Document:

Exhibit 10.7

 

KBL Merger Corp. IV

527 Stanton Christiana Rd.

Newark, DE 19713

 

June 1, 2017

 

KBL IV Sponsor LLC

527 Stanton Christiana Rd.

Newark, DE 19713

 

Ladies and Gentlemen:

 

This letter will confirm
our agreement that, commencing on the effective date (the “Effective Date”) of the registration statement
(the “Registration Statement”) for the initial public offering (the “IPO”)
of the securities of KBL Merger Corp. IV (the “Company”) and continuing until the earlier of (i) the
consummation by the Company of an initial business combination or (ii) the Company’s liquidation (in each case as described
in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”),
KBL IV Sponsor LLC shall make available to the Company certain office space and administrative and support services as may be required
by the Company from time to time, situated at 527 Stanton Christiana Rd., Newark, DE 19713 (or any successor location). In
exchange therefor, the Company shall pay KBL IV Sponsor LLC the sum of $10,000 per month on the Effective Date and continuing monthly
thereafter until the Termination Date. KBL IV Sponsor LLC hereby agrees that it does not have any right, title, interest or claim
of any kind in or to any monies that may be set aside in a trust account (the “Trust Account”) that may
be established upon the consummation of the IPO as a result of this letter agreement (the “Claim”) and
hereby waives any Claim it may have in the future as a result of, or arising out of, this letter agreement and will not seek recourse
against the Trust Account for any reason whatsoever.

 

	 	Very truly yours,
	 	 
	 	KBL MERGER CORP. IV
	 	 	 
	 	By:	/s/
Marlene Krauss
	 	 	Name: Marlene Krauss, M.D.
	 	 	Title:  Chief Executive Officer

 

AGREED TO AND ACCEPTED BY:

 

	KBL IV SPONSOR LLC	 
	 	 	 
	 	 	 
	By:	/s/
Marlene Krauss	 
	 	Name: Marlene Krauss, M.D.	 
	 	Title: Managing MemberEX-10.14

 Exhibit 10.14 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to
Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 
  

									
	 Research Subaward
Agreement
 Amendment

	Pass-through Entity (PTE)	 	Subrecipient
	 PTE:    Yale
University
  
	 	 Subrecipient: Miragen Therapeutics,
Inc.
  

	
Address:    Office of Sponsored Projects

                  25 Science
Park – 3rd Floor

                  150 Munson
Street

                  P.O. Box
208327
	 	Address: 6200 Lookout Road
	 City, State, Zip+4 (Country): New Haven,
CT 06520-8327
  
	 	 City, State, Zip+4 (Country): Boulder,
CO 80301
  

	 PTE Principal Investigator (PI): [*],
MD
  
	 	Subrecipient Principal Investigator (PI): Rusty Montgomery, MD
	 PTE Federal Award No:
4UH2HL123886-03
 REVISED
	 	FAIN: UH2HL123886 	 	Federal Awarding Agency: National Heart, Lung, and Blood Institute
	
Project Title: Mir-29 mimicry as a therapy for pulmonary fibrosis
  

	 Subaward Period of
Performance:
 Start Date: 8/19/2016     End Date: 6/30/2017

 
	 	 Amount Funded

This Action:    [*]
  
	 	 Amendment No: 

3
	 	 Subaward No:

M15A12064 (A10747)
  

	 Effective Date of Amendment:

10/27/2016
  
	 	 	 	 FFATA Reporting:

Y
  

	
Amendment(s) to Original Terms and Conditions

This Amendment revises the above-referenced Research Subaward Agreement as follows:

	  

•     Subaward Period of Performance is extended through June 30, 2017.

 
 •     Budget Period
is August 19, 2016 to June 30, 2017.
  

•     Authorized Funding for Budget Period is [*].

 
 •     Pre-award is
authorized for July 1, 2016 to August 18, 2016.
  

	All other terms and conditions of this Subaward Agreement
remain in full force and effect.
	By an Authorized Official of Pass-through Entity:	 	By an Authorized Official of Subrecipient:
	 		 	 
	/s/ Cheryl Magoveny	 	 2/22/17
	 	/s/ Jason A. Leverone	 	 1/23/17

	 Name: Andrea Lozano

Title:   Award Manager
  
	 	 Date
	 	 Name: Jason A. Leverone

Title:   CFO
  
	 	 DateEX-10.1

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

This LOAN AND SECURITY AGREEMENT is made and dated as of June 6, 2017 and is entered into by and among (a) ANTARES PHARMA, INC., a
Delaware corporation, and each of its Qualified Subsidiaries (hereinafter collectively referred to as the “Borrower”), (b) the several banks and other financial institutions or entities from time to time parties to this Agreement
(collectively, referred to as “Lender”), and (c) HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent and collateral agent for itself and the Lender (in such capacity, the “Agent”). 

RECITALS 
 A. Borrower has
requested Lender to make available to Borrower a loan or loans in an aggregate principal amount of up to Thirty-Five Million Dollars ($35,000,000.00) (the “Term Loan”); and 

B. Lender is willing to make the Term Loan on the terms and conditions set forth in this Agreement. 

AGREEMENT 
 NOW,
THEREFORE, Borrower, Agent and Lender agree as follows: 
 SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 

1.1 Unless otherwise defined herein, the following capitalized terms shall have the following meanings: 

“Account Control Agreement(s)” means any agreement entered into by and among the Agent, Borrower and a third party Bank or other
institution (including a Securities Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Agent a perfected first priority security interest in the subject account or accounts. 

“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit H, which account numbers shall
be redacted for security purposes if and when filed publicly by the Borrower. 
 “Advance(s)” means a Term Loan Advance. 

“Advance Date” means the funding date of any Advance. 

“Advance Request” means a request for an Advance submitted by Borrower to Agent in substantially the form of Exhibit A, which
account numbers shall be redacted for security purposes if and when filed publicly by the Borrower. 
 “Affiliate” means
(a) any Person that directly or indirectly controls, is controlled by, or is under common control with the Person in question, (b) any Person directly or indirectly 

 
owning, controlling or holding with power to vote ten percent (10%) or more of the outstanding voting securities of another Person, (c) any Person ten percent (10%) or more of
whose outstanding voting securities are directly or indirectly owned, controlled or held by another Person with power to vote such securities, or (d) any Person related by blood or marriage to any Person described in subsection (a), (b) or
(c) of this paragraph. As used in the definition of “Affiliate,” the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise. 
 “Agent” has the meaning given to it in the preamble to
this Agreement. 
 “Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Amortization Date” means August 1, 2019; provided however, if all of the Interest Only Extension Conditions are satisfied on or
prior to December 31, 2018, the “Amortization Date” shall mean February 1, 2020. 
 “Anti-Corruption Laws”
shall mean all laws, rules, and regulations of any jurisdiction applicable to Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption, including without limitation the United States Foreign Corrupt
Practices Act of 1977, as amended, the UK Bribery Act 2010 and other similar legislation in any other jurisdictions. 
 “Anti-Terrorism Laws” means any laws, rules, regulations or orders relating to terrorism or money laundering, including without limitation Executive Order No. 13224 (effective September 24,
2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC. 

“Assignee” has the meaning given to it in Section 11.13. 

“Blocked Person” means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order
No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (c) a Person with which any Lender
is prohibited from dealing or otherwise engaging in any transaction by any Anti Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224, or
(e) a Person that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Board” means Borrower’s board of directors. 

“Borrower Products” means all products, software, service offerings, technical data or technology currently being designed,
manufactured or sold by Borrower or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development, collectively, together with all products, software, service offerings, technical
data or technology that have been sold, licensed or distributed by Borrower since its incorporation. 

  
 2 

 “Business Day” means any day other than Saturday, Sunday and any other day on which
banking institutions in the State of California are closed for business. 
 “Cash” means all cash, cash equivalents and liquid
funds. 
 “Change in Control” means any reorganization, recapitalization, consolidation or merger (or similar transaction or series
of related transactions) of Borrower, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Borrower in which the holders of Borrower’s outstanding shares immediately before consummation of such
transaction or series of related transactions do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power of the surviving entity of
such transaction or series of related transactions (or the parent of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower is the surviving entity. 

“Claims” has the meaning given to it in Section 11.10. 

“Closing Date” means the date of this Agreement. 

“Collateral” means the property described in Section 3. 

“Common Stock” means the Common Stock of the Borrower. 

“Confidential Information” has the meaning given to it in Section 11.12. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to (i) any Indebtedness, lease, dividend, letter of credit or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in
respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of that Person; and (iii) all
obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Copyright License” means any written agreement granting any right to use any Copyright or Copyright registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

  
 3 

 “Copyrights” means all copyrights, whether registered or unregistered, held
pursuant to the laws of the United States of America, any State thereof, or of any other country. 
 “Deposit Accounts” means any
“deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit. 

“Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

“Due Diligence Fee” means Forty-Five Thousand Dollars ($45,000.00), which fee has already been received by Lender prior to the date
hereof, and shall be deemed fully earned on such date regardless of the early termination of this Agreement. 
 “Eligible Foreign
Subsidiary” means any Foreign Subsidiary (with the exception of Antares Pharma AG and Antares Pharma IPL AG) whose execution of a Joinder Agreement would not result in a material adverse tax consequence to Borrower. 

“Equity Interests” means, with respect to any Person, the capital stock, partnership or limited liability company interest, or other
equity securities or equity ownership interests of such Person. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended, and the regulations promulgated thereunder. 
 “Euros,” “euros” and “€” each mean the
official currency of the European Union, as adopted by the European Council at its meeting in Madrid, Spain on December 15 and 16, 1995. 

“Event of Default” has the meaning given to it in Section 9. 

“Facility Charge” means One Hundred Seventy-Five Thousand Dollars ($175,000.00). 

“Financial Statements” has the meaning given to it in Section 7.1. 

“Foreign Subsidiary” means any Subsidiary other than a Subsidiary organized under the laws of any state within the United States of
America. 
 “GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time.

 “Indebtedness” means indebtedness of any kind, including (a) all indebtedness for borrowed money or the deferred purchase
price of property or services (excluding trade credit entered into in the ordinary course of business due within ninety (90) days), including reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all
obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 

  
 4 

 “Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents;
Licenses; trade secrets and inventions; mask works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue
for past, present and future infringement of Intellectual Property and the goodwill associated therewith. 
 “Interest Only Extension
Conditions” shall mean satisfaction of each of the following events: (a) no default or Event of Default shall have occurred; and (b) Agent shall have confirmed, in its sole and absolute discretion, that Borrower has achieved, with
respect to the nine (9) calendar month period ending on any month prior to and inclusive of December 31, 2018, aggregate revenue from the sale of products (as classified on Borrower’s form 10-K and form 10-Q; for the avoidance of
doubt, not to include development project milestones, license fees and royalties), determined in accordance with GAAP, of greater than or equal to Sixty Million Dollars ($60,000,000.00). 

“Inventory” means “inventory” as defined in Article 9 of the UCC. 

“Investment” means any beneficial ownership (including stock, partnership or limited liability company interests) of or in any
Person, or any loan, advance or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person. 

“Joinder Agreements” means for each Qualified Subsidiary, a completed and executed Joinder Agreement in substantially the form
attached hereto as Exhibit G. 
 “Lender” has the meaning given to it in the preamble to this Agreement. 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien
or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the nature of a security interest. 

“Loan” means the Advances made under this Agreement. 

“Loan Documents” means this Agreement, the Notes (if any), the ACH Authorization, the Account Control Agreements, the Joinder
Agreements, all UCC Financing Statements, any subordination agreement, and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time be amended, modified,
supplemented or restated. 
 “Material Adverse Effect” means a material adverse effect upon: (i) the business, operations,
properties, assets or financial condition of Borrower and its Subsidiaries taken as a whole; or (ii) the ability of Borrower to perform or pay the Secured Obligations in accordance with the terms of the Loan Documents, or the ability of Agent
or Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral or Agent’s Liens on the Collateral or the priority of such Liens. 

  
 5 

 “Maximum Rate” shall have the meaning assigned to such term in Section 2.3. 

“Note(s)” means a promissory note or promissory notes to evidence Lender’s Loans substantially in the form of Exhibit B. 

“OFAC” is the U.S. Department of Treasury Office of Foreign Assets Control. 

“OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive
Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders. 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence or a
Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 
 “Patents” means all
letters patent of, or rights corresponding thereto, in the United States of America or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States
of America or any other country. 
 “Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of Lender or Agent
arising under this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness of up to Five Hundred Thousand Dollars ($500,000.00) outstanding at any time
secured by a Lien described in clause (vii) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the cost of the Equipment financed with such Indebtedness; (iv) Indebtedness to trade creditors
incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of business with corporate credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness;
(vii) reimbursement obligations in connection with letters of credit that are secured by Cash and issued on behalf of the Borrower or a Subsidiary thereof in an amount not to exceed Two Hundred Thousand Dollars ($200,000.00) at any time
outstanding, (viii) other unsecured Indebtedness in an amount not to exceed Five Hundred Thousand Dollars ($500,000.00) at any time outstanding, (ix) intercompany Indebtedness as long as either (A) each of the Subsidiary obligor and
the Subsidiary obligee under such Indebtedness is a Qualified Subsidiary that has executed a Joinder Agreement and (x) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not
increased or the terms modified to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investment” means: (i) Investments existing on the Closing Date which are disclosed in Schedule 1B;
(ii) (a) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year from the date of acquisition thereof, (b) commercial paper
maturing no more than one year from the date of creation thereof and currently having a rating of at least A-2 or P-2 from 

  
 6 

 
either Standard & Poor’s Corporation or Moody’s Investors Service, (c) certificates of deposit issued by any bank with assets of at least Five Hundred Million Dollars
($500,000,000.00) maturing no more than one year from the date of investment therein, and (d) money market accounts; (iii) repurchases of stock from former employees, directors, or consultants of Borrower under the terms of applicable
repurchase agreements at the original issuance price of such securities in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in any fiscal year, provided that no Event of Default has occurred, is continuing or could
exist after giving effect to the repurchases (provided that Borrower shall not be restricted from acquiring or withholding stock in connection with the cashless exercise or vesting of equity awards by employees, directors or consultants or the
payment of taxes in connection with such exercise or vesting); (iv) Investments accepted in connection with Permitted Transfers; (v) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of
customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; (vi) Investments consisting of notes receivable of, or prepaid
royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any Subsidiary;
(vii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock
purchase plans or other similar agreements approved by the Board; (viii) Investments consisting of travel advances in the ordinary course of business; (ix) Investments in newly-formed Domestic Subsidiaries, provided that each such Domestic
Subsidiary enters into a Joinder Agreement promptly after its formation by Borrower and execute such other documents as shall be reasonably requested by Agent; (x) Investments in Foreign Subsidiaries approved in advance in writing by Agent;
(xi) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the nonexclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash
Investments by Borrower do not exceed Five Hundred Thousand Dollars ($500,000.00) in the aggregate in any fiscal year; and (xii) additional Investments that do not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate. 

“Permitted Liens” means any and all of the following: (i) Liens in favor of Agent or Lender; (ii) Liens existing on the
Closing Date which are disclosed in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; provided, that Borrower
maintains adequate reserves therefor in accordance with GAAP; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the ordinary course of Borrower’s
business and imposed without action of such parties; provided, that the payment thereof is not yet required; (v) Liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder;
(vi) the following deposits, to the extent made in the ordinary course of business: deposits under worker’s compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or
contracts (other than for the repayment of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory
obligations (other than Liens arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on Equipment or software or

  
 7 

 
other intellectual property constituting purchase money Liens and Liens in connection with capital leases securing Indebtedness permitted in clause (iii) of “Permitted
Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness; (ix) leasehold interests in leases or subleases and licenses granted in the ordinary course of business and not interfering in any material respect
with the business of the licensor; (x) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or before the date they become due; (xi) Liens on insurance
proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets); (xii) statutory
and common law rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other depository institutions and brokerage firms; (xiii) easements, zoning restrictions, rights-of-way and similar encumbrances
on real property imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or marketability of the related property; (xiv) (A) Liens on Cash securing obligations permitted under clause
(vii) of the definition of Permitted Indebtedness and (B) security deposits in connection with real property leases, the combination of (A) and (B) in an aggregate amount not to exceed Two Hundred Thousand Dollars ($200,000.00)
at any time; and (xv) Liens incurred in connection with the extension, renewal or refinancing of the Indebtedness secured by Liens of the type described in clauses (i) through (xi) above; provided, that any extension, renewal or
replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended, renewed or refinanced (as may have been reduced by any payment thereon) does not increase. 

“Permitted Transfers” means (i) sales of Inventory in the ordinary course of business, (ii) licenses and similar
arrangements for the use of Intellectual Property in the ordinary course of business and that could not result in a legal transfer of title of the licensed property, or (iii) dispositions of worn-out, obsolete or surplus Equipment at fair
market value in the ordinary course of business, (iv) other Transfers of assets having a fair market value of not more than Two Hundred Thousand Dollars ($250,000.00) in the aggregate in any fiscal year, and (v) Transfers set forth in
Schedule 1D; provided that all proceeds from such Transfer shall be immediately deposited into an account that is subject to an Account Control Agreement. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association,
corporation, limited liability company, institution, other entity or government. 
 “Preferred Stock” means at any given time any
equity security issued by Borrower that has any rights, preferences or privileges senior to Borrower’s Common Stock. 
 “Prepayment
Charge” shall have the meaning assigned to such term in Section 2.4. 
 “Prime Rate” is the greater of
(i) “prime rate” as reported in the Wall Street Journal or any successor publication thereto, and (ii) four percent (4.0%). 

“QST” means QuickShot® Testosterone, a product of Borrower. 

  
 8 

 “Qualified Subsidiary” means any direct or indirect Domestic Subsidiary or Eligible
Foreign Subsidiary. 
 “Receivables” means (i) all of Borrower’s Accounts, Instruments, Documents, Chattel Paper,
Supporting Obligations, letters of credit, proceeds of any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

“Required Lenders” means at any time, the holders of more than fifty percent (50.0%) of the aggregate unpaid principal amount of
the Term Loan Advances then outstanding. 
 “Sanctioned Country” shall mean, at any time, a country or territory which is the
subject or target of any Sanctions. 
 “Sanctioned Person” shall mean, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member
state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person. 

“Sanctions” shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “SBA” shall have the meaning assigned to such term in Section 7.15. 

“SBIC” shall have the meaning assigned to such term in Section 7.15. 

“SBIC Act” shall have the meaning assigned to such term in Section 7.15. 

“SEC” means the Securities and Exchange Commission. 

“Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document, including any obligation to pay
any amount now owing or later arising (including, without limitation, the End of Term Charge and the Prepayment Charge). 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Subordinated Indebtedness” means Indebtedness subordinated to the
Secured Obligations pursuant to a subordination agreement in amounts and on terms and conditions satisfactory to Agent in its sole discretion. 

“Subsequent Financing” means the closing of any Borrower equity financing (not including any at-the-market (ATM) offering) which
becomes effective after the Closing Date. 

  
 9 

 “Subsidiary” means an entity, whether corporate, partnership, limited liability
company, joint venture or otherwise, in which Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Term A Loan Advance” shall have the meaning assigned to such term in Section 2.1(a). 

“Term B Draw Period” means the period of time commencing upon the occurrence of the Term B Milestone Event and continuing through the
earlier to occur of (a) September 30, 2018 and (b) an Event of Default. 
 “Term B Loan Advance” and “Term B
Loan Advances” shall each have the meaning assigned to such terms in Section 2.1(a). 
 “Term B Milestone Event” shall
mean that (a) no Event of Default shall have occurred, and (b) Agent shall have confirmed, in its sole and absolute discretion, each of the following: (i) that Borrower has obtained marketing approval from the Food and Drug
Administration for QST with a label claim generally consistent with the desired label claim included in Borrower’s NDA filing, subject to verification by Agent in its reasonable discretion, and (ii) that Borrower has achieved aggregate
revenue from the commercial sale of QST, determined in accordance with GAAP, of greater than or equal to Five Million Dollars ($5,000,000.00) prior to September 30, 2018. 

“Term Commitment” means as to any Lender, the obligation of such Lender, if any, to make a Term Loan Advance to the Borrower in a
principal amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1. 

“Term Loan” shall have the meaning assigned to such term in the preamble to this Agreement. 

“Term Loan Advance” and “Term Loan Advances” shall have the meaning assigned to such terms in Section 2.1(a). 

“Term Loan Interest Rate” means a floating per annum rate of interest equal to the lesser of (a) the Prime Rate plus four and
one-half of one percent (4.50%), and (b) nine and one-half of one percent (9.50%); provided, however, that if all of the Interest Only Extension Conditions are satisfied, then, on and after April 1, 2019, the “Term Loan Interest
Rate” shall mean a floating per annum rate of interest equal to the lesser of (a) the Prime Rate plus four and thirty-five hundredths of one percent (4.35%), and (b) nine and one-half of one percent (9.50%). 

“Term Loan Maturity Date” means July 1, 2022. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

  
 10 

 “Trademarks” means all trademarks (registered, common law or otherwise) and any
applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States of America, any State thereof or any other country or
any political subdivision thereof. 
 “UCC” means the Uniform Commercial Code as the same is, from time to time, in effect in the
State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform
Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 

Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,”
“Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any accounting term used in
this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied. Unless otherwise defined
herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. 

SECTION 2. THE LOAN 

2.1 Term Loan. 

(a) Advances. Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make, in an amount
not to exceed its respective Term Commitment with respect to such Term Loan, and Borrower agrees to draw, one (1) advance in a principal amount of Twenty-Five Million Dollars ($25,000,000.00) on the Closing Date (the “Term A Loan
Advance”). Subject to the terms and conditions of this Agreement, during the Term B Draw Period (or otherwise as Lender may in its sole and absolute discretion elect to make or not make any Term B Loan Advances, on or prior to
September 30, 2018), upon Borrower’s written request in accordance with this Agreement, Lender will severally (and not jointly) make, in an amount not to exceed its respective Term Commitment with respect to such Term Loan, an advance or
advances each in a principal amount of greater than or equal to Five Million Dollars ($5,000,000.00), but in an aggregate principal amount for all such advances not to exceed Ten Million Dollars ($10,000,000.00) (each a “Term B Loan
Advance” and collectively, the “Term B Loan Advances”). The Term A Loan Advance and the Term B Loan Advance are hereinafter referred to individually as a “Term Loan Advance” and collectively as the “Term Loan
Advances”. The aggregate outstanding principal amount of Term Loan Advances shall not exceed the Term Loan amount. Proceeds of any Term Loan Advance (other than the Term A Loan Advance which shall be deposited into Borrower’s Merrill Lynch
account) shall be deposited into an account that is subject to a first priority perfected security interest in favor of Agent perfected by an Account Control Agreement. 

  
 11 

 (b) Advance Request. To obtain a Term Loan Advance, Borrower shall complete, sign
and deliver to Agent an Advance Request (at least five (5) Business Days before the Advance Date other than the Term A Loan Advance, which shall be at least one (1) Business Day). Lender shall fund the Term Loan Advance in the manner
requested by the Advance Request provided that each of the conditions precedent to such Term Loan Advance is satisfied as of the requested Advance Date. 

(c) Interest. The principal balance of each Term Loan Advance shall bear interest thereon from such Advance Date at the Term
Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Term Loan Interest Rate will float and change on the day the Prime Rate changes from time to time. 

(d) Payment. Borrower will pay interest on each Term Loan Advance on the first
(1st) Business Day of each month, beginning the month after the Advance Date. Borrower shall repay the aggregate Term Loan principal balance that is outstanding on the day immediately
preceding the Amortization Date, in equal monthly installments of principal and interest (mortgage style) beginning on the Amortization Date and continuing on the first Business Day of each month thereafter until the Secured Obligations (other than
inchoate indemnity obligations) are repaid. The entire Term Loan principal balance and all accrued but unpaid interest hereunder, and all other Secured Obligations with respect to the Term Loan Advances, shall be due and payable on Term Loan
Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or defense. Lender will initiate debit entries to the Borrower’s account as authorized on the ACH
Authorization (i) on each payment date of all periodic obligations payable to Lender under each Term Advance and (ii) out-of-pocket legal fees and costs incurred by Agent or Lender in connection with Section 11.11 of this Agreement;
provided that, with respect to clause (i) above, in the event that Lender or Agent informs Borrower that Lender will not initiate a debit entry to Borrower’s account for a certain amount of the periodic obligations due on a specific
payment date, Borrower shall pay to Lender such amount of periodic obligations in full in immediately available funds on such payment date; provided, further, that, with respect to clause (i) above, if Lender or Agent informs Borrower that
Lender will not initiate a debit entry as described above later than the date that is three (3) Business Days prior to such payment date, Borrower shall pay to Lender such amount of periodic obligations in full in immediately available funds on
the date that is three (3) Business Days after the date on which Lender or Agent notifies Borrower of such; provided, further, that, with respect to clause (ii) above, in the event that Lender or Agent informs Borrower that Lender will not
initiate a debit entry to Borrower’s account for certain amount of such out-of-pocket legal fees and costs incurred by Agent or Lender, Borrower shall pay to Lender such amount in full in immediately available funds within three
(3) Business Days. Once repaid, a Term Loan Advance or any portion thereof may not be reborrowed. 

  
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 2.2 Maximum Interest. Notwithstanding any provision in this Agreement or any
other Loan Document, it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (which under
the laws of the State of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that Borrower has actually
paid to Lender an amount of interest in excess of the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall be applied as
follows: first, to the payment of the Secured Obligations consisting of the outstanding principal; second, after all principal is repaid, to the payment of Lender’s accrued interest, costs, expenses, professional fees and any other Secured
Obligations; and third, after all Secured Obligations are repaid, the excess (if any) shall be refunded to Borrower. 
 2.3
Default Interest. In the event any payment is not paid on the scheduled payment date, an amount equal to four percent (4.0%) of the past due amount shall be payable on demand. In addition, upon the occurrence and during the continuation of an
Event of Default hereunder, all Secured Obligations, including principal, interest, compounded interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.1(c), plus four percent
(4.0%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.1(c) or this Section 2.3,
as applicable. 
 2.4 Prepayment. At its option upon at least seven (7) Business Days prior notice to Agent, Borrower
may prepay all or any portion of the outstanding Term Loan Advances by paying the entire principal balance (or any portion thereof) with respect to the principal balance being prepaid, all accrued and unpaid interest thereon, together with a
prepayment charge equal to the following percentage of the Term Loan Advance amount being prepaid: if such Term Loan Advance amounts are prepaid in any of the first twelve (12) months following the Closing Date, three percent (3%); on or after
twelve (12) months but prior to twenty-four (24) months, two percent (2%), and thereafter, one percent (1%) (each, a “Prepayment Charge”). Borrower agrees that the Prepayment Charge is a reasonable calculation of
Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting from an early repayment of the Advances. Borrower shall prepay the outstanding amount of all principal and accrued interest through the
prepayment date and the Prepayment Charge upon the occurrence of a Change in Control. Notwithstanding the foregoing, Agent and Lender agree to waive the Prepayment Charge if Agent and Lender (in its sole and absolute discretion) agree in writing to
refinance the Advances prior to the Maturity Date. 
 2.5 End of Term Charge. On the earliest to occur of (i) the Term
Loan Maturity Date, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in
full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge of four and one-quarter of one percent (4.25%) of the total original principal amount of all Term Loan Advances made hereunder.
Notwithstanding the required payment date of such charge, it shall be deemed earned by Lender as of the Closing Date. 

  
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 2.6 Notes. If so requested by Lender by written notice to Borrower, then Borrower
shall execute and deliver to Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of Lender pursuant to Section 11.13) (promptly after the Borrower’s receipt of such notice) a Note or Notes to
evidence Lender’s Loans. 
 2.7 Pro Rata Treatment. Each payment (including prepayment) on account of any fee and any
reduction of the Term Loan Advances shall be made pro rata according to the Term Commitments of the relevant Lender. 
 SECTION 3.
SECURITY INTEREST 
 3.1 As security for the prompt and complete payment when due (whether on the payment dates or
otherwise) of all the Secured Obligations, Borrower grants to Agent a security interest in all of Borrower’s right, title, and interest in and to the following personal property whether now owned or hereafter acquired (collectively, the
“Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles (other than Intellectual Property); (e) Inventory; (f) Investment Property; (g) Deposit Accounts; (h) Cash;
(i) Goods; and all other tangible and intangible personal property of Borrower whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located, and any of Borrower’s property in the
possession or under the control of Agent; and, to the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing;
provided, however, that the Collateral shall include all Accounts and General Intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the Intellectual Property (the
“Rights to Payment”). 
 3.2 Notwithstanding the broad grant of the security interest set forth in Section 3.1
above, the Collateral shall not include: (a) more than 65% of the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary (other than an Eligible Foreign Subsidiary)
which shares entitle holder thereof to vote for directors or any other matter; (b) nonassignable licenses or contracts, which by their terms require the consent of the licensor thereof or another party (but only to the extent such prohibition
on transfer is enforceable under applicable law including, without limitation, Sections 9406, 9407 and 9408 of the UCC); and (c) property owned by Borrower that is subject to a purchase money Lien or a capital lease (and the proceeds thereof)
permitted under this Agreement if the contractual obligation pursuant to which such Lien is granted (or in the document providing for such capital lease) prohibits or requires the consent of any person other than Borrower which has not been obtained
as a condition to the creation of, any other Lien on such property. 

  
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 SECTION 4. CONDITIONS PRECEDENT TO LOAN 

The obligation of Lender to make the Loan hereunder is subject to the satisfaction by Borrower of the following conditions: 

4.1 Initial Advance. On or prior to the Closing Date, Borrower shall have delivered to Agent the following: 

(a) executed copies of the Loan Documents, a legal opinion of Borrower’s counsel and all other documents and instruments
reasonably required by Agent to effectuate the transactions contemplated hereby or to create and perfect the Liens of Agent with respect to all Collateral, in all cases in form and substance reasonably acceptable to Agent; 

(b) certified copy of resolutions of the Board evidencing approval of the Loan and other transactions evidenced by the Loan
Documents; 
 (c) certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing Date,
of Borrower; 
 (d) a certificate of good standing for Borrower from its state of incorporation and similar certificates from
all other jurisdictions in which it does business and where the failure to be qualified could have a Material Adverse Effect; 

(e) payment of the Due Diligence Fee, the Facility Charge and reimbursement of Agent’s and Lender’s current expenses
reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; 
 (f) copies of each
insurance policy required hereunder; and 
 (g) such other documents as Agent may reasonably request. 

4.2 All Advances. On each Advance Date: 

(a) Agent shall have received (i) an Advance Request for the relevant Advance as required by Section 2.1(b), duly
executed by Borrower’s Chief Executive Officer or Chief Financial Officer, and (ii) any other documents Agent may reasonably request. 

(b) The representations and warranties set forth in this Agreement shall be true and correct in all material respects on and as
of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 

(c) Borrower shall be in compliance with all the terms and provisions set forth herein and in each other Loan Document on its
part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing. 

  
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 (d) Each Advance Request shall be deemed to constitute a representation and
warranty by Borrower on the relevant Advance Date as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance Request. 

4.3 No Default. As of the Closing Date and each Advance Date, (i) no fact or condition exists that could (or could, with
the passage of time, the giving of notice, or both) reasonably be expected to constitute an Event of Default and (ii) no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 

SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 

Borrower represents and warrants that: 

5.1 Corporate Status. Borrower is a corporation duly organized, legally existing and in good standing under the laws of the
State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to be qualified could reasonably be expected
to have a Material Adverse Effect. Borrower’s present name, former names (if any), locations, place of formation, tax identification number, organizational identification number and other information are correctly set forth in Exhibit C, as may
be updated by Borrower in a written notice (including any Compliance Certificate) provided to Agent after the Closing Date. 

5.2 Collateral. Borrower owns the Collateral and the Intellectual Property, free of all Liens, except for Permitted Liens.
Borrower has the power and authority to grant to Agent a Lien in the Collateral as security for the Secured Obligations. 

5.3 Consents. Borrower’s execution, delivery and performance of this Agreement and all other Loan Documents (i) have
been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement and the other Loan
Documents, (iii) do not violate any provisions of Borrower’s Certificate or Articles of Incorporation (as applicable), bylaws, or any, law, regulation, order, injunction, judgment, decree or writ to which Borrower is subject and
(iv) except as described on Schedule 5.3, do not violate any contract or agreement or require the consent or approval of any other Person which has not already been obtained. The individual or individuals executing the Loan Documents are duly
authorized to do so. 
 5.4 Material Adverse Effect. No event that has had or could reasonably be expected to have a Material
Adverse Effect has occurred and is continuing. Borrower is not aware of any event likely to occur that is reasonably expected to result in a Material Adverse Effect. 

5.5 Actions Before Governmental Authorities. There are no actions, suits or proceedings at law or in equity or by or before any
governmental authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its property, that is reasonably expected to result in a Material Adverse Effect. 

  
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 5.6 Laws. Neither Borrower nor any of its Subsidiaries is in violation of any
law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any governmental authority, where such violation or default could reasonably be expected to result in a Material Adverse Effect. Borrower is not in
default in any material respect under any provision of any agreement or instrument evidencing material Indebtedness, or any other material agreement to which it is a party or by which it is bound. 

Neither Borrower nor any of its Subsidiaries is an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Neither Borrower nor any of its Subsidiaries is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the
Federal Reserve Board of Governors). Borrower and each of its Subsidiaries has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an
“affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Neither Borrower’s nor any of its
Subsidiaries’ properties or assets has been used by Borrower or such Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than in material
compliance with applicable laws. Borrower and each of its Subsidiaries has obtained all material consents, approvals and authorizations of, made all material declarations or filings with, and given all material notices to, all governmental
authorities that are necessary to continue their respective businesses as currently conducted. 
 None of Borrower, any of
its Subsidiaries, or any of Borrower’s or its Subsidiaries’ Affiliates or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement is (i) in violation of
any Anti-Terrorism Law, (ii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, or
(iii) is a Blocked Person. None of Borrower, any of its Subsidiaries, or to the knowledge of Borrower and any of their Affiliates or agents, acting or benefiting in any capacity in connection with the transactions contemplated by this
Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating to, any
property or interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law. None of the funds to be provided under this Agreement will be used, directly or indirectly, (a) for
any activities in violation of any applicable anti-money laundering, economic sanctions and anti-bribery laws and regulations laws and regulations or (b) for any payment to any governmental official or employee, political party, official of a
political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977,
as amended. 

  
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 5.7 Information Correct and Current. No information, report, Advance Request,
financial statement, exhibit or schedule furnished, by or on behalf of Borrower to Agent in connection with any Loan Document or included therein or delivered pursuant thereto contained, or, when taken as a whole, contains or will contain any
material misstatement of fact or, when taken together with all other such information or documents, omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were, are or will be made, not materially misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided by Borrower to Agent, whether prior to or after the Closing Date, shall be
(i) provided in good faith and based on the most current data and information available to Borrower, and (ii) the most current of such projections provided to the Board (it being understood that such projections are subject to significant
uncertainties and contingencies, many of which are beyond the control of Borrower, that no assurance is given that any particular projections will be realized, that actual results may differ). 

5.8 Tax Matters. Except as described on Schedule 5.8 and except those being contested in good faith with adequate reserves
under GAAP, (a) Borrower has filed all material federal, state and local tax returns that it is required to file, (b) Borrower has duly paid or fully reserved for all taxes or installments thereof (including any interest or penalties) as
and when due, which have or may become due pursuant to such returns, and (c) Borrower has paid or fully reserved for any tax assessment received by Borrower for the three (3) years preceding the Closing Date, if any (including any taxes
being contested in good faith and by appropriate proceedings). 
 5.9 Intellectual Property Claims. Borrower is the sole
owner of, or otherwise has the right to use, the Intellectual Property material to Borrower’s business. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks and Patents is valid and enforceable, (ii) no
material part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and (iii) no claim has been made to Borrower that any material part of the Intellectual Property violates the rights of any third party.
Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from third parties (other than
shrink-wrap software licenses), together with application or registration numbers, as applicable, owned by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in material breach of, nor has Borrower failed to perform any
material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third party to any such contract, license or agreement is in material breach thereof or has failed to perform any material
obligations thereunder. 
 5.10 Intellectual Property. Except as described on Schedule 5.10, Borrower has all material rights
with respect to Intellectual Property necessary or material in the operation or conduct of Borrower’s business as currently conducted and proposed to be conducted by Borrower. Without limiting the generality of the foregoing, and in the case of
Licenses, except for restrictions that are unenforceable under Division 9 of the UCC, Borrower has the right, to the extent required to operate Borrower’s business, to freely transfer, license or assign Intellectual Property necessary or
material in the operation or 

  
 18 

 
conduct of Borrower’s business as currently conducted and proposed to be conducted by Borrower, without condition, restriction or payment of any kind (other than license payments in the
ordinary course of business) to any third party, and Borrower owns or has the right to use, pursuant to valid licenses, all software development tools, library functions, compilers and all other third-party software and other items that are material
to Borrower’s business and used in the design, development, promotion, sale, license, manufacture, import, export, use or distribution of Borrower Products except customary covenants in inbound license agreements and equipment leases where
Borrower is the licensee or lessee. 
 5.11 Borrower Products. Except as described on Schedule 5.11, no Intellectual Property
owned by Borrower or Borrower Product has been or is subject to any actual or, to the knowledge of Borrower, threatened litigation, proceeding (including any proceeding in the United States Patent and Trademark Office or any corresponding foreign
office or agency) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any manner Borrower’s use, transfer or licensing thereof or that may affect the validity, use or enforceability thereof. There is no
decree, order, judgment, agreement, stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding that obligates Borrower to grant licenses or ownership interest in any future Intellectual Property
related to the operation or conduct of the business of Borrower or Borrower Products. Borrower has not received any written notice or claim, or, to the knowledge of Borrower, oral notice or claim, challenging or questioning Borrower’s ownership
in any Intellectual Property (or written notice of any claim challenging or questioning the ownership in any licensed Intellectual Property of the owner thereof) or suggesting that any third party has any claim of legal or beneficial ownership with
respect thereto nor, to Borrower’s knowledge, is there a reasonable basis for any such claim. Neither Borrower’s use of its Intellectual Property nor the production and sale of Borrower Products infringes the Intellectual Property or other
rights of others. 
 5.12 Financial Accounts. Exhibit E, as may be updated by the Borrower in a written notice provided to
Agent after the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit Accounts and (b) all institutions at which Borrower or any
Subsidiary maintains an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank or other institution, the name in which the account is held, a description of the purpose of the
account, and the complete account number therefor. 
 5.13 Employee Loans. Borrower has no outstanding loans to any employee,
officer or director of the Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party. 

5.14 Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule 5.14
annexed hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date,
is a true, correct and complete list of each Subsidiary. 

  
 19 

 5.15 Foreign Subsidiary Voting Rights. No decision or action in any governing
document of any Foreign Subsidiary (other than an Eligible Foreign Subsidiary) requires a vote of greater than 50.1% of the Equity Interests or voting rights of such Foreign Subsidiary. 

SECTION 6. INSURANCE; INDEMNIFICATION 

6.1 Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence form
(except products liability which may be held separately on a claim made or claims made or reported basis) against risks customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including
death, property damage, personal injury, advertising injury, and contractual liability per the terms of the indemnification agreement found in Section 6.3. Borrower must maintain a minimum of Two Million Dollars ($2,000,000.00) of commercial
general liability insurance for each occurrence. Borrower has and agrees to maintain a minimum of Two Million Dollars ($2,000,000.00) of directors’ and officers’ insurance for each occurrence and Five Million Dollars ($5,000,000.00) in the
aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused, in an amount not less
than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. Such insurance may be evidenced in any reasonable grouping of policies in line with insurance commonly held by like
firms as long as the limit requirements are met. 
 6.2 Certificates. Borrower shall deliver to Agent certificates of
insurance that evidence Borrower’s compliance with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Agent (shown as “Hercules Capital,
Inc.”, as Agent”) is an additional insured for commercial general liability, and a loss payee for all risk property damage insurance, subject to the insurer’s approval, and a loss payee for property insurance and additional insured
for liability insurance for any future insurance that Borrower may acquire from such insurer or insurers. Attached to the certificates of insurance will be additional insured endorsements for liability and lender’s loss payable endorsements for
all risk property damage insurance. Within ten (10) days after the Closing Date, all certificates of insurance will provide for a minimum of thirty (30) days advance written notice to Agent of cancellation (other than cancellation for
non-payment of premiums, for which ten (10) days’ advance written notice shall be sufficient) or any other change adverse to Agent’s interests. Any failure of Agent to scrutinize such insurance certificates for compliance is not a
waiver of any of Agent’s rights, all of which are reserved. Borrower shall provide Agent with copies of each insurance policy, and upon entering or amending any insurance policy required hereunder, Borrower shall provide Agent with copies of
such policies and shall promptly deliver to Agent updated insurance certificates with respect to such policies. 
 6.3
Indemnity. Borrower agrees to indemnify and hold Agent, Lender and their officers, directors, employees, agents, in-house attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against any and all
claims, costs, expenses, damages and liabilities (including such claims, costs, expenses, damages and 

  
 20 

 
liabilities based on liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other costs of investigation or defense (including
those incurred upon any appeal) (collectively, “Liabilities”), that may be instituted or asserted against or incurred by such Indemnified Person as the result of credit having been extended, suspended or terminated under this Agreement and
the other Loan Documents or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and thereunder, or any actions or failures to act in connection therewith, or arising out of the
disposition or utilization of the Collateral, excluding in all cases Liabilities to the extent resulting solely from any Indemnified Person’s gross negligence or willful misconduct. Borrower agrees to pay, and to save Agent and Lender harmless
from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net income of Agent or Lender) that may be payable or determined to
be payable with respect to any of the Collateral or this Agreement. In no event shall any Indemnified Person be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business
or anticipated savings). This Section 6.3 shall survive the repayment of indebtedness under, and otherwise shall survive the expiration or other termination of, the Loan Agreement. 

SECTION 7. COVENANTS OF BORROWER 

Borrower agrees as follows: 

7.1 Financial Reports. Borrower shall furnish to Agent the financial statements and reports listed hereinafter (the
“Financial Statements”): 
 (a) as soon as practicable (and in any event within 30 days) after the end of each
month, unaudited interim and year-to-date financial statements as of the end of such month (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows accompanied by a
report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence that could reasonably be expected to have a Material Adverse Effect, all certified by Borrower’s
Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, (ii) that they are subject to normal year end adjustments, and (iii) they
do not contain certain non-cash items that are customarily included in quarterly and annual financial statements; 
 (b) as
soon as practicable (and in any event within 45 days) after the end of each calendar quarter, unaudited interim and year-to-date financial statements as of the end of such calendar quarter (prepared on a consolidated and consolidating basis, if
applicable), including balance sheet and related statements of income and cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence
that could reasonably be expected to have a Material Adverse Effect, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence
of footnotes, and (ii) that they are subject to normal year end adjustments; as well as the most recent capitalization table for Borrower, including the weighted average exercise price of employee stock options; 

  
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 (c) as soon as practicable (and in any event within ninety (90) days) after
the end of each fiscal year, unqualified audited financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows, and
setting forth in comparative form the corresponding figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to Agent, accompanied by any management report
from such accountants; 
 (d) as soon as practicable (and in any event within 30 days) after the end of each month, a
Compliance Certificate in the form of Exhibit F; 
 (e) as soon as practicable (and in any event within 15 days) after the
end of each month, a report showing agings of accounts receivable and accounts payable; 
 (f) promptly after the sending or
filing thereof, as the case may be, copies of any proxy statements, financial statements or reports that Borrower has made available to holders of its Preferred Stock or other shareholders and securities holders and copies of any regular, periodic
and special reports or registration statements that Borrower files with the SEC or any governmental authority that may be substituted therefor, or any national securities exchange; provided that, the Borrower shall not be required to deliver copies
of any proxy statements, financial statements, registration statements or regular, periodic or special reports to Agent if such materials are public available on the SEC’s website (or a similar website) so long as Borrower shall promptly notify
Agent in writing (which may be electronic mail) of the posting of any such documents; and 
 (g) financial and business
projections within thirty (30) days after approval by the Board, but at least annually, as well as budgets, operating plans and other financial information reasonably requested by Agent. 

Borrower shall not make any change in its (a) accounting policies or reporting practices, except for any changes required
by GAAP, unless Borrower used commercially reasonable efforts to notify Agent within thirty (30) days in advance of such change, or (b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end on December 31. 

The executed Compliance Certificate may be sent via email to Agent at legal@herculestech.com. All Financial Statements required
to be delivered pursuant to clauses (a), (b) and (c) shall be sent via e-mail to financialstatements@herculestech.com with a copy to legal@herculestech.com provided, that if e-mail is not available or sending such Financial Statements
via e-mail is not possible, they shall be sent to Agent at: legal@herculestech.com, attention Credit Officer- Antares Pharma, Inc. 

Notwithstanding the foregoing, documents required to be delivered pursuant to the terms hereof (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower emails a link thereto to Agent; provided that Borrower shall
directly provide Agent all Financial Statements required to be delivered pursuant to Section 7.1(b) and (c) hereunder. 

  
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 7.2 Management Rights. Borrower shall permit any representative that Agent or
Lender authorizes, including its attorneys and accountants, to inspect the Collateral and examine and make copies and abstracts of the books of account and records of Borrower at reasonable times and upon reasonable notice during normal business
hours; provided, however, that so long as no Event of Default has occurred and is continuing, such examinations shall be limited to no more often than twice per fiscal year. In addition, any such representative shall have the right to meet
with management and officers of Borrower to discuss such books of account and records. Borrower acknowledges that Agent and/or Lender have offered and continue to offer to make managerial, consulting or other assistance upon Borrower’s request.

 7.3 Further Assurances. Borrower shall from time to time execute, deliver and file, alone or with Agent, any financing
statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the highest priority to Agent’s Lien on the Collateral. Borrower shall from time to time procure any instruments or
documents as may be reasonably requested by Agent, and take all further action that may be necessary, or that Agent may reasonably request, to perfect and protect the Liens granted hereby and thereby. In addition, and for such purposes only,
Borrower hereby authorizes Agent to execute and deliver on behalf of Borrower and to file such financing statements (including an indication that the financing statement covers the Collateral), collateral assignments, notices, control agreements,
security agreements and other documents without the signature of Borrower either in Agent’s name or in the name of Agent as agent and attorney-in-fact for Borrower. Borrower shall protect and defend Borrower’s title to the Collateral and
Agent’s Lien thereon against all Persons claiming any interest adverse to Borrower or Agent other than Permitted Liens. 

7.4 Indebtedness. Borrower shall not create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness,
or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except for (a) the conversion of Indebtedness into equity
securities and the payment of cash in lieu of fractional shares in connection with such conversion, (b) purchase money Indebtedness pursuant to its then applicable payment schedule, (c) prepayment by any Subsidiary of
(i) inter-company Indebtedness owed by such Subsidiary to any Borrower, or (ii) if such Subsidiary is not a Borrower, intercompany Indebtedness owed by such Subsidiary to another Subsidiary that is not a Borrower or (d) as otherwise
permitted hereunder or approved in writing by Agent. 
 7.5 Collateral. Borrower shall at all times keep the Collateral, the
Intellectual Property and all other property and assets used in Borrower’s business or in which Borrower now or hereafter holds any interest free and clear from any legal process or Liens whatsoever (except for Permitted Liens), and shall give
Agent prompt written notice of any legal process affecting the Collateral, the Intellectual Property, such other property and assets, or any Liens thereon, provided however, that the Collateral and such other property

  
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and assets may be subject to Permitted Liens except that there shall be no Liens whatsoever on Intellectual Property. Borrower shall not agree with any Person other than Agent or Lender not to
encumber its property. Borrower shall not enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Borrower to create, incur, assume or suffer to exist any Lien upon any of its Intellectual
Property, whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens
or capital lease obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby) and (c) customary restrictions on the assignment of leases, licenses and other
agreements. Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its assets from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times
to keep such Subsidiary’s property and assets free and clear from any legal process or Liens whatsoever (except for Permitted Liens, provided however, that there shall be no Liens whatsoever on Intellectual Property), and shall give Agent
prompt written notice of any legal process affecting such Subsidiary’s assets. 
 7.6 Investments. Borrower shall not
directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 

7.7 Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock
or other Equity Interest other than pursuant to employee, director or consultant repurchase plans or other similar agreements, provided, however, in each case the repurchase or redemption price does not exceed the original consideration paid for
such stock or Equity Interest, or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other Equity Interest, except that a Subsidiary may pay dividends or make distributions to Borrower, or (c) lend
money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of One Hundred Thousand Dollars ($100,000.00) in the aggregate or (d) waive, release or forgive any Indebtedness owed by
any employees, officers or directors in excess of One Hundred Thousand Dollars ($100,000.00) in the aggregate. 
 7.8
Transfers. Except for Permitted Transfers, Borrower shall not, and shall not allow any Subsidiary to, voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any
material portion of its assets. 
 7.9 Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its
Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a Borrower into another Subsidiary or into Borrower or (b) a Borrower into another
Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. 

  
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 7.10 Taxes. Borrower and its Subsidiaries shall pay when due all material taxes,
fees or other charges of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed against Borrower, Agent, Lender or the Collateral or upon Borrower’s ownership, possession, use, operation or
disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or before the due date therefor all personal property tax returns in respect of the Collateral. Notwithstanding the foregoing, Borrower
may contest, in good faith and by appropriate proceedings, taxes for which Borrower maintains adequate reserves therefor in accordance with GAAP. 

7.11 Corporate Changes. Neither Borrower nor any Subsidiary shall change its corporate name, legal form or jurisdiction of
formation without twenty (20) days’ prior written notice to Agent. Neither Borrower nor any Subsidiary shall suffer a Change in Control. Neither Borrower nor any Subsidiary shall relocate its chief executive office or its principal place
of business unless: (i) it has provided prior written notice to Agent; and (ii) such relocation shall be within the continental United States of America. Neither Borrower nor any Qualified Subsidiary shall relocate any item of Collateral
(other than (x) sales of Inventory in the ordinary course of business, (y) relocations of Equipment having an aggregate value of up to One Hundred Fifty Thousand Dollars ($150,000.00) in any fiscal year, and (z) relocations of
Collateral from a location described on Exhibit C to another location described on Exhibit C) unless (i) it has provided prompt written notice to Agent, (ii) such relocation is within the continental United States of America and,
(iii) if such relocation is to a third party bailee, it has delivered a bailee agreement in form and substance reasonably acceptable to Agent. 

7.12 Deposit Accounts. Neither Borrower nor any Qualified Subsidiary shall maintain any Deposit Accounts, or accounts holding
Investment Property, except (i) such Deposit Accounts with respect to which Agent has an Account Control Agreement, (ii) such accounts which are exclusively used for the purpose of making payroll, payroll taxes, and other employee wage and
benefit payments to or for the benefit of Borrower’s employees and identified to Agent by Borrower as such; provided that, the amount deposited therein shall not exceed the amount reasonably expected to be due and payable for the next two
(2) succeeding pay periods, and (iii) such Deposit Accounts with Wells Fargo Bank, N.A, which are exclusively used to hold foreign currency in an amount not to exceed Seven Hundred Fifty Thousand Euros (€750,000.00) in the
aggregate, at any time. 
 7.13 Subsidiaries. Borrower shall notify Agent of each Subsidiary formed subsequent to the Closing
Date and, within 15 days of formation, shall cause any such Qualified Subsidiary to execute and deliver to Agent a Joinder Agreement. 

7.14 Notification of Event of Default. Borrower shall notify Agent immediately of the occurrence of any Event of Default. 

7.15 Small Business Administration. Agent and Lender have received a license from the U.S. Small Business Administration
(“SBA”) to extend loans as a small business investment company (“SBIC”) pursuant to the Small Business Investment Act of 1958, as amended, and the associated regulations (collectively, the “SBIC Act”). Portions of the

  
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loan to Borrower will be made under the SBA license and the SBIC Act. Addendum 1 to this Agreement outlines various responsibilities of Agent, Lender and Borrower associated with an SBA loan, and
such Addendum 1 is hereby incorporated in this Agreement. 
 7.16 Use of Proceeds. Borrower agrees that the proceeds of the
Advances shall be used solely to pay related fees and expenses in connection with this Agreement and for working capital and general corporate purposes. The proceeds of the Loans will not be used in violation of Anti-Corruption Laws or applicable
Sanctions. 
 7.17 Foreign Subsidiary Voting Rights. Borrower shall not, and shall not permit any Subsidiary, to amend or
modify any governing document of any Foreign Subsidiary of Borrower (other than an Eligible Foreign Subsidiary) the effect of which is to require a vote of greater than 50.1% of the Equity Interests or voting rights of such entity for any decision
or action of such entity. 
 7.18 Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its
Subsidiaries permit any Affiliate to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower
or any of its Subsidiaries, permit any Affiliate to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of
funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 or any similar
executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of
the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. 

Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of Borrower its directors
and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. 
 None of
Borrower, any of its Subsidiaries or any of their respective directors, officers or employees, or to the knowledge of Borrower, any agent for Borrower or its Subsidiaries that will act in any capacity in connection with or benefit from the credit
facility established hereby, is a Sanctioned Person. No Loan, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

7.19 Post-Closing Deliverables. Borrower shall deliver to Agent within: (i) seven (7) Business Days after the Closing
Date, an Account Control Agreement from Merrill Lynch, and (ii) thirty (30) days after the Closing Date, an Account Control Agreement from Wells Fargo Bank, in each case, in a form acceptable to Agent in its sole discretion. 

  
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 SECTION 8. RIGHT TO INVEST 

8.1 At all times when Secured Obligations (other than inchoate indemnity obligations) are outstanding to Lender hereunder,
Lender or its assignee or nominee shall have the right, in its discretion, to participate in any Subsequent Financing in an amount of up to One Million Dollars ($1,000,000.00) on the same terms, conditions and pricing afforded to others
participating in any such Subsequent Financing. 
 SECTION 9. EVENTS OF DEFAULT 

The occurrence of any one or more of the following events shall be an Event of Default: 

9.1 Payments. Borrower fails to pay any amount due under this Agreement or any of the other Loan Documents on the due date;
provided, however, that an Event of Default shall not occur on account of a failure to pay due solely to an administrative or operational error of Agent or Lender or Borrower’s bank if Borrower had the funds to make the payment when due and
makes the payment within three (3) Business Days following Borrower’s knowledge of such failure to pay; or 
 9.2 Covenants.
Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement, or any of the other Loan Documents or any other agreement among Borrower, Agent and Lender, and (a) with respect to a default under any
covenant under this Agreement (other than under Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.14, 7.15, 7.16, 7.17, 7.18, and 7.19), any other Loan Document or any other agreement among Borrower, Agent and Lender, such default continues for more than
ten (10) days after the earlier of the date on which (i) Agent or Lender has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections
6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.14, 7.15, 7.16, 7.17, 7.18, and 7.19 the occurrence of such default; or 
 9.3 Material
Adverse Effect. A circumstance has occurred that would reasonably be expected to have a Material Adverse Effect; or 
 9.4
Representations. Any representation or warranty made by Borrower in any Loan Document shall have been false or misleading in any material respect when made or when deemed made; or 

9.5 Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or (ii) shall be unable
to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition in bankruptcy; or (iv) shall file any petition, answer, or document seeking
for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or (v) shall seek or consent to or
acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or (vi) shall cease operations of its business as its business has
normally been conducted, or terminate substantially all of its employees; or (vii) Borrower or its directors or majority shareholders shall take any action initiating any 

  
 27 

 
of the foregoing actions described in clauses (i) through (vi); or (B) either (i) thirty (30) days shall have expired after the commencement of an involuntary action against
Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder
affecting the operations or the business of Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any
answer admitting or not contesting the material allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any
such proceedings; or (v) thirty (30) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of
Borrower without such appointment being vacated; or 
 9.6 Attachments; Judgments. Any portion of Borrower’s assets is
attached or seized, or a levy is filed against any such assets, or a judgment or judgments is/are entered for the payment of money (not covered by independent third party insurance as to which liability has not been rejected by such insurance
carrier), individually or in the aggregate, of at least One Million Dollars ($1,000,000.00), or Borrower is enjoined or in any way prevented by court order from conducting any part of its business; or 

9.7 Other Obligations. The occurrence of any default under any agreement or obligation of Borrower involving any Indebtedness
in excess of Five Hundred Thousand Dollars ($500,000.00); or 
 9.8 Stop Trade. At any time an SEC stop trade order or NASDAQ
market trading suspension of the Common Stock shall be in effect for five (5) consecutive days or five (5) days during a period of ten (10) consecutive days, excluding in all cases a suspension of all trading on a public market,
provided that Borrower shall not have been able to cure such trading suspension within thirty (30) days of the notice thereof or list the Common Stock on another public market within sixty (60) days of such notice. 

SECTION 10. REMEDIES 

10.1 General. Upon and during the continuance of any one or more Events of Default, (i) Agent may, and at the direction of
the Required Lenders shall, accelerate and demand payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately due and payable (provided, that upon the occurrence of an Event of Default
of the type described in Section 9.5, all of the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further notice or act), (ii) Agent may, at its option, sign and file in
Borrower’s name any and all collateral assignments, notices, control agreements, security agreements and other documents it deems necessary or appropriate to perfect or protect the repayment of the Secured Obligations, and in furtherance
thereof, Borrower hereby grants Agent an irrevocable power of attorney coupled with an interest, and (iii) Agent may notify any of Borrower’s account debtors to make payment directly to Agent, compromise the amount of

  
 28 

 
any such account on Borrower’s behalf and endorse Agent’s name without recourse on any such payment for deposit directly to Agent’s account. Agent may, and at the direction of the
Required Lenders shall, exercise all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and other applicable law, including the right to release, hold, sell, lease, liquidate,
collect, realize upon, or otherwise dispose of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All Agent’s rights and remedies shall be cumulative and not exclusive. 

10.2 Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default, Agent may, and at the
direction of the Required Lenders shall, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially
reasonable preparation or processing, in such order as Agent may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten
(10) calendar days’ prior written notice to Borrower. Agent may require Borrower to assemble the Collateral and make it available to Agent at a place designated by Agent that is reasonably convenient to Agent and Borrower. The proceeds of
any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Agent in the following order of priorities: 

First, to Agent and Lender in an amount sufficient to pay in full Agent’s and Lender’s reasonable costs and professionals’ and
advisors’ fees and expenses as described in Section 11.11; 
 Second, to Lender in an amount equal to the then unpaid amount of
the Secured Obligations (including principal, interest, and the Default Rate interest pursuant to Section 2.3), in such order and priority as Agent may choose in its sole discretion; and 

Finally, after the full and final payment in Cash of all of the Secured Obligations (other than inchoate obligations), to any creditor holding
a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 
 Agent shall be deemed to have
acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC. 

10.3 No Waiver. Agent shall be under no obligation to marshal any of the Collateral for the benefit of Borrower or any other
Person, and Borrower expressly waives all rights, if any, to require Agent to marshal any Collateral. 
 10.4 Cumulative
Remedies. The rights, powers and remedies of Agent hereunder shall be in addition to all rights, powers and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided
herein shall not be construed as a waiver of or election of remedies with respect to any other rights, powers and remedies of Agent. 

  
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 SECTION 11. MISCELLANEOUS 

11.1 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 11.2 Notice. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to
the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by electronic mail or hand delivery or delivery by an overnight
express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States of America mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

(a) If to Agent: 

HERCULES CAPITAL, INC. 

Legal Department 

Attention: Legal Department 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

email: legal@herculestech.com 

Telephone: 650-289-3060 

(b) If to Lender: 

HERCULES CAPITAL, INC. 

HERCULES TECHNOLOGY III, L.P. 

Legal Department 

Attention: Legal Department 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

email: legal@herculestech.com 

Telephone: 650-289-3060 

(c) If to Borrower: 

ANTARES PHARMA, INC. 

100 Princeton South Corporate Center, Suite 300 

Ewing, New Jersey 08628 

Attention: Chief Financial Officer 

email: fpowell@antarespharma.com 

  
 30 

 With a copy to: 

ANTARES PHARMA, INC. 

100 Princeton South Corporate Center, Suite 300 

Ewing, New Jersey 08628 

Attention: General Counsel 

Email: pgraham@antarespharma.com 

or to such other address as each party may designate for itself by like notice. 

11.3 Entire Agreement; Amendments. 

(a) This Agreement and the other Loan Documents constitute the entire agreement and understanding of the parties hereto in
respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements, letters, negotiations or other documents or agreements, whether written or
oral, with respect to the subject matter hereof or thereof (including Agent’s revised proposal letter dated May 1, 2017). 

(b) Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified
except in accordance with the provisions of this Section 11.3(b). The Required Lenders and Borrower party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the Agent and the Borrower party to the relevant
Loan Document may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in
any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (ii) waive, on such terms and conditions as the Required Lenders or the Agent, as the case may be, may specify in such instrument, any of the requirements of
this Agreement or the other Loan Documents or any default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (A) forgive the principal amount or extend the
final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan Advance, reduce the stated rate of any interest or fee payable hereunder) or extend the scheduled date of any payment
thereof, in each case without the written consent of each Lender directly affected thereby; (B) eliminate or reduce the voting rights of any Lender under this Section 11.3(b) without the written consent of such Lender; (C) reduce any
percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the
Collateral or release a Borrower from its obligations under the Loan Documents, in each case without the written consent of all Lenders; or (D) amend, modify or waive any provision of Section 11.17 without the written consent of the Agent.
Any such waiver and any such amendment, supplement or modification shall apply equally to each Lender and shall be binding upon Borrower, the Lender, the Agent and all future holders of the Loans. 

  
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 11.4 No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 11.5 No Waiver. The
powers conferred upon Agent and Lender by this Agreement are solely to protect its rights hereunder and under the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Agent or Lender to exercise any such powers.
No omission or delay by Agent or Lender at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right
or remedy to which Agent or Lender is entitled, nor shall it in any way affect the right of Agent or Lender to enforce such provisions thereafter. 

11.6 Survival. All agreements, representations and warranties contained in this Agreement and the other Loan Documents or in
any document delivered pursuant hereto or thereto shall be for the benefit of Agent and Lender and shall survive the execution and delivery of this Agreement. Sections 6.3 and 8.1 shall survive the termination of this Agreement. 

11.7 Successors and Assigns. The provisions of this Agreement and the other Loan Documents shall inure to the benefit of and be
binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement or any of the other Loan Documents without Agent’s express prior written consent, and any such attempted assignment shall be
void and of no effect. Agent and Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior notice to Borrower, and all of such rights shall inure to the benefit of Agent’s and Lender’s
successors and assigns; provided that as long as no Event of Default has occurred and is continuing, neither Agent nor any Lender may assign, transfer or endorse its rights hereunder or under the Loan Documents to any party that is a direct
competitor of Borrower (as reasonably determined by Agent), it being acknowledged that in all cases, any transfer to an Affiliate of any Lender or Agent shall be allowed. 

11.8 Governing Law. This Agreement and the other Loan Documents have been negotiated and delivered to Agent and Lender in the
State of California, and shall have been accepted by Agent and Lender in the State of California. Payment to Agent and Lender by Borrower of the Secured Obligations is due in the State of California. This Agreement and the other Loan Documents shall
be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

11.9 Consent to Jurisdiction and Venue. All judicial proceedings (to the extent that the reference requirement of
Section 11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought in any state or federal court located in the State of California. By execution and delivery of this Agreement,
each party hereto generally and unconditionally: (a) consents to nonexclusive 

  
 32 

 
personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to
assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement or the other Loan Documents. Service of process on any
party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 11.2, and shall be deemed effective and received as set forth in
Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

11.10 Mutual Waiver of Jury Trial / Judicial Reference. 

(a) Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an
experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER, AGENT AND
LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST AGENT, LENDER OR THEIR
RESPECTIVE ASSIGNEE OR BY AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than Agent, Borrower and Lender; Claims that arise out of or are in any way
connected to the relationship among Borrower, Agent and Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement, any other Loan Document. 

(b) If the waiver of jury trial set forth in Section 11.10(a) is ineffective or unenforceable, the parties agree that all
Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of
the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(c) In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in
Section 11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial
reference. 
 11.11 Professional Fees. Borrower promises to pay Agent’s and Lender’s fees and expenses necessary to
finalize the loan documentation, including but not limited to reasonable attorney’s fees, which attorney fees, as of the Closing Date, shall not exceed $25,000.00, plus UCC searches and filing costs, and other miscellaneous expenses. In

  
 33 

 
addition, Borrower promises to pay any and all reasonable attorneys’ and other professionals’ fees and expenses incurred by Agent and Lender after the Closing Date in connection with or
related to: (a) the administration, collection, or enforcement of the Loan; (b) the amendment or modification of the Loan Documents; (c) any waiver, consent, release, or termination under the Loan Documents; (d) the protection,
preservation, audit, field exam, sale, lease, liquidation, or disposition of Collateral or the exercise of remedies with respect to the Collateral; (e) any legal, litigation, administrative, arbitration, or out of court proceeding in connection
with or related to Borrower or the Collateral, and any appeal or review thereof; and (f) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the
Collateral, the Loan Documents, including representing Agent or Lender in any adversary proceeding or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof. 

11.12 Confidentiality. Agent and Lender acknowledge that certain items of Collateral and information provided to Agent and
Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of disclosure, or (y) should reasonably be understood to be
confidential (the “Confidential Information”). Accordingly, Agent and Lender agree that any Confidential Information they may obtain in the course of acquiring, administering, or perfecting Agent’s security interest in the Collateral
shall not be disclosed to any other Person or entity in any manner whatsoever, in whole or in part, without the prior written consent of Borrower, except that Agent and Lender may disclose any such information: (a) to its own directors,
officers, employees, accountants, counsel and other professional advisors and to its Affiliates if Agent or Lender in their sole discretion determines that any such party should have access to such information in connection with such party’s
responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise
subject to confidentiality restrictions that reasonably protect against the disclosure of Confidential Information; (b) if such information is generally available to the public; (c) if required or appropriate in any report, statement or
testimony submitted to any governmental authority having or claiming to have jurisdiction over Agent or Lender; (d) if required or appropriate in response to any summons or subpoena or in connection with any litigation, to the extent permitted
or deemed advisable by Agent’s or Lender’s counsel; (e) to comply with any legal requirement or law applicable to Agent or Lender; (f) to the extent reasonably necessary in connection with the exercise of any right or remedy
under any Loan Document, including Agent’s sale, lease, or other disposition of Collateral after default; (g) to any participant or assignee of Agent or Lender or any prospective participant or assignee; provided, that such participant or
assignee or prospective participant or assignee agrees in writing to be bound by this Section prior to disclosure; or (h) otherwise with the prior consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not
affect the obligations of Borrower or any of its Affiliates or any guarantor under this Agreement or the other Loan Documents. Any disclosure by the Agent and Lender of any of the Borrower’s Confidential Information under Section 11.12(c),
(d) and (e) shall be subject to the following: before making any such disclosure, the Agent and Lender shall to the extent practical (unless prohibited by any applicable law), provide the Borrower with prompt written notice of such
requirement so that the Borrower may seek, at its sole cost and expense, a protective order or other remedy. 

  
 34 

 11.13 Assignment of Rights. Borrower acknowledges and understands that Agent or
Lender may, subject to Section 11.7, sell and assign all or part of its interest hereunder and under the Loan Documents to any Person or entity (an “Assignee”). After such assignment the term “Agent” or “Lender” as
used in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Agent and Lender hereunder with respect to the interest so assigned; but with respect to any such interest not
so transferred, Agent and Lender shall retain all rights, powers and remedies hereby given. No such assignment by Agent or Lender shall relieve Borrower of any of its obligations hereunder. Lender agrees that in the event of any transfer by it of
the Note(s)(if any), it will endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which interest shall have been last paid thereon. 

11.14 Revival of Secured Obligations. This Agreement and the Loan Documents shall remain in full force and effect and continue
to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant
part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be revived or reinstated,
as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be restored or returned by, or
is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or transfer of Collateral had not
been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any further action or documentation,
to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash. 

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

11.16 No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be interpreted, to provide or
create any third-party beneficiary rights or any other rights of any kind in any Person other than Agent, Lender and Borrower unless specifically provided otherwise herein, and, except as otherwise so provided, all provisions of the Loan Documents
will be personal and solely among Agent, the Lender and the Borrower. 

  
 35 

 11.17 Agency. 

(a) Lender hereby irrevocably appoints Hercules Capital, Inc. to act on its behalf as the Agent hereunder and under the other
Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. 

(b) Lender agrees to indemnify the Agent in its capacity as such (to the extent not reimbursed by Borrower and without limiting
the obligation of Borrower to do so), according to its respective Term Commitment percentages (based upon the total outstanding Term Loan Commitments) in effect on the date on which indemnification is sought under this Section 11.17, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time be imposed on, incurred by or asserted against the Agent in any way
relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Agent under or
in connection with any of the foregoing; The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

(c) Agent in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person serving
as Agent hereunder in its individual capacity. 
 (d) Exculpatory Provisions. The Agent shall have no duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not: 
  

	 	(i)	be subject to any fiduciary or other implied duties, regardless of whether any default or any Event of Default has occurred and is continuing; 

 

	 	(ii)	have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to
exercise as directed in writing by the Lender, provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or
applicable law; and 

  

	 	(iii)	except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Agent shall not be liable for the failure to disclose, any information relating to the Borrower or any of its
Affiliates that is communicated to or obtained by any Person serving as the Agent or any of its Affiliates in any capacity. 

  
 36 

 (e) The Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Lender or as the Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct. 

(f) The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Agent. 
 (g) Reliance by Agent. Agent may rely, and shall be fully protected in acting, or refraining to
act, upon, any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it has no reason to believe to be other than genuine and to have been signed or presented by the
proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, Agent may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to Agent and conforming to the requirements of the Loan Agreement or any of the other Loan Documents. Agent may consult with counsel, and any opinion
or legal advice of such counsel shall be full and complete authorization and protection in respect of any action taken, not taken or suffered by Agent hereunder or under any Loan Documents in accordance therewith. Agent shall have the right at any
time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction. Agent shall not be under any obligation to exercise any of the rights or powers granted to Agent by this Agreement, the Loan
Agreement and the other Loan Documents at the request or direction of Lenders unless Agent shall have been provided by Lender with adequate security and indemnity against the costs, expenses and liabilities that may be incurred by it in compliance
with such request or direction. 
 11.18 Publicity. None of the parties hereto nor any of its respective member businesses
and Affiliates shall, without the other parties’ prior written consent (which shall not be unreasonably withheld or delayed), publicize or use (a) the other party’s name (including a brief description of the relationship among the
parties hereto), logo or hyperlink to such other parties’ web site, separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site
(together, the “ Publicity Materials”); (b) the names of officers of such other parties in the Publicity Materials; and (c) such other parties’ name, trademarks, servicemarks in any news or press release concerning such
party; provided however, notwithstanding anything to the contrary herein, no such consent shall be required (i) to the extent necessary to comply with the requests of any regulators, legal 

  
 37 

 
requirements or laws applicable to such party, pursuant to any listing agreement with any national securities exchange (so long as such party provides prior notice to the other party hereto to
the extent reasonably practicable) and (ii) to comply with Section 11.12. 
 (SIGNATURES TO FOLLOW) 

  
 38 

 IN WITNESS WHEREOF, Borrower, Agent and Lender have duly executed and delivered this Loan and
Security Agreement as of the day and year first above written. 
  

			
	BORROWER:
	
	ANTARES PHARMA, INC.
		
	Signature:	 	/s/ Robert F. Apple
		
	Print Name:	 	Robert F. Apple
		
	Title:	 	President and Chief Executive Officer

 Accepted in Palo Alto, California: 

 

			
	AGENT:
	
	HERCULES CAPITAL, INC.
		
	Signature:	 	/s/ Jennifer Choe
		
	Print Name:	 	Jennifer Choe
		
	Title:	 	Assistant General Counsel
	
	LENDER:
	
	HERCULES CAPITAL, INC.
		
	Signature:	 	/s/ Jennifer Choe
		
	Print Name:	 	Jennifer Choe
		
	Title:	 	Assistant General Counsel
	
	 HERCULES TECHNOLOGY III, L.P., 

a Delaware limited partnership

		
	By:	 	Hercules Technology SBIC Management, LLC, its General Partner
		
	By:	 	Hercules Capital, Inc., its Manager
		
	Signature:	 	/s/ Jennifer Choe
	Print Name:	 	Jennifer Choe
	Its:	 	Assistant General Counsel

  
 39 

 Table of Addenda, Exhibits and Schedules 

 

			
		
	Addendum 1:	  	SBA Provisions
		
	Exhibit A:	  	Advance Request
		  	Attachment to Advance Request
		
	Exhibit B:	  	Term Note
		
	Exhibit C:	  	Name, Locations, and Other Information for Borrower
		
	Exhibit D:	  	Borrower’s Patents, Trademarks, Copyrights and Licenses
		
	Exhibit E:	  	Borrower’s Deposit Accounts and Investment Accounts
		
	Exhibit F:	  	Compliance Certificate
		
	Exhibit G:	  	Joinder Agreement
		
	Exhibit H:	  	ACH Debit Authorization Agreement
		
	Schedule 1	  	Subsidiaries
	Schedule 1.1	  	Commitments
	Schedule 1A	  	Existing Permitted Indebtedness
	Schedule 1B	  	Existing Permitted Investments
	Schedule 1C	  	Existing Permitted Liens
	Schedule 1D	  	Permitted Transfer
	Schedule 5.3	  	Consents, Etc.
	Schedule 5.5	  	Actions Before Governmental Authorities
	Schedule 5.8	  	Tax Matters
	Schedule 5.9	  	Intellectual Property Claims
	Schedule 5.10	  	Intellectual Property
	Schedule 5.11	  	Borrower Products
	Schedule 5.14	  	Capitalization

  
 40 

 ADDENDUM 1 to LOAN AND SECURITY AGREEMENT 

(a) Borrower’s Business. For purposes of this Addendum 1, Borrower shall be deemed to include its
“affiliates” as defined in Title 13 Code of Federal Regulations Section 121.103. Borrower represents and warrants to Agent and Lender as of the Closing Date and covenants to Agent and Lender for a period of one year after the Closing
Date with respect to subsections 2, 3, 4, 5, 6 and 7 below, as follows: 
  

	 	1.	Size Status. Borrower does not have tangible net worth in excess of $19.5 million or average net income after Federal income taxes (excluding any carry-over losses) for the preceding two completed fiscal years in
excess of $6.5 million; 

  

	 	2.	No Relender. Borrower’s primary business activity does not involve, directly or indirectly, providing funds to others, purchasing debt obligations, factoring, or long-term leasing of equipment with no
provision for maintenance or repair; 

  

	 	3.	No Passive Business. Borrower is engaged in a regular and continuous business operation (excluding the mere receipt of payments such as dividends, rents, lease payments, or royalties). Borrower’s employees are
carrying on the majority of day to day operations. Borrower will not pass through substantially all of the proceeds of the Loan to another entity; 

  

	 	4.	No Real Estate Business. Borrower is not classified under Major Group 65 (Real Estate) or Industry No. 1531 (Operative Builders) of the SIC Manual. The proceeds of the Loan will not be used to acquire or
refinance real property unless Borrower (x) is acquiring an existing property and will use at least 51 percent of the usable square footage for its business purposes; (y) is building or renovating a building and will use at least 67
percent of the usable square footage for its business purposes; or (z) occupies the subject property and uses at least 67 percent of the usable square footage for its business purposes. 

 

	 	5.	No Project Finance. Borrower’s assets are not intended to be reduced or consumed, generally without replacement, as the life of its business progresses, and the nature of Borrower’s business does not require
that a stream of cash payments be made to the business’s financing sources, on a basis associated with the continuing sale of assets (e.g., real estate development projects and oil and gas wells). The primary purpose of the Loan is not to
fund production of a single item or defined limited number of items, generally over a defined production period, where such production will constitute the majority of the activities of Borrower (e.g., motion pictures and electric generating plants).

  
 41 

	 	6.	No Farm Land Purchases. Borrower will not use the proceeds of the Loan to acquire farm land which is or is intended to be used for agricultural or forestry purposes, such as the production of food, fiber, or wood, or is
so taxed or zoned. 

  

	 	7.	No Foreign Investment. The proceeds of the Loan will not be used substantially for a foreign operation. At the time of the Loan, Borrower will not have more than 49 percent of its employees or tangible assets
located outside the United States of America. The representation in this subsection (7) is made only as of the date hereof and shall not continue for one year as contemplated in the first sentence of this Section 1. 

(b) Small Business Administration Documentation. Agent and Lender acknowledge that Borrower completed, executed
and delivered to Agent SBA Forms 480, 652 and 1031 (Parts A and B) together with a business plan showing Borrower’s financial projections (including balance sheets and income and cash flows statements) for the period described therein and
a written statement (whether included in the purchase agreement or pursuant to a separate statement) from Agent regarding its intended use of proceeds from the sale of securities to Lender (the “Use of Proceeds Statement”). Borrower
represents and warrants to Agent and Lender that the information regarding Borrower and its affiliates set forth in the SBA Form 480, Form 652 and Form 1031 and the Use of Proceeds Statement delivered as of the Closing Date is
accurate and complete. 
 (c) Inspection. The following covenants contained in this Section (c) are
intended to supplement and not to restrict the related provisions of the Loan Documents. Subject to the preceding sentence, Borrower will permit, for so long as Lender holds any debt or equity securities of Borrower, Agent, Lender or their
representative, at Agent’s or Lender’ expense, and examiners of the SBA to visit and inspect the properties and assets of Borrower, to examine its books of account and records, and to discuss Borrower’s affairs, finances and accounts
with Borrower’s officers, senior management and accountants, all at such reasonable times as may be requested by Agent or Lender or the SBA. 

(d) Annual Assessment. Promptly after the end of each calendar year (but in any event prior to February 28
of each year) and at such other times as may be reasonably requested by Agent or Lender, Borrower will deliver to Agent a written assessment of the economic impact of Lender’s investment in Borrower, specifying the full-time equivalent jobs
created or retained in connection with the investment, the impact of the investment on the businesses of Borrower in terms of expanded revenue and taxes, other economic benefits resulting from the investment (such as technology development or
commercialization, minority business development, or expansion of exports) and such other information as may be required regarding Borrower in connection with the filing of Lender’s SBA Form 468. Lender will assist Borrower with preparing
such assessment.

  
 42 

 
In addition to any other rights granted hereunder, Borrower will grant Agent and Lender and the SBA access to Borrower’s books and records for the purpose of verifying the use of such
proceeds. Borrower also will furnish or cause to be furnished to Agent and Lender such other information regarding the business, affairs and condition of Borrower as Agent or Lender may from time to time reasonably request. 

(e) Use of Proceeds. Borrower will use the proceeds from the Loan only for purposes set forth in
Section 7.16. Borrower will deliver to Agent from time to time promptly following Agent’s request, a written report, certified as correct by Borrower’s Chief Financial Officer, verifying the purposes and amounts for which proceeds
from the Loan have been disbursed. Borrower will supply to Agent such additional information and documents as Agent reasonably requests with respect to its use of proceeds and will permit Agent and Lender and the SBA to have access to any and
all Borrower records and information and personnel as Agent deems necessary to verify how such proceeds have been or are being used, and to assure that the proceeds have been used for the purposes specified in Section 7.16. 

(f) Activities and Proceeds. Neither Borrower nor any of its affiliates (if any) will engage in any activities
or use directly or indirectly the proceeds from the Loan for any purpose for which a small business investment company is prohibited from providing funds by the SBIC Act, including 13 C.F.R. §107.720. Without obtaining the prior
written approval of Agent, Borrower will not change within 1 year of the date hereof, Borrower’s current business activity to a business activity which a licensee under the SBIC Act is prohibited from providing funds by the SBIC Act. 

(g) Redemption Provisions. Notwithstanding any provision to the contrary contained in the Certificate of
Incorporation of Borrower, as amended from time to time (the “Charter”), if, pursuant to the redemption provisions contained in the Charter, Lender is entitled to a redemption of any warrant to purchase stock, such redemption (in the case
of Lender) will be at a price equal to the redemption price set forth in the Charter (the “Existing Redemption Price”). If, however, Lender delivers written notice to Borrower that the then current regulations promulgated under the SBIC
Act prohibit payment of the Existing Redemption Price in the case of a SBIC (or, if applied, the Existing Redemption Price would cause the Preferred Stock to lose its classification as an “equity security” and Lender has determined that
such classification is unadvisable), the amount Lender will be entitled to receive shall be the greater of (i) fair market value of the securities being redeemed taking into account the rights and preferences of such securities plus any costs
and expenses of the Lender incurred in making or maintaining a warrant to purchase stock, and (ii) the Existing Redemption Price where the amount of accrued but unpaid dividends payable to the Lender is limited to Borrower’s earnings plus
any costs and expenses of the Lender incurred in making or maintaining any warranty to purchase stock; provided, however, the amount calculated in subsections (i) or (ii) above shall not exceed the Existing Redemption Price. 

  
 43 

 (h) Compliance and Resolution. Borrower agrees that a failure to comply
with Borrower’s obligations under this Addendum, or any other set of facts or circumstances where it has been asserted by any governmental regulatory agency (or Agent or Lender believes that there is a substantial risk of such assertion) that
Agent, Lender and their affiliates are not entitled to hold, or exercise any significant right with respect to, any securities issued to Lender by Borrower, will constitute a breach of the obligations of Borrower under the financing agreements among
Borrower, Agent and Lender. In the event of (i) a failure to comply with Borrower’s obligations under this Addendum; or (ii) an assertion by any governmental regulatory agency (or Agent or Lender believes that there is a
substantial risk of such assertion) of a failure to comply with Borrower’s obligations under this Addendum, then (i) Agent, Lender and Borrower will meet and resolve any such issue in good faith to the satisfaction of Borrower, Agent,
Lender, and any governmental regulatory agency, and (ii) upon request of Lender or Agent, Borrower will cooperate and assist with any assignment of the financing agreements among Hercules Technology III, L.P. and Hercules Capital, Inc. 

  
 44 

 EXHIBIT A 

ADVANCE REQUEST 
  

	 To:    Agent: 
	
Date:                     , 
20         

 Hercules Capital, Inc. (the “Agent”) 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 email:
legal@herculestech.com 
 Attn: 
 ANTARES
PHARMA, INC. (“Borrower”) hereby requests from [Hercules Capital, Inc.] [Hercules Technology III, L.P. (“Lender”) an Advance in the amount of
                     Dollars
($                    ) on
                    ,              (the “Advance Date”) pursuant
to the Loan and Security Agreement among Borrower, Agent and Lender (the “Agreement”). Capitalized words and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement. 

Please: 
  

	 	(a)	Issue a check payable to Borrower                      

or 
  

	 	(b)	Wire Funds to Borrower’s account                      [IF FILED PUBLICLY, ACCOUNT INFO REDACTED FOR
SECURITY PURPOSES] 

  

					
	Bank:	 	 	 	
	Address:	 	 	 	
		 	 	 	
	ABA Number:	 	 	 	
	Account Number:	 	 	 	
	Account Name:	 	 	 	
	Contact Person:	 	 	 	
	Phone Number	 		 	
	To Verify Wire Info:	 	 	 	
	Email address:	 	 	 	

 Borrower represents that the conditions precedent to the Advance set forth in the Agreement are satisfied and
shall be satisfied upon the making of such Advance, including but not limited to: (i) that no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing; (ii) that the
representations and warranties set forth in the Agreement are and shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance with all the terms and provisions set forth in each Loan Document on its part to be observed or performed; and (iv) that as of the Advance Date, no
fact or condition exists that 

  
 45 

 
could (or could, with the passage of time, the giving of notice, or both) reasonably be expected to constitute an Event of Default under the Loan Documents. Borrower understands and acknowledges
that Agent has the right to review the financial information supporting this representation and, based upon such review in its sole discretion, Lender may decline to fund the requested Advance. 

Borrower hereby represents that Borrower’s corporate status and locations have not changed since the date of the Agreement or, if the
Attachment to this Advance Request is completed, are as set forth in the Attachment to this Advance Request. 
 Borrower agrees to notify
Agent promptly before the funding of the Loan if any of the matters which have been represented above shall not be true and correct on the Borrowing Date and if Agent has received no such notice before the Advance Date then the statements set forth
above shall be deemed to have been made and shall be deemed to be true and correct as of the Advance Date. 
 Executed as of
[                    ], 20[    ]. 
  

			
	BORROWER: ANTARES PHARMA, INC.

 
			
		
	SIGNATURE:	 	 

 
			
	TITLE:	 	 

 
			
	PRINT NAME:	 	 

  
 46 

 ATTACHMENT TO ADVANCE REQUEST 

Dated:
                                        

 Borrower hereby represents and warrants to Agent that Borrower’s current name and organizational status is as follows: 

 

			
	Name:	  	[                                      
  ]
		
	Type of organization:	  	Corporation
		
	State of organization:	  	[                            ]
		
	Organization file number:	  	

 Borrower hereby represents and warrants to Agent that the street addresses, cities, states and postal codes of its current
locations are as follows: 

  
 47 

 EXHIBIT B 

SECURED TERM PROMISSORY NOTE 
  

			
	$[ ],000,000	  	Advance Date: ___ __, 20[ ]
		
		  	Maturity Date: _____ ___, 20[ ]

 FOR VALUE RECEIVED, ANTARES PHARMA, INC., a Delaware corporation, for itself and each of its Qualified
Subsidiaries (the “Borrower”) hereby promises to pay to the order of [Hercules Capital, Inc., a Maryland corporation] [Hercules Technology III, L.P., a Delaware limited partnership or the holder of this Note (the “Lender”) at 400
Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of
America, the principal amount of [ ] Million Dollars ($[ ],000,000) or such other principal amount as Lender has advanced to Borrower, together with interest at a rate as set forth in Section 2.1(c) of the Loan Agreement based upon a year
consisting of 360 days, with interest computed daily based on the actual number of days in each month. 
 This Promissory Note is the Note
referred to in, and is executed and delivered in connection with, that certain Loan and Security Agreement dated [                    ], 2017, by and
among Borrower, Hercules Capital, Inc., a Maryland corporation (the “Agent”) and the several banks and other financial institutions or entities from time to time party thereto as lender (as the same may from time to time be amended,
modified or supplemented in accordance with its terms, the “Loan Agreement”), and is entitled to the benefit and security of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for
a statement of all of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement. All terms defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An
Event of Default under the Loan Agreement shall constitute a default under this Promissory Note. 
 Borrower waives presentment and demand
for payment, notice of dishonor, protest and notice of protest under the UCC or any applicable law. Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or
defense. This Promissory Note has been negotiated and delivered to Lender and is payable in the State of California. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of California,
excluding any conflicts of law rules or principles that would cause the application of the laws of any other jurisdiction. 
 BORROWER FOR ITSELF AND 

ON BEHALF OF ITS QUALIFIED SUBSIDIARIES:
                     ANTARES PHARMA, INC. 

By: 

Title: 

 EXHIBIT C 

NAME, LOCATIONS, AND OTHER INFORMATION FOR BORROWER 

1. Borrower represents and warrants to Agent that Borrower’s current name and organizational status as of the Closing Date is as follows:

  

			
	Name:	  	[                                      
  ]
		
	Type of organization:	  	Corporation
		
	State of organization:	  	[                            ]
		
	Organization file number:	  	

 2. Borrower represents and warrants to Agent that for five (5) years prior to the Closing Date, Borrower
did not do business under any other name or organization or form except the following: 
 Name: 

Used during dates of: 
 Type of
Organization: 
 State of organization: 

Organization file Number: 

Borrower’s fiscal year ends on
                     

Borrower’s federal employer tax identification number is:
                                        

 3. Borrower represents and warrants to Agent that its chief executive office is located at
                                        .

 EXHIBIT D 

BORROWER’S PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES 

 EXHIBIT E 

BORROWER’S DEPOSIT ACCOUNTS AND INVESTMENT ACCOUNTS 

 EXHIBIT F 

COMPLIANCE CERTIFICATE 
 Hercules Capital,
Inc. (as “Agent”) 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Reference is made to that
certain Loan and Security Agreement dated [                    ], 2017 and the Loan Documents (as defined therein) entered into in connection with
such Loan and Security Agreement all as may be amended from time to time (hereinafter referred to collectively as the “Loan Agreement”) by and among Hercules Capital, Inc. (the “Agent”), the several banks and other financial
institutions or entities from time to time party thereto (collectively, the “Lender”) and Hercules Capital, Inc., as agent for the Lender (the “Agent”) and Antares Pharma, Inc., a Delaware corporation (the “Company”) as
Borrower. All capitalized terms not defined herein shall have the same meaning as defined in the Loan Agreement. 
 The undersigned is an
Officer of the Company, knowledgeable of all Company financial matters, and is authorized to provide certification of information regarding the Company; hereby certifies, in such capacity, that in accordance with the terms and conditions of the Loan
Agreement, the Company is in compliance for the period ending                      of all covenants, conditions and terms and hereby reaffirms
that all representations and warranties contained therein are true and correct on and as of the date of this Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations and warranties
expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality contained in the Loan Agreement as to such representations and warranties. Attached are the required documents supporting the above
certification. The undersigned further certifies that these are prepared in accordance with GAAP (except for the absence of footnotes with respect to unaudited financial statement and subject to normal year end adjustments) and are consistent from
one period to the next except as explained below. 
  

					
	REPORTING REQUIREMENT	  	REQUIRED	  	CHECK IF ATTACHED
			
	Interim Financial Statements	  	Monthly within 30 days	  	
			
	Interim Financial Statements	  	Quarterly within 30 days	  	
			
	Audited Financial Statements	  	FYE within 90 days	  	

 The undersigned hereby also confirms the below disclosed accounts represent all depository accounts and securities accounts
presently open in the name of each Borrower or Borrower Subsidiary/Affiliate, as applicable. 

																									
	 	  	 	 	  	Depository
AC #	 	  	Financial
Institution	 	  	Account Type
(Depository /
Securities)	 	  	Last Month
Ending
Account
Balance	 	  	Purpose of
Account	 
	 BORROWER
 Name/Address:
	  			
		  	 	1	 	  				  				  				  				  			
	  	 	2	 	  				  				  				  				  			
	  	 	3	 	  				  				  				  				  			
	  	 	4	 	  				  				  				  				  			
	  	 	5	 	  				  				  				  				  			
	  	 	6	 	  				  				  				  				  			
	  	 	7	 	  				  				  				  				  			
	 BORROWER
 SUSIDIARY /

AFFILIATE
 COMPANY

Name/Address
	  			
		  	 	1	 	  				  				  				  				  			
	  	 	2	 	  				  				  				  				  			
	  	 	3	 	  				  				  				  				  			
	  	 	4	 	  				  				  				  				  			
	  	 	5	 	  				  				  				  				  			
	  	 	6	 	  				  				  				  				  			
	  	 	7	 	  				  				  				  				  			

 
			
	Very Truly Yours,
	
	ANTARES PHARMA, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Its:	 	 

 EXHIBIT G 

FORM OF JOINDER AGREEMENT 

This Joinder Agreement (the “Joinder Agreement”) is made and dated as of
[            ], 20[ ], and is entered into by and between                     ., a
                     corporation (“Subsidiary”), and HERCULES CAPITAL, INC., a Maryland corporation (as “Agent”). 

RECITALS 
 A.
Subsidiary’s Affiliate, ANTARES PHARMA, INC. (“Company”) [has entered/desires to enter] into that certain Loan and Security Agreement dated [            ], 2017, with the
several banks and other financial institutions or entities from time to time party thereto as lender (collectively, the “Lender”) and the Agent, as such agreement may be amended, supplemented, restated or otherwise modified from time to
time (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith; 
 B. Subsidiary
acknowledges and agrees that it will benefit both directly and indirectly from Company’s execution of the Loan Agreement and the other agreements executed and delivered in connection therewith; 

AGREEMENT 
 NOW THEREFORE,
Subsidiary and Agent agree as follows: 
  

	1.	The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized terms not defined herein shall have the meaning provided in the Loan Agreement. 

 

	2.	By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement the same as if it were the Borrower (as defined in the Loan Agreement) under the Loan Agreement, mutatis
mutandis, provided however, that (a) with respect to (i) Section 5.1 of the Loan Agreement, Subsidiary represents that it is an entity duly organized, legally existing and in good standing under the laws of
[            ], (b) neither Agent nor Lender shall have any duties, responsibilities or obligations to Subsidiary arising under or related to the Loan Agreement or the other Loan
Documents, (c) that if Subsidiary is covered by Company’s insurance, Subsidiary shall not be required to maintain separate insurance or comply with the provisions of Sections 6.1 and 6.2 of the Loan Agreement, and (d) that as long as
Company satisfies the requirements of Section 7.1 of the Loan Agreement, Subsidiary shall not have to provide Agent separate Financial Statements. To the extent that Agent or Lender has any duties, responsibilities or obligations arising under
or related to the Loan Agreement or the other Loan Documents, those duties, responsibilities or obligations shall flow only to Company and not to Subsidiary or any other Person or entity. By way of example (and not an exclusive list):
(i) Agent’s providing notice to Company in accordance with the Loan Agreement or as otherwise agreed among Company, Agent and Lender shall be deemed provided to Subsidiary; (ii) a Lender’s providing an Advance to Company shall be
deemed an Advance to Subsidiary; and (iii) Subsidiary shall have no right to request an Advance or make any other demand on Lender. 

  

	3.	Subsidiary agrees not to certificate its equity securities without Agent’s prior written consent, which consent may be conditioned on the delivery of such equity securities to Agent in order to perfect Agent’s
security interest in such equity securities. 

	4.	Subsidiary acknowledges that it benefits, both directly and indirectly, from the Loan Agreement, and hereby waives, for itself and on behalf of any and all successors in interest (including without limitation any
assignee for the benefit of creditors, receiver, bankruptcy trustee or itself as debtor-in-possession under any bankruptcy proceeding) to the fullest extent provided by law, any and all claims, rights or defenses to the enforcement of this Joinder
Agreement on the basis that (a) it failed to receive adequate consideration for the execution and delivery of this Joinder Agreement or (b) its obligations under this Joinder Agreement are avoidable as a fraudulent conveyance.

  

	5.	As security for the prompt, complete and indefeasible payment when due (whether on the payment dates or otherwise) of all the Secured Obligations, Subsidiary grants to Agent a security interest in all of
Subsidiary’s right, title, and interest in and to the Collateral. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO JOINDER AGREEMENT] 

SUBSIDIARY: 

                          
              . 
  

			
	By:	 	
	Name:	 	
	Title:	 	
		
	Address:	 	
		
	Telephone:	 	 

 
			
	email:	 	 

 AGENT: 
 HERCULES CAPITAL,
INC. 
  

			
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
		
	Address:	 	
	 400 Hamilton Ave., Suite 310
 Palo
Alto, CA 94301
 email: legal@herculestech.com
 Telephone:
650-289-3060

 EXHIBIT H 

ACH DEBIT AUTHORIZATION AGREEMENT 

Hercules Capital, Inc. and Hercules Technology III, L.P. 
 400
Hamilton Avenue, Suite 310 
 Palo Alto, CA 94301 

Re: Loan and Security Agreement dated
                     (as may from time to time be amended, supplemented, restated or otherwise modified from time to time, the
“Agreement”) by and among                      (“Borrower”) and Hercules Capital, Inc., as agent (“Company”) and
the lenders party thereto (collectively, the “Lender”) 
 In connection with the above referenced Agreement, the Borrower hereby authorizes the
Company to initiate debit entries for (i) the periodic payments due under the Agreement and (ii) out-of-pocket legal fees and costs incurred by Agent or Lender pursuant to Section 11.11 of the Agreement to the Borrower’s account
indicated below. The Borrower authorizes the depository institution named below to debit to such account. 
 [IF FILED PUBLICLY, ACCOUNT INFO REDACTED FOR
SECURITY PURPOSES] 
  

			
	Depository Name	  	Branch
		
	City	  	State and Zip Code
		
	Transit/ABA Number	  	Account Number

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

 

			
	 
	(Borrower)(Please Print)

			
		
	By:	 	 

			
		
	Date:	 	 

 SCHEDULE 1.1 

COMMITMENTS 
  

					
	LENDER	  	TRANCHE	  	TERM COMMITMENT
			
	Hercules Technology III, L.P.	  	Term A Loan	  	$20,000,000
			
	Hercules Capital, Inc.	  	Term A Loan	  	$5,000,000
			
	Hercules Capital, Inc.	  	Term B Loan	  	$10,000,000
			
	TOTAL COMMITMENTS	  		  	$35,000,000

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