Document:

EX-10.30

 Exhibit 10.30 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated as of ___________, 2020, between Iterum Therapeutics plc, an
Irish incorporated public limited company (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the
“Purchasers”). 
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective
registration statement under the Securities Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the
Company, securities of the Company as more fully described in this Agreement. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants
contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 

ARTICLE I. 
 DEFINITIONS

 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1: 
 “Acquiring Person” shall have the meaning
ascribed to such term in Section 4.5. 
 “Action” shall have the meaning ascribed to such term in
Section 3.1(j). 
 “Additional Subscription Amount” means, as to each Purchaser, the aggregate amount
equal to the product of (i) the number of Ordinary Shares underlying the Ordinary Share Warrants purchased by a Purchaser multiplied by (ii) $0.01 in connection with the Ordinary Share Warrants, which Additional Subscription Amount shall be
paid in United States dollars and in immediately available funds by the Purchaser at Closing. 
 “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of
New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of any
physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

 “Closing” means the closing of the purchase and sale of the
Securities pursuant to Section 2.1. 
 “Closing Date” means the Trading Day on which all of the
Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to
deliver the Securities, in each case, have been satisfied or waived, but in no event later than the second (2nd) Trading Day following the date hereof, unless otherwise agreed in writing by the
Company and a Purchaser with respect to the payment of such Purchaser’s Subscription Amount and/or the delivery of such Purchaser’s Shares. 

“Commission” means the United States Securities and Exchange Commission. 

“Company Irish Counsel” means A&L Goodbody, with offices located at International Financial Services
Centre, North Wall Quay, Dublin 1, D01H104, Ireland. 
 “Company U.S. Counsel” means Wilmer Cutler Pickering
Hale and Dorr LLP, with offices located at 7 World Trade Center, 250 Greenwich Street, New York, NY 10007. 

“Disclosure Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith. 

“Disclosure Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00
a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent
and the Company, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as
to an earlier time by the Placement Agent and the Company. 
 “Evaluation Date” shall have the meaning
ascribed to such term in Section 3.1(s). 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. 
 “Exempt Issuance” means the issuance of
(a) Ordinary Shares or options or restricted share units or other equity awards to employees, officers or directors of the Company pursuant to any share or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this
Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, 

  
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exchange price or conversion price of such securities (other than in accordance with their terms) or to extend the term of such securities, (c) securities issued pursuant to Section 6
of the Investor Rights Agreement, dated as of January 21, 2020, by and among Iterum Therapeutics Bermuda Limited, the Company, Iterum Therapeutics International Limited, Iterum Therapeutics US Limited, Iterum Therapeutics US Holding Limited and
the Purchasers (collectively, the “Parties”) named in that certain Securities Purchase Agreement by and among the Parties dated as of January 16, 2020 (the “Investor Rights Agreement”), (d) securities issued pursuant to
acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that
require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.12 herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which
is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall
not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities and (e) up to $________ of Securities, including Shares,
Ordinary Share Warrants, and Pre-Funded Warrants issued to other purchasers pursuant to the Prospectus concurrently with the Closing at the Per Share Purchase Price or the
Pre-Funded Warrant Purchase Price. 
 “FCPA” means the Foreign
Corrupt Practices Act of 1977, as amended. 
 “FDA” shall have the meaning ascribed to such term in
Section 3.1(hh). 
 “FDCA” shall have the meaning ascribed to such term in Section 3.1(hh). 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(h). 

“Indebtedness” shall have the meaning ascribed to such term in Section 3.1(aa). 

“Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(p). 

“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right
or other restriction. 
 “Material Adverse Effect” shall have the meaning assigned to such term in
Section 3.1(b). 
 “Material Permits” shall have the meaning ascribed to such term in
Section 3.1(n). 
 “Ordinary Share” means the ordinary shares of the Company, nominal value $0.01 per
share, and any other class of securities into which such securities may hereafter be reclassified or changed. 

  
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 “Ordinary Share Equivalents” means any securities of the
Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or
exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares. 
 “Ordinary
Share Warrants” means, collectively, the Ordinary Share purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Ordinary Share Warrants shall be exercisable immediately and have a
term of exercise equal to five years, in the form of Exhibit A-1 attached hereto. 

“Per Share Purchase Price” equals $_____, subject to adjustment for reverse and forward share splits,
share dividends, share combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement and prior to the Closing Date. 

“Per Pre-Funded Warrant Purchase Price” equals $_____, subject
to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement and prior to the Closing Date. 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint share company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Pharmaceutical Product” shall have the meaning ascribed to such term in Section 3.1(hh). 

“Placement Agent” means H.C. Wainwright & Co., LLC. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Pre-Funded Warrants” means, collectively, the Pre-Funded Ordinary Share purchase warrants delivered to the Purchasers at the Closing in accordance with
Section 2.2(a) hereof, which Pre-Funded Warrants shall be exercisable immediately and shall expire when exercised in full, in the form of Exhibit A-2 attached
hereto. 
 “Preliminary Prospectus” means any preliminary prospectus included in the Registration Statement,
as originally filed or as part of any amendment thereto. 
 “Pricing Prospectus” means (i) the
Preliminary Prospectus relating to the Securities that was included in the Registration Statement immediately prior to ___ a.m. (New York City time) on the date hereof and (ii) any free writing prospectus (as defined in the Securities Act)
identified on Schedule A hereto, taken together. 
 “Prospectus” means the final
prospectus filed for the Registration Statement. 

  
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 “Purchaser Party” shall have the meaning ascribed to such
term in Section 4.8. 
 “Registration Statement” means the effective registration statement on Form S-1 (File No. 333-249432), which registers the sale of the Shares, the Warrants and the Warrant Shares to the Purchasers. 

“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e). 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h). 

“Securities” means the Shares, the Warrants and the Warrant Shares. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Shares” means the Ordinary Shares issued or issuable to each Purchaser pursuant to this
Agreement. 
 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under
the Exchange Act (but shall not be deemed to include locating and/or borrowing Ordinary Shares). 
 “Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading
“Subscription Amount,” in United States dollars and in immediately available funds. 

“Subsidiary” means any subsidiary of the Company as set forth in the SEC Reports and shall, where applicable,
also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Trading
Day” means a day on which the principal Trading Market is open for trading. 
 “Trading Market”
means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange (or any successors to any of the foregoing). 

  
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 “Transaction Documents” means this Agreement, the Warrants,
all exhibits and schedules thereto and hereto and any other documents or agreements executed with the Purchasers in connection with the transactions contemplated hereunder. 

“Transfer Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, and any
successor transfer agent of the Company. 
 “Variable Rate Transaction” shall have the meaning ascribed to
such term in Section 4.12(b). 
 “Warrants” means, collectively, the Ordinary
Share Warrants and the Pre-Funded Warrants. 
 “Warrant Shares”
means the Ordinary Shares issuable upon exercise of the Warrants. 
 ARTICLE II. 

PURCHASE AND SALE 
 2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to issue and sell, and the
Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $________ of Shares and Ordinary Share Warrants; provided, however, that, to the extent that a Purchaser determines, in its sole discretion, that such
Purchaser (together with such Purchaser’s Affiliates, and any Person acting as a group together with such purchaser or any of such Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation, or as such
Purchaser may otherwise choose, in lieu of purchasing Shares and Ordinary Share Warrants such Purchaser may elect to purchase Pre-Funded Warrants and Ordinary Share Warrants in lieu of Shares and Ordinary
Share Warrants in such manner to result in the same aggregate purchase price less the aggregate exercise price of such Pre-Funded Warrants being paid by such Purchaser to the Company. The “Beneficial
Ownership Limitation” shall be 4.99% (or, at the election of the Purchaser at Closing, 9.99%) of the number of shares of the Ordinary Shares outstanding immediately after giving effect to the issuance of the Securities on the Closing Date.
Each Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment” settlement with the Company or its designee. The Company shall deliver to
each Purchaser its respective Shares or Pre-Funded Warrants (as applicable to such Purchaser) and Ordinary Share Warrants as determined pursuant to Section 2.2(a) and the Company and each Purchaser shall
deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of the Placement Agent or such other
location as the parties shall mutually agree. Each Purchaser acknowledges that, concurrently with the Closing and pursuant to the Prospectus, the Company may sell up to $_______ of additional Shares and Ordinary Share Warrants or Pre-Funded Warrants and Ordinary Share Warrants to purchasers not party to this Agreement, less 

  
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the aggregate Subscription Amount pursuant to this Agreement, and will issue to such purchasers such Shares and Ordinary Share Warrants or Pre-Funded
Warrants and Ordinary Share Warrants in the same form and at the same Per Share Purchase Price or Per Pre-Funded Warrant Purchase Price. Unless otherwise directed by the Placement Agent, settlement of the
Shares shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall issue the Shares registered in the Purchasers’ names and addresses and released by the Transfer Agent
directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the
Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding the foregoing, with respect to any Notice(s) of Exercise (as defined in the Ordinary Share Warrants and Pre-Funded
Warrants, as applicable) delivered on or prior to 12:00 p.m. (New York City time) on the Closing Date, which may be delivered at any time after the time of execution of this Agreement, the Company agrees to deliver the Warrant Shares subject to such
notice(s) by 4:00 p.m. (New York City time) on the Closing Date against payment therefor and the Closing Date shall be the Warrant Share Delivery Date (as defined in the Ordinary Share Warrants and Pre-Funded
Warrants, as applicable) for purposes hereunder. 
 2.2 Deliveries. 

(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following: 

(i) this Agreement duly executed by the Company; 

(ii) a legal opinion of Company U.S. Counsel, in substantially the form set forth on Exhibit B hereto; 

(iii) a legal opinion of Company Irish Counsel, in substantially the form set forth on Exhibit C hereto; 

(iv) the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and
executed by the Chief Executive Officer or Chief Financial Officer; 
 (v) subject to the penultimate sentence of
Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
Shares equal to the portion of such Purchaser’s Subscription Amount applicable to the Shares divided by the Per Share Purchase Price (rounded down to the nearest whole Share), registered in the name of such Purchaser; 

(vi) for each Purchaser of Pre-Funded Warrants pursuant to Section 2.1, a Pre-Funded Warrant registered in the name of such Purchaser to purchase up to a number of shares of Ordinary Shares equal to the portion of such Purchaser’s Subscription Amount applicable to Pre-Funded Warrants divided by the Per Pre-Funded Warrant Purchase Price, with an exercise price equal to $0.01, subject to adjustment therein; 

  
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 (vii) an Ordinary Share Warrant registered in the name of such Purchaser to
purchase up to a number of Ordinary Shares equal to 50% of such Purchaser’s Shares, with an exercise price equal to $_____, subject to adjustment therein; and 

(viii) the Prospectus (which may be delivered in accordance with Rule 172 under the Securities Act). 

(b) On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following: 

(i) this Agreement duly executed by such Purchaser; 

(ii) such Purchaser’s Subscription Amount with regard to the Shares and Ordinary Share Warrants purchased by such
Purchaser, which shall be made available for “Delivery Versus Payment” settlement with the Company or its designee, and, such Purchaser’s Additional Subscription Amount, which shall be included in such Purchaser’s Subscription
Amount to be made available for “Delivery Versus Payment” settlement with the Company or shall be separately delivered to the Company pursuant to the Company’s wire instructions as provided pursuant to Section 2.2(a)(iv) herein;
and 
 (iii) such Purchaser’s Subscription Amount with regard to the Pre-Funded
Warrants and Ordinary Share Warrants purchased by such Purchaser, if any, minus an amount of $0.01 per Pre-Funded Warrant purchased by such Purchaser, by wire transfer to the account specified by the Company
in Section 2.2(a)(iv) above, or as otherwise agreed by the Company and the Placement Agent. 
 2.3 Closing Conditions. 

 (a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being
met: 
 (i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by
materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such
date); 
 (ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the
Closing Date shall have been performed; and 

  
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 (iii) the delivery by each Purchaser of the items set forth in
Section 2.2(b) of this Agreement. 
 (b) The respective obligations of the Purchasers hereunder in connection with the
Closing are subject to the following conditions being met: 
 (i) the accuracy in all material respects (or, to the extent
representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in
which case they shall be accurate as of such date); 
 (ii) all obligations, covenants and agreements of the Company required
to be performed at or prior to the Closing Date shall have been performed; 
 (iii) the delivery by the Company of the items
set forth in Section 2.2(a) of this Agreement; 
 (iv) there shall have been no Material Adverse Effect with respect to
the Company since the date hereof; and 
 (v) from the date hereof to the Closing Date, trading in the Ordinary Shares shall
not have been suspended by the Commission or the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally on any nationally recognized securities exchange as reported by Bloomberg L.P.
shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United
States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing. 

ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be
deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and
warranties to each Purchaser: 
 (a) Subsidiaries. All of the direct and indirect subsidiaries of the Company are set
forth in the SEC Reports. Except as disclosed in the SEC Reports, (i) the Company owns, directly or indirectly, all of the share capital or other equity interests of each Subsidiary free and clear of any Liens and (ii) all of the issued
and outstanding share capital of each Subsidiary are validly issued and are fully paid and are not subject to any calls for additional payments (non-assessable) and free of preemptive and similar rights to
subscribe for or purchase securities. 

  
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 (b) Organization and Qualification. The Company and each of the
Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (or such equivalent concept to the extent such equivalent concept
exists under the law of such jurisdiction), with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of
any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing (or such
equivalent concept to the extent such equivalent concept exists under the law of such jurisdiction) as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of
any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse
effect on the Company’s ability to perform its obligations under the Transaction Documents (any of (i), (ii) or (iii), a “Material Adverse Effect”), provided that changes in the trading price of the Ordinary Shares shall not,
in and of itself, constitute a Material Adverse Effect, and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. 

(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other
Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the
Board of Directors or the Company’s shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will
have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

  
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 (d) No Conflicts. Except as disclosed in the Prospectus, the
execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby
do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of association or incorporation, bylaws or other organizational or charter documents, or (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any
rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of
any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any
property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a Material Adverse Effect. 

(e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction
Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus, (iii) application(s) to each applicable Trading Market for the listing of the
Shares and Warrant Shares for trading thereon in the time and manner required thereby, and (iv) such filings as are required to be made under applicable state securities laws, or the laws of Ireland, or the rules of the Financial Industry
Regulatory Authority, Inc. (“FINRA”) (collectively, the “Required Approvals”). 
 (f)
Issuance of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and not subject to any calls for
additional capital (nonassessable), free and clear of all Liens imposed by the Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and not subject to any calls for additional
capital (nonassessable), free and clear of all Liens imposed by the Company.    The Company will reserve from its duly authorized share capital the maximum number of Ordinary Shares issuable pursuant to this Agreement and the
Warrants at the current Exercise Price. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which originally became effective on _________, 2020 (the “Effective Date”),
including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The 

  
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Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the
Preliminary Prospectus or the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and
regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the
Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading; and the Pricing Prospectus and the Prospectus and any amendments or supplements thereto, at the time the Pricing Prospectus or the Prospectus, as
applicable, or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(g) Capitalization. The authorized capitalization of the Company is set forth in the SEC Reports. Except as disclosed in
the Prospectus, the Company has not issued any share capital since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of share options or the vesting of restricted share awards under the
Company’s equity plans by employees, directors or other service providers, the issuance of Ordinary Shares to employees, directors or other service providers pursuant to the Company’s equity plans and pursuant to the conversion and/or
exercise of Ordinary Share Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. Except as disclosed in Schedule 3.1(g), no Person has any right of first refusal, preemptive right, right of
participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except for the Securities to be issued and sold hereunder or as disclosed in the SEC Reports or Schedule 3.1(g), there are no
outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to
subscribe for or acquire, any Ordinary Shares or the share capital of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or
Ordinary Share Equivalents or share capital of any Subsidiary. Except as disclosed in Schedule 3.1(g), the issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Ordinary Shares or other securities to any
Person (other than the Purchasers). Except as disclosed in the SEC Reports and the Prospectus, there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or
reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary that contain any
redemption 

  
 12 

 
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or
such Subsidiary. Except as disclosed in the SEC Reports, the Company does not have any share appreciation rights or “phantom share” plans or agreements or any similar plan or agreement other than as disclosed in the SEC Reports. All of the
outstanding share capital of the Company is duly authorized, validly issued, fully paid and not subject to any calls for additional payments (nonassessable), has been issued in compliance with all federal and state securities laws, and none of such
outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and
sale of the Securities. Except as disclosed in the SEC Reports, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s share capital to which the Company is a party or, to the knowledge
of the Company, between or among any of the Company’s shareholders. 
 (h) SEC Reports; Financial Statements. The
Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding
the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Pricing
Prospectus and the Prospectus, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any
such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the
Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

(i) Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the most recent unaudited
financial statements included within the SEC Reports, except as set forth in the SEC Reports, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a Material Adverse Effect,
(ii) the Company has not incurred any liabilities (contingent or 

  
 13 

 
otherwise) other than (A) payables and other accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected
in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or
distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any of its share capital and (v) the Company has not issued any equity securities to any officer, director or
Affiliate, except pursuant to existing Company equity plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or
as set forth in the SEC Reports, no material event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly
disclosed prior to the time of execution of this Agreement. 
 (j) Litigation. Except as disclosed in Schedule
3.1(j), there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or
by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or
enforceability of any of the Transaction Documents or the Securities or (ii) would, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Except as disclosed in the SEC Reports, neither
the Company nor any Subsidiary, nor any director or officer (in his or her capacity as such) thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach
of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her
capacity as such). The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. 

(k) Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the
employees of the Company, which would reasonably be expected to result in a Material Adverse Effect. The Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or
non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company
or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment
practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 14 

 (l) Compliance. Neither the Company nor any Subsidiary: (i) is
in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received
notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such
default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any
governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except, in the
case of each of clauses (i), (ii) and (iii) as disclosed in the SEC Reports or as would not have or reasonably be expected to result in a Material Adverse Effect. 

(m) Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and
foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or
regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each of clause (i), (ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the
aggregate, a Material Adverse Effect. 
 (n) Regulatory Permits. The Company and the Subsidiaries possess all
certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such
permits would not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of
any Material Permit. 

  
 15 

 (o) Title to Assets. Except as disclosed in the SEC Reports, the
Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the
Subsidiaries, and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP, and the payment of which is neither delinquent nor subject to penalties. Any real
property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects. 

(p) Intellectual Property. To the knowledge of the Company, the Company and the Subsidiaries have, or have rights to
use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in
connection with their respective businesses as described in the SEC Reports and which the failure to so have would have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company
nor any Subsidiary has received a written notice that any of, the material Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this
Agreement, other than in accordance with the terms of the Intellectual Property Rights. Neither the Company nor any Subsidiary has received, since the date of the most recent unaudited financial statements included within the SEC Reports, a written
notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as would not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of
the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights, except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has no knowledge of any facts that would preclude it from having valid license rights or clear title to the Intellectual Property Rights, except as would not
have or reasonably be expected to not have a Material Adverse Effect. The Company has no knowledge that it lacks or will be unable to obtain any rights or licenses to use all Intellectual Property Rights that are necessary to conduct its business,
except as would not have or reasonably be expected to not have a Material Adverse Effect. 
 (q) Insurance. The
Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged,
including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to
obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost. 

  
 16 

 (r) Transactions With Affiliates and Employees. Except as set forth
in the SEC Reports, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any
Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from,
providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee
has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for
expenses incurred on behalf of the Company and (iii) other employee benefits, including share option agreements under any equity plan of the Company. 

(s) Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance in all material
respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date
hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with
management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and
the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and
designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most
recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the
Exchange Act) of the Company and its Subsidiaries that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries. 

  
 17 

 (t) Certain Fees. Except as set forth in the Pricing Prospectus or
the Prospectus, no brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect
to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that
may be due in connection with the transactions contemplated by the Transaction Documents. 
 (u) Investment Company.
The Company is not, and immediately after receipt of payment for the Securities will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner
so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended. 

(v) Registration Rights. Except as disclosed in the SEC Reports, no Person has any right to cause the Company or any
Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary. 
 (w)
Listing and Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of,
terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. Except as disclosed in the SEC Reports, the Company has not,
in the 12 months preceding the date hereof, received notice from any Trading Market on which the Ordinary Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of
any Trading Market on which the Ordinary Shares are listed or quoted. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in
payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer. 

(x) Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the
Company’s articles of association (or similar charter documents) or the laws of its jurisdiction of incorporation that is or would become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or
exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities. 

  
 18 

 (y) Disclosure. Except with respect to the material terms and
conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it
believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Pricing Prospectus or the Prospectus. The Company understands and confirms that the Purchasers
will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective
businesses and the transactions contemplated hereby is true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading (it being understood that such disclosure furnished by or on behalf of the Company to the Purchasers includes the SEC Reports). The Company acknowledges and agrees that no
Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof. 

(z) No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in
Section 3.2, neither the Company nor any of its Subsidiaries nor, to the Company’s knowledge, any of its controlled Affiliates, nor any Person acting on its or their behalf (other than the Placement Agent), has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated in a manner that would require shareholder approval for the issuance of the Securities. 

(aa) Solvency. The Company has no current intention of filing for reorganization or liquidation under the bankruptcy or
reorganization laws of any jurisdiction. The SEC Reports set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the
purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties,
endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of
negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with
GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness. 
 (bb) Tax Status.
Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local
income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or

  
 19 

 
determined to be due on such returns, reports and declarations, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been established by the
Company and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any
material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. 

(cc) Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any
Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic
political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution
made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. 

(dd) Accountants. The Company’s independent registered public accounting firm is KPMG. To the knowledge and belief
of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report
for the fiscal year ending December 31, 2020. 
 (ee) Acknowledgment Regarding Purchasers’
Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The
Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any
Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further
represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its
representatives. 
 (ff) Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this
Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any
Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or
future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” 

  
 20 

 
transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly traded securities; (iii) any
Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently may have a “short” position in the Ordinary Shares, and (iv) each Purchaser shall not be
deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities
at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging
activities (if any) could reduce the value of the existing shareholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities
do not constitute a breach of any of the Transaction Documents. 
 (gg) Regulation M Compliance. The Company has not,
and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any
other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement of the Securities. 

(hh) FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration
(“FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of
its Subsidiaries (each such product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance with all applicable
requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices,
product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company’s knowledge,
threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has
received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing
or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or
sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any 

  
 21 

 
clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into
a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which in the case of each of the
foregoing clauses (i) through (vi), either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all
material respects in accordance with all applicable laws, rules and regulations of the FDA. Except as disclosed in the SEC Reports, the Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the
United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing for marketing any product being developed or proposed to be developed by the Company.
 
 (ii) Equity Plans. Each option granted by the Company under the Company’s equity plan was granted
(i) in accordance with the terms of the Company’s equity plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such option would be considered granted under GAAP and applicable
law. No option granted under the Company’s equity plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, options prior to, or otherwise knowingly coordinate
the grant of options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects. 

(jj) Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any
director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”). 

(kk) U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding
corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended. 
 (ll) Bank Holding
Company Act. Neither the Company nor any of its Subsidiaries nor, to the Company’s knowledge, any of its Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board
of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries nor, to the Company’s knowledge, any of its Affiliates owns or controls, directly or indirectly, five percent
(5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor
any of its Subsidiaries nor, to the Company’s knowledge, any of its Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. 

  
 22 

 (mm) Money Laundering. The operations of the Company and its
Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes
and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any
Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened. 
 3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date
therein, in which case they shall be accurate as of such date): 
 (a) Organization; Authority. Such Purchaser is an
entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter
into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the
transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which
it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with
its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

(b) Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has
no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to
the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. 

(c) Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is,
and on each date on which it exercises any Warrants it will be, either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act. 

  
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 (d) Experience of Such Purchaser. Such Purchaser, either alone or
together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the
merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. 

(e) Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction
Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning
the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to
make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with
respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any
Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser,
neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser. 
 (f)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or
indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received notice of the transaction contemplated hereunder (written or oral)
from the Company or any other Person representing the Company and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the
representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this
Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures
made to it in connection with this transaction (including the existence and terms of this transaction). 

  
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 (g) Purchaser Independence. Such Purchaser acknowledges that such
Purchaser is acting independently of any other Purchaser (other than with respect to an Affiliate of such Purchaser that is also a Purchaser hereunder) in connection with the purchase of the Securities hereunder and is not acting in concert with any
other Purchaser (other than with respect to an Affiliate of such Purchaser that is also a Purchaser hereunder) for the purposes of the Irish Takeover Panel Act 1997, Takeover Rules, 2013, and that no individual Purchaser or group of Purchasers
acting in concert will own 30% or more of the Company’s issued share capital on the Closing Date. 
 The Company acknowledges and
agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and
warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for
the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future. 

ARTICLE IV. 
 OTHER
AGREEMENTS OF THE PARTIES 
 4.1 Warrant Shares. If all or any portion of a Warrant is exercised at a time when there is an effective
registration statement to cover the issuance of the Warrant Shares or if the Warrant is exercised via cashless exercise, the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date
hereof the Registration Statement (or any subsequent registration statement registering the sale of the Warrant Shares) is not effective or is not otherwise available for the sale of the Warrant Shares, the Company shall immediately notify the
holders of the Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for the sale of the Warrant Shares (it being
understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance with applicable federal and state securities laws). The Company shall use commercially
reasonable best efforts to keep a registration statement (including the Registration Statement) registering the issuance of the Warrant Shares effective during the term of the Warrants. 

4.2 Furnishing of Information. Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have
expired, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the
Company is not then subject to the reporting requirements of the Exchange Act.  
 4.3 Integration. The Company shall not sell,
offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the rules and
regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction. 

  
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 4.4 Securities Laws Disclosure; Publicity. The Company shall (a) by the
Disclosure Time, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the Commission within the time required by the Exchange Act; provided, that the Company shall not be required to file the Transaction Documents on Form 8-K if the Transaction Documents were
previously filed as exhibits to the Registration statement on a pre-effective or post-effective amendment to the Registration Statement. From and after the issuance of such press release, the Company
represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective
officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all
confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the
Purchasers or any of their Affiliates on the other hand, shall terminate. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any
regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the
extent such disclosure is required by law or Trading Market regulations, in which case the Company shall, to the extent permitted by law, provide the Purchasers with prior notice of such disclosure permitted under this clause (b). 

4.5 Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person,
that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or
hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and
the Purchasers. 
 4.6 Non-Public Information. Except with respect to the material terms and
conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will
provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall
have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in
securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, in any case acting on behalf of the Company or any of its Subsidiaries, delivers any
material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such 

  
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Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the
Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser
shall remain subject to applicable law. Unless otherwise agreed by the applicable parties, to the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material,
non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such material non-public information with the Commission pursuant
to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. 

4.7 Use of Proceeds. Except as set forth in the Pricing Prospectus and the Prospectus, the Company shall use the net proceeds from the
issuance and sale of the Securities hereunder for general corporate purposes and shall not use such proceeds: (a) for the acquisition of any Ordinary Shares or Ordinary Share Equivalents, (b) for the settlement of any outstanding
litigation or (c) in violation of FCPA or OFAC regulations. 
 4.8 Indemnification of Purchasers. Subject to the provisions of
this Section 4.8, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of
investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction
Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the
transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or
understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud,
gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the
Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company
has failed after a reasonable 

  
 27 

 
period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the
position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party
under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss,
claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The
indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law. 

4.9 Reservation of Ordinary Shares; Aggregate Nominal Amount of Warrant Shares. As of the date hereof, the Company has reserved and the
Company shall continue to reserve and keep available at all times, subject to obtaining any requisite shareholder approvals under applicable law with respect to the reservation of additional Ordinary Shares after the date hereof in connection with
an adjustment to the Exercise Price, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants at
the then applicable Exercise Price. The Company acknowledges that each Purchaser shall have paid the aggregate nominal amount of the Ordinary Shares issuable upon exercise of such Purchaser’s Ordinary Share Warrants and the Company shall hold
such aggregate nominal amount in trust and shall apply it as applicable in connection with exercises of the Ordinary Share Warrants pursuant to Section 2(c) therein by such Purchaser or any assignee of the Ordinary Share Warrants. Upon the
exercise of the Ordinary Share Warrants other than pursuant to Section 2(c) therein by such Purchaser or any assignee of the Ordinary Share Warrants or upon the termination of the Ordinary Share Warrants prior to exercise of all or any portion
of such Ordinary Share Warrants, the Company shall return to the Purchaser the applicable portion of the aggregate nominal amount of the Ordinary Shares in connection with such Ordinary Share Warrants that have been exercised other than pursuant to
Section 2(c) therein on a periodic six (6) month basis or promptly upon request by the Purchaser and, upon termination of the Ordinary Share Warrants prior to exercise of all or any portion of such Ordinary Share Warrants, the Company
shall promptly return to the Purchaser in full the remaining amount of the aggregate nominal amount of the Ordinary Shares in connection with such Ordinary Share Warrants. Notwithstanding the foregoing, each Purchaser shall have the right, upon
three (3) Trading Days’ notice to the Company, to require the Company to return the remaining amount of the aggregate nominal amount of the Ordinary Shares issuable upon exercise of such Purchaser’s Ordinary Share Warrants that was
paid by such Purchaser, provided that any future exercise of the Ordinary Share Warrants pursuant to Section 2(c) therein by such Purchaser shall require delivery of such aggregate nominal amount of the Ordinary Shares before the Ordinary
Shares underlying such Ordinary Share Warrants are issued. 

  
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 4.10 Listing of Ordinary Shares. The Company hereby agrees to use commercially
reasonable best efforts to maintain the listing or quotation of the Ordinary Shares on the Trading Market on which the Ordinary Shares are currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the
Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares on such Trading Market. The Company further agrees, if the Company applies to have the Ordinary Shares traded on any other
Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as
promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Ordinary Shares on a Trading Market and will comply in all respects with the Company’s reporting, filing and other
obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer. 

4.11 Reserved. 
 4.12
Subsequent Equity Sales. 
 (a) From the date hereof until forty five (45) days after the Closing Date, neither
the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Ordinary Shares or Ordinary Share Equivalents. 

(b) From the date hereof until the one (1) year anniversary of the Closing Date, the Company shall be prohibited from
effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable
Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional shares of Ordinary
Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Ordinary Shares at any time after the initial issuance of such
debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the
Company may issue securities at a future determined price; provided, however, that an “at the market” offering pursuant to an “at the market” equity distribution or sales agreement with the Placement Agent shall not constitute a
“Variable Rate Transaction.” Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages. 

  
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 (c) Notwithstanding the foregoing, this
Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance. 

4.13 Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision
constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in
concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise. 
 4.14 Certain Transactions and
Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short
Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press
release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the
initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing, and
notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in
any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or
prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the
initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial
press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the
portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets
managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. 
 4.15 Exercise
Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be
required of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of
guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and time periods set
forth in the Transaction Documents. 

  
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 ARTICLE V. 

MISCELLANEOUS 
 5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the
other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect the
right of any party to sue for any breach by any other party (or parties). 
 5.2 Fees and Expenses. Except as expressly set forth in
the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement. The Company shall pay, or procure payment of, all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction
letter delivered by the Company and any exercise notice delivered by a Purchaser) in connection with the delivery of any Securities to the Purchasers pursuant to this Agreement. The Company shall use its best efforts to pay, or procure payment of
stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers pursuant to this Agreement (“Relevant Taxes”). Each Purchaser agrees to cooperate with the Company and provide all
necessary information and documentation to the Company in a timely manner (and in any event within 15 Business Days of request) to enable the Company to procure payment of any Relevant Taxes and facilitate the making of any necessary filings in
respect of Relevant Taxes required to be made within applicable time limits. The Company shall not be liable for any Relevant Taxes or any penalty, fine, surcharge, interest, charge, cost or other similar imposition arising in respect of Relevant
Taxes to the extent that such amount arises or is increased as a result of any failure by a Purchaser to timely provide the Company with any information or documentation requested pursuant to this Section 5.2. 

5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Pricing Prospectus and the
Prospectus, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge
have been merged into such documents, exhibits and schedules. 
 5.4 Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile
number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30

  
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p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. Unless
otherwise agreed by the applicable parties, to the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any
Subsidiaries, the Company shall simultaneously file such material non-public information with the Commission pursuant to a Current Report on Form 8-K. 

5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and Purchasers which purchased pursuant to this Agreement at least 50.1% in interest of the Shares and Pre-Funded Warrants based on the initial Subscription
Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of
Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the
prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company. 

5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit
or affect any of the provisions hereof. 
 5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or
all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the
Transaction Documents that apply to the “Purchasers”, provided that, in connection with any such assignment of any rights under this Agreement prior to the Closing Date (other than any assignment to an Affiliate of such Purchaser, for
which no consent shall be required), such assignment shall require the prior written consent of the Company, which consent shall not be unreasonably withheld. 

5.8 No Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of the
Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8. 

  
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 5.9 Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all
legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper
or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the
obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding. 
 5.10 Survival. The
representations and warranties contained herein shall survive the Closing and the delivery of the Securities for two (2) years following the Closing Date. 

5.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 
 5.12
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set
forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to

  
 33 

 
achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties
that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

5.13 Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; provided,
however, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of
the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right). 
 5.14 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated,
lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary
indemnity) associated with the issuance of such replacement Securities. 
 5.15 Remedies. In addition to being entitled to exercise
all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate
compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at
law would be adequate. 
 5.16 Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant
to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or
federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such enforcement or setoff had not occurred. 

  
 34 

 5.17 Independent Nature of Purchasers’ Obligations and Rights. The
obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or
non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or
thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other
Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through the legal counsel of the Placement Agent. The legal counsel of the Placement
Agent does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was
required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the
Company and the Purchasers collectively and not between and among the Purchasers. 
 5.18 Liquidated Damages. The Company’s
obligations to pay any liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid liquidated damages and other amounts have been paid notwithstanding
the fact that the instrument or security pursuant to which such liquidated damages or other amounts are due and payable shall have been canceled. 

5.19 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

5.20 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of
the Ordinary Shares that occur after the date of this Agreement. 
 5.21 WAIVER OF JURY TRIAL. IN ANY ACTION,
SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY
WAIVES FOREVER TRIAL BY JURY.  
 (Signature Pages Follow) 

  
 35 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

			
	 Iterum Therapeutics plc
	  	 Address for Notice:

		
	 By:
                                         
                               

        Name:

        Title:
  

With a copy to (which shall not constitute notice):
	  	 Fax:

E-mail:

		
		  	

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGE FOR PURCHASER FOLLOWS] 

  
 36 

 [PURCHASER SIGNATURE PAGES TO ITRM SECURITIES PURCHASE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 
 Name of Purchaser: ______________________________________________________ 

Signature of Authorized Signatory of Purchaser: _________________________________ 

Name of Authorized Signatory: _______________________________________________ 

Title of Authorized Signatory: ________________________________________________ 

Email Address of Authorized Signatory:_________________________________________ 

Facsimile Number of Authorized Signatory: __________________________________________ 

Address for Notice to Purchaser: 
 Email Address for Notice to
Purchaser: _________________________________________ 
 Address for Delivery of Securities to Purchaser (if not same as address for notice): 

Subscription Amount: $_________________ 
 Shares:
_________________ 
 Pre-Funded Warrants:______________     Beneficial Ownership Blocker ☐
4.99% or ☐ 9.99% 
 Ordinary Share Warrants:______________     Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% 

EIN Number: ____________________ 
 ☐ Notwithstanding
anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to issue and sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the second (2nd) Trading Day following the date of this Agreement
and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or
purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as
applicable) to such other party on the Closing Date. 

  
 37 

 [SIGNATURE PAGES CONTINUE] 

  
 38 

 Schedule A 

Free Writing Prospectus 

  
 39EX-4.1

 Exhibit 4.1 

BOND TERMS 
 FOR

 Navigator Holdings Ltd. 8.00 % senior unsecured USD 150,000,000 bonds 2020/2025 

ISIN NO 0010891955 

 Contents 
  

							
	Clause	  	Page	 
	 1.
	 	INTERPRETATION	  	 	3	 
	 2.
	 	THE BONDS	  	 	11	 
	 3.
	 	THE BONDHOLDERS	  	 	12	 
	 4.
	 	ADMISSION TO LISTING	  	 	13	 
	 5.
	 	REGISTRATION OF THE BONDS	  	 	13	 
	 6.
	 	CONDITIONS FOR DISBURSEMENT	  	 	14	 
	 7.
	 	REPRESENTATIONS AND WARRANTIES	  	 	15	 
	 8.
	 	PAYMENTS IN RESPECT OF THE BONDS	  	 	17	 
	 9.
	 	INTEREST	  	 	19	 
	 10.
	 	REDEMPTION AND REPURCHASE OF BONDS	  	 	20	 
	 11.
	 	PURCHASE AND TRANSFER OF BONDS	  	 	21	 
	 12.
	 	INFORMATION UNDERTAKINGS	  	 	22	 
	 13.
	 	GENERAL AND FINANCIAL UNDERTAKINGS	  	 	23	 
	 14.
	 	EVENTS OF DEFAULT AND ACCELERATION OF THE BONDS	  	 	25	 
	 15.
	 	BONDHOLDERS’ DECISIONS	  	 	28	 
	 16.
	 	THE BOND TRUSTEE	  	 	33	 
	 17.
	 	AMENDMENTS AND WAIVERS	  	 	36	 
	 18.
	 	MISCELLANEOUS	  	 	37	 
	 19.
	 	GOVERNING LAW AND JURISDICTION	  	 	39	 
		
	 ATTACHMENT 1 COMPLIANCE CERTIFICATE
	  			

  
 2 

			
	BOND TERMS between
		
	ISSUER:	  	Navigator Holdings Ltd, a corporation domesticated and existing under the laws of Marshall Islands with registration number 29140 and LEI-code 213800H7RVOFYARK2W19.
		
	BOND TRUSTEE:	  	Nordic Trustee AS, a company existing under the laws of Norway with registration number 963 342 624 and LEI-code 549300XAKTM2BMKIPT85.
		
	DATED:	  	9 September 2020
	
	These Bond Terms shall remain in effect for so long as any Bonds remain outstanding.

  

	1.	 INTERPRETATION 

 

	1.1	 Definitions 

The following terms will have the following meanings: 

“Acceptable Bank” means a commercial bank, savings bank or trust company which has a rating of BBB or higher from
Standard & Poor’s Ratings Service or Baa2 or higher from Moody’s Investor Service Limited or a comparable rating from a nationally recognized credit rating agency for its long-term debt obligations. 

“Accounting Standard” means GAAP. 

“Additional Bonds” means the debt instruments issued under a Tap Issue, including any Temporary Bonds. 

“Affiliate” means, in relation to any person: 
  

	 	(a)	 any person which is a Subsidiary of that person; 

 

	 	(b)	 any person who has Decisive Influence over that person (directly or indirectly); and 

 

	 	(c)	 any person which is a Subsidiary of an entity who has Decisive Influence over that person (directly or
indirectly). 

 “Annual Financial Statements” means the audited consolidated annual financial statements
of the Issuer for any financial year, prepared in accordance with the Accounting Standard, such financial statements to include a profit and loss account, balance sheet, cash flow statement and management commentary or report of the board of
directors. 
 “Attachment” means any schedule, appendix or other attachment to these Bond Terms. 

  
 3 

 “Bond Terms” means these terms and conditions, including all Attachments
which shall form an integrated part of these Bond Terms, in each case as amended and/or supplemented from time to time. 
 “Bond
Trustee” means the company designated as such in the preamble to these Bond Terms, or any successor, acting for and on behalf of the Bondholders in accordance with these Bond Terms. 

“Bond Trustee Fee Agreement” means the agreement entered into between the Issuer and the Bond Trustee relating among other
things to the fees to be paid by the Issuer to the Bond Trustee for its obligations relating to the Bonds. 
 “Bondholder”
means a person who is registered in the CSD as directly registered owner or nominee holder of a Bond, subject however to Clause 3.3 (Bondholders’ rights). 

“Bondholders’ Meeting” means a meeting of Bondholders as set out in Clause 15 (Bondholders’ Decisions). 

“Bonds” means (i) the debt instruments issued by the Issuer pursuant to these Bond Terms, including any Additional Bonds,
and (ii) any overdue and unpaid principal which has been issued under a separate ISIN in accordance with the regulations of the CSD from time to time. 

“Book Equity” means the aggregate book value (on a consolidated basis) of the Group’s total equity treated as equity in
accordance with GAAP. 
 “Business Day” means any day on which the commercial banks in Norway, London and New York are open
for general business, and can settle foreign currency transactions in Norway, London and New York. 
 “Business Day
Convention” means that if the last day of any Interest Period originally falls on a day that is not a Business Day, no adjustment will be made to the Interest Period. 

“Call Option” has the meaning given to it in Clause 10.2 (Voluntary early redemption – Call Option). 

“Call Option Repayment Date” means the settlement date for the Call Option determined by the Issuer pursuant to Clause 10.2
(Voluntary early redemption – Call Option), Clause 10.3(d) or a date agreed upon between the Bond Trustee and the Issuer in connection with such redemption of Bonds. 

“Cash and Cash Equivalents” means on any date, the aggregate equivalent in USD on such date of the then current market value
of: 
  

	 	(a)	 cash in hand or amounts standing to the credit of any current and/or on deposit accounts with an Acceptable
Bank; and 

  

	 	(b)	 time deposits with Acceptable Banks and certificates of deposit issued, and bills of exchange accepted, by an
Acceptable Bank; 

  
 4 

 in each case to which any Group Company is beneficially entitled at the time and to which
any Group Company has free and unrestricted access, and which is not subject to any Security. 
 “Change of Control Event”
means if: 
  

	 	(a)	 any person or group of persons acting in concert (other than Invesco Ltd. (formerly WL Ross & Co) or
any indirectly or directly controlled subsidiary, fund or other entity of Invesco Ltd.), directly or indirectly, acquires Decisive Influence over the Issuer; or 

 

	 	(b)	 a de-listing of the Issuer’s shares from the New York Stock
Exchange occurs except in connection with a simultaneous listing of the Issuer’s shares on another recognized stock exchange. 

“Compliance Certificate” means a statement substantially in the form as set out in Attachment 1 hereto. 

“CSD” means the central securities depository in which the Bonds are registered, being Verdipapirsentralen ASA (VPS). 

“Decisive Influence” means a person having, as a result of an agreement or through the ownership of shares or interests in
another person (directly or indirectly): 
  

	 	(a)	 a majority of the voting rights in that other person; or 

 

	 	(b)	 a right to elect or remove a majority of the members of the board of directors of that other person.

 “Default Notice” means a written notice to the Issuer as described in Clause 14.2 (Acceleration of
the Bonds). 
 “Default Repayment Date” means the settlement date set out by the Bond Trustee in a Default Notice
requesting early redemption of the Bonds. 
 “Distributions” shall have the meaning set out in Clause 13.11 (Dividend
restrictions). 
 “Equity Ratio” means the ratio of Book Equity to Total Assets. 

“Event of Default” means any of the events or circumstances specified in Clause 14.1 (Events of Default). 

“Exchange” means: 
  

	 	(a)	 Nordic ABM, a self-regulated marketplace organised and operated by Oslo Børs; or 

 

	 	(b)	 any regulated market as such term is understood in accordance with the Markets in Financial Instruments
Directive 2014/65/EU (MiFID II) and Regulation (EU) No. 600/2014 on markets in financial instruments (MiFIR). 

“Existing Senior Unsecured Bonds” means the bonds with ISIN NO 0010785959 issued by the Issuer pursuant to the Bond Terms
dated 9 February 2017. 

  
 5 

 “Finance Documents” means these Bond Terms, the Bond Trustee Fee Agreement,
any Tap Issue Addendum and any other document designated by the Issuer and the Bond Trustee as a Finance Document. 
 “Financial
Indebtedness” means any indebtedness for or in respect of: 
  

	 	(a)	 moneys borrowed; 

  

	 	(b)	 any amount raised by acceptance under any acceptance credit facility or dematerialized equivalent;

  

	 	(c)	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument, including the Bonds; 

  

	 	(d)	 the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with
the Accounting Standard, be capitalized as an asset and booked as a corresponding liability in the balance sheet; 

  

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the mark to market value shall be taken into account); 

  

	 	(g)	 any amount raised under any other transaction (including any forward sale or purchase agreement) having the
commercial effect of a borrowing; and 

  

	 	(h)	 without double counting, the amount of any liability in respect of any guarantee for any of the items referred
to in paragraphs (a) to (g) above. 

 “Financial Reports” means the Annual Financial Statements and
the Interim Accounts. 
 “Financial Support” shall have the meaning set out in Clause 13.10 (Financial support). 

“First Call Date” means the Interest Payment Date falling in September 2023 (36 months after the Issue Date). 

“GAAP” means generally accepted accounting principles in the United States including, if applicable, the International
Financial Reporting Standards (IFRS) and guidelines and interpretations issued by the International Accounting Standards Board (or any predecessor and successor thereof), in force from time to time. 

“Government Bond Rate” means the interest rate of debt securities instruments issued by the government of the jurisdiction
issuing the currency of the Bonds on the day falling 2 Business Days before the notification to the Bondholders of the Optional Early Redemption Amount pursuant to Clause 10.2(c). 

“Group” means the Issuer and its Subsidiaries from time to time, including, for the avoidance of doubt, PT Navigator
Khatulistiwa (Indonesia). 

  
 6 

 “Group Company” means any person which is a member of the Group. 

“Initial Bond Issue” means the aggregate Nominal Amount of all Bonds issued on the Issue Date. 

“Initial Nominal Amount” means the nominal amount of each Bond as set out in Clause 2.1 (Amount, denomination and ISIN of
the Bonds). 
 “Insolvent” means that a person: 

 

	 	(a)	 is unable or admits inability to pay its debts as they fall due; 

 

	 	(b)	 suspends making payments on any of its debts generally; or 

 

	 	(c)	 is otherwise considered insolvent or bankrupt within the meaning of the relevant bankruptcy legislation of the
jurisdiction which can be regarded as its centre of main interest as such term is understood pursuant to Regulation (EU) 2015/848 on insolvency proceedings (as amended from time to time). 

“Interest Payment Date” means the last day of each Interest Period, the first Interest Payment Date being 10 March 2021
and the last Interest Payment Date being the Maturity Date. 
 “Interest Period” means, subject to adjustment in accordance
with the Business Day Convention, the period between 10 September and 10 March and 10 March and 10 September each year, provided however that an Interest Period shall not extend beyond the Maturity Date. 

“Interest Rate” means 8.00 percentage points per annum. 

“Interim Accounts” means the unaudited consolidated quarterly financial statements of the Issuer for the quarterly period
ending on each 31 March, 30 June and 30 September in each year, prepared in accordance with the Accounting Standard and include a profit and loss account, balance sheet, cash flow statement and management commentary or report from the
Issuer’s board of directors. 
 “ISIN” means International Securities Identification Number. 

“Issue Date” means 10 September 2020. 

“Issuer” means the company designated as such in the preamble to these Bond Terms. 

“Issuer’s Bonds” means any Bonds which are owned by the Issuer or any Affiliate of the Issuer. 

“Liquidity” means, at any date, the aggregate amount of freely available and unrestricted Cash and Cash Equivalents of the
Group in each case reported in accordance with GAAP. 
 “Managers” means Clarkson Platou Securities AS, Nordea Bank Abp,
filial i Norge, Pareto Securities AS, Crédit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken AB (publ), Oslo Branch and ABN AMRO Bank. N.V. 

  
 7 

 “Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	 the ability of the Issuer to perform and comply with its obligations under any of the Finance Documents; or

  

	 	(b)	 the validity or enforceability of any of the Finance Documents. 

“Maturity Date” means 10 September 2025, adjusted according to the Business Day Convention. 

“Maximum Issue Amount” shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination and ISIN of the
Bonds). 
 “Nominal Amount” means the Initial Nominal Amount (less the aggregate amount by which each Bond has been
partially redeemed, if any, pursuant to Clause 10 (Redemption and repurchase of Bonds)), or any other amount following a split of Bonds pursuant to Clause 16.2, paragraph (j). 

“Optional Early Redemption Amount” means an amount equal to the sum of the present value: 

 

	 	(a)	 on the Call Option Repayment Date of the First Call Price of the redeemed Bonds as if such payment originally
had taken place on the First Call Date; and 

  

	 	(b)	 on the Call Option Repayment Date of the remaining interest payments of the redeemed Bonds, less any accrued
and unpaid interest on the redeemed Bonds as at the Call Option Repayment Date, to the First Call Date, 

 where the
present value shall be calculated by using a discount rate of the sum of the comparable Government Bond Rate + 50 basis points (i.e. comparable to the remaining Macaulay duration of the Bonds from the Call Option Repayment Date until the First Call
Date using linear interpolation). 
 “Outstanding Bonds” means any Bonds not redeemed or otherwise discharged. 

“Overdue Amount” means any amount required to be paid by the Issuer under any of the Finance Documents but not made available
to the Bondholders on the relevant Payment Date or otherwise not paid on its applicable due date. 
 “Partial Payment” means
a payment that is insufficient to discharge all amounts then due and payable under the Finance Documents. 
 “Paying Agent”
means the legal entity appointed by the Issuer to act as its paying agent with respect to the Bonds in the CSD. 
 “Payment
Date” means any Interest Payment Date or any Repayment Date. 
 “Put Option” shall have the meaning ascribed to
such term in Clause 10.3 (Mandatory repurchase due to a Put Option Event). 

  
 8 

 “Put Option Event” means a Change of Control Event. 

“Put Option Repayment Date” means the settlement date for the Put Option pursuant to Clause 10.3 (Mandatory repurchase due
to a Put Option Event). 
 “Quarter Date” means each 31 March, 30 June, 30 September and 31 December.

 “Relevant Jurisdiction” means the country in which the Bonds are issued, being Norway. 

“Relevant Record Date” means the date on which a Bondholder’s ownership of Bonds shall be recorded in the CSD as follows:

  

	 	(c)	 in relation to payments pursuant to these Bond Terms, the date designated as the Relevant Record Date in
accordance with the rules of the CSD from time to time; or 

  

	 	(d)	 for the purpose of casting a vote with regard to Clause 15 (Bondholders’ Decisions), the date
falling on the immediate preceding Business Day to the date of that Bondholders’ decision being made, or another date as accepted by the Bond Trustee. 

“Repayment Date” means any Call Option Repayment Date, the Default Repayment Date, the Put Option Repayment Date, the Tax
Event Repayment Date or the Maturity Date. 
 “Restricted Financial Indebtedness” means: 

 

	 	(a)	 any unsecured bonds issued by the Issuer with (i) amortization, (ii) maturity prior to the Maturity Date,
or (iii) with Financial Support from any other Group Company; 

  

	 	(b)	 any unsecured bonds issued by any Group Company not being the Issuer; 

 

	 	(c)	 any Financial Indebtedness incurred by a Group Company secured by second priority security in any asset of any
Group Company and where such asset additionally is securing Financial Indebtedness on a first priority basis, save for obligations incurred by any Group Company under any interest rate and currency hedging agreements made for non- speculative purposes and relating to any Financial Indebtedness incurred in compliance with the Bond Terms; 

  

	 	(d)	 Financial Indebtedness incurred by any Group Company which is not incurred in the ordinary course of business
of such Group Company; 

  

	 	(e)	 obligations incurred by any Group Company under any interest rate and currency hedging agreements made for
speculative purposes or not relating to any Financial Indebtedness incurred in compliance with the Bond Terms; 

  

	 	(f)	 any secured or unsubordinated intra-group loans granted by any Group Company to another Group Company; and

  

	 	(g)	 any secured Subordinated Loans to the Issuer. 

“Securities Trading Act” means the Securities Trading Act of 2007 no.75 of the Relevant Jurisdiction. 

  
 9 

 “Security” means a mortgage, charge, pledge, lien, security assignment or
other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 

“Subordinated Loans” means debt financing provided to the Issuer that: 

 

	 	(a)	 is subordinated in right of payment to the Bonds, except for interest payments that can be made as long as
(i) no Event of Default has occurred and is continuing, or (ii) no cure period has commenced but not expired under the Bond Terms; 

  

	 	(b)	 does not mature or require any amortisation prior to the date on which all amounts under the Bond Terms and any
other Finance Documents have been paid in full; and 

  

	 	(c)	 does not provide for its acceleration or confer any right to declare any event of default prior to the date on
which all amounts under the Bond Terms and any other Finance Documents have been paid in full. 

“Subsidiary” means a company over which another company has Decisive Influence. 

“Summons” means the call for a Bondholders’ Meeting or a Written Resolution as the case may be. 

“Tap Issue” shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination and ISIN of the Bonds).

 “Tap Issue Addendum” shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination and ISIN of the
Bonds). 
 “Tax Event Repayment Date” means the date set out in a notice from the Issuer to the Bondholders pursuant to
Clause 10.4 (Early redemption option due to a tax event). 
 “Temporary Bonds” shall have the meaning ascribed to
such term in Clause 2.1 (Amount, denomination and ISIN of the Bonds). 
 “Total Assets” means the aggregate book
value (on a consolidated basis) of the Group’s total assets which are treated as assets calculated in accordance with GAAP. 

“Voting Bonds” means the Outstanding Bonds less the Issuer’s Bonds. 

“Written Resolution” means a written (or electronic) solution for a decision making among the Bondholders, as set out in
Clause 15.5 (Written Resolutions). 
  

	1.2	 Construction 

In these Bond Terms, unless the context otherwise requires: 
  

	 	(a)	 headings are for ease of reference only; 

 

	 	(b)	 words denoting the singular number will include the plural and vice versa; 

 

	 	(c)	 references to Clauses are references to the Clauses of these Bond Terms; 

  
 10 

	 	(d)	 references to a time are references to Central European time unless otherwise stated; 

 

	 	(e)	 references to a provision of “law” is a reference to that provision as amended or re-enacted, and to any regulations made by the appropriate authority pursuant to such law; 

  

	 	(f)	 references to a “regulation” includes any regulation, rule, official directive, request or
guideline by any official body; 

  

	 	(g)	 references to a “person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, unincorporated organization, government, or any agency or political subdivision thereof or any other entity, whether or not having a separate legal personality; 

 

	 	(h)	 references to Bonds being “redeemed” means that such Bonds are cancelled and discharged in the
CSD in a corresponding amount, and that any amounts so redeemed may not be subsequently re-issued under these Bond Terms; 

 

	 	(i)	 references to Bonds being “purchased” or “repurchased” by the Issuer means
that such Bonds may be dealt with by the Issuer as set out in Clause 11.1 (Issuer’s purchase of Bonds), 

  

	 	(j)	 references to persons “acting in concert” shall be interpreted pursuant to the relevant
provisions of the Securities Trading Act; and 

  

	 	(k)	 an Event of Default is “continuing” if it has not been remedied or waived.

  

	2.	 THE BONDS 

  

	2.1	 Amount, denomination and ISIN of the Bonds 

 

	 	(a)	 The Issuer has resolved to issue a series of Bonds in the maximum amount of USD 150,000,000 (the
“Maximum Issue Amount”). The Bonds may be issued on different issue dates and the Initial Bond Issue will be in the amount of USD 100,000,000. The Issuer may, provided that the conditions set out in Clause 6.3 (Tap Issues)
are met, at one or more occasions issue Additional Bonds (each a “Tap Issue”) until the Nominal Amount of all Additional Bonds equals in aggregate the Maximum Issue Amount less the Initial Bond Issue. Each Tap Issue will be subject
to identical terms as the Bonds issued pursuant to the Initial Bond Issue in all respects as set out in these Bond Terms, except that Additional Bonds may be issued at a different price than for the Initial Bond Issue and which may be below or above
the Nominal Amount. The Bond Trustee shall prepare an addendum to these Bond Terms evidencing the terms of each Tap Issue (a “Tap Issue Addendum”). 

If the Bonds are listed on an Exchange and there is a requirement for a new prospectus in order for the Additional Bonds to be listed together
with the Bonds, the Additional Bonds may be issued under a separate ISIN (such Bonds referred to as the “Temporary Bonds”). Upon the approval of the prospectus, the Issuer shall (i) notify the Bond Trustee, the Exchange and the
Paying Agent and (ii) ensure that the Temporary Bonds are converted into the ISIN for the Bonds. 

  
 11 

	 	(b)	 The Bonds are denominated in US Dollars (USD), being the legal currency of the United States of America.

  

	 	(c)	 The Initial Nominal Amount of each Bond is USD 50,000. 

 

	 	(d)	 The ISIN of the Bonds is set out on the front page. These Bond Terms apply with identical terms and conditions
to (i) all Bonds issued under this ISIN, (ii) any Temporary Bonds and (iii) any Overdue Amounts issued under one or more separate ISIN in accordance with the regulations of the CSD from time to time. 

 

	 	(e)	 Holders of Overdue Amounts related to interest claims will not have any other rights under these Bond Terms
than their claim for payment of such interest claim which claim shall be subject to paragraph (b) of Clause 15.1. 

  

	2.2	 Tenor of the Bonds 

The tenor of the Bonds is from and including the Issue Date to but excluding the Maturity Date. 

 

	2.3	 Use of proceeds 

 

	 	(a)	 The Issuer will use the net proceeds from the Initial Bond Issue for repayment of the Existing Senior Unsecured
Bonds and for general corporate purposes of the Group. 

  

	 	(b)	 The Issuer will use the net proceeds from the issuance of any Additional Bonds for general corporate purposes
of the Group. 

  

	2.4	 Status of the Bonds 

The Bonds will constitute senior debt obligations of the Issuer. The Bonds will rank pari passu between themselves and will rank at least pari
passu with all other obligations of the Issuer (save for such claims which are preferred by bankruptcy, insolvency, liquidation or other similar laws of general application). 
  

	2.5	 Transaction Security 

The Bonds are unsecured. 
  

	3.	 THE BONDHOLDERS 

 

	3.1	 Bond Terms binding on all Bondholders 

 

	 	(a)	 By virtue of being registered as a Bondholder (directly or indirectly) with the CSD, the Bondholders are bound
by these Bond Terms and any other Finance Document, without any further action required to be taken or formalities to be complied with by the Bond Trustee, the Bondholders, the Issuer or any other party. 

 

	 	(b)	 The Bond Trustee is always acting with binding effect on behalf of all the Bondholders. 

 

	3.2	 Limitation of rights of action 

 

	 	(a)	 No Bondholder is entitled to take any enforcement action, instigate any insolvency procedures, or take other
legal action against the Issuer or any other party in relation to any of the liabilities of the Issuer or any other party under or in connection with the Finance Documents, other than through the Bond Trustee and in accordance with these Bond Terms,
provided, however, that the Bondholders shall not be restricted from exercising any of their individual rights derived from these Bond Terms, including the right to exercise the Put Option. 

  
 12 

	 	(b)	 Each Bondholder shall immediately upon request by the Bond Trustee provide the Bond Trustee with any such
documents, including a written power of attorney (in form and substance satisfactory to the Bond Trustee), as the Bond Trustee deems necessary for the purpose of exercising its rights and/or carrying out its duties under the Finance Documents. The
Bond Trustee is under no obligation to represent a Bondholder which does not comply with such request. 

  

	3.3	 Bondholders’ rights 

 

	 	(a)	 If a beneficial owner of a Bond not being registered as a Bondholder wishes to exercise any rights under the
Finance Documents, it must obtain proof of ownership of the Bonds, acceptable to the Bond Trustee. 

  

	 	(b)	 A Bondholder (whether registered as such or proven to the Bond Trustee’s satisfaction to be the beneficial
owner of the Bond as set out in paragraph (a) above) may issue one or more powers of attorney to third parties to represent it in relation to some or all of the Bonds held or beneficially owned by such Bondholder. The Bond Trustee shall only
have to examine the face of a power of attorney or similar evidence of authorisation that has been provided to it pursuant to this Clause 3.3 (Bondholders’ rights) and may assume that it is in full force and effect, unless otherwise is
apparent from its face or the Bond Trustee has actual knowledge to the contrary. 

  

	4.	 ADMISSION TO LISTING 

The Issuer shall within 6 months of the Issue Date apply, for the Bonds to be admitted to listing on Nordic ABM. 

 

	5.	 REGISTRATION OF THE BONDS 

 

	5.1	 Registration in the CSD 

The Bonds shall be registered in dematerialised form in the CSD according to the relevant securities registration legislation and the
requirements of the CSD. 
  

	5.2	 Obligation to ensure correct registration 

The Issuer will at all times ensure that the registration of the Bonds in the CSD is correct and shall immediately upon any amendment or
variation of these Bond Terms give notice to the CSD of any such amendment or variation. 
  

	5.3	 Country of issuance 

The Bonds have not been issued under any other country’s legislation than that of the Relevant Jurisdiction. Save for the registration of
the Bonds in the CSD, the Issuer is under no obligation to register, or cause the registration of, the Bonds in any other registry or under any other legislation than that of the Relevant Jurisdiction. 

  
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	6.	 CONDITIONS FOR DISBURSEMENT 

 

	6.1	 Conditions precedent for disbursement to the Issuer 

 

	 	(a)	 Payment of the net proceeds from the issuance of the Bonds to the Issuer shall be conditional on the Bond
Trustee having received in due time (as determined by the Bond Trustee) prior to the Issue Date each of the following documents, in form and substance satisfactory to the Bond Trustee: 

 

	 	(i)	 these Bond Terms duly executed by all parties hereto; 

 

	 	(ii)	 certified copies of all necessary corporate resolutions of the Issuer to issue the Bonds and execute the
Finance Documents to which it is a party; 

  

	 	(iii)	 a certified copy of a power of attorney (unless included in the corporate resolutions) from the Issuer to
relevant individuals for their execution of the Finance Documents to which it is a party, or extracts from the relevant register or similar documentation evidencing such individuals’ authorisation to execute such Finance Documents on behalf of
the Issuer; 

  

	 	(iv)	 certified copies of the Issuer’s constitutional documents and a certificate of goodstanding from the
Registrar of Corporations of the Republic of the Marshall Islands in respect of the Issuer evidencing that the Issuer is validly existing in good standing under the laws of the Republic of the Marshall Islands; 

 

	 	(v)	 copies of the Issuer’s latest Financial Reports (if any); 

 

	 	(vi)	 confirmation that the applicable prospectus requirements (ref the EU prospectus regulation ((EU) 2017/1129))
concerning the issuance of the Bonds have been fulfilled; 

  

	 	(vii)	 copies of any necessary governmental approval, consent or waiver (as the case may be) required at such time to
issue the Bonds; 

  

	 	(viii)	 confirmation that the Bonds are registered in the CSD (by obtaining an ISIN for the Bonds);

  

	 	(ix)	 confirmation of acceptance from any process agent; 

 

	 	(x)	 copies of any written documentation used in marketing the Bonds or made public by the Issuer or any Manager in
connection with the issuance of the Bonds; 

  

	 	(xi)	 the Bond Trustee Fee Agreement duly executed by the parties thereto; and 

 

	 	(xii)	 legal opinions or other statements as may be required by the Bond Trustee (including in respect of corporate
matters relating to the Issuer and the legality, validity and enforceability of these Bond Terms and the Finance Documents). 

  

	 	(b)	 The Bond Trustee, acting in its sole discretion, may, regarding this Clause 6.1 (Conditions precedent for
disbursement to the Issuer), waive the requirements for documentation or decide that delivery of certain documents shall be made subject to an agreed closing procedure between the Bond Trustee and the Issuer. 

  
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	6.2	 Disbursement of the proceeds 

Disbursement of the proceeds from the issuance of the Bonds is conditional on the Bond Trustee’s confirmation to the Paying Agent that the
conditions in Clause 6.1 (Conditions precedent for disbursement to the Issuer) have been either satisfied in the Bond Trustee’s discretion or waived by the Bond Trustee pursuant to paragraph (b) of Clause 6.1 above. 

 

	6.3	 Tap Issues 

The Issuer may issue Additional Bonds if: 
  

	 	(a)	 the Bond Trustee has executed a Tap Issue Addendum; and 

 

	 	(b)	 the representations and warranties contained in Clause 7 (Representations and Warranties) of these Bond
Terms are true and correct in all material respects and repeated by the Issuer as at the date of issuance of such Additional Bonds. 

  

	7.	 REPRESENTATIONS AND WARRANTIES 

The Issuer makes the representations and warranties set out in this Clause 7 (Representations and warranties), in respect of itself to
the Bond Trustee (on behalf of the Bondholders) at the following times and with reference to the facts and circumstances then existing: 
  

	 	(a)	 at the date of these Bond Terms; 

 

	 	(b)	 at the Issue Date; and 

 

	 	(c)	 at the date of issuance of any Additional Bonds: 

 

	7.1	 Status 

It is a corporation, duly domesticated and validly existing and registered under the laws of its jurisdiction of domestication, and has the
power to own its assets and carry on its business as it is being conducted. 
  

	7.2	 Power and authority 

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery
of, these Bond Terms and any other Finance Document to which it is a party and the transactions contemplated by those Finance Documents. 
  

	7.3	 Valid, binding and enforceable obligations 

These Bond Terms and each other Finance Document to which it is a party constitutes (or will constitute, when executed by the respective
parties thereto) its legal, valid and binding obligations, enforceable in accordance with their respective terms, and (save as provided for therein) no further registration, filing, payment of tax or fees or other formalities are necessary or
desirable to render the said documents enforceable against it. 

  
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	7.4	 Non-conflict with other obligations 

The entry into and performance by it of these Bond Terms and any other Finance Document to which it is a party and the transactions
contemplated thereby do not and will not conflict with (i) any law or regulation or judicial or official order; (ii) its constitutional documents; or (iii) any agreement or instrument which is binding upon it or any of its assets.

  

	7.5	 No Event of Default 

 

	 	(a)	 No Event of Default exists or is likely to result from the making of any drawdown under these Bond Terms or the
entry into, the performance of, or any transaction contemplated by, any Finance Document. 

  

	 	(b)	 No other event or circumstance has occurred which constitutes (or with the expiry of any grace period, the
giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination event (howsoever described) under any other agreement or instrument which is binding on it or any of its
Subsidiaries or to which its (or any of its Subsidiaries’) assets are subject which has or is likely to have a Material Adverse Effect. 

  

	7.6	 Authorizations and consents 

All authorisations, consents, approvals, resolutions, licenses, exemptions, filings, notarizations or registrations required: 

 

	 	(a)	 to enable it to enter into, exercise its rights and comply with its obligations under these Bond Terms or any
other Finance Document to which it is a party; and 

  

	 	(b)	 to carry on its business as presently conducted and as contemplated by these Bond Terms, 

have been obtained or effected and are in full force and effect. 
  

	7.7	 Litigation 

No litigation, arbitration or administrative proceedings or investigations of or before any court, arbitral body or agency which, if adversely
determined, is likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. 
  

	7.8	 Financial Reports 

Its most recent Financial Reports fairly and accurately represent the assets and liabilities and financial condition as at their respective
dates, and have been prepared in accordance with the Accounting Standard, consistently applied. 
  

	7.9	 No Material Adverse Effect 

Since the date of the most recent Financial Reports, there has been no change in its business, assets or financial condition that is likely to
have a Material Adverse Effect. 

  
 16 

	7.10	 No misleading information 

Any factual information provided by it to the Bondholders or the Bond Trustee for the purposes of the issuance of the Bonds was true and
accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. 
  

	7.11	 No withholdings 

The Issuer is not required to make any deduction or withholding from any payment which it may become obliged to make to the Bond Trustee or the
Bondholders under these Bond Terms. 
  

	7.12	 Pari passu ranking 

Its payment obligations under these Bond Terms or any other Finance Document to which it is a party ranks as set out in Clause 2.4 (Status
of the Bonds). 
  

	7.13	 Security 

No Security exists over any of the present assets of any Group Company in conflict with these Bond Terms. 

 

	8.	 PAYMENTS IN RESPECT OF THE BONDS 

 

	8.1	 Covenant to pay 

 

	 	(a)	 The Issuer will unconditionally make available to or to the order of the Bond Trustee and/or the Paying Agent
all amounts due on each Payment Date pursuant to the terms of these Bond Terms at such times and to such accounts as specified by the Bond Trustee and/or the Paying Agent in advance of each Payment Date or when other payments are due and payable
pursuant to these Bond Terms. 

  

	 	(b)	 All payments to the Bondholders in relation to the Bonds shall be made to each Bondholder registered as such in
the CSD at the Relevant Record Date, by, if no specific order is made by the Bond Trustee, crediting the relevant amount to the bank account nominated by such Bondholder in connection with its securities account in the CSD. 

 

	 	(c)	 Payment constituting good discharge of the Issuer’s payment obligations to the Bondholders under these
Bond Terms will be deemed to have been made to each Bondholder once the amount has been credited to the bank holding the bank account nominated by the Bondholder in connection with its securities account in the CSD. If the paying bank and the
receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question. 

 

	 	(d)	 If a Payment Date or a date for other payments to the Bondholders pursuant to the Finance Documents falls on a
day on which either of the relevant CSD settlement system or the relevant currency settlement system for the Bonds are not open, the payment shall be made on the first following possible day on which both of the said systems are open, unless any
provision to the contrary have been set out for such payment in the relevant Finance Document. 

  
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	8.2	 Default interest 

 

	 	(a)	 Default interest will accrue on any Overdue Amount from and including the Payment Date on which it was first
due to and excluding the date on which the payment is made at the Interest Rate plus 3 percentage points per annum. 

  

	 	(b)	 Default interest accrued on any Overdue Amount pursuant to this Clause 8.2 (Default interest) will be
added to the Overdue Amount on each Interest Payment Date until the Overdue Amount and default interest accrued thereon have been repaid in full. 

  

	8.3	 Partial Payments 

 

	 	(a)	 If the Paying Agent or the Bond Trustee receives a Partial Payment, such Partial Payment shall, in respect of
the Issuer’s debt under the Finance Documents be considered made for discharge of the debt of the Issuer in the following order of priority: 

  

	 	(i)	 firstly, towards any outstanding fees, liabilities and expenses of the Bond Trustee; 

 

	 	(ii)	 secondly, towards accrued interest due but unpaid; and 

 

	 	(iii)	 thirdly, towards any other outstanding amounts due but unpaid under the Finance Documents.

  

	 	(b)	 Notwithstanding paragraph (a) above, any Partial Payment which is distributed to the Bondholders, shall,
after the above mentioned deduction of outstanding fees, liabilities and expenses, be applied (i) firstly towards any principal amount due but unpaid and (ii) secondly, towards accrued interest due but unpaid, in the following situations;

  

	 	(i)	 the Bond Trustee has served a Default Notice in accordance with Clause 14.2 (Acceleration of the Bonds),
or 

  

	 	(ii)	 as a result of a resolution according to Clause 15 (Bondholders’ decisions). 

 

	8.4	 Taxation 

  

	 	(a)	 The Issuer is responsible for withholding any withholding tax imposed by applicable law on any payments to be
made by it in relation to the Finance Documents. 

  

	 	(b)	 The Issuer shall, if any tax is withheld in respect of the Bonds under the Finance Documents:

  

	 	(i)	 gross up the amount of the payment due from it up to such amount which is necessary to ensure that the
Bondholders or the Bond Trustee, as the case may be, receive a net amount which is (after making the required withholding) equal to the payment which would have been received if no withholding had been required; and 

 

	 	(ii)	 at the request of the Bond Trustee, deliver to the Bond Trustee evidence that the required tax deduction or
withholding has been made. 

  
 18 

	 	(c)	 Any public fees levied on the trade of Bonds in the secondary market shall be paid by the Bondholders, unless
otherwise provided by law or regulation, and the Issuer shall not be responsible for reimbursing any such fees. 

  

	8.5	 Currency 

  

	 	(a)	 All amounts payable under the Finance Documents shall be payable in the denomination of the Bonds set out in
Clause 2.1 (Amount, denomination and ISIN of the Bonds). If, however, the denomination differs from the currency of the bank account connected to the Bondholder’s account in the CSD, any cash settlement may be exchanged and credited to
this bank account. 

  

	 	(b)	 Any specific payment instructions, including foreign exchange bank account details, to be connected to the
Bondholder’s account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its account manager in the CSD) within 5 Business Days prior to a Payment Date. Depending on any currency exchange
settlement agreements between each Bondholder’s bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place,
provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay. 

  

	8.6	 Set-off and counterclaims 

The Issuer may not apply or perform any counterclaims or set-off against any payment obligations
pursuant to these Bond Terms or any other Finance Document. 
  

	9.	 INTEREST 

  

	9.1	 Calculation of interest 

 

	 	(a)	 Each Outstanding Bond will accrue interest at the Interest Rate on the Nominal Amount for each Interest Period,
commencing on and including the first date of the Interest Period, and ending on but excluding the last date of the Interest Period. 

  

	 	(b)	 Any Additional Bond will accrue interest at the Interest Rate on the Nominal Amount commencing on the first
date of the Interest Period in which the Additional Bonds are issued and thereafter in accordance with Clause 9.1 (a) above. 

  

	 	(c)	 Interest shall be calculated on the basis of a 360-day year comprised
of twelve months of 30 days each (30/360-days basis), unless: 

  

	 	(i)	 the last day in the relevant Interest Period is the 31st
calendar day but the first day of that Interest Period is a day other than the 30th or the 31st day of a month, in which case the month that
includes that last day shall not be shortened to a 30–day month; or 

  

	 	(ii)	 the last day of the relevant Interest Period is the last calendar day in February, in which case February shall
not be lengthened to a 30-day month. 

  
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	9.2	 Payment of interest 

Interest shall fall due on each Interest Payment Date for the corresponding preceding Interest Period and, with respect to accrued interest on
the principal amount then due and payable, on each Repayment Date. 
  

	10.	 REDEMPTION AND REPURCHASE OF BONDS 

 

	10.1	 Redemption of Bonds 

The Outstanding Bonds will mature in full on the Maturity Date and shall be redeemed by the Issuer on the Maturity Date at a price equal to
100 per cent. of the Nominal Amount. 
  

	10.2	 Voluntary early redemption - Call Option 

 

	 	(a)	 The Issuer may redeem the Outstanding Bonds in whole or in part (the “Call Option”) on any
Business Day from and including: 

  

	 	(i)	 the Issue Date to, but not including, the First Call Date at a price equal to the Optional Early Redemption
Amount; 

  

	 	(ii)	 the First Call Date to, but not including, the Interest Payment Date in September 2024 at a price equal to
103.20 per cent. of the Nominal Amount for each redeemed Bond; 

  

	 	(iii)	 Interest Payment Date in September 2024 to, but not including, the Interest Payment Date in March 2025 at a
price equal to 101.60 per cent. of the Nominal Amount for each redeemed Bond; and 

  

	 	(iv)	 the Interest Payment Date in March 2025 to, but not including, the Maturity Date at a price equal to
100.00 per cent. of the Nominal Amount for each redeemed Bond. 

  

	 	(b)	 Any redemption of Bonds pursuant to Clause 10.2 (a) above shall be determined based upon the redemption prices
applicable on the Call Option Repayment Date. 

  

	 	(c)	 The Call Option may be exercised by the Issuer by written notice to the Bond Trustee at least 10 Business Days
prior to the proposed Call Option Repayment Date. Such notice sent by the Issuer is irrevocable and shall specify the Call Option Repayment Date. Unless the Optional Early Redemption Amount is set out in the written notice where the Issuer exercises
the Call Option, the Issuer shall calculate the Optional Early Redemption Amount and provide such calculation by written notice to the Bond Trustee as soon as possible and at the latest within 3 Business Days from the date of the notice.

  

	 	(d)	 Any Call Option exercised in part will be used for pro rata payment to the Bondholders in accordance with the
applicable regulations of the CSD. 

  

	10.3	 Mandatory repurchase due to a Put Option Event 

 

	 	(a)	 Upon the occurrence of a Put Option Event, each Bondholder will have the right (the “Put
Option”) to require that the Issuer purchases all or some of the Bonds held by that Bondholder at a price equal to 101.00 per cent. of the Nominal Amount. 

  
 20 

	 	(b)	 The Put Option must be exercised within 15 Business Days after the Issuer has given notice to the Bond Trustee
and the Bondholders that a Put Option Event has occurred pursuant to Clause 12.3 (Put Option Event). Once notified, the Bondholders’ right to exercise the Put Option is irrevocable. 

 

	 	(c)	 Each Bondholder may exercise its Put Option by written notice to its account manager for the CSD, who will
notify the Paying Agent of the exercise of the Put Option. The Put Option Repayment Date will be the 5th Business Day after the end of 15 Business Days exercise period referred to in paragraph
(b) above. However, the settlement of the Put Option will be based on each Bondholders holding of Bonds at the Put Option Repayment Date. 

  

	 	(d)	 If Bonds representing more than 90 per cent. of the Outstanding Bonds have been repurchased pursuant to
this Clause 10.3 (Mandatory repurchase due to a Put Option Event), the Issuer is entitled to repurchase all the remaining Outstanding Bonds at the price stated in paragraph (a) above by notifying the remaining Bondholders of its
intention to do so no later than 10 Business Days after the Put Option Repayment Date. Such notice sent by the Issuer is irrevocable and shall specify the Call Option Repayment Date. 

 

	10.4	 Early redemption option due to a tax event 

If the Issuer is or will be required to gross up any withheld tax imposed by law from any payment in respect of the Bonds under the Finance
Documents pursuant to Clause 8.4 (Taxation) as a result of a change in applicable law implemented after the date of these Bond Terms, the Issuer will have the right to redeem all, but not only some, of the Outstanding Bonds at a price equal
to 100 per cent. of the Nominal Amount. The Issuer shall give written notice of such redemption to the Bond Trustee and the Bondholders at least 20 Business Days prior to the Tax Event Repayment Date, provided that no such notice shall be given
earlier than 60 Business Days prior to the earliest date on which the Issuer would be obliged to withhold such tax were a payment in respect of the Bonds then due. 
  

	11.	 PURCHASE AND TRANSFER OF BONDS 

 

	11.1	 Issuer’s purchase of Bonds 

The Issuer may purchase and hold Bonds and such Bonds may be retained, sold or cancelled in the Issuer’s sole discretion,(including with
respect to Bonds purchased pursuant to Clause 10.3 (Mandatory repurchase due to a Put Option Event). 
  

	11.2	 Restrictions 

  

	 	(a)	 Certain purchase or selling restrictions may apply to Bondholders under applicable local laws and regulations
from time to time. Neither the Issuer nor the Bond Trustee shall be responsible to ensure compliance with such laws and regulations and each Bondholder is responsible for ensuring compliance with the relevant laws and regulations at its own cost and
expense. 

  

	 	(b)	 A Bondholder who has purchased Bonds in breach of applicable restrictions may, notwithstanding such breach,
benefit from the rights attached to the Bonds pursuant to these Bond Terms (including, but not limited to, voting rights), provided that the Issuer shall not incur any additional liability by complying with its obligations to such Bondholder.

  
 21 

	12.	 INFORMATION UNDERTAKINGS 

 

	12.1	 Financial Reports 

 

	 	(a)	 The Issuer shall prepare Annual Financial Statements in the English language and make them available on its
website (alternatively on another relevant information platform) as soon as they become available, and not later than 150 days after the end of the financial year. 

 

	 	(b)	 The Issuer shall prepare Interim Accounts in the English language and make them available on its website
(alternatively on another relevant information platform) as soon as they become available, and not later than 90 days after the end of the relevant interim period. 

 

	12.2	 Requirements as to Financial Reports 

 

	 	(a)	 The Issuer shall supply to the Bond Trustee, in connection with the publication of its Financial Reports
pursuant to Clause 12.1 (Financial Reports), a Compliance Certificate with a copy of the Financial Reports attached thereto. The Compliance Certificate shall be duly signed by the chief executive officer or the chief financial officer of the
Issuer, certifying inter alia that the Financial Reports are fairly representing its financial condition as at the date of those financial statements and setting out (in reasonable detail) computations evidencing compliance with Clause 13.15
(Financial Covenants) as at such date. 

  

	 	(b)	 The Issuer shall procure that the Financial Reports delivered pursuant to Clause 12.1 (Financial
Reports) are prepared using the Accounting Standard consistently applied. 

  

	12.3	 Put Option Event 

The Issuer shall inform the Bond Trustee in writing as soon as possible after becoming aware that a Put Option Event has occurred. 

 

	12.4	 Information: Miscellaneous 

The Issuer shall: 
  

	 	(a)	 promptly inform the Bond Trustee in writing of any Event of Default or any event or circumstance which the
Issuer understands or could reasonably be expected to understand may lead to an Event of Default and the steps, if any, being taken to remedy it; 

  

	 	(b)	 at the request of the Bond Trustee, report the balance of the Issuer’s Bonds (to the best of its
knowledge, having made due and appropriate enquiries); 

  

	 	(c)	 send the Bond Trustee copies of any statutory notifications of the Issuer, including but not limited to in
connection with mergers, de-mergers and reduction of the Issuer’s share capital or equity; 

  
 22 

	 	(d)	 if the Bonds are listed on an Exchange, send a copy to the Bond Trustee of its notices to the Exchange;

  

	 	(e)	 if the Issuer and/or the Bonds are rated, inform the Bond Trustee of its and/or the rating of the Bonds, and
any changes to such rating; 

  

	 	(f)	 inform the Bond Trustee of changes in the registration of the Bonds in the CSD; and 

 

	 	(g)	 within a reasonable time, provide such information about the Issuer’s and the Group’s business,
assets and financial condition as the Bond Trustee may reasonably request. 

  

	13.	 GENERAL AND FINANCIAL UNDERTAKINGS 

The Issuer undertakes to (and shall, where applicable, procure that the other Group Companies will) comply with the undertakings set forth in
this Clause 13 (General and financial Undertakings). 
  

	13.1	 Compliance with laws 

The Issuer shall, and shall ensure that all other Group Companies shall, carry on its business in accordance with acknowledged, careful and
sound practices in all aspects and comply in all material respects with all laws and regulations it or they may be subject to from time to time. Breach of these obligations shall be regarded as non-compliance
only if such breach would have a Material Adverse Effect. 
  

	13.2	 Continuation of business 

The Issuer shall not cease to carry on its business and the Issuer shall procure that no substantial change is made to the general nature of
the business of the Group from that carried on at the date of the Bond Terms, and/or as set out in the Bond Terms. 
  

	13.3	 Corporate status 

The Issuer shall not change its type of organization or jurisdiction of domestication. 

 

	13.4	 Disposal of business 

The Issuer shall not, and shall procure that no other Group Company shall, sell or otherwise dispose of all or a substantial part of the
Group’s assets or operations to any person not being a member of the Group, unless (i) the transaction is carried out at a fair market value, on terms and conditions customary for such transactions and (ii) such transaction would not
have a Material Adverse Effect. 
  

	13.5	 Arm’s length transactions 

The Issuer shall not, and the Issuer shall ensure that no other Group Company shall, enter into any transaction with any person except on
arm’s length terms and for fair market value. 
  

	13.6	 Mergers 

The Issuer shall not, and shall ensure that no other Group Company shall, carry out any merger or other business combination or corporate
reorganization involving a consolidation of the assets and obligations of the Issuer or any other Group Company with any other companies or entities if such transaction would have a Material Adverse Effect. 

  
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	13.7	 De-mergers 

The Issuer shall not, and shall ensure that no other Group Company shall, carry out any de-merger or
other corporate reorganization involving a split of the Issuer or any other Group Company into two or more separate companies or entities, if such transaction would have a Material Adverse Effect. 

 

	13.8	 Financial Indebtedness 

The Issuer and the Group Companies may, incur, create or permit to subsist any Financial Indebtedness (including guarantees) except the
Restricted Financial Indebtedness. 
  

	13.9	 Negative pledge 

The Issuer and the Group Companies may create, permit to subsist or allow to exist any mortgage, pledge, lien or any other encumbrance over any
of its present or future respective assets (including shares in Subsidiaries) or its revenues, except with respect to encumbrances granted to secure the Restricted Financial Indebtedness. 

 

	13.10	 Financial support 

The Issuer and each Group Company may grant any loans, guarantees or other financial assistance (including, but not limited to granting of
security) (“Financial Support”) to or for the benefit of any third party or other Group Company, except any Financial Support granted in connection with Restricted Financial Indebtedness. 

 

	13.11	 Dividend restrictions 

 

	 	(a)	 The Issuer shall not (i) declare or make any dividend payment or distribution including preferred dividend
payments, whether in cash or kind, (ii) repurchase any of its shares or undertake other similar transactions (including, but not limited to total return swaps related to shares in the Issuer), or (iii) grant any loans or make other
distributions or transactions constituting a transfer of value to its shareholders (items (i)-(iii) collectively referred to as the “Distributions”). 

 

	 	(b)	 Notwithstanding the restrictions on Distributions in section (a) above, the Issuer shall be permitted to
make Distributions provided and for so long as the Liquidity is exceeding USD 60,000,000 (calculated on a pro forma basis as if the relevant Distribution had been made at the time of calculation), provided always that the Issuer can demonstrate by
delivering a compliance certificate to the Bond Trustee prior to making such Distributions that no Event of Default is continuing or would result from such Distributions. 

 

	13.12	 Subsidiary distribution 

Save for obligations under any Financial Indebtedness, the Issuer shall not permit any Subsidiary to create or permit to exist any contractual
obligation (or encumbrance) restricting the right of any Subsidiary to: 
  

	 	(a)	 pay dividends or make other distributions to its shareholders; 

 

	 	(b)	 service any Financial Indebtedness to the Issuer; 

  
 24 

	 	(c)	 make any loans to the Issuer; or 

 

	 	(d)	 transfer any of its assets and properties to the Issuer; 

if the creation of such contractual obligation is reasonably likely to prevent the Issuer from complying with its payment obligations under the
Bond Terms. 
  

	13.13	 Subordinated loans 

The Issuer shall ensure that any existing and future shareholder loans or any subordinated loans from a third party to the Issuer shall be
Subordinated Loans. 
  

	13.14	 Insurances 

The Issuer shall, and the Issuer shall procure that each Group Company will, maintain with reputable insurance companies, funds or underwriters
adequate insurance or captive arrangements with respect to its assets, equipment and business against such liabilities, casualties and contingencies and of such types and in such amounts as are consistent with prudent business practice in their
relevant jurisdiction. 
  

	13.15	 Financial Covenants 

The Issuer undertakes to comply with the following financial covenants during the term of the Bond Issue: 

 

	 	(a)	 Equity Ratio: The Issuer undertakes to ensure that the Group maintains an Equity Ratio higher than 30%;
and 

  

	 	(b)	 Liquidity: The Issuer shall ensure that the Group maintains a Liquidity of minimum USD 35 million.

 The Issuer undertakes to comply with the above Financial Covenants at all times, such compliance to be measured on each
Quarter Date and certified by the Issuer with each Compliance Certificate to the Bond Trustee to be delivered with the Annual Financial Statements and the Interim Accounts. All financial covenants shall be calculated on a consolidated basis for the
Group during the lifetime of the Bonds. 
  

	14.	 EVENTS OF DEFAULT AND ACCELERATION OF THE BONDS 

 

	14.1	 Events of Default 

Each of the events or circumstances set out in this Clause 14.1 shall constitute an Event of Default: 

 

	 	(a)	 Non-payment 

The Issuer fails to pay any amount payable by it under the Finance Documents when such amount is due for payment, unless: 

 

	 	(i)	 its failure to pay is caused by administrative or technical error in payment systems or the CSD and payment is
made within 5 Business Days following the original due date; or 

  
 25 

	 	(ii)	 in the discretion of the Bond Trustee, the Issuer has substantiated that it is likely that such payment will be
made in full within 5 Business Days following the original due date. 

  

	 	(b)	 Breach of other obligations 

The Issuer does not comply with any provision of the Finance Documents other than set out under paragraph (a) (Non-payment) above, unless such failure is capable of being remedied and is remedied within 20 Business Days after the earlier of the Issuer’s actual knowledge thereof, or notice thereof is given to the
Issuer by the Bond Trustee. 
  

	 	(c)	 Misrepresentation 

Any representation, warranty or statement (including statements in Compliance Certificates) made by the Issuer under or in connection with any
Finance Documents is or proves to have been incorrect, inaccurate or misleading in any material respect when made. 
  

	 	(d)	 Cross default 

If for any Group Company: 
  

	 	(i)	 any Financial Indebtedness is not paid when due nor within any applicable grace period; or

  

	 	(ii)	 any Financial Indebtedness is declared to be or otherwise becomes due and payable prior to its specified
maturity as a result of an event of default (however described); or 

  

	 	(iii)	 any commitment for any Financial Indebtedness is cancelled or suspended by a creditor as a result of an event
of default (however described), or 

  

	 	(iv)	 any creditor becomes entitled to declare any Financial Indebtedness due and payable prior to its specified
maturity as a result of an event of default (however described), 

 provided however that the aggregate amount of such
Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above exceeds a total of USD 25,000,000 (or the equivalent thereof in any other currency). 

 

	 	(e)	 Insolvency and insolvency proceedings 

Any Group Company: 
  

	 	(i)	 is Insolvent; or 

  

	 	(ii)	 is object of any corporate action or any legal proceedings is taken in relation to: 

 

	 	(A)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) other than a solvent liquidation or reorganization; or 

  
 26 

	 	(B)	 a composition, compromise, assignment or arrangement with any creditor which may materially impair the
Issuer’s ability to perform its payment obligations under these Bond Terms; or 

  

	 	(C)	 the appointment of a liquidator (other than in respect of a solvent liquidation), receiver, administrative
receiver, administrator, compulsory manager or other similar officer of any of its assets; or 

  

	 	(D)	 enforcement of any Security over any of its or their assets having an aggregate value exceeding the threshold
amount set out in paragraph 14.1 (d) (Cross default) above; or 

  

	 	(E)	 for (A) - (D) above, any analogous procedure or step is taken in any jurisdiction in respect of any such
company, 

 however this shall not apply to any petition which is frivolous or vexatious and is discharged, stayed or
dismissed within 20 Business Days of commencement. 
  

	 	(f)	 Creditor’s process 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of any Group Company having an aggregate value
exceeding the threshold amount set out in paragraph (d) (Cross default) above and is not discharged within 20 Business Days. 
  

	 	(g)	 Unlawfulness 

It is or becomes unlawful for the Issuer to perform or comply with any of its obligations under the Finance Documents to the extent this may
materially impair: 
  

	 	(i)	 the ability of the Issuer to perform its obligations under these Bond Terms; or 

 

	 	(ii)	 the ability of the Bond Trustee to exercise any material right or power vested to it under the Finance
Documents. 

  

	14.2	 Acceleration of the Bonds 

If an Event of Default has occurred and is continuing, the Bond Trustee may, in its discretion in order to protect the interests of the
Bondholders, or upon instruction received from the Bondholders pursuant to Clause 14.3 (Bondholders’ instructions) below, by serving a Default Notice: 
  

	 	(a)	 declare that the Outstanding Bonds, together with accrued interest and all other amounts accrued or outstanding
under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; and/or 

  
 27 

	 	(b)	 exercise (or direct the Security Agent to exercise) any or all of its rights, remedies, powers or discretions
under the Finance Documents or take such further measures as are necessary to recover the amounts outstanding under the Finance Documents. 

  

	14.3	 Bondholders’ instructions 

The Bond Trustee shall serve a Default Notice pursuant to Clause 14.2 (Acceleration of the Bonds) if: 

 

	 	(a)	 the Bond Trustee receives a demand in writing from Bondholders representing a simple majority of the Voting
Bonds, that an Event of Default shall be declared, and a Bondholders’ Meeting has not made a resolution to the contrary; or 

  

	 	(b)	 the Bondholders’ Meeting, by a simple majority decision, has approved the declaration of an Event of
Default. 

  

	14.4	 Calculation of claim 

The claim derived from the Outstanding Bonds due for payment as a result of the serving of a Default Notice will be calculated at the call
prices set out in Clause 10.2 (Voluntary early redemption – Call Option), as applicable at the following dates (and regardless of the Default Repayment Date set out in the Default Notice); 

 

	 	(a)	 for any Event of Default arising out of a breach of Clause 14.1 (Events of Default) paragraph (a) (Non-payment), the claim will be calculated at the call price applicable at the date when such Event of Default occurred; and 

 

	 	(b)	 for any other Event of Default, the claim will be calculated at the call price applicable at the date when the
Default Notice was served by the Bond Trustee. 

 However, if the situations described in (a) or (b) above takes place
prior to the First Call Date, the calculation shall be based on the call price applicable on the First Call Date. 
  

	15.	 BONDHOLDERS’ DECISIONS 

 

	15.1	 Authority of the Bondholders’ Meeting 

 

	 	(a)	 A Bondholders’ Meeting may, on behalf of the Bondholders, resolve to alter any of these Bond Terms,
including, but not limited to, any reduction of principal or interest and any conversion of the Bonds into other capital classes. 

  

	 	(b)	 The Bondholders’ Meeting cannot resolve that any overdue payment of any instalment shall be reduced unless
there is a pro rata reduction of the principal that has not fallen due, but may resolve that accrued interest (whether overdue or not) shall be reduced without a corresponding reduction of principal. 

 

	 	(c)	 The Bondholders’ Meeting may not adopt resolutions which will give certain Bondholders an unreasonable
advantage at the expense of other Bondholders. 

  

	 	(d)	 Subject to the power of the Bond Trustee to take certain action as set out in Clause 16.1 (Power to
represent the Bondholders), if a resolution by, or an approval of, the Bondholders is required, such resolution may be passed at a Bondholders’ Meeting. Resolutions passed at any Bondholders’ Meeting will be binding upon all
Bondholders. 

  
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	 	(e)	 At least 50 per cent. of the Voting Bonds must be represented at a Bondholders’ Meeting for a quorum
to be present. 

  

	 	(f)	 Resolutions will be passed by simple majority of the Voting Bonds represented at the Bondholders’ Meeting,
unless otherwise set out in paragraph (g) below. 

  

	 	(g)	 Save for any amendments or waivers which can be made without resolution pursuant to Clause 17.1 (Procedure
for amendments and waivers) paragraph (a), section (i) and (ii), a majority of at least 2/3 of the Voting Bonds represented at the Bondholders’ Meeting is required for approval of any waiver or amendment of these Bond Terms.

  

	15.2	 Procedure for arranging a Bondholders’ Meeting 

 

	 	(a)	 A Bondholders’ Meeting shall be convened by the Bond Trustee upon the request in writing of:

  

	 	(i)	 the Issuer; 

  

	 	(ii)	 Bondholders representing at least 1/10 of the Voting Bonds; 

 

	 	(iii)	 the Exchange, if the Bonds are listed and the Exchange is entitled to do so pursuant to the general rules and
regulations of the Exchange; or 

  

	 	(iv)	 the Bond Trustee. 

The request shall clearly state the matters to be discussed and resolved. 

 

	 	(b)	 If the Bond Trustee has not convened a Bondholders’ Meeting within 10 Business Days after having received
a valid request for calling a Bondholders’ Meeting pursuant to paragraph (a) above, then the requesting party may call the Bondholders’ Meeting itself. 

 

	 	(c)	 Summons to a Bondholders’ Meeting must be sent no later than 10 Business Days prior to the proposed date
of the Bondholders’ Meeting. The Summons shall be sent to all Bondholders registered in the CSD at the time the Summons is sent from the CSD. If the Bonds are listed, the Issuer shall ensure that the Summons is published in accordance with the
applicable regulations of the Exchange. The Summons shall also be published on the website of the Bond Trustee (alternatively by press release or other relevant information platform). 

 

	 	(d)	 Any Summons for a Bondholders’ Meeting must clearly state the agenda for the Bondholders’ Meeting and
the matters to be resolved. The Bond Trustee may include additional agenda items to those requested by the person calling for the Bondholders’ Meeting in the Summons. If the Summons contains proposed amendments to these Bond Terms, a
description of the proposed amendments must be set out in the Summons. 

  

	 	(e)	 Items which have not been included in the Summons may not be put to a vote at the Bondholders’ Meeting.

  
 29 

	 	(f)	 By written notice to the Issuer, the Bond Trustee may prohibit the Issuer from acquiring or dispose of Bonds
during the period from the date of the Summons until the date of the Bondholders’ Meeting, unless the acquisition of Bonds is made by the Issuer pursuant to Clause 10 (Redemption and Repurchase of Bonds). 

 

	 	(g)	 A Bondholders’ Meeting may be held on premises selected by the Bond Trustee, or if paragraph
(b) above applies, by the person convening the Bondholders’ Meeting (however to be held in the capital of the Relevant Jurisdiction). The Bondholders’ Meeting will be opened and, unless otherwise decided by the Bondholders’
Meeting, chaired by the Bond Trustee. If the Bond Trustee is not present, the Bondholders’ Meeting will be opened by a Bondholder and be chaired by a representative elected by the Bondholders’ Meeting (the Bond Trustee or such other
representative, the “Chairperson”). 

  

	 	(h)	 Each Bondholder, the Bond Trustee and, if the Bonds are listed, representatives of the Exchange, or any person
or persons acting under a power of attorney for a Bondholder, shall have the right to attend the Bondholders’ Meeting (each a “Representative”). The Chairperson may grant access to the meeting to other persons not being
Representatives, unless the Bondholders’ Meeting decides otherwise. In addition, each Representative has the right to be accompanied by an advisor. In case of dispute or doubt with regard to whether a person is a Representative or entitled to
vote, the Chairperson will decide who may attend the Bondholders’ Meeting and exercise voting rights. 

  

	 	(i)	 Representatives of the Issuer have the right to attend the Bondholders’ Meeting. The Bondholders Meeting
may resolve to exclude the Issuer’s representatives and/or any person holding only Issuer’s Bonds (or any representative of such person) from participating in the meeting at certain times, however, the Issuer’s representative and any
such other person shall have the right to be present during the voting. 

  

	 	(j)	 Minutes of the Bondholders’ Meeting must be recorded by, or by someone acting at the instruction of, the
Chairperson. The minutes must state the number of Voting Bonds represented at the Bondholders’ Meeting, the resolutions passed at the meeting, and the results of the vote on the matters to be decided at the Bondholders’ Meeting. The
minutes shall be signed by the Chairperson and at least one other person. The minutes will be deposited with the Bond Trustee who shall make available a copy to the Bondholders and the Issuer upon request. 

 

	 	(k)	 The Bond Trustee will ensure that the Issuer, the Bondholders and the Exchange are notified of resolutions
passed at the Bondholders’ Meeting and that the resolutions are published on the website of the Bond Trustee (or other relevant electronically platform or press release). 

 

	 	(l)	 The Issuer shall bear the costs and expenses incurred in connection with convening a Bondholders’ Meeting
regardless of who has convened the Bondholders’ Meeting, including any reasonable costs and fees incurred by the Bond Trustee. 

  
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	15.3	 Voting rules 

  

	 	(a)	 Each Bondholder (or person acting for a Bondholder under a power of attorney) may cast one vote for each Voting
Bond owned on the Relevant Record Date, ref. Clause 3.3 (Bondholders’ rights). The Chairperson may, in its sole discretion, decide on accepted evidence of ownership of Voting Bonds. 

 

	 	(b)	 Issuer’s Bonds shall not carry any voting rights. The Chairperson shall determine any question concerning
whether any Bonds will be considered Issuer’s Bonds. 

  

	 	(c)	 For the purposes of this Clause 15 (Bondholders’ decisions), a Bondholder that has a Bond
registered in the name of a nominee will, in accordance with Clause 3.3 (Bondholders’ rights), be deemed to be the owner of the Bond rather than the nominee. No vote may be cast by any nominee if the Bondholder has presented relevant
evidence to the Bond Trustee pursuant to Clause 3.3 (Bondholders’ rights) stating that it is the owner of the Bonds voted for. If the Bondholder has voted directly for any of its nominee registered Bonds, the Bondholder’s votes
shall take precedence over votes submitted by the nominee for the same Bonds. 

  

	 	(d)	 Any of the Issuer, the Bond Trustee and any Bondholder has the right to demand a vote by ballot. In case of
parity of votes, the Chairperson will have the deciding vote. 

  

	15.4	 Repeated Bondholders’ Meeting 

 

	 	(a)	 Even if the necessary quorum set out in paragraph (e) of Clause 15.1 (Authority of the
Bondholders’ Meeting) is not achieved, the Bondholders’ Meeting shall be held and voting completed for the purpose of recording the voting results in the minutes of the Bondholders’ Meeting. The Bond Trustee or the person who
convened the initial Bondholders’ Meeting may, within 10 Business Days of that Bondholders’ Meeting, convene a repeated meeting with the same agenda as the first meeting. 

 

	 	(b)	 The provisions and procedures regarding Bondholders’ Meetings as set out in Clause 15.1 (Authority of
the Bondholders’ Meeting), Clause 15.2 (Procedure for arranging a Bondholders’ Meeting) and Clause 15.3 (Voting rules) shall apply mutatis mutandis to a repeated Bondholders’ Meeting, with the exception that
the quorum requirements set out in paragraph (d) of Clause 15.1 (Authority of the Bondholders’ Meeting) shall not apply to a repeated Bondholders’ Meeting. A Summons for a repeated Bondholders’ Meeting shall also contain
the voting results obtained in the initial Bondholders’ Meeting. 

  

	 	(c)	 A repeated Bondholders’ Meeting may only be convened once for each original Bondholders’ Meeting. A
repeated Bondholders’ Meeting may be convened pursuant to the procedures of a Written Resolution in accordance with Clause 15.5 (Written Resolutions), even if the initial meeting was held pursuant to the procedures of a Bondholders’
Meeting in accordance with Clause 15.2 (Procedure for arranging a Bondholders’ Meeting) and vice versa. 

  

	15.5	 Written Resolutions 

 

	 	(a)	 Subject to these Bond Terms, anything which may be resolved by the Bondholders in a Bondholders’ Meeting
pursuant to Clause 15.1 (Authority of the Bondholders’ Meeting) may also be resolved by way of a Written Resolution. A Written Resolution passed with the relevant majority is as valid as if it had been passed by the Bondholders in a
Bondholders’ Meeting, and any reference in any Finance Document to a Bondholders’ Meeting shall be construed accordingly. 

  
 31 

	 	(b)	 The person requesting a Bondholders’ Meeting may instead request that the relevant matters are to be
resolved by Written Resolution only, unless the Bond Trustee decides otherwise. 

  

	 	(c)	 The Summons for the Written Resolution shall be sent to the Bondholders registered in the CSD at the time the
Summons is sent from the CSD and published at the Bond Trustee’s web site, or other relevant electronic platform or via press release. 

  

	 	(d)	 The provisions set out in Clause 15.1 (Authority of the Bondholders’ Meeting), 15.2 (Procedure
for arranging a Bondholder’s Meeting), Clause 15.3 (Voting Rules) and Clause 15.4 (Repeated Bondholders’ Meeting) shall apply mutatis mutandis to a Written Resolution, except that: 

 

	 	(i)	 the provisions set out in paragraphs (g), (h) and (i) of Clause 15.2 (Procedure for arranging
Bondholders Meetings); or 

  

	 	(ii)	 provisions which are otherwise in conflict with the requirements of this Clause 15.5 (Written
Resolution), 

 shall not apply to a Written Resolution. 

 

	 	(e)	 The Summons for a Written Resolution shall include: 

 

	 	(i)	 instructions as to how to vote to each separate item in the Summons (including instructions as to how voting
can be done electronically if relevant); and 

  

	 	(ii)	 the time limit within which the Bond Trustee must have received all votes necessary in order for the Written
Resolution to be passed with the requisite majority (the “Voting Period”), which shall be at least 10 Business Days but not more than 15 Business Days from the date of the Summons. 

 

	 	(f)	 Only Bondholders of Voting Bonds registered with the CSD on the Relevant Record Date, or the beneficial owner
thereof having presented relevant evidence to the Bond Trustee pursuant to Clause 3.3 (Bondholders’ rights), will be counted in the Written Resolution. 

 

	 	(g)	 A Written Resolution is passed when the requisite majority set out in paragraph (e) or paragraph
(f) of Clause 15.1 (Authority of Bondholders’ Meeting) has been obtained, based on a quorum of the total number of Voting Bonds, even if the Voting Period has not yet expired. A Written Resolution will also be resolved if the
sufficient numbers of negative votes are received prior to the expiry of the Voting Period. 

  

	 	(h)	 The effective date of a Written Resolution passed prior to the expiry of the Voting Period is the date when the
resolution is approved by the last Bondholder that results in the necessary voting majority being obtained. 

  
 32 

	 	(i)	 If no resolution is passed prior to the expiry of the Voting Period, the number of votes shall be calculated at
the close of business on the last day of the Voting Period, and a decision will be made based on the quorum and majority requirements set out in paragraphs (e) to (g) of Clause 15.1(Authority of Bondholders’ Meeting).

  

	16.	 THE BOND TRUSTEE 

 

	16.1	 Power to represent the Bondholders 

 

	 	(a)	 The Bond Trustee has power and authority to act on behalf of, and/or represent, the Bondholders in all matters,
including but not limited to taking any legal or other action, including enforcement of these Bond Terms, and the commencement of bankruptcy or other insolvency proceedings against the Issuer, or others. 

 

	 	(b)	 The Issuer shall promptly upon request provide the Bond Trustee with any such documents, information and other
assistance (in form and substance satisfactory to the Bond Trustee), that the Bond Trustee deems necessary for the purpose of exercising its and the Bondholders’ rights and/or carrying out its duties under the Finance Documents.

  

	16.2	 The duties and authority of the Bond Trustee 

 

	 	(a)	 The Bond Trustee shall represent the Bondholders in accordance with the Finance Documents, including, inter
alia, by following up on the delivery of any Compliance Certificates and such other documents which the Issuer is obliged to disclose or deliver to the Bond Trustee pursuant to the Finance Documents and, when relevant, in relation to accelerating
and enforcing the Bonds on behalf of the Bondholders. 

  

	 	(b)	 The Bond Trustee is not obligated to assess or monitor the financial condition of the Issuer unless to the
extent expressly set out in these Bond Terms, or to take any steps to ascertain whether any Event of Default has occurred. Until it has actual knowledge to the contrary, the Bond Trustee is entitled to assume that no Event of Default has occurred.
The Bond Trustee is not responsible for the valid execution or enforceability of the Finance Documents, or for any discrepancy between the indicative terms and conditions described in any marketing material presented to the Bondholders prior to
issuance of the Bonds and the provisions of these Bond Terms. 

  

	 	(c)	 The Bond Trustee is entitled to take such steps that it, in its sole discretion, considers necessary or
advisable to protect the rights of the Bondholders in all matters pursuant to the terms of the Finance Documents. The Bond Trustee may submit any instructions received by it from the Bondholders to a Bondholders’ Meeting before the Bond Trustee
takes any action pursuant to the instruction. 

  

	 	(d)	 The Bond Trustee is entitled to engage external experts when carrying out its duties under the Finance
Documents. 

  

	 	(e)	 The Bond Trustee shall hold all amounts recovered on behalf of the Bondholders on separated accounts.

  

	 	(f)	 The Bond Trustee will ensure that resolutions passed at the Bondholders’ Meeting are properly implemented,
provided, however, that the Bond Trustee may refuse to implement resolutions that may be in conflict with these Bond Terms, any other Finance Document, or any applicable law. 

  
 33 

	 	(g)	 Notwithstanding any other provision of the Finance Documents to the contrary, the Bond Trustee is not obliged
to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation. 

  

	 	(h)	 If the cost, loss or liability which the Bond Trustee may incur (including reasonable fees payable to the Bond
Trustee itself) in: 

  

	 	(i)	 complying with instructions of the Bondholders; or 

 

	 	(ii)	 taking any action at its own initiative, 

will not, in the reasonable opinion of the Bond Trustee, be covered by the Issuer or the relevant Bondholders pursuant to paragraphs
(e) and (g) of Clause 16.4 (Expenses, liability and indemnity), the Bond Trustee may refrain from acting in accordance with such instructions, or refrain from taking such action, until it has received such funding or indemnities (or
adequate security has been provided therefore) as it may reasonably require. 
  

	 	(i)	 The Bond Trustee shall give a notice to the Bondholders before it ceases to perform its obligations under the
Finance Documents by reason of the non-payment by the Issuer of any fee or indemnity due to the Bond Trustee under the Finance Documents. 

 

	 	(j)	 The Bond Trustee may instruct the CSD to split the Bonds to a lower nominal amount in order to facilitate
partial redemptions, restructuring of the Bonds or other situations. 

  

	16.3	 Equality and conflicts of interest 

 

	 	(a)	 The Bond Trustee shall not make decisions which will give certain Bondholders an unreasonable advantage at the
expense of other Bondholders. The Bond Trustee shall, when acting pursuant to the Finance Documents, act with regard only to the interests of the Bondholders and shall not be required to have regard to the interests or to act upon or comply with any
direction or request of any other person, other than as explicitly stated in the Finance Documents. 

  

	 	(b)	 The Bond Trustee may act as agent, trustee, representative and/or security agent for several bond issues
relating to the Issuer notwithstanding potential conflicts of interest. The Bond Trustee is entitled to delegate its duties to other professional parties. 

  

	16.4	 Expenses, liability and indemnity 

 

	 	(a)	 The Bond Trustee will not be liable to the Bondholders for damage or loss caused by any action taken or omitted
by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. The Bond Trustee shall not be responsible for any indirect or consequential loss. Irrespective of the foregoing, the Bond
Trustee shall have no liability to the Bondholders for damage caused by the Bond Trustee acting in accordance with instructions given by the Bondholders in accordance with these Bond Terms. 

  
 34 

	 	(b)	 The Bond Trustee will not be liable to the Issuer for damage or loss caused by any action taken or omitted by
it under or in connection with any Finance Document, unless caused by its gross negligence or wilful misconduct. The Bond Trustee shall not be responsible for any indirect or consequential loss. 

 

	 	(c)	 Any liability for the Bond Trustee for damage or loss is limited to the amount of the Outstanding Bonds. The
Bond Trustee is not liable for the content of information provided to the Bondholders by or on behalf of the Issuer or any other person. 

  

	 	(d)	 The Bond Trustee shall not be considered to have acted negligently in: 

 

	 	(i)	 acting in accordance with advice from or opinions of reputable external experts; or 

 

	 	(ii)	 taking, delaying or omitting any action if acting with reasonable care and provided the Bond Trustee considers
that such action is in the interests of the Bondholders. 

  

	 	(e)	 The Issuer is liable for, and will indemnify the Bond Trustee fully in respect of, all losses, expenses and
liabilities incurred by the Bond Trustee as a result of negligence by the Issuer (including its directors, management, officers, employees and agents) in connection with the performance of the Bond Trustee’s obligations under the Finance
Documents, including losses incurred by the Bond Trustee as a result of the Bond Trustee’s actions based on misrepresentations made by the Issuer in connection with the issuance of the Bonds, the entering into or performance under the Finance
Documents, and for as long as any amounts are outstanding under or pursuant to the Finance Documents. 

  

	 	(f)	 The Issuer shall cover all costs and expenses incurred by the Bond Trustee in connection with it fulfilling its
obligations under the Finance Documents. The Bond Trustee is entitled to fees for its work and to be indemnified for costs, losses and liabilities on the terms set out in the Finance Documents. The Bond Trustee’s obligations under the Finance
Documents are conditioned upon the due payment of such fees and indemnifications. The fees of the Bond Trustee will be further set out in the Bond Trustee Fee Agreement. 

 

	 	(g)	 The Issuer shall on demand by the Bond Trustee pay all costs incurred for external experts engaged after the
occurrence of an Event of Default, or for the purpose of investigating or considering (i) an event or circumstance which the Bond Trustee reasonably believes is or may lead to an Event of Default or (ii) a matter relating to the Issuer or
any of the Finance Documents which the Bond Trustee reasonably believes may constitute or lead to a breach of any of the Finance Documents or otherwise be detrimental to the interests of the Bondholders under the Finance Documents.

  

	 	(h)	 Fees, costs and expenses payable to the Bond Trustee which are not reimbursed in any other way due to an Event
of Default, the Issuer being Insolvent or similar circumstances pertaining to the Issuer, may be covered by making an equal reduction in the proceeds to the Bondholders hereunder of any costs and expenses incurred by the Bond Trustee in connection
therewith. The Bond Trustee may withhold funds from any escrow account (or similar arrangement) or from other funds received from the Issuer or any other person, and to set-off and cover any such costs and
expenses from those funds. 

  
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	 	(i)	 As a condition to effecting any instruction from the Bondholders (including, but not limited to, instructions
set out in Clause 14.3 (Bondholders’ instructions) or Clause 15.2 (Procedure for arranging a Bondholders’ Meeting)), the Bond Trustee may require satisfactory Security, guarantees and/or indemnities for any possible liability
and anticipated costs and expenses from those Bondholders who have given that instruction and/or who voted in favour of the decision to instruct the Bond Trustee. 

 

	16.5	 Replacement of the Bond Trustee 

 

	 	(a)	 The Bond Trustee may be replaced by a majority of 2/3 of Voting Bonds in accordance with the procedures set out
in Clause 15 (Bondholders’ Decisions), and the Bondholders may resolve to replace the Bond Trustee without the Issuer’s approval. 

 

	 	(b)	 The Bond Trustee may resign by giving notice to the Issuer and the Bondholders, in which case a successor Bond
Trustee shall be elected pursuant to this Clause 16.5 (Replacement of the Bond Trustee), initiated by the retiring Bond Trustee. 

  

	 	(c)	 If the Bond Trustee is Insolvent, or otherwise is permanently unable to fulfil its obligations under these Bond
Terms, the Bond Trustee shall be deemed to have resigned and a successor Bond Trustee shall be appointed in accordance with this Clause 16.5 (Replacement of the Bond Trustee). The Issuer may appoint a temporary Bond Trustee until a new Bond
Trustee is elected in accordance with paragraph (a) above. 

  

	 	(d)	 The change of Bond Trustee shall only take effect upon execution of all necessary actions to effectively
substitute the retiring Bond Trustee, and the retiring Bond Trustee undertakes to co-operate in all reasonable manners without delay to such effect. The retiring Bond Trustee shall be discharged from any
further obligation in respect of the Finance Documents from the change takes effect, but shall remain liable under the Finance Documents in respect of any action which it took or failed to take whilst acting as Bond Trustee. The retiring Bond
Trustee remains entitled to any benefits and any unpaid fees or expenses under the Finance Documents before the change has taken place. 

  

	 	(e)	 Upon change of Bond Trustee the Issuer shall co-operate in all
reasonable manners without delay to replace the retiring Bond Trustee with the successor Bond Trustee and release the retiring Bond Trustee from any future obligations under the Finance Documents and any other documents. 

 

	17.	 AMENDMENTS AND WAIVERS 

 

	17.1	 Procedure for amendments and waivers 

 

	 	(a)	 The Issuer and the Bond Trustee (acting on behalf of the Bondholders) may agree to amend the Finance Documents
or waive a past default or anticipated failure to comply with any provision in a Finance Document, provided that: 

  

	 	(i)	 such amendment or waiver is not detrimental to the rights and benefits of the Bondholders in any material
respect, or is made solely for the purpose of rectifying obvious errors and mistakes; 

  
 36 

	 	(ii)	 such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant authority;
or 

  

	 	(iii)	 such amendment or waiver has been duly approved by the Bondholders in accordance with Clause 15
(Bondholders’ Decisions). 

  

	17.2	 Authority with respect to documentation 

If the Bondholders have resolved the substance of an amendment to any Finance Document, without resolving on the specific or final form of such
amendment, the Bond Trustee shall be considered authorised to draft, approve and/or finalise (as applicable) any required documentation or any outstanding matters in such documentation without any further approvals or involvement from the
Bondholders being required. 
  

	17.3	 Notification of amendments or waivers 

 

	 	(a)	 The Bond Trustee shall as soon as possible notify the Bondholders of any amendments or waivers made in
accordance with this Clause 17 (Amendments and waivers), setting out the date from which the amendment or waiver will be effective, unless such notice according to the Bond Trustee’s sole discretion is unnecessary. The Issuer shall
ensure that any amendment to these Bond Terms is duly registered with the CSD. 

  

	 	(b)	 Prior to agreeing to an amendment or granting a waiver in accordance with Clause 17.1(a)(i) (Procedure for
amendments and waivers), the Bond Trustee may inform the Bondholders of such waiver or amendment at a relevant information platform. 

  

	18.	 MISCELLANEOUS 

 

	18.1	 Limitation of claims 

All claims under the Finance Documents for payment, including interest and principal, will be subject to the legislation regarding time-bar provisions of the Relevant Jurisdiction. 
  

	18.2	 Access to information 

 

	 	(a)	 These Bond Terms will be made available to the public and copies may be obtained from the Bond Trustee or the
Issuer. The Bond Trustee will not have any obligation to distribute any other information to the Bondholders or any other person, and the Bondholders have no right to obtain information from the Bond Trustee, other than as explicitly stated in these
Bond Terms or pursuant to statutory provisions of law. 

  

	 	(b)	 In order to carry out its functions and obligations under these Bond Terms, the Bond Trustee will have access
to the relevant information regarding ownership of the Bonds, as recorded and regulated with the CSD. 

  

	 	(c)	 The information referred to in paragraph (b) above may only be used for the purposes of carrying out their
duties and exercising their rights in accordance with the Finance Documents and shall not disclose such information to any Bondholder or third party unless necessary for such purposes. 

  
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	18.3	 Notices, contact information 

Written notices to the Bondholders made by the Bond Trustee will be sent to the Bondholders via the CSD with a copy to the Issuer and the
Exchange (if the Bonds are listed). Any such notice or communication will be deemed to be given or made via the CSD, when sent from the CSD. 
  

	 	(a)	 The Issuer’s written notifications to the Bondholders will be sent to the Bondholders via the Bond Trustee
or through the CSD with a copy to the Bond Trustee and the Exchange (if the Bonds are listed). 

  

	 	(b)	 Notwithstanding paragraph (a) above and provided that such written notification does not require the
Bondholders to take any action under the Finance Documents, the Issuer’s written notifications to the Bondholders may be published by the Bond Trustee on a relevant information platform only. 

 

	 	(c)	 Unless otherwise specifically provided, all notices or other communications under or in connection with these
Bond Terms between the Bond Trustee and the Issuer will be given or made in writing, by letter, e-mail or fax. Any such notice or communication will be deemed to be given or made as follows:

  

	 	(i)	 if by letter, when delivered at the address of the relevant party; 

 

	 	(ii)	 if by e-mail, when received; 

 

	 	(iii)	 if by fax, when received; and 

 

	 	(iv)	 if by publication on a relevant information platform, when published. 

 

	 	(d)	 The Issuer and the Bond Trustee shall each ensure that the other party is kept informed of changes in postal
address, e-mail address, telephone and fax numbers and contact persons. 

  

	 	(e)	 When determining deadlines set out in these Bond Terms, the following will apply (unless otherwise stated):

  

	 	(i)	 if the deadline is set out in days, the first day of the relevant period will not be included and the last day
of the relevant period will be included; 

  

	 	(ii)	 if the deadline is set out in weeks, months or years, the deadline will end on the day in the last week or the
last month which, according to its name or number, corresponds to the first day the deadline is in force. If such day is not a part of an actual month, the deadline will be the last day of such month; and 

 

	 	(iii)	 if a deadline ends on a day which is not a Business Day, the deadline is postponed to the next Business Day.

  
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	18.4	 Defeasance 

  

	 	(a)	 Subject to paragraph (b) below and provided that: 

 

	 	(i)	 an amount sufficient for the payment of principal and interest on the Outstanding Bonds to the relevant
Repayment Date (including, to the extent applicable, any premium payable upon exercise of a Call Option), and always subject to paragraph (c) below (the “Defeasance Amount”) is credited by the Issuer to an account in a
financial institution acceptable to the Bond Trustee (the “Defeasance Account”);  

  

	 	(ii)	 the Defeasance Account is irrevocably pledged and blocked in favour of the Bond Trustee on such terms as the
Bond Trustee shall request (the “Defeasance Pledge”); and 

  

	 	(iii)	 the Bond Trustee has received such legal opinions and statements reasonably required by it, including (but not
necessarily limited to) with respect to the validity and enforceability of the Defeasance Pledge, 

 then; 

 

	 	(A)	 the Issuer will be relieved from its obligations under Clause 12.2 (Requirements as to Financial
Reports) paragraph (a), Clause 12.3 (Put Option Event), Clause 12.4 (Information: Miscellaneous) and Clause 13 (General and financial undertakings); 

 

	 	(b)	 The Bond Trustee shall be authorised to apply any amount credited to the Defeasance Account towards any amount
payable by the Issuer under any Finance Document on the due date for the relevant payment until all obligations of the Issuer and all amounts outstanding under the Finance Documents are repaid and discharged in full. 

 

	 	(c)	 The Bond Trustee may, if the Defeasance Amount cannot be finally and conclusively determined, decide the amount
to be deposited to the Defeasance Account in its discretion, applying such buffer amount as it deems necessary. 

 A
defeasance established according to this Clause 18.4 may not be reversed. 
  

	19.	 GOVERNING LAW AND JURISDICTION 

 

	19.1	 Governing law 

These Bond Terms are governed by the laws of the Relevant Jurisdiction, without regard to its conflict of law provisions. 

 

	19.2	 Main jurisdiction 

The Bond Trustee and the Issuer agree for the benefit of the Bond Trustee and the Bondholders that the City Court of the capital of the
Relevant Jurisdiction shall have jurisdiction with respect to any dispute arising out of or in connection with these Bond Terms. The Issuer agrees for the benefit of the Bond Trustee and the Bondholders that any legal action or proceedings arising
out of or in connection with these Bond Terms against the Issuer or any of its assets may be brought in such court. 

  
 39 

	19.3	 Alternative jurisdiction 

Clause 19 (Governing law and jurisdiction) is for the exclusive benefit of the Bond Trustee and the Bondholders and the Bond Trustee
have the right: 
  

	 	(a)	 to commence proceedings against the Issuer or any of its assets in any court in any jurisdiction; and

  

	 	(b)	 to commence such proceedings, including enforcement proceedings, in any competent jurisdiction concurrently.

  

	19.4	 Service of process 

 

	 	(a)	 Without prejudice to any other mode of service allowed under any relevant law, the Issuer:

  

	 	(i)	 irrevocably appoints Advokatfirmaet BAHR AS as its agent for service of process in relation to any proceedings
in connection with these Bond Terms; and 

  

	 	(ii)	 agrees that failure by an agent for service of process to notify the Issuer of the process will not invalidate
the proceedings concerned. 

  

	 	(b)	 If any person appointed as an agent for service of process is unable for any reason to act as agent for service
of process, the Issuer must immediately (and in any event within 10 Business Days of such event taking place) appoint another agent on terms acceptable to the Bond Trustee. Failing this, the Bond Trustee may appoint another agent for this purpose.

 -----000----- 

These Bond Terms have been executed in two originals, of which the Issuer and the Bond Trustee shall retain one each. 

  
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 SIGNATURES: 
  

					
	The Issuer:	 	            	  	As Bond Trustee:
			
	Navigator Holdings Ltd.	 		  	Nordic Trustee AS
			
	 /s/ Niall J Nolan
	 		  	 /s/ Vivian Trosch

			
	By: Niall J Nolan	 		  	By: Vivian Trosch
			
	Position: Attorney-in-Fact	 		  	Position: Attorney-at-law

  
 41 

 ATTACHMENT 1 

COMPLIANCE CERTIFICATE 

[date] 
  

	Navigator	 Holdings Ltd. 8.00 % senior unsecured USD 150,000,000 bonds 2020/2025 ISIN NO 0010891955

 We refer to the Bond Terms for the above captioned Bonds made between Nordic Trustee AS as Bond Trustee on behalf of the Bondholders
and the undersigned as Issuer. Pursuant to Clause 13.15 of the Bond Terms a Compliance Certificate shall be issued in connection with each delivery of Financial Reports to the Bond Trustee. 

This letter constitutes the Compliance Certificate for the period [•]. 

Capitalised terms used herein will have the same meaning as in the Bond Terms. 

With reference to Clause 12.2 (Requirements as to Financial Reports) we hereby certify that all information delivered under cover of this Compliance
Certificate is true and accurate and there has been no material adverse change to the financial condition of the Issuer since the date of the last accounts or the last Compliance Certificate submitted to you. Copies of our latest consolidated
[Annual Financial Statements] / [Interim Accounts] are enclosed. 
 The Financial Covenants set out in Clause 13.15 (Financial Covenants) are met,
please see the calculations and figures in respect of the ratios attached hereto. 
 We confirm that, to the best of our knowledge, no Event of Default has
occurred or is likely to occur. 
  

	
	Yours faithfully,
	
	Navigator Holdings Ltd.
	
	  

	
	Name of authorised person

 Enclosure: Annual Financial Statements / Interim Accounts; [and any other written documentation] 

  
 42

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