Document:

EX-10.2

 Exhibit 10.2 

Execution Copy 
 CERTAIN CONFIDENTIAL
INFORMATION INDICATED BY “[***]” HAS BEEN OMITTED FROM THE FILED COPY OF THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED 

SHARE EXCHANGE AGREEMENT 

dated as of 28 May 2021 

between 
  

			
	 Wolfgang Peter Hoppe
  

Zum Roten Stein 8
 D-79108
Freiburg im Breisgau
 Germany
	  	
		
		  	(the “Seller 1”)
		
	Henrik Bulskov	  	
		
		  	(the “Seller 2”)
		
	Prof. Dr. Joachim Müller-Quernheim	  	
		
		  	(the “Seller 3”)
		
	Dr. Björn Christian Frye	  	
		
		  	(the “Seller 4”)
		
	Marc Alexander Kessemeier	  	
		
	BG Consulter GmbH	  	
		
		  	(the “Seller 6”)
		
	APARA-Bioscience GmbH	  	
		
		  	(the “Seller 7”)

			
		  	
 2

  

			
		
	Ulrich Birsner	  	
		
		  	(the “Seller 8”)
		
	Annette Marlene Schätzle	  	
		
		  	 (the “Seller 9”)

(Seller 1 through Seller 9 together the “Sellers”

and each individually a “Seller”)

		
	and	  	
		
	 RELIEF THERAPEUTICS Holding SA
  

avenue de Sécheron 15

CH-1202 Geneva

Switzerland
	  	
		  	(the “Buyer”)

 regarding the sale and purchase of all shares in 

AdVita Lifescience GmbH 

			
		  	
 3

  

 TABLE OF CONTENT 
  

							
	PREAMBLE	  	 	6	 
			
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	7	 
			
	1.1	  	DEFINITIONS	  	 	7	 
	1.2	  	INTERPRETATION	  	 	7	 
			
	2.	  	SALE AND PURCHASE	  	 	7	 
			
	3.	  	PURCHASE PRICE	  	 	7	 
			
	3.1	  	PAYMENT SHARES AND MILESTONES	  	 	7	 
	3.2	  	PAYMENT OF THE PURCHASE PRICE	  	 	8	 
	3.3	  	ESCROW	  	 	9	 
	3.4	  	NO LEAKAGE	  	 	10	 
			
	4.	  	ACTIONS BETWEEN SIGNING AND CLOSING	  	 	11	 
			
	4.1	  	IN GENERAL	  	 	11	 
	4.2	  	FOREIGN INVESTMENT CONDITION	  	 	11	 
	4.3	  	PRE-CLOSING COVENANTS OF THE SELLERS	  	 	11	 
			
	5.	  	CONDITIONS PRECEDENT TO CLOSING	  	 	12	 
			
	5.1	  	CONDITIONS TO THE OBLIGATIONS OF EACH PARTY	  	 	12	 
	5.2	  	CONDITIONS PRECEDENT REGARDING THE OBLIGATIONS OF THE BUYER	  	 	13	 
	5.3	  	WAIVER OF NON-SATISFIED CONDITIONS	  	 	13	 
	5.4	  	RIGHT OF TERMINATION	  	 	13	 
			
	6.	  	CLOSING	  	 	14	 
			
	6.1	  	CLOSING DATE AND PLACE	  	 	14	 
	6.2	  	ACTIONS BY THE SELLERS	  	 	14	 
	6.3	  	ACTIONS BY THE BUYER	  	 	15	 
	6.4	  	SIMULTANEOUS CLOSING ACTIONS	  	 	15	 
	6.5	  	CLOSING MEMORANDUM	  	 	15	 
	6.6	  	BENEFIT AND RISK	  	 	15	 
			
	7.	  	REPRESENTATIONS AND WARRANTIES OF THE SELLERS	  	 	15	 
			
	7.1	  	INCORPORATION AND AUTHORITY	  	 	15	 
	7.2	  	SHARES	  	 	16	 
	7.3	  	INCORPORATION AND QUALIFICATION	  	 	17	 
	7.4	  	LITIGATION	  	 	18	 
	7.5	  	FINANCIAL STATEMENTS	  	 	18	 
	7.6	  	TAXES	  	 	20	 
	7.7	  	ASSETS	  	 	21	 
	7.8	  	COMPLIANCE	  	 	21	 
	7.9	  	MATERIAL CONTRACTS	  	 	21	 
	7.10	  	PERMITS AND LICENSES	  	 	23	 
	7.11	  	CLINICAL TRIALS	  	 	23	 
	7.12	  	INSURANCE	  	 	24	 
	7.13	  	INTELLECTUAL PROPERTY RIGHTS	  	 	24	 
	7.14	  	IT SYSTEMS	  	 	25	 
	7.15	  	DATA PROTECTION COMPLIANCE	  	 	26	 

			
		  	
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	7.16	  	PRODUCTS	  	 	26	 
	7.17	  	CONDUCT OF BUSINESS SINCE THE LOCKED BOX DATE	  	 	27	 
	7.18	  	EMPLOYMENT MATTERS	  	 	28	 
	7.19	  	SOCIAL SECURITY AND PENSIONS	  	 	29	 
	7.20	  	REAL ESTATE	  	 	30	 
	7.21	  	M&A TRANSACTIONS	  	 	30	 
	7.22	  	CORPORATE BOOKS	  	 	30	 
	7.23	  	NO BROKER’S FEES	  	 	30	 
	7.24	  	CERTAIN PAYMENTS	  	 	30	 
	7.25	  	AFFILIATES AND CONNECTED PERSONS	  	 	31	 
	7.26	  	FULL DISCLOSURE	  	 	31	 
	7.27	  	NO BREACH OF WARRANTY	  	 	31	 
			
	8.	  	REPRESENTATIONS AND WARRANTIES OF THE BUYER	  	 	31	 
			
	8.1	  	INCORPORATION AND AUTHORITY	  	 	31	 
	8.2	  	EFFECT OF EXECUTION OF AGREEMENT	  	 	32	 
	8.3	  	CONSENT	  	 	32	 
	8.4	  	PAYMENT SHARES	  	 	32	 
	8.5	  	NO BREACH OF WARRANTY	  	 	33	 
			
	9.	  	EXCLUSIVE REPRESENTATIONS AND WARRANTIES	  	 	33	 
			
	10.	  	REMEDIES OF BUYER FOR BREACH OF REPRESENTATIONS AND WARRANTIES	  	 	33	 
	10.1	  	SELLERS’ RIGHT TO CURE AND SELLERS’ LIABILITY	  	 	33	 
	10.2	  	NOTICE OF BREACH	  	 	33	 
	10.3	  	TERM	  	 	34	 
	10.4	  	THIRD PARTY CLAIMS	  	 	34	 
	10.5	  	REDUCTION OF LIABILITY	  	 	35	 
	10.6	  	LIMITATION OF LIABILITY	  	 	36	 
	10.7	  	REMEDIES OF THE SELLERS	  	 	36	 
			
	11.	  	SPECIFIC INDEMNITIES	  	 	37	 
			
	11.1	  	GENERAL	  	 	37	 
	11.2	  	TAXES	  	 	37	 
	11.3	  	OTHER SPECIFIC INDEMNITIES	  	 	37	 
			
	12.	  	OTHER COVENANTS	  	 	37	 
			
	12.1	  	CONFIDENTIALITY	  	 	37	 
	12.2	  	PUBLIC ANNOUNCEMENTS	  	 	38	 
	12.3	  	NON-COMPETITION AND NON-SOLICITATION BY THE
SELLERS	  	 	38	 
			
	13.	  	MISCELLANEOUS	  	 	39	 
			
	13.1	  	COSTS AND TRANSFER TAXES	  	 	39	 
	13.2	  	SELLERS’ REPRESENTATIVE	  	 	39	 
	13.3	  	NOTICES	  	 	39	 
	13.4	  	WAIVER	  	 	40	 
	13.5	  	ENTIRE AGREEMENT	  	 	41	 
	13.6	  	SEVERABILITY	  	 	41	 
	13.7	  	AMENDMENT	  	 	41	 

			
		  	
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	13.8	  	ASSIGNMENT	  	41
	13.9	  	GOVERNING LAW	  	41
	13.10	  	JURISDICTION	  	41
		
	TABLE OF ANNEXES	  	46
		
	ANNEX D – SHAREHOLDERS	  	47
		
	ANNEX 1 – DEFINITIONS	  	48
		
	ANNEX 2 – SHAREHOLDERS’ RESOLUTION	  	53
		
	ANNEX 3.3 – ESCROW AGREEMENT	  	54
		
	ANNEX 3.4 – PERMITTED LEAKAGE	  	57
		
	ANNEX 4.3 – BUDGET	  	56
		
	ANNEX 5.2D) – TERMINATION AGREEMENT CLEMENS ALBER	  	57
		
	ANNEX 5.2E) – TERMINATION AGREEMENT SYLVIA RITTHALER	  	58
		
	ANNEX 6.2B) – TRANSFER DEED	  	59
		
	ANNEX 6.2C) – NEW EMPLOYMENT AGREEMENTS	  	60
		
	ANNEX 7.1C) – SPOUSES’ CONSENTS	  	61
		
	ANNEX 7.3F)(I) – EXCERPT FROM THE COMMERCIAL REGISTER OF THE COMPANY	  	62
		
	ANNEX 7.3F)(II) – ARTICLES OF ASSOCIATION OF THE COMPANY	  	63
		
	ANNEX 7.3F)(III) – CERTIFICATE OF INCORPORATION OF THE US SUBSIDIARY	  	64
		
	ANNEX 7.3F)(IV) – BY-LAWS OF THE US SUBSIDIARY	  	65
		
	ANNEX 7.3F)(V) – EXCERPT FROM THE COMMERCIAL REGISTER OF THE SWISS SUBSIDIARY	  	66
		
	ANNEX 7.3F)(VI) – ARTICLES OF ASSOCIATION OF THE SWISS SUBSIDIARY	  	67
		
	ANNEX 7.4 – LITIGATION	  	68
		
	ANNEX 7.5A) – FINANCIAL STATEMENTS	  	69
		
	ANNEX 7.5E) – INDEBTEDNESS	  	70
		
	ANNEX 7.9A) – MATERIAL CONTRACTS	  	71
		
	ANNEX 7.10A) – LICENSES	  	73
		
	ANNEX 7.13A) – IP RIGHTS	  	74
		
	ANNEX 7.18A) – LIST OF EMPLOYEES AND FREELANCERS	  	76
		
	ANNEX 7.18C) – OTHER EMPLOYEES’ AND FREELANCERS’ ENTITLEMENTS	  	77
		
	ANNEX 10.5E) – DISCLOSED INFORMATION	  	78

			
		  	
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 PREAMBLE 
  

	A.	 AdVita Lifescience GmbH is a limited liability company organized under the laws of Germany, registered with the
commercial register of the Regional Court (Amtsgericht) of Freiburg im Breisgau, Germany, under the number HRB 719974, with legal domicile at Alte Bundesstraße 20, D-79194 Gundelfingen, Germany
(the “Company”). The registered share capital (Stammkapital) of the Company amounts to EUR 25,918, divided into 25,918 shares (Geschäftsanteile) with a nominal value of EUR 1.00 each, all
fully paid-in (each a “Share” and several or all of them the “Shares”, as the context requires). 

 

	B.	 The main purpose of the Company as set forth in the articles of association and registered with the commercial
register is the development, production and distribution of diagnostic and pharmaceutical technologies, marketing strategies and products. The Company is developing effective products and strategies to improve the therapy and diagnostics of rare
lung diseases (the “Business”). The Business currently conducted by the Company is limited to the development, the conduct of clinical trials and, solely for the purpose of the clinical trial, the manufacturing (outsourced) of
investigational medicinal products. 

  

	C.	 The Company directly owns (i) all the shares in AdVita Lifescience Inc., c/o Reiss + Colleagues P.C., 420
Lexington Avenue, Suite 2818, New York, NY 10170, US (the “US Subsidiary”), and (ii) all of the 100,000 common registered shares (Namenaktien) with a par value of CHF 1.00 of the Swiss corporation AdVita Lifescience AG,
registered with the commercial register of the canton of Basel-City under company number CHE-407.216.721 and with legal domicile at Lautengartenstrasse 14, 4052 Basel (the “Swiss Subsidiary”;
the Company, the US Subsidiary and the Swiss Subsidiary each a “Group Company” and together the “Group Companies” or the “Group”). 

 

	D.	 The Sellers are the sole owners of all Shares without any encumbrances as set forth in Annex D.

  

	E.	 The Buyer is a Swiss corporation organized under the laws of Switzerland, registered with the commercial
register of the canton of Geneva under company number CHE-113.516.874, with legal domicile at avenue de Sécheron 15, CH-1202 Geneva, Switzerland. The registered
share capital (Aktienkapital) of the Buyer amounts to CHF 33,717,272.48, divided into 3,371,727,248 common registered shares (Namenaktien) with a nominal value of CHF 0.01 each, all fully
paid-in (each a “Buyer Share” and several or all of them the “Buyer Shares”, as the context requires). 

 

	F.	 The Buyer is active as a biopharmaceutical company with its lead compound
RLF-100TM (Aviptadil) in advanced clinical development to treat severe COVID-19 patients. 

 

	G.	 On 19 January 2021, the Sellers and the Buyer entered into a binding term sheet (the “Binding Term
Sheet”), pursuant to which the Buyer agreed to purchase from the Sellers and the Sellers agreed to sell to the Buyer, all Shares of the Company, in exchange for EUR 25,000,000 of Buyer Shares and possible future contingent milestone
payments of up to EUR 20,000,000 in cash. 

  

	H.	 Simultaneously with entering into the Binding Term Sheet, the Parties entered into a convertible loan
agreement, pursuant to which the Buyer agreed to grant the Company a loan in the total amount of EUR 2,000,000 (the “Convertible Loan Agreement”). 

			
		  	
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	I.	 Following the confirmatory due diligence by the Buyer and its legal, financial and other advisors, the Sellers
and the Buyer now wish to further formalize Binding Term Sheet by entering into this Agreement. 

 Therefore, the Sellers and the Buyer
(each a “Party” and together the “Parties”) have come to the following agreement: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

Capitalized terms shall have the meaning assigned to such terms in Annex 1. 

 

	1.2	 Interpretation 

  

	 	a)	 Unless the context otherwise requires, words denoting the singular shall include the plural and vice versa and
references to any gender shall include all other genders. 

  

	 	b)	 Whenever the words “include”, “includes”, “including” and “in
particular” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. 

  

	 	c)	 Any reference to “writing” or “written” includes any legible reproduction of words
delivered in permanent and tangible form, including PDF files transmitted by email (but does not include plain email). 

  

	2.	 SALE AND PURCHASE 

Subject to the terms and conditions of this Agreement, each of the Sellers hereby sells (verkauft) and shall transfer and assign
(übertragen und abtreten) by way of a separate notarial deed at Closing to the Buyer, and the Buyer hereby purchases and shall accept the transfers and assignments under such separate notarial deed at Closing from the Sellers, of all of
the Shares held by the respective Seller free and clear from any encumbrances. The Shares are sold together with all ancillary rights including the right to profits which have not yet been distributed. The shareholders’ meeting of the Company
has approved the transactions contemplated hereby by way of the shareholders’ resolution attached hereto as Annex 2. 
  

	3.	 PURCHASE PRICE 

 

	3.1	 Payment Shares and Milestones 

The purchase price for all the Shares shall consist of: 
  

	 	a)	 a fixed price of EUR 25,000,000 solely payable in Buyer Shares (the “Payment Shares”), being
computed as the product of the lower of: 

  

	 	i)	 the closing price of Buyer Shares as of the Trading Day immediately preceding the Closing Date in EUR, applying
the CHF-EUR Exchange Rate of the Trading Day immediately preceding the Closing Date, and 

			
		  	
 8

  

	 	ii)	 the 60 Day VWAP preceding the Closing Date, multiplied by the number of Buyer Shares to equal EUR 25,000,000
(less any Leakage other than Permitted Leakage) (with any fractions of Buyer Shares to be rownded up). 

  

	 	b)	 possible future contingent milestone payments in the aggregate maximum amount of up to EUR 20,000,000, each
payable upon achievement of specific objectives as follows (each a “Milestone” and together the “Milestones”): 

  

	 	i)	 EUR 5,000,000 upon the issuance of one of the Patents, 

	 	

	 	ii)	 EUR 5,000,000 upon the first regulatory approval in the US or Europe for the inhaled form of Aviptadil for the
prevention or therapy of acute respiratory distress syndrome (ARDS) or acute lung injury (ALI), 

	 	

	 	iii)	 EUR 5,000,000 upon regulatory approval in the US or Europe for the inhaled form of Aviptadil for the treatment
of sarcoidosis or berylliosis, and 

	 	

	 	iv)	 EUR 5,000,000 for the identification of a partner for co-development or
start of a clinical trial phase II in checkpoint inhibitor induced pneumonitis, 

 (together the “Purchase
Price”). 
  

	3.2	 Payment of the Purchase Price 

At Closing, the Buyer shall transfer: 
  

	 	a)	 the Payment Shares less (i) the Escrow Shares and (ii) any Leakage (other than Permitted Leakage)
(the “Closing Payment”), by electronic transfer of the relevant number of Buyer Shares to the Sellers’ securities account no. [***] unless otherwise notified by the Sellers to the Buyer no later than ten Business Days before
Closing (the “Sellers’ Securities Account”). 

  

	 	b)	 the Escrow Shares, by electronic transfer of the relevant number of Buyer Shares, to the Escrow Securities
Account (the “Escrow Payment”). 

 For the purposes of deducting the Leakage from the number of Payment
Shares, the amount of any Leakage (if any), calculated in EUR or, if the Leakage is incurred in any currency other than EUR, at the applicable EUR Exchange Rate, is deducted from the fixed price of EUR 25,000,000 as set forth in
Section 3.1a) above. 
 The Sellers will allocate the Closing Payment among themselves at their sole discretion, whereas the Buyer shall
be fully released and discharged from its obligation to pay the Closing Payment upon crediting of the Closing Payment on the Sellers’ Securities Account and, accordingly, there shall be no liability or duty whatsoever by the Buyer in connection
with such allocation of the Closing Payment among the Sellers. 
 Within ten Business Days upon the achievement of the first Milestone (as
documented reasonably satisfactory to the Buyer) the Escrow Cash Amount shall be paid to the Escrow Cash Account and the remainder of the first Milestone shall be paid to the bank account of the Sellers notified by the Sellers to the Buyer no later
than ten Business Days before such designated payment date (the “Sellers’ Bank Account”). 
 Any further Milestone
payments shall be made within ten Business Days upon the achievement of such Milestone (as documented reasonably satisfactory to the Buyer) to the Sellers’ Bank Account. 

			
		  	
 9

  

	3.3	 Escrow 

As a security for any claims of the Buyer under this Agreement, the Buyer shall (i) on the Closing Date transfer an amount of EUR
1,500,000 in Buyer Shares (with any fractions of Buyer Shares to be rounded up) (the “Escrow Shares”) to a securities account opened in the name of the Escrow Agent (the “Escrow Securities Account”) and (ii) at
the agreed date of payment upon fulfilment of the first Milestone pursuant to Section 3.1b), transfer an amount of EUR 2,500,000 (the “Escrow Cash Amount”) to a bank account opened in the name of the Escrow Agent (the
“Escrow Cash Account”). The Escrow Shares and the Escrow Cash Amount shall be kept in escrow under the terms of an escrow agreement to be entered into at the Closing by the Sellers, the Buyer and the Escrow Agent, substantially in
the form set forth in Annex 3.3 to be finalized pursuant to the terms hereof (the “Escrow Agreement”). 

The Escrow Shares shall be released to the Sellers’ Securities Account as follows: 

 

	 	i)	 Amounts of EUR 187,500 each payable in Buyer Shares to be calculated in accordance with Section 3.1a)
(mutatis mutandis) (with any fractions of Buyer Shares to be rounded up) (each a “Tranche”) shall be released to the Sellers’ Securities Acccount upon Dr. Dorian Bevec uninterruptedly remaining in an unterminated
(unless terminated (A) by the Company other than for cause (aus wichtigen Gründen) or material breaches by Dr. Dorian Bevec of the duties under the employment agreement, (B) by Dr. Dorian Bevec for cause
or material breaches by the Company of the duties under the employment agreement or (C) due to death or permanent disability (dauerhafte Arbeitsunfähigkeit) of Dr. Dorian Bevec (each of (A), (B) and (C), a
“Termination Event”)) employment relationship with the Company for each three months’ period following the Closing Date, up to an aggregate amount of up to EUR 1,500,000 in Buyer Shares after 24 months following the
Closing Date. 

 If, upon a Tranche falling due, the balance of the Escrow Securities Account does not cover such Tranche,
the Buyer shall transfer, at its sole discretion, (i) the shortfall of Buyer Shares to the Sellers’ Securities Account or (ii) a cash amount in Euro equivalent to such shortfall to the Sellers’ Bank Account. 

In case of a Termination Event, the balance on the Escrow Securities Account less any payments made to the Sellers according to this
Section 3.3i), shall be released to the Sellers. In an event of a termination of the employment agreement with Dr. Dorian Bevec (other than a Termination Event) the balance on the Escrow Securities Account less any payments made to the
Sellers according to this Section 3.3i), shall be released to the Buyer. 
  

	 	ii)	 12 months after the Closing, the balance of the Escrow Cash Account, less the amount of any claim under a
Notice of Breach, shall be released to the Sellers by transfer to the Sellers’ Bank Account. 

 Any cash payments
according to this Section 3.3 shall be made within ten Business Days upon the occurrence of the obligation to release part of the Escrow Cash Amount. 

			
		  	
 10

  

 Any transfer of Escrow Shares according to this Section 3.3 shall be made promptly on
the day the obligation to release such Escrow Shares arises or – if such day is not a Business Day – on the next Business Day thereafter. 

The fees and expenses of the Escrow Agent shall be borne equally by the Parties (i.e., 50% by the Sellers and 50% by the Buyer). 

 

	3.4	 No Leakage 

The Sellers shall indemnify and hold harmless the Buyer in terms of a non-accessory guarantee in the
sense of art. 111 CO, Swiss Franc for Swiss Franc, irrespective of any fault of the Sellers (verschuldensunabhängig), without any deductions and any right of set-off of the Sellers, for and
from any Leakage suffered, incurred or discharged by the Company during the period from (and excluding) the Locked Box Date to (and including) the Closing Date, except for the permitted Leakage set forth in Annex 3.4 (the
“Permitted Leakage”). No limitations of the Sellers’ liabilities under this Agreement shall apply to any claims the Buyer may have under or in connection with this Section 3.4. 

“Leakage” shall mean any dividend or other distribution of profits or assets, or any payments in lieu of any dividend or
distribution of profits or assets from the Company, including: 
  

	 	a)	 any dividend, or other distribution declared, paid or made by the Company; 

 

	 	b)	 any redemption or purchase of shares or return of capital by the Company; 

 

	 	c)	 any payments made by the Company to, or assets transferred to or liabilities assumed, indemnified or incurred
for the benefit of, a Seller, an Affiliate of a Seller or a Connected Person of a Seller; 

  

	 	d)	 the making of any gift or other gratuitous payment or other benefit or the sale or disposal or purchase of any
asset by the Company; 

  

	 	e)	 the waiver by the Company of any amount owed to the Company by a Seller, an Affiliate of the Seller or any
Connected Person of a Seller; 

  

	 	f)	 any fees, costs and expenses (and any irrecoverable VAT in respect of such amount) of external advisers engaged
by the Company in relation to the sale of the Shares (including pursuant to this Agreement), which exceed the amount of EUR 50,000; 

  

	 	g)	 any payment, security or loan (including loan repayments, management, monitoring, service or directors’
fees, or charges) by the Company to a Seller, an Affiliate of a Seller or any Connected Person of a Seller; 

  

	 	h)	 agreeing, conditionally or otherwise, to do any of the matters referred to in the paragraphs above.

 If a Seller becomes aware that there has been or will be any Leakage, the Sellers shall promptly notify the Buyer of the
amount and details of such Leakage. 

			
		  	
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	4.	 ACTIONS BETWEEN SIGNING AND CLOSING 

 

	4.1	 In General 

The Parties shall use their best efforts to procure that the conditions precedent set forth in Section 5 will be satisfied on or before
the Closing Date. 
  

	4.2	 Foreign Investment Condition 

Buyer has the primary responsibility for the satisfaction of and compliance with the Foreign Investment Condition set forth in
Section 5.1a)ii, insofar as it will prepare the draft filings to the BMWi, but without Buyer, subject to the terms and conditions of this Agreement, being obliged to accept any conditions or obligations in order to get an approval, consent, or
clearance decision. The Parties will actively co-operate to ensure the satisfaction of and compliance with the Foreign Investment Condition. In particular, if requested by the BMWi as a condition to approve
the transaction as contemplated under this Agreement, the Buyer undertakes to keep the headquarters of the Company in Germany for the next three years following the Signing Date. 

 

	4.3	 Pre-Closing Covenants of the Sellers 

Between the Signing Date up to and including the Closing Date, except as provided for in the budget of the Company as attached hereto as
Annex 4.3 or where the prior written consent of the Buyer is obtained, the Sellers shall cause the Group to conduct its business, and the Group will be managed, in the ordinary and usual course of business consistent with
past practice and in compliance with all applicable Laws and regulations. 
 Without limiting the foregoing, from the Signing Date up to and
including the Closing Date, except where the prior written consent of the Buyer is obtained or the relevant action is in the ordinary and usual course of business consistent with past practice and in compliance with all applicable Laws and
regulations, the Sellers shall not, and shall procure that the Group Companies do not: 
  

	 	(i)	 adopt or propose any change to its constitutional or corporate documents (including articles of association and
internal regulations); 

  

	 	(ii)	 issue or sell any shares or other securities or any options, warrants or rights to acquire any shares or other
securities; 

  

	 	(iii)	 resolve on, declare, make or pay any dividend or other distribution, payable in cash, stock or otherwise;

  

	 	(iv)	 transfer any shares or other securities that are directly or indirectly held by the Company to a third party;

  

	 	(v)	 merge or consolidate with any other Person, acquire or dispose assets at an individual price of more than EUR
25,000 or effect any business combination, recapitalization or similar transaction; 

  

	 	(vi)	 sell, license out or otherwise dispose of any IP Rights; 

 

	 	(vii)	 except for the Lien in favour of the Buyer according to the Convertible Loan Agreement, create, incur or allow
to be created any Lien on any IP Rights or assets; 

  

	 	(viii)	 create, incur or assume any indebtedness in excess of EUR 25,000 in the aggregate; 

			
		  	
 12

  

	 	(ix)	 except for the convertible loan granted by Relief pursuant to the Convertible Loan Agreement, make, increase or
extend any loan or advance or grant any credit to any third party in excess of EUR 25,000 per item; 

  

	 	(x)	 make any material change in the terms of employment of any director, officer or employee of a Group Company
other than in accordance with past practice or contractual commitments existing at the Signing Date; 

  

	 	(xi)	 form, enter into, vary, terminate or withdraw from any material partnership, consortium or joint venture;

  

	 	(xii)	 make any material change to its accounting procedures, principles or practices in effect at the Signing Date;

  

	 	(xiii)	 make or commit to make any unbudgeted capital expenditure in excess of EUR 25,000 per item or, EUR 100,000 in
the aggregate; 

  

	 	(xiv)	 do anything or omit to do anything that evidently could inhibit or impair the consummation of the transactions
contemplated by this Agreement; 

  

	 	(xv)	 other than in relation to (A) the court proceedings against the Company initiated by Dr. Max Iann
Invest GmbH or (B) the possible claim of springer | kuss Rechtsanwälte Partnerschaft mbB, institute or settle any litigation which is material to a Group Company or where the amount in dispute exceeds EUR 25,000; 

 

	 	(xvi)	 enter into, amend, modify or give notice of, or consent to, the termination of any material agreement or amend,
waive, modify, terminate or consent to the termination of any of a Group Company’s rights thereunder; 

  

	 	(xvii)	 do or omit anything which would be reasonably likely to have a Material Adverse Effect; 

 

	 	(xviii)	 take any action or fail to take any action permitted by this Agreement that would result to the Sellers’
Best Knowledge in (A) any of the representations and warranties of the Sellers set forth in this Agreement becoming untrue, inaccurate or misleading in any respect or (B) any of the Closing Conditions not being satisfied; or

  

	 	(xix)	 agree or commit to do any of the foregoing. 

 

	5.	 CONDITIONS PRECEDENT TO CLOSING 

 

	5.1	 Conditions to the Obligations of each Party 

The respective obligations of the Parties to effect the Closing as provided in Section 6 shall be subject to the satisfaction or waiver
(where permissible) of all of the following conditions precedent: 
  

	 	a)	 All governmental approvals shall have been obtained or, where relevant, any waiting period under the applicable
merger control or foreign investment Laws shall have expired or been terminated by the competent authorities, including, 

  

	 	i.	 any approval by the SIX Swiss Exchange regarding pro-forma financial
information, new (consolidated) financial statements and any listing prospectus or equivalent disclosure, if and to the extent applicable; and 

			
		  	
 13

  

	 	ii.	 the German Ministry for Economics and Energy (the “BMWi”) having issued a statement of non-objection or not having informed the Buyer about the opening of an investigation procedure within the statutory period of two months after having been informing in writing about the transaction (the
“Foreign Investment Condition”). 

  

	 	b)	 No action shall be pending and no order, injunction or decree of any competent court, administrative body or
arbitration tribunal exists which seeks to enjoin, restrain, impede or levy a substantial difficulty on the consummation of the transactions contemplated hereunder. 

	 	

	 	c)	 The employment agreements of Seller 1 and Dr. Dorian Bevec shall have been amended and renewed in a way
satisfactory to the Buyer, in particular, such as to include a non-compete obligation of these employees with regard to the Business and the products of the Group. 

 

	5.2	 Conditions Precedent regarding the Obligations of the Buyer 

The obligations of the Buyer regarding the performance of the transactions contemplated under this Agreement shall be subject to the
satisfaction or waiver by the Buyer (where permissible) of all of the following conditions: 
  

	 	a)	 The representations and warranties of the Sellers made in this Agreement are, to the Sellers’ Best
Knowledge, in all material respects true and correct on the date on which these representations and warranties of the Sellers have been made; 

  

	 	b)	 The Sellers shall have complied in all material respects with their obligations and covenants under this
Agreement on or before Closing; 

  

	 	c)	 No Material Adverse Effect shall have occurred; 

 

	 	d)	 Sellers shall deliver to Buyer a termination agreement with respect to the revenue sharing agreement with
Clemens Alber attached hereto as Annex 5.2d); 

  

	 	e)	 Sellers shall deliver to Buyer a termination agreement with respect to the freelancer agreement with Sylvia
Ritthaler dated 7 January 2020 attached hereto as Annex 5.2e). 

  

	5.3	 Waiver of Non-satisfied Conditions 

The Parties shall inform each other forthwith upon becoming aware of any fact or matter which could reasonably be expected to constitute the non-satisfaction of the conditions precedent set forth in Sections 5.1 and 5.2 (the “Closing Conditions”). The Parties shall enter into good faith negotiations on how to resolve the issue and,
without prejudice to any other provision of this Agreement, each Party shall be entitled to seek to cure at its own expense any breach. 
  

	5.4	 Right of Termination 

Should the Closing Conditions not be satisfied or waived in writing by the Party entitled to waive it on or before 31 July 2021 (the
“Long Stop Date”), each Party may terminate this Agreement by giving notice to the other Party unless the Party wishing to terminate this Agreement wilfully or grossly negligently prevented, hindered, frustrated or interfered with
the satisfaction of any or all the Closing Conditions in which case the other Party may either terminate this Agreement or waive such Closing Condition and request the consummation of the transactions contemplated by this Agreement. 

			
		  	
 14

  

 If this Agreement is terminated pursuant to this Section 5.4, such termination shall be
without liability of either Party to the other Party, provided that if such termination is the result of the wilful or grossly negligent misconduct of a Party such Party shall be liable to the other Party for any damage, loss, cost or expense
incurred or sustained as a result of such misconduct. 
 If this Agreement is terminated pursuant to this Section 5.4, all provisions of
this Agreement shall cease to be effective except for Section 5.4 (Right of Termination), Section 12.1 (Confidentiality), Section 12.2 (Public Announcements) and Section 13 (Miscellaneous). 

 

	6.	 CLOSING 

  

	6.1	 Closing Date and Place 

Subject to the provisions contained herein, the closing of the transactions contemplated in this Agreement (the “Closing”)
shall take place within five Business Days following fulfilment of the Closing Conditions, but latest on the Long Stop Date, or on another date mutually agreed on by the Parties (the “Closing Date”). 

The Closing shall take place at the offices of Dr. Alexander Vivell, Schnewlinstrasse 12, 79098 Freiburg im Breisgau, Germany (the
“Notary”), or at such other location as the Parties may agree. 
  

	6.2	 Actions by the Sellers 

At Closing, the Sellers shall simultaneously with the actions of the Buyer pursuant to Section 6.3 deliver to the Buyer or, as the case
may be, procure Closing actions as follows: 
  

	 	a)	 a notarized power of attorney in original under which any of the documents referred to in this Section 6.2
are executed, including evidence reasonably satisfactory to the Buyer of the authority of any Person signing on behalf of the Sellers; 

  

	 	b)	 execute together with the Buyer before the Notary a share transfer and assignment agreement with respect to the
transfer of the Shares, which is subject to the sole conditions precedent (aufschiebende Bedingung i.S. von § 158 of the German Civil Code) of the occurrence of the Closing Payment and the Escrow Payment, substantially in
form of the draft attached as Annex 6.2b) (the “Transfer Deed”); 

  

	 	c)	 the duly signed new employment agreements of Seller 1 and Dr. Dorian Bevec, substantially in form of the
draft attached as Annex 6.2c); and 

  

	 	d)	 grant to the Buyer an irrevocable and unlimited power of attorney substantially in the form attached as
Annex 6.2b)d) to exercise the Sellers’ respective shareholder rights in the Company prior to the acceptance of the new shareholders’ list in the commercial registry. 

			
		  	
 15

  

	6.3	 Actions by the Buyer 

At Closing, the Buyer shall: 
  

	 	a)	 transfer the Closing Payment to the Sellers’ Securities Account; 

 

	 	b)	 make the Escrow Payment; 

 

	 	c)	 execute together with the Sellers the Transfer Deed; 

 

	 	d)	 deliver the notifications regarding the beneficial owners in original as required by applicable Laws to the
Sellers (acting on behalf of the respective Group Companies); and 

  

	 	e)	 deliver a notarized power of attorney in original under which any of the documents referred to in this
Section 6.3 are executed, including evidence reasonably satisfactory to the Sellers of the authority of any person signing on behalf of the Buyer. 

  

	6.4	 Simultaneous Closing Actions 

The Closing actions of the Sellers pursuant to Sections 6.2b) and 6.3 shall take place immediately before the Closing actions of the Buyer
pursuant to Section 6.3a). The Closing is subject to all actions in Sections 6.2 and 6.3 having been completed. 
 If the Closing
cannot be completed and the respective missing Closing action has not been waived by the respective Party in writing, then all Closing actions or declarations that have already been made or fulfilled shall be deemed null and void (but without
affecting the validity and binding effect of this Agreement). In this event, the Parties undertake to reinstate forthwith the status as it was immediately before the Closing and to return, retransfer and reassign respectively any documents delivered
or any payments or assets already transferred prior to or during the Closing. 
  

	6.5	 Closing Memorandum 

At the Closing, the Parties shall execute a Closing memorandum, jointly prepared by the Parties prior to Closing, which shall serve as evidence
for the consummation of the Closing actions. 
  

	6.6	 Benefit and Risk 

Subject to the provisions of this Agreement (including the rights of the Buyer under Sections 7 and 11) and subject to the occurrence of
the Closing, the commercial benefit and risk with regard to the Shares shall retroactively pass to the Buyer as of the Locked Box Date. 
  

	7.	 REPRESENTATIONS AND WARRANTIES OF THE SELLERS 

The Sellers represent and warrant with effect as of the Signing Date and as of the Closing Date the following: 

 

	7.1	 Incorporation and Authority 

 

	 	a)	 Each of the Seller 6 and the Seller 7 is validly incorporated, duly organized and lawfully existing as a
limited liability company in accordance with the laws of Germany. 

			
		  	
 16

  

	 	b)	 Each Seller individually represents that no bankruptcy, insolvency, composition or similar proceedings with
general effect on its assets have been commenced or threatened against it and that there are no legal grounds to commence any such proceedings. There are no actions, suits or proceedings pending against the Sellers or any Affiliate of the Sellers
(other than the Company) before any court or administrative authority, agency or commission which involve a claim by a governmental or regulatory authority, or by a third party, which would operate to hinder or substantially impair the consummation
of the transactions contemplated by this Agreement. The Sellers have no knowledge of any actions, suits or proceedings in accordance with the preceding sentence which have been threatened in writing to be filed or instituted against the Sellers or
against any Affiliate of the Sellers (other than the Company). 

  

	 	c)	 Each Seller has the absolute and unrestricted right, power, authority and capacity and it has taken all actions
and obtained all consents and approvals (including from corporate bodies, spouses (as per Annex 7.1c)) and authorities, or otherwise) necessary to execute, and perform its obligations under this Agreement. 

 

	 	d)	 Each Seller individually represents that there are no limitations under applicable Law, any order, judgement or
decree of any competent authority, or any contracts by which it is bound that would prevent it from entering into or performing its obligations under this Agreement. 

 

	7.2	 Shares 

  

	 	a)	 Other than Seller 1 who holds 2% of the Shares for the benefit of third parties and Seller 5 who holds 1% of
the Shares for the benefit of other third parties, and to the exception of the Lien and other rights granted to the Buyer under the Convertible Loan Agreement, each Seller represents individually that it is the sole and unrestricted legal and
beneficial owner of the Shares as set forth in Annex D, free and clear of any Lien and rights of third parties of any nature (including options, voting obligations or restrictions or other rights of whatever nature
restricting the ownership, the disposability or the voting rights), and neither of the Sellers nor the Company are under any obligation to grant or create any such Liens or third party rights. The Shares sold under this Agreement constitute all of
the outstanding shares of the Company. 

  

	 	b)	 Each Seller represents individually that, on the Closing Date, it assigns and transfers full legal and
beneficial ownership of the Shares sold by it hereunder to the Buyer, subject to the Lien and other rights granted to the Buyer under the Convertible Loan Agreement, free and clear from any Liens and third party rights, and the Buyer will be the
sole and unrestricted owner of such Shares. 

  

	 	c)	 Each Seller represents individually that there is no litigation, arbitration, prosecution, administrative or
other legal proceedings or dispute in existence or to such Seller’s Best Knowledge threatened against it in respect of its Shares or its entitlement to dispose of its Shares. 

 

	 	d)	 There are no resolutions pending to increase the authorized or issued share capital of the Company and, other
than with regard to the Lien and other rights granted to the Buyer under the Convertible Loan Agreement, there are no options, conversion rights or other commitments outstanding under which the Company is required to issue shares or other equity
securities. 

			
		  	
 17

  

	 	e)	 The Shares are validly issued, fully paid in and free of obligations to make additional capital payments, and
represent the entire issued share capital of the Company, and the share capital of the Company has not been repaid in whole or in part. As of the Closing Date, to the exception of the Lien and other rights granted to the Buyer under the Convertible
Loan Agreement, there are no further shares, non-voting stock, other equity participation rights or options, convertible instruments or warrants with regard to the Company, or entitlements for the obtaining of
such instruments or rights, or agreements which could result in the creation of such entitlements, or any other agreements of any character relating to the sale, issuance or voting of, or the granting of rights to acquire, any of the shares in the
Company. 

  

	 	f)	 Other than the US Subsidiary and the Swiss Subsidiary, and the intended formation of a subsidiary in Austria,
the Company has no subsidiaries, branches, permanent establishments or representation offices and it does not own, directly or indirectly, any participation or other interest in any other companies, partnerships or other businesses.

  

	 	g)	 The Company is the sole legal and beneficial direct owner of all the shares in the US Subsidiary and the Swiss
Subsidiary. 

  

	7.3	 Incorporation and Qualification 

 

	 	a)	 The Company is a limited liability company validly incorporated, duly organized and lawfully existing in
accordance with the laws of Germany having its registered domicile in Gundelfingen, Germany. 

  

	 	b)	 The US Subsidiary is a Delaware corporation validly incorporated, duly organized and lawfully existing in
accordance with the laws of Delaware having its registered domicile in New York, US. 

  

	 	c)	 The Swiss Subsidiary is a Swiss corporation validly incorporated, duly organized and lawfully existing in
accordance with the laws of Switzerland having its registered domicile in Basel, Switzerland. 

  

	 	d)	 The Group Companies have full corporate power and authority to own or use their assets and properties to carry
on the Business as now being conducted. 

  

	 	e)	 No proceedings are pending or, to the Sellers’ Best Knowledge, threatened, no order has been made and no
resolution has been passed or shareholders’ meeting convened which could lead to the voluntary or involuntary winding-up, liquidation or other dissolution of any Group Company. No bankruptcy proceedings
or composition or general assignment proceedings are pending or, to the Sellers’ Best Knowledge, threatened or have been applied for with regard to a Group Company. None of the Group Companies is insolvent or unable or, to the Sellers’
Best Knowledge, threatened to be unable to pay its debt as they fall due. 

			
		  	
 18

  

	 	f)	 The information set out in (i) the certified excerpt from the commercial register regarding the Company as
set forth in Annex 7.3f)(i), (ii) the certified copy of the current articles of association of the Company as set forth in Annex 7.3f)(ii), (iii) the certificate of incorporation of the US
Subsidiary as set forth in Annex 7.3f)(iii), (iv) the by-laws of the US Subsidiary as set forth in Annex 7.3f)(iv), (v) the certified excerpt
from the commercial register of the Swiss Subsidiary as set forth in Annex 7.3f)(v), and (vi) the certified copy of the current articles of association of the Swiss Subsidiary as set forth in
Annex 7.3f)(vi), is up to date, correct and complete. In particular, there are no other or further signatory rights, powers of attorney or other rights to represent any Group Company. There are no procedures,
resolutions, agreements or applications pending with the effect of altering such information. There have never been any matters with respect to any Group Company that must be registered in the commercial register, including any contributions in kind
and/or (intended) contributions in kind, that were not registered in the commercial register. 

  

	 	g)	 The shareholders of the Company, and the Company with respect to the US Subsidiary and the Swiss Subsidiary,
have always complied with their obligations with respect to the notification of their beneficial owners pursuant to applicable Law. 

  

	7.4	 Litigation 

  

	 	a)	 Except as set forth in Annex 7.4, the Group Companies are not engaged in any litigation, action, suit,
legal or administrative proceeding, arbitration or alternative dispute resolution proceeding pending before any Governmental Authority (each a “Litigation”), and there is no such Litigation threatened in writing.

  

	 	b)	 The Group Companies are not the subject of any investigation, inquiry or enforcement proceedings or process by
any Governmental Authority, nor has any Group Company received any written notice of any such investigation, inquiry, proceeding or process. 

  

	 	c)	 The Group Companies are not subject to any decision, order or decree by any court, arbitral tribunal or
administrative board or any settlement that imposed any outstanding or ongoing obligations on any Group Company. 

  

	7.5	 Financial Statements 

 

	 	a)	 Annex 7.5a) contains copies of the unaudited financial statements of the Company for the business
year ended 31 December 2020 and the business assessment (betriebswirtschaftliche Auswertung) as per 31 March 2021, together with the notes (collectively the “Financial Statements”). 

 

	 	b)	 The Financial Statements: 

 

	 	•	 	 were prepared in accordance with the applicable statutory provisions, preserving continuity and past practice in
all material respects, and reflect accurately and correctly the material business events for and the results of operations of the Group Companies for the period to which they relate; 

 

	 	•	 	 in all material aspects correctly represent the assets and liabilities, property, financial and profits situation
of the Group Companies as at the reference date; 

			
		  	
 19

  

	 	•	 	 make proper and sufficient provisions for all established liabilities of the Group Companies and proper and
sufficient provisions for all deferred or contingent liabilities, all as required by the applicable statutory provisions and accounting principles; 

  

	 	•	 	 the Financial Statements do not materially overstate any asset or understate any liability;

  

	 	•	 	 the Financial Statements contain all material liabilities, provisions and reserves that are usual or necessary
and are known or should be known by the Sellers or any Group Company; 

  

	 	•	 	 the notes to the Financial Statements correctly disclose any contingent liability that is required to be
disclosed therein; 

  

	 	•	 	 the Financial Statements do not set-off any asset with any liability nor
any income with any expenses; 

  

	 	•	 	 there has been no dissolution of reserves that is not apparent from the Financial Statements;

  

	 	•	 	 the Group Companies maintain adequate internal control processes; 

 

	 	•	 	 to the best knowledge of each Seller being a member of the management and, to the other Sellers’ Best
Knowledge, no member of the management of a Group Company has identified or made any fraud or material written complaint that involves members of the management of any Group Company who have a role in the preparation of financial statements or
accounting controls. 

  

	 	c)	 The Group Companies have not incurred any liability or obligation other than (i) such as have been
reflected in the Financial Statements or (ii) such as have been incurred in the ordinary course of business consistent with past practice since the Locked Box Date. 

 

	 	d)	 All accounts receivables of the Group Companies have arisen out of bona fide transactions in the ordinary
course of business consistent with past practice and have been accounted for in accordance with the applicable statutory provisions and accounting principles. All accounts receivables are appropriately reserved and, as reserved, are good and, to the
Sellers’ Best Knowledge, collectible in accordance with the applicable statutory provisions and accounting principles. All cash set forth in the Financial Statements is freely available for use by the Group Companies other than cash used in the
ordinary course of business. 

  

	 	e)	 Except as set forth in Annex 7.5e), the Group Companies have no indebtedness, including overdraft
facilities, loans and other credit facilities outstanding against third parties or made available by third parties to any Group Company, and, except for the Lien and other rights granted to the Buyer under the Convertible Loan Agreement, none of the
Group Companies has issued any surety, guarantee or comfort letter in favour of third parties and is neither unconditionally nor conditionally liable for any obligations of third parties. None of the Group Companies has entered into any off-balance sheet arrangements, liabilities or commitments. 

			
		  	
 20

  

	7.6	 Taxes 

  

	 	a)	 The Group Companies have timely filed with the appropriate Tax authorities all Tax Returns, registrations,
refund requests, reports, notices, and other filings in respect of Tax required to be filed prior to the Closing Date. All information provided in such returns, registrations, refund requests, reports, notices, and other filings is to the
Sellers’ Best Knowledge true and complete in accordance with the applicable Laws and all such Tax documents have been prepared in the manner required by applicable Laws and, to the Sellers’ Best Knowledge, are true, correct and complete,
and accurately reflect the liability or credit for Taxes of the respective Group Company. There are no and have not been in the past any Tax audits, investigations, examinations or similar proceedings by any Tax or criminal authorities pending or
threatened in writing. 

  

	 	b)	 All Taxes relating to assessment periods (partially or fully) prior to or on the Closing Date have been paid or
have been fully accrued for in the Financial Statements or otherwise. 

  

	 	c)	 Since the Locked Box Date, liabilities for Taxes have only been accrued in the normal course of business and in
line with past accounting periods. 

  

	 	d)	 The Group Companies have not made open or hidden distributions or provided deliveries or services without
adequate consideration to the Sellers or other Affiliates or to Connected Persons of the Sellers which could result in additional liabilities of a Group Company for Tax or in the non-acceptance of business
expenses. 

  

	 	e)	 The Group Companies have at their disposal all supporting documents in connection with (i) all filed Tax
Returns, registrations, refund requests, reports, notices and other filings, and (ii) all Tax Returns, registrations, refund requests, reports, notices and other filings still to be filed which refer to assessment periods (partially or fully)
before the Closing Date, in each case in form and substance in accordance with all applicable Laws. 

  

	 	f)	 The Group Companies are not a party to any claim, action, investigation or proceeding by any Tax authority, nor
has it received written notice from such authority of any claim, action, investigation or proceeding relating to Taxes, and no Tax Return of a Group Company is currently under Tax audit by any Tax authority and no written notice of any such Tax
audit has been received. 

  

	 	g)	 The Group Companies do not have any outstanding obligations under any settlement agreements entered into with
any Tax authority. There are no Tax rulings in place affecting any Group Company. 

  

	 	h)	 No blocking periods imposed in connection with a tax neutral reorganisation (or similar restrictions) apply
with respect to any Group Company. 

  

	 	i)	 The Group Companies have filed on a timely basis all Tax Returns required to be made and have timely given all
notices, accounts and information required to be given by them. All information provided was, when filed or given, true, complete and accurate in all material respects. There is no outstanding dispute or disagreement between any Group Company and
any Governmental Authority in respect of any Tax matter and there is no pending or threatened in writing audit or investigation relating to any Taxes for which any Group Company may become directly or indirectly liable. 

			
		  	
 21

  

	7.7	 Assets 

Except for the furniture as well as part of the IT equipment used in the offices of the Company in Gundelfingen, all of which are owned by
Seller 1 and Seller 5, the Group Companies have good and valid title to, or with respect to assets held under a lease, rental or other leasing agreement, the valid right to use, all the assets as reflected in the Financial Statements and
necessary for the operation of the Business in the same manner as such operation is presently being conducted. Such assets are free and clear of any Liens, are adequate and fit for the requirements of the Business, are in good operating condition
except for normal wear and tear, have been properly maintained and serviced as necessary, and are used exclusively in connection with the Business. None of such assets is in need of maintenance or repair. Such assets are safe to operate in
accordance with their current practice in their current condition. 
  

	7.8	 Compliance 

  

	 	a)	 The Group Companies and, in relation to the Business, their employees, officers and members of the management
have always carried and are currently carrying on its business in compliance with all applicable Laws that are materially relevant to the Business, the provisions of the articles of association and by-laws,
respectively. In particular, no action, suit or proceeding by any third party or any Governmental Authority is pending, or threatened in writing, against the Company alleging any failure to comply with any applicable Laws that are materially
relevant to the Business, the provisions of the articles of association and by-laws, respectively. 

  

	 	b)	 Neither any Group Company nor (in relation to the Business) any of their employees, officers and members of the
board of directors is or has at any time engaged in any activity, practice or conduct which would constitute an offence under any applicable anti-bribery Laws, anti-corruption Laws or any criminal Laws. There are no proceedings pending in relation
to such anti-bribery Laws, anti-corruption Laws or criminal Laws, and no such proceedings have been threatened in writing or are, to the Sellers’ Best Knowledge, to be expected. 

 

	7.9	 Material Contracts 

  

	 	a)	 Annex 7.9a) lists each of the following contracts and agreements which are still effective and to which
any Group Company is a party at the Signing Date (such contracts and agreements, individually being a “Material Contract” and collectively the “Material Contracts”): 

 

	 	•	 	 all agreements with any supplier or service provider which is likely to involve a consideration of more than
EUR 50,000 per year; 

  

	 	•	 	 all agreements with any customer or distributor which is likely to involve a consideration of more than
EUR 50,000 per year; 

  

	 	•	 	 all agreements with clinical research organizations, clinics, hospitals, sponsors or investigators relating to or
in connection with clinical trials conducted by or on behalf of the Company which are likely to involve a consideration of more than EUR 50,000; 

  

	 	•	 	 all agreements with study sites regarding the conduct of a clinical trial conducted by or on behalf of the
Company which are likely to involve a consideration of more than EUR 50,000; 

			
		  	
 22

  

	 	•	 	 all agreements under which the Company is obliged to reimburse, directly or indirectly, study sites for costs
arising out of or in connection with clinical trials conducted by or on behalf of the Company which are likely to involve a consideration of more than EUR 50,000; 

 

	 	•	 	 all agreements relating to the acquisition or sale of a company or business containing any outstanding obligation
of a Group Company (including in respect to unpaid purchase price); 

  

	 	•	 	 all agreements that limit or purport to limit the ability of any Group Company to compete in any line of business
or with any Person other than a Group Company or the Buyer or in any geographic area or during any period of time; 

  

	 	•	 	 all agreements regarding IP Rights and licensed IP Rights (other than off-the-shelf computer software licenses) other than the IP transfer agreements between the Company and its (former) employees and advisors regarding the transfer of IP Right to the Company;

  

	 	•	 	 all insurance agreements; 

 

	 	•	 	 all confidentiality commitments binding any Group Company; 

 

	 	•	 	 all loan agreements; 

  

	 	•	 	 all agreements containing a change of control clause 

 

	 	•	 	 all agreements between (i) any Group Company on the one hand and (ii) a Seller or any of its Affiliates
or Connected Persons on the other hand; 

  

	 	•	 	 all lease agreements; 

  

	 	•	 	 all guarantees, sureties or comfort letters in favour of third parties; 

 

	 	•	 	 all agreements with a contractual notice period longer than six months; 

 

	 	•	 	 all management and services contracts or similar agreements with third parties providing services to any Group
Company which is likely to involve a consideration of more than EUR 75,000 per year; and 

  

	 	•	 	 all agreements or arrangements entered into by any Group Company outside the ordinary course of business.

  

	 	b)	 The Material Contracts are valid, binding, enforceable in accordance with their terms and are in full force and
effect. 

  

	 	c)	 The Group Companies have in all material respects properly performed all of their obligations arising out of
the Material Contracts, and, as of the date of this Agreement, no written notice of termination has been received or given or been threatened in writing relating to any of the Material Contracts. The counterparties to the Material Contracts have
performed all material obligations arising out of such contracts and, to the Sellers’ Best Knowledge, no grounds for early termination exists. Upon consummation of the transactions contemplated by this Agreement, each Material Contract shall
continue in full force and effect without penalty or other adverse consequence and no counterparty to any Material Contract has the right to terminate the relevant Material Contract or alter its obligations in any material respect as a result of the
transactions contemplated by this Agreement. 

			
		  	
 23

  

	 	d)	 Since the Locked Box Date up to and including the date of this Agreement, none of the Group Companies has been
notified in writing by any material customer or supplier of their intention to terminate or failure to continue their business relationship with any Group Company and no material customer or supplier has terminated its agreement with any Group
Company. Material customers or suppliers for the purposes of this clause shall be the ten largest customers or suppliers of the respective Group Company in terms of volume for the year 2020. There are no claims or other entitlements of the
counterparties to the Material Contracts which are not explicitly reflected in the provisions of the Material Contracts. 

  

	7.10	 Permits and Licenses 

 

	 	a)	 The Group Companies have all material licenses, permits, authorizations, consents and permissions from
Governmental Authorities necessary to own and to operate their assets as currently owned or used by it and/or to conduct the Business as currently conducted, all as listed in Annex 7.10a) (the “Licenses”) and there are no
proceedings to suspend, cancel, revoke or not renew any such License or any part thereof, and no such proceedings have been threatened in writing. 

  

	 	b)	 All Licenses are in full force and effect and, to the Sellers’ Best Knowledge, no circumstances exist
which will result in a material modification, supervision, revocation or non-renewal of Licenses. The transactions contemplated by this Agreement will not result in a default under, or a breach or violation or
the termination of, or adversely affect the rights and benefits afforded to the Group Companies by, any of the Licenses or give any Governmental Authority or third party the right to terminate any of the Licenses. 

 

	 	c)	 The Group Companies are in compliance with the Licenses in all material respects. The Group Companies conduct
and have conducted their Business in compliance with the Licenses. 

  

	7.11	 Clinical Trials 

  

	 	a)	 The Group Companies are currently, in cooperation with third parties, conducting the following clinical trials:
multi centre clinical study “Inhaled Aviptadil for the prevention of COVID-19 related acute respiratory syndrome” (multizentrische klinische Studie “Inhalatives
Aviptadil zur Vorbeugung von COVID-19 assoziiertem akutem Atemwegssyndrom (ARDS)”), together with Kantonsspital Baselland, Liestal, Switzerland (the “Company Clinical Trials”).

  

	 	b)	 No Group Company is, neither directly nor indirectly, involved in any other clinical trials or medical
investigations of any products other than the Company Clinical Trials. 

  

	 	c)	 For each Company Clinical Trial all necessary approvals, authorizations, consents, positive opinions or permits
from Govermental Authorities required to conduct, or have conducted, the Company Clinical Trials (the “CT Approvals”) have been obtained and are valid as of the date of this Agreement. The Company has not made any false or, to
Sellers’ Best Knowledge, misleading statements in any of its applications for CT Approvals and, to Sellers’ Best Knowledge, there are no reasons why any CT Approvals may be revoced or withdrawn. 

			
		  	
 24

  

	 	d)	 The conduct of all Company Clinical Trials has been in compliance with all applicable Laws, guidelines and
regulations applicable to such trials, including GCP and GMP and in accordance with applicable industry standards. 

  

	 	e)	 Except for the patient data, which is the exclusive property of Kantonsspital Baselland, the Company will
obtain and be the unencumbered and unrestricted owner of all data and all results deriving from the Company Clinical Trials, it being understood that the scientific partners of the Company in the Company Clinical Trials (e.g., Kantonsspital
Baselland) shall have the right, based on prior agreement with the Company, to publish and present (in their own name) the results of the Company Clinical Trials in a scientific paper (scientific ownership of data and results).

  

	7.12	 Insurance 

  

	 	a)	 The Group Companies have obtained or have the benefit of insurance coverage as required by Law and sufficient
to conduct the Business as currently conducted. 

  

	 	b)	 The respective insurance contracts (the “Policies”) are all in full force and effect and will
not be terminated, suspended or altered as a consequence of the Closing, and all premium thereunder have been duly paid when due. No notice of termination or cancellation with regard to any of the Policies has been given or received by any Group
Company, and neither any Group Company nor the respective insurance companies have requested or announced (in each case in writing) any amendments to the Policies and, to the Sellers’ Best Knowledge, no such termination, cancellation or request
for amendment is to be expected. 

  

	 	c)	 There is no claim outstanding under any of the Policies (or under any policies previously held by any Group
Company) in excess of EUR 25,000; all claims in excess of EUR 25,000 have been settled in full. Since 31 December 2019, there have been no claims as to which insurance coverage has been denied. 

 

	7.13	 Intellectual Property Rights 

 

	 	a)	 Annex 7.13a) contains a list of all the IP Rights owned or used by the Group Companies and sets forth an
accurate, correct and complete list of the IP Rights subject to any issuance, registration, or application by or with any Governmental Authority or authorized private registrar used in the Business in each case including, (w) the current owner
or registrant, (x) the jurisdiction where the application, registration or issuance is filed, (y) the application, and applicable registration and issue number, and (z) applicable application, registration and issue date. Except where
a co-ownership interest with a third party is indicated on Annex 7.13a), the Company is the sole and exclusive owner of all right, title, and interest in and to all such IP Rights.
All IP Rights used or necessary in connection with the operations of the Group are owned or lawfully used by the respective Group Company. 

  

	 	b)	 The Group Companies have validly acquired all right, title and interest in the IP Rights developed by their
respective employees and/or freelancers or other external contractors which is materially relevant for the Business. 

  

	 	c)	 All IP Rights subject to any issuance, registration, or application by or with any Governmental Authority or
authorized private registrar (i) have not been abandoned or canceled, (ii) have been maintained effective by all requisite filings, renewals and payments to the relevant Governmental Authority, and (iii) remain in full force and
effect. 

			
		  	
 25

  

	 	d)	 Except for the Lien and other rights granted to the Buyer under the Convertible Loan Agreement, no IP Rights
are subject to any Lien, nor to any license granted to a third party (except for the back license under the IP Purchase and Option Agreement with University Freiburg). Except for the public announcement of NeuroRx, Inc. about starting clinical
trials with regard to inhaled Aviptadil, which, eventually, could lead to a possible dispute with the Company, no claims, disputes, opposition or nullity proceedings are pending or threatened in writing challenging the ownership, use or validity of
the IP Rights owned or used by the Group Companies. 

  

	 	e)	 There has been no infringement of any IP Rights owned by any Group Company by any third party, except for a
possible infringement by NeuroRx, Inc. with regard to the use of an inhaled formulation of Aviptadil. None of the Group Companies has been in conflict with, or infringed, any IP Rights of any third party, or been threatened in writing in connection
with any infringement. To the Sellers’ Best Knowledge, there are no material proceedings before any Governmental Authority alleging that any conduct of Group Companies constitutes infringement, misappropriation or other violation of any
intellectual property of any third party. 

  

	 	f)	 All current and former officers and employees of any Group Company who are or have been involved in the
creation or development of IP Rights have executed and delivered to the relevant Group Company an agreement providing for the assignment to the relevant Group Company any IP Rights made in the course of services performed by such officer or
employee. No current or former employee of Group Companies has any right, title, or interest, directly or indirectly, in whole or in part, in any IP Rights of any Group Company. All current and former consultants of any Group Company who are or have
been involved in the creation or development of IP Rights have executed and delivered an agreement assigning to such Group Company any IP Rights made by such consultant in the course of such consultant’s services. No current or former officer,
employee or consultant of any Group Company is in material violation of any term of any such assignment agreement between such person and the relevant Group Company. 

 

	 	g)	 The Group Companies have implemented reasonable and market-standard measures to prevent unlawful use or
disclosure of any trade secrets or other valuable business information of the Group Companies. 

  

	7.14	 IT Systems 

  

	 	a)	 Each Group Company owns, validly leases or uses certain computers, laptops, servers, printers, hubs, network
equipment, phones and any similar technical devices as well as standard software (the “IT Systems”). 

  

	 	b)	 The IT Systems are operating in all material respects as required by the Group Companies in connection with
their operations as currently conducted. 

  

	 	c)	 The IT Systems are adequate and fit for the operational and business requirements of the Group, and adequate back-up and disaster recovery procedures and policies have been implemented and are complied with. There have been no significant disruptions within the last twelve months. 

			
		  	
 26

  

	 	d)	 The IT Systems are regularly maintained and serviced and have received recent software/firmware updates.

  

	 	e)	 The IT Systems are protected with reasonable security measures against unlawful intrusion, damage, trojan
horses, viruses, ransomware or other malware as well as fire or water or similar incidents which may impact the operability of the IT Systems. 

  

	 	f)	 No Group Company has suffered any material outage, disruption or malfunction of its IT Systems or any data loss
or damage. 

  

	7.15	 Data Protection Compliance 

 

	 	a)	 The Group Companies, and the collection, storage, use, disposal, disclosure, transfer and any other processing
of any personal data by or on behalf of the Group Companies are in compliance with applicable data protection Laws, in particular the EU General Data Protection Regulation 2016/679 (GDPR). 

 

	 	b)	 No Group Company is or has been subject to any investigation or proceeding by a competent data protection
supervisory authority nor has any data subject raised a complaint or claim against any Group Company due to an alleged violation of applicable data protection Laws. 

 

	 	c)	 There are no proceedings pending or threatened in writing and no claims or complaints made in writing against
any Group Company by any Governmental Authority or other Person alleging a violation of any data protection Laws or any contractual obligations related to personal data. 

 

	 	d)	 There have been no incidents or data security breaches, unauthorized or illegal access, disclosure or use of
any of the personal data held by or on behalf of any Group Company. 

  

	7.16	 Products 

  

	 	a)	 None of the Group Companies manufactures products. There are no circumstances that might reasonably be expected
to give rise to any claim from any Person relating to any defect in any product sold or used in a Company Clinical Trial (including any component or ingredient for incorporation into other products) or any services rendered by any Group Company.

  

	 	b)	 The products developed, supplied, licensed or sold by any Group Company or used in a Company Clinical Trial,
which would require regulatory approvals, are duly approved and such registrations or approvals are complete, accurate and up-to-date in all material respects.

  

	 	c)	 The products developed, supplied, licensed or sold or used in a Company Clinical Trial by any Group Company are
developed, supplied, licensed or sold in all material respects in accordance with (i) the specifications and standards contained in relevant product registration documentations, (ii) the specifications and standards required by the
customers and (iii) all applicable Laws and regulations, including all safety and compliance requirements. 

			
		  	
 27

  

	 	d)	 The Group Companies have not developed, supplied, licensed or sold or used in a Company Clinical Trial any
products or rendered any services which do not comply with any warranties or representations expressly or implicitly made by a Group Company or which otherwise give rise to any claim by any customer or any third party or Person in respect thereof,
in each case other than warranty cases in the ordinary course of business. 

  

	 	e)	 None of the Group Companies has received any unresolved claim in writing by any customer or any third party in
respect of breach of express or implied warranties or representations, which would cause any cost or compensation owed by any Group Company to resolve such claims. 

 

	 	f)	 There are no actions pending or threatened in writing or product recalls relating to any product developed,
supplied, sold, licensed or services rendered by or on behalf of any Group Company. 

  

	7.17	 Conduct of Business since the Locked Box Date 

 

	 	a)	 Since the Locked Box Date, (i) the Group Companies have carried out the Business as a going concern, in
the ordinary course, at arm’s length terms and consistent with past practice and have carried out investments in line with approved budgets and business plans and (ii) there has not been any event, circumstance or condition that had or to
the Sellers’ Best Knowledge is likely to have a Material Adverse Effect on any Group Company. 

 Without limiting the
generality of the foregoing, since the Locked Box Date, none of the Group Companies has performed any of the following actions: 
  

	 	b)	 Entering into any unusual agreements, arrangements or commitments which materially departed from their ordinary
course of business; 

  

	 	c)	 any action which could materially interfere with the consummation of the transaction contemplated under this
Agreement; 

  

	 	d)	 declaring, paying or making any dividend or other distribution, whether express, constructive or hidden;

  

	 	e)	 making any change in the terms of employment of any of its directors, officers or employees;

  

	 	f)	 changing, entering into or terminating any collective bargaining agreements with trade unions or works councils
or generally change the working conditions of any employee of any Group Company; 

  

	 	g)	 providing a notice of termination by any Group Company to any employee; 

 

	 	h)	 except for the forming of the Swiss Subsidiary and potentially a subsidiary in Austria, forming, entering into,
changing, terminating or withdrawing from any partnership, consortium, joint venture or similar business organization; 

  

	 	i)	 making amendments to its articles of incorporation or organizational regulations; 

 

	 	j)	 transferring any of its assets (other than cash or cash equivalents) with a value exceeding EUR 25,000 in an
individual case and EUR 50,000 in total to any third party; 

			
		  	
 28

  

	 	k)	 except for the conversion right granted to the Buyer under the Convertible Loan Agreement, increasing, reducing
or otherwise changing its share capital, or grant any option or conversion rights on the equity of any Group Company; 

  

	 	l)	 except for the loan in the amount of CHF 500,000 granted to the Swiss Subsidiary, granting, increasing or
extending any loan to any third party; 

  

	 	m)	 except for the creation of a Lien and other rights granted to the Buyer under the Convertible Loan Agreement,
granting, creating or allowing the creation of any Lien over any of its assets other than liens arising by operation of law; 

  

	 	n)	 accepting any subsidies or grants or repaying (in full or partially) any subsidies or grants;

  

	 	o)	 granting any licenses relating to any of its IP Rights; 

 

	 	p)	 except for the loan borrowed from the Buyer under the Convertible Loan Agreement, borrowing any money from any
third party; 

  

	 	q)	 entering into any guarantee, indemnity or surety other than in the ordinary course of business (such as
agreements with customers or suppliers); 

  

	 	r)	 materially changing its accounting procedures, principles or practice in effect at the date of this Agreement;
and 

  

	 	s)	 agreeing upon, or committing to, any of the foregoing. 

 

	7.18	 Employment Matters 

  

	 	a)	 Annex 7.18a) contains a true and complete list of all employees and freelancers of the Group Companies
as at the date of this Agreement, including employment status (employee, freelancer or other) date of birth, title, the technical entry/commencement date, scope of employment (full time or part-time), notice period, annual base salary (including
benefits in kind) and variable compensation (or hourly or other remuneration, as applicable), other benefits with monetary value, accrued overtime work and accrued vacation. 

 

	 	b)	 There are no employment or freelancer contracts or other obligations of any Group Company which
(i) entitle any Person to an annual gross compensation of more than EUR 120,000 (including variable components), or (ii) can only be terminated with a notice period of more than three months, each unless otherwise disclosed in
Annex 7.18a). 

  

	 	c)	 No material salary increases have been resolved but not yet implemented. There are no employment, freelancer or
benefit agreements or plans entitling an employee or freelancer to severance or other payments due upon the consummation of the transactions contemplated under this Agreement other than disclosed in Annex 7.18c). As at the date of this
Agreement, none of the employees has given or received notice of termination or has indicated an intention in writing (including for purposes of this subsection by plain email) to terminate its employment. 

 

	 	d)	 There are no bonus, profit sharing schemes, share option schemes, share incentive schemes, distribution
participation schemes or any other scheme or commitment, whether of an individual or collective nature, in existence under which any employee or freelancer of any Group Company is entitled to participate in the equity, profits, turnover or other
business performance of any Group Company Agreement other than disclosed in Annex 7.18c). None of the employees or freelancers have any outstanding claims for any bonus payments, incentive payments, distribution participations or similar
payments against any Group Company. 

			
		  	
 29

  

	 	e)	 None of the Group Companies is a party to or otherwise bound by collective bargaining agreements or other
agreements with labour unions or similar organisations, and there are no orders of general applicability which have an effect on any Group Company. All freelancers that have worked or are currently working for any Group Company have been and are
recognised as self-employed persons by the competent Governmental Authorities, and no Group Company will have any liabilities with respect to employment and/or social security Laws in connection with hiring or engaging freelancers.

  

	 	f)	 The Group Companies have been at all times, and are, in compliance with all applicable Laws and contractual
obligations (including payment obligations) regarding the employees and freelancers, and no respective proceedings, claims or investigations are pending or threatened in writing. None of the employees or freelancers has ever claimed any right in any
of the IP Rights of any Group Company. 

  

	 	g)	 There is no dispute between any Group Company and any of their current or former employees, directors or
freelancers pending or threatened in writing, and the Group Companies are not involved in any pending litigation with any of the relevant trade unions, works councils and employee representative bodies and there is no strike, slowdown or stoppage
actually pending or threatened to occur against any Group Company. There are no work councils or other employees’ representations in any Group Company. 

  

	7.19	 Social Security and Pensions 

 

	 	a)	 All persons who have to be registered by any Group Company as employees with social security and pension
institutions are registered accordingly. 

  

	 	b)	 The Group Companies’ respective pension payments to their employees in accordance with applicable Law are
insured with the German statutory pension insurance, i.e. the Group Companies have no own pension institutions. 

  

	 	c)	 All contributions required to be made under (i) any pension or social security Laws or (ii) the terms
of any pension scheme, pension plan, benefit plan or similar health and welfare commitments of any Group Company (the items under (ii) collectively the “Benefit Plans”) due by any Group Company for their employees for any
period ending before the Closing Date have been timely made or have been adequately provisioned for in the books and accounts of the Group Companies. The Benefit Plans have no claims against any Group Company other than for the current ordinary
contributions. Other than the payment of the current ordinary contributions under the Benefit Plans, the Group Companies do not provide or contribute to, and are not liable to provide or contribute to, the provision of benefits for or in respect of
any of their current or former directors, officers or employees or their dependents. 

			
		  	
 30

  

	 	d)	 There are no Benefit Plans of any Group Company other than those Fairly Disclosed in the Disclosed Information.

  

	 	e)	 The Group Companies are in compliance with all applicable Laws relating to social security, pension and worker
compensation. 

  

	7.20	 Real Estate 

  

	 	a)	 The Group Companies do not own and have never owned any real estate. All lease agreements for the business
premises used by any Group Company are in full force and effect, and no notice of termination has been received or given by any Group Company or been threatened in writing by or
vis-à-vis any Group Company with regard to any of these lease agreements, and no disputes are pending which could result in termination of any of these lease
agreements. No written notice by any party to any lease agreement of any Group Company has been given with respect to any material breach or material default of any Group Company under such lease agreement. 

 

	 	b)	 The Group Companies have free access to all the real estate currently leased or used, as required to conduct
the Business, other than as restricted by the applicable lease agreement or as set forth in the relevant land registry. 

  

	7.21	 M&A Transactions 

The Group Companies have not entered into any purchase agreement to acquire all or part of the shares in, or assets and liabilities from, other
companies or private individuals. 
  

	7.22	 Corporate Books 

All books, accounts, registers and records, as well as all related supporting documents, required by Law to be maintained and stored by the
Group Companies (the “Books”) are up to date, correct and complete and have been, kept, maintained and stored in accordance with applicable Law, and, if stored in electronic form, can be made readable again at any time. No written
notice or written allegation that any of them is incorrect or should be rectified has been received by any Group Company. All the Books are in the possession of the respective Group Company. 

 

	7.23	 No Broker’s Fees 

None of the Group Companies (i) does have any obligation to pay a broker’s, finder’s or transaction fee or commission in
connection with the transactions contemplated by this Agreement, or (ii) is liable to pay to any of their respective board members or advisors any sum, fee or commission or grant any right in connection with the transactions contemplated by
this Agreement. 
  

	7.24	 Certain Payments 

Neither the Group Companies nor any director, officer, agent, or employee of any Group Company, or any other Person legitimately acting for or
on behalf of any Group Company, has directly or indirectly (a) made any contribution, gift, bribe, payoff, influence payment, or kickback to any Person in violation of any applicable Laws, or (b) established or maintained any fund or asset
that has not been recorded in the Books. 

			
		  	
 31

  

	7.25	 Affiliates and Connected Persons 

 

	 	a)	 All agreements of the Group Companies with any of the Sellers, Affiliates or Connected Persons of the Sellers
have been made within the usual course of business and at arm’s length terms. 

  

	 	b)	 As of the Closing Date, (i) except for the certain employment and consultancy agreements between the Group
Companies and the Sellers, there are no agreements in force between the Sellers, any of their Affiliates or any Connected Person of the Sellers on the one hand and any Group Company on the other hand and (ii) except for the claims arising out
of the certain employment and consultancy agreements between the Group Companies and the Sellers, none of the Sellers, any of its Affiliates or any Connected Person of the Sellers has any claims against any Group Company. 

 

	 	c)	 All guarantees or other security granted or established by (i) any Group Company for any obligation of the
Sellers, any of its Affiliates or any Connected Person of the Sellers, or (ii) the Sellers, any of its Affiliates or any Connected Person of the Sellers for any obligation of any Group Company, have been fully und conditionally released and
terminated prior to the date hereof. 

  

	7.26	 Full Disclosure 

All information provided to the Buyer and/or its advisors is true, and, to the Sellers’ Best Knowledge, complete and not misleading and
provides a fair picture of the business and financial situation of the Group Companies. 
 All facts and circumstances relevant for
Buyer’s assessment of the Group Companies and their financial situation, the Business and their prospects have been Fairly Disclosed in the Disclosed Information. 
  

	7.27	 No Breach of Warranty 

Each Seller warrants and confirms that as of the date hereof it has no knowledge of (i) any breach of any representation or warranty of
the Buyer under this Agreement and (ii) any facts which could give otherwise rise to a claim of the Sellers under this Agreement. 
  

	8.	 REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer represents and warrants with effect as of the Signing Date and as of the Closing Date the following: 

 

	8.1	 Incorporation and Authority 

 

	 	a)	 The Buyer is a limited liability company validly incorporated, duly organized and lawfully existing in
accordance with the laws of Switzerland having its registered domicile in Geneva, Switzerland, and is neither in liquidation nor in composition proceedings or in any other similar procedure. The Buyer has full corporate power and authority to enter
into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. There are no actions, suits or proceedings pending against the Buyer before any court or administrative authority, agency or
commission which involve a claim by a governmental or regulatory authority, or by a third party, which would operate to hinder or substantially impair the consummation of the transactions contemplated by this Agreement. The Buyer has no knowledge of
any actions, suits or proceedings in accordance with the preceding sentence which have been threatened in writing to be filed or instituted against the Buyer or against any Affiliate of the Buyer. 

			
		  	
 32

  

	 	b)	 The Buyer has the absolute and unrestricted right, power, authority and capacity and it has taken all actions
and obtained all consents and approvals (including from corporate bodies, spouses and authorities, or otherwise) necessary to execute, and perform its obligations under this Agreement. 

 

	8.2	 Effect of Execution of Agreement 

This Agreement has been duly executed and delivered by the Buyer, and constitutes legal, valid and binding obligations of the Buyer enforceable
against the Buyer in accordance with its terms. The execution and delivery of this Agreement by the Buyer does not, and the consummation of the transactions contemplated hereby by the Buyer will not violate any agreement to which the Buyer is a
party. 
  

	8.3	 Consent 

The Buyer has the absolute and unrestricted right, power, authority and capacity and it has taken all actions and obtained all consents and
approvals (including from corporate bodies, and authorities, or otherwise) necessary to execute, and perform its obligations under this Agreement. 
  

	8.4	 Payment Shares 

  

	 	a)	 The Buyer represents that the Payment Shares are free and clear of any Lien and rights of third parties of any
nature (including options, voting obligations or restrictions or other rights of whatever nature restricting the ownership, the disposability or the voting rights), and the Buyer is under no obligation to grant or create any such Liens or third
party rights. 

  

	 	b)	 The Buyer represents that, on the Closing Date, it assigns and transfers full legal and beneficial ownership of
the Payment Shares constituting the Closing Payment to the Sellers, free and clear from any Liens and third party rights, and the Sellers will be the sole and unrestricted owners of such Payment Shares. 

 

	 	c)	 The Buyer represents that there is no litigation, arbitration, prosecution, administrative or other legal
proceedings or dispute in existence or threatened against it in respect of the Payment Shares or its entitlement to dispose of the Payment Shares. 

  

	 	d)	 The Buyer has the right and power to transfer to the Sellers the unencumbered and unrestricted ownership in the
Payment Shares. 

  

	 	e)	 The Payment Shares are validly issued, fully paid-in to their nominal value and free of obligations to make
additional capital payments, and the Payment Shares have not been repaid in whole or in part. 

  

	 	f)	 The Buyer warrants that, except for any matters or transactions (i) publicly announced by the Buyer until
Closing, (ii) resolved by the Buyer’s shareholders’ meeting in accordance with applicable Law until Closing, or (iii) resolved by the Buyer’s board of directors treating the Sellers equally with the other Buyer’s
shareholders (Art. 717 para. 2 CO) and any third party investing in the Buyer, there are no resolutions pending and, for a period of two months following the Closing, there will be no resolutions to (a) increase the ordinary, authorized or
conditional share capital of the Company or (b) issue shares of the Buyer and there are no options (other than under the Buyer’s existing employee stock option plans), conversion rights or other commitments outstanding under which the
Buyer is required to issue shares or other equity securities. All the Buyer Shares have been duly issued and are fully paid-in up to their nominal value. 

			
		  	
 33

  

	 	g)	 As of the Closing Date, except for any matters or transactions publicly announced by the Buyer until Closing,
there are no further shares, non-voting stock, other equity participation rights or options (other than under the Buyer’s existing employee stock option plans), convertible instruments or warrants with
regard to the Buyer, or entitlements for the obtaining of such instruments or rights, or agreements which could result in the creation of such entitlements, or any other agreements of any character relating to the sale, issuance or voting of, or the
granting of rights to acquire, any of the shares in the Buyer. 

  

	8.5	 No Breach of Warranty 

The Buyer warrants and confirms that as of the date hereof it has no knowledge of (i) any breach of any representation or warranty of the
Sellers under this Agreement and (ii) any facts which could give otherwise rise to a claim of the Buyer under this Agreement. 
  

	9.	 EXCLUSIVE REPRESENTATIONS AND WARRANTIES 

Each Party acknowledges that, other than as expressly provided in this Agreement, the other Parties have not made, and do not make, and have
not relied and do not rely on, any other representations and warranties, express or implied, relating to the subject matter of this Agreement. 
  

	10.	 REMEDIES OF BUYER FOR BREACH OF REPRESENTATIONS AND WARRANTIES 

 

	10.1	 Sellers’ Right to Cure and Sellers’ Liability 

If and to the extent a misrepresentation or breach of a warranty under this Agreement notified by the Buyer to the Sellers pursuant to
Section 10.2 is not cured within 45 Business Days following receipt of the respective Notice of Breach, the Sellers shall be liable in proportion to their respective direct or indirect shareholdings in the Company, and not jointly (nicht
solidarisch), to the Buyer or, at the Buyer’s discretion, the Company, irrespective of any fault of the Sellers (verschuldensunabhängig), for any direct damage, cost and expense (together the “Damage”) suffered
and/or incurred by the Buyer and the Group Companies as a result of or connected with a misrepresentation and/or breach of warranty by any Seller. 
  

	10.2	 Notice of Breach 

In case of (i) a misrepresentation or breach of a warranty set forth in Section 7, (ii) the occurrence of an event leading to an
indemnity pursuant to Section 11 or (iii) any other breach of this Agreement by the Sellers, the Buyer shall deliver to the Sellers a notice in writing (the “Notice of Breach”), within 30 Business Days after having
obtained sufficient knowledge of such misrepresentation or breach of a warranty informing the Sellers about the misrepresentation or breach including a reasonable description of the misrepresentation or breach to the extent then known. 

			
		  	
 34

  

 Failure to deliver a Notice of Breach within the time period set forth above shall not
exclude Sellers’ liability, provided, however, that the Sellers shall not be liable for any Damage caused or aggravated by the Buyer’s failure to give timely notice within the time period pursuant to this Section 10.2. 

The regime provided for in this Section 10.2 shall be in lieu of, not in addition to, Buyer’s duty to immediately inspect and notify
the Sellers in accordance with Art. 201 CO. Art. 201 CO shall not apply. 
  

	10.3	 Term 

Claims by the Buyer against the Sellers for misrepresentation or breach of warranty shall be time-barred (verjährt): 

 

	 	a)	 unless otherwise set forth in this Section 10.3, 12 months after the Closing Date; 

 

	 	b)	 with regard to representations and warranties in Sections 7.6 (Taxes) and 7.19 (Social Security and Pensions),
six months after the expiry of the statute of limitation of the relevant tax assessment; and 

  

	 	c)	 with regard to the representations and warranties in Sections 7.1 (Incorporation and Authority), 7.2 (Shares)
and 7.3 (Incorporation and Qualification), five years after the Closing Date. 

 Art. 210 para. 1 CO shall not
apply. 
  

	10.4	 Third Party Claims 

  

	 	a)	 Upon the Buyer or, following Closing, a Group Company becoming aware of a claim or other notification brought
forward or threatened by any third party or Governmental Authority against the Buyer or any Group Company, which is reasonably likely to qualify as a claim of the Buyer against the Sellers for misrepresentation or breach of warranty (each a
“Third Party Claim”), the Buyer shall, or, as the case may be, shall procure that a Group Company shall give written notice to the Sellers in accordance with Section 10.2. 

 

	 	b)	 In the case of any Third Party Claim, the Buyer shall be entitled to oppose, or to cause any one of the Group
Companies to oppose, such Third Party Claim, and the Sellers shall use their commercially reasonable efforts to assist the Buyer or the Group Companies in defending such claim. Subject to the provisions of this Agreement, the Sellers shall bear all
reasonable attorney’s fees incurred by the Buyer and the Group Companies in defending such claims to the extent such fees cannot be recovered from the relevant third party. The Buyer shall not (i) take any action which has any adverse
effect on any insurance policy under which any such Third Party Claim would be recoverable if such action had not been taken and (ii) make any admission of liability, agreement, settlement or compromise with any third party in relation to any
such claim or adjudication, without obtaining the prior written consent of the Sellers (such consent not to be unreasonably withheld or delayed). 

  

	 	c)	 Alternatively, the Buyer may request the Sellers to assume the defence of such Third Party Claim and any
litigation or proceedings resulting therefrom; and, (ii) the Sellers may elect to assume the defence of such Third Party Claim and any such litigation or proceeding with the consent of the Buyer which shall not be unreasonably withheld,
provided that, (y) the Sellers acknowledge in writing their obligation to fully indemnify and hold the Buyer harmless from and against any and all losses suffered or incurred by the Buyer as result of, or arising from or based upon such Third
Party Claim, and (z) in the Buyer’s reasonable determination, the defence of such Third Party Claim by the Sellers would not reasonably be expected to impair the ability of the Buyer to conduct its business or the Business nor its
reputation. 

			
		  	
 35

  

	 	d)	 The Buyer may, at any time, require the Sellers to agree to consent to the settlement of any Third Party Claim
made against the Buyer or the Company if the Buyer shall have unconditionally waived its right to receive compensation for Damages from the Sellers under this Agreement. 

 

	 	e)	 In the case of a Third Party Claim, the Buyer shall grant the Sellers and their advisors reasonable access to
the personnel of the Buyer and the Group Companies, and to any relevant properties, premises, accounts, documents and records, and allow the Sellers and their advisors to reasonably take copies thereof, in order to enable the Sellers and their
advisors to examine the grounds for such Third Party Claim, if the Sellers assume the defence of a Third Party Claim in accordance with Section 10.4c), to defend against such Third Party Claim and to conduct any litigation resulting therefrom;
and at the Buyer’s request and at the Buyer’s cost and expense, allow the Buyer to participate in and give advice to any negotiation, dispute or litigation relating to such Third Party Claim. If the Sellers assume the defence of a Third
Party Claim in accordance with Section 10.4c), the Sellers shall handle any negotiation, dispute or litigation relating thereto with any third party and the Buyer or a Group Company shall grant the Sellers and their advisors all authorisations
and all assistance as the Sellers and their advisors may reasonably require to enable the Sellers and their advisors to defend against the claim and to properly conduct any litigation resulting therefrom. 

 

	 	f)	 The Party conducting the negotiation, dispute or litigation in respect of any Third Party Claim pursuant to
Section 10.4a) shall ensure that the Sellers or the Buyer, as the case may be, will be informed without undue delay of the developments of the matter, and shall be provided with copies of any correspondence or documentation material to the
negotiation, dispute or litigation, provided always that such disclosure is possible without reasonably jeopardizing the outcome of such negotiation, dispute or litigation, or legal privilege in relation thereto. 

 

	10.5	 Reduction of Liability 

The liability of the Sellers for a misrepresentation or breach of warranty shall be excluded or reduced, as the case may be, if and to the
extent that: 
  

	 	a)	 the relevant damage was or reasonably could have been recovered from a third party including any Governmental
Authority, by the Buyer or, following Closing, any Group Company under any title whatsoever, in particular under the terms of any of the Policies, after deduction of all duly documented reasonable costs and expenses incurred in making such recovery
(including reasonable attorney’s fees and increased insurance premiums); 

  

	 	b)	 the Buyer, or after Closing, any Group Company failed to mitigate the Damage in accordance with mandatory Swiss
law; 

			
		  	
 36

  

	 	c)	 adequate provisions have been made in the Financial Statements for the matter that is the subject of the claim;

  

	 	d)	 any Tax payable by any Group Company is actually reduced within 18 months as from the Closing Date as a result
of a matter giving rise to a claim of the Buyer; or 

  

	 	e)	 the facts or circumstances to which the claim relates have been Fairly Disclosed in the Disclosed Information.
Art. 200 CO is hereby explicitly waived by the Parties. With regard to any breaches of Sections 7.1 (Incorporation and Authority), 7.2 (Shares) and 7.3 (Incorporation and Qualification), this Section 10.5e) shall not apply.

  

	10.6	 Limitation of Liability 

 

	 	a)	 No liability shall attach to the Sellers under or in connection with a misrepresentation or breach of warranty
under this Agreement (i) where the individual claim does not exceed EUR 25,000 (the “De Minimis Amount”) and (ii) where the aggregate amount of claims (excluding claims which do not exceed the De Minimis Amount in the
individual case) does not exceed EUR 250,000 (the “Threshold”). If the liability of the Sellers under or in connection with a misrepresentation or breach of warranty under this Agreement exceeds the Threshold, the Buyer shall
be entitled to claim the total amount and not only the amount in excess of the Threshold. 

  

	 	b)	 The total aggregate liability of the Sellers under or in connection with a misrepresentation or breach of
warranty under this Agreement shall be limited to EUR 2,500,000 (the “Cap”). 

  

	 	c)	 Any limitation of liability under Sections 10.6a) and 10.6b) shall not apply to the Sellers’
representations and warranties contained in Sections 7.1 (Incorporation and Authority), 7.2 (Shares) and 7.3 (Incorporation and Qualification), provided, however, that the total aggregate liability of the Sellers related thereto shall be limited to
the lower of (i) the value of the total amount of Buyer Shares received by the Sellers from the Buyer at Closing (determined based on the closing price of the Buyer Shares on the Trading Day immediately preceding the discharge of the liability
of the Sellers due to a breach of Sections 7.1, 7.2 or 7.3) or (ii) EUR 25,000,000 plus the amount of Milestones paid to the Sellers at the time of the discharge of the the liability of the Sellers due to a breach of
Sections 7.1, 7.2 or 7.3, but in no event less than the amount of the Cap. 

  

	10.7	 Remedies of the Sellers 

The provisions of Sections 10.1 through 10.6 apply mutatis mutandis to claims of the Sellers because of misrepresentations or
breaches of warranty by the Buyer. 

			
		  	
 37

  

	11.	 SPECIFIC INDEMNITIES 

 

	11.1	 General 

The Sellers’ obligations set forth in Section 11 constitute non-accessory guarantees of the
Sellers in the sense of art. 111 CO and are valid and enforceable irrespective of (i) any fault of the Sellers (verschuldensunabhängig), and, with respect to Section 11.3 only, (ii) any disclosure in this Agreement,
the Disclosed Information or disclosed otherwise or any actual or constructive knowledge of the Buyer. Other than as set forth in this Section 11, no limitations of the Sellers’ liabilities under this Agreement (including in
Section 10) shall apply to any claims the Buyer may have under or in connection with Section 11; provided that the total aggregate liability of the Sellers under this Section 11 shall not exceed the lower of (i) the value of the
total amount of Buyer Shares received by the Sellers from the Buyer at Closing (determined based on the closing price of the Buyer Shares on the Trading Day immediately preceding the discharge of the liability of the Sellers under this
Section 11) or (ii) EUR 25,000,000 plus the amount of Milestones paid to the Sellers at the time of the discharge of the liability of the Sellers due to a breach of this Section 11, but in no event less than the amount of the
Cap. 
  

	11.2	 Taxes 

The Sellers shall indemnify the Buyer or, on Buyer’s request, the Group Companies in respect of any Taxes (payable by any Group Company
before or after the Closing Date) relating to assessment periods (partially or fully) prior to or on the Closing Date or resulting from events prior to or on the Closing Date, to the extent (i) such Taxes have not been paid and (ii) no
provisions (Rückstellungen) were made for such Taxes in the Financial Statements. Such claims shall be time-barred (verjährt) six months after the expiry of the statute of limitation of the relevant tax assessment. 

 

	11.3	 Other specific indemnities 

The Sellers shall indemnify and hold harmless the Buyer and the Group Companies from and against any claims, liabilities, Taxes, damages,
losses, fees, costs and expense (including, for the avoidance of doubt, reasonable attorneys’ and other professional advisors’ fees) imposed on, sustained, incurred, or suffered by the Buyer or any Group Company arising out of, resulting
from or in connection with: [***] 
  

	12.	 OTHER COVENANTS 

 

	12.1	 Confidentiality 

Each Party shall keep all documents and information regarding the other Parties and the Group Companies that have been provided by such Party
in view of entering into this Agreement strictly confidential from any other Person and shall use best efforts to ensure compliance by its representatives or advisors unless (i) there is a judicial or administrative procedure (including in
connection with obtaining the necessary governmental approvals for the transaction provided for in this Agreement, if any) or another legal requirement compelling disclosure or (ii) disclosed in an action or proceeding brought by a Party in
pursuit of its rights or in the exercise of its remedies hereunder. Excempt are documents and information: 
  

	 	a)	 previously already known by the receiving Party; 

 

	 	b)	 already in the public domain without fault of the receiving Party; or 

 

	 	c)	 later obtained by the receiving Party from another source; provided the receiving Party is not aware that this
other source is also under an obligation to the other Party to keep such documents and information confidential; 

			
		  	
 38

  

 provided, however, that following the Closing the foregoing restrictions shall not apply to
the Buyer’s use of documents and information concerning any Group Company. 
 Notwithstanding the foregoing, the Buyer shall be
authorized to disclose any information regarding the transactions contemplated by this Agreement and regarding the Group Companies and the Business to its advisors, investors and financing providers. 

From the Closing, the Sellers shall keep strictly confidential and shall procure that any Affiliates and or Connected Persons of the Sellers
keep strictly confidential any confidential information and business secrets concerning any Group Company and the Business and shall refrain, and shall cause their Affiliates and Connected Persons to refrain, from using such confidential information
and business secrets for its or their own benefit and for the benefit of another Person. 
  

	12.2	 Public Announcements 

As from the date of this Agreement, all public announcements or press releases concerning this Agreement shall only be issued after the Sellers
and the Buyer have agreed on the contents and timing of such public announcement or press release, save for any public announcement or press release required by applicable Law or any Governmental Authority (including any securities exchange). 

Simultaneously with any public announcement, the employees of the Group Companies shall be informed by the Sellers in an appropriate manner
about this Agreement. 
  

	12.3	 Non-Competition and
Non-Solicitation by the Sellers 

 Each Seller undertakes not to, directly or
indirectly, and procures that none of its Affiliates and Connected Persons will, for the period of one year (three years for Dr. Dorian Bevec) after the Closing, either on its or their own account or in conjunction with or on behalf of any
other Person: 
  

	 	a)	 carry on or be engaged in, concerned with or interested in, whether as shareholder (other than as a shareholder
in a company traded on an internationally recognized stock exchange carrying on such a business where the shareholding is for investment purposes only and amounts to not more than 5% of the issued and outstanding equity interests of such company),
partner, board member agent, advisor, employee or otherwise, any business which competes with the Business of any Group Company as of the date of this agreement; 

 

	 	b)	 actively solicit or entice away any employee, exclusively bound agent or consultant of any Group Company or
otherwise encourage such Person to leave any Group Company; and/or 

  

	 	c)	 induce any partner or customer of any Group Company to cease or reduce doing business with any Group Company.

 In the event of a breach of any covenant set forth in this Section 12.3, and if the respective Seller has not cured
such breach, if cured to the reasonable satisfaction of the Buyer, in its entirety within 20 Business Days following the receipt by the respective Seller of the Buyer’s written notification of such breach, the respective Seller shall pay a
contractual penalty to the Buyer in the amount of EUR 50,000 per breach. In case of a continuous breach, an additional contractual penalty of EUR 50,000 shall become due after each week of duration of such breach (whereby the amount shall
be payable pro rata in case of a breach lasting less than a full week), whereby, in any event, the penalty shall not exceed EUR 250,000. The payment of the contractual penalty or any damages shall not discharge the Sellers from continued
compliance with the covenants set forth in this Section 12.3. In addition, the Buyer has the right to seek specific performance of the Sellers’ obligations under this Section 12.3 and to seek the payment of damages from the Sellers
for any damage or loss suffered by the Buyer or any Affiliate of the Buyer (including, without limitation, the Group Companies). 

			
		  	
 39

  

	13.	 MISCELLANEOUS 

 

	13.1	 Costs and Transfer Taxes 

Except as otherwise set forth in this Agreement, each Party shall bear its own costs, Taxes and expenses arising out of or incurred in
connection with this Agreement and all transactions contemplated hereby. The notarial fees shall be borne by the Sellers on the one hand and the Buyer on the other hand in equal parts. 

 

	13.2	 Sellers’ Representative 

 

	 	a)	 By virtue of their execution of this Agreement, the Sellers designate and appoint Seller 1 (the
“Sellers’ Representative”) as their authorized representative and general attorney-in-fact under this Agreement, with the right of substitution and
multiple representation, to exercise any rights and to give and receive notices and communications on behalf of the Sellers under this Agreement. Notices or communications to or from the Sellers’ Representative constitute notice to or from the
Sellers for all purposes under this Agreement. 

  

	 	b)	 In the event of any inability to act of the Sellers’ Representative, a successor Sellers’
Representative will be appointed promptly by the Sellers, and the Sellers will so notify the Buyer. Each successor Sellers’ Representative has all of the power, authority and rights conferred by this Agreement upon the original Sellers’
Representative. 

  

	 	c)	 A decision, act, consent or instruction of the Sellers’ Representative constitutes a decision, act,
consent or instruction of the Sellers and is final, binding and conclusive upon the Sellers, and the Buyer may rely upon any such decision, act, consent or instruction of the Sellers’ Representative as being the decision, act, consent or
instruction of the Sellers. 

  

	13.3	 Notices 

All notices and other communications to be given by any Party under this Agreement shall be made in writing and shall be delivered by
(i) registered mail (return receipt requested), (ii) an internationally recognized courier, or (iii) by email, to the following addresses: 

If to the Sellers, to the Sellers’ Representative: 

Wolfgang Peter Hoppe 
 Zum Roten
Stein 8 
 D-79108 Freiburg im Breisgau 

Germany 
 Email:
wolfgang.p.hoppe@hotmail.de 

			
		  	
 40

  

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

Marc A. Kessemeier 
 An der
Rothhalde 9/1 
 D-79312 Emmendingen 

Germany 
 Email:
mak@kessemeier.com 
 and: 

Kellerhals Carrard Basel KlG 

attn: Dr. Emanuel Dettwiler 

Henric Petri-Strasse 35 
 P.O.Box
257 
 CH-4010 Basel 

Switzerland 
 Email:
emanuel.dettwiler@kellerhals-carrard.ch 
 If to the Buyer: 

RELIEF THERAPEUTICS Holding SA 

attn: Jack Weinstein, CFO and Treasurer 

avenue de Sécheron 15 
 CH-1202 Geneva 
 Switzerland 

Email: jack.weinstein@relieftherapeutics.com 

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

VISCHER AG 
 attn: Dr. Robert
Bernet 
 Schützengasse 1 

P.O.Box 
 CH-8021 Zurich 
 Switzerland 

Email: rbernet@vischer.com 
 or
such other address as any Party may notify to the other Parties in accordance with the above. 
 Any notice or communication shall be deemed
to have been delivered on the Business Day on which it has been received (by registered mail, email or courier) by the recipient thereof. 
  

	13.4	 Waiver 

The failure of any of the Parties to enforce any of the provisions of this Agreement or any rights with respect thereto shall (i) in no
way be considered as a waiver of such provisions or rights and (ii) not in any way affect the validity of this Agreement. The waiver of any breach of agreement by any Party shall not operate to be construed as a waiver of any other prior or
subsequent breach. 

			
		  	
 41

  

	13.5	 Entire Agreement 

This Agreement together with its Annexes constitutes the entire agreement between the Parties with respect to the subject matter hereof and
supersedes all other prior written and oral agreements between the Parties relating thereto, in particular, the Binding Term Sheet. 
  

	13.6	 Severability 

If any provision of this Agreement is held to be invalid or unenforceable for any rea-son it shall be
revised rather than rendered void, if possible, in order to achieve the intent of the Parties to this Agreement to the fullest extent possible. In any event, all other provisions of this Agreement shall be deemed valid and enforceable to the fullest
extent possible. The same shall apply in case of a gap. 
  

	13.7	 Amendment 

This Agreement (including this Section 13.7) may be amended only (a) prior to Closing by way of a notarial deed in front of a German
notary or (b) after Closing in writing through a document duly signed by each Party. 
  

	13.8	 Assignment 

No Party hereto shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other Parties,
provided, however, that the Buyer may assign this Agreement or any rights or obligations hereunder to any of its Affiliates. 
  

	13.9	 Governing Law 

This Agreement shall be governed by and construed in accordance with the substantive laws of Switzerland, excluding its conflict of law
principles and international treaties excluding the conflict of law rules and excluding treaties or international conventions such as the UN-Convention on Contracts for the International Sale of Goods dated
11 April 1980. 
  

	13.10	 Jurisdiction 

Any dispute, controversy or claim arising out of or in relation to this Agreement, including the validity, invalidity, breach or termination
thereof, shall be submitted to the exclusive jurisdiction of the ordinary courts of Zurich 1, Switzerland. 
 [Remainder of the
page left intentionally blank. Signature pages follow.] 

			
		  	
 42

  

	
	The Seller 1: Wolfgang Peter Hoppe
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Wolfgang Peter Hoppe

	Wolfgang Peter Hoppe
	
	The Seller 2 : Henrik Bulskov
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Wolfgang Hoppe

	 Name: Wolfgang Hoppe
 by power of attorney dated
26 May 2021

	
	The Seller 3: Prof. Dr. Joachim Müller-Quernheim
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Joachim Müller-Quernheim

	Prof. Dr. Joachim Müller-Quernheim

			
		  	
 43

  

	
	The Seller 4: Dr. Björn Christian Frye
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Björn Christian Frye

	Dr. Björn Christian Frye
	
	The Seller 5: Marc A. Kessemeier
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Marc A. Kessemeier

	Marc A. Kessemeier
	
	The Seller 6: BG Consulter GmbH
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Wolfgang Hoppe

	Name: Wolfgang Hoppe
	by power of attorney dated 26 May 2021

			
		  	
 44

  

			
	The Seller 7: APARA-Bioscience GmbH
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Ulrich Birsner

	Name:	 	Ulrich Birsner
	Function:	 	director
	
	The Seller 8: Ulrich Birsner
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Ulrich Birsner

	Ulrich Birsner
	
	The Seller 9: Annette Marlene Schätzle
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Wolfgang Hoppe

	Name:	 	Wolfgang Hoppe
	by power of attorney dated 26 May 2021

			
		  	
 45

  

			
	The Buyer: RELIEF THERAPEUTICS Holding SA
	
	Freiburg im Breisgau, Germany, 28 May 2021
	
	 /s/ Peter Kühn

	Name:	 	Dr. Peter Kühn
	by power of attorney dated 25 May 2021EX-10.3

 Exhibit 10.3 

CERTAIN CONFIDENTIAL INFORMATION INDICATED BY “[***]” HAS BEEN OMITTED FROM THE FILED COPY OF THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT
MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED 
 Confidential 

Share Subscription Facility Agreement 
 dated as of
January 20, 2021 
 by and among 
 RELIEF THERAPEUTICS
Holding SA    (the Company) 
 Avenue de Secheron 15 

1202 Geneve 
 Switzerland 

and 
 GEM Global Yield LLC SCS    (the
Purchaser) 
 412F, route d’Esch 2086 
 Luxembourg 

Luxembourg 
 and 

GEM Yield Bahamas Ltd    (GEMYB) 
 Office of
Lennox Paton Corporate Services 
 Limited 
 Bayside Executive
Park 
 Building 3 
 West Bay Street 

P.O. Box N-4875 
 Nassau

 Island of New Providence 
 Commonwealth of the Bahamas
    (the Company, the Purchaser and GEMYB each a Party and together the Parties) 

 Table of Contents 

 

									
	 Whereas
	  	 	1	 
	 1.
	  	Definitions and References	  	 	1	 
	 2.
	  	Subscription Notice	  	 	1	 
		  	2.1	  	Delivery of Subscription Notice	  	 	1	 
		  	2.2	  	Conditions Precedent to the Delivery of a Subscription Notice	  	 	1	 
		  	2.3	  	Pricing Period Obligation Limitation and Increase	  	 	3	 
		  	2.4	  	Fee	  	 	3	 
	 3.
	  	Closing Notice	  	 	4	 
	 4.
	  	Subscription for Ordinary Shares	  	 	4	 
		  	4.1	  	Prior Notification of a Subscription Notice	  	 	4	 
		  	4.2	  	Share Provision	  	 	5	 
		  	4.3	  	Further Terms of Share Provision	  	 	5	 
		  	4.4	  	Subscription Closing	  	 	6	 
		  	4.5	  	Issue of Ordinary Shares to the Purchaser or the Share Providers	  	 	7	 
		  	4.6	  	No Claim by Share Providers Against Purchaser	  	 	8	 
		  	4.7	  	Replacement of Share Providers	  	 	8	 
		  	4.8	  	Warranties of the Share Providers	  	 	8	 
	 5.
	  	Representations, Warranties and Undertakings of the Company	  	 	9	 
		  	5.1	  	Representations, Warranties and Undertakings	  	 	9	 
		  	5.2	  	Material Adverse Events	  	 	11	 
		  	5.3	  	Purchasers Reliance	  	 	11	 
	 6.
	  	Representations and Warranties of the Purchaser	  	 	11	 
		  	6.1	  	Organisation; Authority	  	 	12	 
		  	6.2	  	Sale and Purchase of Ordinary Shares	  	 	12	 
		  	6.3	  	Compliance with Swiss Non-Bank Rules	  	 	12	 
	 7.
	  	Other Agreements of the Parties	  	 	13	 
		  	7.1	  	Application of Proceeds	  	 	13	 
	 8.
	  	Termination	  	 	13	 
		  	8.1	  	Termination by Mutual Consent	  	 	13	 
		  	8.2	  	Termination by the Purchaser	  	 	13	 
		  	8.3	  	Effect of Termination	  	 	13	 
	 9.
	  	Miscellaneous	  	 	14	 
		  	9.1	  	Fees and Expenses	  	 	14	 

  
 i 

							
	 9.2
	  	Indemnity	  	 	14	 
	 9.3
	  	Amendments Regarding Swiss Law and Primary Market Regulations	  	 	14	 
	 9.4
	  	Entire Agreement	  	 	14	 
	 9.5
	  	Notices	  	 	15	 
	 9.6
	  	Amendments; Waivers	  	 	15	 
	 9.7
	  	Headings	  	 	15	 
	 9.8
	  	Assignment / Accession to the Agreement as Share Provider	  	 	15	 
	 9.9
	  	No Third-Party Beneficiaries	  	 	16	 
	 9.10
	  	Remedies and Waiver	  	 	16	 
	 9.11
	  	Survival	  	 	16	 
	 9.12
	  	Counterpart Signatures	  	 	16	 
	 9.13
	  	Severability	  	 	16	 
	 9.14
	  	Publicity	  	 	17	 
	 9.15
	  	Withholding and Deductions	  	 	17	 
	 9.16
	  	Further Assurances	  	 	17	 
	 9.17
	  	Cost of Enforcement of this Agreement	  	 	17	 
	 9.18
	  	Acknowledgment by the Company	  	 	18	 
	 9.19
	  	Governing Law and Jurisdiction	  	 	18	 
	 Annex 1 — Definitions
	  	 	20	 
	 Annex 2 — Contact Details of the Purchaser and GEM Management
	  	 	26	 
	 Annex 3 — Details of Share Providers
	  	 	27	 
	 Annex 4 — Form of Subscription Notice
	  	 	28	 
	 Annex 5 — Form of Closing Notice
	  	 	29	 
	 Annex 6 — Form of Assignment and Transfer by the Purchaser
	  	 	30	 
	 Annex 7 — Form of Promissory Note
	  	 	33	 

  
 ii 

 Whereas 

A. The Company has offered GEMYB and the Purchaser the right to subscribe, on the terms and subject to the conditions set out in this
Agreement, for Ordinary Shares in the Company at an aggregate subscription price of up to CHF 50,000,000. 
 B. The Share Providers,
acceding to this Agreement from time to time, wish to provide Ordinary Shares to the Purchaser on the terms set out in this Agreement. 

Now, therefore, the Parties hereto agree as follows: 
  

	1.	 Definitions and References 

 

	 	(a)	 Capitalized terms used in this Agreement have the meanings assigned to them in Annex 1.

  

	 	(b)	 References to clauses and Annexes are, save where the context otherwise requires, to clauses of and Annexes to
this Agreement. 

  

	2.	 Subscription Notice 

 

	2.1	 Delivery of Subscription Notice 

 

	 	(a)	 Subject to the satisfaction (or waiver in writing by the Purchaser) of the conditions set forth in clause 2.2,
on any Trading Day during the Commitment Period, the Company shall be entitled to issue a Subscription Notice to the Purchaser. The Subscription Notice shall be delivered to the Purchaser in accordance with the notice provisions of clause 9.5 and
shall: 

  

	 	(i)	 specify the Draw Down Amount; 

 

	 	(ii)	 specify the Floor Price; and 

 

	 	(iii)	 contain a certificate, signed by a Designated Officer, certifying that all conditions precedent to the delivery
of a Subscription Notice have been satisfied or waived in writing by the Purchaser. 

  

	 	(b)	 Each Subscription Notice shall be irrevocable. The Company may issue as many Subscription Notices as it may
elect during the Commitment Period, but, after delivery of a Subscription Notice, may not, without the prior consent of the Purchaser, thereafter deliver a further Subscription Notice until the expiry of the Pricing Period relating to the
Subscription Notice already delivered. 

  

	2.2	 Conditions Precedent to the Delivery of a Subscription Notice 

The Company may deliver a Subscription Notice only if the following conditions have been and remain satisfied (or waived by the Purchaser in
writing in respect of the relevant Subscription Notice): 
  

	 	(a)	 the Company shall have delivered and the Purchaser shall have received an electronic copy of the executed
Agreement and the executed Promissory Note; 

  
 1 

	 	(b)	 the Provided Shares relating to the relevant Subscription Notice have been delivered to the Purchaser’s
account, to the satisfaction of the Purchaser; 

  

	 	(c)	 the Promissory Note has been duly executed and delivered to GEMYB; 

 

	 	(d)	 the Ordinary Shares remain Listed; 

 

	 	(e)	 the Company has obtained all the Required Approvals (in a form reasonably acceptable to the Purchaser) and such
Required Approvals are in full force and effect such that 200 per cent of the Draw Down Amount (or, if 90 per cent of the Closing Bid Price on the Trading Day on which a Subscription Notice is sent when (i) multiplied by 200 per
cent of the Draw Down Amount and (ii) added to the aggregate Subscription Price of all Ordinary Shares already issued pursuant to Closing Notices would exceed CHF 50,000,000, such smaller percentage of the Draw Down Amount (being not less than
100 per cent) as is capable of being issued without exceeding such CHF 50,000,000 limit) may be duly allotted and issued to the Purchaser; 

  

	 	(f)	 the representations and warranties of the Company contained herein are true and correct in all respects as of
the relevant Notice Date as repeated at that time (except that representations and warranties that are expressed by their terms to be made as of a specific date need be true in all respects only as of such date); 

 

	 	(g)	 the Company and each Share Provider have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company or the Share Provider (as the case may be) at or prior to the Notice Date; 

 

	 	(h)	 no Material Adverse Event has occurred or is reasonably expected to occur; 

 

	 	(i)	 no inquiry, investigation or other proceeding, whether formal or informal, has been commenced, announced or
threatened, no order has been issued by any governmental or regulatory organisation or stock exchange and there has been no change of law or policy, or the interpretation or administration thereof, in each case which operates or could operate to
prevent, suspend, hinder, delay, restrict or otherwise have a significant adverse effect on the transactions contemplated by this Agreement or which could have a material adverse effect on the Purchaser; and 

 

	 	(j)	 Listing of the issued Ordinary Shares has not been suspended or threatened to be suspended by the Principal
Market during the thirty Trading Days prior to the relevant Notice Date. 

  
 2 

	2.3	 Pricing Period Obligation Limitation and Increase 

On and subject to the terms and conditions of this Agreement, the Purchaser shall be obliged, with respect to any Subscription Notice and
Pricing Period, to subscribe for a number of Ordinary Shares which is not less than 50 per cent of the Pricing Period Obligation, and the Purchaser shall be entitled at its sole discretion to elect to subscribe for up to 200 per cent of
the Pricing Period Obligation, provided that the Purchaser shall not be obliged to subscribe for a percentage of the Pricing Period Obligation that has an aggregate Subscription Price which, when added to the aggregate Subscription Price of all
Ordinary Shares issued pursuant to all prior Closing Notices, would exceed CHF 50,000,000; and further provided in each case that if, on any Trading Day during any Pricing Period, a Material Adverse Event occurs, the Purchaser shall be entitled at
its sole discretion to elect to treat that Trading Day and any other Trading Day during the relevant Pricing Period as a Knockout Day. The Purchaser shall not be obliged to purchase any Ordinary Shares pursuant to this Agreement (i) if the
Purchaser would in consequence be required to make a mandatory tender offer to purchase all or any of the outstanding Ordinary Shares or (ii) if as of the Closing Date the Company has not obtained all of the Required Approvals. 

 

	2.4	 Fee 

  

	 	(a)	 The Company shall pay to GEMYB a fee of CHF 1,250,000 (which sum shall be deemed to be exclusive of any
applicable taxes and duties) (the Fee), payable out of the proceeds resulting from Subscription Prices paid by the Purchaser, as further specified in this clause 2.4. The Company shall, on the date of this Agreement, provide a Promissory Note as
evidence of its obligation to pay the Fee. 

  

	 	(b)	 The Purchaser shall deduct from the sum payable by it in respect of the aggregate Subscription Price payable by
it pursuant to a Closing Notice on a Closing Date the amount of the Fee or, if less, the portion thereof equal to such aggregate Subscription Price and shall pay such amount to GEMYB on behalf of the Company. Such deduction shall be a full discharge
to the Company of its obligation to pay the Fee or the relevant portion thereof (as the case may be). 

  

	 	(c)	 If on the expiry of twelve (12) months from the date of this Agreement no Closing Date has occurred, the
Company shall pay the total outstanding amount of the Fee to GEMYB. 

  

	 	(d)	 It is therefore expressly acknowledged that the Fee shall be due on the first anniversary of the Agreement,
regardless of whether a Closing Date has occurred before that date. 

  

	 	(e)	 It is hereby acknowledged that if, on any date prior to the Payment Date (as that term is defined in the
Promissory Note) the Company pays any portion of the Fee (the Paid Amount) to GEMYB the amount due to GEMYB under the Promissory Note shall be reduced by an amount equal to the Paid Amount. In such circumstances, the Company shall issue a new
Promissory Note to GEMYB for an amount equal to the Fee minus the Paid Amount (or if a number of payments have been made, the aggregate of all such Paid Amounts) against surrender by GEMYB of its existing Promissory Note to the Company.

  
 3 

	 	(f)	 If for any reason: 

  

	 	(i)	 the Company fails to comply with its obligations to pay the Fee or any portion thereof in accordance with any
of the provisions of this clause 2.4; 

  

	 	(ii)	 the Company or any Share Provider has breached in any material respect any representation, warranty, covenant
or agreement contained in this Agreement and (if such breach is curable) such breach is not cured within five Business Days following receipt by the Company of notice of such breach or there has been any Material Adverse Event;

  

	 	(iii)	 the Company ceases to carry on business at any time before the Fee is paid in full; or 

 

	 	(iv)	 any steps are taken by any person to initiate any form of insolvency, composition or administration proceedings
in relation to the Company before the Fee is paid in full; 

 the outstanding balance of the Fee at that time shall become
immediately due and payable. 
  

	 	(g)	 If any sum payable under this clause 2.4 is not paid on the due date of payment, interest shall accrue on such
sum from and including the due date for payment to but excluding the date on which payment is made at a rate of one hundred (100) basis points per annum (calculated on a 30/365 basis) above the base rate of Barclays Bank PLC from time to
time, compounded monthly. If the applicable base rate is less than zero, the applicable base rate shall be deemed zero. 

  

	3.	 Closing Notice 

At or before 9.00 a.m. (Swiss time) on the first Trading Day immediately following the end of each Pricing Period, the Purchaser shall deliver
to the Company a Closing Notice stating the exact number of Ordinary Shares for which it wishes to subscribe in accordance with clause 2.3 stating the applicable Subscription Price and attaching copy extracts from Bloomberg showing each of the
Closing Bid Prices during the Pricing Period. 
  

	4.	 Subscription for Ordinary Shares 

 

	4.1	 Prior Notification of a Subscription Notice 

Unless otherwise agreed, not later than five (5) Trading Days prior to the delivery of a Subscription Notice, the Company shall notify
each of the Share Providers and the Purchaser in writing of its intention to deliver a Subscription Notice on a Notice Date and shall specify in such notification the Draw Down Amount and the Notice Date. For the avoidance of doubt the Company shall
not be obliged to proceed to issue a Subscription Notice following such notification but in the event that it decides not to do so it shall notify the Share Providers and the Purchaser thereof promptly in writing. 

  
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	4.2	 Share Provision 

 

	 	(a)	 The Share Providers shall be deemed upon receipt of any such notification to offer (the Offer) and shall be
obliged to provide, as a lender, Ordinary Shares to the Purchaser on the following terms: 

  

	 	(i)	 the total number of Ordinary Shares which the Share Providers shall offer to provide (excluding any Ordinary
Shares which have already been provided and which have not yet been returned to the relevant Share Provider by the Purchaser pursuant to this Agreement) (the Provided Shares) shall be equal to 200 per cent of the Draw Down Amount;

  

	 	(ii)	 the Purchaser shall be deemed to accept the Offer in full unless it shall have notified the Share Providers
otherwise on or prior to the date which is four (4) Trading Days prior to the Notice Date; 

  

	 	(iii)	 the Share Providers shall together deliver the Provided Shares which are to be delivered (the Share Provision)
to the Settlement System account of the Purchaser prior to the Notice Date; and 

  

	 	(iv)	 the Settlement System account to be used for each delivery of Provided Shares shall be designated by the
Purchaser not later than three (3) Trading Days prior to the relevant Notice Date, such designation being binding with respect to all future deliveries of Provided Shares unless the Share Providers are informed by the Purchaser in writing of
the details of a new account to be used for deliveries of Provided Shares on a Notice Date on or prior to the date which is three (3) Trading Days prior to such Notice Date. 

 

	 	(b)	 In the event that the Company does not proceed to issue a Subscription Notice following the making of a
notification of an intention to do so under clause 4.1 on the Notice Date specified in the notification from the Company under clause 4.1 or within a period of three (3) Trading Days thereafter, the Offer made by the Share Providers in relation
thereto and any contract with the Purchaser in respect of Provided Shares relating thereto shall be deemed to be terminated with immediate effect and the Purchaser shall, at the cost of the Share Providers, procure that any Provided Shares which
have been delivered to the Purchaser’s Settlement System account pursuant to such Offer shall be promptly returned to the relevant Share Providers. 

  

	4.3	 Further Terms of Share Provision 

 

	 	(a)	 Each Share Provision shall be concluded for a term commencing on the date of delivery of the Provided Shares to
the Purchaser and, subject to clause 4.6, ending on the day on which the Purchaser shall have discharged its obligations in respect thereof under this clause 4.3. 

 

	 	(b)	 The number of Ordinary Shares to be subscribed by the Purchaser on a Closing Date shall be referred to as the
Issue Amount. Where the number of Provided Shares transferred to the Purchaser by the Share Providers in connection with a Subscription Notice is greater than the Issue Amount specified in the corresponding Closing Notice, the Purchaser shall return
to the Share Provider any Provided Shares received in excess of the Issue Amount without undue delay, but in any case by no later than the first Business Day on which the Settlement System is in operation following the Closing Date.

  
 5 

	 	(c)	 After the Ordinary Shares issued pursuant to this Agreement have been Listed, the Purchaser shall repay the
balance of the relevant Share Provision by either transferring a number of Ordinary Shares which is equal to the number of outstanding Provided Shares to the Share Providers or giving instructions for such repayment to be effected by direct issue of
that number of Ordinary Shares to the Share Providers in accordance with clause 4.5. The Purchaser discharges all its obligations to the Share Providers in respect of the delivery of such number of Ordinary Shares to the Share Providers by giving
such instructions in accordance with clause 4.5. If the Purchaser performs its obligations to pay the money due under clause 4.4(b)(i) in respect of the Ordinary Shares to be subscribed pursuant to any Closing Notice, it shall have no liability or
responsibility to the Share Providers if the Company fails to comply with its obligation in respect of the issue or delivery of the relevant Ordinary Shares and in such event the Purchaser shall discharge all its obligations to the Share Providers
under this clause 1.2(c)(c) by assigning to the Share Providers its rights to receive from the Company the relevant number of Ordinary Shares. 

  

	 	(d)	 Where there is at any time more than one Share Provider, their obligations under this Agreement are undertaken
by them jointly and severally and the Share Providers shall be responsible for informing the Purchaser to which of them any Ordinary Shares are to be transferred or rights to receive Ordinary Shares are to be assigned in accordance with clause
1.2(c) and any Provided Shares are to be returned to in accordance with clause 4.2 or clause 1.2(b). 

  

	4.4	 Subscription Closing 

 

	 	(a)	 Subject to: 

  

	 	(i)	 the satisfaction (or waiver in writing by the Purchaser) of the conditions set out in clause 2.2 as at the
Closing Date (but so that all references in such conditions to “the Notice Date” shall for the purposes of this clause 4.4 be treated as referring to “the Closing Date”); 

 

	 	(ii)	 the subscription and payment for the Ordinary Shares pursuant to the relevant Closing Notice and Listing of
such Ordinary Shares not being prohibited or enjoined (temporarily or permanently) by any applicable law or governmental or other regulation including the Listing Rules (other than by reason of the Purchaser’s breach of its representations,
warranties and/or undertakings in this Agreement); and 

  

	 	(iii)	 no change having become effective between the date of this Agreement and each Closing Date, in any law or
regulation (whether governmental or otherwise) which would adversely affect in any material aspect the holding or disposal of Ordinary Shares by the Purchaser or the Purchaser’s rights in respect thereof: 

  
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	 	(b)	 on the first Trading Day following the applicable Pricing Period or, if the Settlement System is not in
operation on that day, the next Trading Day on which the Settlement System is in operation (each, a Closing Date): 

  

	 	(i)	 the Purchaser shall apply to the Company to subscribe for the number of Ordinary Shares set out in the relevant
Closing Notice and shall remit by wire transfer to an account or to accounts designated by the Company an amount equal to the product of (A) such number of Ordinary Shares and (B) the applicable Subscription Price; the
Parties acknowledge and agree that this payment will be made as an advance payment by the Purchaser of the aggregate Subscription Price for the Ordinary Shares to be issued pursuant to the relevant Closing Notice and the Company will apply the
relevant sum in full (without deduction) towards the fulfilment of the Purchaser’s obligation to pay the Subscription Price applicable to the Ordinary Shares; and 

 

	 	(ii)	 the Company shall acknowledge in writing to the Purchaser that it has received an application from the
Purchaser to subscribe for the relevant number of Ordinary Shares and an amount equal to the aggregate Subscription Price for such Ordinary Shares, and shall send a copy of such acknowledgment to the Share Providers. 

 

	4.5	 Issue of Ordinary Shares to the Purchaser or the Share Providers 

Within twelve (12) months of any Closing Date the Company shall issue or deliver to the Purchaser the number of Ordinary Shares subscribed
for by the Purchaser on the relevant Closing Date. This issue or delivery shall be made, at the Purchaser’s option, either by way of crediting such aggregate number of Listed Ordinary Shares to the Purchaser’s Brokerage Account specified
in the Closing Notice (provided that an account with the account number set forth in the Closing Notice has been opened and remains open) or by crediting them to another account or accounts designated by the Purchaser. The Purchaser may, as provided
in clause 4.3(c), instruct the Company to book such Ordinary Shares in a freely tradable and Listed form on its behalf to an account or accounts designated by the Share Providers as are required to be booked to the Share Providers in fulfilment of
its obligation to repay the equivalent number of Ordinary Shares to the Share Providers under the relevant Share Provision. The Purchaser may revoke the foregoing instruction to the Company if the Share Providers are in breach of any material term
of this Agreement. The Company hereby undertakes to the Share Providers and the Purchaser that it shall comply with all instructions from the Purchaser given pursuant to this clause 4.5. To the extent required under applicable Swiss corporate law,
the Purchaser or the Share Provider(s) shall execute a subscription form in accordance with Article 652 para. 1 and 2 in connection with Article 630 no. 2 of the Swiss Code of Obligations. 

  
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	4.6	 No Claim by Share Providers Against Purchaser 

The Share Providers shall have no claim against the Purchaser in respect of any failure to deliver to them a number of Ordinary Shares equal to
the number of Provided Shares if and to the extent that (i) the Purchaser has subscribed for the number of Ordinary Shares set out in the relevant Closing Notice, and (ii) the Purchaser has instructed the Company to deliver a number of
Ordinary Shares equal to the number of Provided Shares which remain outstanding pursuant to the relevant Share Provision to the Share Providers. 
  

	4.7	 Replacement of Share Providers 

A Share Provider may withdraw from this Agreement subject to notifying the Company and the Purchaser of its intention thereof and subject to a
notice period of three (3) months. The Purchaser shall thereafter not have any obligations under this Agreement until one or more persons has executed a deed of adherence in which they confirm that they have become a party to this Agreement in
the capacity of a Share Provider and agree to be bound by all applicable terms of this Agreement. 
  

	4.8	 Warranties of the Share Providers 

The warranties in this clause 4.8 shall be deemed to have been repeated as at each Notice Date, as at each Closing Date and as at each date on
which Ordinary Shares are issued or delivered to the Purchaser’s Settlement System account pursuant to this Agreement with reference to the facts and circumstances existing on that date. Each Share Provider hereby represents, warrants and
undertakes to the Purchaser that the following statements are true and accurate in all respects: 
  

	 	(a)	 such Share Provider has the requisite power and authority to enter into and to consummate the transactions
contemplated hereby and otherwise to carry out its obligations hereunder; 

  

	 	(b)	 such Share Provider is the legal and beneficial owner of any Provided Shares it provides pursuant to this
Agreement; and 

  

	 	(c)	 such Share Provider is not required to obtain any consent, waiver, authorization or order of, or make any
filing (other than making the necessary disclosures pursuant to the Swiss Financial Markets Infrastructure Act and its implementing ordinances and regulations) or registration with, any court or other governmental or regulatory authority or other
Person (including the approval of its director) in connection with the execution, delivery and performance by it of this Agreement and as of the Notice Date and as of the Closing Date any necessary consents and approvals have been obtained and
remain in full force in respect of the provision of the Provided Shares. 

  
 8 

	5.	 Representations, Warranties and Undertakings of the Company 

 

	5.1	 Representations, Warranties and Undertakings 

The Company hereby represents, warrants and undertakes to the Purchaser that the Warranties are true and accurate in all respects as at the
date of this Agreement. The Warranties shall be deemed to have been repeated as at each Notice Date, as at each Closing Date and as at each date on which Ordinary Shares become issued and Listed pursuant to this Agreement with reference to the facts
and circumstances existing on that date. 
  

	 	(a)	 Organisation and Qualification 

Each of the Company and each of its Subsidiaries is duly incorporated and validly existing under the laws of its country of incorporation with
the requisite corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted. 
  

	 	(b)	 Organisation of Share Capital 

The Ordinary Shares are and, for so long as this Agreement remains in force, will remain the only class of shares in the equity share capital
of the Company (where “equity share capital” refers to the issued shares of capital stock of the Company excluding any class of shares which neither as respects dividends nor as respects capital carry any right to participate beyond a
specified amount in the distribution) and the Company shall not for so long as this Agreement remains in force issue any shares which have rights differing from those attaching to the equity share capital in issue as at the date of this Agreement.

  

	 	(c)	 Authorization; Enforcement 

 

	 	(i)	 The Company has the requisite corporate power and authority to enter into this Agreement and on each Closing
Date, to consummate the transactions contemplated by this Agreement that are to be consummated on that Closing Date and otherwise to carry out its obligations under this Agreement. 

 

	 	(ii)	 The execution and delivery of this Agreement and the completion by it of the transactions required hereby have
been duly authorized by all necessary action on the part of the Company, its directors and its shareholders. 

  

	 	(iii)	 This Agreement has been duly executed and delivered by the Company or on its behalf and the obligations assumed
by the Company under this Agreement constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms. 

  

	 	(d)	 Share Capital 

As at the Notice Date, the issue of Ordinary Shares which may be issued as a result of the relevant Subscription Notice will not be subject to
any pre-emptive or similar rights. 

  
 9 

	 	(e)	 Issue of Ordinary Shares 

The Company has at the Notice Date, and thereafter during each Pricing Period immediately prior to the corresponding Closing Date, an adequate
authorized and/or conditional share capital allowing it to issue Ordinary Shares, and/or holds a sufficient number of Ordinary Shares in treasury, to enable it to allot and issue or deliver the number of Ordinary Shares equal to 200 per cent of
the Draw Down Amount set forth in the relevant Subscription Notice. The Ordinary Shares shall be free of any Liens, duly authorized, validly issued, fully paid and freely tradable, and application shall be made forthwith for the Ordinary Shares to
be Listed. 
  

	 	(f)	 No Conflicts 

The execution, delivery and performance of this Agreement and the issue of Ordinary Shares by the Company pursuant to this Agreement, and the
completion by the Company, as applicable, of the transactions contemplated hereby, do not and will not conflict with or violate any provision of the Articles. 
  

	 	(g)	 Consents and Approvals 

Except for any necessary approvals from the Principal Market for the Listing of Ordinary Shares issued pursuant to a Subscription Notice, the
internal approvals referred to in clause 5.1(c)(ii), disclosures pursuant to the Swiss Financial Markets Infrastructure Act and its implementing ordinances and regulations, the registration of any newly issued Ordinary Shares with the commercial
register, neither the Company nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, or make any filing or registration with, any court or other governmental or regulatory authority or other Person in connection
with the execution, delivery and performance by the Company of this Agreement and the issue of Ordinary Shares pursuant to a Closing Notice. As of the Closing Date any necessary consents and approvals (including, for the avoidance of doubt, any
necessary approvals as referred to above from the Principal Market) in respect of any Ordinary Shares required to be issued pursuant to any Subscription Notice served by the Company (collectively, the Required Approvals) have been obtained and are
in full force and effect. The Company shall procure that all Provided Shares are Listed at all times, that all Ordinary Shares issued pursuant to this Agreement shall, subject to the Listing of the Ordinary Shares already in issue remaining
effective, be Listed with effect from opening of business on the Trading Day immediately following their issue date. 
  

	 	(h)	 Litigation; Proceedings 

There is no action, suit, notice of violation, proceeding or investigation pending or, to the best knowledge of the Directors of the Company,
threatened against the Company or any of its Subsidiaries or any of their respective properties or assets before or by any court, governmental or administrative agency or regulatory authority which (i) relates to or challenges the legality,
validity or enforceability of this Agreement or (ii) could, individually or in the aggregate, be reasonably expected to impair materially the ability of the Company or the Share Providers to perform fully on a timely basis its obligations under
this Agreement. 

  
 10 

	 	(i)	 Exchange/Market 

The Ordinary Shares in issue are Listed. After consultation prior to each Notice Date with the Company’s relevant advisers and brokers,
the Company knows of no reason why the Principal Market will not admit to Listing the maximum number of Ordinary Shares which may be issued pursuant to this Agreement. 
  

	 	(j)	 Non-Public Information 

The Company acknowledges that neither it nor any of its representatives or agents has provided the Purchaser or any of its representatives or
agents identified to or known by the Company as such with what it reasonably believes to be any material non-public information regarding or related to the Company or its respective operations, personnel,
technologies or prospects that has not otherwise been made publicly available. 
  

	 	(k)	 Solvency 

The Company and its Subsidiaries are Solvent. No transfer of property has been or is being made by the Company or its Subsidiaries and no
obligation has been or is being incurred by the Company or its Subsidiaries in connection with the transactions contemplated by this Agreement or related documents with the intent to hinder, delay or defraud creditors of the Company or any
Subsidiary. 
  

	5.2	 Material Adverse Events 

The Company hereby agrees that as at each Closing Date and as at each date on which Ordinary Shares are to be issued pursuant to this Agreement
it shall be deemed to represent and warrant to the Purchaser that there shall have been no Material Adverse Event which occurred or became public or generally known since the immediately preceding Notice Date (in relation to Ordinary Shares to be
issued pursuant to this Agreement) or which is reasonably expected to occur. 
  

	5.3	 Purchasers Reliance 

The Company acknowledges that the Purchaser is entering into this Agreement and will subscribe for Ordinary Shares pursuant to this Agreement
in reliance on the representations, warranties, undertakings and covenants of the Company contained in this Agreement, including those contained in clauses 5.1 and 5.2. 
  

	6.	 Representations and Warranties of the Purchaser 

The Purchaser hereby represents, warrants and undertakes to the Company that the following statements are true and accurate in all respects.
The warranties are deemed to be repeated on each Notice Date, each Closing Date and each date on which Ordinary Shares become issued pursuant to the Agreement with reference to the facts and circumstances existing at that date. 

  
 11 

	6.1	 Organisation; Authority 

The Purchaser is a company duly formed and validly existing under the laws of Luxembourg. The Purchaser has the requisite power and authority
to enter into and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder. The subscription of the Ordinary Shares pursuant to this Agreement by the Purchaser have been duly authorized by all necessary
action on part of the Purchaser, its directors and shareholders. This Agreement has been duly executed and delivered by the Purchaser or on its behalf and the obligations assumed by the Purchaser pursuant to this Agreement constitute valid and
legally binding obligations of the Purchaser, enforceable against the Purchaser. 
  

	6.2	 Sale and Purchase of Ordinary Shares 

 

	 	(a)	 The Purchaser agrees that it shall not at any time during the Commitment Period sell Ordinary Shares exceeding
the number of Ordinary Shares which it owns and/or has the right to subscribe for pursuant to an outstanding Subscription Notice. For the avoidance of doubt, during each Pricing Period the Purchaser shall have the right to sell an amount of Ordinary
Shares equal to up to 200% of the Draw Down Amount stated in the relevant Subscription Notice. 

  

	 	(b)	 The Purchaser undertakes that, during a Pricing Period, it shall not on any Trading Day sell Ordinary Shares
exceeding such number as represent one 15th of 200% of the Draw Down Amount specified in the relevant Subscription Notice. 

  

	6.3	 Compliance with Swiss Non-Bank Rules 

 

	 	(a)	 The Company shall ensure that it is at all times in compliance with the
Non-Bank Rules. 

  

	 	(b)	 With respect to any deduction on account of Swiss Withholding Tax, clause 6.3(a) above shall not be breached if
the number of creditors of the Company in respect of either the 10 Non-Bank Rule or the 20 Non-Bank Rule is exceeded solely as a result of a failure by the Purchaser to
comply with its obligations under clause 9.8(b), the Purchaser having given an incorrect information as to its status as Qualifying Bank or having lost its status as Qualifying Bank or as one (1) creditor only for the purposes of the Non-Bank Rules. For the avoidance of doubt, the Company acknowledges that it is aware of the fact that the Purchaser does not qualify as Qualifying Bank but counts as one (1) creditor for the purposes of the Non-Bank Rules. 

  
 12 

	7.	 Other Agreements of the Parties 

 

	7.1	 Application of Proceeds 

The Company covenants and undertakes with the Purchaser and GEMYB that it shall procure that the subscription monies received by the Company
pursuant to this Agreement shall be used by the Company and its subsidiaries primarily for general corporate purposes and for working capital purposes. 
  

	7.2	 Solicitation Materials 

Other than as may be required by law or any regulation, the Company, its Affiliates and any Person acting on their behalf have not and shall
not: (i) distribute any offering materials in connection with the offering and issue of Ordinary Shares pursuant to this Agreement, except as required under the Listing Rules; (ii) solicit any offer to buy or sell such securities by means
of any form of general solicitation or advertising; (iii) engage in any “directed selling efforts” as such term is defined in Rule 902 under the Securities Act; or (iv) take any action which would subject the issue of such
Ordinary Shares to the registration requirements of section 5 of the Securities Act or to any securities laws of any applicable jurisdiction. 
  

	8.	 Termination 

  

	8.1	 Termination by Mutual Consent 

This Agreement may be terminated at any time during the Commitment Period by the mutual consent of the Company, the Purchaser and GEMYB. 

 

	8.2	 Termination by the Purchaser 

This Agreement may be terminated forthwith during the Commitment Period by the Purchaser by giving written notice of such termination to the
Company if: (a) the Company or any Share Provider has breached in any material respect any representation, warranty, covenant or agreement contained in this Agreement (including any failure to issue and/or, procure the Listing of Ordinary
Shares on time) and (if such breach is curable) such breach is not cured within five (5) Business Days following receipt by the Company of notice of such breach; (b) there has been a change in applicable law which materially impacts the
Purchaser’s obligations under this Agreement; or (c) there has been any Material Adverse Event; or (d) there has been a Material Change in Ownership. 
  

	8.3	 Effect of Termination 

In the event of the termination of this Agreement pursuant to this clause 8 the Parties shall retain all accrued rights and shall retain all
rights and remain bound by all obligations under this Agreement as respects Ordinary Shares previously issued to the Purchaser (or its nominee(s)) hereunder, and nothing herein shall relieve any terminating Party from liability for any prior breach
of any of its agreements, covenants, representations, warranties or other obligations under this Agreement or for fraud. 

  
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	9.	 Miscellaneous 

 

	9.1	 Fees and Expenses 

 

	 	(a)	 The Company shall pay all and any stamp duty or share transfer or registration or similar duties, taxes or fees
arising under the laws of any jurisdiction in connection with the subscription by the Purchaser (or its nominee(s)) for Ordinary Shares pursuant to this Agreement and each other transaction pursuant to this Agreement. 

 

	 	(b)	 Other than as expressly set out in this Agreement, each of the Company, the Purchaser and GEMYB shall pay its
own costs, fees and expenses in connection with the negotiation and execution of this Agreement and the completion of the transactions contemplated by this Agreement. 

 

	9.2	 Indemnity 

In addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless
the Purchaser, GEMYB and any assignee of their rights under this Agreement and their respective directors, partners, members, shareholders, managers, officers, employees and agents (collectively, the Indemnified Persons) from and against any and all
actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnified Person is a party to the action for which indemnification hereunder
is sought), and including reasonable attorneys’ fees and disbursements (the Indemnified Liabilities) incurred by any Indemnified Person as a result of, arising out of, or relating to (a) any misrepresentation or breach of any
representation or warranty made by the Company in this Agreement or any other certificate, instrument or document contemplated hereby, (b) any breach of any covenant, agreement or obligation of the Company contained in this Agreement or any
other certificate, instrument or document contemplated thereby, and (c) any proceeding, investigation, cause of action, suit or claim brought, made or threatened against such Indemnified Person as a result of, arising out of, or relating to
(i) the execution, delivery, performance or enforcement of this Agreement or any other certificate, instrument or document contemplated hereby or (ii) the Indemnified Person being an investor in the Company. To the extent that the
foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. 

 

	9.3	 Amendments Regarding Swiss Law and Primary Market Regulations 

To the extent required or practical due to the requirements under Swiss law and the Primary Market regulations, the Parties shall amend this
Agreement as necessary or practicable to comply with Swiss law and/or the Primary Market regulations, in particular with regard to the mechanics of the issuance, deliver and Listing of the Ordinary Shares. 

 

	9.4	 Entire Agreement 

This Agreement (including the Annexes to it) contains the entire agreement and understanding of the Parties with respect to the subject matter
of this Agreement and supersedes all prior agreements and understandings, oral or written, relating to the subject matter of this Agreement. For the avoidance of doubt, all letters and any other arrangements between the Company, the Purchaser and
GEMYB written or entered into prior to the date of this Agreement shall cease to be of any effect and no party shall have any claim or right of action pursuant thereto. 

  
 14 

	9.5	 Notices 

Any notice or other communication required or permitted to be given under the terms of this Agreement shall be in writing and shall be deemed
to have been received upon hand delivery (receipt acknowledged), facsimile transmission (with transmission confirmation report) (if a fax number has been provided for such purposes) or email (if an email address has been provided for such purposes)
to the address or number designated below (if delivered on a Business Day prior to 5:00 p.m., Swiss time), or on the first Business Day following such delivery (if delivered other than prior to 5:00 p.m., Swiss time on a Business Day). The addresses
and numbers for such communications shall be: for the Purchaser and GEMYB, as specified in Annex 2; for the Share Providers, as specified in Annex 3; and for the Company, its registered office for the time being and email address
jeremy.meinen@relieftherapeutics.com, in all cases, such other address and fax number as shall be notified in writing by the recipient party to the sending party from time to time. 

 

	9.6	 Amendments; Waivers 

No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by each of the
Company and the Purchaser, or, in the case of a waiver, by the Party against whom enforcement of any such waiver is sought. 
  

	9.7	 Headings 

The headings in this Agreement are for convenience only, and shall be ignored in construing its terms. 

 

	9.8	 Assignment / Accession to the Agreement as Share Provider 

 

	 	(a)	 The Company may not assign or otherwise transfer any of its rights under this Agreement. 

 

	 	(b)	 The Purchaser shall be entitled to assign its rights and obligations (in whole or in part) under this Agreement
to any Affiliate of the Purchaser or GEMYB, but not to any other Person. Any permitted assignment of the Purchaser’s rights or obligations shall be effected by the entry by the Purchaser and the assignee into a assignment and transfer in the
form set out in Annex 6 (into which the Company shall promptly enter on the request of the Purchaser). 

  

	 	(c)	 Any Person intending to enter into this Agreement as a Share Provider after the date of this Agreement must do
so in writing, confirming that it acknowledges all of the contractual obligations relating thereto. Such Person shall be deemed to be a Share Provider under the Agreement upon the written consent of all Parties to such Person’s entry into the
Agreement. 

  
 15 

	9.9	 No Third-Party Beneficiaries 

A person who is not a party to this Agreement (other than a permitted transferee or assignee to whom rights have been transferred in accordance
with clause 9.8) has no rights under Article 112 of the Swiss Code of Obligations (or under equivalent legislation in any jurisdiction) to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists
or is available apart from that provision. 
  

	9.10	 Remedies and Waiver 

The remedies provided in this Agreement shall be cumulative and in addition to all other remedies available under this Agreement or otherwise
provided by law. Any delay by either party in exercising or failing to exercise any right or remedy under this Agreement shall not constitute a waiver of the right or remedy or a waiver of any other rights or remedies and no single or partial
exercise of any rights or remedy under this Agreement or otherwise shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver of a breach of any of the terms of this Agreement or of any default
hereunder shall not be deemed to be a waiver of any subsequent breach or default and shall in no way affect the other terms of this Agreement. 
  

	9.11	 Survival 

The representations, warranties, covenants and agreements of the Company, the Share Providers and the Purchaser contained in this Agreement
shall survive the signing of this Agreement, each Notice Date, each Closing Date, the termination of the Commitment Period and the termination of this Agreement to the extent provided in clause 8.3. 

 

	9.12	 Counterpart Signatures 

This Agreement may be executed and delivered by each Party in separate counterparts, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute one and the same Agreement. This Agreement and any other transaction document relating to this Agreement, and any amendments hereto or thereto, to the extent signed and delivered by
means of a facsimile machine, electronic signature or e-signature (irrespective of whether the relevant electronic signature or e-signature has been issued by a provider
recognized or accredited under applicable law or not) or other electronic transmission (e.g., email delivery in .pdf format or similar format), shall be treated in all manner and respects as an original contract and shall be considered to
have the same binding legal effects as if it were the original signed version thereof delivered in person. 
  

	9.13	 Severability 

In case any one or more of the provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby. 

  
 16 

	9.14	 Publicity 

The Company covenants to the Purchaser that: (a) immediately upon execution of this Agreement, it shall make a public announcement, in
terms agreed with the Purchaser and in accordance with the requirements of the Principal Market, of the fact that this Agreement has been entered into by the Company; and (b) in the event that a Subscription Notice or a Closing Notice is issued
and the fact of such issue can reasonably be expected to constitute inside information within the meaning of the Swiss Financial Markets Infrastructure Act and its implementing ordinances and regulations or any other relevant legislation concerning
the use of inside information in relation to listed securities, it shall forthwith upon such issue announce details thereof in accordance, where applicable, with the requirements of the Principal Market. Save to the extent required by law or by the
Principal Market or any other regulatory authority (in which case the Company and the Purchaser shall be obligated to use their respective reasonable endeavours to consult with one another), the Company and the Purchaser shall have the right to
approve before issue any press releases or any other public statement which the other may propose to issue or make with respect to any aspect of the transactions contemplated hereby (other than any announcement required pursuant to part (b) of
the first sentence of this clause 9.14). 
  

	9.15	 Withholding and Deductions 

All payments and transfers to be made by the Company pursuant to this Agreement or any document entered into pursuant to it shall be made
without set-off or counterclaim and free and clear of and without deduction or withholding for or on account of any tax except to the extent, if any, required by any applicable law. If the Company is required
to make any deduction or withholding from any sum payable or transfer to be made by the Company to the Purchaser or GEMYB, the Company shall pay an additional amount or make an additional transfer to the Purchaser or GEMYB so as to ensure that,
after the making of the deduction or withholding, the Purchaser or GEMYB (as the case may be) receives and retains (free from any liability in respect of any such deduction or withholding) a net payment or transfer equal to that which it would have
received and so retained had no such deduction or withholding been made. 
  

	9.16	 Further Assurances 

Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such
other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the completion of the transactions contemplated hereby. 

 

	9.17	 Cost of Enforcement of this Agreement 

In the event that either the Purchaser or GEMYB takes any action to enforce any of the terms of, or preserve any rights under, this Agreement
or to recover any sum owed to it in accordance with this Agreement, the Company shall forthwith on demand reimburse the Purchaser and/or GEMYB and/or any of their Affiliates, as the case may be, for all costs and expenses (including legal fees and
applicable taxes) reasonably incurred in connection with such enforcement. 

  
 17 

	9.18	 Acknowledgment by the Company 

The Company hereby acknowledges that: 
  

	 	(a)	 it has read and understood fully the content of this Agreement, including, but not limited to, the pricing
mechanisms, the Knockout Days, the number of Ordinary Shares to be subscribed for at the end of each Pricing Period, the payment of the Fee and that it is entering into this Agreement on the basis of its own independent assessment of the risks and
liabilities undertaken hereunder, without any representation having been made by the Purchaser or GEMYB or any of their Affiliates as to the effect, operation or results of this Agreement; and 

 

	 	(b)	 it has been advised by its own legal and financial advisers in relation to its assessment of the risks and
liabilities undertaken hereunder and that neither the Purchaser nor GEMYB nor any of their Affiliates has provided investment advice to the Company in connection with the matters agreed in this Agreement or has solicited or induced the Company to
enter into this Agreement. 

  

	9.19	 Governing Law and Jurisdiction 

 

	 	(a)	 This Agreement (together with all documents to be entered into pursuant to it which are not expressed to be
governed by another law) and any dispute or claim arising out of or in connection with it or its subject matter existence, validity or termination (including non-contractual disputes or claims) is governed by
and shall be construed and take effect in accordance with the laws of Switzerland without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than
Switzerland. 

  

	 	(b)	 Any dispute, controversy or claim arising out of, in connection with or relating to this Agreement (or
subsequent amendments thereof), including without limitation, disputes, controversies or claims regarding its existence, validity, invalidity, breach or termination, shall be finally resolved by arbitration in accordance with the Swiss Rules of
International Arbitration of the Swiss Chambers’ Arbitration Institution in force on the date on which the Notice of Arbitration (as such term is defined in the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration
Institution) is submitted in accordance with such rules. The number of arbitrators shall be one. The seat of the arbitration shall be Zurich. The arbitral proceedings shall be conducted in English. 

[signatures on next page] 

  
 18 

 Executed as of the date written on the cover page to this Agreement 

RELIEF THERAPEUTICS Holding SA 
  

	
	/s/ Thomaz Burckhardt
	Name: Thomaz Burckhardt
	Function: Director

  

	
	GEM Global Yield LLC SCS
	
	/s/ Christopher F. Brown
	Name: Christopher F. Brown
	Function: Manager

  

	
	GEM Yield Bahamas Ltd
	
	/s/ Christopher F. Brown
	Name: Christopher F. Brown
	Function: Director

  
 19 

 Annex 1 — Definitions 

The following terms used in this Agreement shall, unless the context otherwise requires, bear the following meanings: 

 

			
	10 Non-Bank Rule	  	means the rule that the aggregate number of creditors under this Agreement which are not Qualifying Banks must not at any time exceed ten (10), if and as long as a violation of this rule results in Swiss Withholding Tax consequences
for the Company, in each case in accordance with the meaning of the Guidelines or the applicable legislation or explanatory notes addressing the same issues that are in force at such time;
		
	20 Non-Bank Rule	  	means the rule that (without duplication) the aggregate number of lenders (including the Purchaser) other than Qualifying Banks, of the Company under all its outstanding debts relevant for classification as debenture
(Kasse-nobligation) must not at any time exceed twenty (20), if and as long as a violation of this rule results in Swiss Withholding Tax consequences for the Company, in each case in accordance with the meaning of the Guidelines or the applicable
legislation or explanatory notes addressing the same issues that are in force at such time;
		
	Affiliate	  	with respect to any Person, any other Person that gives or receives non-binding investment directions or recommendations to or from such Person or any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person, and for the purpose of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”) shall be interpreted in accordance with Article 963 of the Swiss Code of Obligations;
		
	Agreement	  	means this Share Subscription Facility Agreement;
		
	Articles	  	the Articles of Association (or equivalent constitutional documents) of the Company (as amended from time to time);
		
	Bloomberg	  	Bloomberg Financial Markets;

  
 20 

			
	Business Day	  	any day (except any Saturday or Sunday) on which banks in the city of Zurich, the city of Geneva and the city of New York are generally open for business;
		
	CHF	  	Swiss Francs, the lawful currency of Switzerland;
		
	Closing Bid Price	  	for Ordinary Shares as of any date, the last closing bid price for such shares on the Principal Market as reported by Bloomberg or, if no such closing bid price is reported for such shares by Bloomberg, the last such closing trade
price of such shares that is reported by Bloomberg;
		
	Closing Date	  	shall have the meaning given to it in clause 4.4(b);
		
	Closing Notice	  	a notice from the Purchaser to the Company in the formset out in Annex 5 pursuant to clause 3;
		
	Commitment Period	  	the period commencing on the date of this Agreement and expiring on the earlier of: (a) the third (3rd) anniversary of the date of this Agreement; and (b) the date on which the Purchaser has subscribed for Ordinary Shares
with an aggregate Subscription Price of CHF 50,000,000 pursuant to this Agreement;
		
	Daily Trading Volume	  	with respect to any Trading Day, the trading volume of the Ordinary Shares on the Principal Market, as reported by Bloomberg, provided that block trades as identified by Bloomberg under the code “RLF” or of a similar type
and trades of 50,000 or more Ordinary Shares shall be disregarded for the purpose of calculating such trading volume;
		
	Designated Officer	  	any director of the Company, the secretary of the Company or such other person as is designated by the board of directors of the Company in writing;
		
	Draw Down Amount	  	the aggregate number of Ordinary Shares stated in each Subscription Notice (which number may be different in each Subscription Notice) that the Company wishes the Purchaser to subscribe for provided that:
		
		  	(a) the Draw Down Amount in each Subscription Notice shall not exceed 700 per cent of the average Daily Trading Volume during the fifteen (15) Trading Days immediately preceding the relevant Notice Date; and

  
 21 

			
		  	 (b) the Draw Down Amount in any Subscription Notice

shall not exceed such amount as, when multiplied by 90 per cent of the Closing Bid Price on the Trading Day immediately prior to the relevant Notice Date and
then added to the aggregate Subscription Price of all the Ordinary Shares subscribed for pursuant to all prior Closing Notices, would be equal to CHF 50,000,000;

		
	Fee	  	has the meaning given in clause 2.4(a);
		
	Floor Price	  	a price set by the Company in each Subscription Notice (which price may be different in each Subscription Notice) below which the Company does not wish to issue Ordinary Shares pursuant to such Subscription Notice. The Parties agree
that at no time shall the Floor Price be set below CHF 0.012, unless agreed by the Company;
		
	Group	  	the Company and its Subsidiaries collectively and anybody corporate which directly or indirectly controls or is under common control with the Company, collectively;
		
	Guidelines	  	means, together, guideline S-02.123 in relation to interbank loans of September 22, 1986 (Merkblatt “Verrechnungssteuer auf Zinsen von Bankguthaben, deren Glaubiger Banken sind
(Interbankguthaben)” vom 22. September 1986), guideline S-02.130.1 in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999 betreffend Geldmarktpapiere und
Buchforderungen inlandischer Schuldner), circular letter No. 34 of July 26, 2011 (1-034-V-2011) in relation to deposits
(Kreisschreiben Nr. 34 “Kundenguthaben” vom 26. Juli 2011), circular letter No. 15 of October 3, 2017 in relation to bonds and derivative financial instruments as subject matter of taxation of Swiss federal income tax, Swiss
withholding tax and Swiss stamp taxes (Kreisschreiben Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und der Stempelabgaben” vom 3. Oktober 2017), circular letter
No. 46 of July 24, 2019 (1-046-VS-2019) in relation to syndicated credit facilities (Kreisschreiben Nr.
46betreffendsteuerlicheBehandlungvon Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen vom 24. Juli 2019) and circular letter No. 47 of July 25, 2019
(1-047-V-2019) in relation to bonds (Kreisschreiben Nr. 47 betreffend Obligationen vom 25. Juli 2019), in each case as issued,
amended or replaced from time to time, by the Swiss Federal Tax Administration or as substituted or superseded and overruled by any law, statute, ordinance, court decision, regulation or the like as in force from time to time;

  
 22 

			
	Indemnified Liabilities	  	has the meaning given in clause 9.2;
		
	Indemnified Person	  	Has the meaning given in clause 9.2;
		
	Issue Amount	  	has the meaning given in clause 4.3(b);
		
	Knockout Day	  	any Trading Day during a Pricing Period (a) on which (i) the amount equal to 90 per cent of the Closing Bid Price is less than the applicable Floor Price or (ii) the Ordinary Shares are not traded on the
Principal Market; or (b) in respect of which the Purchaser makes an election in accordance with clause 2.3;
		
	Lien	  	with respect to any asset, any mortgage, lien, pledge, encumbrance, charge or security interest of any kind in or on such asset or the revenues or income therefrom save in so far as they arise or are created by operation of law or
in the normal course of trading;
		
	Listing	  	admission to listing and trading (if applicable) on the Principal Market, and the term Listed shall be construed accordingly;
		
	Listing Rules	  	the rules (including any rules of the Principal Market and any relevant listing authority) applicable to a Listed company from time to time;
		
	Material Adverse Event	  	any event or series of events that has led or may reasonably be expected to lead to (a) any material adverse effect on the business, operations, properties, financial condition or prospects of the Group, taken as a whole,
(b)(i) the Company being prohibited from performing or (ii) a material interference with the authority or ability of the Company to perform, its obligations under or in respect of this Agreement or the Ordinary Shares, (c) the Ordinary
Shares ceasing to be Listed, or (d) the Listing of the Ordinary Shares, or trading in Ordinary Shares on the Principal Market, being suspended for five (5) consecutive Trading Days or more. [***]

  
 23 

			
	Material Change in Ownership	  	any sale or disposal of Ordinary Shares or other transaction or event which results in the officers and directors of the Company for the time being collectively owning less than 5 per cent of the Company’s voting rights
from time to time;
		
	Non-Bank Rules	  	means, together, the 10 Non-Bank Rule and the 20 Non-Bank Rule;
		
	Notice Date	  	the date of delivery, in accordance with clause 9.5, of the applicable Subscription Notice;
		
	Offer	  	has the meaning given in clause 4.2(a);
		
	Ordinary Shares	  	the ordinary registered shares of the Company with such par value as applicable from time to time in issue and the term Ordinary Shareholders shall be construed accordingly;
		
	Paid Amount	  	has the meaning given in clause 2.4(e);
		
	Parties	  	has the meaning set forth on the cover page to this Agreement;
		
	Person	  	an individual or a corporation, a general or limited partnership, a trust, an incorporated or unincorporated association, a joint venture, a limited liability company, a limited liability partnership, a joint stock company, a
government (or an agency or political subdivision thereof) or any other entity of any kind;
		
	Pricing Period	  	the period of fifteen (15) Trading Days, commencing with the first Trading Day immediately following the Notice Date of the applicable Subscription Notice;
		
	Pricing Period Obligation	  	with respect to any Pricing Period, a number of Ordinary Shares equal to the Draw Down Amount divided by 15 and multiplied by the number of Trading Days during the Pricing Period which are not Knockout Days;
		
	Principal Market	  	SIX Swiss Exchange Ltd;
		
	Promissory Note	  	a promissory note to GEMYB in the form set out in Annex 7;
		
	Provided Shares	  	has the meaning given in clause 4.2(a)(i);

  
 24 

			
	Qualifying Bank	  	means (a) any bank as defined in the Swiss Federal Code for Banks and Savings Banks dated November 8, 1934 (Bundesgesetz fiber die Banken and Sparkassen) or (b) a person or entity which effectively conducts
banking activities with its own infrastructure and staff as its principal business purpose and which has a banking license in full force and effect issued in accordance with the banking laws in force in its jurisdiction of incorporation, or if
acting through a branch, issued in accordance with the banking laws in the jurisdiction of such branch, all and in each case within the meaning of the Guidelines;
		
	Required Approvals	  	has the meaning given in clause 5.1(g);
		
	Securities Act	  	the United States Securities Act of 1933, as amended;
		
	Settlement System	  	SIX SIS, the system for electronic settlement of trades in Ordinary Shares on the Principal Market;
		
	Share Providers	  	are listed in Annex 3;
		
	Share Provision	  	has the meaning given in clause 4.2(a)(iii);
		
	Solvent	  	with respect to any Person on a particular date, such Per- son not being deemed unable to pay its debts;
		
	Subscription Notice	  	a notice from the Company to the Purchaser executed by a Designated Officer in the form set out in Annex 4 delivered on any Trading Day during the Commitment Period pursuant to clause 2.1;
		
	Subscription Price	  	with respect to any Pricing Period, 90 per cent of the average of the Closing Bid Prices during such Pricing Period, ignoring for the purposes of such calculation any Knockout Day;
		
	Subsidiary	  	any Person which is a subsidiary of the Company pursuant to article 963 of the Swiss Code of Obligations;
		
	Swiss Withholding Tax	  	means the tax imposed based on the Swiss Federal Act on Withholding Tax of October 13, 1965 (Bundesgesetz fiber die Verrechnungssteuer) together with the related ordinances, regulations and guidelines;
		
	Trading	  	trading of the Ordinary Shares on the Principal Market;
		
	Trading Day	  	a day on which the Principal Market is open and remains open for not less than five (5) hours;
		
	Warranties	  	the statements made in clause 5.1.

  
 25 

 Annex 2 — Contact Details of the Purchaser and GEM Management 

 

					
	Name	  	 Address and Facsimile

Number
	  	 Percentage Allocation of
 Ordinary
Shares and
 Warrants

	GEM GLOBAL YIELD LLC SCS	  	 GEM GLOBAL YIELD LLC
 SCS c/o GEM Investments
America LLC
 390 Park Avenue, 7th Floor
 New York

NY 10022
 USA

 
 Tel.: 001 (212) 582 3400

Fax: 001 (212) 265 4035
  

FAO: Chris Brown
 cbrown@gemny.com
	  	100 per cent
			
	GEM Yield Bahamas Ltd	  	 GEM Yield Bahamas Ltd
 Office of Lennox Paton
Corporate Services Limited
 Bayside Executive Park
 Building
3
 West Bay Street
 P.O. Box
N-4875
 Nassau
 Island
of New Providence
 Commonwealth of the Bahamas
  

Tel.: 001 (212) 582 3400
 Fax: 001 (212) 265 4035

 
 FAO: Chris Brown

cbrown@gemny.com
	  	None

  
 26 

 Annex 3 — Details of Share Providers 

[***] 

  
 27 

 Annex 4 — Form of Subscription Notice 

Subscription Notice 
 To: GEM GLOBAL
YIELD LLC SCS 
 We refer to the share subscription facility agreement (the Agreement) dated January 20, 2021 between (amongst others) us, GEM Yield
Bahamas Ltd (GEMYB) and GEM GLOBAL YIELD LLC SCS. Terms defined in the Agreement have the same meaning herein. This Subscription Notice is being delivered to you pursuant to clause 2.1 of the Agreement. 

[We understand that the Closing Bid Price for the Trading Day immediately preceding the date of this notice was CHF [•]. 

The Draw Down Amount applicable to this Subscription Notice shall be [•] Ordinary Shares. 

The Floor Price applicable to this Subscription Notice shall be CHF [•]. 

The first Trading Day of the Pricing Period shall be [•]. 

We hereby certify that all conditions precedent to the delivery of this Subscription Notice pursuant to the Agreement have been satisfied (or waived in
writing by you.) 
  

							
	Purchaser’s Name	 	Allocated Proportion
	___________________________________________________	 	___________________________________________________
	GEM GLOBAL YIELD LLC SCS	 	[100 per cent]
		
	Signed by: __________________________________________	 	Signed by: __________________________________________
		
	Name: _____________________________________________	 	Name: _____________________________________________
		
	Date: ______________________________________________	 	Date: ______________________________________________
		
	For and on behalf of	 	For and on behalf of
		
	RELIEF THERAPEUTICS Holding SA	 	RELIEF THERAPEUTICS Holding SA

  

  
 28 

 Annex 5 — Form of Closing Notice 

Closing Notice 
 To: RELIEF
THERAPEUTICS Holding SA 
 Attention: Board of Directors 

We refer to the share subscription facility agreement (the Agreement) dated January 20, 2021 between us, GEM Yield Bahamas Ltd, the Share Providers and
yourselves and to the Subscription Notice delivered to us on [•] 20[•]. Terms defined in the Agreement have the same meaning herein. 
 We hereby
give you notice pursuant to clause 3 of the Agreement that we accept the Subscription Notice for [•] Ordinary Shares, being [•] per cent of the Ordinary Shares stated therein. [The reason that such number of Ordinary Shares represents a
smaller/greater number than the number of Ordinary Shares set forth in the Subscription Notice is as follows: [•].] 
 The average of the Closing Bid
Prices in the Pricing Period (excluding any Closing Bid Prices on Knockout Days) is CHF [•] and the resulting Subscription Price is CHF [•] [•] per cent of such average Closing Bid Price). The aggregate Subscription Price pursuant to
this Closing Notice is therefore CHF[•]. 
 Copy extracts from Bloomberg showing each of the Closing Bid Prices during the Pricing Period are attached.

 Please deliver such Ordinary Shares in accordance with the following instructions: [•]. 

Electronic book entry transfer requested (check one) (1) YES ☐ NO ☐ 

Settlement System Participant ID: ________________________ 

Settlement System Account ID: ________________________ 
  

			
	Signed by:	 	 

 
			
		
	Name:	 	 

 
			
		
	Date:	 	 

 
			
	
	For and on behalf of
	
	GEM GLOBAL YIELD LLC SCS

  
 29 

 Annex 6 — Form of Assignment and Transfer by the Purchaser 

Assignment and Transfer by the Purchaser 

This Assignment and Transfer is made on [•] 20[•] 

between 
 (1) GEM GLOBAL YIELD LLC SCS (together with its
permitted successors and assigns), a company incorporated under the laws of Luxembourg whose registered office is at 412F, route d’Esch, L-2086 Luxembourg (the Assignor); 

(2) RELIEF THERAPEUTICS Holding SA, a Company registered in Switzerland whose registered address is at Avenue de Secheron 15, 1202 Geneve, Switzerland
(the Company); and 
 (3) [•], [details] (the Assignee). 

Whereas 
 (1) By a share subscription facility agreement
dated January 20, 2021 (the Agreement), the Assignor granted to the Company an option to require the Assignor to subscribe, on the terms and subject to the conditions set out in the Agreement, for up to an aggregate of CHF 50,000,000 in value
of Ordinary Shares. 
 (2) The Assignor wishes to transfer its rights and obligations under the Agreement to the Assignee in accordance with clause 9.8 of
the Agreement. 
 It is agreed: 
  

	1.	 Definitions 

Words and expressions defined in the Agreement shall have the same meaning herein. 
  

	2.	 Assignment and Transfer 

The Assignor hereby assigns and transfers to the Assignee the Agreement, together with all its rights deriving under the Agreement. The Company hereby releases
the Assignor from all of its obligations pursuant to the Agreement and the Assignee hereby agrees to assume responsibility for the performance of all such obligations. The Assignor hereby releases the Company from all its obligations pursuant to the
Agreement and the Company hereby agrees that the Assignee shall be entitled to enforce all such obligations directly against the Company as if the Assignee were the Purchaser named in the Agreement. 

 

	3.	 Warranties and Undertakings 

3.1 The Assignee hereby represents, warrants and undertakes to the Company that it shall perform and comply with all terms of the Agreement in all respects as
if it were the Purchaser originally named therein. 

  
 30 

 3.2 Without prejudice to the generality of the foregoing, the Assignee hereby represents, war- rants and undertakes to the Company that the statements set out in clause 6 of the Agreement (which statements shall be deemed to refer to the Assignee as the Purchaser) are now and will be true and accurate in
all respects as at each Notice Date and at each Closing Date and on each date on which Ordinary Shares are due to be subscribed by and issued to the Assignee pursuant to the Agreement. 

 

	4.	 Governing Law 

This Assignment and Transfer as well as any dispute or claim arising out of or in connection with this Assignment and Transfer shall be governed by the laws of
Switzerland without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than Switzerland. Any dispute, controversy or claim arising out of, in connection with
or relating to this Assignment and Transfer (or subsequent amendments thereof), including without limitation, disputes, controversies or claims regarding its existence, validity, invalidity, breach or termination, shall be finally resolved by
arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration Institution in force on the date on which the Notice of Arbitration (as such term is defined in the Swiss Rules of International
Arbitration of the Swiss Chambers’ Arbitration Institution) is submitted in accordance with such rules. The number of arbitrators shall be one. The seat of the arbitration shall be Zurich. The arbitral proceedings shall be conducted in English.

 [signatures on the next page] 

  
 31 

 In witness whereof the Company, the Assignor and the Assignee have executed and delivered this Assignment
and Transfer the day and year first before written. 
  

					
	RELIEF THERAPEUTICS Holding SA	  		  	
			
	 	  		  	 
	Name:	  		  	Name:
	Function:	  		  	Function:
			
	GEM Global Yield LLC SCS	  		  	
			
	 	  		  	
	Name: Christopher F. Brown	  		  	
	Function: Manager	  		  	
			
	[the Assignee]	  		  	
			
	 	  		  	
	Name:	  		  	
	Function:	  		  	

  
 32 

 Annex 7 — Form of Promissory Note 

Promissory Note 
 of

 RELIEF THERAPEUTICS Holding SA 

Date: January 20, 2021 
 In consideration for entry by GEM
Yield Bahamas Ltd (the Beneficiary) into the Share Subscription Facility Agreement entered into between RELIEF THERAPEUTICS Holding SA, a company limited by shares registered in Switzerland whose registered address is at Avenue de Secheron 15, 1202
Geneve, Switzerland (the Company), the Share Providers, GEM GLOBAL YIELD LLC SCS and the Beneficiary on or about the date of this Promissory Note, the Company hereby promises to pay to the order of the Beneficiary the principal sum of 

CHF 1,250,000 (the Fee) 
 on demand on or
after the first few drawdowns (the Payment Date) together with interest on such principal sum at a rate of one hundred (100) basis points per annum above the base rate of Barclays Bank PLC from time to time. Interest at such rate shall
accrue daily from the Payment Date, shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, shall be compounded monthly and shall be payable on demand. If the applicable base rate is less than zero, the
applicable base rate shall be deemed zero. If on the expiry of twelve (12) months from the date of the Agreement no Closing Date has occurred, the Company shall pay the total outstanding amount of the applicable Fee to the Beneficiary. It is
therefore expressly acknowledged by the Company that the Fee shall be due on the first anniversary of the Agreement, regardless of whether a Closing Date has occurred before that date. 

This Promissory Note and any dispute or claim arising out of or in connection with it or its subject matter (including
non-contractual disputes or claims) is governed by and shall be construed and take effect in accordance with the laws of Switzerland without giving effect to any choice of law or conflict of law provision or
rule that would cause the application of the laws of any jurisdiction other than Switzerland. Any dispute, controversy or claim arising out of, in connection with or relating to this Promissory Note (or subsequent amendments thereof), including
without limitation, disputes, controversies or claims regarding its existence, validity, invalidity, breach or termination, shall be finally resolved by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss
Chambers’ Arbitration Institution in force on the date on which the Notice of Arbitration (as such term is defined in the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration Institution) is submitted in accordance
with such rules. The number of arbitrators shall be one. The seat of the arbitration shall be Zurich. The arbitral proceedings shall be conducted in English. 

Defined terms used in this Promissory Note and not defined therein shall have the same meaning as in the Share Subscription Facility Agreement executed
between the Company, the Share Providers, the Beneficiary and GEM GLOBAL YIELD LLC SCS on the date hereof. 

  
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 In witness whereof this Promissory Note is executed on the date first above written. 

 

	
	RELIEF THERAPEUTICS Holding SA
	
	 
	Name:
	Function:

  
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