having additional signature pages executed by other parties to this Second Amendment attached thereto. 
  

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 (d) Landlord and Tenant each represent and warrant that it has not dealt with any broker, agent or other
person (collectively “Broker”) in connection with this Second Amendment other than Colliers Parrish. Landlord and Tenant each hereby agree to indemnify and hold the other harmless from and against any claims by any Broker other than
a payment of $10,000 to Colliers Parrish claiming a commission or other form of compensation by virtue of having dealt with Tenant or Landlord, as applicable, with regard to this Second Amendment. The payment to Colliers Parish shall be made by
Landlord pursuant to the terms of a separate written agreement between Colliers Parrish and Landlord. 
 (e) Except as amended and/or
modified by this Second Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease shall remain in full force and effect unaltered and unchanged by this Second Amendment. In the event of any conflict between the
provisions of this Second Amendment and the provisions of the Lease, the provisions of this Second Amendment shall prevail. Whether or not specifically amended by this Amendment, all of the terms and provisions of the Lease are hereby amended to the
extent necessary to give effect to the purpose and intent of this Second Amendment. 
 [signatures on next page] 
  

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 IN WITNESS WHEREOF, this Second Amendment to Lease has been duly executed and delivered by
Landlord and Tenant as of the date first above written. 
  

							
	 TENANT:

	
	 MAP PHARMACEUTICALS, INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ Timothy S. Nelson

	 Its:
	 	President and CEO
	
	 LANDLORD:

	
	 ARE-2425/2400/2450 GARCIA BAYSHORE, LLC,
 a Delaware limited liability company

			
		 	By:	 	ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
		 		 	 a Delaware limited partnership,
 managing
member

			
		 	By:	 	ARE-QRS CORP.,
		 		 	a Maryland corporation,
		 		 	general partner
				
		 		 	By:	 	 /s/ Jennifer Pappas

		 		 	Its:	 	VP

  

 7Venture Loan and Security Agreement

 EXHIBIT 10.16 
 VENTURE LOAN AND SECURITY AGREEMENT 
 Dated as of September 14, 2006 
 by and among 
 HORIZON TECHNOLOGY FUNDING
COMPANY LLC, 
 a Delaware limited liability company 
 76 Batterson Park Road 
 Farmington, Connecticut 06032 
 as a Lender 
 and 
 SILICON VALLEY BANK, 
 a California bank 
 2400 Geng Road, Suite 200 
 Palo Alto,
California 94303 
 as a Lender 
 and 
 MAP PHARMACEUTICALS, INC., 
 a Delaware corporation 
 2400 Bayshore Parkway, Suite 200 
 Mountain View, California 94043 
 as a Borrower 
 Commitment Amount Loan A (Horizon): $1,600,000 
 Commitment Amount Loan A
(Silicon): $400,000 
 Commitment Amount Loan B (Horizon): $2,400,000 
 Commitment Amount Loan B (Silicon): $1,600,000 
 Commitment Amount Loan C (Horizon): $4,000,000 
 Commitment Termination Date Loan A: September 30, 2006 
 Commitment
Termination Date Loan B: December 31, 2006 
 Commitment Termination Date Loan C: December 31, 2006 

 THIS VENTURE LOAN AND SECURITY AGREEMENT (this “Agreement”) is made by and among MAP
PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”); HORIZON TECHNOLOGY FUNDING COMPANY LLC, a Delaware limited liability company (“Horizon”) and SILICON VALLEY BANK, a California bank
(“Silicon” and collectively with Horizon, “Lenders”). Lenders and Borrower hereby agree as follows: 
 AGREEMENT 
 1. Definitions and Construction. 
 1.1 Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 
 “Account Control Agreement” means an agreement acceptable to Lenders which perfects via control Lenders’ security interest in
Borrower’s deposit accounts and/or accounts holding securities. 
 “Affiliate” means any Person that owns or controls
directly or indirectly ten percent (10%) or more of the stock of another entity, any Person that controls or is controlled by or is under common control with such Persons or any Affiliate of such Persons and each of such Person’s officers,
directors, joint venturers or partners. 
 “Agreement” means this certain Venture Loan and Security Agreement by and among
Borrower and Lenders dated as of the date on the cover page hereto (as it may from time to time be amended or supplemented in writing and signed by the Borrower and Lenders). 
 “Borrower” has the meaning given in the preamble to this Agreement. 
 “Borrower’s Home State” means California. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banking institutions are authorized or required to close in Connecticut or Borrower’s Home State. 
 “Claim” has the meaning given such term in Section 10.3(a) of this Agreement 
 “Code” means the Uniform Commercial Code as adopted and in effect in the State of California, as amended from time to time;
provided that if by reason of mandatory provisions of law, the creation and/or perfection or the effect of perfection or non-perfection of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than California, the term “Code” shall also mean the Uniform Commercial Code as in effect from time to time in such jurisdiction for purposes of the provisions hereof relating to such creation, perfection or effect of
perfection or non-perfection. 
 “Collateral” has the meaning given such term in Section 4.1 of this Agreement.

 “Commitment Amount” means collectively, Commitment Amount Loan A (Silicon), Commitment
Amount Loan A (Horizon), Commitment Amount Loan B (Silicon), Commitment Amount Loan B (Horizon) and Commitment Amount Loan C (Horizon). 
 “Commitment Amount Loan A (Horizon),” “Commitment Amount Loan A (Silicon),” “Commitment Amount Loan B (Horizon),” “Commitment Amount Loan B (Silicon)” and
“Commitment Amount Loan C (Horizon)” each have the respective meanings as set forth on the cover page of this Agreement. 
 “Commitment Fee” has the meaning given to such term in Section 2.6(c) of this Agreement. 
 “Commitment Termination Date” “Commitment Termination Date” means collectively, Commitment Termination Date Loan A, Commitment Termination Date Loan B and Commitment Termination Date Loan C. 
 “Commitment Termination Date Loan A,” “Commitment Termination Date Loan B” and “Commitment Termination Date
Loan C” each have the respective meanings as set forth on the cover page of this Agreement. 
 “Default” means any
event which with the passing of time or the giving of notice or both would become an Event of Default hereunder. 
 “Default
Rate” means the per annum rate of interest equal to five percent (5%) over the Loan Rate, but such rate shall in no event be more than the highest rate permitted by applicable law to be charged on commercial loans in a default
situation. 
 “DHE Particle Manufacturing Equipment” means that certain manufacturing equipment held at the premises of
Borrower’s contract manufacturer in Albany, New York. 
 “Disclosure Schedule” means Exhibit A attached hereto.

 “Environmental Law” means any foreign, federal, state or local law, statute, common law duty, rule, regulation, ordinance
and code, together with any administrative order, directed duty, request, license, authorization and permit of, and agreement with, any Governmental Authorities, in each case relating to environmental, health, safety and land use matters, including
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Clean Air Act, the Federal Water Pollution Control Act of 1972, the Solid Waste Disposal Act, the Federal Resource Conservation and Recovery Act, the Toxic
Substances Control Act and the Emergency Planning and Community Right-to-Know Act. 
 “Equity Securities” of any Person
means (a) all common stock, preferred stock, participations, shares, partnership interests, membership interests or other equity interests in and of such Person (regardless of how designated and whether or not voting or non-voting) and
(b) all warrants, options and other rights to acquire any of the foregoing. 
 “ERISA” has the meaning given to such
term in Section 7.12 of this Agreement. 
  

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 “Event of Default” has the meaning given to such term in Section 8, of this
Agreement. 
 “Funding Certificate” means a certificate executed by a Responsible Officer of Borrower substantially in the
form of Exhibit B or such other form as Lenders may agree to accept. 
 “Funding Date” means any date on which a Loan
is made to or on account of Borrower under this Agreement. 
 “GAAP” means generally accepted accounting principles as in
effect in the United States of America from time to time, consistently applied. 
 “Good Faith Deposit” has the meaning
given to such term in Section 2.6(a) of this Agreement. 
 “Governmental Authority” means (a) any federal,
state, county, municipal or foreign government, or political subdivision thereof, (b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public body, (c) any court or
administrative tribunal, or (d) with respect to any Person, any arbitration tribunal or other non-governmental authority to whose jurisdiction that Person has consented. 
 “Hazardous Materials” means all those substances which are regulated by, or which may form the basis of liability under, any
Environmental Law, including all substances identified under any Environmental Law as a pollutant, contaminant, hazardous waste, hazardous constituent, special waste, hazardous substance, hazardous material, or toxic substance, or petroleum or
petroleum derived substance or waste. 
 “Horizon” has the meaning given to such term in the preamble to this Agreement.

 “Indebtedness” means, with respect to Borrower or any Subsidiary, the aggregate amount of, without duplication,
(a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of
property or services (excluding trade payables aged less than one hundred eighty (180) days), (d) all capital lease obligations of such Person, (e) all obligations or liabilities of others secured by a Lien on any asset of such
Person, whether or not such obligation or liability is assumed, (f) all obligations or liabilities of others guaranteed by such Person, and (g) any other obligations or liabilities which are required by GAAP to be shown as debt on the
balance sheet of such Person. Unless otherwise indicated, the term “Indebtedness” shall include all Indebtedness of Borrower and any Subsidiary. 
 “Indemnified Person” has the meaning given such term in Section 10.3 of this Agreement. 
 “Intellectual Property” means all of Borrower’s right, title and interest in and to patents, patent rights (and applications and registrations therefor), trademarks and service marks (and applications and registrations
therefor), inventions, copyrights, mask works (and applications and registrations therefor), trade names, trade styles, software and computer programs, source code, object code, trade secrets, methods, processes, know how, drawings, specifications,
descriptions, and all memoranda, notes, and records with respect to any research and development, all whether now owned or subsequently acquired or developed by Borrower and whether in tangible or 

  

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intangible form or contained on magnetic media readable by machine together with all such magnetic media (but not including embedded computer programs and
supporting information included within the definition of “goods” under the Code). 
 “Investment” means the
purchase or acquisition of any capital stock, equity interest, or any obligations or other securities of, or any interest in, any Person, or the extension of any advance, loan, extension of credit or capital contribution to, or any other investment
in, or deposit with, any Person. 
 “Landlord Agreement” means an agreement substantially in the form provided by Lenders to
Borrower or such other form as Lenders may agree to accept. 
 “Lender” means individually, each of the Lenders, and
“Lenders” has the meaning given in the preamble to this Agreement. 
 “Lenders’ Expenses” means all
reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, negotiation, documentation, administration and funding of the Loan Documents; and Lenders’ reasonable
attorneys’ fees, costs and expenses incurred in amending, modifying, enforcing or defending the Loan Documents (including fees and expenses of appeal or review), including the exercise of any rights or remedies afforded hereunder or under
applicable law, whether or not suit is brought, whether before or after bankruptcy or insolvency, including without limitation all fees and costs incurred by Lenders in connection with Lenders’ enforcement of their rights in a bankruptcy or
insolvency proceeding filed by or against Borrower or Collateral. 
 “Lien” means any voluntary or involuntary security
interest, pledge, bailment, lease, mortgage, hypothecation, conditional sales and title retention agreement, encumbrance or other lien with respect to any Property in favor of any Person. 
 “Loan A” means collectively, Loan A (Silicon) and Loan A (Horizon). 
 “Loan A (Silicon)” means the first advance of credit to Borrower under this Agreement in the Commitment Amount Loan A (Silicon).

 “Loan A (Horizon)” means the first advance of credit to Borrower under this Agreement in the Commitment Amount Loan A
(Horizon). 
 “Loan B” means collectively, Loan B (Silicon) and Loan B (Horizon). 
 “Loan B (Silicon)” means the second advance of credit to Borrower under this Agreement in the Commitment Amount Loan B (Silicon).

 “Loan B (Horizon)” means the second advance of credit to Borrower under this Agreement in the Commitment Amount Loan B
(Horizon). 
 “Loan C (Horizon)” means the third advance of credit to Borrower under this Agreement in the Commitment Amount
Loan C (Horizon). 
  

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 “Loan Documents” means, collectively, this Agreement, the Notes, any Landlord Agreement,
any Account Control Agreement and all other documents, instruments and agreements entered into in connection with this Agreement, all as amended or extended from time to time. 
 “Loan Rate” means the greater of (a) 11.65% or (b) 11.65% plus the difference between (i) the Prime Rate (rounded to the
nearest one hundredth percent), as reported in the Wall Street Journal, on the date which is five (5) Business Days before the Funding Date for such Loan (or, if the Wall Street Journal is not published on such date, the next
earlier date on which it is published) and (ii) 8.0%. The Loan Rate will then be fixed for the term of the Loan. 
 “Material
Subsidiary” has the meaning given such term in Section 6.13 of this Agreement. 
 “Maturity Date”
means, with respect to each Loan, July 1, 2010, or if earlier, the date of acceleration of such Loan following an Event of Default or the date of prepayment, whichever is applicable. 
 “Note” means each promissory note executed in connection with a Loan in substantially the form of Exhibit C attached hereto, and,
collectively, “Notes” means all such promissory notes. 
 “Obligations” means all debt, principal,
interest, fees, charges, expenses and attorneys’ fees and costs and other amounts, obligations, covenants, and duties owing by Borrower to of any kind and description (whether pursuant to or evidenced by the Loan Documents (other than the
Warrant), or by any other agreement between Lenders and Borrower, and whether or not for the payment of money), whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, including all Lenders’
Expenses. 
 “Officer’s Certificate” means a certificate executed by a Responsible Officer substantially in the form of
Exhibit E or such other form as Lenders may agree to accept. 
 “Payment Date” has the meaning given such term in
Section 2.2(a) of this Agreement. 
 “Permitted Indebtedness” means and includes: 
 (a) Indebtedness of Borrower to Lenders; 
 (b) Indebtedness of Borrower secured by Liens permitted under clause (e) of the definition of Permitted Liens; 
 (c)
Indebtedness arising from the endorsement of instruments in the ordinary course of business; 
 (d) Indebtedness existing on the date hereof
and set forth on the Disclosure Schedule; and 
  

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 (e) other Indebtedness in an aggregate amount not exceeding One Hundred Thousand Dollars ($100,000) at
any time outstanding. 
 “Permitted Investments” means and includes any of the following Investments as to which Lenders
have a perfected security interest: 
 (a) Deposits and deposit accounts with commercial banks organized under the laws of the United States
or a state thereof to the extent: (i) the deposit accounts of each such institution are insured by the Federal Deposit Insurance Corporation up to the legal limit; and (ii) each such institution has an aggregate capital and surplus of not
less than One Hundred Million Dollars ($100,000,000). 
 (b) Investments in marketable obligations issued or fully guaranteed by the United
States and maturing not more than one (1) year from the date of issuance. 
 (c) Investments in open market commercial paper rated at
least “Al” or “P 1” or higher by a national credit rating agency and maturing not more than one (1) year from the creation thereof. 
 (d) Investments allowed under the MAP Pharmaceuticals, Inc. Investment Policy and Guidelines dated September 28, 2005, as provided to Lenders. 
 (e) Investments pursuant to or arising under currency agreements or interest rate agreements entered into in the ordinary course of business.

 (f) Other Investments aggregating not in excess of Five Hundred Thousand Dollars ($500,000) at any time. 
 “Permitted Liens” means and includes: 
 (a) the Lien created by this Agreement; 
 (b) Liens for fees, taxes, levies, imposts, duties or other
governmental charges of any kind which are not yet delinquent or which are being contested in good faith by appropriate proceedings which suspend the collection thereof (provided that such appropriate proceedings do not involve any
substantial danger of the sale, forfeiture or loss of any material item of the Collateral which in the aggregate is material to Borrower and that Borrower has adequately bonded such Lien or reserves sufficient to discharge such Lien have been
provided on the books of Borrower); 
 (c) Liens identified on the Disclosure Schedule; 
 (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other similar Liens arising in the ordinary course of
business and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings (provided that such appropriate proceedings do not involve any substantial danger of the sale,
forfeiture or loss of any material item of Collateral or Collateral which in the aggregate is material to Borrower and that Borrower has adequately bonded such Lien or reserves sufficient to discharge such Lien have been provided on the books of
Borrower); 
  

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 (e) Liens upon any equipment or other personal property acquired by Borrower in an aggregate amount not
to exceed Two Million Dollars ($2,000,000); provided, however, that upon completion of Borrower’s Subsequent Financing, such amount shall not exceed an aggregate amount of Three Million Dollars ($3,000,000), to secure (i) the
purchase price of such equipment or other personal property, or (ii) lease obligations or indebtedness incurred solely for the purpose of financing the acquisition of such equipment or other personal property; provided that (A) such
Liens are confined solely to the equipment or other personal property so acquired and the amount secured does not exceed the acquisition price thereof, and (B) no such Lien shall be created, incurred, assumed or suffered to exist in favor of
Borrower’s officers, directors or shareholders holding five percent (5%) or more of Borrower’s Equity Securities; and 
 (f)
licenses or assignments of components of Intellectual Property in connection with joint ventures or corporate collaborations entered into in the ordinary course of business, including the licensing or assignment of Borrower’s cyclophilin
inhibitor platform. 
 “Person” means and includes any individual, any partnership, any corporation, any business trust, any
joint stock company, any limited liability company, any unincorporated association or any other entity and any domestic or foreign national, state or local government, any political subdivision thereof, and any department, agency, authority or
bureau of any of the foregoing. 
 “Property” means any interest in any kind of property or asset, whether real, personal or
mixed, whether tangible or intangible. 
 “Rights of Payment” has the meaning given to such term in
Section 4.1(g) of this Agreement. 
 “Responsible Officer” has the meaning given to such term in
Section 6.3 of this Agreement. 
 “Scheduled Payments” has the meaning given to such term in
Section 2.2(a) of this Agreement. 
 “Silicon” has the meaning given to such term in the preamble to this
Agreement. 
 “Solvent” has the meaning given such term in Section 5.11 of this Agreement. 
 “Subordinated Debt” means indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to
Lenders (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Lenders entered into between Lenders and the other creditor), on terms acceptable to Lenders at their sole discretion. 

“Subsequent Financing” means any (i) private equity financing, (ii) subordinated debt financing or (iii) partnering
arrangement, in which Borrower receives after the date of this Agreement, in the aggregate, from any transaction described in clauses (i), (ii) or (iii) above, at least Twenty Million Dollars ($20,000,000) of net proceeds. 
  

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 “Subsidiary” means any corporation or other entity of which a majority of the
outstanding Equity Securities entitled to vote for the election of directors or other governing body (otherwise than as the result of a default) is owned by Borrower directly or indirectly through any Subsidiary. 
 “Third Party Equipment” has the meaning given such term in Section 4.8 of this Agreement. 
 “Transfer” has the meaning given such term in Section 7.4 of this Agreement. 
 “Warrant” means the separate warrant or warrants dated on or about the date hereof in favor of Lenders or their respective designees to
purchase securities of Borrower. 
 1.2 Construction. References in this Agreement to “Articles,” “Sections,”
“Exhibits,” “Schedules” and “Annexes” are to recitals, articles, sections, exhibits, schedules and annexes herein and hereto unless otherwise indicated. References in this Agreement and each of the other Loan Documents
to any document, instrument or agreement shall include (a) all exhibits, schedules, annexes and other attachments thereto, (b) all documents, instruments or agreements issued or executed in replacement thereof, and (c) such document,
instrument or agreement, or replacement or predecessor thereto, as amended, modified and supplemented from time to time and in effect at any given time. The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement or any other Loan Document shall refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case
may be. The words “include” and “including” and words of similar import when used in this Agreement or any other Loan Document shall not be construed to be limiting or exclusive. Unless otherwise indicated in this Agreement or
any other Loan Document, all accounting terms used in this Agreement or any other Loan Document shall be construed, and all accounting and financial computations hereunder or thereunder shall be computed, in accordance with GAAP, and all terms
describing Collateral shall be construed in accordance with the Code. The terms and information set forth on the cover page of this Agreement are incorporated into this Agreement. 
  

	2.	Loans; Repayment. 

 2.1 Commitment.

 (a) The Commitment Amount. Subject to the terms and conditions of this Agreement and relying upon the representations and
warranties herein set forth as and when made or deemed to be made, Horizon agrees to lend to Borrower prior to the Commitment Termination Date Loan A, Loan A (Horizon). Subject to the terms and conditions of this Agreement and relying upon the
representations and warranties herein set forth as and when made or deemed to be made, Silicon agrees to lend to Borrower prior to the Commitment Termination Date Loan A, Loan A (Silicon). Subject to the terms and conditions of this Agreement and
relying upon the representations and warranties herein set forth as and when made or deemed to be made, Horizon agrees to lend to Borrower prior to the Commitment 

  

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Termination Date Loan B, Loan B (Horizon). Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein
set forth as and when made or deemed to be made, Silicon agrees to lend to Borrower prior to the Commitment Termination Date Loan B, Loan B (Silicon). On or after November 1, 2006, subject to the terms and conditions of this Agreement, and
relying upon the representations and warranties herein set forth as and when made or deemed to be made, Horizon agrees to lend to Borrower prior to the Commitment Termination Date Loan C, Loan C (Horizon). 
 (b) The Loans and the Notes. The obligation of Borrower to repay the unpaid principal amount of and interest on each Loan made under this
Agreement shall be evidenced by a single promissory note in favor of such Lender in the form of Exhibit C attached hereto, duly completed, executed and delivered to such Lender dated on or about the Funding Date for such Loan and made payable
to such Lender. Borrower hereby authorizes each Lender to record on its Note or on its internal computerized records, the principal amount of such Loan and of each payment of principal received by such Lender on account of such Loan, which
recordance, in the absence of manifest error, shall be conclusive as to the outstanding principal balance of such Loan; provided that, the failure to make such recordation with respect to any Loan or payment shall not limit or otherwise
affect the obligations of the Borrower under this Agreement, the Notes or the other Loan Documents. 
 (c) Use of Proceeds. The
proceeds of each Loan shall be used solely for working capital or general corporate purposes of Borrower. 
 (d) Termination of
Commitment to Lend. Notwithstanding anything in the Loan Documents, Lenders’ obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole
election, the occurrence of any Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of their respective Commitment Amount to Borrower
shall terminate if, in Lender’s sole judgment, there has been a material adverse change in the general affairs, results of operations, or financial condition of Borrower, whether or not arising from transactions in the ordinary course of
business, or there has been any material adverse deviation by Borrower from the business plan of Borrower presented to Lenders on or before the date of this Agreement. 
 2.2 Payments. 
 (a) Scheduled Payments. Borrower shall make payments of accrued interest only
on the outstanding principal amount of Loan A, Loan B and Loan C (Horizon) on the Payment Dates specified in the Note applicable to such Loan through and including January 1, 2008. Thereafter, Borrower shall make thirty (30) level payments
of principal plus accrued interest on the outstanding principal amount of each Loan on each subsequent Payment Date as set forth in the Note applicable to such Loan (collectively, the “Scheduled Payments”). Borrower shall make such
Scheduled Payments commencing on the date set forth in the Note applicable to such Loan and continuing thereafter on the first Business Day of each calendar month (each a “Payment Date”) through the Maturity Date. In any event, all
unpaid principal and accrued interest shall be due and payable in full on the Maturity Date. 
  

 9 

 (b) Interim Payment. Unless the Funding Date for a Loan is the first day of a calendar month,
Borrower shall pay the per diem interest (accruing at the Loan Rate from such Funding Date through the last day of that month) payable with respect to such Loan on the first Business Day of the next calendar month. 
 (c) Payment of Interest. Borrower shall pay interest on each Loan at a per annum rate of interest equal to the Loan Rate. All computations of
interest (including interest at the Default Rate, if applicable) shall be based on a year of twelve 30-day months. Notwithstanding any other provision hereof, the amount of interest payable hereunder shall not in any event exceed the maximum amount
permitted by the law applicable to interest charged on commercial loans. 
 (d) Application of Payments. All payments received by
Lenders prior to an Event of Default shall be applied as follows: (1) first, to Lenders’ Expenses then due and owing; and (2) second to all Scheduled Payments then due and owing (provided, however, if such payments are
not sufficient to pay the whole amount then due, such payments shall be applied first to unpaid interest at the Loan Rate, then to the remaining amount then due). After an Event of Default, all payments and application of proceeds shall be made as
set forth in Section 9.7. 
 (e) Late Payment Fee. Borrower shall pay to Lenders a late payment fee equal to two percent
(2%) of any Scheduled Payment not paid within five (5) days of when due. 
 (f) Default Rate. Borrower shall pay interest
at a per annum rate equal to the Default Rate on any amounts required to be paid by Borrower under this Agreement or the other Loan Documents (including Scheduled Payments), payable with respect to any Loan, accrued and unpaid interest, and any fees
or other amounts which remain unpaid after such amounts are due. If an Event of Default has occurred and the Obligations have been accelerated (whether automatically or by Lenders’ election), Borrower shall pay interest on the aggregate,
outstanding accelerated balance hereunder from the date of the Event of Default until all Events of Default are cured, at a per annum rate equal to the Default Rate. 
 2.3 Prepayments. 
 (a) Mandatory Prepayment Upon an Acceleration. If the Loans are accelerated
following the occurrence of an Event of Default pursuant to Section 9.1(a) hereof, then Borrower, in addition to any other amounts which may be due and owing hereunder with respect to the Loans, shall immediately pay to the Lenders the amount
set forth in Section 2.3(b) below, as if the Borrower had opted to prepay on the date of such acceleration. 
 (b) Voluntary
Prepayment of Loans. Upon ten (10) Business Days’ prior written notice to Lenders, Borrower may, at its option, at any time, prepay all of the Loans by paying to Lenders an amount equal to (i) any accrued and unpaid interest on
the outstanding principal balance of the Loans; (ii) for each Loan, an amount equal to (A) if such Loan is prepaid within twenty-four (24) months from the Funding Date thereof, five (5%) percent of the then outstanding principal
balance of such Loan or (B) if such Loan is prepaid more than twenty-four 

  

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(24) months from the Funding Date thereof, three (3%) percent of the then outstanding principal balance of such Loan, as applicable; (iii) the
outstanding principal balance of such Loan; and (iv) all other sums, if any, that shall have become due and payable hereunder to Lenders. 
 2.4 Other Payment Terms. 
 (a) Place and Manner. Borrower shall make all payments due to Lenders in lawful money of
the United States. All payments of principal, interest, fees and other amounts payable by Borrower hereunder shall be made, in immediately available funds, not later than 1:00 p.m. Connecticut time, on the date on which such payment is due. Silicon
may debit any of Borrower’s deposit accounts, for all principal and interest payments or any other amounts Borrower owes any Lender when due. 
 (b) Date. Whenever any payment is due hereunder on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of interest or fees,
as the case may be. 
 2.5 Procedure for Making the Loans. 
 (a) Notice. Borrower shall notify Lenders of the date on which Borrower desires Lenders to make any Loan at least five (5) Business Days in
advance of the desired Funding Date, unless Lenders elect at their sole discretion to allow the Funding Date to be within five (5) Business Days of Borrower’s notice. Borrower’s execution and delivery to each Lender of a Note shall be
Borrower’s agreement to the terms and calculations thereunder with respect to the Loans. Lenders’ obligation to make any Loan shall be expressly subject to the satisfaction of the conditions set forth in Section 3. 

(b) Loan Rate Calculation. Prior to the Funding Date, Lenders shall establish the Loan Rate with respect to the Loans, which shall be set
forth in the Notes to be executed by Borrower with respect to the Loans and shall be conclusive in the absence of a manifest error. 
 (c)
Disbursement. Lenders shall disburse the proceeds of each Loan by wire transfer to Borrower at the account specified in the Funding Certificate for such Loan. 
 2.6 Good Faith Deposit; Legal and Closing Expenses; and Commitment Fee. 
 (a) Good Faith
Deposit. Borrower has delivered to Horizon a good faith deposit in the amount of Sixty Five Thousand Dollars ($65,000) (the “Good Faith Deposit”). The Good Faith Deposit will be utilized to pay a portion of the amounts due to
Lenders under Section 2.6(b) below and the balance will be applied to the Commitment Fee. 
 (b) Legal, Due Diligence and
Documentation Expenses. Borrower shall pay to Lenders concurrently with its execution and delivery of this Agreement Lenders’ legal, due diligence and documentation expenses in connection with the negotiation and documentation of this
Agreement and the Loan Documents, which amount shall not exceed Fifteen Thousand Dollars ($15,000). 
  

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 (c) Commitment Fee. Borrower shall pay Lenders concurrently with its execution and delivery of
this Agreement a commitment fee in the amount of Sixty Five Thousand Dollars ($65,000) (the “Commitment Fee”). The Commitment Fee shall be retained by Lenders and be deemed fully earned upon receipt. 
 3. Conditions of Loan. 
 3.1
Conditions Precedent to Closing. At the time of the execution and delivery of this Agreement, Lenders shall have received, in form and substance reasonably satisfactory to Lenders, all of the following (unless Lenders have agreed to waive
such condition or document, in which case such condition or document shall be a condition precedent to the making of any Loan and shall be deemed added to Section 3.2): 
 (a) Loan Agreement. This Agreement duly executed by Borrower and Lenders. 
 (b) Warrant. The Warrant duly executed by Borrower. 
 (c) Secretary’s Certificate. A certificate of the secretary or assistant secretary of Borrower with copies of the following documents attached: (i) the certificate of incorporation and bylaws of
Borrower certified by Borrower as being complete and in full force and effect on the date thereof, (ii) incumbency and representative signatures, and (iii) resolutions authorizing the execution and delivery of this Agreement, the Warrant
and the other Loan Documents. 
 (d) Good Standing Certificates. A good standing certificate from Borrower’s jurisdiction of
organization and the state in which Borrower’s principal place of business is located, each dated as of a recent date. 
 (e)
Certificate of Insurance. Evidence of the insurance coverage required by Section 6.8 of this Agreement. 
 (f)
Consents. All necessary consents of shareholders and other third parties with respect to the execution, delivery and performance of this Agreement, the Warrant and the other Loan Documents. 
 (g) Legal Opinion. A legal opinion from Borrower’s counsel covering the matters set forth in Exhibit D hereto. 
 (h) Account Control Agreements. Account Control Agreements for all of Borrower’s deposit accounts and accounts holding securities located in
the United States duly executed by all of the parties thereto, in the forms provided by Lenders. 
 (i) Other Documents. Such other
documents and completion of such other matters, as Lenders may reasonably deem necessary or appropriate. 
 3.2 Conditions Precedent to
Making a Loan. The obligation of Lenders to make the Loans is further subject to the following conditions: 
 (a) No Default. No
Default or Event of Default shall have occurred and be continuing. 
  

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 (b) Landlord Agreements. Upon request from Lenders, Borrower shall have provided Lenders with a
Landlord Agreement for each location where Borrower’s books and records and the Collateral is located (unless Borrower is the fee owner thereof). 
 (c) Note. Borrower shall have duly executed and delivered to each Lender a Note in the amount of such Lender’s Loan. 
 (d) UCC Financing Statements. Lenders shall have received such documents, instruments and agreements, including UCC financing statements or amendments to such financing statements, as Lenders shall reasonably
request to evidence the perfection and priority of the security interests granted to Lenders pursuant to Section 4. Borrower authorizes Lenders to file any UCC or PPSA financing statements, continuations of or amendments to such
financing statements it deems necessary to perfect their security interest in the Collateral. 
 (e) Funding Certificate. Borrower
shall have duly executed and delivered to Lenders a Funding Certificate for the Loans. 
 (f) Other Documents. Such other documents
and completion of such other matters, as Lenders may reasonably deem necessary or appropriate. 
 3.3 Covenant to Deliver. Borrower
agrees (not as a condition but as a covenant) to deliver to Lenders each item required to be delivered to Lenders as a condition to the Loans, if the Loans are advanced. Borrower expressly agrees that the extension of the Loans prior to the receipt
by Lenders of any such item shall not constitute a waiver by Lenders of Borrower’s obligation to deliver such item, and any such extension in the absence of a required item shall be in Lenders’ sole discretion. 
 4. Creation of Security Interest. 
 4.1 Grant of Security Interest. Borrower grants to each Lender for the ratable benefit of the Lenders, a valid, first priority, continuing security interest in all presently existing and hereafter acquired or arising Collateral in
order to secure prompt, full and complete payment of any and all Obligations and in order to secure prompt, full and complete performance by Borrower of each of its covenants and duties under each of the Loan Documents (other than the Warrant). The
“Collateral” shall mean and include all right, title, interest, claims and demands of Borrower in and to all personal property of Borrower, including without limitation, all of the following: 
 (a) All goods (and embedded computer programs and supporting information included within the definition of “goods” under the Code) and
equipment now owned or hereafter acquired, including, without limitation, all laboratory equipment, computer equipment, office equipment, machinery, fixtures, vehicles (including motor vehicles and trailers), and any interest in any of the
foregoing, and all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever located; 
  

 13 

 (b) All inventory now owned or hereafter acquired, including, without limitation, all merchandise, raw
materials, parts, supplies, packing and shipping materials, work in process and finished products including such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returns upon any accounts or
other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Borrower’s books relating to any of the foregoing; 
 (c) All contract rights and general intangibles (except to the extent included within the definition of Intellectual Property), now owned or hereafter
acquired, including, without limitation, goodwill, license agreements, franchise agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, software, computer programs, computer disks, computer tapes,
literature, reports, catalogs, design rights, income tax refunds, payment intangibles, commercial tort claims, payments of insurance and rights to payment of any kind; 
 (d) All now existing and hereafter arising accounts, contract rights, royalties, license rights, license fees and all other forms of obligations owing to Borrower arising out of the sale or lease of goods, the
licensing of technology or the rendering of services by Borrower (subject, in each case, to the contractual rights of third parties to require funds received by Borrower to be expended in a particular manner), whether or not earned by performance,
and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s books relating to any of the foregoing; 
 (e) All documents, cash, deposit accounts, letters of credit (whether or not the letter of credit is evidenced by a writing), certificates of deposit,
instruments, promissory notes, chattel paper (whether tangible or electronic) and investment property, including, without limitation, all securities, whether certificated or uncertificated, security entitlements, securities accounts, commodity
contracts and commodity accounts, and all financial assets held in any securities account or otherwise, wherever located, now owned or hereafter acquired and Borrower’s books relating to the foregoing; 
 (f) Any and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and proceeds thereof, including,
without limitation, insurance, condemnation, requisition or similar payments and proceeds of the sale or licensing of Intellectual Property to the extent such proceeds no longer constitute Intellectual Property; but 
 (g) Notwithstanding the foregoing, the Collateral shall not include any Intellectual Property; provided, however, that the Collateral
shall include all accounts receivables, accounts, and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to
Payment”). 
 4.2 Commercial Tort Claims. If Borrower shall at any time acquire a commercial tort claim, as defined in the
Code, Borrower shall immediately notify Lenders in writing signed by the applicable Borrower of the brief details thereof and grant to Lenders in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, with such writing to be in form and substance satisfactory to Lenders. 
  

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 4.3 Duration of Security Interest. Lenders’ security interest in the Collateral shall
continue until the payment in full and the satisfaction of all Obligations and termination of Lenders’ commitment to fund the Loans, whereupon such security interest shall terminate. Lenders shall, at Borrower’s sole cost and expense,
execute such further documents and take such further actions as may be reasonably necessary to make effective the release contemplated by this Section 4.3, including duly executing and delivering termination statements for filing in all
relevant jurisdictions under the Code. 
 4.4 Location and Possession of Collateral. The Collateral is and shall remain in the
possession of Borrower at the location listed on the cover page hereof or as set forth in the Disclosure Schedule. Borrower shall remain in full possession, enjoyment and control of the Collateral (except only as may be otherwise required by Lenders
for perfection of their security interest therein) and so long as no Event of Default has occurred, shall be entitled to manage, operate and use the same and each part thereof with the rights and franchises appertaining thereto; provided that
the possession, enjoyment, control and use of the Collateral shall at all times be subject to the observance and performance of the terms of this Agreement. 
 4.5 Delivery of Additional Documentation Required. Borrower shall from time to time execute and deliver to Lenders, at the request of Lenders, all financing statements and other documents Lenders may reasonably
request, in form satisfactory to Lenders, to perfect and continue Lenders’ perfected security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. 
 4.6 Right to Inspect. Lenders (through any of their officers, employees, or agents) shall have the right, upon reasonable prior notice, from time
to time during Borrower’s usual business hours, to inspect Borrower’s financial books and financial records and to make copies thereof and to inspect, test, and appraise the Collateral in order to verify Borrower’s financial condition
or the amount, condition of, or any other matter relating to, the Collateral. 
 4.7 Protection of Intellectual Property. Borrower
shall (i) protect, defend and maintain the validity and enforceability of its Intellectual Property and promptly advise Lenders in writing of material infringements, and (ii) not allow any Intellectual Property material to Borrower’s
business to be abandoned, forfeited or dedicated to the public without Lenders’ prior written consent. 
 4.8 Lien Subordination.
Lenders agree that the Liens granted to them hereunder in equipment and other personal property acquired by Borrower after the date hereof (“Third Party Equipment”) shall be subordinate to the Liens of future lenders providing
equipment financing and equipment lessors for Third Party Equipment; provided, that such Liens are confined solely to the equipment so financed and the proceeds thereof and are Permitted Liens. Notwithstanding the foregoing, the Obligations
hereunder shall not be subordinate in right of payment to any obligations to other equipment lenders or equipment lessors and Lenders’ rights and remedies hereunder shall not in any way be subordinate to the rights and remedies of any such
lenders or equipment lessors. So long as no Event of Default has occurred, 

  

 15 

 
Lenders agree to execute and deliver such agreements and documents as may be reasonably requested by Borrower from time to time which set forth the lien
subordination described in this Section 4.8 and are reasonably acceptable to Lenders. Lenders shall have no obligation to execute any agreement or document which would impose obligations, restrictions or lien priority on Lenders which
are less favorable to Lenders than those described in this Section 4.8. 
 5. Representations and Warranties. Except as
set forth in the Disclosure Schedule, Borrower represents and warrants as follows: 
 5.1 Organization and Qualification. Borrower is a
corporation duly organized and validly existing under the laws of its state or country of incorporation and qualified and licensed to do business in, and is in good standing in, any state or country in which the conduct of its business or its
ownership of Property requires that it be so qualified or in which the Collateral is located, except for such jurisdictions as to which any failure to so qualify would not have a material adverse effect on Borrower. 
 5.2 Authority. Borrower has all necessary power and authority to execute, deliver, and perform in accordance with the terms thereof, the Loan
Documents to which it is a party. Borrower has all requisite power and authority to own and operate its Property and to carry on its businesses as now conducted. 
 5.3 Conflict with Other Instruments, etc. Neither the execution and delivery of any Loan Document to which Borrower is a party nor the consummation of the transactions therein contemplated nor compliance with
the terms, conditions and provisions thereof will conflict with or result in a breach of any of the terms, conditions or provisions of the certificate of incorporation, the by-laws, or any other organizational documents of Borrower or any law or any
regulation, order, writ, injunction or decree of any court or governmental instrumentality or any material agreement or instrument to which Borrower is a party or by which it or any of its Property is bound or to which it or any of its Property is
subject, or constitute a default thereunder or result in the creation or imposition of any Lien, other than Permitted Liens. 
 5.4
Authorization; Enforceability. The execution and delivery of this Agreement, the granting of the security interest in the Collateral, the incurring of the Loans, the execution and delivery of the other Loan Documents to which Borrower is a
party and the consummation of the transactions herein and therein contemplated have each been duly authorized by all necessary action on the part of Borrower. No authorization, consent, approval, license or exemption of, and no registration,
qualification, designation, declaration or filing with, or notice to, any Person is, was or will be necessary to (i) the valid execution and delivery of any Loan Document to which Borrower is a party, (ii) the performance of
Borrower’s obligations under any Loan Document, or (iii) the granting of the security interest in the Collateral, except for filings in connection with the perfection of the security interest in any of the Collateral or the issuance of the
Warrant. The Loan Documents have been duly executed and delivered and constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by
bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of equity. 
  

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 5.5 No Prior Encumbrances. Borrower has good and marketable title to its Collateral, free and
clear of Liens except for Permitted Liens. Borrower has good title and ownership of, or is licensed under, all of its current Intellectual Property. Borrower has not received any communications alleging that it has violated, or by conducting its
business as proposed, would violate any proprietary rights of any other Person. Borrower has no knowledge of any infringement or violation by it of the intellectual property rights of any third party and has no knowledge of any violation or
infringement by a third party of any of its Intellectual Property. The Collateral and the Intellectual Property constitute substantially all of the assets and property of Borrower. 
 5.6 Name; Location of Chief Executive Office, Principal Place of Business and Collateral. Borrower has not done business under any name other than
that specified on the signature page hereof. Borrower’s jurisdiction of organization, chief executive office, principal place of business, and the place where it maintains its records concerning the Collateral are presently located in the
jurisdiction and at the addresses set forth on the cover page of this Agreement. The Collateral is presently located at the addresses set forth on the cover page hereof or as set forth in the Disclosure Schedule. 
 5.7 Litigation. There are no actions or proceedings pending by or against Borrower before any court or administrative agency in which an adverse
decision is reasonably expected to have a material adverse effect on Borrower or the aggregate value of the Collateral. Borrower has no knowledge of any such pending or threatened actions or proceedings. 
 5.8 Financial Statements. All financial statements relating to Borrower that have been delivered by Borrower to Lenders present fairly in all
material respects Borrower’s financial condition as of the date thereof and Borrower’s results of operations for the period then ended. 
 5.9 No Material Adverse Effect. No event has occurred and no condition exists which is reasonably expected to have a material adverse effect on the financial condition, business or operations of Borrower since December 31, 2005.

 5.10 Full Disclosure. The representations, warranties and other statements made by the Borrower in any Loan Document (including the
Disclosure Schedule), certificate or written statement furnished to Lenders, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained in such
certificates or statements not misleading. There is no fact known to Borrower which materially adversely affects its ability to perform their obligations under this Agreement. 
 5.11 Solvency, Etc. Borrower is Solvent (as defined below) and, after the execution and delivery of the Loan Documents and the consummation of the
transactions contemplated thereby, Borrower will be Solvent. “Solvent” means, with respect to any Person on any date, that on such date (a) the fair value of the property of such Person is greater than the fair value of the
liabilities (including, without limitation, contingent liabilities) of such Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person
on its debts as they become absolute and matured and (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature. 
  

 17 

 5.12 Subsidiaries. Borrower has no Subsidiaries, except as listed on the Disclosure Schedule.

 5.13 Catastrophic Events; Labor Disputes. Neither Borrower nor any of its properties is or has been affected by any fire,
explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or other casualty that is reasonably expected to have a material adverse effect on the financial condition, business or operations of
Borrower. There are no disputes presently subject to grievance procedure, arbitration or litigation under any of the collective bargaining agreements, employment contracts or employee welfare or incentive plans to which Borrower is a party, and
there are no strikes, lockouts, work stoppages or slowdowns, or, to the knowledge of Borrower, jurisdictional disputes or organizing ability occurring or threatened which is reasonably expected to have a material adverse effect on the financial
condition, business or operations of Borrower. 
 5.14 Officers, Employees and Consultants. 
 (a) No Present Intention to Terminate. To the knowledge of Borrower, no officer of Borrower, and no employee or consultant of Borrower whose
termination, either individually or in the aggregate, is reasonably expected to have a material adverse effect on the financial condition, business or operations of Borrower, has any present intention of terminating his or her employment or
consulting relationship with Borrower. 
 6. Affirmative Covenants. Borrower, until the full and complete payment of the Obligations
covenants and agrees that: 
 6.1 Good Standing. Borrower shall maintain its corporate existence and its good standing in its
jurisdiction of incorporation and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a material adverse effect on the financial condition, operations or business of Borrower. Borrower
shall maintain in force all licenses, approvals and agreements, the loss of which could reasonably be expected to have a material adverse effect on their financial condition, operations or business. 
 6.2 Government Compliance. Borrower shall comply with all statutes, laws, ordinances and government rules and regulations to which it is subject,
noncompliance with which could reasonably be expected to materially adversely affect the financial condition, operations or business of Borrower. 
 6.3 Financial Statements, Reports, Certificates. Borrower shall deliver to each Lender: (a) within thirty (30) days after the end of each month, a company prepared balance sheet, income statement and cash flow statement
covering Borrower’s operations during such period, certified by Borrower’s president, treasurer or chief financial officer (each, a “Responsible Officer”); (b) within two hundred forty (240) days after the end of
Borrower’s fiscal year (or for fiscal year 2005, by September 30, 2006), audited financial statements of Borrower prepared in accordance with GAAP, together with an unqualified opinion on such financial statements of a nationally
recognized or other independent public accounting firm 

  

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reasonably acceptable to Lenders; and (c) within thirty (30) days after the end of Borrower’s fiscal year or the date of Borrower’s board
of directors’ adoption, Borrower’s operating budget and plan for the next fiscal year; and (d) such other financial information as Lenders may reasonably request from time to time. Borrower shall deliver to Lenders (i) promptly
upon becoming available, copies of all material statements, reports and notices sent or made available generally by Borrower to its security holders; (ii) promptly upon receipt of notice thereof, a report of any material legal actions pending
or threatened against Borrower or the commencement of any action, proceeding or governmental investigation involving the Borrower is commenced that is reasonably expected to result in damages or costs to Borrower of One Hundred Fifty Thousand
Dollars ($150,000) or more; and (iii) such other financial information as Lenders may reasonably request from time to time. 
 6.4
Certificates of Compliance. Each time financial statements are furnished pursuant to Section 6.3 above, Borrower shall deliver to each Lender an Officer’s Certificate signed by a Responsible Officer in the form of, and
certifying to the matters set forth in Exhibit E hereto. 
 6.5 Notice of Defaults. As soon as possible, and in any event
within five (5) days after Borrower’s discovery of a Default or an Event of Default, Borrower shall provide Lenders with an Officer’s Certificate setting forth the facts relating to or giving rise to such Default or Event of Default
and the action which Borrower proposes to take with respect thereto. 
 6.6 Taxes. Borrower shall make due and timely payment or
deposit of all federal, state, and local taxes, assessments, or contributions required of it by law or imposed upon any Property belonging to them, and will execute and deliver to Lenders, on demand, appropriate certificates attesting to the payment
or deposit thereof; and Borrower will make timely payment or deposit of all tax payments and withholding taxes required of it by applicable laws, including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal
income taxes applicable to the Borrower, and will, upon request, furnish Lenders with proof satisfactory to Lenders indicating that Borrower has made such payments or deposits; provided that Borrower need not make any payment if the amount or
validity of such payment is contested in good faith by appropriate proceedings which suspend the collection thereof (provided that such proceedings do not involve any substantial danger of the sale, forfeiture or loss of any material item of
the Collateral which in the aggregate is material to Borrower and that Borrower has adequately bonded such amounts or reserves sufficient to discharge such amounts have been provided on the books of Borrower). 
 6.7 Use; Maintenance. Borrower shall keep and maintain all items of equipment and other similar types of personal property that form any
significant portion or portions of the Collateral in good operating condition and repair and shall make all necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all times be maintained and
preserved, except as shall be consistent with commercially reasonable and sound business practices. Borrower shall not permit any such material item of the Collateral to become a fixture to real estate or an accession to other personal property,
without the prior written consent of Lenders. Borrower shall not permit any such material item of the Collateral to be operated or maintained in violation of any applicable law, statute, rule or regulation. With respect to items of leased equipment
(to the extent Lenders have any security 

  

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interest in any residual Borrower’s interest in such equipment under the lease), Borrower shall keep, maintain, repair, replace and operate such leased
equipment in accordance with the terms of the applicable lease. 
 6.8 Insurance. Borrower shall keep its business and the Collateral
insured for risks and in amounts, as is customary for companies in Borrower’s industry and at Borrower’s stage of development. Insurance policies shall be in a form, with companies, and in amounts that are reasonably satisfactory to
Lenders. All property policies shall have a lender’s loss payable endorsement showing Lenders as an additional loss payee and all liability policies shall show Lenders as an additional insured and all policies shall provide that the insurer
must give Lenders at least twenty (20) days notice before canceling its policy. At any Lender’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under any policy shall, at
Lenders’ option, be payable to Lenders on account of the Obligations, but unless an Event of Default shall have occurred, such payment to Lenders shall not cause any prepayment penalty to become due under Section 2.3.
Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy, toward the replacement or repair of destroyed or damaged property;
provided that (i) any such replaced or repaired property (a) shall be of equal or like value as the replaced or repaired Collateral and (b) shall be deemed Collateral in which Lenders have been granted a first priority security
interest and (ii) after the occurrence and during the continuation of an Event of Default all proceeds payable under such casualty policy shall, at the option of Lenders, be payable to Lenders, on account of the Obligations. If Borrower fails
to obtain insurance as required under Section 6.8 or to pay any amount or furnish any required proof of payment to third persons and Lenders, Lenders may make all or part of such payment or obtain such insurance policies required in
Section 6.8, and take any action under the policies Lenders deem prudent. On or prior to the first Funding Date and prior to each policy renewal, Borrower shall furnish to Lenders certificates of insurance or other evidence satisfactory
to Lenders that insurance complying with all of the above requirements is in effect. 
 6.9 Security Interest. Assuming the proper
filing of one or more financing statement(s) identifying the Collateral with the proper state and/or local authorities, the security interests in the Collateral granted to Lenders pursuant to this Agreement (i) constitute and will continue to
constitute first priority security interests (except to the extent any Permitted Liens may have a superior priority to Lenders’ Lien under this Agreement) and (ii) are and will continue to be superior and prior to the rights of all other
creditors of Borrower (except to the extent of such Permitted Liens). 
 6.10 Further Assurances. At any time and from time to time,
Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Lenders to make effective the purposes of this Agreement, including without limitation, the continued perfection and priority
of each Lender’s security interest in the Collateral. 
 6.11 Equity Investment. Borrower shall permit the Lenders collectively,
or their respective assignees, at Lenders’ option and pro rata to their respective Commitment Amounts, to purchase up to Seven Hundred Fifty Thousand Dollars ($750,000) of the securities sold in Borrower’s next round of preferred stock
financing which raises not less than Five 

  

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Million Dollars ($5,000,000) at the same price and on the same terms as paid and received by the lead investor of such financing; provided,
however, that in the event one of the Lenders does not fully exercise its pro rata right to purchase its respective Commitment Amount, the other Lender may exercise such remaining pro rata right to purchase in the non-exercising Lender’s
place. Borrower agrees that it shall notify Lenders promptly upon the execution by Borrower of a term sheet or letter of intent setting forth the terms and conditions of such financing and in any event within five (5) days of such execution.

 6.12 Primary Accounts. Borrower shall at all times maintain its primary operating accounts with Silicon. 
 6.13 Guaranties/Pledge/Security Interest. Upon request from Lenders, Borrower shall cause all Subsidiaries, having total assets equal to or
greater than Five Hundred Thousand Dollars ($500,000) (each a “Material Subsidiary”) to execute and deliver to Lenders, Horizon’s standard unconditional guaranty and Borrower shall assign, pledge and grant to Lenders, and
covenant and agree that Lenders shall have a perfected and continuing security interest in any assets of the type which is Collateral of such Subsidiary (including sixty five percent (65%) of the outstanding shares it owns in all Material
Subsidiaries created outside of the United States, and one hundred percent (100%) of the outstanding shares it owns in all other Material Subsidiaries created under the laws of the United States). 
 7. Negative Covenants. Borrower, until the full and complete payment of the Obligations, covenants and agrees that, without the prior written
consent of Lenders, it shall not: 
 7.1 Chief Executive Office. Change its name, jurisdiction of incorporation, chief executive
office, principal place of business or any of the items set forth in Section 1 of the Disclosure Schedule without thirty (30) days prior written notice to Lender. 
 7.2 Collateral Control. Subject to its rights under Sections 4.4 and 7.4, remove any items of the Collateral from Borrower’s
facilities located at the address set forth on the cover page hereof or as set forth on the Disclosure Schedule. 
 7.3 Liens. Create,
incur, assume or suffer to exist any Lien of any kind upon any of Borrower’s Property, whether now owned or hereafter acquired, except Permitted Liens. 
 7.4 Other Dispositions of Collateral. Convey, sell, lease or otherwise dispose of all or any part of the Collateral to any Person (collectively, a “Transfer”), except for: (i) Transfers of
inventory in the ordinary course of business; (ii) Transfers of worn-out or obsolete equipment; (iii) Transfers permitted under subclause (t) of the definition of Permitted Liens with respect to Collateral; or (iv) Transfers of
the DHE Particle Manufacturing Equipment to Borrower’s contract manufacturer. 
 7.5 Distributions. (i) Pay any dividends or
make any distributions on its Equity Securities; (ii) purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Securities (other than repurchases pursuant to the terms of employee stock purchase plans, employee
restricted stock agreements or similar arrangements in an aggregate amount not to exceed One Hundred Thousand Dollars ($100,000)); (iii) return any capital to any holder of its Equity Securities as such; (iv) make any distribution of
assets, Equity Securities, obligations or securities to any holder of its Equity Securities as such; or (v) set apart any sum for any such purpose; provided, however, Borrower may pay dividends payable solely in common stock.

  

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 7.6 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or
consolidate, with any Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except where (i) no Event of Default has occurred and is continuing or would
result from such action during the term of this Agreement, and (ii) such transaction would not result in a decrease of more than twenty-five percent (25%) of Tangible Net Worth. A Subsidiary may merge or consolidate into another Subsidiary
or into Borrower. 
 7.7 Change in Ownership. Engage in or permit any of its Subsidiaries to engage in any business other than the
businesses currently engaged in by Borrower or reasonably related thereto or have a material change in its ownership of greater than thirty-five percent (35%) (other than by the sale by Borrower of Borrower’s Equity Securities in a public
offering or to venture capital investors so long as Borrower identifies to Lenders the venture capital investors prior to the closing of the investment); provided that in the event a change of ownership occurs greater than thirty-five percent
(35%) but less than fifty percent (50%) (other than by the sale by Borrower of Borrower’s Equity Securities in a public offering or to venture capital investors so long as Borrower identifies to Lenders the venture capital investors
prior to the closing of the investment) and is not waived by the Lenders, no premium shall be payable pursuant to Section 2.3(b) in connection with a related prepayment of the Loans. 
 7.8 Transactions With Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower,
except for the following transactions which Borrower is permitted to do: (i) transactions that are in the ordinary course of Borrowers business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an
arm’s length transaction with a non-affiliated Person, (ii) sale of Borrowers capital stock, and (iii) bridge and other loans made to Borrower so long as such Indebtedness is Subordinated Debt. 
 7.9 Indebtedness Payments. (i) Prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled repayment thereof
any Indebtedness for borrowed money (other than amounts due or permitted to be prepaid under this Agreement) or lease obligations, (ii) amend, modify or otherwise change the terms of any Indebtedness for borrowed money or lease obligations so
as to accelerate the scheduled repayment thereof or (iii) repay any notes to officers, directors or shareholders. 
 7.10
Indebtedness. Create, incur, assume or permit to exist any Indebtedness except Permitted Indebtedness. 
 7.11 Investments.
Make any Investment except for Permitted Investments. 
 7.12 Compliance. Become an “investment company” or a company
controlled by an “investment company” under the Investment Company Act of 1940 or undertake as one of its important abilities extending credit to purchase or carry margin stock, or use the proceeds of any Loan for that purpose; fail to
meet the minimum funding requirements of the Employment 

  

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Retirement Income Security Act of 1974, and its regulations, as amended from time to time (“ERISA”), permit a Reportable Event or Prohibited
Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business
or operations or could reasonably be expected to cause a material adverse change, or permit any Subsidiary to do so. 
 7.13 Maintenance
of Accounts. (i) Maintain any deposit account or account holding securities owned by Borrower except accounts with respect to which Lenders are able to take such actions as they deem necessary to obtain a perfected security interest in such
accounts through one or more Account Control Agreements; or (ii) grant or allow any other Person (other than a Lender) to perfect a security interest in, or enter into any agreements with any Persons (other than a Lender) accomplishing
perfection via control as to, any of its deposit accounts or accounts holding securities. 
 7.14 Negative Pledge Regarding Intellectual
Property. Create, incur, assume or suffer to exist any Lien of any kind upon any Intellectual Property or Transfer any Intellectual Property, whether now owned or hereafter acquired, except for licenses of components of Borrower’s
Intellectual Property in connection with joint ventures and corporate collaborations in the ordinary course of business. 
 8. Events of
Default. Any one or more of the following events shall constitute an “Event of Default” by Borrower under this Agreement: 
 8.1 Failure to Pay. Borrower fails to pay when due and payable or when declared due and payable in accordance with the Loan Documents: (i) any Scheduled Payment on the relevant Payment Date or on the relevant Maturity Date, or
(ii) any other portion of the Obligations within five (5) days after receipt of written notice from Lenders that such payment is due. 
 8.2 Certain Covenant Defaults. Borrower fails to perform any obligation under Section 6.8 or violates any of the covenants contained in Section 7 of this Agreement. 
 8.3 Other Covenant Defaults. If Borrower fails or neglect to perform, keep, or observe any other material term, provision, condition, covenant, or
agreement contained in this Agreement (other than as set forth in Sections 8.1, 8.2 or 8.4 through 8.13), in any of the other Loan Documents and Borrower has failed to cure such default within thirty (30) days of the occurrence of such
default. During this thirty (30) day period, the failure to cure the default is not an Event of Default. 
 8.4 Investor
Abandonment. Any Lender determines in its good faith judgment, that it is the clear intention of Borrower’s investors to not continue to fund the Borrower in the amounts and within the timeframe necessary to enable Borrower to satisfy the
Obligations as they become due and payable. 
 8.5 Seizure of Assets, Etc. Any material portion of Borrower’s assets are
attached, seized, subjected to a writ or distress warrant, or are levied upon, or come into the possession of any trustee, receiver or Person acting in a similar capacity and such attachment, 

  

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seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within ten (10) days, or if Borrower is enjoined, restrained, or
in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any material portion of Borrower’s assets, or if a notice of
lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the
same is not paid within ten (10) days after Borrower receives notice thereof; provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or an adequate bond has been posted pending a
good faith contest by Borrower. 
 8.6 Service of Process. The service of process upon any Lender seeking to attach by a trustee or
other process any funds of Borrower on deposit or otherwise held by any Lender, or the delivery upon any Lender of a notice of foreclosure by any Person seeking to attach or foreclose on any funds of Borrower on deposit or otherwise held by any
Lender, or the delivery of a notice of foreclosure or exclusive control to any entity holding or maintaining Borrower’s deposit accounts or accounts holding securities by any Person seeking to foreclose or attach any such accounts or
securities. 
 8.7 Default on Indebtedness. One or more defaults shall exist under any agreement of Borrower with any third party or
parties which consists of the failure to pay any Indebtedness at maturity or which results in a right by such third party or parties, whether or not exercised, to accelerate the maturity of Indebtedness in an aggregate amount in excess of One
Hundred Fifty Thousand Dollars ($150,000) or a default shall exist under any financing agreement with any Lender or any Lender Affiliate. 
 8.8 Judgments. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least One Hundred Fifty Thousand Dollars ($150,000) shall be rendered against Borrower and shall remain
unsatisfied and unstayed for a period of ten (10) days or more. 
 8.9 Misrepresentations. If, taken as a whole, any material
misrepresentation or material misstatement exists now or hereafter in any warranty, representation, statement, certification, or report made to Lenders by Borrower or any officer, employee, agent, or director of Borrower. 
 8.10 Unenforceable Loan Document. If any Loan Document shall in any material respect cease to be, or Borrower shall assert that any Loan Document
is not, a legal, valid and binding obligation of Borrower enforceable in accordance with its terms. 
 8.11 Involuntary Insolvency
Proceeding. If a proceeding shall have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee (or similar official) of Borrower or for any substantial part of its Property, or for the winding-up or liquidation of its affairs, and
such proceeding shall remain undismissed or unstayed and in effect for a period of forty-five (45) consecutive days or such court shall enter a decree or order granting the relief sought in such proceeding. 
  

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 8.12 Voluntary Insolvency Proceeding. If Borrower shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian (or other similar official) of Borrower or for any substantial part of its Property, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they
become due, or shall take any corporate action in furtherance of any of the foregoing. 
 9. Lenders’ Rights and Remedies.

 9.1 Rights and Remedies. Upon the occurrence of any Default or Event of Default, Lenders shall not have any further obligation to
advance money or extend credit to or for the benefit of Borrower. In addition, upon the occurrence of an Event of Default, Lenders shall have the rights, options, duties and remedies of a secured party as permitted by law and, in addition to and
without limitation of the foregoing, Lenders may, at their election, without notice of election and without demand, do any one or more of the following, all of which are authorized by Borrower: 
 (a) Acceleration of Obligations. Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise,
including (i) any accrued and unpaid interest, (ii) the amounts which would have otherwise come due under Section 2.3(b)(ii) if the Loans had been voluntarily prepaid, (iii) the unpaid principal balance of the Loans and
(iv) all other sums, if any, that shall have become due and payable hereunder, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.11 or 8.12 all Obligations shall
become immediately due and payable without any action by Lenders); 
 (b) Protection of Collateral. Make such payments and do such
acts as Lenders consider necessary or reasonable to protect Lenders’ security interest in the Collateral. Borrower agrees to assemble the Collateral if Lenders so require and to make the Collateral available to Lenders as Lenders may designate.
Borrower authorizes Lenders and their designees to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any Lien which in Lenders’
determination appears or is claimed to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Lenders a license to enter
into possession of such premises and to occupy the same, without charge, for up to one hundred twenty (120) days in order to exercise any of Lenders’ rights or remedies provided herein, at law, in equity, or otherwise; 
 (c) Preparation of Collateral for Sale. Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell
(in the manner provided for herein) the Collateral. Lenders and their agents and any purchasers at or after foreclosure are hereby granted a non-exclusive, irrevocable, perpetual, fully paid, royalty-free license or other 

  

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right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s Intellectual Property, including without
limitation, labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any Property of a similar nature, now or at any time hereafter owned or acquired by Borrower or in
which Borrower now or at any time hereafter has any rights; provided that such license shall only be exercisable in connection with the disposition of the Collateral upon Lenders’ exercise of its remedies hereunder; 
 (d) Sale of Collateral. Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for
cash or on terms, in such manner and at such places (including Borrower’s premises) as Lenders determine are commercially reasonable; and 
 (e) Purchase of Collateral. Credit bid and purchase all or any portion of the Collateral at any public sale. 
 Any deficiency that exists
after disposition of the Collateral as provided above will be paid immediately by Borrower. 
 9.2 Set Off Right. Lenders may set off
and apply to the Obligations any and all indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in Lenders’ possession or control. 
 9.3 Effect of Sale. Upon the occurrence of an Event of Default, to the extent permitted by law, Borrower covenants that it will not at any time
insist upon or plead, or in any manner whatsoever claim or take any benefit or advantage of, any stay or extension law now or at any time hereafter in force, nor claim, take nor insist upon any benefit or advantage of or from any law now or
hereafter in force providing for the valuation or appraisement of the Collateral or any part thereof prior to any sale or sales thereof to be made pursuant to any provision herein contained, or to the decree, judgment or order of any court of
competent jurisdiction; nor, after such sale or sales, claim or exercise any right under any statute now or hereafter made or enacted by any state or otherwise to redeem the property so sold or any part thereof, and, to the full extent legally
permitted, except as to rights expressly provided herein, hereby expressly waives for itself and on behalf of each and every Person, except decree or judgment creditors of Borrower, acquiring any interest in or title to the Collateral or any part
thereof subsequent to the date of this Agreement, all benefit and advantage of any such law or laws, and covenants that it will not invoke or utilize any such law or laws or otherwise hinder, delay or impede the execution of any power herein granted
and delegated to Lenders, but will suffer and permit the execution of every such power as though no such power, law or laws had been made or enacted. Any sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall
operate to divest all right, title, interest, claim and demand whatsoever, either at law or in equity, of Borrower in and to the Property sold, and shall be a perpetual bar, both at law and in equity, against Borrower, its successors and assigns,
and against any and all Persons claiming the Property sold or any part thereof under, by or through Borrower, its successors or assigns. 
 9.4 Power of Attorney in Respect of the Collateral. Borrower does hereby irrevocably appoint each of the Lenders (which appointment is coupled with an interest), the true 

  

 26 

 
and lawful attorney in fact of Borrower with full power of substitution, for it and in its name to file any notices of security interests, financing
statements and continuations and amendments thereof pursuant to the Code or federal law, as may be necessary to perfect, or to continue the perfection of Lenders’ security interests in the Collateral. Borrower does hereby irrevocably appoint
each of the Lenders (which appointment is coupled with an interest) on the occurrence of an Event of Default, the true and lawful attorney in fact of Borrower with full power of substitution, for it and in its name: (a) to ask, demand, collect,
receive, receipt for, sue for, compound and give acquittance for any and all rents, issues, profits, avails, distributions, income, payment draws and other sums in which a security interest is granted under Section 4, with full power to
settle, adjust or compromise any claim thereunder as fully as if Lenders were Borrower themselves; (b) to receive payment of and to endorse the name of Borrower to any items of Collateral (including checks, drafts and other orders for the
payment of money) that come into Lenders’ possession or under Lenders’ control; (c) to make all demands, consents and waivers, or take any other action with respect to, the Collateral; (d) in Lenders’ discretion to file any
claim or take any other action or proceedings, either in its own name or in the name of Borrower or otherwise, which Lenders may reasonably deem necessary or appropriate to protect and preserve the right, title and interest of Lenders in and to the
Collateral; (e) endorse Borrower’s name on any checks or other forms of payment or security; (f) sign Borrower’s name on any invoice or bill of lading for any account or drafts against account debtors; (g) make, settle, and
adjust all claims under Borrower’s insurance policies; (h) settle and adjust disputes and claims about the accounts directly with account debtors, for amounts and on terms Lenders determine reasonable; (i) transfer the Collateral into
the name of Lenders or a third party as the Code permits; and (j) to otherwise act with respect thereto as though Lenders were the outright owner of the Collateral. 
 9.5 Lenders’ Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as required under the terms of this Agreement, then Lenders may do any
or all of the following: (a) make payment of the same or any part thereof; or (b) obtain and maintain insurance policies of the type discussed in Section 6.8 of this Agreement, and take any action with respect to such policies
as Lenders deem prudent. Any amounts paid or deposited by Lenders shall constitute Lenders’ Expenses, shall be immediately due and payable, shall bear interest at the Default Rate and shall be secured by the Collateral. Any payments made by
Lenders shall not constitute an agreement by Lenders to make similar payments in the future or a waiver by Lenders of any Event of Default under this Agreement. Borrower shall pay all reasonable fees and expenses, including without limitation,
Lenders’ Expenses, incurred by Lenders in the enforcement or attempt to enforce any of the Obligations hereunder not performed when due. 
 9.6 Remedies Cumulative. Lenders’ rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative. Lenders shall have all other rights and remedies not inconsistent herewith as provided
under the Code, by law, or in equity. No exercise by Lenders of one right or remedy shall be deemed an election, and no waiver by Lenders of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Lenders shall
constitute a waiver, election, or acquiescence by it. 
 9.7 Application of Collateral Proceeds. The proceeds and/or avails of the
Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lenders, at the time of or received by Lenders after the occurrence of an Event of Default hereunder) shall be
paid to and applied as follows: 
  

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 (a) First, to the payment of out-of-pocket costs and expenses, including all amounts expended to
preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and
attorneys’ fees, incurred or made hereunder by Lenders, including, without limitation, Lenders’ Expenses; 
 (b) Second, to
the payment to Lenders of the amount then owing or unpaid on the Loans for any accrued and unpaid interest, the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, the principal
balance of the Loans, and all other Obligations with respect to the Loans (provided, however, if such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then to the unpaid interest
thereon, then to the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, then to the principal balance of the Loans, and then to the payment of other amounts then payable to Lenders
under any of the Loan Documents); and 
 (c) Third, to the payment of the surplus, if any, to Borrower, its successors and assigns,
or to the Person lawfully entitled to receive the same. 
 9.8 Reinstatement of Rights. If Lenders shall have proceeded to enforce any
right under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case
(unless otherwise ordered by a court of competent jurisdiction), Lenders shall be restored to their former position and rights hereunder with respect to the Collateral subject to the security interest created under this Agreement. 
 10. Waivers; Indemnification. 
 10.1
Demand; Protest. Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of
accounts, documents, instruments, chattel paper, and guarantees at any time held by Lenders on which Borrower may in any way be liable. 
 10.2 Lenders’ Liability for Collateral. So long as Lenders comply with their obligations, if any, under the Code, Lenders shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral;
(b) any loss or damage thereto occurring or arising in any manner or fashion from any cause other than Lenders’ gross negligence or willful misconduct; (c) any diminution in the value thereof; or (d) any act or default of any
carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 
 10.3 Indemnification and Waiver. Whether or not the transactions contemplated hereby shall be consummated: 
  

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 (a) General Indemnity. Borrower agrees upon demand to pay or reimburse Lenders for all
liabilities, obligations and out-of-pocket expenses, including Lenders’ Expenses and reasonable fees and expenses of counsel for Lenders from time to time arising in connection with the enforcement or collection of sums due under the Loan
Documents, and in connection with any amendment or modification of the Loan Documents or any “work-out” in connection with the Loan Documents. Borrower shall indemnify, reimburse and hold Lenders, and each of its respective successors,
assigns, agents, attorneys, officers, directors, shareholders, servants, agents and employees (each an “Indemnified Person”) harmless from and against all liabilities, losses, damages, actions, suits, demands, claims of any kind and
nature (including claims relating to environmental discharge, cleanup or compliance), all costs and expenses whatsoever to the extent they may be incurred or suffered by such Indemnified Person in connection therewith (including reasonable
attorneys’ fees and expenses), fines, penalties (and other charges of any applicable Governmental Authority), licensing fees relating to any item of Collateral, damage to or loss of use of property (including consequential or special damages to
third parties or damages to Borrower’s property), or bodily injury to or death of any person (including any agent or employee of Borrower) (each, a “Claim”), directly or indirectly relating to or arising out of the use of the
proceeds of the Loans or otherwise, the falsity of any representation or warranty of Borrower or Borrower’s failure to comply with the terms of this Agreement or any other Loan Document. The foregoing indemnity shall cover, without limitation,
(i) any Claim in connection with a design or other defect (latent or patent) in any item of equipment or product included in the Collateral, (ii) any Claim for infringement of any patent, copyright, trademark or other intellectual property
right, (iii) any Claim resulting from the presence on or under or the escape, seepage, leakage, spillage, discharge, emission or release of any Hazardous Materials on the premises owned, occupied or leased by Borrower, including any Claims
asserted or arising under any Environmental Law, (iv) any Claim for negligence or strict or absolute liability in tort, or (v) any Claim asserted as to or arising under any Account Control Agreement or any Landlord Agreement;
provided, however, Borrower shall not indemnify Lenders for any liability to the extent incurred as a result of Lenders’ gross negligence or willful misconduct. Such indemnities shall continue in full force and effect,
notwithstanding the expiration or termination of this Agreement. Upon Lender’s written demand, Borrower shall assume and diligently conduct, at its sole cost and expense, the entire defense of such Lender, each of its partners, and each of its
respective, Agents, employees, directors, officers, shareholders, successors and assigns against any indemnified Claim described in this Section 10.3(a). Borrower shall not settle or compromise any Claim against or involving any Lender
without first obtaining such Lender’s written consent thereto, which consent shall not be unreasonably withheld. 
 (b) WAIVER.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANYWHERE ELSE, BORROWER AGREES THAT IT SHALL NOT SEEK FROM LENDERS UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR
PUNITIVE DAMAGES. 
 (c) Survival; Defense. The obligations in this Section 10.3 shall survive payment of all other
Obligations pursuant to Section 12.8. At the election of any Indemnified Person, Borrower shall defend such Indemnified Person using legal counsel satisfactory to such Indemnified Person in such Person’s reasonable discretion, at
the sole cost and expense of Borrower. All amounts owing under this Section 10.3 shall be paid within thirty (30) days after written demand. 
  

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 11. Notices. Unless otherwise provided in this Agreement, all notices or demands by any party
relating to this Agreement or any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be
personally delivered or sent by certified mail, postage prepaid, return receipt requested, by prepaid nationally recognized overnight courier, or by facsimile to Borrower or to Lenders, as the case may be, at their respective addresses set forth
below: 
  

			
	If to Borrower:	 	 MAP Pharmaceuticals, Inc.
 2400 Bayshore Parkway,
Suite 200
 Mountain View, California 94043
 Attention: Tim
Nelson, President and CEO
 Fax: (650) 386-3101
 Ph:

		
	If to Horizon:	 	 Horizon Technology Funding Company LLC
 76 Batterson Park
Road
 Farmington, Connecticut 06032
 Attention: Legal
Department
 Fax: (860) 676-8655
 Ph: (860)
676-8654

		
	If to Silicon:	 	 Silicon Valley Bank
 2400 Geng Road, Suite 200

Palo Alto, California 94303
 Attention: Mercy Figuracion Forde, Sr.
Relationship Manager
 Fax: (650) 320-0016
 Ph: (650)
320-1126

 The parties hereto may change the address at which they are to receive notices hereunder, by
notice in writing in the foregoing manner given to the other. 
 12. General Provisions. 
 12.1 Successors and Assigns. This Agreement and the Loan Documents shall bind and inure to the benefit of the respective successors and permitted
assigns of each of the parties; provided, however, neither this Agreement nor any rights hereunder may be assigned by Borrower without Lenders’ prior written consent, which consent may be granted or withheld in any Lenders sole
discretion. Lenders shall have the right without the consent of or notice to Borrower to sell, transfer, assign, negotiate, or grant participations in all or any part of, or any interest in Lenders’ rights and benefits hereunder. Lenders may
disclose the Loan Documents and any other financial or other information relating to Borrower or any Subsidiary to any potential participant or assignee of any of the Loans; provided that such participant or assignee agrees to protect the
confidentiality of such documents and information using the same measures that it uses to protect its own confidential information. 
  

 30 

 12.2 Time of Essence. Time is of the essence for the performance of all obligations set forth in
this Agreement. 
 12.3 Severability of Provisions. Each provision of this Agreement shall be several from every other provision of
this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 12.4 Entire Agreement; Construction;
Amendments and Waivers. 
 (a) Entire Agreement. This Agreement and each of the other Loan Documents dated as of the date hereof,
taken together, constitute and contain the entire agreement between Borrower and Lenders and supersede any and all prior agreements, negotiations, correspondence, understandings and communications between the parties, whether written or oral,
respecting the subject matter hereof. Borrower acknowledges that it is not relying on any representation or agreement made by Lenders, or any employee, attorney or agent thereof, other than the specific agreements set forth in this Agreement and the
Loan Documents. 
 (b) Construction. This Agreement is the result of negotiations between and has been reviewed by Borrower and
Lenders executing this Agreement as of the date hereof and their respective counsel. Accordingly, this Agreement shall be deemed to be the product of the parties hereto, and no ambiguity shall be construed in favor of or against Borrower or Lenders.
Borrower and Lenders agree that they intend the literal words of this Agreement and the other Loan Documents and that no parol evidence shall be necessary or appropriate to establish Borrower’s or Lenders’ actual intentions. 
 (c) Amendments and Waivers. Any and all discharges or waivers of, or consents to any departures from any provision of this Agreement or of any of
the other Loan Documents shall not be effective without the written consent of Lenders. Any and all amendments and modifications of this Agreement or of any of the other Loan Documents shall not be effective without the written consent of Lenders
and Borrower. Any waiver or consent with respect to any provision of the Loan Documents shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on Borrower in any case shall
entitle Borrower to any other or further notice or demand in similar or other circumstances. Any amendment, modification, waiver or consent affected in accordance with this Section 12.4 shall be binding upon Lenders and Borrower.

 12.5 Reliance by Lenders. All covenants, agreements, representations and warranties made herein by Borrower shall be deemed to be
material to and to have been relied upon by Lenders, notwithstanding any investigation by Lenders. 
 12.6 No Set-Offs by Borrower.
All sums payable by Borrower pursuant to this Agreement or any of the other Loan Documents shall be payable without notice or demand and shall be payable in United States Dollars without set-off or reduction of any manner whatsoever. 
  

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 12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different
parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. 
 12.8 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any
Obligations or commitment to fund remain outstanding. The obligations of Borrower to indemnify Lenders with respect to the expenses, damages, losses, costs and liabilities described in Section 10.3 shall survive until all applicable
statute of limitations periods with respect to actions that may be brought against Lenders have run. 
 13. Relationship of Parties.
Borrower and Lenders acknowledge, understand and agree that the relationship between Borrower, on the one hand, and Lenders, on the other, is, and at all time shall remain solely that of a borrower and lender. Lenders shall not under any
circumstances be construed to be a partner or a joint venturer of Borrower or any of its Affiliates; nor shall Lenders under any circumstances be deemed to be in a relationship of confidence or trust or a fiduciary relationship with Borrower or any
of its Affiliates, or to owe any fiduciary duty to Borrower or any of its Affiliates. Lenders do not undertake or assume any responsibility or duty to Borrower or any of its Affiliates to select, review, inspect, supervise, pass judgment upon or
otherwise inform Borrower or any of its Affiliates of any matter in connection with its or their Property, any Collateral held by Lenders or the operations of Borrower or any of its Affiliates. Borrower and each of its Affiliates shall rely entirely
on their own judgment with respect to such matters, and any review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by Lenders in connection with such matters is solely for the protection of Lenders and
neither Borrower nor any Affiliate is entitled to rely thereon. 
 14. Confidentiality. All information (other than periodic reports
filed by Borrower with the Securities and Exchange Commission) disclosed by Borrower to Lenders in writing or through inspection pursuant to this Agreement that is marked confidential shall be considered confidential. Lenders agree to use the same
degree of care to safeguard and prevent disclosure of such confidential information as Lenders use with their own confidential information, but in any event no less than a reasonable degree of care. Lenders shall not disclose such information to any
third party (other than to Lenders’ partners, attorneys, governmental regulators, or auditors, or to Lenders’ subsidiaries and affiliates and prospective transferees and purchasers of the Loans, all subject to the same confidentiality
obligation set forth herein or as required by law, regulation, subpoena or other order to be disclosed) and shall use such information only for purposes of evaluation of its investment in Borrower and the exercise of Lenders’ rights and the
enforcement of its remedies under this Agreement and the other Loan Documents. The obligations of confidentiality shall not apply to any information that (a) was known to the public prior to disclosure by Borrower under this Agreement,
(b) becomes known to the public through no fault of Lenders, (c) is disclosed to Lenders by a third party having a legal right to make such disclosure, or (d) is independently developed by Lenders. Notwithstanding the foregoing,
Lenders’ agreement of confidentiality shall not apply if Lenders have acquired indefeasible title to any Collateral or in connection with any enforcement or exercise of Lenders’ rights and remedies under this Agreement following an Event
of Default, including the enforcement of Lenders’ security interest in the Collateral. 
  

 32 

 15. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF BORROWER AND LENDERS HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF
CALIFORNIA. BORROWER AND LENDERS HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 [Remainder of page intentionally left blank.] 

 

 33 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first
above written. 
  

			
	BORROWER:
	
	MAP PHARMACEUTICALS, INC
		
	By:	 	 /s/ Tim Nelson

	Name:	 	Tim Nelson
	Title:	 	Chief Executive Officer and President
	
	LENDERS:
	
	HORIZON TECHNOLOGY FUNDING COMPANY LLC
	By:	 	Horizon Technology Finance, LLC, its sole member
		
	By:	 	 /s/ Robert D. Pomeroy, Jr.

	Name:	 	Robert D. Pomeroy, Jr.
	Title:	 	Managing Member
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Mercy F. Forde

	Name:	 	Mercy F. Forde
	Title:	 	SVP

  

 34

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