Document:

Exhibit 10.1

Certain information marked as [***] has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.
CREDIT AGREEMENT AND GUARANTY
dated as of
August 2, 2022
by and among
MEIRAGTX HOLDINGS PLC,
as the Borrower,
THE SUBSIDIARY GUARANTORS FROM TIME TO TIME PARTY HERETO,
as the Subsidiary Guarantors,
THE LENDERS FROM TIME TO TIME PARTY HERETO,
as the Lenders,
and
PERCEPTIVE CREDIT HOLDINGS III, LP
as the Administrative Agent
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U.S. $100,000,000
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Table of Contents
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Section 1 DEFINITIONS‌1

1.01Certain Defined Terms‌1

1.02Accounting Terms and Principles‌34

1.03Interpretation‌35

1.04Divisions‌36

1.05Reference Rate Replacement‌36

1.06Times of Day; Times of Performance‌36

1.07Rates‌37

Section 2 The CommitmentS and the Loans‌37

2.01Loans‌37

2.02Borrowing Procedures‌37

2.03Notes‌38

2.04Use of Proceeds‌38

Section 3 PAYMENTS OF PRINCIPAL AND INTEREST‌38

3.01Repayments and Prepayments Generally; Application‌38

3.02Interest‌38

3.03Prepayments; Prepayment Premium‌40

3.04Facility Fees‌42

Section 4 PAYMENTS, ETC.‌42

4.01Payments‌42

4.02Computations‌43

4.03Set-Off‌43

Section 5 YIELD PROTECTION, ETC.‌43

5.01Additional Costs‌43

5.02Illegality‌45

5.03Taxes‌45

Section 6 CONDITIONS PRECEDENT‌51

6.01Conditions to the Borrowing of the Tranche 1 Loan on the Closing Date‌51

6.02Conditions to the Borrowing of the Tranche 2 Loan‌56

Section 7 REPRESENTATIONS AND WARRANTIES‌57

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7.01Power and Authority‌57

7.02Authorization; Enforceability‌57

7.03Governmental and Other Approvals for Execution and Delivery of the Loan Documents, etc.; No Conflicts‌57

7.04Financial Statements; Material Adverse Change‌58

7.05Properties‌58

7.06No Actions or Proceedings‌62

7.07Compliance with Laws and Agreements‌62

7.08Taxes‌62

7.09Full Disclosure‌63

7.10Investment Company Act and Margin Stock Regulation‌63

7.11Solvency‌63

7.12Equity Holders, Subsidiaries and Other Investments‌63

7.13Continuing Secured Indebtedness‌64

7.14Material Agreements‌64

7.15Restrictive Agreements‌64

7.16Real Property‌64

7.17Pension Matters‌64

7.18Priority of Obligations; Collateral; Security Interest‌64

7.19Governmental Approvals in Respect of Ordinary Course Activities, Etc‌65

7.20Transactions with Affiliates‌65

7.21Sanctions‌65

7.22Anti-Corruption‌65

7.23Deposit and Disbursement Accounts and Investment Accounts‌65

7.24Centre of Main Interests‌65

Section 8 Affirmative covenants‌66

8.01Financial Statements and Other Information‌66

8.02Notices of Material Events‌68

8.03Existence; Conduct of Business‌70

8.04Payment of Obligations‌70

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8.05Insurance‌70

8.06Books and Records; Inspection Rights‌70

8.07Compliance with Laws and Material Agreements‌71

8.08Maintenance of Properties, Etc‌71

8.09Governmental Approvals, Etc‌71

8.10Action under Environmental Laws‌71

8.11Use of Proceeds‌71

8.12Certain Obligations Respecting Subsidiaries; Further Assurances‌72

8.13Termination of Non-Permitted Liens‌73

8.14Maintenance of the Governmental Approvals and Intellectual Property‌73

8.15ERISA and Foreign Pension Plan Compliance‌73

8.16Cash Management‌73

8.17Title, Headleases, Power to Remedy‌74

8.18Register of Mortgages and Charges‌74

8.19Post-Closing Covenants‌75

Section 9 NEGATIVE COVENANTS‌76

9.01Indebtedness‌76

9.02Liens‌77

9.03Fundamental Changes, Acquisitions, Etc‌80

9.04Lines of Business‌80

9.05Investments‌80

9.06Restricted Payments‌82

9.07Payments of Indebtedness‌84

9.08Change in Fiscal Year‌84

9.09Sales of Assets, Etc‌85

9.10Transactions with Affiliates‌86

9.11Restrictive Agreements‌87

9.12Modifications of Organic Documents‌87

9.13Sales and Leasebacks‌88

9.14Hazardous Material‌88

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9.15Accounting Changes‌88

9.16Compliance with ERISA‌88

9.17[Reserved].‌88

9.18Sanctions; Anti-Corruption Use of Proceeds‌88

9.19Inbound and Outbound Licenses‌88

9.20Title, Headleases, Development‌89

Section 10 FINANCIAL COVENANTS‌89

10.01Minimum Liquidity‌89

10.02Phase III Trial‌90

10.03Shannon Manufacturing Facility‌90

Section 11 EVENTS OF DEFAULT‌90

11.01Events of Default‌90

11.02Remedies‌93

11.03Additional Remedies‌93

Section 12 THE ADMINISTRATIVE AGENT‌94

12.01Appointment and Duties‌94

12.02Binding Effect‌95

12.03Use of Discretion‌95

12.04Delegation of Rights and Duties‌95

12.05Reliance and Liability‌96

12.06Administrative Agent Individually‌97

12.07Lender Credit Decision‌97

12.08Expenses; Indemnities‌97

12.09Resignation of the Administrative Agent‌98

12.10Release of Collateral or Guarantors‌98

12.11Additional Secured Parties‌99

Section 13 GUARANTEE‌99

13.01The Guarantee‌99

13.02Obligations Unconditional‌100

13.03Reinstatement‌100

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13.04Subrogation‌101

13.05Remedies‌101

13.06Instrument for the Payment of Money‌101

13.07Continuing Guarantee‌101

13.08General Limitation on Guarantee Obligations‌101

Section 14 MISCELLANEOUS‌102

14.01No Waiver‌102

14.02Notices‌102

14.03Expenses, Indemnification, Etc.‌102

14.04Amendments, Etc.‌103

14.05Successors and Assigns.‌104

14.06Survival‌107

14.07Captions‌107

14.08Counterparts; Electronic Signatures‌107

14.09Governing Law‌107

14.10Jurisdiction, Service of Process and Venue‌107

14.11Waiver of Jury Trial‌108

14.12Waiver of Immunity‌108

14.13Entire Agreement‌108

14.14Severability‌109

14.15No Fiduciary Relationship‌109

14.16Confidentiality‌109

14.17Interest Rate Limitation‌109

14.18Early Prepayment Fee‌110

14.19Judgment Currency‌110

14.20USA PATRIOT Act‌110

14.21Acknowledgement and Consent to Bail-In of Affected Financial Institutions‌111

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Table of Contents
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SCHEDULES AND EXHIBITS
Schedule A - Competitors
Schedule B-Specified Assets
Schedule 1-Commitments 
Schedule 7.05(b)-Intellectual Property
Schedule 7.06(a)-Certain Litigation
Schedule 7.06(c)-Labor Matters
Schedule 7.08-Taxes
Schedule 7.12(a)-Subsidiaries of the Borrower
Schedule 7.12(b)-Other Equity Interests owned or held by the Borrower or its Subsidiaries
Schedule 7.13-Existing Indebtedness of the Borrower and each of its Subsidiaries 
Schedule 7.14-Material Agreements of Obligors
Schedule 7.15-Restrictive Agreements
Schedule 7.16-Real Property Owned or Leased by the Borrower or any Subsidiary
Schedule 7.20-Transactions with Affiliates
Schedule 7.23-Deposit, Disbursement and Investment Accounts
Schedule 9.02 - Closing Date Liens 
Schedule 9.05-Closing Date Investments
Schedule 9.12(b)Excluded Agreements
Schedule 9.13-Permitted Sales and Leasebacks
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Exhibit A-Form of Note
Exhibit B-Form of Borrowing Notice
Exhibit C-Form of Guarantee Assumption Agreement
Exhibit E-Form of Compliance Certificate
Exhibit F-Form of Assignment and Assumption
Exhibit G-Form of Information Certificate
Exhibit H-Form of Intercompany Subordination Agreement
Exhibit I-Form of Solvency Certificate
Exhibit J-Form of Warrant Certificate
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CREDIT AGREEMENT AND GUARANTY
Credit Agreement and Guaranty, dated as of August 2, 2022 (this “Agreement”), by and among MeiraGTx Holdings plc, an exempted company with limited liability incorporated under the laws of the Cayman Islands with registration number 336306 (the “Borrower”), certain Subsidiaries of the Borrower required to provide Guarantees from time to time hereunder, Perceptive Credit Holdings III, LP and each other lender that may from time to time become a party hereto (each, together with their permitted successors and assigns, a “Lender” and collectively, the “Lenders”), and Perceptive Credit Holdings III, LP, as administrative agent for the Lenders (in such capacity, together with its permitted successors and assigns, the “Administrative Agent”).
WITNESSETH:
WHEREAS, the Borrower has requested that the Lenders provide a senior secured term loan facility to the Borrower in an aggregate principal amount of $100,000,000, with (i) $75,000,000 in aggregate principal amount of Loans to be available on the Closing Date (the “Tranche 1 Loan”) and (ii) $25,000,000 in aggregate principal amount of Loans (the “Tranche 2 Loan”) to be available after the Tranche 1 Borrowing Date but prior to August 2, 2024 (the “Tranche 2 Draw Period”), in each case, subject to the terms and conditions set forth herein, including the applicable terms and conditions set forth in Section 6 hereof and, with respect to the Tranche 2 Loan, at the sole discretion of the Majority Lenders; and
WHEREAS, the Lenders are willing, on the terms and subject to the conditions set forth herein, to provide such senior secured term loan facility.
NOW, THEREFORE, the parties hereto agree as follows: 
Section 1​
DEFINITIONS
1.01Certain Defined Terms.  As used herein (including the preamble and recitals), the following terms have the following respective meanings:
“Account Pledge Agreement” means the Account Pledge Agreement, dated as of the date hereof, by and between the Borrower and the Administrative Agent.
“Acquisition” means any transaction, or any series of related transactions, by which any Person directly or indirectly, by means of an amalgamation, consolidation, merger, tender offer, purchase of Equity Interests or other assets or properties, or similar transaction having the same effect as any of the foregoing, (i) acquires all or substantially all of the assets of another Person including substantially all of a business line, business unit or business division of any other Person, (ii) acquires control of Equity Interests of another Person representing more than fifty percent (50%) of the ordinary voting power (as determined on a fully-diluted, as-if-converted or exercised basis) for the election of directors or other governing body if the business affairs of such Person are managed by a Board of directors, or (iii) acquires control of more than fifty percent (50%) of the Equity Interests (as determined on a fully-diluted, as-if-converted or exercised basis) of another Person engaged in any business that is not managed by a Board.

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“Administrative Agent” has the meaning set forth in the preamble hereto.
“Affected Financial Institution” means (a) any EEA Financial Institution, or (b) any UK Financial Institution.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided that with respect to any Lender, an Affiliate of such Lender shall include, without limitation, all of such Lender’s Related Funds so long as such entities are Controlled by such Lender.
“Agreement” has the meaning set forth in the preamble hereto.
“Applicable Margin” means ten percent (10.00%), as such percentage may be increased pursuant to Section 3.02(b).
“Asset Sale” has the meaning set forth in Section 9.09.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee of such Lender in substantially the form of Exhibit F.
“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, certificate or registration.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Bank Levy” means (i) any amount payable by any Recipient or any of its Affiliates on the basis of, or in relation to, its balance sheet or capital base or any part of that person’s liabilities or minimum regulatory capital or any combination thereof (including, without limitation, the UK bank levy as set out in the Finance Act 2011) and any other levy or tax in any jurisdiction levied on a similar basis or for a similar purpose, (ii) any financial activities taxes (or other taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011), and (iii) any bank surcharge or banking corporation tax surcharge as set out in United Kingdom Finance (No. 2) Act 2015 and any other surcharge or tax of a similar nature implemented in any other jurisdiction, in each case, as amended from time to time.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy.”

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“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws of the United States or otherwise) to which any Obligor or Subsidiary thereof incurs or otherwise has any obligation or liability, contingent or otherwise.
“Board” means, with respect to any Person, the board of directors (or equivalent management or oversight body) of such Person or any committee thereof duly authorized to act on behalf of such board or equivalent body.
“Borrower” has the meaning set forth in the preamble hereto.
“Borrower DTTP Filing” means a HMRC Form DTTP2 duly completed and filed by the Borrower, which: 
(a) where it relates to a UK Treaty Lender (or a Lender which would be a UK Treaty Lender upon the completion of any necessary procedural formalities) that is a party hereto as at the date of this Agreement, contains the UK DTTP Scheme reference number and jurisdiction of tax residence stated opposite that Lender’s name in Schedule 1 (Commitments), and is filed with HMRC within 30 days of the date of this Agreement; or 

(b) where it relates to a UK Treaty Lender (or a Lender which would be a UK Treaty Lender upon the completion of any necessary procedural formalities) that becomes a party hereto after the date of this Agreement, contains the UK DTTP Scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the relevant documentation which it executes on becoming a party hereto, and is filed with HMRC within 30 days of that date.
“Borrower Party” has the meaning set forth in Section 14.03(b).
“Borrowing” means, as the context may require, the borrowing of the Tranche 1 Loan on the Closing Date or the borrowing of Tranche 2 Loan on the Tranche 2 Borrowing Date.
“Borrowing Notice” means a written notice substantially in the form of Exhibit B.
“Business Day” means a day (other than a Saturday, Sunday or other day that is a legal holiday under the laws of the State of New York, or under the laws of England) on which commercial banks are not authorized or required by Law to close in New York, New York and in London, England; provided that if such day relates to any document governed by the laws of Ireland or the performance of any obligations under the Loan Documents by any Obligor incorporated under the laws of Ireland, the term “Business Day” shall exclude any day on which commercial banks are authorized to close under the laws of, or are in fact closed in, Ireland.
“Capital Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal property which obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof without giving effect to any change in accounting for leases pursuant to GAAP, including, without limitation, resulting from changes to (x) Accounting Standards Codification Topic 840, Leases, or the implementation of (y) Accounting Standards Codification Topic 842, Leases). 

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“Casualty Event” means the damage, destruction or condemnation, as the case may be, of any property of any Person.
“Certificate of Title” means a certificate of or report on title in respect of the London Manufacturing Facility and Shannon Manufacturing Facility (as applicable) prepared by the Borrower’s solicitors and supplied to the Administrative Agent in accordance with Section 8.17 dated as at the date of this Agreement.
“cGMP” means (i) the FDA’s current good manufacturing practice, (ii) any similar or functionally equivalent guidelines or requirements applicable to, or required by, any non-U.S. jurisdiction or Governmental Authority and (iii) all supplements, amendments, or regulatory filings related to any of the foregoing.
“Change of Control” means (i) any transaction, or any series of related transactions, by which any Person directly or indirectly, by means of a tender offer, amalgamation, consolidation, merger, purchase of assets, or similar transaction having the same effect as any of the foregoing, acquires ownership, directly or indirectly, beneficially or of record, by any Person or group of Persons acting jointly or otherwise in concert of Equity Interests of the Borrower having more than thirty-five percent (35%) of the aggregate ordinary voting power, determined on a fully diluted, as-if converted or exercised, basis, (ii) the Borrower shall cease to own, directly or indirectly, beneficially and of record, one hundred percent (100%) of the issued and outstanding Equity Interests of each of the Subsidiary Guarantors or (iii) the sale of all or substantially all of the property of the business of the Borrower and its Subsidiaries, taken as a whole. 
“Change of Law” means any change after the date of this Agreement or, if later, after the date on which the relevant Lender became a Lender under this Agreement (as applicable) in any law, regulation or Treaty (or in the published interpretation, administration or application of any law, regulation or Treaty) or any published practice or published concession of any relevant tax authority, other than any change that occurs pursuant to, or in connection with, the adoption, ratification, approval or acceptance of, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting of 24 November 2016 in or by any jurisdiction.

“Claim” means any claim, demand, complaint, grievance, action, application, suit, cause of action, order, charge, indictment, prosecution, final judgment or other similar process, assessment or reassessment, whether made, converted or assessed in connection with a debt, liability, dispute, breach, failure or otherwise.
“Closing Date” means August 2, 2022.
“Code” means the U.S. Internal Revenue Code of 1986.
“Collateral” means any asset or property in which a Lien is purported to be granted under any Security Documents.
“Commitment” means, with respect to each Lender, the obligation of such Lender to make the Loan to the Borrower on the Closing Date in accordance with the terms and conditions of this Agreement, which commitments are in the amounts set forth opposite such Lender’s name on 

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Schedule 1 hereto, as such Schedule may be amended from time to time pursuant to an Assignment and Assumption or otherwise; provided that with respect to the Loan, the aggregate Commitments of all Lenders on the Closing Date equal $75,000,000.
“Commodity Account” means any commodity account, as such term is defined in Section 9-102 of the NY UCC.
“Competitor” means any Person that is (i) listed as a competitor in the Borrower’s most recent public filings made with the SEC as may be supplemented from time to time with the SEC or (ii) listed on Schedule A.
“Compliance Certificate” has the meaning set forth in Section 8.01(c).
“Conforming Changes” means, with respect to either the use or administration of One-Month Term SOFR, any technical, administrative or operational changes (including changes to the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”), with respect to the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayments, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 3.02(e) and other technical, administrative or operational matters) that the Administrative Agent reasonably decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Contingent Acquisition Obligations” has the meaning set forth in clause (v) of the definition of “Indebtedness”.
“Contract” means any contract, license, lease, agreement, obligation, promise, undertaking, understanding, arrangement, document, commitment, entitlement, indenture, instrument, or engagement under which a Person has, or will have, any liability or contingent liability (in each case, whether written or oral, express or implied, and whether in respect of monetary or payment obligations, performance obligations or otherwise).
“Control” means, in respect of a particular Person, the possession, by one or more other Persons, directly or indirectly, of the power to direct or cause the direction of the management or policies of such particular Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” (and similar derivatives) have meanings correlative thereto.

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“Controlled Account” has the meaning set forth in Section 8.16(a).
“Copyright” means all copyrights, copyright registrations and applications for copyright registrations, including all renewals and extensions thereof, all rights to recover for past, present or future infringements thereof, and all other rights whatsoever accruing thereunder or pertaining thereto.
“Default” means any Event of Default and any event that, upon the giving of notice, the lapse of time or both, would constitute an Event of Default.
“Default Rate” has the meaning set forth in Section 3.02(b).
“Deposit Account” means any deposit account, as such term is defined in Section 9-102 of the NY UCC.
“Designated Jurisdiction” means any country or territory that is itself the target of comprehensive Sanctions (as of the date of this Agreement, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, the so-called Donetsk People’s Republic, and the so-called Luhansk People’s Republic).
“Disqualified Equity Interests” means, with respect to any Person, any Equity Interest of such Person that, by its terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable upon exercise or otherwise), or upon the happening of any event or condition (i) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), including pursuant to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments of dividends or other distributions in cash or other securities that would constitute Disqualified Equity Interests, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the scheduled Maturity Date; provided that, if such Equity Interests are issued pursuant to any plan for the benefit of directors, officers, employees or consultants of such Person or by any such plan to such directors, officers, employees or consultants, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by such Person upon the death, disability, retirement or termination of employment or service of such director, officer, employee or consultant.  
“Disqualified Institution” means (i) those Persons that are Competitors, (ii) those Persons separately identified by name by the Borrower to the Administrative Agent in writing on or before the Closing Date, or (iii) in the case of clauses (i) or (ii), any of their respective Affiliates (other than Affiliates that are bona fide debt funds engaged in, or that advise funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, notes, bonds or similar extensions of credit or securities in the ordinary course of its business except such funds that primarily invest in distressed debt or other distressed financial assets) that are (x) clearly identifiable as Affiliates solely on the basis of their name (provided that the Administrative Agent shall not have any obligation to carry out due diligence in order to identify such Affiliates) or (y) identified by name by the Borrower to the Administrative Agent in writing 

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from time to time; provided that the foregoing shall not apply retroactively to disqualify any Person that previously acquired an assignment or participation interest to the extent such Person was not a Disqualified Institution at the time of the applicable assignment or participation, as the case may be.
“Dollars” and “$” means lawful money of the United States of America.
“Early Prepayment Fee” means, with respect to any prepayment of all or any portion of the outstanding principal amount of the Loans on any Prepayment Date, whether pursuant to clause (a) or (b) of Section 3.03 or otherwise, occurring (i) on or prior to the first anniversary of the Closing Date, an amount equal to the sum of five percent (5.0%) of the aggregate outstanding principal amount of the Loan being prepaid; (ii) at any time after the first anniversary of the Closing Date and on or prior to the second anniversary of the Closing Date, an amount equal to four percent (4.0%) of the aggregate outstanding principal amount of the Loans being prepaid; (iii) at any time after the second anniversary of the Closing Date and on or prior to the third anniversary of the Closing Date, an amount equal to one percent (1.0%) of the aggregate outstanding principal amount of the Loans being prepaid and (iv) thereafter, zero percent (0%) of the aggregate outstanding principal amount of the Loans being prepaid.
“EEA Financial Institution” means (i) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (ii) any entity established in an EEA Member Country which is a parent of an institution described in clause (i) of this definition, or (iii) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (i) or (ii) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eligible Transferee” means and includes (i) any commercial bank, (ii) any insurance company, (iii) any finance company, (iv) any financial institution, (v) any investment fund that invests in loans or other obligations for borrowed money, (vi) with respect to any Lender, any of its Affiliates, and (vii) any other “accredited investor” (as defined in Regulation D of the Securities Act) that is principally in the business of managing investments or holding assets for investment purposes; provided that, in each case, “Eligible Transferee” shall not include any Disqualified Institution.
“English Guarantor” means MeiraGTx UK II Limited incorporated in England and Wales with company registration number 09348737. 
“English Law Security Agreement” means the English law governed security agreement dated on or about the date of this Agreement and made between the English Guarantor and the Irish Subsidiary Guarantor as chargor and the Administrative Agent as security trustee.

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“English Law Share Charge” means the English law governed share charge in respect of the shares MeiraGTx Limited owns in the English Guarantor dated on or about the date of this Agreement and made between the Borrower as charger and the Administrative Agent as security trustee.
“English Obligor” means any Obligor incorporated in England and Wales.
“Environmental Law” means any Law or Governmental Approval relating to pollution or protection of the environment or the treatment, storage, disposal, release, threatened release or handling of hazardous materials, and all local laws and regulations, whether U.S. or non-U.S., related to environmental matters and any specific agreements entered into with any competent authorities which include commitments related to environmental matters.
“Equity Interests” means, with respect to any Person (for purposes of this defined term, an “issuer”), all shares of, interests or participations in, or other equivalents in respect of such issuer’s capital stock, including all membership interests, partnership interests or equivalent, and all debt or other securities (including warrants, options and similar rights) directly or indirectly exchangeable, exercisable or otherwise convertible into, such issuer’s capital stock, whether now outstanding or issued after the Closing Date, and in each case, however classified or designated and whether voting or non-voting.
“Equivalent Amount” means, with respect to an amount denominated in a single currency, the amount in another currency that could be purchased by the amount in the former currency determined by reference to the Exchange Rate at the time of determination.
“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended.
“ERISA Affiliate” means, collectively, any Obligor, Subsidiary thereof, and any Person under common control, or treated as a single employer, with any Obligor or Subsidiary thereof, within the meaning of Section 414(b), (c), (m) or (o) of the Code.
“ERISA Event” means (i) a reportable event as defined in Section 4043 of ERISA with respect to a Title IV Plan, excluding, however, such events as to which the PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event; (ii) a withdrawal by any Obligor or any ERISA Affiliate thereof from a Title IV Plan or the termination of any Title IV Plan resulting in liability under Sections 4063 or 4064 of ERISA; (iii) the withdrawal of any Obligor or any ERISA Affiliate thereof in a complete or partial withdrawal (within the meaning of Section 4203 and 4205 of ERISA) of any ERISA Affiliate from any Multiemployer Plan if there is any potential liability therefor, or the receipt by any Obligor or any ERISA Affiliate thereof of notice from any Multiemployer Plan that it is insolvent pursuant to Section 4245 of ERISA; (iv) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Title IV Plan or Multiemployer Plan; (v) the imposition of liability on any Obligor or any ERISA Affiliate thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vi) the failure by any Obligor or any ERISA Affiliate thereof to make any required contribution 

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to a Plan, or the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Title IV Plan (whether or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Title IV Plan or the failure to make any required contribution to a Multiemployer Plan; (vii) the determination that any Title IV Plan is considered an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (viii) an event or condition which could reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan; (ix) the imposition of any liability under Title I or Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Obligor or any ERISA Affiliate thereof; (x) an application for a funding waiver under Section 303 of ERISA or an extension of any amortization period pursuant to Section 412 of the Code with respect to any Title IV Plan; (xi) the occurrence of a non-exempt prohibited transaction under Sections 406 or 407 of ERISA for which any Obligor or any Subsidiary thereof may be directly or indirectly materially liable; (xii) receipt from the IRS of notice of the failure of any Qualified Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Qualified Plan to fail to qualify for exemption from taxation under Section 501(a) of the Code; (xiii) the imposition of any Lien (or the fulfillment of the conditions for the imposition of any Lien) on any of the rights, properties or assets of any Obligor or any ERISA Affiliate thereof, in either case pursuant to Title I or Title IV of ERISA, including Section 302(f) or 303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Code; or (xiv) any Foreign Benefit Event.
“ERISA Funding Rules” means the rules regarding minimum required contributions (including any installment payment thereof) to Title IV Plans, as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Euros” or “€” means the single currency of the member states of the European Union that have the euro as their lawful currency in accordance with legislation of the European Union relating to the Economic and Monetary Union.
“Event of Default” has the meaning set forth in Section 11.01.
“Exchange Rate” means, as of any date of determination, the rate at which any currency may be exchanged into another currency, as set forth on the relevant Reuters screen at or about 11:00 a.m. (New York City time) on such date. In the event that such rate does not appear on the Reuters screen, the “Exchange Rate” shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably agreed upon by the Borrower and the Administrative Agent (each acting in good faith) or, in the absence of such agreement within two (2) Business Days, such Exchange Rate shall instead be reasonably designated by the Administrative Agent.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (i) Taxes imposed 

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on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (x) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivisions thereof) or (y) that are Other Connection Taxes (ii) any withholding Taxes imposed under FATCA, or (iii) in the case of any successor or assignee of Perceptive Credit Holdings III, LP, any UK Tax Deduction that qualifies as a UK Excluded Tax.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Exclusive License” means any outbound license of Intellectual Property that is exclusive (whether as to use, field, geography or otherwise) and (i) has a term that is longer than twelve (12) months from the date of the original effective date of such license or (ii) is not subject to any automatic renewal right or obligation by the parties thereto.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
“FD&C Act” means the U.S. Food, Drug and Cosmetic Act of 1938 (21 U.S.C. §§ 301), as amended from time to time, and the regulations promulgated thereunder.
“FDA” means the U.S. Food and Drug Administration and any successor entity.
“Federal Funds Effective Rate” means, for any day, the greater of (i) the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York sets forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate and (ii) zero percent (0%).
“Foreign Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any material applicable Law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure to make the required contributions or payments, under any material applicable Law, on or before the due date for such contributions or payments, (c) the receipt of a written notice by a Governmental Authority relating to the termination of any such Foreign Pension Plan or to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign Pension Plan, (d) the incurrence of any liability the Borrower or any of its Subsidiaries under applicable Law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein, or (e) the occurrence of any transaction that is prohibited under any applicable Law and that could reasonably be expected to result in the incurrence of any liability by the 

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Borrower or any of its Subsidiaries, or the imposition on the Borrower or any of its Subsidiaries of any fine, excise tax or penalty resulting from any noncompliance with any applicable Law.
“Foreign Pension Plan” means any benefit plan that under applicable Law, other than the Laws of the United States or any political subdivision thereof, is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority.
“Foreign Collateral Security Documents” means (i) the English Law Security Agreement, (ii) the English Law Share Charge, (iii) the Irish Security Agreement, (iv) the Irish Share Charge, and (v) any other document evidencing or creating a Lien over any asset to secure any obligation of any Obligor to the Secured Parties under the Loan Documents.
“Foreign Real Property Security Document” means any Contract evidencing or creating a Lien over any Manufacturing Facility entered into in accordance with Section 8.17.
“GAAP” means generally accepted accounting principles in the United States, as in effect from time to time, set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, in the statements and pronouncements of the Financial Accounting Standards Board and in such other statements by such other entity as may be in general use by significant segments of the accounting profession that are applicable to the circumstances as of the date of determination.  Unless otherwise mutually agreed upon by the Borrower and the Administrative Agent pursuant to Section 1.02(b), all references to “GAAP” used herein shall be to GAAP applied consistently with the principles used in the preparation of the financial statements delivered pursuant to Section 6.01(e)(i). 
“Governmental Approval” means any consent, authorization, approval, order, license, franchise, permit (including any Healthcare Permit), certification, accreditation, registration, clearance, exemption, filing or notice that is issued or granted by or from (or pursuant to any act of) any Governmental Authority pursuant to or in connection with any Law (including any Healthcare Law).
“Governmental Authority” means any nation, government, branch of power (whether executive, legislative or judicial), state, province or municipality or other political subdivision thereof and any entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government, including without limitation regulatory authorities, governmental departments, agencies, commissions, bureaus, officials, ministers, courts, bodies, boards, tribunals and dispute settlement panels, and other law-, rule- or regulation-making organizations or entities of any state, territory, county, city or other political subdivision of any country, in each case whether U.S. or non-U.S., including the FDA and any other agency, branch or other governmental body that has regulatory, supervisory or administrative authority or oversight over, or is charged with the responsibility or vested with the authority to administer or enforce, any Healthcare Laws or issue or approve any Healthcare Permits under or in connection with any such Healthcare Laws.
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any 

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Indebtedness or other monetary obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation or (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation; provided, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.
“Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit C, executed by any entity that, pursuant to Section 8.12 is required to become a “Subsidiary Guarantor”.
“Guaranteed Obligations” has the meaning set forth in Section 13.01.
“Hazardous Material” means any substance, element, chemical, compound, product, solid, gas, liquid, waste, by-product, pollutant, contaminant or material which is hazardous or toxic, and includes, without limitation, (i) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof) and (ii) any material classified or regulated as “hazardous” or “toxic” or words of like import pursuant to an Environmental Law.
“Headlease” means a lease under which an Obligor holds title to all or any part of a Manufacturing Facility.
“Healthcare Laws” means all applicable healthcare Laws, whether U.S. or non-U.S., the federal Anti-kickback Statute (42 U.S.C. § 1320a-7b(b)) (the “Federal Anti-Kickback Statute”), the Physician Payments Sunshine Act (42 U.S.C. § 1320a-7h), the civil False Claims Act (31 U.S.C. §§ 3729 et seq.), the criminal False Claims Act (42 U.S.C. § 1320a-7b(a)), all criminal laws relating to health care fraud and abuse, including but not limited to 18 U.S.C. Sections 286, 287, 1035, 1347 and 1349, the exclusion law (42 U.S.C. § 1320a-7), the civil monetary penalties law (42 U.S.C. § 1320a-7a), Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. §§ 1320d et seq.), as amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C. §§ 17921 et seq.), the FD&C Act, the statutes, regulations and binding directives of applicable federal healthcare programs, including but not limited to Medicare (Title XVIII of the Social Security Act) and Medicaid (Title XIX of the Social Security Act), any rules and regulations promulgated pursuant to the statutes listed herein and any and all comparable U.S. and non-U.S. Laws and other applicable healthcare laws and regulations.
“Healthcare Permit” means, with respect to any Person and with respect to its ordinary course business or commercial activities (including the commercialization and development of its products), any Governmental Approval (i) issued or required under any Healthcare Laws applicable to such activities of such Person, or (ii) issued to such Person or required to be held by 

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such Person under any Healthcare Laws with respect to its ordinary course business or commercial activities (including the commercialization and development of its products).
“Hedging Agreement” means any interest rate exchange agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. For the avoidance of doubt, no Permitted Bond Hedge Transaction or Permitted Warrant Transaction shall constitute Hedging Agreements.
“HMRC” means HM Revenue & Customs.
“IDA Grant” means the transactions and grant awarded by the Industrial Development Agency (Ireland) to the Irish Subsidiary Guarantor pursuant to the IDA Grant Agreement.
“IDA Grant Agreement” means the IDA Grant Agreement, dated as of August 27, 2021, by and between the Industrial Development Agency (Ireland) and the Irish Subsidiary Guarantor, as amended, restated, supplemented or otherwise modified from time to time.
“Immaterial Subsidiary” means, as of any date of determination, any Subsidiary of an Obligor (i) the unconsolidated assets of which does not exceed 5.0% of the consolidated assets of the Borrower and its consolidated Subsidiaries as set forth in the financial statements most recently delivered pursuant to Sections 6.01, 8.1(a) or 8.1(b), as applicable, and (ii) the unconsolidated revenues of which does not exceed 5.0% of the consolidated revenues of the Borrower and its consolidated Subsidiaries as set forth in the financial statements most recently delivered pursuant to Sections 6.01, 8.1(a) or 8.1(b), as applicable; provided that no Subsidiary of the Obligors shall qualify as an Immaterial Subsidiary if the assets or revenue of such Subsidiary taken together with the consolidated assets or revenue of all then existing Immaterial Subsidiaries exceeds 10.0% of the consolidated assets or revenue, as applicable, of the Borrower and its consolidated Subsidiaries. 
“Impermissible Specified Assets Exclusive License” means any outbound license (or similar transaction or arrangement) of any Specified Asset, in whole or in part, to a Person that is not an Affiliate that (i) qualifies as an Exclusive License, and (ii) is not terminable by its terms (or automatically terminates) or by the licensor within twenty (20) years from either (x) the original date of such outbound license or (y) if the term of such outbound license is extended and so long as such extension does not result from an automatic renewal right or equivalent, the date of such extension.
“Indebtedness” of any Person means, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements, or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid (excluding trade account payables), (iv) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (v) all obligations of such Person in respect of the deferred purchase price of property or services ((A) excluding accounts payable incurred in the ordinary course of business, but (B) including earn-out payments, purchase price adjustments and similar contingent payment obligations relating to any Acquisition (such obligations arising pursuant to clause (B), collectively, “Contingent Acquisition Obligations”)), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be 

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secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (vii) all Guarantees by such Person of Indebtedness of others, (viii) all Capital Lease Obligations of such Person, (ix) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (x) obligations under any Hedging Agreement, currency swaps, forwards, futures or derivatives transactions, (xi) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (xii) all obligations of such Person under license or other agreements containing a guaranteed minimum payment or purchase by such Person other than operating leases entered into in the ordinary course of business and any such license or other agreement for the purchase of goods, software and other intangibles, services or supplies in the ordinary course of business, (xiii) any Disqualified Equity Interests of such Person, and (xiv) all other obligations required to be classified as indebtedness of such Person under GAAP, excluding any of the foregoing to the extent comprised of an obligation in respect of a trade payable, a commercial letter of credit supporting one or more trade payables or similar obligations to a trade creditor, in each case in the ordinary course of business. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing, no Permitted Bond Hedge Transaction or Permitted Warrant Transaction shall constitute Indebtedness.
“Indemnified Party” has the meaning set forth in Section 14.03(b).
“Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any Obligation and (ii) to the extent not otherwise described in clause (i), Other Taxes.
“Independent Appraiser” has the meaning set forth in Section 6.01(p).
“Information Certificate” means an Information and Collateral Certificate, in substantially the form set forth in Exhibit G.
“Insolvency Proceeding” means (i) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, examinership, dissolution, winding-up or relief of debtors, or (ii) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of any Person’s creditors generally or any substantial portion of such Person’s creditors, in each case undertaken under U.S. federal, state or foreign Law, including the Bankruptcy Code, or similar laws of Ireland or other applicable jurisdictions from time to time.
“Intellectual Property” means all Patents, Trademarks, Copyrights, and Technical Information, whether registered or not, U.S. or non-U.S., including (without limitation) all of the following:
(i)applications, registrations, amendments and extensions relating to such Intellectual Property;

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(ii)rights and privileges arising under any applicable Laws with respect to such Intellectual Property;
(iii)rights to sue for or collect any damages for any past, present or future infringements of such Intellectual Property; and
(iv)rights of the same or similar effect or nature in any jurisdiction corresponding to such Intellectual Property throughout the world.
“Intercompany Subordination Agreement” means a subordination agreement to be executed and delivered by the Borrower and each of its Subsidiaries, pursuant to which all obligations in respect of any Indebtedness owing to any such Person by the Borrower or any of its Subsidiaries shall be subordinated to the prior payment in full in cash of all Obligations, such agreement to be substantially in the form attached hereto as Exhibit H.
“Interest Period” means (i) initially, the period commencing on (and including) the Closing Date and ending on (and including) the last day of the calendar quarter in which the Closing Date occurred, and (ii) thereafter, the period beginning on (and including) the first day of each succeeding calendar quarter and ending on the earlier of (and including) (x) the last day of such calendar quarter and (y) the Maturity Date.
“Interest Rate” means, for any Interest Period, the sum of (i) the Applicable Margin plus (ii) the greater of (x) the Reference Rate as of the second Business Day immediately preceding the first day of such Interest Period and (y) one percent (1.00%). 
“Invention” means any novel, inventive or useful art, apparatus, method, process, machine (including any article or device), manufacture or composition of matter, or any novel, inventive and useful improvement in any art, method, process, machine (including article or device), manufacture or composition of matter.
“Investment” means, for any Person:  (i) the acquisition (whether for cash, property, services or securities or otherwise) of Equity Interests, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person or any agreement to make any such acquisition (including any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (ii) the making of any deposit with, or advance, loan, assumption of debt, or other extension of credit to, or capital contribution in any other Person (including the purchase of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person), but excluding any such advance, loan or extension of credit having a term not exceeding one hundred eighty (180) days arising in connection with the sale of inventory, services or supplies by such Person in the ordinary course of business; (iii) the entering into of any Guarantee of, or other contingent obligation with respect to, Indebtedness or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person; or (iv) the entering into of any Hedging Agreement.  The amount of an Investment will be determined at the time the Investment is made without giving effect to any subsequent changes in value.
“Irish Companies Act” means the Companies Act of Ireland, 2014 (as amended). 

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“Irish Security Agreement” means the Irish law debenture to be executed and delivered by the Irish Subsidiary Guarantor and the Administrative Agent, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

“Irish Share Charge” means an Irish law share charge over the shares of MeiraGTx Ireland DAC, to be executed and delivered by MeiraGTx Limited and the Administrative Agent, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.
“Irish Subsidiary Guarantor” means MeiraGTx Ireland DAC, a designated activity company limited by shares incorporated in Ireland under registration number 672472 and with its registered address at 25-28 North Wall Quay, Dublin 1, D01 H104 and any other company incorporated in Ireland who accedes to this Agreement as a Subsidiary Guarantor from time to time. 
“IRS” means the U.S. Internal Revenue Service.
“Janssen Collaboration Agreement” means that certain Collaboration, Option and License Agreement, dated January 30, 2019, by and between Janssen Pharmaceuticals, Inc. and Borrower, as may be amended, restated, supplemented or otherwise modified from time to time.
“Law” means any U.S. or non-U.S. federal, state, provincial, territorial, municipal or local statute, treaty, rule, regulation, ordinance, code or administrative or judicial precedent or authority, including any interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case having the force of law.
“Legal Reservations” means, solely in respect of the English Guarantor and the Irish Subsidiary Guarantor, (i) the principle that equitable or discretionary remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; (ii) the time barring of claims under the UK Limitation Acts or the Statute of Limitations 1957 (Ireland) (as applicable), the possibility that an undertaking to assume liability for or indemnify a person against non-payment of stamp duty may be void and defences of set-off or counterclaim; (iii) the limitation of the enforcement of the terms of leases of real property by laws of general application to those leases; (iv) similar principles, rights and remedies under the laws of any Relevant Jurisdiction; and (v) any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinions supplied to the Lender under this Agreement.
“Lenders” has the meaning set forth in the preamble hereto.
“Lien” means any mortgage, lien, pledge, charge, assignment by way of security or other security interest, or any lease, title retention agreement, mortgage, restriction, easement, right-of-way, option or adverse claim (of ownership or possession) or other encumbrance of any kind or character whatsoever or any preferential arrangement that has the practical effect of creating a security interest.

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“Loan” means, as the context may require, any of the Tranche 1 Loan and the Tranche 2 Loan, and “Loans” means, collectively, any combination of the foregoing, as the case may be. 
“Loan Documents” means, collectively, this Agreement, the Notes, the Security Documents, any Guarantee, any Warrant Certificate, the Intercompany Subordination Agreement, and any other guaranty, security agreement, subordination agreement, intercreditor agreement or other present or future document, instrument, agreement, certificate or other amendment, waiver or modification of the foregoing, delivered to the Administrative Agent or any Lender in connection with this Agreement or any of the other Loan Documents, in each case, as amended or otherwise modified.
“London Manufacturing Facility” means the leasehold interest held by the UK Subsidiary Guarantor with Land Registry title number EGL434767 and known as Pharmacy Manufacturing Unit, Britannia Walk, London (N1 7LU) and located at 92 Britannia Walk, London, United Kingdom.
“Loss” means judgments, debts, liabilities, expenses, costs, damages or losses, contingent or otherwise, whether liquidated or unliquidated, matured or unmatured, disputed or undisputed, contractual, legal or equitable, including loss of value, professional fees, including fees and disbursements of legal counsel on a full indemnity basis, and all costs incurred in investigating or pursuing any Claim or any proceeding relating to any Claim.
“Majority Lenders” means, at any time, Lenders having at such time in excess of fifty percent (50%) of the aggregate Commitments (or, if such Commitments are terminated, the outstanding principal amount of the Loans) then in effect, ignoring, in such calculation, the Commitments of and outstanding Loans owing to any Lender that has failed to perform its funding obligations in respect of its Commitment to make Loans hereunder.
“Manufacturing Facility” means (i) the Shannon Manufacturing Facility and (ii) the London Manufacturing Facility.
“Margin Stock” means “margin stock” within the meaning of Regulation U and Regulation X.
“Material Adverse Change” and “Material Adverse Effect” mean a material adverse change in or effect on (i) the business, assets, operations or condition (financial or otherwise) of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability of any Obligor to perform its obligations under the Loan Documents, as and when due, or (iii) the legality, validity, binding effect or enforceability of the Loan Documents or the rights and remedies of the Administrative Agent or the Lenders under any of the Loan Documents.
“Material Agreement” means (i) any Contract to which the Borrower or any of its Subsidiaries is a party or a beneficiary from time to time, the absence or termination of which could reasonably be expected to result in a Material Adverse Effect, and (ii) without duplication, any other Contract to which the Borrower or any of its Subsidiaries is a party or a guarantor (or equivalent) that, during any period of twelve (12) consecutive months is reasonably expected to (1) result in payments or receipts (including royalty, licensing or similar payments) made to the Borrower or any of its Subsidiaries in an aggregate amount in excess of $5,000,000, or (2) require 

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payments or expenditures (including royalty, licensing or similar payments) to be made by the Borrower or any of its Subsidiaries in an aggregate amount in excess of $5,000,000.
“Material Indebtedness” means, at any time, any Indebtedness of any Obligor or any Subsidiary thereof (excluding any intercompany Indebtedness by and among the Obligors and their respective Subsidiaries that is permitted hereunder), the outstanding principal amount of which, individually or in the aggregate, exceeds $5,000,000 (or the Equivalent Amount in other currencies). 
“Material Intellectual Property” means any Intellectual Property of the Obligors, whether currently owned or licensed, or acquired, developed or otherwise licensed or obtained after the date hereof the loss of which could reasonably be expected to result in a Material Adverse Effect.
“Maturity Date” means August 2, 2026.
“MD&A” has the meaning set forth in Section 8.01(c).
“Medicaid” means that government-sponsored entitlement program under Title XIX, P.L. 89-97 of the Social Security Act, which provides federal grants to states for medical assistance based on specific eligibility criteria, as set forth on Section 1396, et seq. of Title 42 of the United States Code.
“Medicare” means that government-sponsored insurance program under Title XVIII, P.L. 89-97, of the Social Security Act, which provides for a health insurance system for eligible elderly and disabled individuals, as set forth at Section 1395, et seq. of Title 42 of the United States Code.
“Minimum Liquidity Account” has the meaning set forth in Section 10.01.
“Multiemployer Plan” means any multiemployer plan, as defined in Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise.
“Net Cash Proceeds”, means, (i) with respect to any Casualty Event experienced or suffered by the Borrower or any of its Subsidiaries, the amount of cash proceeds received (directly or indirectly) including, without limitation, in the form of insurance proceeds or condemnation awards in respect of such Casualty Event, from time to time by or on behalf of such Person after deducting therefrom only (x) reasonable fees, costs and expenses related thereto incurred by the Borrower or such Subsidiary in connection therewith, (y) amounts required to be repaid on account of any Permitted Indebtedness (other than the Obligations) required to be repaid as a result of such Casualty Event, (y) amounts required to be reserved in accordance with GAAP for indemnities and against liabilities associated with the property damaged, destructed or condemned in such Casualty Event, and (z) Taxes (including transfer Taxes or net income Taxes) paid or payable in connection therewith; and (ii) with respect to any Asset Sale by the Borrower or any of its Subsidiaries, the amount of cash proceeds received (directly or indirectly) from time to time by or on behalf of such Person after deducting therefrom only (x) reasonable fees, costs and expenses related thereto incurred by the Borrower or such Subsidiary in connection therewith, (y) amounts required to be repaid on account of any Permitted Indebtedness (other than the Obligations) required to be repaid as a result of such Asset Sale, and (z) Taxes (including transfer Taxes or net 

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income Taxes) paid or payable in connection therewith; provided that, in each case of clauses (i) and (ii), costs and expenses shall only be deducted to the extent, that the amounts so deducted are (x) actually paid to a Person that is not an Affiliate of the Borrower or any of its Subsidiaries and (y) properly attributable to such Casualty Event or Asset Sale, as the case may be.
 “Note” means a promissory note, in substantially the form of Exhibit A hereto, executed and delivered by the Borrower to any Lender in accordance with Section 2.03.
“NY UCC” means the UCC as in effect from time to time in New York.
“Obligations” means, with respect to any Obligor, all amounts, obligations, liabilities, covenants and duties of every type and description (including all Guaranteed Obligations) owing by such Obligor to any Secured Party, any indemnitee hereunder or any participant, arising out of, under, or in connection with, any Loan Document, whether direct or indirect (regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any instrument or for the payment of money, including, without duplication, (i) if such Obligor is the Borrower, all Loans, (ii) all interest, whether or not accruing after the filing of any petition in bankruptcy or after the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding, and (iii) all other fees, expenses (including fees, charges and disbursement of counsel), interest, commissions, charges, costs, disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to such Obligor under any Loan Document.  Notwithstanding the foregoing, the “Obligations” shall not include the Warrant Obligations and any obligations under any other warrant or other instrument or any equity or other investment. 
“Obligors” means, collectively, the Borrower, the Subsidiary Guarantors and their respective successors and permitted assigns.
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.
“One-Month Term SOFR” means, the Term SOFR Reference Rate (expressed, as a decimal, rounded upwards, if necessary, to the nearest 1/100th of 1%) for a one month tenor on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of the Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the one month tenor has not been published by the Term SOFR Administrator, then Term SOFR will be the Term SOFR Reference Rate for a one month tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day.  
“Organic Document” means, for any Person, such Person’s formation documents, including, as applicable its certificate of incorporation, by-laws, constitution, memorandum and articles of association, certificate of partnership, partnership agreement, certificate of formation, 

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limited liability agreement, constitution, operating agreement and all shareholder agreements, voting trusts and similar arrangements applicable to such Person’s Equity Interests, or any equivalent document of any of the foregoing.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.03(h)).
“Overage Deed” means an overage deed relating to the London Manufacturing Facility made between (1) the English Guarantor and (2) Moorfields Eye Hospital NHS Foundation Trust dated 14 December 2018.
“Participant” has the meaning set forth in Section 14.05(e).
“Participant Register” has the meaning set forth in Section 14.05(g).
“Patents” means all patents and patent applications, including (i) the reissues, divisions, continuations, renewals, extensions, and continuations in part thereof, (ii) all rights to recover for all past, present and future infringements thereof and all rights to sue therefor, and (iii) all rights whatsoever accruing thereunder or pertaining thereto throughout the world.
“Patriot Act” has the meaning set forth in Section 14.20.
“Payment Date” means (i) the last day of each Interest Period; provided that if such last day of any Interest Period is not a Business Day, then the Payment Date shall be the next succeeding Business Day, and (ii) the Maturity Date.
“PBGC” means the United States Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Perfection Requirements” means, solely in respect of the English Guarantor and the Irish Subsidiary Guarantor, the making or the procuring of filings, stampings, registrations, notarisations, endorsements, translations and/or notifications of any Loan Document (and/or any Liens created under it) necessary for the validity, enforceability (as against the relevant Obligor or any relevant third party) and/or perfection of that Loan Document.
“Periodic Term SOFR Determination Day” has the meaning set forth in the definition of “One-Month Term SOFR”.

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“Permitted Acquisition” means any Acquisition by the Borrower or any of its Subsidiaries that satisfies each of the following conditions: 
(a)immediately prior to, and after giving effect to such Acquisition, (i) all representations and warranties contained in this Agreement and the other Loan Documents that are qualified by materiality, Material Adverse Effect or the like are, in each case, true and correct, (ii) all representations and warranties contained in this Agreement and the other Loan Documents that are not qualified by materiality, Material Adverse Effect or the like are, in each case, true and correct in all material respects, and (iii) no Event of Default shall have occurred and be continuing or could reasonably be expected to result therefrom;
(b)all transactions in connection therewith shall be consummated in accordance with all applicable Laws and in conformity with all applicable Governmental Approvals, in each case, in all material respects;
(c)in the case of an Acquisition of Equity Interests of any Person, all of such Equity Interests (except for any such securities in the nature of directors’ qualifying shares required pursuant to any applicable Law) acquired, or otherwise issued by such Person or any newly formed Subsidiary of the Borrower in connection with such acquisition, shall be owned by an Obligor or a wholly-owned Subsidiary of an Obligor, and the Borrower shall have taken, or caused to be taken, as of the date such Person becomes a Subsidiary of the Borrower, each of the actions set forth in Section 8.12(a), if applicable;
(d)the Person (in the case of an Acquisition of Equity Interests), business, property, or assets that is the subject of such Acquisition shall be engaged or used, as the case may be, in substantially the same business or lines of business in which the Borrower and its Subsidiaries are engaged as of the Closing Date; 
(e)on a pro forma basis after giving effect to such Acquisition, the Borrower and its Subsidiaries shall be in compliance with the financial covenant set forth in Section 10.01; 
(f)with respect to any Acquisition, the consideration paid for such Acquisition (i) when taken together with consideration paid for all other Acquisitions consummated or effected during the prior period of twelve (12) consecutive months ending on the date such Acquisition becomes effective, does not exceed $20,000,000 in the aggregate (which amount shall include the aggregate amount of outstanding principal and unpaid interest (or equivalent if an equivalent concept exists in its jurisdiction of organization or incorporation) in respect of any Indebtedness assumed, incurred or otherwise created in connection with any such applicable Acquisitions, including all related Contingent Acquisition Obligations), and (ii) when taken together with consideration paid for all other Acquisitions consummated or effected since the Closing Date, does not exceed $50,000,000 in the aggregate (which amount shall also include, without duplication, the aggregate amount of outstanding principal and unpaid interest (or equivalent) in respect of any Indebtedness assumed, incurred or otherwise created in connection with any such applicable Acquisitions, including all related Contingent Acquisition Obligations); provided that for purposes of determining amounts to be calculated for purposes of this 

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clause (f), non-cash consideration shall be determined on the basis of fair market value as determined by the Borrower’s Board acting in good faith; 
(g)the Borrower shall have provided the Administrative Agent with at least ten (10) calendar days’ prior written notice of any such Acquisition, together with any available summaries, prepared in reasonable detail, of all material non-confidential due diligence conducted by or on behalf of the Borrower or the applicable Subsidiary, as applicable, prior to such Acquisition; 
(h)at least three (3) Business Days prior to the proposed date of the Acquisition, the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower (prepared in reasonable detail), certifying that the Acquisition complies with the requirements of this definition; 
(i)to the extent that the purchase price for any such Acquisition is paid in Equity Interests, all such Equity Interests shall be Qualified Equity Interests;
(j)promptly upon request by the Administrative Agent in the case of any Acquisition that has a purchase price in excess of $25,000,000, the Borrower shall provide (i) a copy of the draft purchase agreement related to the proposed Acquisition (and any related documents reasonably requested by the Administrative Agent), (ii) any available quarterly and annual financial statements of the Person whose Equity Interests or assets are being acquired for the twelve (12) month period ending forty-five (45) days immediately prior to such Acquisition, including any audited financial statements that are available, and (iii) any other information reasonably requested by the Administrative Agent and available to the Obligors; and
(k)neither the Borrower nor any of its Subsidiaries shall, in connection with any such Acquisition, assume or remain subject to or liable with respect to (x) any Indebtedness of the related seller or the business, Person or properties acquired, except to the extent permitted pursuant to Section 9.01, (y) any Lien on any business, Person or assets acquired, except to the extent permitted pursuant to Section 9.02, or (z) any other liability (including Tax, ERISA and environmental liabilities), except (with respect to liabilities under this clause (k)), to the extent the assumption of any such liability could not reasonably be expected to result in a Material Adverse Effect; provided that any other such Indebtedness, liabilities or Liens not permitted to be assumed, continued or otherwise supported by the Borrower or any of its Subsidiaries hereunder shall be paid in full or released as to the business, Persons or properties being so acquired substantially on or before the consummation of such Acquisition.
“Permitted Bond Hedge Transaction” means any bond hedge, capped call or similar option transaction entered into by the Borrower in respect of the Borrower’s ordinary shares and entered into in connection with the issuance of Permitted Convertible Indebtedness; provided that (i) the terms, conditions and covenants of each such transaction shall be customary for transactions of such type, as determined in good faith by the Borrower, (ii) such transaction is consummated substantially concurrently with the issuance of such Permitted Convertible Indebtedness, and (iii) the purchase price for such Permitted Bond Hedge Transaction (net of any proceeds to Borrower 

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from the sale of any related Permitted Warrant Transaction) (x) does not exceed the Net Cash Proceeds received by the Borrower from the issuance of Permitted Convertible Indebtedness and (y) is financed with the proceeds of such issuance.
“Permitted Cash Equivalent Investments” means (i) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any state thereof having maturities of not more than one year from the date of acquisition, (ii) commercial paper maturing no more than one year after the date of its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., (iii) certificates of deposit, or bankers’ acceptance maturing no more than one year after issue provided that the account in which any such certificate of deposit is maintained is subject to an account control agreement in favor of the Administrative Agent, (iv) money market funds at least ninety five percent (95%) of the assets of which constitute Permitted Cash Equivalent Investments of the kinds described in clauses (i) through (iii) of this definition, (v) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (i) above, and (vi) investments permitted pursuant to an investment policy approved by the Borrower’s Board, as amended from time to time, provided that such investment policy (and any such amendment thereto) shall have been approved in advance in writing by the Administrative Agent. 
“Permitted Convertible Indebtedness” means unsecured Indebtedness in the form of notes issued by the Borrower that (i) as of the date of issuance thereof contains terms, conditions, covenants, conversion or exchange rights, redemption rights and offer to repurchase rights, in each case, as are typical and customary for notes of such type, as determined by the Borrower, (ii) is convertible or exchangeable into a fixed number of shares of ordinary shares of the Borrower (or Qualified Equity Interests following a merger event or other conversion or exchange of ordinary shares of the Borrower), cash or a combination thereof (such amount of cash determined by reference to the price of the Borrower’s ordinary shares or such Qualified Equity Interests), and cash in lieu of fractional shares of ordinary shares of the Borrower or such Qualified Equity Interests, (iii) has a stated final maturity date that is no earlier than the date that is one hundred eighty (180) days after the Maturity Date (the “Earliest Date”), (iv) shall not be required to be repaid, prepaid, redeemed, repurchased or defeased (whether through scheduled amortization, principal payments, mandatory redemptions, payments of principal or otherwise), whether on one or more fixed dates, prior to the Earliest Date, except (x) upon the occurrence of an event of default, “fundamental change” or equivalent or (y) following the Borrower’s election to redeem such notes; provided that the right to convert such Indebtedness into Qualified Equity Interests, cash or any combination thereof shall not be deemed to violate this clause (iv), and (v) is not supported by a Guarantee made or issued by any Subsidiary of the Borrower that is not an Obligor.
“Permitted Indebtedness” means any Indebtedness permitted under Section 9.01.
“Permitted Liens” means any Liens permitted under Section 9.02.
“Permitted Refinancing” means, with respect to any Indebtedness permitted to be refinanced, extended, renewed or replaced hereunder, any refinancings, extensions, renewals and replacements of such Indebtedness; provided that such refinancing, extension, renewal or replacement shall not (i) increase the outstanding principal amount of the Indebtedness being refinanced, extended, renewed or replaced, (ii) contain terms relating to outstanding principal 

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amount, amortization, maturity, collateral security (if any) or subordination (if any), or other material terms that, taken as a whole, are less favorable in any material respect to the Borrower and its Subsidiaries or the Secured Parties than the terms of any agreement or instrument governing the Indebtedness being refinanced, (iii) have an applicable interest rate or equivalent yield that exceeds the interest rate or equivalent yield of the Indebtedness being refinanced, (iv) contain any new requirement to grant any Lien or to give any Guarantee that was not an existing requirement of the Indebtedness being refinanced and (v) after giving effect to such refinancing, extension, renewal or replacement, no Event of Default shall have occurred (or could reasonably be expected to occur) as a result thereof.
“Permitted Warrant Transaction” means any call option, warrant or right to purchase (or substantively equivalent derivative transaction) relating to ordinary shares (or other securities or property following a merger event or other change of the ordinary shares) and/or cash (in an amount determined by reference to the price of such ordinary shares) sold by Borrower substantially concurrently with any purchase by Borrower of a related Permitted Bond Hedge Transaction and as may be amended in accordance with its terms; provided that (x) that the terms, conditions and covenants of each such call option transaction are customary for agreements of such type, as determined in good faith by Borrower and (y) such call option transaction would be classified as an equity instrument in accordance with GAAP.
“Person” means any individual, corporation, company, voluntary association, partnership, limited liability company, exempted company, joint venture, trust, unincorporated organization or Governmental Authority or other entity of whatever nature.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Prepayment Date” has the meaning set forth in Section 3.03(a)(i).
“Prepayment Price” has the meaning set forth in Section 3.03(a)(i).
“Proceeding” has the meaning set forth in Section 14.03(b).
“Prohibited Payment” means any bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or anything of value (including meals or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, political party or supra-national organization (such as the United Nations), any political candidate, any royal family member or any other person who is connected or associated personally with any of the foregoing for the purpose of influencing any act or decision of such payee in his official capacity, inducing such payee to do or omit to do any act in violation of his lawful duty, securing any improper advantage or inducing such payee to use his influence with a government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality, in each case that is prohibited under any applicable Law.

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“Proportionate Share” means, with respect to each Lender, the percentage obtained by dividing (i) the sum of all Commitments (or, if the Commitments are terminated, the outstanding principal amount of the Loans) of such Lender then in effect by (ii) the sum of all Commitments (or, if the Commitments are terminated, the outstanding principal amount of the Loans) of all Lenders then in effect.
“Proposal Letter” means the Proposal Letter, dated July 7, 2022, between the Borrower and Perceptive Advisors LLC (as supplemented by the outline of proposed terms and conditions attached thereto).
“Qualified Equity Interest” means, with respect to any Person, any Equity Interest of such Person that is not a Disqualified Equity Interest.
“Qualified Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Obligor or any ERISA Affiliate thereof or to which any Obligor or any ERISA Affiliate thereof has ever made, or was ever obligated to make, contributions, and (ii) that is intended to be tax qualified under Section 401(a) of the Code.
“Real Property Collateral Security Documents” means any mortgage or deed of trust or any other real property security document executed or required hereunder to be executed by the applicable Obligors and granting a security interest in real property owned or leased (as tenant) by such Obligor in favor of the Secured Parties for purposes of securing the Obligations.
“Recipient” means any Lender, the Administrative Agent or any other recipient of any payment to be made by or on account of any Obligation, as applicable.
“Recognised Stock Exchange” has the meaning given to that term in section 1005 of the UK ITA.
“Reference Rate” means One-Month Term SOFR; provided that if the Administrative Agent determines (which determination shall be conclusive absent manifest or demonstrable error) that One-Month Term SOFR cannot be determined pursuant to the definition thereof or a Reference Rate Transition Event has occurred with respect to One-Month Term SOFR or the then-current Reference Rate, then “Reference Rate” means the applicable “Reference Rate Replacement” to the extent that such Reference Rate Replacement has replaced such prior reference rate pursuant to Section 1.05. 
“Reference Rate Replacement” means, with respect to any Reference Rate Transition Event, an alternate reference rate that has been selected by the Administrative Agent and the Borrower, each of which agree, in good faith, to establish an alternate reference rate of interest to One-Month Term SOFR that gives due consideration to the then prevailing market convention for determining a rate of interest for middle-market loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided, further that, until such alternate rate of interest is agreed upon by the Administrative Agent and the Borrower, the Reference Rate for purposes hereof and of each other Loan Document shall be the Wall Street Journal Prime Rate.

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“Reference Rate Transition Event” means the occurrence of one or more of the following events with respect to the Reference Rate then in effect:
(a)a public statement or publication of information by or on behalf of the administrator of such Reference Rate announcing that such administrator has ceased or will cease to provide such Reference Rate, permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Reference Rate;
(b)a public statement or publication of information by the Governmental Authority governing or regulating the administrator of such Reference Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the then-current administrator for such Reference Rate, a resolution authority with jurisdiction over the then-current administrator for such Reference Rate or a court or an entity with similar insolvency or resolution authority over the administrator for such Reference Rate, which in any case states that the then-current administrator of such Reference Rate has ceased or will cease to provide such Reference Rate permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Reference Rate; or
(c)a public statement or publication of information by the Governmental Authority governing or regulating the then-current administrator of such Reference Rate announcing that such Reference Rate is no longer representative.
For the avoidance of doubt, a “Reference Rate Transition Event” will be deemed to have occurred with respect to any Reference Rate if a public statement or publication of information set forth above has occurred with respect to each then-current available tenor of such Reference Rate (or the published component used in the calculation thereof). 
“Register” has the meaning set forth in Section 14.05(d).
“Regulation T” means Regulation T of the Board of Governors of the Federal Reserve System, as amended.
“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as amended.
“Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System, as amended.
“Related Fund” means, with respect to any Lender, a fund which is managed or advised by the same investment manager or investment adviser as such Lender or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of such Lender.
“Related Parties” has the meaning set forth in Section 14.16.
“Requisite Consents” has the meaning set forth in Section 8.19(c)(ii).

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“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer” of any Person means each of the president, chief executive officer, chief financial officer, chief accounting officer, director, secretary, treasurer, general counsel and similar officer of such Person.
“Restricted Payment” means any dividend or other distribution (whether in cash, Equity Interests or other property) with respect to any Equity Interests of the Borrower or any of its Subsidiaries, any payment of interest, principal or fees in respect of any Indebtedness owed by the Borrower or any of its Subsidiaries to any holder of any Equity Interests of the Borrower or any of its Subsidiaries, or any payment (whether in cash, Equity Interests or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests of the Borrower or any of its Subsidiaries, or any option, warrant or other right to acquire any such Equity Interests of the Borrower or any of its Subsidiaries. 
“Restrictive Agreement” means any Contract or other arrangement that prohibits, restricts or imposes any condition upon (i) the ability of the Borrower or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its properties or assets (other than (x) customary provisions in Contracts (including without limitation anti-assignment clauses, leases and licenses of Intellectual Property) restricting the assignment thereof and (y) restrictions or conditions imposed by any Contract governing secured Permitted Indebtedness permitted under Section 9.01(g), to the extent that such restrictions or conditions apply only to the property or assets securing such Indebtedness), or (ii) the ability of the Borrower or any of its Subsidiaries to make Restricted Payments with respect to any of their respective Equity Interests or to make or repay loans or advances to the Borrower or any of its Subsidiaries or such other Obligor or to Guarantee Indebtedness of the Borrower or any of its Subsidiaries thereof or such other Obligor.
“Sanction” means any international economic sanction administered or enforced by the United States government (including, without limitation, OFAC), the United Nations Security Council, the European Union or its Member States, Her Majesty’s Treasury or other relevant sanctions authority.
“Secured Party” means each Lender, the Administrative Agent, each other Indemnified Party, any other holder of any Obligation, and any of their respective permitted transferees or assigns.
“Securities Account” means any securities account, as such term is defined in Section 8-501 of the NY UCC.
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Security Documents” means, collectively, the Account Pledge Agreement, each Real Property Collateral Security Document (if any), each Foreign Collateral Security Document, each Foreign Real Property Security Document and each other security agreement, control agreement or financing statement, registration, recordation, filing, instrument or approval required, entered 

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into or recommended to grant, perfect and otherwise render enforceable Liens in favor of the Secured Parties for purposes of securing the Obligations, including (without limitation) pursuant to Section 8.12.
“Shannon Manufacturing Facility” means Buildings 2 & 3, Block K, Shannon Free Zone, Shannon, Co. Clare. 
“SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“Solvent” means, at any time of determination and with respect to any Person and its Subsidiaries, taken as a whole, that (i) the present fair saleable value of the property of such Person and its Subsidiaries is greater than the total amount of liabilities (including contingent liabilities) of such Person and its Subsidiaries, (ii) the present fair saleable value of the property of such Person and its Subsidiaries is not less than the amount that will be required to pay the probable aggregate liabilities of such Person and its Subsidiaries on their collective debts as they become absolute and matured, (iii) such Person and its Subsidiaries have not incurred and does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s and its Subsidiaries’ ability to pay as such aggregate debts and liabilities mature.
“Specified Assets” means any of the Borrower’s (i) gene regulation platform technologies, (ii) AAV-AQP1 program, or (iii) AAV-GAD program, as further described in reasonable detail on Schedule B hereto, and all assets and properties of the Borrower and its Subsidiaries reasonably related thereto (including Intellectual Property); provided that the Specified Assets shall not at any time include any assets or property of the Borrower or any of its Subsidiaries that constitutes Collateral.  
“Specified Assets Conditions” means with respect to any Specified Asset, in whole or in part, (i) no Event of Default has occurred and is continuing, or could reasonably be expected to occur, as a result of the entry into such transaction, (ii) such transaction does not result in, nor could it reasonably be expected to result in, the outright sale or disposition of any Specified Asset, in whole or in part, (iii) such transaction does not constitute, nor could it reasonably be expected to constitute, an Impermissible Specified Assets Exclusive License and (iv) such transaction does not interfere with or adversely affect, nor could it reasonably be expected to interfere with or adversely affect, the Secured Parties’ Liens on any Collateral or its rights or remedies in respect thereof.
“Sterling” or “£” means lawful money of the United Kingdom.
“Subsidiary” means, with respect to any Person (for purposes of this definition, the “parent”) at any date, any corporation, limited liability company, exempted company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, exempted company, partnership, association or other entity (i) of which securities or other 

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ownership interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, owned, controlled or held, directly or indirectly or (ii) that is, as of such date, otherwise Controlled, by the parent or one or more direct or indirect subsidiaries of the parent or by the parent and one or more direct or indirect subsidiaries of the parent. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.
“Subsidiary Guarantor” means, initially as of the Closing Date, each Subsidiary of the Borrower identified under the caption “SUBSIDIARY GUARANTORS” on the signature pages hereto and, thereafter, each Subsidiary of such Subsidiary Guarantors (i.e. the Subsidiary Guarantors as of the Closing Date) that becomes, or is required to become, a “Subsidiary Guarantor” after the Closing Date pursuant to Section 8.12. 
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Technical Information” means all trade secrets and other proprietary or confidential information, public information, non-proprietary know-how, any information of a scientific, technical, or business nature in any form or medium, standards and specifications, conceptions, ideas, innovations, discoveries, Invention disclosures, all documented research, developmental, demonstration or engineering work and all other information, data, plans, specifications, reports, summaries, experimental data, manuals, models, samples, know-how, technical information, systems, methodologies, computer programs, information technology and any other information.
“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).
“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.
“Title IV Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Obligor or any ERISA Affiliate thereof or to which any Obligor or any ERISA Affiliate thereof has ever made, or was obligated to make, contributions, and (ii) that is or was subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA.
“Trademarks” means all trade names, trademarks and service marks, logos, trademark and service mark registrations, and applications for trademark and service mark registrations, including (i) all renewals of trademark and service mark registrations, (ii) all rights to recover for all past, present and future infringements thereof and all rights to sue therefor, and (iii) all rights whatsoever accruing thereunder or pertaining thereto throughout the world, together, in each case, with the goodwill of the business connected with the use thereof.
“Tranche 1 Borrowing Date” means the date on which the Tranche 1 Loan is made pursuant to the terms and conditions hereof.

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“Tranche 1 Loan” has the meaning set forth in the first recital hereto.
“Tranche 1 Facility Fee” has the meaning set forth in Section 3.04.
“Tranche 2 Borrowing Date” means the date on which the Tranche 2 Loan is made pursuant to the terms and conditions hereof.
“Tranche 2 Borrowing Date Certificate” has the meaning set forth in Section 6.02(c).
“Tranche 2 Draw Period” has the meaning set forth in the first recital hereto,
“Tranche 2 Facility Fee” has the meaning set forth in Section 3.04.
“Tranche 2 Loan” has the meaning set forth in the first recital hereto. 
“Tranche 2 Loan Commitment Amount” means the Commitment of the Lenders, subject to the terms and conditions set forth herein, to make the Tranche 2 Loan in the amount of $25,000,000.
“Transactions” means the negotiation, preparation, execution, delivery and performance by each Obligor of this Agreement and the other Loan Documents to which such Obligor is (or is intended to be) a party, the making of the Loans hereunder, and all other transactions contemplated pursuant to this Agreement and the other Loan Documents.
“UCC” means, with respect to any applicable jurisdictions, the Uniform Commercial Code as in effect in such jurisdiction, as may be modified from time to time.
“UCL Licenses” means each stand alone license agreement entered into from January to February 2019, by and between the English Guarantor and UCL Business plc, in each case, as may be amended, restated, supplemented or otherwise modified from time to time.
“UK CTA” means the Corporation Tax Act 2009 of the United Kingdom (as amended).

“UK DTTP Scheme” means HMRC’s Double Taxation Treaty Passport scheme, as modified from time to time. 
“UK Excluded Taxes” means any UK Tax Deduction from a payment by a Withholding Agent under a Loan Document, if on the date on which the payment falls due:
(i)the payment could have been made to the relevant Lender without a UK Tax Deduction if that Lender had been a UK Qualifying Lender, but on that date that Lender is not or has ceased to be a UK Qualifying Lender other than as a result of any Change of Law; or
(ii)the relevant Lender is a UK Qualifying Lender solely by virtue of sub-paragraph (a)(ii) of the definition of UK Qualifying Lender and (i) that relevant Lender has not given a UK Tax Confirmation to the Administrative Agent, and (ii) the payment could have been made to the relevant Lender without a UK Tax Deduction if that Lender had given a UK Tax Confirmation to the Administrative Agent, on the basis that the UK Tax Confirmation would have enabled the 

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Withholding Agent making the payment to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the UK ITA; or
(iii)the relevant Lender is a UK Qualifying Lender solely under sub-paragraph (a)(ii) of the definition of UK Qualifying Lender and (i) an officer of HMRC has given (and not revoked) a direction (a “UK Direction”) under section 931 of the UK ITA which relates to that payment and that Lender has received from the Borrower a certified copy of that UK Direction, and (ii) the payment could have been made to the Lender without any UK Tax Deduction if that UK Direction had not been made; or
(iv)the relevant Lender is a UK Treaty Lender (or a Lender which would be a UK Treaty Lender upon the completion of any necessary procedural formalities) and the payment could have been made to the Lender without a UK Tax Deduction had that Lender complied with its obligations under paragraphs (i) or (j) of Section 5.03; provided that any UK Tax Deduction from a payment by a Withholding Agent to Perceptive Credit Holdings III, LP (but not its any of its successors or assigns) shall not be treated as UK Excluded Taxes for the purposes of this Agreement.

“UK ITA” means the Income Tax Act 2007 of the United Kingdom (as amended).
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Limitation Acts” means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.
“UK Non-Bank Lender” means a Lender which falls within clause (a)(ii) of the definition of “UK Qualifying Lender” and: (a) where such Lender is a party hereto as at the date of this Agreement, is described as such in Schedule 1 (Commitments); or (b) where such a Lender becomes a party hereto after the date of this Agreement, gives a UK Tax Confirmation in the documentation which it executes on becoming a party hereto.
“UK Qualifying Lender” means a successor or assignee of Perceptive Credit Holdings III, LP and is:
(a)a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Loan Document and is:
(i)a Lender: 
(A)which is a bank (as defined for the purpose of section 879 of the UK ITA) making an advance under a Loan Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of 

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that advance or would be within such charge as respects such payments apart from section 18A of the UK CTA; or
(B)in respect of an advance made under a Loan Document by a person that was a bank (as defined for the purpose of section 879 of the UK ITA) at the time that such advance was made and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or

(ii)a Lender which is:
(A)a company resident in the United Kingdom for United Kingdom tax purposes;
(B)a partnership, each member of which is:

(1)a company so resident in the United Kingdom; or
(2)a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the UK CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the UK CTA; or

(C)a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the UK CTA) of that company; or

(iii)a UK Treaty Lender; or

(b)a Lender which is a building society (as defined for the purposes of section 880 of the UK ITA) making an advance under a Loan Document.

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“UK Shareholder” means MeiraGTx Limited, a private limited company incorporated in England and Wales with registration number 09501998 and whose registered office address is at 92 Britannia Walk, London, England, N1 7NQ.
“UK Subsidiary Guarantor” means MeiraGTx UK II Limited, a private limited company incorporated in England and Wales with registration number 09348737 and whose registered office address is at 92 Britannia Walk, London, England, N1 7NQ.

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“UK Tax Confirmation” means a confirmation in writing by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Loan Document is either: 
(i)a company resident in the UK for UK tax purposes; 
(ii)a partnership each member of which is: (A) a company so resident in the UK; or (B) a company not so resident in the UK which carries on a trade in the UK through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the UK CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the UK CTA; or 
(iii)a company not so resident in the UK which carries on a trade in the UK through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the UK CTA) of that company.

“UK Tax Deduction” means a deduction or withholding from a payment under any Loan Document for and on account of any Taxes imposed by the United Kingdom.
“UK Treaty Lender” means a Lender which is a successor or assignee of Perceptive Credit Holdings III, LP and: (i) is treated as a resident of a UK Treaty State for the purposes of the relevant Treaty; (ii) does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in any advance is effectively connected; and (iii) meets all other conditions applicable to that Lender in the relevant Treaty in order to obtain full exemption from Tax imposed by the United Kingdom on payments of interest, including the completion of any necessary procedural formalities.
“UK Treaty State” means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on payments of interest.
“United Kingdom” and “UK” each means the United Kingdom of Great Britain and Northern Ireland.
“United States” or “U.S.” means the United States of America, its fifty (50) states and the District of Columbia.
“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“Valuation Report” has the meaning set forth in Section 8.19(a).
“VAT” means: (i) any value added tax imposed by the UK Value Added Tax Act 1994 (as amended); (ii) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and (iii) any other tax of a 

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similar nature, whether imposed in the UK or in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (i) or (ii) above, or imposed elsewhere.

“Wall Street Journal Prime Rate” means the Wall Street Journal Prime Rate, as published and defined in The Wall Street Journal.
“Warrant Certificate” means a Warrant Certificate in substantially the form of Exhibit J hereto, to be delivered pursuant to Section 6.01(g), as amended or otherwise modified pursuant to the terms thereof.
“Warrant Obligations” means all Obligations of the Borrower arising out of, under or in connection with the Warrant Certificates.
“Withdrawal Liability” means, at any time, any liability incurred (whether or not assessed) by any ERISA Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA.
“Withholding Agent” means the Borrower, any other Obligor and the Administrative Agent.
“Works” means means the fit out and other construction works currently being carried out, on the instruction of the Borrower, to the Shannon Manufacturing Facility to include works carried out pursuant to planning permissions references 20/840, 20/841, 21/45, 21/58, 21/222, 21/426, 21/488, 21/1242, 21/1356, 22/134 and 22/204.
“Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
1.02Accounting Terms and Principles.
(a)Unless otherwise specified, all accounting terms used in each Loan Document shall be interpreted, and all accounting determinations and computations thereunder (including under Section 10 and any definitions used in such calculations) shall be made, in accordance with GAAP.  Unless otherwise expressly provided, all financial covenants and defined financial terms shall be computed on a consolidated basis for the Borrower and its Subsidiaries, in each case without duplication.  Notwithstanding the foregoing, the representations and warranties made in Section 7.08 and the covenants made in Section 8.04 shall be construed in accordance with UK GAAP, as applicable.

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(b)If at any time any change in GAAP or the application thereof would affect the computation of any financial term, covenant, ratio or requirement set forth in any Loan Document, and either the Borrower or the Administrative Agent shall so request, the Administrative Agent and the Borrower shall negotiate in good faith to amend such term, covenant, ratio or requirement to preserve the original intent thereof set forth in the applicable Loan Document in light of such change in GAAP or application thereof; provided that, until so amended, such term, covenant, ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein for all purposes hereof.
1.03Interpretation.  For all purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise requires,
(a)the terms defined in this Agreement include the plural as well as the singular and vice versa;
(b)words importing gender include all genders; 
(c)any reference to a Section, Annex, Schedule or Exhibit refers to a Section of, or Annex, Schedule or Exhibit to, this Agreement; 
(d)any reference to “this Agreement” refers to this Agreement, including all Annexes, Schedules and Exhibits hereto, and the words herein, hereof, hereto and hereunder and words of similar import refer to this Agreement and its Annexes, Schedules and Exhibits as a whole and not to any particular Section, Annex, Schedule, Exhibit or any other subdivision; 
(e)references to days, months and years refer to calendar days, months and years, respectively; 
(f)all references herein to “include” or “including” shall be deemed to be followed by the words “without limitation”; 
(g)the word “from” when used in connection with a period of time means “from and including” and the word “until” means “to but not including”; 
(h)the words “asset” and “property” shall be construed to have the same meaning and effect and to refer broadly to any and all assets and properties, whether tangible or intangible, real or personal, including cash, securities, rights under contractual obligations and permits and any right or interest in any such assets or property; 
(i)accounting terms not specifically defined herein (other than “property” and “asset”) shall be construed in accordance with GAAP;
(j)the word “will” shall have the same meaning as the word “shall”;
(k)where any provision in this Agreement or any other Loan Document refers to an action to be taken by any Person, or an action which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly; and 

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(l)references to any Lien granted or created hereunder or pursuant to any other Loan Document securing any Obligations shall be deemed to be a Lien for the benefit of the Secured Parties; and
(m)references to any Law will include all statutory and regulatory provisions amending, consolidating, replacing, supplementing or interpreting such Law from time to time. 
Unless otherwise expressly provided herein, references to organizational documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto permitted by the Loan Documents. 
If any obligation to pay any amount pursuant to the terms and conditions of any Loan Document falls due on a day which is not a Business Day, then such required payment date shall be extended to the immediately following Business Day.   For the purposes of calculations made pursuant to the terms of this Agreement or otherwise for purposes of compliance herewith, GAAP will be deemed to treat operating leases as set forth in the definition of Capitalized Lease Obligations.  For the avoidance of doubt, any lease that would have been characterized as an operating lease under Accounting Standards Codification Topic No. 840, Leases, shall be accounted for as an operating lease (and not as a capital lease or otherwise reflected on the Borrower’s consolidated balance sheet) for purposes of this Agreement regardless of the implementation of Accounting Standards Codification Topic No. 842, Leases, or any change in GAAP following the Closing Date that would otherwise require such lease to be characterized or re-characterized (on a prospective or retroactive basis or otherwise) as a capital lease.
1.04Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (i) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (ii) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.
1.05Reference Rate Replacement.  Upon the occurrence of an event of the type described in the definition of “Reference Rate Transition Event”, the Administrative Agent will promptly notify the Borrower thereof and as set forth in the definition of “Reference Rate Replacement”, the Administrative Agent and the Borrower shall endeavor, in good faith, to establish an alternate rate of interest to One-Month Term SOFR.  
1.06Times of Day; Times of Performance.  
(a)Unless otherwise specified, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).
(b)If any delivery or other performance obligation hereunder (other than payments) falls due on a day which is not a Business Day, then such due date shall be extended to the immediately following Business Day.

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1.07Rates.  The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate or One-Month Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto, including whether the composition or characteristics of any such alternative, successor or replacement rate will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate or One-Month Term SOFR prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. There is no assurance that the composition or characteristics of any such alternative, successor or replacement Reference Rate will be similar to or produce the same value or economic equivalence as One-Month Term SOFR or that it will have the same volume or liquidity as did One-Month Term SOFR prior to its discontinuance or unavailability. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference Rate or One-Month Term SOFR, any alternative, successor or replacement rate or any relevant adjustments thereto, in each case, in a manner that is adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate or One-Month Term SOFR, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other Person for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
Section 2​
The CommitmentS and the Loans
2.01Loans.
(a)On the terms and subject to the conditions of this Agreement, (i) each Lender shall make its Tranche 1 Loan on the Closing Date to the Borrower, in an aggregate principal amount for all Lenders not to exceed $75,000,000 and (ii) in the sole discretion of the Majority Lenders, during the Tranche 2 Draw Period, Borrower may request the Tranche 2 Loan in an aggregate amount not to exceed the Tranche 2 Loan Commitment Amount.
(b)No amounts repaid or prepaid with respect to any Loan may be reborrowed.
(c)Any term or provision hereof (or of any other Loan Document) to the contrary notwithstanding, Loans made to the Borrower will be denominated solely in Dollars and no other currency.
2.02Borrowing Procedures.  Unless the Administrative Agent otherwise agrees in writing, at least one (1) Business Day, but not more than five (5) Business Days, prior to any proposed Closing Date, the Borrower shall deliver to the Administrative Agent a Borrowing Notice, which notice, if received by the Administrative Agent on a day that is not a Business Day or after 1:00 P.M. (New York City time) on a Business Day, shall be deemed to have been delivered on the next Business Day.

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2.03Notes.  If requested by any Lender, any Loan of such Lender shall be evidenced by one or more Notes.  The Borrower shall prepare, execute and deliver to the Lender such Notes in the form attached hereto as Exhibit A.
2.04Use of Proceeds.  The Borrower shall use the proceeds of the Loans for working capital and general corporate purposes, including the payment of fees and expenses associated with this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. 
Section 3​
PAYMENTS OF PRINCIPAL AND INTEREST
3.01Repayments and Prepayments Generally; Application.
(a)There will be no scheduled repayments of principal on the Loans prior to the Maturity Date.
(b)On the Maturity Date, the Borrower shall repay the entire remaining outstanding principal balance of the Loans in full and in cash.
(c)The Borrower agrees that all amounts payable hereunder or under any other Loan Document, whether in respect of any Loans, fees or interest accrued or accruing thereon, or any other Obligations, shall be paid, repaid and prepaid, as the case may be, solely in Dollars and no other currency pursuant to the terms of this Section 3.  Except as otherwise provided in this Agreement, proceeds of each payment (including each repayment and prepayment of Loans) by the Borrower shall be deemed to be made ratably to the Lenders in accordance with their respective Proportionate Shares.
3.02Interest.
(a)Interest Generally.  The outstanding principal amount of the Loans, as well as the amount of all other outstanding Obligations, shall accrue interest at the Interest Rate on and from the Closing Date.  The Administrative Agent’s determination of the Interest Rate shall be binding on the Borrower, its Subsidiaries and the Lenders in the absence of manifest error.
(b)Default Interest.  Notwithstanding the foregoing, unless the Administrative Agent otherwise agrees in writing, upon the occurrence and during the continuance of any Event of Default, the Applicable Margin shall increase automatically by three percent (3.0%) per annum (the Interest Rate, as increased pursuant to this Section 3.02(b), being the “Default Rate”). If any Obligation is not paid when due under any applicable Loan Document, the amount thereof shall accrue interest at the Default Rate.  For the avoidance of doubt, the Default Rate shall not be cumulative and no more than three percent (3.00%) per annum can be applicable to the Loan or any past due Obligation at any time, and further for the avoidance of doubt, once an Event of Default is waived by the Administrative Agent or the Majority Lenders, the Default Rate shall cease to apply.
(c)Interest Payment Dates.  Accrued interest on the Loans shall be payable in cash, in arrears, on each Payment Date with respect to the most recently completed Interest Period, and upon the payment or prepayment of the Loans (on the principal amount being so paid or prepaid); 

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provided that interest payable at the Default Rate, or any accrued interest not paid on or before the Maturity Date, shall be payable from time to time in cash on the Administrative Agent’s demand until paid in full.
(d)Conforming Changes.  In connection with the use or administration of One-Month Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.  The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of One-Month Term SOFR. 
(e)Compensation for Loss.  In the event of the payment of any principal of any Loan other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), then, in any such event, the Borrower shall compensate each Lender for any reasonable and documented loss, cost and expense attributable to such event, including any reasonable and documented loss, cost or expense arising from the liquidation or redeployment of funds.  A certificate of any Lender including documentary evidence of any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.
(f)Conversion of Loans into Listed Notes. Following the execution of this Agreement, the parties agree to co-operate in good faith promptly to amend and restate this Agreement in order to convert the Loans into loan notes capable of being listed on a Recognised Stock Exchange, and to use commercially reasonable best efforts to assist the Borrower to obtain and maintain a listing of such loan notes on a Recognised Stock Exchange by no later than six months after the date of this Agreement so that the exemption from UK withholding tax under section 882 of the UK ITA applies; provided, however, that notwithstanding anything to the contrary in this Agreement, no Lender shall be obligated to take any actions that would disclose the identity of its partners.  Any such conversion or equivalent transaction will be conducted pursuant to a valid exemption from the registration and prospectus delivery requirements under the Securities Act and the qualification requirements under applicable state and foreign Law and otherwise in compliance with the securities Laws of the United States.  Any costs arising in connection with the listing shall be borne by the Borrower.
(g)Interest Deferral. Notwithstanding any other provision of this Agreement, the payment of any interest in respect of a Loan shall automatically be deferred, at no additional cost to the Obligors, in respect of all Payment Dates, until the first Payment Date following the earlier of:
(i)the conversion of the Loans under this Agreement into loan notes and confirmation that such loan notes have been listed on a Recognised Stock Exchange; and 
(ii)the date that is six months after the date of this Agreement.

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(h)Additional obligations.  If the Loans are not converted into loan notes and listed on a Recognised Stock Exchange within six months after the date of this Agreement, or if the exemption from UK withholding tax under section 882 of the UK ITA is otherwise unavailable, the Lender shall use all commercially reasonable efforts to ensure that the Borrower is able to make payments to that Lender, to the maximum extent possible, without a UK Tax Deduction, including the completion of any procedural formalities necessary for the Borrower to obtain authorization to make such payments without a UK Tax Deduction; provided, however, that notwithstanding anything to the contrary in this Agreement, no Lender shall be obligated to take any actions that would disclose the identity of its partners.
3.03Prepayments; Prepayment Premium.
(a)Optional Prepayments. 
(i)Subject to prior written notice pursuant to clause (a)(ii) below and the applicable portion of the payment of the Early Prepayment Fee pursuant to clause (c) below, the Borrower shall have the right to optionally prepay, in whole or in part, the outstanding principal amount of the Loans on any Business Day (a “Prepayment Date”); provided that in addition to such prepaid principal amount and the Early Prepayment Fee applicable to such prepaid principal amount, the Borrower shall also make payment in full in cash on such Prepayment Date the applicable portion of all accrued but unpaid interest on the principal amount of the Loans being prepaid (such aggregate amount of Early Prepayment Fee, prepaid principal and accrued interest being herein referred to as the “Prepayment Price”).
(ii)A notice of optional prepayment shall be effective only if received by the Administrative Agent not later than 2:00 p.m. (New York City time) on a date at least three (3) (but not more than five (5)) Business Days prior to the proposed Prepayment Date.  Each notice of optional prepayment shall specify the proposed Prepayment Date (and may be revocable), the principal amount of the Loans to be prepaid, the amount of accrued and unpaid interest that will be paid on the Prepayment Date, and, in reasonable detail, a calculation of the Early Prepayment Fee payable on such Prepayment Date in connection with such proposed prepayment.
(b)Mandatory Prepayments.  Within ten (10) Business Days of the receipt of Net Cash Proceeds from the occurrence of any Casualty Event or Asset Sale (other than any Asset Sale permitted pursuant to Sections 9.09 (a), (b), (c), (d), (e), (g), (j) and (k)), to the extent that the aggregate amount of Net Cash Proceeds received by Borrower and its Subsidiaries (and not paid to the Administrative Agent as a prepayment of the Loans) in respect of all such Casualty Events or Asset Sales, when taken together, exceeds $2,500,000 in any fiscal year, the Borrower shall apply an amount equal to one hundred percent (100%) of the Net Cash Proceeds received by the Borrower or any of its Subsidiaries with respect to such Casualty Event or Asset Sale, as the case may be with such amount of Net Cash Proceeds being allocated, to (i) the prepayment of principal outstanding Loans, and (ii) the payment of accrued and unpaid interest on such principal amount of the Loans being prepaid and the payment of the applicable portion of the Early Prepayment Fee being paid.  Such Net Cash Proceeds shall be allocated to such prepayment and payments such that the full amount of the applicable Prepayment Price shall be paid with such Net Cash Proceeds.  Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing or shall immediately result therefrom, if, within seven (7) Business Days following the occurrence of 

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any such Casualty Event or Asset Sale, a Responsible Officer of the Borrower delivers to the Administrative Agent a notice to the effect that the Borrower or the applicable Subsidiary intends to apply the Net Cash Proceeds from such Casualty Event or Asset Sale to repair, refurbish, restore, replace or rebuild the asset subject to such Casualty Event or Asset Sale, then such Net Cash Proceeds of such Casualty Event or Asset Sale may be applied for such purpose in lieu of such mandatory prepayment otherwise required pursuant to this clause (b) to the extent such Net Cash Proceeds of such Casualty Event or Asset Sale are actually applied for such purpose; provided that, in the event that Net Cash Proceeds have not been so applied within one hundred eighty (180) days following the occurrence of such Casualty Event or Asset Sale, the Borrower shall make a mandatory prepayment of the Loans in an aggregate amount equal to one hundred percent (100%) of the unused balance of such Net Cash Proceeds received by the Borrower or any of its Subsidiaries with respect to such Casualty Event or Asset Sale, as the case may be, together with payment of accrued and unpaid interest on the principal amount of the Loans being so prepaid and the applicable Early Prepayment Fee, with such amount of Net Cash Proceeds being allocated to the prepayment of principal, the payment of accrued and unpaid interest on such principal amount of the Loans being prepaid and the payment of the applicable portion of the Early Prepayment Fee being paid such that the full payable with respect to such mandatory prepayment is paid with such unused balance of Net Cash Proceeds.  Notwithstanding the foregoing, in respect of a Casualty Event relating to a Manufacturing Facility, to the extent required by the basis of settlement under any policy of insurance relating to that Manufacturing Facility or pursuant to the terms of any lease under which the Borrower or any of its Subsidiaries holds an interest in that Manufacturing Facility, the Borrower or the applicable Subsidiary shall apply moneys received under any policy of insurance in respect of that Manufacturing Facility towards replacing, restoring or reinstating that Manufacturing Facility. 
(c)Early Prepayment Fee.  Without limiting the foregoing, whenever any prepayment of Loans is made hereunder pursuant to Section 3.03(a) or Section 3.03(b), acceleration or otherwise, the applicable portion of the Early Prepayment Fee being paid shall be due and payable in full in cash on the applicable Prepayment Date for such prepayment.
(d)Application.  Proceeds of any prepayment made pursuant to clauses (a) or (b) above shall be applied in the following order of priority, with proceeds being applied to a succeeding level of priority only if amounts owing pursuant to the immediately preceding level of priority have been paid in full in cash; provided that all such prepayments made to Lenders shall be applied pro rata in accordance with their respective Proportionate Shares:
(i)first, to the payment of that portion of the Obligations payable to the Administrative Agent constituting fees, indemnities, costs, expenses, and other amounts then due and owing (including fees and disbursements and other charges of counsel payable under Section 14.03);
(ii)second, to the payment of that portion of the Obligations payable to the Lenders constituting fees (other than any Early Prepayment Fee), indemnities, expenses, and other amounts then due and owing (including fees and disbursements and other charges of counsel payable under Section 14.03) ratably among them in proportion to the respective amounts described in this clause (ii) payable to them;

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(iii)third, to the payment of any accrued and unpaid interest and any fees then due and owing;
(iv)fourth, to the payment of unpaid principal of the Loans;
(v)fifth, to the payment of any Early Prepayment Fee then due and payable;
(vi)sixth, to the payment in full of all other Obligations then due and payable to the Administrative Agent and the Lenders, ratably among them in proportion to the respective amounts described in this clause (vi) payable to them; and
(vii)seventh, to the Borrower or such other Persons as may lawfully be entitled to or directed by the Borrower to receive the remainder. 
3.04Facility Fees.  The Borrower shall pay (i) on the Closing Date, to the Administrative Agent (for the pro rata benefit of the Lenders) a fee equal to [***] (the “Tranche 1 Facility Fee”) by way of deduction from the proceeds of the Loans advanced to the Borrower by the Lenders and (ii) on the Tranche 2 Borrowing Date, to the Administrative Agent (for the pro rata benefit of the Lenders) a fee equal to 0.75% of the aggregate principal amount of the Tranche 2 Loan (the “Tranche 2 Facility Fee” and together with the Tranche 1 Facility Fee, the “Facility Fees”). Upon receipt of payment from the Borrower, the Administrative Agent will promptly thereafter distribute like funds relating to any such payment to the Lenders pro rata on the basis of each Lender’s Proportionate Share.  Once paid by the Borrower, such Facility Fees shall be non-refundable. 
Section 4​
PAYMENTS, ETC.
4.01Payments.
(a)Payments Generally.  Each payment of principal, interest and other amounts to be made by the Obligors under this Agreement or any other Loan Document shall be made (i) in Dollars, in immediately available funds, without deduction, set off or counterclaim, to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, to the deposit account of the Administrative Agent designated by the Administrative Agent by notice to the Borrower, and (ii) not later than 2:00 p.m. (New York City time) on the date on which such payment is due (each such payment made after such time on such due date shall be deemed to have been made on the next succeeding Business Day).
(b)Application of Payments.  All such payments referenced in clause (a) above shall be applied as set forth in Section 3.03(d) above.
(c)Non-Business Days.  If the due date of any payment under this Agreement (whether in respect of principal, interest, fees, costs or otherwise) would otherwise fall on a day that is not a Business Day, such date shall be extended to the next succeeding Business Day; provided that if such next succeeding Business Day would fall after the Maturity Date, payment shall be made on the immediately preceding Business Day.

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4.02Computations.  All computations of interest and fees hereunder shall be computed on the basis of a year of three hundred and sixty (360) days and actual days elapsed during the period for which payable.
4.03Set-Off.  
(a)Set-Off Generally.  Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent, each of the Lenders is hereby authorized at any time and from time to time, to the fullest extent permitted by Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Administrative Agent, any Lender to or for the credit or the account of any Obligor against any and all of the Obligations, whether or not such Person shall have made any demand and although such obligations may be unmatured.  Any Person exercising rights of set off hereunder agrees to promptly notify the Borrower after any such set-off and application; provided that the failure to give such notice shall not affect the validity of such set-off and application.  The rights of the Administrative Agent, the Lenders under this Section 4.03 are in addition to other rights and remedies (including other rights of set-off) that such Persons may have. 
(b)Exercise of Rights Not Required.  Nothing contained in Section 4.03(a) shall require the Administrative Agent, any Lender to exercise any such right or shall affect the right of such Persons to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of any Obligor.
(c)Payments Set Aside. To the extent that any payment by or on behalf of any Obligor is made to the Administrative Agent or any Lender, or the Administrative Agent, any Lender or any Affiliate of the foregoing exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent, or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such Lender or such Affiliate in its discretion) to be repaid to a trustee, receiver, examiner or any other party, in connection with any Insolvency Proceeding or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.
(d)To the extent permitted under applicable Law, any Participant acquiring a participation pursuant to Section 14.05(e) hereof (as well as any Lender acquiring a participation pursuant to Section 3.03(e) hereof) may exercise against the Obligors rights of setoff and counterclaim with respect to such participation as fully as if such Participant was a direct creditor of the Obligor in the amount of such participation.
Section 5​
YIELD PROTECTION, ETC.
5.01Additional Costs.
(a)Changes in Law Generally.  If, on or after the Closing Date (or, with respect to any Lender, such later date on which such Lender becomes party to this Agreement), the adoption 

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of any Law, or any change in any applicable Law, or any change in the interpretation or administration thereof by any court or other Governmental Authority charged with the interpretation or administration thereof, or compliance by the Administrative Agent or any of the Lenders (or its lending office) with any request or directive (whether or not having the force of Law) of any such Governmental Authority, shall impose, modify or deem applicable any reserve (including any such requirement imposed by the Board of Governors of the Federal Reserve System), special deposit, contribution, insurance assessment or similar requirement, in each case that becomes effective after the Closing Date (or, with respect to any Lender, such later date on which such Lender becomes party to this Agreement) against assets of, deposits with or for the account of, or credit extended by, a Lender (or its lending office) or other Recipient or shall impose on a Lender (or its lending office) or other Recipient any other condition affecting the Loans or the Commitment, and the result of any of the foregoing is to increase the cost to such Lender or such other Recipient of making or maintaining the Loans, or to reduce the amount of any sum received or receivable by such Lender or other Recipient under this Agreement or any other Loan Document, or subject any Lender to any Taxes on its Loan, Commitment or other obligations, or its deposits, reserves, other liabilities or capital (if any) attributable thereto by an amount reasonably deemed by such Lender in good faith to be material (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (ii) through (iv) of the definition of “Excluded Taxes”, (iii) Connection Income Taxes and (iv) any Bank Levy or any payment attributable to, or liability arising as a consequence of, a Bank Levy), then the Borrower shall pay to such Lender within three (3) Business Days after written demand such additional amount or amounts as will compensate such Lender for such increased cost or reduction.
(b)Change in Capital Requirements.  If a Lender shall have determined that, on or after the Closing Date (or, with respect to any Lender, such later date on which such Lender becomes party to this Agreement), the adoption of any applicable Law regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or any request or directive regarding capital adequacy (whether or not having the force of Law) of any such Governmental Authority, in each case that becomes effective after the Closing Date (or, with respect to any Lender, such later date on which such Lender becomes party to this Agreement), has or would have the effect of reducing the rate of return on capital of a Lender (or its parent) as a consequence of a Lender’s obligations hereunder or the Loans to a level below that which a Lender (or its parent) could have achieved but for such adoption, change, request or directive by an amount reasonably deemed by it to be material, then the Borrower shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender (or its parent) for such reduction.  
(c)Notification by Lender.  Each Lender shall promptly notify the Borrower of any event of which it has knowledge, occurring after the Closing Date (or, with respect to any Lender, such later date on which such Lender becomes party to this Agreement), which will entitle such Lender to compensation pursuant to this Section 5.01.  Before giving any such notice pursuant to this Section 5.01(c) such Lender shall designate a different lending office if such designation (x) will, in the reasonable judgment of such Lender, avoid the need for, or reduce the amount of, such compensation and (y) will not, in the reasonable judgment of such Lender, be materially disadvantageous to such Lender.  A certificate of such Lender claiming compensation under this Section 5.01, setting forth in reasonable detail the additional amount or amounts to be paid to it 

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hereunder and also setting forth in reasonable detail the basis for calculating the additional amounts claimed to be owed to such Lender, shall be conclusive and binding on the Borrower in the absence of manifest error. 
(d)Delays in Requests.  Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs unless the Lender notifies the Borrower within ninety (90) days following the receipt by such Lender of its audited annual financial statements of the change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor.
(e)Other Changes.  Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to constitute a change in Law for all purposes of this Section 5.01, regardless of the date enacted, adopted or issued.
5.02Illegality.  Notwithstanding any other provision of this Agreement, in the event that on or after the Closing Date (or, with respect to any Lender, such later date on which such Lender becomes party to this Agreement), the adoption of or any change in any applicable Law or in the interpretation or application thereof by any competent Governmental Authority shall make it unlawful for a Lender or its lending office to make or maintain the Loans (and, in the opinion of such Lender, the designation of a different lending office would either not avoid such unlawfulness or would be disadvantageous to such Lender), then such Lender shall promptly notify the Borrower thereof, following which (i) such Lender’s Commitment shall be suspended until such time as such Lender may again make and maintain the Loans hereunder and (ii) if such Law shall so mandate, the Loans shall be prepaid by the Borrower on or before such date as shall be mandated by such Law in an amount equal to the Prepayment Price applicable on such Prepayment Date in accordance with Section 3.03(a).
5.03Taxes.
(a)Payments Free of Taxes.  Any and all payments by or on account of any Obligation shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by such Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 5.03) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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(b)Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent or each Lender, timely reimburse it for the payment of any Other Taxes.
(c)Evidence of Payments.  As soon as reasonably practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 5, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(d)Indemnification by the Borrower.  The Borrower shall reimburse and indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority, but excluding, for the avoidance of doubt, any Indemnified Tax which is suffered or incurred in respect of any Bank Levy, or any payment attributable to, or liability arising as a consequence of, a Bank Levy. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender shall be conclusive absent manifest error.
(e)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 14.05(g) relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by (or withheld from payments to) the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (e).
(f)Status of Successors and Assignees.
(i)Any Lender that is a successor or assignee of Perceptive Credit Holdings III, LP and that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced 

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rate of withholding.  Notwithstanding anything to the contrary in the preceding sentence, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.03(f)(ii)(A)) shall not be required if in such Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or could materially prejudice the legal or commercial position of such Lender. For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement, no Lender shall be obligated to take any actions that would disclose the identity of its partners.
(ii)If a payment made to any Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment.  Solely for purposes of this clause (ii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Recipient agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
(g)Treatment of Certain Tax Benefits.  If any party to this Agreement determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 5.03 (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 5.03(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.03(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 5.03(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

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(h)Mitigation Obligations.  If the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 5.01, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the sole, reasonable judgment of such Lender, such designation or assignment and delegation would (i) eliminate or reduce amounts payable pursuant to Section 5.01, as the case may be, in the future, (ii) not subject such Lender to any unreimbursed cost or expense and (iii) not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation.
(i)United Kingdom Requirements.
(i)Subject to sub-paragraph (ii) below, a UK Treaty Lender (or a Lender which would be a UK Treaty Lender upon the completion of any necessary procedural formalities) and each Withholding Agent which makes a payment to which that Lender is entitled shall co-operate in completing any procedural formalities necessary for that Withholding Agent to obtain authorization to make that payment without a UK Tax Deduction.
(ii)Each UK Treaty Lender (or a Lender which would be a UK Treaty Lender upon the completion of any necessary procedural formalities): (A) which is a Lender as at the date of this Agreement and that holds a passport under the UK DTTP Scheme, and which wishes that scheme to apply to this Agreement, shall confirm its UK DTTP Scheme reference number and its jurisdiction of tax residence opposite its name on Schedule 1; and (B) that becomes a Lender after the date of this Agreement and that holds a passport under the UK DTTP Scheme, and which wishes that scheme apply to such Lender’s participation in this Agreement, shall confirm its UK DTTP Scheme reference number and its jurisdiction of tax residence in the documentation which it executes on becoming a party hereto as a Lender, and in each case under (A) and (B) above, having done so, that Lender shall be under no further obligation pursuant to sub-paragraph (i) above.
(iii)If a Lender has confirmed its UK DTTP Scheme reference number and its jurisdiction of tax residence in accordance with sub-paragraph (i)(ii) above and: 
(A)the Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or
(B)the Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but (1) that Borrower DTTP Filing has been rejected by HMRC, (2) HMRC has not given the Borrower authority to make payments to that Lender without a UK Tax Deduction within 60 days of the date of the Borrower DTTP Filing, or (3) HMRC has given authority for the Borrower to make payments to that Lender without a UK Tax Deduction but such authority has subsequently been revoked, suspended or expired, 
and in each case, the Borrower has notified that Lender in writing, then the applicable Lender shall co-operate with the Borrower in completing any additional procedural 

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formalities necessary for that Borrower to obtain authorization to make that payment without a UK Tax Deduction.
(iv)If a Lender has not confirmed its UK DTTP Scheme reference number and
(v)jurisdiction of tax residence in accordance with sub-paragraph (i)(ii) above, no Withholding Agent shall make a Borrower DTTP Filing or file any other form relating to the UK DTTP Scheme in respect of a Commitment by such Lender or its participation in any advance unless the Lender otherwise agrees.
(vi)The Borrower shall, promptly on making any Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Administrative Agent for delivery to the relevant Lender.
(vii)A UK Non-Bank Lender shall promptly notify the Administrative Agent if there is any change in the position from that set out in the applicable UK Tax Confirmation.
(viii)If the Administrative Agent receives a UK Tax Confirmation from a UK Non-Bank Lender it shall promptly provide a copy of such UK Tax Confirmation to the Borrower. 
(ix)The Borrower shall upon becoming aware that the Borrower must make a UK Tax Deduction (or that there is any change in the rate or the basis of a UK Tax Deduction) notify the Administrative Agent accordingly.  Similarly, a Lender shall notify the Administrative Agent on becoming aware that a Withholding Agent must make a UK Tax Deduction (or that there is any change in the rate or the basis of a UK Tax Deduction). If the Administrative Agent receives such notification from a Lender, it shall promptly notify the Borrower.
(j)Lender Status Confirmation.
(i)Each Lender which becomes a party after the date of this Agreement shall indicate in the documentation which it executes on becoming a party which of the following categories it falls into: (A) not a UK Qualifying Lender; (B) a UK Qualifying Lender (other than a UK Treaty Lender); or (C) a UK Treaty Lender (or a Lender which would be a UK Treaty Lender upon the completion of any necessary procedural formalities). 
(ii)If a Lender fails to indicate its status in respect of a Borrower in accordance with paragraph (j)(i) above, then such Lender shall be treated for the purposes of this Agreement (including by each Withholding Agent) as if it is not a UK Qualifying Lender until such time as it notifies the Administrative Agent which categories apply (and the Administrative Agent, upon receipt of such notification, shall promptly inform the Borrower). For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of such Lender to comply with this clause 5.03(j).
(iii)Where a Lender will become be a UK Treaty Lender only upon the completion of certain procedural formalities, it shall be treated for the purposes of this Agreement (including by each Withholding Agent) as if it is not a UK Qualifying Lender until such time as it notifies the Administrative Agent that such procedural formalities are complete (and the Administrative Agent, upon receipt of such notification, shall promptly inform the Borrower).

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(k)VAT.
(i) All amounts expressed to be payable under a Loan Document by any party to any Secured Party which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to paragraph (ii) below, if VAT is or becomes chargeable on any supply made by any Secured Party to any party under a Loan Document and:
(A)such Secured Party is required to account to the relevant tax authority for the VAT, that party shall pay to the Secured Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Secured Party shall promptly provide an appropriate VAT invoice to such party); or
(B)if such party is required to directly account for such VAT under the reverse charge procedure provided for by article 44 of the Council Directive 2006/112/EC, or section 7A of the Value Added Tax Act 1994 of the United Kingdom, in each case, as amended, or any relevant VAT provisions of the jurisdiction in which such party received such supply, then such party shall account for the VAT at the appropriate rate (and the relevant Secured Party must promptly provide an appropriate VAT invoice to such party stating that the amount is charged in respect of a supply that is subject to VAT but that the reverse charge procedure applies).
(ii)If VAT is or becomes chargeable on any supply made by any Secured Party (the “VAT Supplier”) to any other Secured Party (the “VAT Recipient”) under a Loan Document, and any party other than the VAT Recipient (the “Relevant Party”) is required by the terms of any Loan Document to pay an amount equal to the consideration for that supply to the VAT Supplier (rather than being required to reimburse or indemnify the VAT Recipient in respect of that consideration):
(iii)where the VAT Supplier is the person required to account to the relevant tax authority for the VAT, the Relevant Party must also pay to the VAT Supplier (at the same time as paying that amount) an additional amount equal to the amount of VAT. The VAT Recipient must (where this sub-paragraph (ii)(A) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the VAT Recipient receives from the relevant tax authority which the VAT Recipient reasonably determines relates to the VAT chargeable on that supply; and
(iv)where the VAT Recipient is the person required to account to the relevant tax authority for the VAT, the Relevant Party must promptly, following demand from the VAT Recipient, pay to the VAT Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the VAT Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.
(v)Where a Loan Document requires any party to reimburse or indemnify a Secured Party for any cost or expense in connection with such Loan Document, the reimbursement or indemnity (as the case may be) shall be for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Secured Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

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(vi)Any reference in this clause 11.1(i) to any party shall, at any time when such party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (as provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union, including, for the avoidance of doubt, in accordance with section 43 of the UK Value Added Tax Act 1994) so that a reference to a party shall be construed as a reference to that party or the relevant group or unity (or fiscal unity) of which that party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be).
(vii)In relation to any supply made by a Secured Party to any party under a Loan Document, if reasonably requested by such Secured Party, that party must as promptly as reasonably practicable provide such Secured Party with details of that party’s VAT registration and such other information as is reasonably requested in connection with such Secured Party’s VAT reporting requirements in relation to such supply.
(l)Hybrid Mismatch Rules. The Lender agrees to use commercially reasonable efforts to assist the Borrower in preparing an analysis of available interest deductions to the Borrower under the UK hybrid mismatch rules contained in Part 6A of the Taxation (International and Other Provisions) Act 2010 at Borrower’s cost; provided, however, that notwithstanding anything to the contrary in this Agreement, the Lender shall not be obligated to take any actions that would disclose the identity of its partners.
(m)Survival.  Each party’s obligations under this Section 5.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all Obligations under any Loan Document.
Section 6​
CONDITIONS PRECEDENT
6.01Conditions to the Borrowing of the Tranche 1 Loan on the Closing Date.  The obligation of the Lenders to make the Tranche 1 Loan on the Closing Date shall be subject to the execution and delivery of this Agreement by the parties hereto, the delivery of a Borrowing Notice as required pursuant to Section 2.02, the delivery of a funds flow memorandum summarizing, in reasonable detail, the use of proceeds of the Tranche 1 Loan, and the prior or concurrent satisfaction (or waiver thereof by the Administrative Agent) of each of the conditions precedent set forth below in this Section 6.01.
(a)Secretary’s Certificate, Etc.  The Administrative Agent shall have received from each Obligor party to a Loan Document on the Closing Date:
(i)a copy of a good standing certificate or the equivalent thereof, dated a date reasonably close to the Closing Date, for each such Person; and 

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(ii)a certificate, dated as of the Closing Date, duly executed and delivered by such Person’s director, secretary or assistant secretary, managing member, general partner, authorized signatory or equivalent, as to: 
(A)resolutions of each such Person’s Board then in full force and effect authorizing the execution, delivery and performance of each Loan Document and the Transactions, to be executed and delivered by such Person;
(B)the incumbency and signatures of those of its officers, directors, managing member or general partner or equivalent authorized to act with respect to each Loan Document to be executed and delivered by such Person; and
(C)true and complete copies of each Organic Document of such Person and, in relation to any Person that is a Cayman Islands exempted company or limited liability company, its register of directors and officers and register of mortgages and charges;
(iii)solely with respect to the Irish Subsidiary Guarantor:
(A)evidence that the constitution of such Irish Subsidiary Guarantor does not restrict the registration of the transfer of secured shares and does not apply any company lien over shares; and
(B)a certificate from such Irish Subsidiary Guarantor certifying that entry into the Loan Documents by it will not breach Sections 82 and 239 of the Irish Companies Act;
which certificates shall be in form and substance reasonably satisfactory to the Administrative Agent and upon which the Administrative Agent and the Lenders may conclusively rely until they shall have received a further certificate of the director, secretary, assistant secretary, managing member, general partner or equivalent of any such Person cancelling or amending the prior certificate of such Person.
(b)Information Certificate. The Administrative Agent shall have received a fully completed Information Certificate, in form and substance reasonably satisfactory to the Administrative Agent, dated as of the Closing Date, duly executed and delivered by a Responsible Officer of the Borrower, which shall be true and correct in all material respects as of the Closing Date. All documents and agreements required to be appended to the Information Certificate, if any, shall be in form and substance reasonably satisfactory to the Administrative Agent, shall have been executed and delivered by the requisite parties and shall be in full force and effect.
(c)Closing Date Certificate. The following statements shall be true and correct, and the Administrative Agent shall have received a certificate, dated as of the Closing Date in form and substance reasonably satisfactory to the Administrative Agent, duly executed and delivered by a Responsible Officer of the Borrower certifying that: (i) both immediately before and after giving effect to the Borrowing on the Closing Date, (x) the representations and warranties set forth in each Loan Document that are qualified by materiality, Material Adverse Effect or the like are, in each case, true and correct, (y) the representations and warranties set forth in each Loan Document that are not qualified by materiality, Material Adverse Effect or the like are, in each 

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case, true and correct in all material respects, and (z) no Event of Default has occurred and is continuing, or could reasonably be expected to result from the making of the Tranche 1 Loan being advanced, or the consummation of any Transactions contemplated to occur on the Closing Date, and (ii) all of the conditions set forth in this Section 6.01 have been satisfied (except to the extent waived in writing by the Administrative Agent).  All documents and agreements required to be appended to the certificate delivered pursuant to this Section 6.01(c), if any, shall be in form and substance reasonably satisfactory to the Administrative Agent, shall have been executed (if applicable) and delivered by the requisite parties, and shall be in full force and effect. 
(d)[Reserved]. 
(e)Financial Information, Etc.  The Administrative Agent shall have received:
(i)audited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2021; and 
(ii)unaudited consolidated balance sheets of the Borrower and its Subsidiaries for each fiscal quarter ended after December 31, 2021 and at least thirty (30) Business Days prior to the Closing Date, together with the related consolidated statement of operations, shareholder’s equity and cash flows for each such fiscal quarter.
(f)Minimum Liquidity Compliance.  The Administrative Agent shall have received evidence reasonably satisfactory to it that, immediately after giving effect to the Borrowing on the Closing Date, the Borrower will be in compliance with the covenant set forth in Section 10.01.
(g)Closing Date Warrant Certificates.  The Administrative Agent shall have received (i) an executed counterpart of a Warrant Certificate, exercisable into 400,000 shares of the Borrower’s ordinary shares with a per share exercise price of $15.00 and (ii) an executed counterpart of a Warrant Certificate, exercisable into 300,000 shares of the Borrower’s ordinary shares with a per share exercise price of $20.00, in each case duly executed and delivered by the Borrower. 
(h)Insurance.   The Administrative Agent shall have received certificates of insurance evidencing that the insurance required to be maintained pursuant to Section 8.05 is in full force and effect, together with endorsements naming the Administrative Agent, for the benefit of the Lenders, as additional insured and loss payee thereunder, in each case, in form and substance reasonably satisfactory to the Administrative Agent.
(i)Solvency.  The Administrative Agent shall have received a solvency certificate substantially in the form of Exhibit I, duly executed and delivered by the chief financial or other Responsible Officer of the Borrower, dated as of the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent.
(j)Security Documents.  The Administrative Agent shall have received executed counterparts of all Security Documents, each dated as of the date hereof, duly executed and delivered by the applicable Obligors, together with:

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(i)The delivery of all certificates (in the case of Equity Interests that are securities (as defined in the UCC)) evidencing the issued and outstanding capital securities of the Subsidiary Guarantors that are required to be pledged under any Security Document, which certificates in each case shall be accompanied by undated instruments of transfer duly executed in blank, or, in the case of Equity Interests that are uncertificated securities (as defined in the UCC), confirmation and evidence satisfactory to the Administrative Agent and the Lenders that the security interest required to be pledged therein under any Security Document has been transferred to and perfected by the Administrative Agent for the benefit of the Secured Parties in accordance with Articles 8 and 9 of the NY UCC and all Laws otherwise applicable to the perfection of the pledge of such Equity Interests;
(ii)financing statements naming each Obligor as a debtor and the Administrative Agent as the secured party, or other similar instruments, registrations, or documents, in each case suitable for filing, filed under the UCC (or equivalent Law) of all jurisdictions as may be reasonably necessary to perfect the Liens of the Secured Parties pursuant to any Security Document; 
(iii)evidence that the Minimum Liquidity Account and all deposit accounts, lockboxes, disbursement accounts, investment accounts (or other similar cash or bank accounts) of the Subsidiary Guarantors are Controlled Accounts; 
(iv)evidence that all such Controlled Accounts are subject to one or more account control agreements, or the equivalent in a foreign law jurisdiction, in favor of, and satisfactory in form and substance to, the Administrative Agent; and
(v)all notices of assignment, share deliverables and other ancillary documents necessary to perfect the Liens of the Secured Parties pursuant to any Foreign Collateral Security Document.
(k)Lien Searches.  The Administrative Agent shall be satisfied with scope and results of Lien searches (or equivalents) regarding the Collateral made within thirty (30) days prior to the Closing Date.
(l)Opinions of Counsel.  The Administrative Agent shall have received one or more legal opinions, dated the Closing Date and addressed to the Administrative Agent and the Lenders, from independent legal counsel to the Borrower and, if necessary, other legal counsel satisfactory to the Administrative Agent, in each case, in form and substance reasonably acceptable to the Administrative Agent. 
(m)Material Adverse Change.  No Material Adverse Change shall have occurred since December 31, 2021. 
(n)Anti-Terrorism Laws.  The Administrative Agent shall have received, as applicable, all documentation and other information required by bank regulatory authorities requested by the Administrative Agent at least three (3) Business Days prior to the Closing Date with respect to applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

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(o)Fees, Expenses, Etc.  The Administrative Agent shall have received for its account and the account of each Lender, the Tranche 1 Facility Fee, together with payment and reimbursement of all other fees, costs and expenses due and payable pursuant to the Proposal Letter and Section 14.03, including all closing costs and fees and all unpaid reasonable expenses of the Administrative Agent and the Lenders incurred as of the Closing Date in connection with the Transactions in excess of the Expense Deposit (as defined in the Proposal Letter) (including the Administrative Agent’s and the Lenders’ legal fees and expenses); provided that (i) the Borrower’s obligation to pay and reimburse for such closing costs, fees and unpaid reasonable expenses incurred as of the Closing Date shall not exceed [***] (inclusive of the Expense Deposit) unless otherwise agreed to by the Obligors and the Administrative Agent and (ii) the foregoing expense cap shall be exclusive of all fees, costs and expenses of the Independent Appraiser, which shall be paid and reimbursed in full by the Borrower as provided above.
(p)Independent Appraisal of Manufacturing Facilities. The Administrative Agent shall have received a satisfactory initial draft valuation and appraisal report, prepared by a reputable independent appraiser (the “Independent Appraiser”) instructed and appointed by the Administrative Agent, which report shall be in scope and substance reasonably satisfactory to the Administrative Agent.
(q)Certificates of Title and Foreign Real Property Security Documents.  The Borrower shall have delivered to the Administrative Agent:  
(i)a duly executed Foreign Real Property Security Document in respect of each of the London Manufacturing Facility and the Shannon Manufacturing Facility;
(ii)copies of all lease and title documents for the London Manufacturing Facility in electronic format;
(iii)a clear (save in respect of pending applications which have been disclosed in the Certificate of Title) Land Registry Priority Search (OS1) in favour of the Administrative Agent against the title number of the London Manufacturing Facility and: (A) giving not less than 20 Business Days’ priority beyond the date of the relevant Security Document; and (B) showing no adverse entries (save in respect of pending applications which have been disclosed in the relevant Certificate of Title);
(iv)the Certificates of Title;
(v)an overview report prepared by the Administrative Agent’s solicitors on the Certificates of Title addressed to the Secured Parties; 
(vi)all necessary HM Land Registry application forms in relation to the charging of the London Manufacturing Facility in favour of the Administrative Agent (including a form to note the obligation to make further advances and a form to register the restriction contained in the relevant Security Document), duly completed, accompanied by payment of the applicable HM Land Registry fees or an acceptable undertaking in relation to the same; 

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(vii)copies of all Authorisations (if any) required in connection with the charging of the London Manufacturing Facility and the Shannon Manufacturing Facility in favour of the Administrative Agent;
(viii)all title documents relating to the Shannon Manufacturing Facility or an acceptable undertaking to hold the same to the order of the Secured Parties;
(ix)all necessary Property Registration Authority forms in relation to the charging of the Shannon Manufacturing Facility in favour of the Administrative Agent;
(x)an acceptable undertaking to assist with Property Registration Authority queries relating to the registration of the Shannon Manufacturing Facility in the name of the Irish Subsidiary Guarantor and the registration of the charge over the Shannon Manufacturing Facility in favour of the Administrative Agent; 
(xi)undertaking from of the Irish Subsidiary Guarantor to assist with Property Registration Authority queries relating to the registration of the Shannon Manufacturing Facility in the name of the Irish Subsidiary Guarantor and the registration of the charge over the Shannon Manufacturing Facility in favour of the Administrative Agent
(xii)Clear or duly explained and certified Land Registry / Registry of Deeds and planning searches in respect of the Shannon Manufacturing Facility and showing no adverse acts appearing;
(xiii)Sworn Family Home Declaration in relation to the Shannon Manufacturing Facility;
(xiv)Sworn Declaration re compliance with leasehold covenants in relation to the Shannon Manufacturing Facility; and
(xv)Letter from ALG addressed to the Land Registry authorising William Fry to take control over dealing D2022LR029852T.
In this Section, an “acceptable undertaking” means a solicitor’s undertaking from a firm of solicitors regulated by the Solicitors Regulation Authority or the Irish Law Society (as applicable) and approved for this purpose by the Administrative Agent and in form and substance reasonably satisfactory to the Administrative Agent.
(r)Process Agent.  Evidence that any process agent referred to in clause 21 (Service of process) of the English Law Security Agreement has accepted its appointment.
6.02Conditions to the Borrowing of the Tranche 2 Loan.  During the Tranche 2 Draw Period, the Borrower may request that the Lenders make the Tranche 2 Loan in an aggregate principal amount of $25,000,000; provided that the making of the Tranche 2 Loan shall be subject to the prior consent of the Majority Lenders in their sole discretion after receiving such request from the Borrower, and no Lender shall have any commitment to make or participate in the making of the Tranche 2 Loan unless the Majority Lenders have provided such consent in writing to the Borrower, the Administrative Agent and the other Lenders hereunder.  In the event (and only in 

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the event) the Majority Lenders so consent to make the requested Tranche 2 Loan, in whole or in part, as provided above, the obligation of the Lenders to fund their respective Proportionate Shares of the Tranche 2 Loan at their sole discretion shall be subject to the delivery of a Borrowing Notice by the Borrower, the delivery of a funds flow memorandum by the Borrower summarizing, in reasonable detail, the use of proceeds of the Tranche 2 Loan, and the prior or concurrent satisfaction (or waiver thereof by the Administrative Agent) of such customary additional conditions as the Majority Lenders may reasonably request (including some or all conditions of the type set forth in Section 6.01).
Section 7​
REPRESENTATIONS AND WARRANTIES
The Borrower and each other Obligor hereby jointly and severally represent and warrant to the Administrative Agent and each Lender that:  
7.01Power and Authority.  The Borrower and each of its Subsidiaries (i) is duly organized or incorporated, as applicable, and validly existing under the laws of its jurisdiction of organization or incorporation, as applicable, (ii) has all requisite corporate or other power, and has all Governmental Approvals necessary to own or lease its assets and carry on its business as now being or as proposed to be conducted, including all Healthcare Permits, other than could not reasonably be expected to result in a Material Adverse Effect, (iii) is qualified to do business and is in good standing (or equivalent) in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, and (iv) has full power, authority and legal right to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party and, in the case of the Borrower, to borrow the Loans hereunder.
7.02Authorization; Enforceability.  Each Transaction to which an Obligor is a party (or to which it or any of its assets or properties is subject) are within such Obligor’s corporate or other powers and have been duly authorized by all necessary corporate action including, if required, approval by all necessary holders of Equity Interests.  This Agreement has been duly executed and delivered by each Obligor and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered by such Obligor, will constitute, a legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights; (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (iii) solely in respect of the English Guarantor and the Irish Subsidiary Guarantor, the Legal Reservations or the Perfection Requirements.
7.03Governmental and Other Approvals for Execution and Delivery of the Loan Documents, etc.; No Conflicts.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or any other Person (other than those that have been duly obtained or made and which are in full force and effect) is required in connection with the due execution, delivery or performance by, any Obligor of any Loan Document to which it is a party, except for such approvals, consents, exemptions, authorizations, actions or notices 

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(including such filings and recordings that have been or will be made on the Closing Date in respect of perfecting or recording the Liens created pursuant to the Security Documents) that have been duly obtained, taken or made and that are in full force and effect.  None of the Transactions will (i) violate or conflict with any Law, other than any such violation that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (ii) violate or conflict with any Organic Document of the Borrower or any of its Subsidiaries, (iii) violate or conflict with any Governmental Approval of any Governmental Authority binding upon the Borrower or any of its Subsidiaries other than any such violation that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (iv) violate or result in a default under any Material Agreement other than any such violation that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, or (v) result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of such Obligor. The Borrower, its Subsidiaries and their respective properties and businesses are in compliance in all material respects with all applicable Laws (including Healthcare Laws) and Governmental Approvals applicable to such Person and its properties or businesses, as the case may be.
7.04Financial Statements; Material Adverse Change.
(a)Financial Statements.  The Borrower has heretofore furnished to the Administrative Agent and the Lenders certain consolidated financial statements as provided for in Section 6.01(e).  Such financial statements, and all other financial statements delivered by the Borrower pursuant hereto (including Section 6.01) present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements of the type described in Sections 8.01(a) and 8.01(b).  Neither the Borrower nor any of its Subsidiaries has any material contingent liabilities or unusual forward or long-term commitments required to be disclosed in the aforementioned financial statements and related footnotes in accordance with GAAP that are not disclosed therein.
(b)No Material Adverse Change.  Since December 31, 2021, there has been no Material Adverse Change.
7.05Properties.
(a)Property Generally.  With respect to all real and personal assets and properties of the Borrower and each of its Subsidiaries (other than Intellectual Property which is covered in clause (b) below), the Borrower and each of its Subsidiaries has good and marketable fee simple title to, valid leasehold interests or other equivalent rights in, all such real and personal assets and property, whether tangible or intangible, material to its respective business and except as disclosed in a Certificate of Title, subject only to Permitted Liens and except for defects in title that do not, and are not reasonably anticipated to materially interfere with the ability of the Borrower or any such Subsidiaries, as the case may be, to utilize such assets and properties in the ordinary course of business as currently conducted and anticipated to be conducted.
(b)Intellectual Property. 

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(i)Schedule 7.05(b) contains, with respect to the Obligors and their respective Material Intellectual Property (set forth on an Obligor-by-Obligor basis and designated as to whether such Material Intellectual Property is owned or in-licensed):
(A)a complete and accurate list of all applied for, issued, or registered Patents owned by or licensed to the Obligors, including the jurisdiction and patent number, which would qualify as Material Intellectual Property;
(B)a complete and accurate list of all material applied for, or registered active Trademarks owned by or licensed to the Obligors, including the jurisdiction, trademark application or registration number and the application or registration date, which would qualify as Material Intellectual Property; and 
(C)a complete and accurate list of all applied for or registered Copyrights owned by or licensed to the Obligors, which would qualify as Material Intellectual Property.
(ii)With respect to any such Intellectual Property listed on Schedule 7.05(b) that is designated as being in-licensed by the Obligors from a third party, there are no unpaid fees or royalties (or similar payment obligations) currently due and payable under or in respect of any such in-licensed Material Intellectual Property (or any license or other Contract related thereto) and, to the knowledge of the Borrower, such license is legal, valid, binding, enforceable, and in full force and effect.  No Obligor is in material breach or default of any such license and, to the knowledge of the Borrower, no third party (including the licensor of any such licensed Material Intellectual Property) is in material breach or default of any such license that, in either case, could reasonably be expected to give rise to a right of rescission, termination, revision or amendment of any of any such license.
(iii)With respect to any such Material Intellectual Property listed on Schedule 7.05(b) that is designated as being owned by the Obligors, each Obligor, as the case may be, is the beneficial owner of all right, title and interest in and to such Person’s Material Intellectual Property that it owns, with no breaks in chain of title and with good and marketable title, free and clear of any Liens or Claims of any kind whatsoever (other than Permitted Liens), and the Borrower or the applicable Obligor, as the case may be, has the right to use such Material Intellectual Property in the ordinary course of its respective business as currently conducted and as anticipated to be conducted.  Without limiting the foregoing, and except as set forth on Schedule 7.05(b):
(A)other than as permitted by Section 9.09, neither the Borrower nor any Subsidiary Guarantor, has transferred ownership of any such Material Intellectual Property, in whole or in part, to any Person who is not an Obligor;
(B)other than (1) customary restrictions in in-bound licenses of Intellectual Property and non-disclosure agreements, in each case as permitted pursuant to Section 9.19 or (2) licenses granted to the Borrower’s or any of its Subsidiaries’ customers or development partners in the ordinary course of business, there are no judgments, covenants not to sue, permits, grants, licenses, Liens (other than Permitted Liens), Claims, or other agreements or arrangements relating to any such Material Intellectual Property, including any development, submission, 

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services, research, license or support agreements, which bind, obligate or otherwise restrict the Borrower or any of its Subsidiaries with respect to any such Material Intellectual Property in any material respect; 
(C)the use by the Borrower or any of its Subsidiaries of any such Material Intellectual Property in the ordinary course of such Person’s businesses does not breach, violate, infringe or interfere with or constitute a misappropriation of any valid rights arising under any Intellectual Property of any other Person that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect;
(D)(1) there are no pending or, to the Borrower’s knowledge, threatened in writing Claims against the Borrower or any of its Subsidiaries asserted by any other Person relating to any such Material Intellectual Property, including any Claims of adverse ownership, invalidity, infringement, misappropriation, violation or other opposition to or conflict with such Material Intellectual Property; and (2) neither the Borrower nor any of its Subsidiaries has received any written notice from, or Claim by, any other Person that the business of the Borrower or any of its Subsidiaries, the use of any such Material Intellectual Property by the Borrower or any of its Subsidiaries materially infringes upon, violates or constitutes a misappropriation of, or may infringe upon, violate or constitute a misappropriation of, or otherwise interfere with, or otherwise offer a license with respect to any Intellectual Property of any such other Person; and
(E)to the Borrower’s knowledge, no such Material Intellectual Property is being infringed, violated, misappropriated or otherwise used by any other Person without the express authorization of the Borrower; and, without limiting the foregoing, neither the Borrower nor any of its Subsidiaries has put any other Person on notice of actual or potential infringement, violation or misappropriation of any such Material Intellectual Property, and neither the Borrower nor any of its Subsidiaries has initiated the enforcement of any Claim with respect to any such Material Intellectual Property.
(iv)With respect to the owned Material Intellectual Property of the Obligors consisting of Patents listed on Schedule 7.05(b), except as set forth on Schedule 7.05(b), and without limiting the representations and warranties in Section 7.05(b)(iii): 
(A)each of the issued claims in such Patents is valid and enforceable;
(B)each inventor named in such Patents has executed written Contracts with the Borrower or one of its Subsidiaries (or a predecessor-in-interest) that properly and irrevocably assigns to the Borrower or such Subsidiary (or such predecessor-in-interest) all of such inventor’s rights, title and interest to any of the Inventions claimed in such Patents;
(C)all such Patents are in good standing and none of the Patents, or the Inventions claimed in any such Patent, have been dedicated to the public;
(D)all prior art material to such Patents was adequately disclosed, to the extent such disclosure is required, to the relevant patent office or, to the Borrower’s knowledge, considered by the respective patent offices during prosecution of such Patents;

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(E)subsequent to the issuance of such Patents, none of the Borrower, any of its Subsidiaries or any of their respective predecessors-in-interest, has filed any disclaimer or made or permitted any other voluntary reduction in the scope of the Inventions claimed in such Patents;
(F)no subject matter designated allowable or allowed by the U.S. Patent and Trademark Office of such Patents is subject to any competing conception claims of allowable or allowed subject matter of any patent applications or patents of any third party and have not been the subject of any interference, and such Patents are not and have not been the subject of any re-examination, opposition or any other post-grant proceedings, and neither the Borrower nor any of its Subsidiaries has knowledge of any basis for any such interference, re-examination, opposition, inter partes review, post grant review, or any other post-grant proceedings;
(G)no such Patents have ever been finally adjudicated to be invalid, unpatentable or unenforceable for any reason in any administrative, arbitration, judicial or other proceeding, and, with the exception of publicly available documents in the applicable patent office recorded with respect to any Patents, neither the Borrower nor any of its Subsidiaries has received any written, or to its knowledge, other notice asserting that such Patents are invalid, unpatentable or unenforceable; if any of such Patents is terminally disclaimed to another patent or patent application, all patents and patent applications subject to such terminal disclaimer are included in the Collateral;
(H)neither the Borrower nor any of its Subsidiaries has received an opinion, whether preliminary in nature or qualified in any manner, which concludes that a challenge to the validity or enforceability of any such Patents is more likely than not to succeed;
(I)(i) neither the Borrower nor any of its Subsidiaries, nor, any of their respective agents or representatives, have engaged in any conduct, or omitted to perform any necessary act, the result of which would invalidate or render unpatentable or unenforceable any such Patent and (ii) to the Borrower’s knowledge, no prior owner of any such Patent of the Borrower or any of its Subsidiaries, nor any of such prior owner’s agents or representatives, have engaged in any conduct, or omitted to perform any necessary act, the result of which would invalidate or render unpatentable or unenforceable any such Patent; and
(J)all maintenance fees, annuities, and the like due or payable on or with respect to any such Patents have been timely paid or the failure to so pay could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.
(v)The Material Intellectual Property listed on Schedule 7.05(b), together with the Borrower’s and its Subsidiaries’ lawful use of open source, freeware, is all the Intellectual Property necessary for the operation of the business of the Borrower and its Subsidiaries as it is currently conducted or as currently contemplated to be conducted.   Borrower and each of its Subsidiaries have taken commercially reasonable precautions to protect the secrecy, confidentiality and value of its Material Intellectual Property consisting of trade secrets and confidential information, including unregistered Intellectual Property that is material to their respective businesses.  

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7.06No Actions or Proceedings.
(a)Litigation.  Except as set forth on Schedule 7.06(a), there is no litigation, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in writing, with respect to the Borrower or any of its Subsidiaries by or before any Governmental Authority or arbitrator that (i) could, individually or in the aggregate, reasonably be expected to result in an Event of Default or (ii) involves this Agreement, any other Loan Document, the Transactions or any Material Intellectual Property.
(b)Environmental Matters.  The operations and property of the Borrower and each of its Subsidiaries comply with all applicable Environmental Laws, except to the extent the failure to so comply (either individually or in the aggregate) could not reasonably be expected to result in Material Adverse Effect.
(c)Labor Matters.  There are no strikes, lockouts or other material labor disputes against the Borrower or any of its Subsidiaries or, to the Borrower’s knowledge, threatened in writing against or directly affecting the Borrower or any of its Subsidiaries, and no material unfair labor practice complaint is pending against the Borrower or any Subsidiary or, to the knowledge of the Borrower, threatened in writing against any of them before any Governmental Authority, in each case, that could reasonably be expected to result in a Material Adverse Effect. Except as set forth on Schedule 7.06(c), neither the Borrower nor any of its Subsidiaries is a party to any collective bargaining agreements or similar Contracts, no union representation exists on any facilities of the Borrower or any of its Subsidiaries and the Borrower and its Subsidiaries do not have any knowledge of any union organizing activities that are taking place.
7.07Compliance with Laws and Agreements.
(a)Each of the Borrower and its Subsidiaries is in compliance with all applicable Laws and all Contracts binding upon it or its property, except (other than with respect to Material Intellectual Property) where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  No Default has occurred and is continuing, or will occur as a result of the making of any Loan hereunder.
(b)Without limiting the generality of the foregoing, (i) each of the Borrower and its Subsidiaries is in material compliance with all applicable Healthcare Laws and Healthcare Permits, and (ii) during the past four (4) years neither the Borrower nor any of its Subsidiaries has received written notice by a Governmental Authority of any material violation (or of any investigation, audit, or other proceeding involving allegations of any violation) of any Healthcare Laws, and no such investigation, inspection, audit or other proceeding involving allegations of any such violation has been, to the knowledge of the Borrower, threatened in writing. 
7.08Taxes.  Except as set forth on Schedule 7.08, the Borrower and each of its Subsidiaries has timely filed or caused to be filed all federal and state income tax returns and other material tax returns and reports required to have been filed and has paid or caused to be paid all material Taxes required to have been paid by it, except for Taxes that are being contested in good faith by appropriate proceedings and for which, in each case, the Borrower or such Subsidiary, as 

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applicable, has set aside on its books adequate reserves with respect thereto in accordance with GAAP.
7.09Full Disclosure.  None of the reports, financial statements, certificates (other than the Certificates of Title) or other information furnished by or on behalf of the Obligors to the Administrative Agent or any Lender in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood by the Administrative Agent and the Lenders that such projected financial information is not to be viewed as facts, and that no assurances can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material).  In respect of the Certificates of Title, the information supplied by or on behalf of the Obligors to the lawyers who prepared any Certificate of Title for the purpose of that Certificate of Title was true, complete and accurate as at the date of the Certificate of Title or (if appropriate) as at the date (if any) at which it is stated to be given and did not omit any information which, if disclosed, would make that information untrue or misleading in any material respect.
7.10Investment Company Act and Margin Stock Regulation.
(a)Investment Company Act.  Neither the Borrower nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.
(b)Margin Stock.  Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of the Loans will be used to buy or carry any Margin Stock in violation of Regulation T, Regulation U or Regulation X.
7.11Solvency.  The Borrower and its Subsidiaries, on a consolidated basis, are, and, immediately after giving effect to the Loan and the use of proceeds thereof, will be Solvent.
7.12Equity Holders, Subsidiaries and Other Investments.
(a)Set forth on Schedule 7.12(a) is a complete and correct list of all direct and indirect Subsidiaries of the Borrower.  Each such Subsidiary is duly organized or incorporated, as applicable and validly existing under the jurisdiction of its organization or incorporation, as applicable shown in Schedule 7.12(a), and the percentage ownership by the Borrower of each such Subsidiary thereof is as shown in Schedule 7.12(a).
(b)Set forth on Schedule 7.12(b) is a complete and correct list of all other Equity Interests owned or held by the Borrower or any of its direct or indirect Subsidiaries in any Person that does not qualify as a direct or indirect Subsidiary of the Borrower. Schedule 7.12(b) also sets 

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forth, in reasonable detail, the type of Equity Interest held by each Obligor in such other Person and the fully-diluted percentage ownership held beneficially by the Borrower or one or more of its Subsidiaries, as the case may be, such other Person. 
7.13Continuing Secured Indebtedness.  Set forth on Schedule 7.13 is a complete and correct list of all Indebtedness of the Borrower and each of its Subsidiaries outstanding as of the date hereof that (i) will remain outstanding immediately after the making of the Loans and the application of proceeds therefrom on the Closing Date and (ii) is secured by a Lien on assets or property of the Borrower or any of its Subsidiaries.
7.14Material Agreements.  Except as set forth on Schedule 7.14, as of the Closing Date, all Material Agreements have been publically disclosed. Neither the Borrower nor any of its Subsidiaries is in default under any such Material Agreement, and the Borrower does not have knowledge of any material default by any counterparty to any such Material Agreement and there are no pending or, to the Borrower’s knowledge, threatened material adverse Claims against the Borrower or any of its Subsidiaries asserted by any other Person relating to any such Material Agreements, including any such Claims of breach or default thereunder. 
7.15Restrictive Agreements.  Except as set forth on Schedule 7.15, neither the Borrower nor any of its Subsidiaries is subject to any Restrictive Agreement, except those permitted under Section 9.11.
7.16Real Property.  Except as set forth on Schedule 7.16, neither the Borrower nor any of its Subsidiaries owns or leases (as a tenant) any real property.
7.17Pension Matters.  Except as, in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (a) each Benefit Plan, and each trust thereunder, intended to qualify for tax-exempt status under Section 401 or 501 of the Code or other applicable Law so qualifies, (b) each Benefit Plan and Foreign Pension Plan is in compliance with all applicable provisions of ERISA, the Code or other applicable Law, (c) no ERISA Event has occurred or is reasonably expected to occur, (d) the Borrower and each of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained, (e) as of the most recent valuation date for any Title IV Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least sixty percent (60%), and none of the Borrower, any of its Subsidiaries nor any of their ERISA Affiliates knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage to fall below sixty percent (60%) as of the most recent valuation date and (f) neither the Borrower nor any of its ERISA Affiliates has or would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made.
7.18Priority of Obligations; Collateral; Security Interest.  No monetary Obligation arising hereunder or under any Loan Document, or arising in connection herewith or therewith, is contractually subordinated to any other Indebtedness of the Obligors.  Subject to the Legal Reservations and Perfection Requirements solely in respect of the English Guarantor and the Irish Subsidiary Guarantor, each Security Document is effective to create in favor of the Secured Parties 

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a legal, valid and enforceable security interest in the Collateral subject to such Security Document, each such security interest is legal, valid and enforceable, and each such security interest is perfected to the extent required by the applicable Security Document on a first-priority basis (subject to Permitted Liens that may apply to specific items of Collateral permitted pursuant to Section 9.02) and secures the Obligations.
7.19Governmental Approvals in Respect of Ordinary Course Activities, Etc.  The Borrower and each of its Subsidiaries hold, and will continue to hold, either directly or through licensees or agents, all Governmental Approvals, including all Healthcare Permits, necessary or required for the Borrower and each of its Subsidiaries to engage in and otherwise conduct their respective operations and businesses in the ordinary course, including their commercialization and development of products.
7.20Transactions with Affiliates.  Except as set forth on Schedule 7.20, neither the Borrower nor any of its Subsidiaries is a party to any transaction with any Affiliate that would be prohibited pursuant to Section 9.10 hereof.
7.21Sanctions.  Neither the Borrower nor any of its Subsidiaries, any of their respective directors, officers, or employees nor, to the knowledge of the Borrower, agents or other Persons acting on behalf of any of the foregoing (i) is currently the target of any Sanctions, (ii) is operating, organized or resident in any Designated Jurisdiction, (iii) is engaged in any transactions with, or for the benefit of, any Person who is the target of Sanctions or who is operating, organized or resident in any Designated Jurisdiction in violation of Sanctions or (iv) is in violation of Sanctions.  No Loan, nor the proceeds from any Loan, will be used, directly or indirectly, to lend, contribute or provide to, or has been or will be otherwise made available to fund, any activity or business in any Designated Jurisdiction or any activity or business of any Person located, organized or residing in any Designated Jurisdiction, in violation of Sanctions or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including the Administrative Agent, the Lenders and their Affiliates) of Sanctions.
7.22Anti-Corruption.  Neither the Borrower nor any of its Subsidiaries, any of their respective directors, officers or employees nor, to the knowledge of the Borrower, any agents or other Persons acting on behalf of any of the foregoing, directly or indirectly, has (i) violated or is in violation of any applicable anti-corruption Law or (ii) made, offered to make, promised to make or authorized the payment or giving of, directly or indirectly, any Prohibited Payment.
7.23Deposit and Disbursement Accounts and Investment Accounts.  Schedule 7.23 contains a list of all banks and other financial institutions at which the Obligors maintain deposit accounts, lockboxes, disbursement accounts, investment accounts or other similar accounts, and such Schedule correctly identifies the name and address of each bank or financial institution, the name in which the account is held, the type of account, and the complete account number therefor.
7.24Centre of Main Interests.  For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the Regulation), the Borrower’s centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of organization and it has no "establishment" (as that term is used in Article 2(10) of the Regulations) in any other jurisdiction.

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Section 8​
Affirmative covenants
The Obligors jointly and severally covenant and agree with the Administrative Agent and the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than inchoate indemnification and expense reimbursement obligations for which no Claim has been made) have been paid in full in cash:
8.01Financial Statements and Other Information.  The Borrower shall furnish to the Administrative Agent (with sufficient copies for each Lender): 
(a)As soon as available and in any event within (i) forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year and (ii) ninety (90) days after the end of the last fiscal quarter of each fiscal year, (i) a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal quarter, and (ii) the related consolidated statements of income, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such quarter and the portion of the fiscal year through the end of such fiscal quarter, in each case, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the corresponding period in the preceding fiscal year, together with (iii) a certificate of a Responsible Officer of the Borrower stating that (x) such financial statements fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as at such date and (y) the results of operations of the Borrower and its Subsidiaries for the period ended on such date have been prepared in accordance with GAAP consistently applied, subject to changes resulting from normal, year-end audit adjustments and except for the absence of notes; provided that documents required to be furnished pursuant to this Section 8.01(a) shall be deemed furnished on the date that such documents are publicly available on “EDGAR” (with the related certificate separately delivered).
(b)As soon as available and in any event within ninety (90) days after the end of each fiscal year, (i) the consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal year, and (ii) the related consolidated statements of income, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, in each case prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the previous fiscal year, accompanied by a report and opinion thereon of independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with Public Company Accounting Oversight Board standards and shall not be subject to (x) with respect to any such reports or opinions prepared for any fiscal year ending after December 31, 2022, any “ going concern” or similar qualification or exception (other than any such qualification or exception in respect of the Borrower’s failure to have access to sufficient cash to pay the Obligations in full on the Maturity Date) or (y) any qualification or exception as to the scope of such audit, and in the case of such consolidating financial statements, certified by a Responsible Officer of the Borrower; provided that documents required to be furnished pursuant to this Section 8.01(b) shall be deemed furnished on the date that such documents are publicly available on “EDGAR”.

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(c)Together with the financial statements required pursuant to Sections 8.01(a) and 8.01(b), (i) a management discussion and analysis (“MD&A”), prepared in writing and in reasonable detail  in a manner consistent with the requirements of Item 303 of Regulation S–K of the Securities Act, discussing the Borrower’s financial condition and results of operations as set forth in such financial statements; provided that for so long as Borrower remains (A) a “smaller reporting company” as defined in the Securities Act and Exchange Act and/or (B) an emerging growth company (as defined in the Jumpstart Our Business Startups Act of 2012) through the end of an applicable reporting period, any reduced disclosure obligations under SEC rules relating to the MD&A applicable to smaller reporting companies and/or emerging growth companies shall apply and (ii) a compliance certificate of a Responsible Officer, substantially in the form of Exhibit E (a “Compliance Certificate”), as of the end of the applicable accounting period, including, with respect to the financial statement delivered pursuant to Section 8.01(b), details of any issues that are material that are raised by the Borrower’s auditors.  In addition, promptly following the Administrative Agent’s reasonable request, reasonable proof of the Borrower’s compliance with Section 10.01.
(d)[Reserved]. 
(e)Promptly after the same are released, copies of all press releases; provided that documents required to be furnished pursuant to this Section 8.01(e) shall be deemed furnished on the date that such documents are publicly available on “EDGAR” or on the Borrower’s website.
(f)Promptly, and in any event within five (5) Business Days after receipt, by an Obligor thereof, copies of each material notice or other material correspondence received from any securities regulator or exchange to the authority of which the Borrower or any Obligor may become subject from time to time concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of the Borrower or any Obligor; provided that documents required to be furnished pursuant to this Section 8.01(f) shall be deemed furnished on the date that such documents are publicly available on “EDGAR”. 
(g)Promptly (and in any event within five (5) Business Days of delivery) after the same are available, copies of each annual report, proxy or financial statement and any other statements, reports, communications and notices (including board kits) made available to the Borrower’s Board or holders of the Equity Interests of the Borrower or any of its Subsidiaries (including copies of all annual, regular, periodic and special reports and registration statements which the Borrower or any its Subsidiaries may file or be required to file with any securities regulator or exchange to the authority of which the Borrower or such Subsidiary, as applicable, may become subject from time to time); provided that documents required to be furnished pursuant to this Section 8.01(g) shall be deemed furnished on the date that such documents are publicly available on “EDGAR”.  Notwithstanding the foregoing, any materials delivered to a member of the Board of Borrower that is a representative of Administrative Agent or its Affiliates shall satisfy the requirements of this clause (g) so long as such member is permitted to provide such materials to the Administrative Agent. 
(h)Promptly following Administrative Agent’s reasonable request, the information regarding insurance maintained by the Borrower and its Subsidiaries as required under Section 8.05.

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(i)Within thirty (30) days following the end of each calendar month, evidence satisfactory to the Administrative Agent, based upon the Borrower’s bank account statements, that the Borrower has met its minimum liquidity requirement set forth in Section 10.01.
(j)Such other information respecting the operations, properties, business, liabilities or condition (financial or otherwise) of the Obligors (including with respect to the Collateral) as the Administrative Agent may from time to time reasonably request.
The Borrower hereby acknowledges that the Administrative Agent or the Lenders may not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and the Administrative Agent, the Lenders or their respective personnel may be engaged in investment and other market-related activities with respect to such Persons’ securities.  In order to avoid disclosing material non-public information, the parties hereto covenant and agree that Borrower will not become obligated to provide the Administrative Agent, any Lender or their respective representatives or agents with any information pursuant to this Section 8.01 other than information that is required to be publicly disclosed by the SEC and is publicly available on “EDGAR”, unless (x) the Administrative Agent or its Affiliates have a representative on the Board of the Borrower or (y) prior thereto, the Administrative Agent or a Lender, as the case may be, shall have notified the Borrower in writing that it consents to receive such information.
8.02Notices of Material Events. On or within five (5) Business Days (or such longer or shorter period as may be expressly set forth below) after a Responsible Officer of the Borrower first learns of or acquires knowledge with respect to any of the below events or circumstances, the Borrower shall furnish to the Administrative Agent written notice thereof (prepared in reasonable detail):
(a)The occurrence of any Default.
(b)The occurrence of any event with respect to any property or assets of the Borrower or any of its Subsidiaries resulting in a Loss aggregating $2,500,000 (or the Equivalent Amount in other currencies) or more.
(c)Any written or filed Claim, action, suit, notice of violation, hearing, investigation or other proceedings pending, or to the best of the Borrower’s knowledge, threatened against or affecting the Borrower or any of its Subsidiaries or with respect to the ownership, use, maintenance and operation of their respective businesses, operations or properties, whether made by a Governmental Authority or other Person that, if adversely determined could reasonably be expected to result in a Loss of $2,500,000 or more.
(d)(i) On or prior to the date of any filing by Borrower or any of its ERISA Affiliates of any notice of intent to terminate any Title IV Plan that could reasonably be expected to result in a Material Adverse Effect, a copy of such notice and (ii) promptly, and in any event within ten (10) days, after any Responsible Officer of the Borrower knows (A) that an ERISA Event that could reasonably be expected to result in a Material Adverse Effect has occurred or is reasonably expected to occur or (B) that a request for a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan and could reasonably be expected to result in a Material Adverse Effect, a notice (which may be made by telephone if 

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promptly confirmed in writing) describing such waiver request and any action that any ERISA Affiliate proposes to take with respect to either of the foregoing, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto.
(e)Concurrently with the delivery of the Compliance Certificate pursuant to Section 8.01(c), the receipt by the Borrower or any of its Subsidiaries of any notice of a material breach, subject to any applicable cure period, under or in respect of any Material Agreement. 
(f)The reports and notices as required by the Security Documents.
(g)Within thirty (30) days of the date thereof, or, if earlier, on the date of delivery of any financial statements pursuant to Section 8.01 with respect to the first fiscal period to which such change is applicable, notice of any material change in accounting policies or financial reporting practices by the Obligors; provided that disclosure in the notes to such financial statements, if any, shall be deemed to satisfy the requirements of this Section 8.02(g).
(h)Notice of any labor controversy resulting in or threatening to result in any strike, permanent work stoppage, boycott, shutdown or other material labor disruption against or involving the Borrower or any of its Subsidiaries.
(i)Notice of infringement or alleged infringement of any Material Intellectual Property of another Person by Borrower or any of its Subsidiaries that, if adversely determined could reasonably be expected to result in a Loss of $2,500,000 or more.
(j)Within seven (7) Business Days, any change to Obligors’ ownership of Deposit Accounts, Securities Accounts and Commodity Accounts, by delivering to the Administrative Agent, a notice setting forth a complete and correct list of all such accounts as of the date of such change.
Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.  Information required to be delivered pursuant to this Section 8.02 shall be deemed to have been delivered on the date that such information shall have been made publicly available on “EDGAR” so long as such information has been made publicly available within the five (5) Business Day period set forth above.  Nothing in this Section 8.02 is intended to waive, consent to or otherwise permit any action or omission that is otherwise prohibited by this Agreement or any other Loan Document.
The Borrower hereby acknowledges that the Administrative Agent or the Lenders may not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and the Administrative Agent, the Lenders or their respective personnel may be engaged in investment and other market-related activities with respect to such Persons’ securities.  In order to avoid disclosing material non-public information, the parties hereto covenant and agree that, as except for any notice required pursuant to clause (a) above, Borrower will not become obligated to provide the Administrative Agent, any Lender or their respective representatives or agents with any information pursuant to this Section 8.02 other than information that is required to be publicly disclosed by the SEC and is publicly available on “EDGAR”, unless (x) the Administrative Agent or its Affiliates have a representative on the Board 

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of the Borrower or (y) prior thereto, the Administrative Agent or a Lender, as the case may be, shall have notified the Borrower in writing that it consents to receive such information.
8.03Existence; Conduct of Business.  The Borrower shall, and shall cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and maintain in full force and effect its legal existence and all Governmental Approvals material to the conduct of its business; provided that the foregoing shall not prohibit any merger, amalgamation, consolidation, liquidation or dissolution permitted under Section 9.03.
8.04Payment of Obligations.  The Borrower shall, and shall cause each of its Subsidiaries to, pay and discharge its material obligations, including (i) all material Taxes, fees, assessments and governmental charges or levies imposed upon it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful Claims for labor, materials and supplies which, if unpaid, might become a Lien upon any properties or assets of the Borrower or any of its Subsidiaries, except to the extent such Taxes, fees, assessments or governmental charges or levies, or such claims are being contested in good faith by appropriate proceedings and are adequately reserved against in accordance with GAAP, and (ii) all other lawful Claims which, if unpaid, would by Law become a Lien upon any properties or assets of the Borrower or any of its Subsidiaries, other than any Permitted Lien.
8.05Insurance.  The Borrower shall, and shall cause each of its Subsidiaries to maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, and with coverage amounts of at least $2,000,000 in general liability insurance with a $5,000,000 umbrella. Upon the request of the Administrative Agent, the Borrower shall furnish to the Administrative Agent from time to time: (i) full information as to the insurance carried by the Borrower and each of its Subsidiaries and, if so requested, copies of all such insurance policies and (ii) a certificate from the Borrower’s insurance broker or other insurance specialist stating that all premiums then due on the policies relating to insurance in respect of the Collateral have been paid and that such policies are in full force and effect. The Borrower shall use commercially reasonable efforts to ensure, or cause others to ensure, that all insurance policies in respect of the Collateral shall provide that they shall not be terminated or cancelled without at least thirty (30) days’ (ten (10) days for nonpayment of premium) prior written notice to the Borrower and the Administrative Agent.  Receipt of notice of cancellation or modification of any such insurance policies or reduction of coverage or amounts thereunder shall entitle any Secured Party to renew any such policies, cause the coverage and amounts thereof to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case at the expense of the Borrower (payable on demand).
8.06Books and Records; Inspection Rights.  The Borrower shall, and shall cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.  The Borrower shall, and shall cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior written notice and during normal business hours, to visit and reasonably inspect its properties, to reasonably examine and make extracts from its books and records (excluding records subject to attorney-client privilege, subject 

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to binding confidentiality agreements with third parties that preclude disclosure to any Secured Party (acting in such capacity) not entered into in contemplation of this Section 8.06 or subject to confidentiality restrictions pursuant to applicable Law (including HIPAA)), and to discuss its affairs, finances and condition (financial or otherwise) with its officers and, if necessary after such discussions with such Obligor’s officers, its independent accountants, all at such reasonable times (but not more often than once per year unless an Event of Default has occurred and is continuing) as the Administrative Agent or the Lenders may reasonably request; provided that no notice shall be required if an Event of Default has occurred and is continuing.  The Borrower shall pay all reasonable and documented costs and expenses of all such inspections.
8.07Compliance with Laws and Material Agreements.  The Borrower shall, and shall cause each of its Subsidiaries to, (i) comply in all material respects with all applicable Laws and Governmental Approvals (including Environmental Laws and all Healthcare Laws and Healthcare Permits), and (ii) use commercially reasonable efforts to remain in compliance with, and perform all obligations under or in connection with, all Healthcare Permits and Material Agreements in accordance with the terms and conditions set forth in Section 9.12(b). 
8.08Maintenance of Properties, Etc.  The Borrower shall, and shall cause each of its Subsidiaries to, maintain and preserve all of its assets and properties, whether tangible or intangible, necessary or useful in the proper conduct of its business in good working order and condition in accordance with the general practice of other Persons of similar character and size or, in accordance with the terms of any lease of a Manufacturing Facility under which the Borrower or its Subsidiaries holds an interest, ordinary wear and tear and damage from casualty or condemnation excepted.
8.09Governmental Approvals, Etc.  The Borrower shall, and shall cause each of its Subsidiaries to, obtain and maintain all Governmental Approvals (including all Healthcare Permits) necessary in connection with (i) the execution, delivery and performance of the Loan Documents, (ii) the consummation of the Transactions and (iii) the operation and conduct of their respective businesses and the ownership of their respective properties, except, in the case of clause (iii) above, where the failure to do so could not reasonably be expected to have a Material Adverse Effect on the Borrower’s and its Subsidiaries’ business.
8.10Action under Environmental Laws.  The Borrower shall, and shall cause each of its Subsidiaries to, upon becoming aware of the release of any Hazardous Materials or the existence of any environmental liability under applicable Environmental Laws with respect to their respective businesses, operations or properties, take all commercially reasonable actions, at their cost and expense, as shall be necessary or advisable to investigate and clean up the condition of their respective businesses, operations or properties, including all required removal, containment and remedial actions, to restore their respective businesses, operations and properties to a condition in each case, in material compliance with applicable Environmental Laws.  
8.11Use of Proceeds.  The proceeds of the Loans shall be used only as provided in Section 2.04.  Without limiting the foregoing, no part of the proceeds of the Loans shall be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulation T, Regulation U and Regulation X.

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8.12Certain Obligations Respecting Subsidiaries; Further Assurances.
(a)Subsidiary Guarantors.  The Borrower shall take such action from time to time as shall be necessary to ensure that (x) each of its Subsidiaries that is a party to this Agreement as of the Closing Date will be and will remain an Obligor and Subsidiary Guarantor hereunder (except as otherwise permitted by Section 9.03), and (y) each direct or indirect Subsidiary of the Subsidiary Guarantors (other than any Immaterial Subsidiary), whether direct or indirect, now existing or hereafter created, will, within thirty (30) days of becoming a Subsidiary of a Subsidiary Guarantor, become a “Subsidiary Guarantor” pursuant to this Section 8.12. Without limiting the generality of the foregoing, in the event that any Subsidiary Guarantor shall form or acquire any new Subsidiary (other than any Immaterial Subsidiary), the Borrower shall, within thirty (30) days (or such longer period as the Administrative Agent, in its reasonable discretion, may consent to) of such formation or acquisition, cause such Subsidiary (other than any Immaterial Subsidiary) to become a “Subsidiary Guarantor” hereunder, a “Grantor” (or the equivalent thereof) under any applicable Security Document, and a “Subsidiary Party” under the Intercompany Subordination Agreement;
(b)except with respect to any Immaterial Subsidiary, take such action or cause such new Subsidiary to take such action (including joining the applicable Security Document and delivering any certificated Equity Interests together with undated transfer powers executed in blank, applicable control agreements and other instruments) as shall be reasonably necessary or reasonably requested by the Administrative Agent to create and perfect, in favor of the Administrative Agent, for the benefit of the Secured Parties, valid and enforceable first priority Liens (other than Permitted Liens) on all Deposit Accounts, Securities Accounts and Commodity Accounts of such new Subsidiary as collateral security for the Obligations hereunder; provided that any such security interest or Lien shall be subject to the applicable Security Documents;
(i)to the extent that the parent of such new Subsidiary (other than any Immaterial Subsidiary) has not pledged Equity Interests in its Subsidiaries in accordance with the terms of the relevant Security Document and this Agreement, cause the parent of such Subsidiary to execute and deliver a pledge agreement in favor of the Administrative Agent, for the benefit of the Secured Parties, in respect of all outstanding issued Equity Interests of such new Subsidiary; and
(ii)deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by the Borrower pursuant to Section 6.01 or as the Administrative Agent shall have reasonably requested.
(c)Further Assurances.  
(i)The Borrower shall, and shall cause each of its direct or indirect Subsidiaries (including any newly formed or newly acquired Subsidiaries (other than any Immaterial Subsidiary)) to take such action from time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement and the applicable Security Documents.

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(ii)Without limiting the generality of the foregoing, within thirty (30) days following written request from the Administrative Agent, the Borrower shall cause each Person that is required to be a Subsidiary Guarantor or an Obligor hereunder to take such action from time to time (including executing and delivering such Security Documents and delivering its certificated Equity Interests together with undated transfer powers executed in blank) as shall be reasonably requested by the Administrative Agent to create, in favor of the Secured Parties, perfected security interests and Liens on the Manufacturing Facilities and all Deposit Accounts, Securities Accounts and Commodity Accounts of such Person and all Equity Interests in each Subsidiary Guarantor as collateral security for the Obligations; provided that any such security interest or Lien shall be subject to Permitted Liens and the relevant requirements of the applicable Security Documents.  
8.13Termination of Non-Permitted Liens.  In the event that the Borrower or any of its Subsidiaries shall obtain knowledge of, or be notified by the Administrative Agent or any Lender of the existence of, any outstanding Lien against any assets or property of the Borrower or any of its Subsidiaries, which Lien is not a Permitted Lien, the Borrower shall use commercially reasonable efforts to promptly terminate or cause the termination of such Lien.
8.14Maintenance of the Governmental Approvals and Intellectual Property.  The Borrower shall cause each of its Subsidiaries (to the extent applicable) to, (i) maintain in full force and effect all material Governmental Approvals, Healthcare Permits, Material Intellectual Property and other rights, interest or assets (whether tangible or intangible) reasonably necessary for its ordinary course of business and commercial efforts as currently conducted and as anticipated to be conducted, in each case, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (ii) promptly upon obtaining knowledge thereof, notify the Administrative Agent of any infringement or other violation by any Person of the Borrower’s or Subsidiary Guarantors’ Material Intellectual Property, and take commercially reasonable efforts to pursue any such infringement or other violation, except in any specific circumstance where the Borrower reasonably determines in good faith that it is not commercially reasonable to do so, (iii) use commercially reasonable efforts to pursue and maintain in full force and effect all new Material Intellectual Property created, developed, or acquired by the Borrower or any of its Subsidiaries, as the case may be, that are necessary for ordinary course commercial or business activities or operations of such Person, and (iv) promptly after obtaining knowledge thereof, notify the Administrative Agent of any written Claim by any Person that the conduct of the business of the Borrower or any of its Subsidiaries has infringed upon any Intellectual Property of such Person that could reasonably be expected to result in a Material Adverse Effect.
8.15ERISA and Foreign Pension Plan Compliance.  Except as could not reasonably be expected to result in a Material Adverse Effect, the Borrower shall comply, and shall cause each of its Subsidiaries to comply, with the provisions of ERISA or applicable Law with respect to any Plans or Foreign Pension Plans to which the Borrower or any such Subsidiary is a party as an employer.
8.16Cash Management.  The Borrower shall, and shall cause Subsidiary Guarantors to:
(a)maintain at all times the Minimum Liquidity Account and all deposit accounts, disbursement accounts, investment accounts (and other similar cash or bank accounts) and lockboxes located in the U.S. or non-U.S. and held by any Subsidiary Guarantor with a bank or 

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financial institution, except as permitted pursuant to clause (b) below, that has executed and delivered to the Administrative Agent an account control agreement (or, in respect of an account in the United Kingdom and Ireland, evidence that each relevant Obligor delivered to the relevant account bank a notice of assignment in respect of the account and has used reasonable endeavors to ensure that each Account Bank acknowledges the notice), in form and substance reasonably acceptable to the Administrative Agent (each of the Minimum Liquidity Account and such deposit account, disbursement account, investment account (or other similar cash or bank account) and lockbox, a “Controlled Account”); each such Controlled Account shall secure payment of the Obligations, and each Obligor shall have granted a Lien to the Administrative Agent, for the benefit of the Secured Parties, over such Controlled Accounts.  For the avoidance of doubt, no account control agreements shall be required in respect of any bank account held in Ireland or England; and
(b)deposit promptly, and in any event no later than five (5) Business Days after the date of receipt thereof (if and to the extent received), all cash, checks, drafts or other similar items of payment relating to or constituting payments made in respect of any and all accounts receivable, Contracts or any other rights and interests into the applicable Controlled Accounts.
Notwithstanding the foregoing or in any Loan Document to the contrary, neither the Borrower nor any of its Subsidiaries shall be required to obtain an account control agreement (or, in respect of an account in the United Kingdom and Ireland, evidence that each relevant Obligor delivered to the relevant account bank a notice of assignment in respect of the account) for any deposit accounts, disbursement accounts, investment accounts (and other similar cash or bank accounts) and lockboxes that (i) in respect of the Irish Subsidiary Guarantor, are established and maintained in connection with any IDA Grant, in an amount not to exceed €2,200,000 in aggregate at any one time or (ii) in respect of the English Guarantor, are for the sole purpose of holding cash or cash equivalents that serves as collateral security under any letter of credit or other obligation not prohibited by this Agreement.
8.17Title, Headleases, Power to Remedy.  The Borrower shall, and shall cause each of its Subsidiaries to, (i) exercise its rights and comply in all respects with any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting a Manufacturing Facility, (ii) exercise its rights and comply with its obligations under each Headlease in a proper and timely manner, (iii) use its reasonable endeavours to ensure that each landlord complies with its obligations under each Headlease in a proper and timely manner, (iv) if so required by the Administrative Agent, apply for relief against forfeiture of any Headlease in a proper and timely manner, and (v) in the event that an Obligor fails to perform any obligations under the Loan Documents affecting its Manufacturing Facility, that Obligor must allow the Administrative Agent or its agents and contractors (A) to enter any part of its Manufacturing Facility, (B) to comply with or object to any notice served on the Obligor in respect of its Manufacturing Facility and (C) to take any action that the Administrative Agent may reasonably consider necessary or desirable to prevent or remedy any breach of any such term or to comply with or object to any such notice.
8.18Register of Mortgages and Charges. The Borrower shall, within three (3) Business Days of the Closing Date, update its register of mortgages and charges to reflect the security granted by the Borrower pursuant to the applicable Security Documents, in form and substance reasonably satisfactory to the Administrative Agent.

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8.19Post-Closing Covenants
(a)Within twenty (20) Business Days of the Closing Date (or such later date as an Independent Appraiser may reasonably request or as the Administrative Agent may agree in its reasonable discretion), the Administrative Agent shall have received a valuation and appraisal report, prepared by an Independent Appraiser instructed and appointed by the Administrative Agent (the “Valuation Report”), which report shall be in scope and substance reasonably satisfactory to the Administrative Agent and shall confirm the fair market value of:
(i)the London Manufacturing Facility is not less than [***] (or Equivalent Amount); and
(ii)the Shannon Manufacturing Facility is not less than [***] (or Equivalent Amount). 
(b)If the fair market value of the London Manufacturing Facility confirmed by the Valuation Report exceeds [***] (or Equivalent Amount) then within 10 Business Days of the receipt of the Valuation Report by the Borrower, the Borrower shall have delivered to the Administrative Agent an endorsement of:
(i)the Dual Asset no-search insurance policy dated 29 July 2022 (with reference 00-87868222N0); and
(ii)the Dual Asset title insurance policy dated 14 December 2018 and varied by an endorsement dated 29 July 2022 (with reference 00-39858418K0), 
increasing the indemnity limit of each policy from [***] to the sum equal to the fair market value of the London Manufacturing Facility confirmed by the Valuation Report (or Equivalent Amount) and the Borrower shall pay the premium for each endorsement when it falls due.
(c)Within six (6) weeks of the issue of a certificate of practical completion in relation to the Works, the Borrower shall furnish to the Lenders and their solicitors copies of the following:
(i)an architect’s opinion on compliance with planning permission and an architect's opinion on compliance with the building regulations in RIAI format which shall include all confirmations and other documents referred to or relied upon therein;
(ii)a copy of any approvals, consents, permissions and licences of any competent authority that may from time to time be required to enable the Borrower to commence and carry out the Works including without limitation any planning permission, commencement notice, fire safety certificate or disability access certificate required by the Building Control Acts 1990 to 2014 required or obtained in relation to the Works (the “Requisite Consents”);
(iii)a copy of the receipts for any financial contributions payable by the Borrower pursuant to the Requisite Consents; and 
(iv)certificate of compliance on completion within the meaning of the Building Control (Amendment) Regulations 2014.

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(d)Within thirty (30) Business Days of the Closing Date, (or such later date as the Administrative Agent may agree in its reasonable discretion), the Borrower shall deliver to the Administrative Agent short form security agreements, in form and substance reasonably satisfactory to the Administrative Agent, evidencing a grant of security over Borrower’s rights to insurance proceeds.
Section 9​
NEGATIVE COVENANTS
The Obligors jointly and severally covenant and agree with the Administrative Agent and the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than inchoate indemnification and expense reimbursement obligations for which no Claim has been made) have been paid in full in cash:  
9.01Indebtedness.  The Borrower shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, whether directly or indirectly, except: 
(a)the Obligations;
(b)Indebtedness existing on the Closing Date and set forth on Schedule 7.13 and Permitted Refinancings thereof; provided that, in each case, such Indebtedness is subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent;
(c)accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money) incurred in the ordinary course of the Borrower’s or such Subsidiary’s business in accordance with customary terms and paid within one hundred twenty (120) days of becoming due, unless contested in good faith by appropriate proceedings and reserved for in accordance with GAAP for any such amounts over $5,000,000; 
(d)Indebtedness consisting of guarantees resulting from the endorsement of negotiable instruments for collection in the ordinary course of business;
(e)Indebtedness of any Obligor owing to any of its Subsidiaries or to another Obligor; provided that, in each case, such Indebtedness is subordinated to the Obligations subject to the Intercompany Subordination Agreement;
(f)Guarantees by any Obligor of outstanding Permitted Indebtedness of any other Obligor; provided that to the extent that any such Permitted Indebtedness is subordinated to the Obligations, such Guarantees shall be similarly subordinated;
(g)ordinary course of business equipment financing, leasing and Capital Lease Obligations; provided that (i) if secured, the collateral therefor consists solely of the assets being financed, the products and proceeds thereof and books and records related thereto, and (ii) the aggregate outstanding principal amount of such Indebtedness does not exceed $7,000,000 (or the Equivalent Amount in other currencies) in the aggregate at any time;
(h)Indebtedness under Hedging Agreements permitted by Section 9.05(e); 

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(i)with respect to any Permitted Acquisition, Indebtedness assumed in connection with such Permitted Acquisition; provided that, (i) no such Indebtedness shall have been created or incurred in connection with, or in contemplation of, such Acquisition or this Section 9.01(i), and (ii) the aggregate amount of Indebtedness permitted pursuant to this Section 9.01(i) shall not exceed $5,000,000 (or the Equivalent Amount in other currencies) at any time outstanding, inclusive of all related Contingent Acquisition Obligations;
(j)Indebtedness consisting of the financing of insurance premiums in respect of insurance policies insuring assets or businesses of an Obligor written or arranged in such Obligor’s ordinary course of business;
(k)Indebtedness incurred in connection with cash management services, including treasury, depository, overdraft, credit or debit card, purchasing cards, electronic funds transfer, automatic clearing house arrangements, cash pooling arrangements, netting services, over draft protections, merchant services and other cash management and similar arrangements of an Obligor or any of its Subsidiaries, in each case incurred in the ordinary course of business;
(l)Indebtedness incurred under performance, surety, bid, statutory and appeal bonds, completion guarantees and other similar obligations, in each case in the ordinary course of business;
(m)Indebtedness in respect of worker’s compensation claims, payment obligations in connection with health, disability or other types of social security benefits, unemployment or other insurance obligations and reclamation and statutory obligations, in each case incurred in the ordinary course of business; 
(n)Indebtedness in respect of letters of credit, bank guarantees or similar instruments incurred in the ordinary course of business; provided that the aggregate face amount of all such letters of credit, bank guarantees or other instruments (including letters of credit outstanding on the Closing Date) shall not exceed $5,000,000 at any time outstanding; 
(o)Indebtedness consisting of Investments permitted pursuant to Section 9.05; 
(p)Permitted Convertible Indebtedness; provided that the aggregate amount of all such Indebtedness permitted pursuant to this Section 9.01(p) shall not exceed $150,000,000 (or the Equivalent Amount in other currencies) at any time outstanding; 
(q)advances or deposits from customers or vendors received in the ordinary course of business; 
(r)Indebtedness incurred in connection with IDA Grants not to exceed €2,200,000 in the aggregate at any time outstanding; and  
(s)other unsecured Indebtedness in an aggregate amount not to exceed $5,000,000 in the aggregate at any time outstanding.
9.02Liens.  The Borrower shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property now owned by it or such Subsidiary, except:  

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(a)Liens securing the Obligations;
(b)any Lien on any property or asset of the Borrower or any of its Subsidiaries existing on the Closing Date and set forth on Schedule 9.02; provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any of its Subsidiaries and (ii) any such Lien shall secure only those obligations which it secures on the Closing Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(c)Liens securing Indebtedness permitted under Section 9.01(g); provided that such Liens are restricted solely to the collateral permitted to be secured by Section 9.01(g);
(d)Liens imposed by any applicable Law arising in the ordinary course of business, including (but not limited to) carriers’, warehousemen’s and mechanics’ liens, materialmen and other similar Liens arising in the ordinary course of business and which (x) do not in the aggregate materially detract from the value of the property subject thereto or materially impair the use thereof in the operations of the business of such Person or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property subject to such Liens and for which adequate reserves have been made if required in accordance with GAAP;
(e)pledges or deposits made in the ordinary course of business in connection with (i) real property leases entered into in the ordinary course of business, (ii) obligations in respect of workers’ compensation, unemployment insurance or other similar social security legislation, to the extent permitted pursuant to Section 9.01(m), or (iii) obligations in respect of surety or appeal bonds, bid or performance bonds, or other obligations of a like nature, to the extent permitted pursuant to Section 9.01(l);
(f)Liens securing Taxes, assessments and other governmental charges, the payment of which is not yet due or is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made;
(g)servitudes, easements, rights of way, restrictions and other similar encumbrances on real property imposed by any applicable Law or by any lease pursuant to which an Obligor holds its interest in a Manufacturing Facility and Liens consisting of zoning or building restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere in any material respects with the ordinary conduct of the business of any of the Obligors or any of their Subsidiaries;
(h)with respect to any real property, (i) such defects or encroachments as might be revealed by an up-to-date survey of such real property; (ii) the reservations, limitations, provisos and conditions expressed in the original grant, deed or patent of such property by the original owner of such real property pursuant to applicable Law or expressed in any lease pursuant to which an Obligor holds its interest in a Manufacturing Facility; (iii) rights of expropriation, access or user or any similar right conferred or reserved by or in any applicable Law, which, in the aggregate for clauses (i), (ii) and (iii), are not material, and which do not in any case materially detract from the 

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value of the property subject thereto or interfere in any material respects with the ordinary conduct of the business of any of the Obligors or its Subsidiaries and (iv) leases or subleases of real property in the ordinary course of business; 
(i)bankers’ liens, rights of setoff and similar Liens incurred on deposits made to a bank on deposit accounts to the extent permitted to be made hereunder in the ordinary course of business; 
(j)any judgment Lien not constituting an Event of Default;
(k)interests of lessors and sublessors under operating leases, interests of licensors or sublicensors under license agreements, and with respect to any realty occupied by any Obligor or any of its Subsidiaries, all easements, rights of way, reservations, licenses, covenants encroachments, variations and similar restrictions, charges and encumbrances on title that, in any such case or event, do not secure monetary obligations (other than any Permitted Lien set out in Schedule 9.02) and do not materially impair the use of such property for its intended purposes;
(l)Liens on cash held on deposit to secure letters of credit, bank guarantees or similar instruments permitted under Section 9.01(n) in an amount not to exceed the face amount of such letters of credit, bank guarantees or similar instruments, so long as such cash is held in segregated accounts maintained with the issuers of such letters of credit, bank guarantees or similar instruments;
(m)Liens securing Indebtedness permitted under Section 9.01(i); provided that (i) such Lien is not created in contemplation of or in connection with such Permitted Acquisition or this Agreement, (ii) such Lien shall not apply to any other property or assets of the Borrower or any of its Subsidiaries other than the property or assets being acquired pursuant to such Permitted Acquisition, (iii) such Lien shall secure only those obligations that it secured immediately prior to the consummation of such Permitted Acquisition and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof and (iv) such Lien does not secure any Contingent Acquisition Obligation; 
(n)(i) Liens arising from rights of licensees or licensors, as the case may be, arising under licenses permitted pursuant to Section 9.19, and (ii) any ordinary course interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any inbound license or lease agreement permitted pursuant to Section 9.19;
(o)Liens securing Indebtedness permitted by Section 9.01(j); provided that such Lien shall be solely limited to the applicable insurance policies, supporting documentation relating thereto and the Obligor’s right to receive proceeds under such insurance policy with respect to which such Indebtedness has been incurred; 
(p)Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;
(q)Liens referred to in any Certificate of Title; 
(r) Liens securing Indebtedness permitted under Section 9.01(r); or

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(s)Liens on the Specified Assets so long as the Specified Assets Conditions are satisfied both immediately before and after giving effect to the creation of any such Lien.
9.03Fundamental Changes, Acquisitions, Etc.  The Borrower shall not, and shall not permit any of its Subsidiaries to, (i) enter into any transaction of merger, amalgamation or consolidation, (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), (iii) sell or issue any Disqualified Equity Interests, or (iv) other than Permitted Acquisitions, make any Acquisition or otherwise acquire any business or substantially all the property from, or Equity Interests of, or be a party to any Acquisition of, any Person, except, so long as no Event of Default has occurred and is continuing or could reasonably be expected to occur as a result therefrom, for the following:
(a)Investments permitted under Section 9.05;
(b)any Permitted Acquisitions;
(c)the merger, amalgamation or consolidation of (i) any Subsidiary with or into any Obligor; provided that with respect to any such transaction involving the Borrower or any other Obligor, the Borrower or such Obligor, as the case may be, must be the surviving or successor entity of such transaction and (ii) any Immaterial Subsidiary with or into any other Immaterial Subsidiary;
(d)the sale, lease, transfer or other disposition by any Subsidiary of any or all of its property (upon voluntary liquidation or otherwise) to any other Obligor; 
(e)(i) the sale, lease, transfer or other disposition by any Immaterial Subsidiary of any or all of its property (upon voluntary liquidation or otherwise) to any other Immaterial Subsidiary or to any Obligor, or (ii) the sale, transfer or other disposition of the Equity Interests of any Immaterial Subsidiary to any other Immaterial Subsidiary or to any Obligor; and
(f)the issuance, sale, transfer or other disposition of the Equity Interests of any Subsidiary Guarantor to any other Obligor. 
9.04Lines of Business.  The Borrower shall not, and shall not permit any of its Subsidiaries to, engage in any business other than the business engaged in on the Closing Date by such Persons or a business reasonably related or ancillary thereto or a reasonable extension thereof. 
9.05Investments.  The Borrower shall not, and shall not permit any of its Subsidiaries to, make, directly or indirectly, or permit to remain outstanding any Investments except:  
(a)Investments outstanding on the Closing Date and identified on Schedule 9.05 and any modification, replacement, renewal or extension thereof to the extent not involving new or additional Investments;
(b)extensions of credit in the nature of accounts receivable or notes receivable arising from (i) the sales of goods or services in the ordinary course of business and prepaid royalties, (ii) the satisfaction or partial satisfaction thereof to the extent reasonably necessary in order to prevent or limit loss and any prepayment and other credits to suppliers made in good faith and in the ordinary course of business or (iii) the satisfaction, partial satisfaction or enforcement of 

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Indebtedness or Claims due or owing to an Obligor or its Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course of business) or as security for any such Indebtedness or Claims in good faith and in the ordinary course of business;
(c)Permitted Cash Equivalent Investments;
(d)Investments by Borrower or any other Subsidiary of the Borrower in (i) the Borrower, (ii) any Subsidiary Guarantor, or (iii) any other Subsidiary of the Borrower for (A) operating expenses incurred in the ordinary course of business and consistent with past practices or (B) other Investments to any other Subsidiary of the Borrower; provided that the fair value of all such Investments made pursuant to this clause (iii)(B) shall not exceed $2,000,000 in the aggregate per fiscal year;
(e)Hedging Agreements entered into in the Borrower’s or any of its Subsidiaries’ ordinary course of business for the purpose of hedging currency risks or interest rate risks (but not for speculative purposes) and in an aggregate notional amount for all such Hedging Agreements not in excess of $5,000,000 (or the Equivalent Amount in other currencies);
(f)Investments consisting of prepaid expenses, negotiable instruments held for collection or deposit, security deposits with utilities and landlords to secure office space and other like Persons and deposits in connection with workers’ compensation and similar deposits, in each case, made in the ordinary course of business;
(g)employee loans, travel advances and guarantees in accordance with the Borrower’s usual and customary practices with respect thereto (if permitted by applicable Law) which in the aggregate shall not exceed $1,000,000 outstanding at any time (or the Equivalent Amount in other currencies); 
(h)Investments received in connection with any Insolvency Proceedings in respect of any customers, suppliers or clients and in settlement of delinquent obligations of, and other disputes with, customers, suppliers or clients; 
(i)Investments permitted under Section 9.03;
(j)advances and extensions of credit (including to trade creditors) in the nature of trade payables made in connection with the purchases of goods or services in the ordinary course of business;
(k)Investments made or acquired as a result of consideration received in connection with any Asset Sale permitted under Section 9.09 or Permitted Acquisition; provided that all such Investments made pursuant to this clause (k) shall not exceed €2,200,000 in the aggregate since the Closing Date; 
(l)Investments in the form of non-cash loans and advances in an aggregate amount not to exceed $2,500,000 outstanding at any one time to employees, officers, and directors of any Obligor or any of its Subsidiaries for the purpose of purchasing Qualified Equity Interests in the Borrower so long as the proceeds of such loans are used in their entirety to purchase such Qualified Equity Interests in the Borrower; 

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(m)the entry into and payment of any premium in connection with any Permitted Bond Hedge Transaction; 
(n)Investments involving the Specified Assets so long as the Specified Assets Conditions are met and satisfied; 
(o)Investments in connection with IDA Grants in an aggregate amount not to exceed €2,200,000 at any time outstanding;
(p)Investments by the Obligors in Subsidiaries pursuant to Tax sharing arrangements, transfer pricing arrangements or cost plus arrangements, in each case, solely as between or among the Obligors and one or more of their Subsidiaries; and
(q)other Investments in an aggregate amount not to exceed $2,500,000 in the aggregate since the Closing Date.
9.06Restricted Payments.  The Borrower shall not, and shall not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment; provided that the following Restricted Payments shall be permitted so long as no Event of Default has occurred and is continuing or could reasonably be expected to occur or result from such Restricted Payment: 
(a)dividends with respect to the Borrower’s Equity Interests payable solely in shares of its Qualified Equity Interests (or the equivalent thereof);
(b)the Borrower’s purchase, redemption, retirement or other acquisition of its Equity Interests that (i) with respect to any such Person, the aggregate purchase, redemption, retirement or other acquisition cost or price does not exceed $1,000,000 in the aggregate since the Closing Date and (ii) with respect to all such purchases, redemptions, retirements or other acquisitions made pursuant to this Section 9.06(b) since the Closing Date, the aggregate cost or price does not exceed $4,000,000; 
(c)dividends paid by any Subsidiary Guarantor to any other Obligor; 
(d)upon the death, incapacity or termination of any natural person that is a holder of Qualified Equity Interests of the Borrower or the exercise of a right of first refusal or similar right in respect of any such holder, the Borrower may repurchase the stock of such Qualified Equity Interests of such holder or such holder’s family, trusts, estates and heirs pursuant to stock repurchase agreements in an amount not to exceed $1,000,000 per fiscal year;
(e)cash in lieu of the issuance of fractional shares not to exceed $1,000,000 per fiscal year;
(f)dividends paid by any Immaterial Subsidiary to any other Immaterial Subsidiary or to any Obligor;

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(g)repurchases of Qualified Equity Interests deemed to occur upon the exercise of stock options or warrants if such repurchased Qualified Equity Interests represents a portion of the exercise price of such options or warrants pursuant to a “cashless exercise” or similar feature; 
(h)repurchases of Qualified Equity Interests deemed to occur upon withholding of a portion of the Qualified Equity Interests granted or awarded to a current or former director, officer, employee or consultant to pay for the taxes payable by such Person upon such grant or award (or upon vesting thereof); provided that, in each case, no such repurchases shall exceed $1,000,000 per year (calculated since the Closing Date), in the aggregate for all employees; and
(i)(i) the payment of the purchase price of any Permitted Bond Hedge Transaction or (ii) the settlement, unwinding or termination of all or any portion of any Permitted Warrant Transaction by (I) set-off against the concurrent settlement, unwind or other termination of all or any portion of any related Permitted Bond Hedge Transaction or (II) delivery of ordinary shares.
Notwithstanding anything to the contrary in the foregoing, the issuance of, performance of obligations under (including any payments of interest), and conversion, exercise, repurchase, redemption (including, for the avoidance of doubt, a required repurchase in connection with the redemption of Permitted Convertible Indebtedness upon satisfaction of a condition related to the stock price of the ordinary shares), settlement or early termination or cancellation of (whether in whole or in part and including by netting or set-off) (in each case, whether in cash, ordinary shares, following a merger event or other change of the ordinary shares, other securities or property), or the satisfaction of any condition that would permit or require any of the foregoing, any Permitted Convertible Indebtedness shall not constitute a Restricted Payment by the Borrower for the purposes of this Section 9.06; provided that, to the extent both (a) the aggregate amount of cash payable upon conversion or payment of any Permitted Convertible Indebtedness (excluding any required payment of interest with respect to such Permitted Convertible Indebtedness and excluding any payment of cash in lieu of a fractional share due upon conversion thereof) exceeds the aggregate principal amount thereof and (b) such conversion or payment does not trigger or correspond to an exercise or early unwind or settlement of a corresponding portion of the Permitted Bond Hedge Transactions relating to such Permitted Convertible Indebtedness (including, for the avoidance of doubt, the case where there is no Bond Hedge Transaction relating to such Permitted Convertible Indebtedness), the payment of such excess cash shall not be permitted by this paragraph.
Notwithstanding the foregoing, the Borrower may repurchase, exchange or induce the conversion of Permitted Convertible Indebtedness by delivery of shares of ordinary shares and/or a different series of Permitted Convertible Indebtedness and/or by payment of cash (in an amount that does not exceed the proceeds received by Borrower from the substantially concurrent issuance of ordinary shares and/or Permitted Convertible Indebtedness plus the net cash proceeds, if any, received by Borrower pursuant to the related exercise or early unwind or termination of the related Permitted Bond Hedge Transactions and Permitted Warrant Transactions, if any, pursuant to the immediately following proviso); provided that, substantially concurrently with, or a commercially reasonable period of time before or after, the related settlement date for the Permitted Convertible Indebtedness that is so repurchased, exchanged or converted, Borrower shall exercise or unwind or terminate early (whether in cash, shares or any combination thereof) the portion of the Permitted 

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Bond Hedge Transactions and Permitted Warrant Transactions, if any, corresponding to such Permitted Convertible Indebtedness that are so repurchased, exchanged or converted.
9.07Payments of Indebtedness.  The Borrower shall not, and shall not permit any of its Subsidiaries to, make any payments in respect of any Indebtedness other than (i) payments of the Obligations and (ii) scheduled or other mandatory payments of other Permitted Indebtedness (other than any Permitted Convertible Indebtedness) that are not otherwise prohibited or limited pursuant to any subordination or similar contract that is binding upon the Borrower, any such Subsidiary or any holder of such Permitted Indebtedness.
Notwithstanding anything to the contrary in the foregoing, the issuance of, performance of obligations under (including any payments of interest), and conversion, exercise, repurchase, redemption (including, for the avoidance of doubt, a required repurchase in connection with the redemption of Permitted Convertible Indebtedness upon satisfaction of a condition related to the stock price of the ordinary shares), settlement or early termination or cancellation of (whether in whole or in part and including by netting or set-off) (in each case, whether in cash, ordinary shares, following a merger event or other change of the ordinary shares, other securities or property), or the satisfaction of any condition that would permit or require any of the foregoing, any Permitted Convertible Indebtedness shall not violate this Section 9.07; provided that, to the extent both (a) the aggregate amount of cash payable upon conversion or payment of any Permitted Convertible Indebtedness (excluding any required payment of interest with respect to such Permitted Convertible Indebtedness and excluding any payment of cash in lieu of a fractional share due upon conversion thereof) exceeds the aggregate principal amount thereof and (b) such conversion or payment does not trigger or correspond to an exercise or early unwind or settlement of a corresponding portion of the Permitted Bond Hedge Transactions relating to such Permitted Convertible Indebtedness (including, for the avoidance of doubt, the case where there is no Bond Hedge Transaction relating to such Permitted Convertible Indebtedness), the payment of such excess cash shall not be permitted by the preceding sentence.
Notwithstanding the foregoing, Borrower may repurchase, exchange or induce the conversion of Permitted Convertible Indebtedness by delivery of shares of ordinary shares and/or a different series of Permitted Convertible Indebtedness and/or by payment of cash (in an amount that does not exceed the proceeds received by Borrower from the substantially concurrent issuance of ordinary shares and/or Permitted Convertible Indebtedness plus the net cash proceeds, if any, received by Borrower pursuant to the related exercise or early unwind or termination of the related Permitted Bond Hedge Transactions and Permitted Warrant Transactions, if any, pursuant to the immediately following proviso); provided that, substantially concurrently with, or a commercially reasonable period of time before or after, the related settlement date for the Permitted Convertible Indebtedness that is so repurchased, exchanged or converted, Borrower shall exercise or unwind or terminate early (whether in cash, shares or any combination thereof) the portion of the Permitted Bond Hedge Transactions and Permitted Warrant Transactions, if any, corresponding to such Permitted Convertible Indebtedness that are so repurchased, exchanged or converted.
9.08Change in Fiscal Year.  The Borrower shall not, and shall not permit any of its Subsidiaries to, change the last day of its fiscal year from that in effect on the Closing Date, except to change the fiscal year of a Subsidiary acquired in connection with a Permitted Acquisition to conform its fiscal year to that of the Borrower. 

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9.09Sales of Assets, Etc.  Except as set forth below, the Borrower shall not, and shall not permit any of its Subsidiaries to sell, lease, transfer, or otherwise dispose of any of its assets or property (including accounts receivable, Material Intellectual Property or Equity Interests of Subsidiaries), grant or enter into any Exclusive License (other than any Exclusive License that is not prohibited by this Agreement), forgive, release or compromise any amount owed to the Borrower or such Subsidiary, in each case, in one transaction or series of transactions (any thereof, an “Asset Sale”); provided that Asset Sales of the type described in clauses (c), (d), (e), (f), (i), (l) and (m) shall only be permitted so long as no Event of Default has occurred or could reasonably be expected to result from such Asset Sale:
(a)sales of inventory in the ordinary course of its business on ordinary business terms;
(b)the forgiveness, release or compromise of any amount owed to any Obligor or Subsidiary in the ordinary course of business;
(c)transfers of assets or property by any Subsidiary to an Obligor;  
(d)transfers of assets or property by an Immaterial Subsidiary to any other Immaterial Subsidiary;
(e)dispositions of any assets or property that is obsolete or worn out or no longer used or useful in the Business; 
(f)in connection with any transaction permitted under Sections 9.02, 9.03, 9.05 or 9.06 or 9.10; 
(g)the sale, assignment, transfer, disposition or discount, in each case, without recourse, of accounts receivable arising in the ordinary course of business that have been written down by the Borrower acting in good faith and consistent with its historical collection practices;
(h)any dispositions as a result of any involuntary loss, damage or destruction of property as a result of a Casualty Event or transfers of property to insurance companies in exchange for casualty insurance proceeds;
(i)the sale or issuance of Qualified Equity Interests of the Borrower and the issuance by any of the Borrower’s Subsidiaries of Qualified Equity Interests to the Borrower or any Obligor;
(j)the abandonment of issued Patents, issued Trademarks and issued Copyrights of the Borrower and its Subsidiaries to the extent such issued Patents, issued Trademarks and issued Copyrights do not qualify as Material Intellectual Property and are not in the good faith judgment of the Borrower useful to, or required in, the conduct of the business of the Obligors or any of their Subsidiaries;
(k)the abandonment or other disposition of a lease or sublease of real property that is, in the commercially reasonable judgment of the Borrower, not used or useful in the conduct of the business of the Obligors or any of their Subsidiaries;

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(l)licenses, development and other collaborative agreements where such arrangement provide for the license of Patents, Trademarks, Copyrights and other Intellectual Property Rights to the extent permitted pursuant to Section 9.19 hereof; 
(m)dispositions of property to the extent that such property is exchanged for credit against the purchase price of similar replacement property; 
(n)dispositions or licenses of the Specified Assets so long as the Specified Assets Conditions are met and satisfied; and 
(o)dispositions of assets (other than accounts receivable or Intellectual Property) not otherwise permitted pursuant to clauses (a) through (n) above; provided that such dispositions are made at fair market value for cash and the aggregate fair market value of all assets disposed of in all such dispositions (including the proposed disposition) would not exceed $2,500,000 in the aggregate since the Closing Date.
9.10Transactions with Affiliates.  The Borrower shall not, and shall not permit any of its Subsidiaries to, sell, lease, license or otherwise transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions or arrangements with, any of its Affiliates, except:  
(a)transactions between or among Obligors and their Subsidiaries to the extent permitted hereunder (including, for the avoidance of doubt, any such transactions that are permitted by Section 9.05);
(b)customary compensation and indemnification of, and other employment arrangements with, directors, officers and employees of the Borrower or any of its Subsidiaries in the ordinary course of business; 
(c)payments by the Obligors and their Subsidiaries pursuant to Tax sharing arrangements, transfer pricing arrangements or cost plus arrangements, in each case, solely as between or among the Obligors and one or more of their Subsidiaries;
(d)issuance of Qualified Equity Interests not resulting in a Change of Control and otherwise permitted hereunder; 
(e)transactions between or involving Perceptive Credit Holdings III, LP and its Affiliates; 
(f)transactions in connection with the Janssen Collaboration Agreement; and
(g)any other transaction of any Obligor or any of its Subsidiaries that is (i) on fair and reasonable terms that are no less favorable (including with respect to the amount of cash or other consideration receivable or payable in connection therewith) to such Obligor or such Subsidiary, as applicable, than it could obtain in an arm’s-length transaction with a Person that is not an Affiliate of such Obligor or such Subsidiary and (ii) of the kind which would be entered into by a prudent Person in the position of such Obligor or such Subsidiary, as applicable, with another Person that is not an Affiliate of such Obligor or such Subsidiary, as applicable.

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9.11Restrictive Agreements.  The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any Restrictive Agreement other than (i) restrictions and conditions imposed by applicable Laws or by the Loan Documents, (ii) customary restrictions and conditions contained in agreements relating to an Asset Sale permitted pursuant to Section 9.09; provided that such restrictions and conditions apply only to the Subsidiary or property or asset that is to be sold and were not created or imposed in contemplation of this Agreement, (iii) restrictions and conditions imposed by any agreement relating to Permitted Indebtedness that is secured by a Permitted Lien so long as such restrictions or conditions apply only to the property or assets securing such Permitted Indebtedness and were not created or imposed in contemplation of this Agreement, (iv) any agreement or restriction or condition in effect at the time any Person becomes a Subsidiary pursuant to a Permitted Acquisition, so long as such agreement or restriction or condition was not entered into in contemplation of such Person becoming a Subsidiary and does not extend to any assets, properties or businesses other than those acquired pursuant to such Permitted Acquisition, (v) customary provisions in leases and subleases entered into in compliance with Section 9.13 or licenses entered into in compliance with Section 9.19, in either case restricting the assignment thereof or restricting the grant of Liens in such lease, sublease or license, as the case may be, (vi) restrictions on pledges or deposits made in the ordinary course of business in connection with leases or obligations permitted pursuant to Section 9.02(e), and (vii) Restrictive Agreements set forth on Schedule 7.15; provided further that, any term or provision of the foregoing notwithstanding, no such Restrictive Agreement otherwise permitted under this Section shall be permitted in the event it in any way restricts, prohibits or otherwise prevents (x) the execution, delivery and performance of the Obligations or any Secured Party’s rights or remedies in respect thereof, (y) the exercise of remedies by the Administrative Agent against the Borrower or any Subsidiary following an Event of Default as contemplated by the Loan Documents or (z) the performance of the obligations of the Borrower pursuant to Section 8.12 hereof.
9.12Modifications of Organic Documents; Termination of Material Agreements.  The Borrower shall not, and shall not permit any of its Subsidiaries to:
(a)waive, amend, terminate, replace or otherwise modify any term or provision of any Organic Document that could reasonably be expected to have a negative adverse effect on (x) any Obligations or any interests, rights or remedies of any Secured Party in respect of the Loan Documents or (y) any rights or remedies of any Lender in respect of any Warrant Certificate (or, to the extent the Lender has exercised its rights under any Warrant Certificate, such Lender’s rights as a holder of the Borrower’s Equity Interests) except, for purposes of this clause (y) only, to the extent such modification would not negatively adversely and disproportionately affect such Lender when compared with the effect of such modification on all other holders of the same series or class of Equity Interests; or
(b)Except with respect to the Material Agreements set forth on Schedule 9.12(b), take or omit to take any action that results in the termination of, or permits any other Person to terminate, any Material Agreement or; or take any action that permits any Material Agreement to be terminated by any counterparty thereto prior to its stated date of expiration, in each case, only to the extent such termination would negatively adversely and disproportionately affect the Administrative Agent or the Lenders.

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9.13Sales and Leasebacks.  Except as disclosed on Schedule 9.13, the Borrower shall not, and shall not permit any of its Subsidiaries to, become liable, directly or indirectly, with respect to any lease, whether an operating lease or a Capital Lease Obligation, of any property (whether real, personal, or mixed), whether now owned or hereafter acquired, (i) which such Person has sold or transferred or is to sell or transfer to any other Person and (ii) which such Person intends to use for substantially the same purposes as property which has been or is to be sold or transferred. 
9.14Hazardous Material.  The Borrower shall not, and shall not permit any of its Subsidiaries to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Material, except in compliance with all applicable Environmental Laws or where the failure to comply, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
9.15Accounting Changes.  The Borrower shall not, and shall not permit any of its Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required or permitted by GAAP.
9.16Compliance with ERISA.  Neither Borrower nor any of its ERISA Affiliates shall cause or suffer to exist (i) any event that could result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (ii) any other ERISA Event that, in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  Neither the Borrower nor any of its Subsidiaries shall cause or suffer to exist any event that could result in the imposition of a Lien with respect to any Benefit Plan that could reasonably be expected to result in a Material Adverse Effect.
9.17[Reserved].
9.18Sanctions; Anti-Corruption Use of Proceeds.  The Borrower shall not, directly or knowingly indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any applicable anti-corruption Law, or (ii) (A) to fund any activities or business of or with any Person, that, at the time of such funding, is, or whose government is, the subject of Sanctions or in any Designated Jurisdiction, or (B) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as Administrative Agent, Lender, underwriter, advisor, investor, or otherwise).
9.19Inbound and Outbound Licenses. 
(a)Inbound Licenses.  Except for the UCL Licenses and Janssen Collaboration Agreement, the Borrower shall not, and shall not permit any of its Subsidiaries to, enter into or become bound by any inbound license agreement that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, which agreement, and that requires the Borrower or any of its Subsidiaries, as the case may be, during any twelve (12) month period during the term of such license agreement, to make aggregate payments in excess of [***] unless (i) the licensor under such license is a non-Affiliated third party and (ii) such license has been 

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entered into by the Borrower or one of its Subsidiaries as the case may be, in the ordinary course of business and the commercial terms of such license otherwise comply with Section 9.10; provided that inbound license agreements in the nature of ordinary course customer contracts, application programming interfaces (APIs), over the counter software that are commercially available to the public shall not be prohibited by this clause (a).
(b)Outbound Licenses.  The Borrower shall not, and shall not permit any of its Subsidiaries to, enter into or become bound by any outbound license of Material Intellectual Property that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect unless such outbound license (i) does not impair the Administrative Agent or any Secured Party from fully exercising their respective rights in respect of Collateral under any of the Loan Documents in the event of the exercise of remedies, including a disposition or liquidation in connection with a foreclosure of any such Collateral, or any rights, assets or property related thereto, and (ii) is not an Exclusive License; provided that, any term or provision of this Section 9.19(b) or otherwise in this Agreement to the contrary notwithstanding, so long as the Specified Assets Conditions are met and satisfied as of the effective time of any outbound license (or similar arrangement) of Specified Assets, this Section 9.19(b) shall not apply to any outbound license of Specified Assets.
9.20Title, Headleases, Development. The Borrower shall not, and shall not permit any of its Subsidiaries to, (i) agree to any amendment, supplement, waiver, surrender or release of any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting a Manufacturing Facility, (ii) agree to any amendment, supplement, waiver, surrender or release of any Headlease, (iii) exercise any right to break, determine or extend any Headlease, (iv) agree to any rent review in respect of any Headlease, (v) do or allow to be done any act as a result of which any Headlease may become liable to forfeiture or otherwise be terminated, (vi) do or allow to be done any act as a result of which the Overage Deed may be amended or triggered or (vii) make or allow to be made any application for planning permission in respect of any part of any Manufacturing Facility or carry out, or allow to be carried out, any demolition, construction, structural alterations or additions, development or other similar operations in respect of any part of any Manufacturing Facility, other than (A) the maintenance of the buildings, plant, machinery, fixtures and fittings in accordance with the Loan Documents, (B) any alterations or improvements which a tenant is entitled to undertake in accordance with the terms of the relevant Lease Document and in respect of which an Obligor in its capacity as landlord is required to give its consent pursuant to the terms of that Lease Document, (C) the carrying out of non-structural improvements or alterations which affect only the interior of any building on any Manufacturing Facility or (D) as disclosed in the Certificate of Title for the Shannon Manufacturing Facility and the continued planned buildout of the Shannon Manufacturing Facility up to an aggregate principal amount of [***] pursuant to Borrower’s Board approved projected budget; provided that, to the extent (A) through (D) do not apply, any such actions can be undertaken by the Borrower or its Subsidiaries with the consent of the Administrative Agent (not to be unreasonably withheld or delayed).
Section 10​
FINANCIAL COVENANTS
10.01Minimum Liquidity.  The Borrower shall at all times maintain a minimum aggregate balance of three million dollars ($3,000,000) in cash and Permitted Cash Equivalent Investments 

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in a Controlled Account maintained with a commercial bank or similar deposit-taking institution in the U.S. (such Controlled Account, the “Minimum Liquidity Account”) that is free and clear of all Liens, other than Permitted Liens.
10.02Phase III Trial.  The Borrower shall have enrolled in a Phase III trial for AAV–RPGR with Johnson & Johnson on or before June 30, 2023.
10.03Shannon Manufacturing Facility.  The Shannon Manufacturing Facility meets or satisfies all applicable “good manufacturing practice” requirements on or before December 31, 2023 and any additional quality standards the facility markets or represents it satisfies, including without limitation cGMP.
Section 11​
EVENTS OF DEFAULT
11.01Events of Default.  Each of the following events shall constitute an “Event of Default”:
(a)Principal or Interest Payment Default.  The Borrower shall fail to pay any principal of the Loans, when and as the same shall become due and payable, whether at the due date thereof, at a date fixed for prepayment thereof or otherwise.
(b)Other Payment Defaults.  Any Obligor shall fail to pay any Obligation (other than an amount referred to in Section 11.01(a)) when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days of the due date thereof.
(c)Representations and Warranties.  Any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, shall, when taken as a whole:  (i) prove to have been incorrect when made or deemed made to the extent that such representation or warranty contains any materiality or Material Adverse Effect qualifier; or (ii) prove to have been incorrect in any material respect when made or deemed made to the extent that such representation or warranty does not otherwise contain any materiality or Material Adverse Effect qualifier.
(d)Certain Covenants.  Any Obligor shall fail to observe or perform any covenant, condition or agreement contained in Sections 8.02, 8.03 (with respect to the Borrower’s existence) 8.11, 8.12, 8.19, Section 9 or Sections 10.01 or 10.02.
(e)Other Covenants.  Any Obligor shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 11.01(a), 11.01(b) or 11.01(d)) or any other Loan Document, and in the case of any failure that is capable of cure, such failure shall continue unremedied for a period of thirty (30) or more days.

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(f)Payment Default on Other Indebtedness.  Any Obligor or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace or cure period as originally provided by the terms of such Indebtedness.
(g)Other Defaults on Other Indebtedness.  Any material breach of, or “event of default” or similar event under, any Contract governing any Material Indebtedness shall occur, or and shall continue after the applicable grace period, if any, (x) that results in any Material Indebtedness becoming due prior to its scheduled maturity or (y) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this Section 11.01(g) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Material Indebtedness, or (y) any redemption, exchange, repurchase, conversion or settlement with respect to any Permitted Convertible Indebtedness, or satisfaction of any condition giving rise to or permitting the foregoing, pursuant to their terms unless such redemption, repurchase, conversion or settlement results from a default thereunder or an event of the type that constitutes an Event of Default.
(h)Insolvency, Bankruptcy, Etc. 
(i)Any Obligor does not or becomes unable to pay its debts or meet its liabilities as the same become due, or admits in writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness, or enters into a compromise or arrangement or deed of company arrangement between it and any class of its creditors.
(ii)Any Obligor commits an act of bankruptcy or makes an assignment of its property for the general benefit of its creditors or makes a proposal (or files a notice of its intention to do so).
(iii)Any Obligor institutes any proceeding seeking to adjudicate it an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief, under any applicable Law, whether U.S. or non-U.S., now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, examinership, plans of arrangement or relief or protection of debtors or at common law or in equity, or files an answer admitting the material allegations of a petition filed against it in any such proceeding (in each case, other than any liquidation, dissolution or winding-up permitted pursuant to Section 9.03).
(iv)Any Obligor applies for the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, provisional liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property.

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(v)Any Obligor takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in this Section 11.01(h), or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof.
(vi)Any petition is filed, application made or other proceeding instituted in a court of competent jurisdiction against or in respect of any Obligor:
(A)seeking to adjudicate it as insolvent;
(B)seeking a receiving order against it;
(C)seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), deed of company arrangement or composition of it or its debts or any other relief under any applicable Law, whether U.S. or non-U.S., now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, examinership, plans of arrangement or relief or protection of debtors or at common law or in equity; or
(D)seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, provisional liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property, and such petition, application or proceeding (i.e. clauses (A) through (D) of this provision) continues undismissed, or unstayed and in effect, for a period of sixty (60) days after the institution thereof; provided that if an order, decree or judgment is granted or entered (whether or not entered or subject to appeal) against any Obligor thereunder in the interim, such grace period will cease to apply; provided, further, that if such Obligor files an answer admitting the material allegations of a petition filed against it in any such proceeding, such grace period will cease to apply.
(vii)Any other event occurs which, under the applicable Law of any applicable jurisdiction, has an effect equivalent to any of the events referred to in Section 11.01(h).
(i)Judgments. One or more final judgments for the payment of money in an aggregate amount in excess of $2,000,000 (or the Equivalent Amount in other currencies) (exclusive of any amounts fully covered by insurance (less any applicable deductible) and as to which the insurer has not rejected responsibility to cover such judgment) shall be rendered against the Borrower or any Obligor or any combination thereof and the same shall remain undismissed, unsatisfied or undischarged for a period of sixty (60) calendar days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Obligor to enforce any such judgment.
(j)ERISA and Pension Plans.  An ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect.
(k)Change of Control. A Change of Control shall have occurred.

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(l)Material Adverse Change, Etc.  A Material Adverse Change or Material Adverse Effect shall have occurred.  
(m)Impairment of Security, Etc.  If any of the following events occurs, and with respect to the following clause (i), other than as a result of the acts or omissions of the Administrative Agent or any Lender: (i) any Lien created by any of the Security Documents shall at any time not constitute a valid and perfected Lien on the applicable Collateral in favor of the Secured Parties, free and clear of all other Liens (other than Permitted Liens) to the extent perfection is required herein or therein, other than solely as the result of any action(s) taken by the Administrative Agent or the failure of the Administrative Agent to take any action(s) within its control, or any combination thereof, which does not arise from a breach of any Loan Document by an Obligor, (ii) except for expiration in accordance with its terms, any of the Security Documents or any Guarantee of any of the Obligations (including that contained in Section 13) shall for whatever reason cease to be in full force and effect, or (iii) any Obligor shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability of any such Lien or any Loan Document.
11.02Remedies.  Upon the occurrence and during the continuance of any Event of Default, then, and in every such event (other than an Event of Default described in Section 11.01(h)), the Administrative Agent may, by notice to the Borrower, declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations, shall become due and payable immediately (in the case of the Loans, at the Prepayment Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor; and in case of an Event of Default described in Section 11.01(h), the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations, shall automatically become due and payable immediately (in the case of the Loans, at the Prepayment Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor.
11.03Additional Remedies.  In the event any Event of Default has occurred and is continuing, if the Borrower or any of its Subsidiaries shall be in uncured default under a Material Agreement, the Administrative Agent or the Lenders shall have the right (but not the obligation) to cause the default or defaults under such Material Agreement to be remedied (including without limitation by paying any unpaid amount thereunder) and otherwise exercise any and all rights of the Borrower or such Subsidiary, as the case may be, thereunder, as may be necessary to prevent or cure any default.  Without limiting the foregoing, upon any such default, the Borrower and each of its Subsidiaries shall promptly execute, acknowledge and deliver to the Administrative Agent such instruments as may reasonably be required of the Borrower or such Subsidiary to permit the Administrative Agent and the Lenders to cure any default under the applicable Material Agreement or permit the Administrative Agent and the Lenders to take such other action required to enable the Administrative Agent and the Lenders to cure or remedy the matter in default and preserve the interests of the Administrative Agent or Lenders.  Any amounts paid by the Administrative Agent or Lenders pursuant to this Section 11.03 shall be payable on demand by Obligors, shall accrue interest at the Default Rate if not paid on demand, and shall constitute “Obligations.”  

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Section 12​
THE ADMINISTRATIVE AGENT
12.01Appointment and Duties.  Subject in all cases to clause (c) below:
(a)Appointment of the Administrative Agent.  Each of the Lenders hereby irrevocably appoints Perceptive Credit Holdings III, LP (together with any successor the Administrative Agent pursuant to Section 12.09) as the Administrative Agent hereunder and authorizes the Administrative Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from the Borrower or any of its Subsidiaries, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to the Administrative Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto.
(b)Duties as Collateral and Disbursing Agent.  Without limiting the generality of Section 12.01(a), the Administrative Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in connection with the Loan Documents (including in any proceeding described in Section 11.01(h) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Secured Party is hereby authorized to make such payment to the Administrative Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any proceeding described in Section 11.01(h) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Secured Party), (iii) act as collateral agent for each Secured Party for purposes of the perfection of all Liens created by such agreements and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to the Administrative Agent and the other Secured Parties with respect to the Collateral, whether under the Loan Documents, applicable Laws or otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided that the Administrative Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for the Administrative Agent and the Lenders for purposes of the perfection of all Liens with respect to the Collateral, including any deposit account maintained by any Obligor with, and cash and Permitted Cash Equivalent Investments held by, such Lender, and may further authorize and direct the Lenders to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to the Administrative Agent, and each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.
(c)Limited Duties.  The Lenders and the Obligors hereby each acknowledge and agree that the Administrative Agent (i) has undertaken its role hereunder purely as an accommodation to the parties hereto and the Transactions, (ii) is receiving no compensation for undertaking such role and (iii) subject only to the notice provisions set forth in Section 12.09, may resign from such role at any time for any reason or no reason whatsoever. Without limiting the foregoing, the parties 

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hereto further acknowledge and agree that under the Loan Documents, the Administrative Agent  (i) is acting solely on behalf of the Lenders (except to the limited extent provided in Section 12.11), with duties that are entirely administrative in nature and do not (and are not intended to) create any fiduciary obligations, notwithstanding the use of the defined term “the Administrative Agent”, the terms “agent”, “administrative agent” and “collateral agent” and similar terms in any Loan Document to refer to the Administrative Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender or any other Secured Party and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document (fiduciary or otherwise), and each Lender hereby waives and agrees not to assert any claim against the Administrative Agent based on the roles, duties and legal relationships expressly disclaimed in this clause (c).
12.02Binding Effect.  Each Lender agrees that (i) any action taken by the Administrative Agent or the Majority Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by the Administrative Agent in reliance upon the instructions of the Majority Lenders (or, where so required, such greater proportion) and (iii) the exercise by the Administrative Agent or the Majority Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties.
12.03Use of Discretion.
(a)No Action without Instructions.  The Administrative Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except (subject to clause (b) below) any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to instructions from the Majority Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders).
(b)Right Not to Follow Certain Instructions.  Notwithstanding Section 12.03(a) or any other term or provision of this Section 12, the Administrative Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, the Administrative Agent receives an indemnification satisfactory to it from the Lenders (or, to the extent applicable and acceptable to the Administrative Agent, any other Secured Party) against all liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against the Administrative Agent or any Related Parties thereof or (ii) that is, in the opinion of the Administrative Agent, in its sole and absolute discretion, contrary to any Loan Document, applicable Law or the best interests of the Administrative Agent or any of its Affiliates or Related Parties.
12.04Delegation of Rights and Duties.  The Administrative Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person (including any Secured Party).  Any such Person shall benefit from this Section 12 to the extent provided by the Administrative Agent.

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12.05Reliance and Liability.
(a)The Administrative Agent may, without incurring any liability hereunder, (i) consult with any of its Related Parties and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Obligor) and (ii) rely and act upon any document and information and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties.
(b)Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document, and each Lender and the Borrower hereby waives and shall not assert (and the Borrower shall cause each other Obligor to waive and agree not to assert) any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the fraudulent conduct or behavior of the Administrative Agent or, as the case may be, such Related Party (each as determined in a final, non-appealable judgment or order by a court of competent jurisdiction) in connection with the duties expressly set forth herein.  Without limiting the foregoing, the Administrative Agent:
(i)shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of the Majority Lenders or for the actions or omissions of any of their Related Parties selected with reasonable care (other than employees, officers and directors of the Administrative Agent, when acting on behalf of the Administrative Agent);
(ii)shall not be responsible to any Secured Party for the due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document;
(iii)makes no warranty or representation, and shall not be responsible, to any Secured Party for any statement, document, information, representation or warranty made or furnished by or on behalf of any Related Party, in or in connection with any Loan Document or any transaction contemplated therein, whether or not transmitted by the Administrative Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by the Administrative Agent in connection with the Loan Documents; and
(iv)shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Obligor or as to the existence or continuation or possible occurrence or continuation of any Default or Event of Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrower, any Lender describing such Default or Event of Default clearly labeled “notice of default” (in which case the Administrative Agent shall promptly give notice of such receipt to all Lenders);

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and, for each of the items set forth in clauses (i) through (iv) above, each Lender and the Borrower hereby waives and agrees not to assert (and the Borrower shall cause each other Obligor to waive and agree not to assert) any right, claim or cause of action it might have against the Administrative Agent based thereon.
12.06Administrative Agent Individually.  The Administrative Agent and its Affiliates may make loans and other extensions of credit to, acquire Equity Interests of, engage in any kind of business with, any Obligor or Affiliate thereof as though it were not acting as the Administrative Agent and may receive separate fees and other payments therefor.  To the extent the Administrative Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”, “Majority Lender”, and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, the Administrative Agent or such Affiliate, as the case may be, in its individual capacity as Lender or as one of the Majority Lenders, respectively.
12.07Lender Credit Decision.  Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any Lender or any of their Related Parties or upon any document solely or in part because such document was transmitted by the Administrative Agent or any of its Related Parties, conducted its own independent investigation of the financial condition and affairs of each Obligor and has made and continues to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or with respect to any transaction contemplated in any Loan Document, in each case based on such documents and information as it shall deem appropriate.
12.08Expenses; Indemnities.
(a)Each Lender agrees to reimburse the Administrative Agent and each of its Related Parties (to the extent not reimbursed by any Obligor) promptly upon demand for such Lender’s Proportionate Share of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, any Obligor) that may be incurred by the Administrative Agent or any of its Related Parties in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document.
(b)Each Lender further agrees to indemnify the Administrative Agent and each of its Related Parties (to the extent not reimbursed by any Obligor), from and against such Lender’s aggregate Proportionate Share of the liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against the Administrative Agent or any of its Related Parties in any matter relating to or arising out of, in connection with or as a result of any Loan Document or any other act, event or transaction related, contemplated in or attendant to any such Loan Document, or, in each case, any action taken or omitted to be taken by the Administrative Agent or any of its Related Parties under or with respect to any of the foregoing; provided that no Lender shall be liable to the Administrative Agent or any of its Related Parties to 

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the extent such liability has resulted primarily from the gross negligence or willful misconduct of the Administrative Agent or, as the case may be, such Related Party, as determined by a court of competent jurisdiction in a final non-appealable judgment or order.
12.09Resignation of the Administrative Agent.
(a)At any time upon not less than five (5) Business Days prior written notice, the Administrative Agent may resign as the “the Administrative Agent” hereunder, in whole or in part (in the sole and absolute discretion of the Administrative Agent), effective on the date set forth in such notice, which effective date shall not be less than five (5) (or more than thirty (30)) days following delivery of such notice.  If the Administrative Agent delivers any such notice, the Majority Lenders shall have the right to appoint a successor (which successor shall not be a Disqualified Institution) to the Administrative Agent; provided that if a successor to the Administrative Agent has not been appointed on or before the effectiveness of the resignation of the resigning Administrative Agent, then the resigning Administrative Agent may, on behalf of the Lenders, appoint any Person reasonably chosen by it (other than a Disqualified Institution) as the successor to the Administrative Agent.
(b)Effective immediately upon its resignation, (i) the resigning Administrative Agent shall be discharged from its duties and obligations under the Loan Documents to the extent set forth in the applicable resignation notice, (ii) the Lenders shall assume and perform all of the duties of the Administrative Agent until a successor the Administrative Agent shall have accepted a valid appointment hereunder, (iii) the resigning Administrative Agent and its Related Parties shall no longer have the benefit of any provision of any Loan Document other than with respect to (x) any actions taken or omitted to be taken while such resigning Administrative Agent was, or because the Administrative Agent had been, validly acting as the Administrative Agent under the Loan Documents or (y) any continuing duties such resigning Administrative Agent continues to perform, and (iv) subject to its rights under Section 12.04, the resigning Administrative Agent shall take such action as may be reasonably necessary to assign to the successor the Administrative Agent its rights as the Administrative Agent under the Loan Documents.  Effective immediately upon its acceptance of a valid appointment as the Administrative Agent, a successor the Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the resigning Administrative Agent under the Loan Documents.
12.10Release of Collateral or Guarantors.  Each Lender hereby consents to the release and hereby directs the Administrative Agent to release (or, in the case of Section 12.10(b)(ii), release or subordinate) the following:
(a)any Subsidiary of the Borrower from its guaranty of any Obligation of any Obligor if all of the Equity Interests in such Subsidiary owned by any Obligor or any of its Subsidiaries are disposed of in an Asset Sale permitted under the Loan Documents (including pursuant to a waiver or consent), to the extent that, after giving effect to such Asset Sale, such Subsidiary would not be required to guaranty any Obligations pursuant to Section 8.12(a); and
(b)any Lien held by the Administrative Agent for the benefit of the Secured Parties against (i) any Collateral that is disposed of by an Obligor or any of its Subsidiaries in an Asset Sale permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any 

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property subject to a Lien described in Section 9.02(c) and (iii) all of the Collateral and all Obligors, upon (w) termination of the Commitments, (x) payment and satisfaction in full of all Loans and all other Obligations (other than (i) for the Warrant Obligations and (y) contingent obligations as to which no Claims have been asserted) that the Administrative Agent has been notified in writing are then due and payable, (y) deposit of cash collateral with respect to all contingent Obligations, in amounts and on terms and conditions and with parties satisfactory to the Administrative Agent and each Indemnified Party that is owed such Obligations and (z) to the extent requested by the Administrative Agent, receipt by the Secured Parties of liability releases from the Obligors each in form and substance acceptable to the Administrative Agent. 
Each Lender hereby directs the Administrative Agent, and the Administrative Agent hereby agrees, upon receipt of reasonable advance notice from the Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guarantees and Liens when and as directed in this Section 12.10.
12.11Additional Secured Parties.  The benefit of the provisions of the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender so long as, by accepting such benefits, such Secured Party agrees, as among the Administrative Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by the Administrative Agent, shall confirm such agreement in a writing in form and substance acceptable to the Administrative Agent) this Section 12 and the decisions and actions of the Administrative Agent and the Majority Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders) to the same extent a Lender is bound; provided that, notwithstanding the foregoing, (i) such Secured Party shall be bound by Section 12.08 only to the extent of liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case the obligations of such Secured Party thereunder shall not be limited by any concept of Proportionate Share or similar concept, (ii) each of the Administrative Agent and each Lender shall be entitled to act at its sole discretion, without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Obligation and (iii) such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document.
Section 13​
GUARANTEE
13.01The Guarantee.  The Subsidiary Guarantors hereby jointly and severally guarantee to the Administrative Agent and the Lenders, and their successors and assigns, the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest on the Loans, all fees and other amounts and Obligations from time to time owing to the Administrative Agent and the Lenders by the Borrower and each other Obligor under this Agreement or under any other Loan Document (other than in the case of the Irish Subsidiary Guarantor, the Warrant Certificate), in each case strictly in accordance with the terms hereof and thereof (such obligations being herein collectively called the “Guaranteed Obligations”).  The Subsidiary Guarantors hereby further jointly and severally agree that if the Borrower or any other 

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Obligor shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Subsidiary Guarantors shall promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same shall be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.
13.02Obligations Unconditional.  The obligations of the Subsidiary Guarantors under Section 13.01 are absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Borrower or any other Subsidiary Guarantor under this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by all applicable Laws, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 13.02 that the obligations of the Subsidiary Guarantors hereunder shall be absolute and unconditional, joint and several, under any and all circumstances.  Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Subsidiary Guarantors hereunder, which shall remain absolute and unconditional as described above:
(a)at any time or from time to time, without notice to the Subsidiary Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;
(b)any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted;
(c)the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or
(d)any lien or security interest granted to, or in favor of, the Secured Parties as security for any of the Guaranteed Obligations shall fail to be perfected.
The Subsidiary Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Borrower or any other Subsidiary Guarantor under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations.
13.03Reinstatement.  The obligations of the Subsidiary Guarantors under this Section 13 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored 

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by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and the Subsidiary Guarantors jointly and severally agree that they shall indemnify the Secured Parties on demand for all reasonable costs and expenses (including reasonable and documented fees of counsel) properly incurred by such Persons in connection with such rescission or restoration, including any such costs and expenses properly incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.
13.04Subrogation.  The Subsidiary Guarantors hereby jointly and severally agree that, until the payment and satisfaction in full in cash of all Guaranteed Obligations (other than contingent obligations for which no Claim has been asserted) and the expiration and termination of the Commitments, they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in Section 13.01, whether by subrogation or otherwise, against the Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.
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13.05Remedies.  The Subsidiary Guarantors jointly and severally agree that, as between the Subsidiary Guarantors, on one hand, and the Administrative Agent and the Lenders, on the other hand, the obligations of the Borrower under this Agreement and under the other Loan Documents may be declared to be forthwith due and payable as provided in Section 11 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 11) for purposes of Section 13.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Subsidiary Guarantors for purposes of Section 13.01.
13.06Instrument for the Payment of Money.  Each Subsidiary Guarantor hereby acknowledges that the guarantee in this Section 13 constitutes an instrument for the payment of money, and consents and agrees that the Administrative Agent and the Lenders, at their sole option, in the event of a dispute by such Subsidiary Guarantor in the payment of any moneys due hereunder, shall have the right to proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213.
13.07Continuing Guarantee.  The guarantee in this Section 13 is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising.
13.08General Limitation on Guarantee Obligations.  (a) In any action or proceeding involving any provincial, territorial or state corporate Law, or any state or federal bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under Section 13.01 would otherwise be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 13.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Subsidiary 

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Guarantor, the Administrative Agent, any Lender or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding; and (b) notwithstanding anything to the contrary in this Agreement, the obligations, liabilities and undertakings under this Agreement (including in the guarantee in this section 13) shall not be deemed to be undertaken or incurred by an Irish Subsidiary Guarantor to the extent that the same would constitute unlawful financial assistance prohibited by Section 82 of the Irish Companies Act  (or any analogous provision of any other applicable Law).
Section 14​
MISCELLANEOUS
14.01No Waiver. No failure on the part of the Administrative Agent or the Lenders to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under any Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The remedies provided herein are cumulative and not exclusive of any remedies provided by Law.
14.02Notices.  All notices, requests, instructions, directions and other communications provided for herein (including any modifications of, or waivers, requests or consents under, this Agreement) or in the other Loan Documents shall be given or made in writing (including by telecopy or email) delivered, if to the Borrower, another Obligor, the Administrative Agent or any Lender, to its address specified on the signature pages hereto or its Guarantee Assumption Agreement, as the case may be, or at such other address as shall be designated by such party in a written notice to the other parties.  Except as otherwise provided in this Agreement or therein, all such communications shall be deemed to have been duly given upon receipt of a legible copy thereof, in each case given or addressed as aforesaid.  All such communications provided for herein by telecopy shall be confirmed in writing promptly after the delivery of such communication (it being understood that non-receipt of written confirmation of such communication shall not invalidate such communication).  Notwithstanding anything to the contrary in this Agreement or any other Loan Document, notices, documents, certificates and other deliverables to the Lenders by any Obligor may be made solely to the Administrative Agent and the Administrative Agent shall promptly deliver such notices, documents, certificates and other deliverables to the Lenders.  
14.03Expenses, Indemnification, Etc.  ​
(a)Expenses.  Borrower agrees to pay or reimburse (i) the Administrative Agent and the Lenders for all of their reasonable and documented out of pocket costs and expenses (including the reasonable and documented fees and expenses of Morrison & Foerster LLP, counsel to the Administrative Agent, and printing, reproduction, document delivery, communication and travel costs) in connection with (x) the negotiation, preparation, execution and delivery of this Agreement and the other Loan Documents and the making of the Loans (exclusive of post-closing costs), (y)  post-closing costs and expenses (including in connection with any amendments, consents, waivers or other modifications, if any) and (z) the negotiation or preparation of any modification, supplement or waiver of any of the terms of this Agreement or any of the other Loan Documents (whether or not consummated) and (ii) the Administrative Agent and the Lenders for 

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all of their reasonable and documented out of pocket costs and expenses (including the reasonable and documented out of pocket fees and expenses of legal counsel) in connection with any enforcement or collection proceedings resulting from the occurrence of an Event of Default.  
(b)Exculpation, Indemnification, etc.
(i)In no event shall any party hereto, any successor, transferee or assignee of any party hereto, or any of their respective Affiliates, directors, officers, employees, attorneys, agents, advisors or controlling parties (each, an “Exculpated Party”) have any obligation or responsibility for (and the Obligors and the Secured Parties, as applicable, jointly and severally waive any claims they may have in respect of) any Loss, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the Transactions or the actual or proposed use of the proceeds of the Loans; provided that, nothing in this clause (i) shall relieve any Obligor of any obligation such Obligor may have to indemnify an Indemnified Party, as provided in clause (ii) below, against any special, indirect, consequential or punitive damages asserted against such Indemnified Party by a third party.  Each party hereto agrees, to the fullest extent permitted by applicable Law, that it will not assert, directly or indirectly, any Claim against any Exculpated Party with respect to any of the foregoing.
(c)Each Obligor, jointly and severally, hereby indemnifies the Administrative Agent, each Lender, each of their respective permitted successors, transferees and assigns and each of their respective Affiliates, directors, officers, employees, attorneys, agents, advisors and controlling parties (each, an “Indemnified Party”) from and against, and agrees to hold them harmless against, any and all Claims and Losses of any kind (including reasonable fees and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or relating to any investigation, litigation or proceeding (each, a “Proceeding”) or the preparation of any defense with respect thereto arising out of or in connection with or relating to this Agreement or any of the other Loan Documents or the Transactions or any use made or proposed to be made with the proceeds of the Loans, whether or not such Proceeding is brought by any Obligor, any of its Subsidiaries, any of its shareholders or creditors, an Indemnified Party or any other Person, or an Indemnified Party is otherwise a party thereto, and whether or not any of the conditions precedent set forth in Section 6 are satisfied or the other transactions contemplated by this Agreement are consummated, except to the extent such Claim or Loss is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct.  No Obligor shall assert any Claim against any Indemnified Party, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the Transactions or the actual or proposed use of the proceeds of the Loans.   This Section 14.03(b) shall not apply with respect to Taxes other than any Taxes that represent Losses arising from any non-Tax Claim.
14.04Amendments, Etc.  Except as otherwise expressly provided in this Agreement, any provision of this Agreement and any other Loan Document may be modified or supplemented only by an instrument in writing signed by the Borrower, the Administrative Agent and the Majority Lenders; provided that:

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(a)any such modification or supplement that is disproportionately adverse to any Lender as compared to other Lenders or subjects any Lender to any additional obligation shall not be effective without the consent of such affected Lender;
(b)the consent of all of the Lenders shall be required to:
(i)amend, modify, discharge, terminate or waive any of the terms of this Agreement or any other Loan Document if such amendment, modification, discharge, termination or waiver would increase the amount of the Loans or any Commitment;
(ii)postpone or delay any date fixed for, or reduce or waive, any scheduled installment of principal or any payment of interest, fees or other amounts (other than principal) due to the Lenders;
(iii)reduce the principal of, or the rate of interest specified herein (it being agreed that waiver of the default interest shall only require the consent of Majority Lenders) or the amount of interest payable in cash specified herein on any Loan, or of any fees or other amounts payable hereunder or under any other Loan Document;
(iv)amend or waive compliance with the conditions precedent to the obligations of Lenders to make Loans in Section 6; 
(v)amend, modify, discharge, terminate or waive any Security Document if the effect is to discharge the Borrower or any Subsidiary from their respective Obligations, or release a material part of the Collateral, in each case other than pursuant to the terms of hereof and thereof; or
(vi)amend this Section 14.04 or the definition of “Majority Lenders”. 
(c)if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision, and, in each case, such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Majority Lenders to the Administrative Agent within ten (10) Business Days following receipt of notice thereof.
14.05Successors and Assigns.​
(a)General.  The provisions of this Agreement and the other Loan Documents shall be binding upon and shall inure to the benefit of the parties hereto or thereto and their respective successors and assigns permitted hereby or thereby, except that no Obligor may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent.  Any Lender may assign or otherwise transfer any of its rights or obligations hereunder or under any of the other Loan Documents (i) to an assignee in accordance with the provisions of Section 14.05(b), (ii) by way of participation in accordance with the provisions of Section 14.05(e), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 14.05(h).  Nothing in this Agreement, expressed or implied, shall be 

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construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 14.05(f) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)Assignments by Lender.  Any Lender may at any time assign to one or more Eligible Transferees that is a UK Qualifying Lender (or, if an Event of Default has occurred and is continuing, to any Person) all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it) and the other Loan Documents; provided that (i) no such assignment shall be made to any Obligor, any Affiliate of any Obligor, or any employees or directors of any Obligor at any time, (ii) no such assignment shall be made without the prior written consent of the Administrative Agent, and (iii) so long as no Event of Default shall have occurred and is continuing, no such assignment shall be made without the prior written consent of the Borrower (such consents not to be unreasonably withheld, delayed or conditioned) to a Disqualified Institution; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof.  Subject to the recording thereof by the Lender pursuant to Section 14.05(d), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of the Lender under this Agreement and the other Loan Documents, and correspondingly the assigning Lender shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) and the other Loan Documents but shall continue to be entitled to the benefits of Section 5 and Section 14.03.  Any assignment or transfer by the Lender of rights or obligations under this Agreement that does not comply with this Section 14.05(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 14.05(e).
(c)Amendments to Loan Documents.  Each of the Administrative Agent, the Lenders, the Borrower and its Subsidiaries agrees to enter into such amendments to the Loan Documents, and such additional Security Documents and other instruments and agreements, in each case in form and substance reasonably acceptable to the Administrative Agent, the Lenders the Borrower and its Subsidiaries, as shall reasonably be necessary to implement and give effect to any assignment made under this Section 14.05.
(d)Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

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(e)Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower, sell participations to any Person (other than a Disqualified Institution (so long as no Event of Default shall have occurred and is continuing), natural person or any Obligor or any of its Subsidiaries or Affiliates) (each, a “Participant”) in all or a portion of the Lender’s rights and/or obligations under this Agreement (including all or a portion of the Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with such Lender in connection therewith. Any agreement or instrument pursuant to which any Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; provided that such agreement or instrument may provide that such Lender shall not, without the consent of the Participant, agree to any amendment, modification or waiver that would (i) increase or extend the term of such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or any portion of any fee hereunder payable to the Participant, (iii) reduce the amount of any such payment of principal, or (iv) reduce the rate at which interest is payable thereon to a level below the rate at which the Participant is entitled to receive such interest.  Subject to Section 14.05(f), the Borrower agrees that each Participant shall be entitled to the benefits of Section 5 (subject to the requirements and limitations therein including the requirements under Section 5.03(f) (it being understood that the documentation required under Section 5.03(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 14.05(b); provided that such Participant agrees to be subject to the provisions of Section 5.03(h) as if it were an assignee under Section 14.05(b) above.  To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 4.03(a) as though it were a Lender.
(f)Limitations on Rights of Participants.  A Participant shall not be entitled to receive any greater payment under Sections 5.01 or 5.03 than such Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.
(g)Participant Register.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other Obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, or its other Obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

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(h)Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under the Loan Documents to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
14.06Survival.  The obligations of the Borrower under Sections 5.01, 5.02, 5.03, 14.03, 14.05, 14.06, 14.09, 14.10, 14.11, 14.12, 14.13, 14.14 and the obligations of the Subsidiary Guarantors under Section 13 (solely to the extent guaranteeing any of the obligations under the foregoing Sections) shall survive the repayment of the Obligations and the termination of the Commitment and, in the case of the Lenders’ assignment of any interest in the Commitment or the Loans hereunder, shall survive, in the case of any event or circumstance that occurred prior to the effective date of such assignment, the making of such assignment, notwithstanding that the Lenders may cease to be  “Lenders” hereunder. In addition, each representation and warranty made, or deemed to be made by a Borrowing Notice, herein or pursuant hereto shall survive the making of such representation and warranty.
14.07Captions.  The table of contents and captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.
14.08Counterparts; Electronic Signatures.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic transmission (in PDF format) shall be effective as delivery of a manually executed counterpart hereof.  Any signature (including, without limitation, (x) any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record and (y) any facsimile or .pdf signature) hereto or to any other certificate, agreement or document related to this Agreement, and any contract formation or record-keeping, in each case, through electronic means, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the parties hereto hereby waive any objection to the contrary. Each party hereby consents to the execution of this Agreement by way of electronic signature.
14.09Governing Law.  This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.
14.10Jurisdiction, Service of Process and Venue.
(a)Submission to Jurisdiction.  Each Obligor agrees that any suit, action or proceeding with respect to this Agreement or any other Loan Document to which it is a party or 

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any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in New York, New York and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment.  This Section 14.10(a) is for the benefit of the Administrative Agent and the Lenders only and, as a result, no Lender shall be prevented from taking proceedings in any other courts with jurisdiction.  To the extent allowed by any applicable Law, the Lenders may take concurrent proceedings in any number of jurisdictions.
(b)Alternative Process.  Nothing herein shall in any way be deemed to limit the ability of the Administrative Agent and the Lenders to serve any process or summons in any manner permitted by any applicable Law.
(c)Waiver of Venue, Etc.  Each Obligor irrevocably waives to the fullest extent permitted by law any objection that it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document and hereby further irrevocably waives to the fullest extent permitted by law any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  A final judgment (in respect of which time for all appeals has elapsed) in any such suit, action or proceeding shall be conclusive and may be enforced in any court to the jurisdiction of which such Obligor is or may be subject, by suit upon judgment.
14.11Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
14.12Waiver of Immunity.  To the extent that any Obligor may be or become entitled to claim for itself or its property or revenues any immunity on the ground of sovereignty or the like from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment or execution of a judgment, and to the extent that in any such jurisdiction there may be attributed such an immunity (whether or not claimed), such Obligor hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity with respect to its obligations under this Agreement and the other Loan Documents.
14.13Entire Agreement.  This Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof, including (a) any confidentiality (or similar) agreements and (b) the Proposal Letter.  EACH OBLIGOR ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT IN DECIDING TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS OR IN TAKING OR NOT TAKING ANY ACTION HEREUNDER OR THEREUNDER, IT HAS NOT RELIED, AND SHALL NOT RELY, ON ANY STATEMENT, REPRESENTATION, WARRANTY, COVENANT, AGREEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, OF OR WITH ADMINISTRATIVE AGENT OR THE LENDERS OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

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14.14Severability.  If any provision hereof is found by a court to be invalid or unenforceable, to the fullest extent permitted by any applicable Law the parties agree that such invalidity or unenforceability shall not impair the validity or enforceability of any other provision hereof.
14.15No Fiduciary Relationship.  The Borrower acknowledges that the Administrative Agent and the Lenders have no fiduciary relationship with, or fiduciary duty to, the Borrower arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between the Lenders and the Borrower is solely that of creditor and debtor.  This Agreement and the other Loan Documents do not create a joint venture among the parties.
14.16Confidentiality.  The Administrative Agent and each Lender agree to keep confidential all non-public and other confidential information provided to them in writing by any Obligor pursuant to this Agreement that is designated by such Obligor as confidential in accordance with its customary procedures for handling its own confidential information; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such information (i) subject to an agreement to comply with the provisions of this Section, to the Administrative Agent, any other Lender, any Affiliate of a Lender or any Eligible Transferee or other assignee permitted under Section 14.05(b), (ii) subject to an agreement to comply with the provisions of this Section, to any actual or prospective direct or indirect counterparty to any Hedging Agreement (or any professional advisor to such counterparty), (iii) to its employees, officers, directors, agents, attorneys, accountants, trustees and other professional advisors or those of any of its affiliates (collectively, its “Related Parties”); provided that such Related Parties are subject to obligations of confidentiality at least as restrictive as set forth in this Section 14.16, and the applicable Lender shall remain liable hereunder for any breach of this Section 14.16 by any of its Related Parties, (iv) upon the request or demand of any Governmental Authority or any Governmental Authority having jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (v) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any applicable Law, (vi) if requested or required to do so in connection with any litigation or similar proceeding; provided that, unless otherwise prohibited by applicable Law, court order or decree, the Administrative Agent and each Lender, as applicable, shall provide prior notice to the Obligor to allow such Obligor an opportunity to obtain a protective order, (vii) that has been publicly disclosed (other than as a result of a disclosure in violation of this Section 14.16), (viii) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (ix) in connection with the exercise of any remedy permitted hereunder or under any other Loan Document, (x) on a confidential basis to (A) any rating agency in connection with rating the Borrower or any of its Subsidiaries or the Loans or (B) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers of other market identifiers with respect to the Loans or (xi) to any other party hereto.
14.17Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under applicable Law (collectively, “charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Administrative Agent and the Lender holding such Loan in accordance with 

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applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all charges payable in respect thereof, shall be limited to the Maximum Rate.  To the extent lawful, the interest and charges that would have been paid in respect of such Loan but were not paid as a result of the operation of this Section shall be cumulated and the interest and charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the amount collectible at the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate for each day to the date of repayment, shall have been received by such Lender.  Any amount collected by such Lender that exceeds the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal balance of such Loan so that at no time shall the interest and charges paid or payable in respect of such Loan exceed the maximum amount collectible at the Maximum Rate.
14.18Early Prepayment Fee.  The parties hereto acknowledge and agree that, to the extent the Early Prepayment Fee is applicable to any repayment or prepayment of principal of any Loan at any time, such Early Prepayment Fee is not intended to be a penalty assessed as a result of any such repayment or prepayment of the Loans, but rather is the product of a good faith, arm’s length commercial negotiation between the Borrower and the Lenders relating to the mutually satisfactory compensation payable to the Lenders by the Borrower in respect of the Loans made hereunder. In furtherance of the foregoing, to the fullest extent permitted by applicable Law, the Obligors hereby jointly and severally waive any rights or Claims any of them may have under any such applicable Law (whether or not in effect on the Closing Date) that would prohibit or restrict the payment of the Early Prepayment Fee under any of the circumstances provided herein or in any other Loan Document, including payment after acceleration of the Loans.
14.19Judgment Currency.
(a)If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent permitted by Law, that the rate of exchange used shall be that at which, in accordance with normal banking procedures, the Administrative Agent could purchase Dollars with such other currency at the buying spot rate of exchange in the New York foreign exchange market on the Business Day immediately preceding that on which any such judgment, or any relevant part thereof, is given.
(b)The obligations of the Obligors in respect of any sum due to the Administrative Agent hereunder and under the other Loan Documents shall, notwithstanding any judgment in a currency other than Dollars, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in such other currency the Administrative Agent may, in accordance with normal banking procedures, purchase Dollars with such other currency. If the amount of Dollars so purchased is less than the sum originally due to the Administrative Agent in Dollars, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent against such loss. If the amount of Dollars so purchased exceeds the sum originally due to the Administrative Agent in Dollars, the Administrative Agent shall remit such excess to the Borrower.
14.20USA PATRIOT Act.  The Administrative Agent and the Lenders hereby notify the Obligors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 

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(signed into law October 26, 2001)) (the “Patriot Act”), they are required to obtain, verify and record information that identifies the Obligors, which information includes the name and address of each Obligor and other information that will allow such Person to identify such Obligor in accordance with the Patriot Act.
14.21Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.
​
BORROWER:
MEIRAGTX HOLDINGS PLC
​
By /s/ Richard Giroux​ ​​ ​​ ​​ ​​ ​
Name: Richard Giroux
Title: Chief Financial Officer and Chief Operating Officer
Address for Notices:
[***]
​
SUBSIDIARY GUARANTORS:
MEIRAGTX UK II LIMITED
​
By /s/ Richard Giroux​ ​​ ​​ ​​ ​​ ​
Name: Richard Giroux
Title: Chief Financial Officer and Chief Operating Officer 
Address for Notices:
[***]
​
MEIRAGTX IRELAND DAC
​
By /s/ Richard Giroux​ ​​ ​​ ​​ ​​ ​
Name: Richard Giroux
Title: Chief Financial Officer and Chief Operating Officer
Address for Notices:
[***]

[Signature Page to Credit Agreement And Guaranty]
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ADMINISTRATIVE AGENT:
PERCEPTIVE CREDIT HOLDINGS III, LP
By: PERCEPTIVE CREDIT OPPORTUNITIES GP, LLC, its general partner
​
By /s/ Sandeep Dixit​ ​​ ​​ ​​ ​​ ​
Name:Sandeep Dixit
Title:Chief Credit Officer
​
By /s/ Sam Chawla​ ​​ ​​ ​​ ​​ ​
Name:Sam Chawla
Title:Portfolio Manager
​
Address for Notices:
​
[***]
​
​

[Signature Page to Credit Agreement And Guaranty]
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LENDERS:
PERCEPTIVE CREDIT HOLDINGS III, LP
By: PERCEPTIVE CREDIT OPPORTUNITIES GP, LLC, its general partner
​
By /s/ Sandeep Dixit​ ​​ ​​ ​​ ​​ ​
Name:Sandeep Dixit
Title:Chief Credit Officer
​
By /s/ Sam Chawla​ ​​ ​​ ​​ ​​ ​
Name:Sam Chawla
Title:Portfolio Manager
​
Address for Notices:
​
[***]

[Signature Page to Credit Agreement And Guaranty]
​

​EX-10.1

 Exhibit 10.1 

STANDARD WAREHOUSE LEASE AGREEMENT 
  

					
		  		  	APPROXIMATELY 129,450 SQUARE FEET
		  		  	2240 Forum Drive
		  		  	Arlington, Texas 76010

 LEASE AGREEMENT 

THIS LEASE AGREEMENT (the “Lease”), made and entered into by and between Forum Drive Industrial Properties, LLC, a South Carolina limited
liability company (“Landlord”) and Wallbox USA Inc., a Delaware corporation (“Tenant”). 
 1. CERTAIN DEFINED
TERMS 
 (A) “Lease Date” means that date set forth under Landlord’s signature at the end of this Lease. 

(B) “Land” means the land legally described on Exhibit A attached hereto and incorporated herein by reference in the
County of Tarrant, State of Texas. 
 (C) “Premises” means certain premises, as shown on Exhibit B attached hereto
and incorporated herein by reference, being all or a portion of the Forum Commerce Center (the “Building”) constructed on the Land. 

(D) “Permitted Use” means general office, receiving, storing, shipping and selling (other than retail) products, materials
and merchandise made and/or distributed by Tenant, light manufacturing, validation test bench and assembly, and for such other lawful purposes as may be incidental thereto, and subject to any restrictions on use contained in any declaration,
reciprocal easement agreement or similar agreement affecting the Land, as well as any rules and regulations for the Building or building complex in which the Building is located, if applicable. 

(E) “Term” means the duration of this Lease, which will be approximately one hundred twenty (120) months, beginning on
the “Commencement Date” (as defined in Exhibit C) and ending on the “Expiration Date” (as defined below), unless terminated earlier or extended further as provided in this Lease. The “Expiration Date” means
(i) if the Commencement Date is the first day of a month, the date which is one hundred twenty (120) months from the date preceding the Commencement Date; or (ii) if the Commencement Date is not the first day of a month, the date
which is one hundred twenty (120) months from the last day of the month in which the Commencement Date occurs. 
 (F) “Base
Rent” means the Rent payable according to Section 3, which will be in an amount per month or portion thereof during the Term as outlined in Section 3: 

(G) “Proportionate Share” means one hundred percent (100%). 

(H) “Security Deposit” means (i) a cash security deposit in the amount of $163,111.32 (the “Cash Security
Deposit”) and (ii) a letter of credit complying with the terms of Exhibit F attached hereto (the “Letter of Credit”). One-half of the Cash Security Deposit shall be applied to the
first month’s Rent when such becomes due hereunder. 
 (I) “Brokers” means the following brokers who will be paid by
Landlord pursuant to the terms of separate written agreements therewith: David Eseke and Clay Balch of Cushman & Wakefield US, Inc.; and Thomas L. Clark of Synergy Real Estate Group Corporate Advisory Inc. 

  

					
	        	  	1	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 2. PREMISES AND TERM In consideration of the obligation of Tenant to pay rent as
herein provided, and in consideration of the other terms, provisions and covenants hereof, Landlord hereby leases to Tenant, and Tenant hereby accepts and leases from Landlord the Premises, together with the
non-exclusive right to use (a) the Building, and (b) the easement rights benefiting the Land, including, but not limited to, any access easements. The Premises, Building and Land shall hereinafter be
collectively referred to as, the “Property”. In the event that the Premises that Tenant is leasing under this Lease consists of an entire building, all references in this Lease to “Premises” or “Building” shall refer to
such building. 
 TO HAVE AND TO HOLD the same for the Term in accordance with the terms and conditions of this Lease. 

3. BASE RENT, SECURITY DEPOSIT AND ADDITIONAL RENT. 

(A) Base Rent. Tenant agrees to pay monthly Base Rent, in advance, without demand, deduction or set off, for the entire Term hereof in
the amounts as outlined on the table below. The first installment of monthly Base Rent shall be due and payable on or before the Lease Date and each payment of Rent (as defined herein), including, but not limited to, each additional payment of
monthly Base Rent shall be due and payable before the first day of each calendar month succeeding the Commencement Date during the Term. 
  

									
	 Months
	  	Annual Rate PSF	 	  	Monthly Base Rent	 
	1-12	  	$	5.75	 	  	$	62,028.13	 
	13-24	  	$	5.92	 	  	$	63,888.97	 
	25-36	  	$	6.10	 	  	$	65,805.64	 
	37-48	  	$	6.28	 	  	$	67,779.81	 
	49-60	  	$	6.47	 	  	$	69,813.20	 
	61-72	  	$	6.67	 	  	$	71,907.60	 
	73-84	  	$	6.87	 	  	$	74,064.83	 
	85-96	  	$	7.07	 	  	$	76,286.77	 
	97-108	  	$	7.28	 	  	$	78,575.37	 
	109-120	  	$	7.50	 	  	$	80,932.63	 

 (B) Security Deposit. In addition, Tenant agrees to deposit with Landlord on or before the Lease Date
the Security Deposit, which sum shall be held by Landlord, without obligation for interest, as security for the performance of Tenant’s covenants and obligations under this Lease, it being expressly understood and agreed that such Security
Deposit is not an advance rental deposit or a measure of Landlord’s damages in case of an Event of Default or other breach by Tenant hereunder. Upon the occurrence of any Event of Default (as defined below in this Lease) by Tenant, Landlord
may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such fund to the extent necessary to make good any arrears of rent or other payments due Landlord hereunder, and any other damage, injury, expense
or liability caused by such Event of Default; and Tenant shall pay to Landlord, upon demand, as Additional Rent, the amount so applied in order to restore the Security Deposit to its original amount. Landlord may commingle the Security Deposit with
the Landlord’s own funds and use such funds as Landlord determines. In no event shall Landlord be required to hold such funds in escrow or trust for Tenant. Landlord shall not be obligated to pay interest to Tenant on account of the Security
Deposit. In the event of a transfer by Landlord of Landlord’s interest in the Premises, Landlord or the property manager of Landlord may deliver the remaining balance of any Security Deposit to the transferee of Landlord’s interest and
Landlord and such property manager shall thereupon be discharged from any further liability to Tenant with respect to such Security Deposit. Although the Security Deposit shall be deemed the property of Landlord, any remaining balance of the
Security Deposit shall be returned by Landlord to Tenant at such time after expiration or earlier termination of this Lease that all of Tenant’s obligations under this Lease have been fulfilled, including, but not limited to, the provisions of
Section 27 hereof. The Letter of Credit shall be governed pursuant to the terms of Exhibit F attached hereto until such sums are drawn upon whereupon such proceeds shall be governed by the terms of this
Section 3(B). 
 (C) Additional Rent; Rent. Any and all payments (other than Base Rent) required to be made
by Tenant pursuant to this Lease shall be deemed additional rent (“Additional Rent”) hereunder. Base Rent and 

  

					
	        	  	2	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 Additional Rent shall herein be collectively referred to as, “Rent.” Subject to adjustment to
actual costs and expenses, the estimated initial Additional Rent shall be: 
  

									
	 Expense
	  	Expense PSF	 	  	Monthly Estimate	 
	 Real Estate Taxes
	  	$	1.35	 	  	$	14,563.13	 
	 Insurance
	  	$	0.12	 	  	$	1,294.50	 
	 CAM
	  	$	0.12	 	  	$	1,294.50	 
	 Management Fee
	  	 	3% of Rent	 	  	$	2,375.41	 

 (D) Terms of Payment. All Rent shall be paid, without notice or demand, except as otherwise
specifically provided in this Lease . Tenant acknowledges that Landlord may accept payment of Base Rent and/or Additional Rent through a lock-box account at a federally insured financial institution and that
use of a lock-box account could mean that checks will be received and processed without actual review by Landlord. Consequently, in accordance with Section 28(M), acceptance of Rent or of any check with
any note or memorandum on such check shall not constitute a waiver of any preceding breach by Tenant; nor shall such action constitute a modification to this Lease, any such modification requiring, in accordance with Section 28(F), a written
instrument signed by both parties to this Lease. 
 4. USE 

(A) Permitted Use. The Premises shall be used only for the Permitted Use. Outside storage, including without limitation, trucks and
other vehicles, is prohibited without Landlord’s prior written consent; provided, however, that, to the extent applicable, Tenant may store trucks and other delivery vehicles necessary for Tenant’s normal, current business operations but
only in locations specifically approved by Landlord that do not involve any interference or danger to Tenant’s Permitted Use. Tenant may, subject to applicable law, utilize portions of the Premises for outside storage associated with the
Permitted Use in locations approved by Landlord. Tenant shall at its own cost and expense, prior to commencing operations within the Premises, obtain any and all licenses and permits necessary for any such use and shall provide copies of all such
licenses and permits to Landlord within ten (10) days after Tenant’s receipt thereof. At all times during the Term, Tenant shall comply with all governmental laws, ordinances and regulations applicable to the use of the Premises, and shall
promptly comply with, and shall promptly provide to Landlord copies of, all governmental orders and directives for the correction, prevention and abatement of nuisances in or upon, or connected with, the Premises, all at Tenant’s sole expense.
Tenant shall not permit any objectionable or unpleasant odors, smoke, dust, gas, noise or vibrations to emanate from the Premises, nor take any other action which would constitute a nuisance or would disturb or endanger any other tenants of the
Building or unreasonably interfere with such other tenant’s use of their respective premises. Without Landlord’s prior written consent, in Landlord’s sole discretion, Tenant shall not receive, store or otherwise handle any product,
material or merchandise which is explosive or highly flammable. Tenant will not permit the Premises to be used for any purpose or in any manner (including without limitation any method of storage) which would render the insurance thereon void,
render the insurance risk more hazardous, cause an increase in any applicable insurance premium. Tenant shall, at all times during the Term and any extension thereof, comply with all reasonable rules and regulations at any time or from time to time
established by Landlord covering use of the Property. Tenant shall have access to the Premises 24 hours per day, seven days a week during the Term. 

(B) Indemnity for Damage. Tenant shall indemnify and hold harmless Landlord from any loss, liability, and expenses, both actual
and consequential, resulting from damage to the Building (including, but not limited to the floor slab) or Land caused by Tenant’s racking system, inventory, forklifts or equipment. 

(C) Acceptance of Premises. Except as may otherwise be expressly provided in the Work Letter attached hereto as Exhibit C,
Tenant shall accept the Premises on the Commencement Date in its “AS-IS, WHERE-IS” condition. Landlord states that, to Landlord’s knowledge, the
Premises as of the Date of Lease, is not in violation of any applicable laws, ordinances, regulations, covenants or restrictions. Landlord shall have no obligation to perform or pay for any repair or other work in the Premises, except as otherwise
expressly provided herein. Landlord has made no representation or warranty as to the suitability of the Premises for the conduct of Tenant’s business, and Tenant 

  

					
	        	  	3	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 waives any implied warranty that the Premises are suitable for Tenant’s intended purposes. TENANT
ACKNOWLEDGES THAT (i) IT HAS INSPECTED AND ACCEPTS THE PREMISES IN AN “AS-IS, WHERE-IS” CONDITION (EXCEPT AS EXPRESSLY PROVIDED IN THE WORK LETTER
ATTACHED HERETO AS EXHIBIT C), (ii) THE BUILDING AND IMPROVEMENTS COMPRISING THE PREMISES ARE SUITABLE FOR THE PURPOSE FOR WHICH THE PREMISES ARE LEASED AND LANDLORD HAS MADE NO WARRANTY, REPRESENTATION, COVENANT, OR AGREEMENT WITH
RESPECT TO THE SUITABILITY, HABITABILITY, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE PREMISES, (iii) THE PREMISES ARE IN GOOD AND SATISFACTORY CONDITION, (iv) NO REPRESENTATIONS AS TO THE REPAIR OF THE PREMISES, NOR
PROMISES TO ALTER, REMODEL OR IMPROVE THE PREMISES HAVE BEEN MADE BY LANDLORD (EXCEPT AS EXPRESSLY PROVIDED IN THE WORK LETTER ATTACHED HERETO AS EXHIBIT C), AND (v) THERE ARE NO REPRESENTATIONS OR WARRANTIES, EXPRESSED, IMPLIED OR
STATUTORY, THAT EXTEND BEYOND THE DESCRIPTION OF THE PREMISES. TENANT HEREBY WAIVES ANY WARRANTY OF CONDITION OR HABITABILITY, SUITABILITY FOR OCCUPANCY, USE OR HABITATION, FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY, EXPRESS OR IMPLIED,
RELATING TO THE PREMISES. TENANT HAS NOT RELIED ON ANY REPRESENTATIONS OR WARRANTIES NOT EXPRESSLY SET FORTH IN THIS LEASE. The taking of possession of the Premises shall be conclusive evidence that Tenant accepts the Premises and that the
Premises were in good condition at the time possession was taken. 
 5. TAXES. 

(A) Obligation for Payment. Landlord agrees to pay before they become delinquent all taxes, assessments and governmental charges of any
kind and nature whatsoever lawfully levied or assessed against the Building and the Land, (hereinafter collectively referred to as “Taxes” or “Tax”). Tenant shall pay to Landlord monthly, as Additional Rent, an amount equal to one-twelfth (1/12) of Tenant’s Proportionate Share of the estimated Taxes for each applicable year (as determined by Landlord). Notwithstanding anything herein to the contrary, in the event that the
construction or installation of any improvement or equipment within the Premises, by or on behalf of Tenant, causes an increase in the Taxes, Tenant shall be solely responsible for such increase and Landlord shall have the right to require Tenant to
pay such additional amount, as Additional Rent, together with the other monthly payments required to be paid by Tenant pursuant to this Section 5(A). Tenant shall pay to Landlord monthly, as Additional Rent, an amount equal to one-twelfth (1/12) of the estimated amount of such increase (as determined by Landlord). If the total estimated payments paid by Tenant pursuant to this Section 5(A) in any calendar year, or portion thereof
during which the Lease is in effect, are less than Tenant’s actual Proportionate Share of such Taxes, Tenant shall pay to Landlord, upon demand, as Additional Rent, such Tax payment shortage, together with interest thereon at the Default Rate
from the date that is twenty (20) days after such demand, until fully paid. If the total estimated payments paid by Tenant pursuant to this Section 5(A) in any calendar year are more than Tenant’s actual Proportionate Share of such
Taxes for such calendar year, or portion thereof during which the Lease is in effect, Landlord shall retain such Tax payment excess and credit it to Tenant’s next accruing Rent payment. 

(B) Other Taxes. If at any time during the Term of this Lease, the present method of taxation shall be changed so that, in lieu of the
whole or any part of any taxes, assessments or governmental charges levied, assessed or imposed on real estate and the improvements thereon, there shall be levied, assessed or imposed on Landlord a capital levy or other tax directly on the rents
received therefrom and/or a franchise tax, assessment, levy or charge measured by or based, in whole or in part, upon such rents for the present Building or other buildings on the Land or any future building or buildings on the Land, then all such
taxes, assessments, levies or charges, or the part thereof so measured or based, shall be deemed to be included within the term “Taxes” for the purposes hereof. 

(C) Tax Protests. Landlord shall have the right, in its sole discretion, to employ a tax consulting firm to attempt to assure a fair
tax burden on the Building and Land within the applicable taxing jurisdiction. Landlord shall use reasonable efforts to obtain such service on a contingency fee basis where the cost of such service is less than or equal to the amount of tax savings
realized. Tenant shall pay to Landlord upon demand from time to time, as Additional Rent, Tenant’s Proportionate Share of the cost of such service, together with interest thereon at the Default Rate from the date that is twenty (20) days
after such demand, until fully paid. TENANT HEREBY WAIVES ALL RIGHTS TO PROTEST THE APPRAISED VALUE OF THE PROPERTY OR TO APPEAL THE SAME AND ALL RIGHTS TO RECEIVE NOTICES OF REAPPRAISALS. 

  

					
	        	  	4	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 (D) Proration. Any payment to be made pursuant to this Section 5 with respect to
the year in which this Lease commences or terminates shall be prorated. 
 6. LANDLORD’S REPAIRS AND OBLIGATIONS. 

(A) Building; Notice of Defect. Landlord shall, at its expense, maintain only the roof, foundation, and the structural soundness
of the exterior walls of the Building in good repair, reasonable wear and tear excepted; provided, however, Tenant shall repair and pay for any damage to such structures caused by any act or omission of Tenant, or Tenant’s employees, agents,
invitees or licensees or caused by Tenant’s breach of the provisions of this Lease. The term “exterior walls” as used in this Section 6(A) shall not include windows, glass or plate glass, doors, store fronts, office entries, or
Demising Walls (as defined herein). Tenant shall immediately give Landlord written notice of defect or need for repairs, after which, to the extent Landlord is obligated hereunder to remedy such defect or make such repair, Landlord shall have
reasonable opportunity to repair same or cure such defect. Landlord’s liability with respect to any defects, repairs or maintenance for which Landlord is responsible under any of the provisions of this Lease shall be limited to the cost of such
repairs or maintenance or the curing of such defect. 
 (B) Exterior Maintenance; Tenant’s Payment. Landlord shall maintain the
Land, regularly performing the mowing of any grass, trimming, weed removal, general landscape maintenance, common exterior lighting (if applicable), and other exterior maintenance obligations of the Building, including but not limited to painting,
the maintenance, repair and replacement of the downspouts, gutters, parking areas, driveways, and alleys in a clean and sanitary condition (“Landlord’s Exterior Maintenance”). In addition, Landlord may provide all or any part of
Tenant’s repairs and obligations under Section 7(A) below. Tenant shall, pay monthly, as Additional Rent, its Proportionate Share of the estimated cost and expense, including, but not limited to, reasonable overhead, management and other
fees, and reserves for costs incurred by Landlord pursuant to this Section 6. If, for any calendar year, or portion thereof during which the Lease is in effect, Tenant’s total monthly payments made pursuant to this Section 7(A) are
less than Tenant’s actual Proportionate Share of such repair obligations, Tenant shall pay to Landlord upon demand, as Additional Rent, the payment shortage, together with interest thereon at the Default Rate from the date that is twenty
(20) days after such demand, until fully paid. If the total estimated payments made by Tenant pursuant to this Section 6 in any calendar year, or portion thereof during which the Lease is in effect, are more than Tenant’s actual
Proportionate Share of such repairs and obligations, Landlord shall retain such excess and credit it to Tenant’s next accruing monthly Rent payment. Notwithstanding anything herein to the contrary, Landlord shall have the right to require
Tenant to pay, as Additional Rent, such other reasonable proportions of said repairs and obligations as may be determined by Landlord. Further, if it can be reasonably determined that any costs incurred by Landlord pursuant to this Section 6(B)
are the result of the acts or omissions of Tenant, its agents, employees, contractors or licensees, Tenant shall pay, as Additional Rent, the entire cost thereof, upon demand, together with interest thereon at the Default Rate from the date of such
demands until fully paid. 
 7. TENANT’S REPAIRS AND OBLIGATIONS; PARKING; HVAC. 

(A) Tenant’s Obligations. Tenant shall, at its own cost and expense, keep and maintain all parts of the Premises (except those for
which Landlord is expressly responsible under the terms of this Lease) in good condition, promptly making all repairs, repainting, and replacements, including but not limited to, windows, glass and plate glass, doors, any office entries, interior
walls and finish work, floors and floor covering, heating and air conditioning systems, dock levelers, truck doors, dock bumpers, plumbing work and fixtures, termites and pest extermination inside the Premises, regular removal of trash and debris.
Tenant shall not be obligated to repair any damage caused by fire, tornado or other casualty covered by the insurance to be maintained by Landlord pursuant to Section 13(A) below, except that Tenant shall be obligated to repair all wind damage
to glass in and about the Premises except with respect to tornado or hurricane damage. 
 (B) Demising Wall. The cost of maintenance
and repair of any wall, divider, partition or any other structure inside the Premises (a “Demising Wall”) shall be Tenant’s responsibility. Tenant shall not damage any Demising Wall or disturb the integrity and support provided by any
Demising Wall and shall, at its sole cost and expense, promptly repair any damage or injury caused to any Demising Wall caused by Tenant or its employees, agents or invitees. 

  

					
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	        	  		  	Tenant        D.A.    

 (C) Parking. In the event the Premises constitute a portion of a
multiple-occupancy building or more than one (1) building exists on the Land, Tenant and its employees, customers and licensees shall have the exclusive right together with other tenants of the Building (if any) or other buildings on the Land,
if any, their employees, customers and licensees, to use the parking areas, if any, as may be expressly identified and designated by Landlord in writing, subject to such reasonable rules and regulations as Landlord may from time to time prescribe
and subject to rights of ingress and egress of other tenants. Landlord shall not be responsible for enforcing Tenant’s exclusive parking rights against any third parties. 

(D) HVAC Maintenance Agreement. Tenant shall, at its own cost and expense, enter into a quarterly scheduled preventive
maintenance/service contract with a maintenance contractor for servicing all heating and air conditioning systems and equipment within and/or serving the Premises. The maintenance contractor and the contract must be approved by Landlord. Landlord
may, at its option, enter into such maintenance agreement and Tenant will pay to Landlord, as Additional Rent, for the cost set forth in such contract. The service contract must include all services suggested by the equipment manufacturer within the
operation/maintenance manual and must become effective (and a copy thereof delivered to Landlord) within thirty (30) days of the date Tenant takes possession of the Premises. 

8. ALTERATIONS. 
 Tenant
shall not make any alterations, additions or improvements to the Premises (including, but not limited to, roof and wall penetrations) without the prior written consent of Landlord, which consent shall not be unreasonably withheld. In the event
Landlord consents to the making of any such alterations, additions or improvements by Tenant, the same shall be made by Tenant, at Tenant’s sole cost and expense, in accordance with all applicable laws, ordinances and regulations, and all
requirements of Landlord’s and Tenant’s insurance policies and only in accordance with plans and specifications approved by Landlord; and any contractor or person selected by Tenant to make the same and all subcontractors must first be
approved in writing by Landlord. Tenant may, without the consent of Landlord, but at its own cost and expense, in a good workmanlike manner and subject to the other requirements of this Section 8 (as applicable), erect such shelves, bins,
machinery, racking systems, and trade fixtures within the Premises as it may deem advisable, without altering the basic character of the Building or other improvements located on the Land and without overloading or damaging the Building or other
improvements located on the Land, and in each case complying with all applicable governmental laws, ordinances, regulations and other requirements. All alterations, additions, improvements and partitions erected by Tenant shall be and remain the
property of Tenant during the Term of this Lease and Tenant shall, unless Landlord otherwise elects as hereinafter provided, remove all alterations, additions, improvements and partitions erected by Tenant and restore the Premises to their condition
as of the Commencement Date by the Expiration Date or upon earlier vacating of the Premises; provided, however, that if Landlord so elects prior to the Expiration Date or upon earlier vacating of the Premises, such alterations, additions,
improvements and partitions shall become the property of Landlord as of the Expiration Date or upon earlier vacating of the Premises and shall be delivered up to Landlord with the Premises. Notwithstanding the foregoing sentence, all shelves, bins,
machinery and trade fixtures installed by Tenant may be removed by Tenant prior to the termination of this Lease if Tenant so elects, and shall be removed by the Expiration Date or upon earlier vacating of the Premises if required by Landlord. Upon
any such removal Tenant shall restore the Premises and Building (if applicable) to their condition as of the Commencement Date. All such removals and restoration shall be accomplished in a good workmanlike manner so as not to damage the primary
structure or structural qualities of the Building and other improvements situated on the Land. The provisions of this Section 8 shall survive the expiration or earlier termination of this Lease. 

9. SIGNS. 
 Tenant agrees
to conform to Landlord’s signage program for the Building and/or building complex in which the Building is located (if applicable) and all costs and expenses for the sign, sign installation, removal and repair shall be paid by Tenant. Tenant
shall have the right to install standard signs only where first approved in writing by Landlord and subject to any applicable governmental laws, ordinances, regulations and other requirements. Tenant shall remove all signs prior to the termination
of this Lease. Such installations and removals shall be made in such a manner as to avoid damage or defacement of the Building and other improvements on the Land, and Tenant shall repair any damage or defacement, including without limitation,
discoloration, caused by installation and/or removal. The provisions of this Section 9 shall survive the expiration or earlier termination of this Lease. 

  

					
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	        	  		  	Tenant        D.A.    

 10. INSPECTION AND RIGHT OF ENTRY. 

Landlord and Landlord’s agents and representatives shall have the right to enter the Premises at any time in the event of an emergency and
to enter and inspect the Premises at any reasonable time during business hours with reasonable prior notification, for the purpose of ascertaining the condition of the Premises or in order to make such repairs as may be required or permitted to be
made by Landlord under the terms of this Lease. During the period that is six (6) months prior to the end of the Term hereof, Landlord and Landlord’s agents and representatives shall have the right to enter the Premises at any reasonable
time during business hours for the purpose of showing the Premises and shall have the right to erect on the Premises and/or Building a suitable sign indicating the Premises are available. 

11. UTILITIES. 
 Landlord
agrees to provide at its cost water, telephone, electricity and gas (when applicable) service connections to the Building in accordance with the specifications, if any, attached hereto; but Tenant shall pay for all water, gas, heat, light, power,
telephone, sewer, sprinkler charges and other utilities and services used on or from the Premises (collectively, “Utility Services”), together with any taxes, penalties, surcharges or the like pertaining thereto, and any maintenance
charges for such utilities, and shall furnish all electric light bulbs and tubes. If any such services are not separately metered to Tenant, Tenant shall pay its share of all charges jointly metered with other premises; provided, however, that, in
such event, Landlord shall have the right in its sole discretion to either (i) require Tenant to pay such other reasonable proportion of said jointly metered charges as may be determined by Landlord in its sole discretion, or (ii) install
a separate submeter for the Premises, in which case, Tenant shall pay to Landlord, upon demand, as Additional Rent, all costs associated with such installation, together with interest thereon at the Default Rate from the date that is twenty
(20) days after such demand, until fully paid. In no event shall Landlord be liable for, or be in default hereunder as a result of, any interruption or failure of Utility Services to the Premises or Building. 

12. ASSIGNMENT AND SUBLETTING. 

(A) General Prohibition; Transfer Notice. Tenant shall not, without the prior written consent of Landlord, which consent shall not be
unreasonably withheld or delayed: (1) assign, transfer, or encumber this Lease or any estate or interest herein, whether directly or by operation of law; (2) permit any other entity to become Tenant hereunder by purchase, sale, merger,
consolidation, or other reorganization; (3) if Tenant is an entity other than a corporation whose stock is publicly traded, permit the transfer of an ownership interest in Tenant so as to result in a change in the current control of Tenant;
(4) sublet any portion of the Premises; (5) grant any license, concession, or other right of occupancy of any portion of the Premises; or (6) permit the use of the Premises by any parties other than Tenant (any of the events listed in
(I) through (6) of this Section 12(A) being a “Transfer”). Tenant shall, by written notice (a “Transfer Notice”), advise Landlord of its desire from and after a stated date (which shall not be less than thirty
(30) days nor more than ninety (90) days after the date of Tenant’s Transfer Notice) to sublet the Premises or any portion thereof for any part of the term thereof; and in such event, Landlord shall have the right, to be exercised by
giving written notice to Tenant within ten (10) business days after receipt of Tenant’s Transfer Notice, to terminate this Lease as to the portion of the Premises described in Tenant’s Transfer Notice and such notice shall, if given,
terminate this Lease with respect to the portion of the Premises therein described as of the date stated in Tenant’s Transfer Notice. A Transfer Notice shall state the name and address of the proposed transferee, and Tenant shall deliver to
Landlord a true and complete copy of the proposed sublease or other Transfer documentation with said Transfer Notice. If a Transfer Notice shall specify all of the Premises and Landlord shall give said termination notice with respect thereto, this
Lease shall terminate on the date stated in Tenant’s Transfer Notice. If Landlord, upon receiving a Transfer Notice, with respect to any of the Premises, shall not exercise its right to terminate, Landlord will not unreasonably withhold its
consent to the Transfer specified in said Transfer Notice. Tenant shall, at Tenant’s sole cost and expense, discharge in full any outstanding commission obligation which may be due and owing as a result of any proposed Transfer, whether or not
this Lease is terminated pursuant hereto and rented by Landlord to the proposed subtenant or any other tenant. Concurrently with Tenant’s Transfer Notice of any request for consent to an assignment or sublease of the Premises, Tenant shall pay
to Landlord a fee of $1,500 to defray Landlord’s expenses in reviewing such request, and Tenant shall also reimburse Landlord immediately upon request for its reasonable attorneys’ fees incurred in connection with considering any request
for consent to a Transfer. 

  

					
	        	  	7	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 (B) Effect of Transfer. No Transfer hereunder by Tenant shall result in Tenant being
released or discharged from any liability under this Lease and the Guaranty (if any) shall be unaffected by any such sublease or assignment and shall remain in full force and effect for all purposes and the Guarantor shall not be released from its
obligations under the Lease. As a condition to Landlord’s prior written consent as provided for in Section 12(A) above, the subtenant or subtenants shall agree in writing to comply with and be bound by all of the terms, covenants,
conditions, provisions and agreements of this Lease, and Tenant shall deliver to Landlord promptly after execution, an executed copy of each sublease and an agreement of said compliance by each sublessee. The term of any such proposed assignment or
sublease shall not extend beyond the Lease Term. 
 (C) No Implied Consent. Landlord’s consent to any sale, assignment,
encumbrance, subletting, occupation, lien or other Transfer shall not release Tenant from any of Tenant’s obligations hereunder or be deemed to be a consent to any subsequent occurrence. Any sale, assignment, encumbrance, subletting,
occupation, lien or other Transfer of this Lease which does not comply with the provision of this Section 12 shall be null and void, and, at Landlord’s option, shall be an Event of Default under this Lease. 

(D) Excess Rent. Tenant shall pay to Landlord, immediately upon receipt thereof, the excess of all compensation received by Tenant for
any assignment of this Lease or subletting of the Premises over the Rent allocable to the portion of the Premises covered thereby. 
 (E)
Advertising. Tenant shall not advertise or solicit, in any print, radio, electronic or other visual medium, a rental rate for the space to be sublet below the rental rate which is then being quoted by Landlord for space in the Building. 

(F) Consent Standards. It shall be reasonable for Landlord to withhold its consent to any Transfer if (i) Tenant is in default
under this Lease, (ii) the proposed transferee is a tenant in the Property or an affiliate of such a tenant or a party that Landlord has identified as a prospective tenant in the Property, (iii) the financial creditworthiness (including,
without limitation, the fact that the proposed assignee or sublessee has a smaller net worth than Tenant on the date of this Lease and/or such assignee or sublessee is less able financially to pay the rent under this Lease as and when they are due
and payable), nature of business, and character of the proposed transferee and/or replacement guarantor are not all reasonably satisfactory to Landlord, (iv) in the reasonable judgment of Landlord the purpose for which the transferee intends to
use the Premises (or a portion thereof) is not in keeping with Landlord’s standards for the Property or would impose a burden on the parking facilities, common areas or utilities that is greater than the burden imposed by Tenant, (v) the
proposed transferee is a government entity or quasi-governmental entity or agency, (vi) the proposed sublease or assignment is for less than the entire Premises or for less than the remaining Term of the Lease, (vii) the Base Rent payable
by the proposed transferee is less than the greater of: (x) the then prevailing fair market rental rate as reasonably determined by Landlord, or (y) the Base Rent payable by Tenant under the Lease and/or (viii) the Transfer would
cause Landlord to be in violation of any of its obligations under another lease or agreement to which Landlord is a party. The foregoing shall not exclude any other reasonable basis for Landlord to withhold its consent. 

13. PROPERTY INSURANCE; FIRE AND CASUALTY DAMAGE 

(A) Property Insurance. Landlord agrees to maintain the insurance set forth in Section 1 of Exhibit D attached to this Lease
and incorporated herein by this reference. Subject to the provisions of Sections 13(C), 13(D) and 13(E) below, such insurance shall be for the sole benefit of Landlord and under its sole control. Tenant shall pay to Landlord monthly, as Additional
Rent, an amount equal to one-twelfth (1/12) of Tenant’s Proportionate Share of the estimated cost for each applicable year (as determined by Landlord) of the insurance maintained by Landlord pursuant to
this Section 13. If Tenant’s total payments of such estimated amounts are less than Tenant’s actual Proportionate Share of the cost of maintaining such insurance for each applicable year, Tenant shall pay such payment shortage to
Landlord, upon demand, as Additional Rent, together with interest thereon at the Default Rate from the date that is twenty (20) days after such demand, until fully paid. If the total of such estimated payments by Tenant are more than
Tenant’s actual Proportionate Share of such costs, Landlord shall retain such excess and credit it to Tenant’s next accruing Rent payment. In the event that the Commencement Date or Expiration Date (or date of earlier termination of this
Lease) occurs within a calendar year, Tenant shall only be responsible for a pro rata portion of Tenant’s Proportionate share of the total cost of the insurance maintained by Landlord pursuant to this Section 13 based on the portion of
such year in which the Lease was in effect. 

  

					
	        	  	8	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 (B) Premium Increase. If any increase in the fire and extended coverage
insurance premiums paid by Landlord is caused by Tenant’s use and occupancy of the Premises, or if Tenant vacates the Premises and causes an increase in such premiums, then Tenant shall pay as Additional Rent the amount of such increase to
Landlord or such other tenants (as applicable). 
 (C) Notice of Damage. If the Building or other improvements utilized by
Tenant situated upon the Land should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Landlord. 

(D) Major Damage. If the Premises should be totally destroyed by fire, tornado or other casualty, or if they should be so
damaged thereby that rebuilding or repairs cannot in Landlord’s estimation be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage or if such casualty is not covered by the
insurance required to be maintained by Landlord hereunder, either Landlord or Tenant may terminate this Lease by providing prior written notice to the other party, delivered within fifteen (15) days after delivery of Landlord’s Repair
Notice (as defined below), and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage; provided, however, that Tenant’s right of termination may not be exercised until it
has received written notice from Landlord that the circumstances permitting termination pursuant to this Section 13(D) have occurred, which notice, Landlord shall deliver within ninety (90) days after Landlord’s notification of such
casualty (“Landlord’s Repair Notice”). 
 (E) Minor Damage. If the Premises or Building should be damaged by
any peril covered by the insurance to be provided by Landlord under Section 13A above, but only to such extent that rebuilding or repairs can in Landlord’s estimation be completed within one hundred eighty (180) days after the date
upon which Landlord is notified by Tenant of such damage (as set forth in Landlord’s Repair Notice), this Lease shall not terminate, and Landlord shall at its sole cost and expense thereupon proceed with reasonable diligence to rebuild and
repair the Premises or Building at Landlord’s cost to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures,
additions and other improvements which may have been placed in, on or about the Premises by Tenant and except that Landlord may elect not to rebuild if such damage occurs during the last year of the Term exclusive of any option which is unexercised
at the time of such damage. If the Premises are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be reduced in proportion to the percentage of square footage of
the Premises which is untenantable. 
 (F) Mortgagee’s Rights. Notwithstanding anything herein to the contrary, in the
event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written
notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder shall cease and terminate as of the date of such notice. In such a case, Landlord shall
reimburse Tenant (i) an amount equal to its reasonable, documented out-of-pocket cost of moving their activity to a new facility not to exceed $15,000.00; and
(ii) an amount equal to the unamortized investment made by Tenant in permanently affixed improvements constructed in the Premises amortized over the lesser of the natural useful life of such improvements and the Term. 

(G) Release and Waiver of Subrogation. Landlord shall not be liable to Tenant or those claiming by, through, or under Tenant for
any injury to or death of any person or persons or the damage to or theft, destruction, loss, or loss of use of any property (a “Loss”) caused by casualty, theft, fire, third parties, or any other matter beyond the control of Landlord, or
for any injury or damage or inconvenience which may arise through repair or alteration of any part of the Property, or failure to make repairs, or from any other cause, EVEN IF THE SAME IS CAUSED BY LANDLORD’S NEGLIGENCE, but not if such
Loss is caused by Landlord’s gross negligence or willful misconduct. The causes of loss—special form property insurance obtained by Landlord and Tenant covering their respective property shall include a waiver of subrogation by the
insurers and all rights based upon an assignment from its insured, against Landlord or Tenant, their officers, directors, employees, managers, agents, invitees, and contractors, in 

  

					
	        	  	9	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 connection with any loss or damage thereby insured against. Neither party nor its officers, directors,
employees, managers, agents, invitees or contractors shall be liable to the other for loss or damage caused by any risk covered by or required by the terms of this Lease to be covered by property insurance, and each party waives any claims against
the other party, and its officers, directors, employees, managers, agents, invitees and contractors for such loss or damage, EVEN IF SUCH LOSS OR DAMAGE IS CAUSED BY THE NEGLIGENCE OF THE RELEASED PARTY. The failure of a party to insure its
property shall not void this waiver. For purposes of the foregoing waiver, the amount of any deductible under Tenant’s property insurance shall be deemed covered by, and recoverable by Tenant under the insurance policy to which such deductible
relates. 
 14. LIABILITY AND INSURANCE 

(A) Certain Waivers. Landlord shall not be liable to Tenant and Tenant hereby waives all claims against Landlord and any of its partners
for any injury or damage to any person or property in or about the Premises by or from any cause whatsoever, EVEN IF CAUSED BY LANDLORD’S NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT), and, without limiting the generality
of the foregoing, whether caused by water leakage of any character from the roof, walls, basement, or other portion of the Premises or the Building, or caused by gas, fire, Acts of God, discharge of sprinklers, excessive heat or cold, sewage, odors,
noise, bursting or leakage of pipes or plumbing fixtures, riot, strike, court order, governmental body or authority, other tenants, or explosion of the Building or the complex of which it may be a part or any part thereof. Tenant will hold Landlord
harmless from damages due to the interruption of Tenant’s business caused by any damage whatsoever. 
 (B) Indemnity;
Tenant’s Risk. Tenant shall hold Landlord harmless from and defend Landlord against any and all claims or liability from any injury or damage to any person or property whatsoever: (i) occurring in, on, or about the Premises or any part
thereof EVEN IF SUCH INJURY OR DAMAGE RESULTS FROM THE JOINT OR CONCURRENT NEGLIGENCE (BUT NOT THE SOLE OR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF LANDLORD OR LANDLORD’S PARTNERS, OFFICERS, DIRECTORS, AGENTS AND EMPLOYEES,
(ii) occurring in, on, or about the Property (including without limitation, stairways, passageways, roofs or hallways), the use of which Tenant may have in conjunction with other tenants of the Building, when such injury or damage shall be
caused in part or in whole by the act, neglect, fault of, or omission of any duty with respect to the same by Tenant, its agents, servants, employees, or any other person entering the Premises with express or implied invitation of Tenant. Tenant
further agrees to indemnify and save harmless Landlord against and from any and all claims by or on behalf of any person, firm, or corporation, arising from the conduct or management of any work or thing whatsoever done by Tenant in or about the
Premises, and will further indemnify and save Landlord harmless against and from any and all claims arising from any breach or Event of Default on the part of Tenant in the performance of any covenant or agreement on the part of Tenant to be
performed pursuant to the terms of this Lease, or arising from any act or negligence of Tenant, or any of its agents, contractors, servants, employees or licensees, and from and against all costs, counsel fees, expenses and liabilities incurred in
connection with any such claim or action or proceeding brought thereon. Furthermore, in case any action or proceeding be brought against Landlord by reason of any claims or liability, Tenant agrees to defend such action or proceeding at
Tenant’s sole expense by counsel reasonably satisfactory to Landlord. Notwithstanding the foregoing, Tenant shall not be liable to Landlord, or to Landlord’s agents, servants, employees, or invitees for any damage to person or property
solely and proximately caused by any gross negligence or willful misconduct of Landlord, and Landlord agrees to indemnify, defend and hold Tenant harmless from all claims for any such damage. The provisions of this Section 14 shall survive the
expiration or earlier termination of this Lease with respect to any claims or liability arising from anything occurring prior to such expiration or earlier termination. 

(C) Tenant’s Insurance. Tenant will comply with the requirements set forth in Section 2 of Exhibit D attached
to this Lease and incorporated herein by this reference, including, without limitation, purchasing, at Tenant’s own expense, and keeping in force during the Term of this Lease, all of the insurance described in such section; provided, however,
that he purchase of such insurance shall not release Tenant of any legal obligations contained within this Lease. 

  

					
	        	  	10	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 15. CONDEMNATION AND EMINENT DOMAIN 

(A) Termination. If the whole or any substantial part of the Premises should be taken for any public or quasi-public use under
governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof (as applicable, a “Taking”), and the Taking would prevent or materially interfere with the use of the Premises for the purpose
for which they are being used, then either party hereto shall have the right to terminate this Lease upon prior written notice to the other party, effective on the date physical possession is taken by the condemning authority or private purchaser.

 (B) Partial Taking. If part of the Premises shall be the subject of a Taking, and this Lease is not terminated as provided in
Section 15(A) above, this Lease shall not terminate but the Rent payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the percentage of the Premises condemned and the reduction shall be effective on the
date physical possession is taken by the condemning authority or private purchaser. 
 (C) Awards. All compensation awarded for any
Taking (or the proceeds of private sale in lieu thereof) of the Premises, Buildings or other improvements on the Land or any part thereof, shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord;
provided, however, Landlord shall have no interest in any award made to Tenant for loss of business or for the taking of Tenant’s fixtures and improvements if a separate award for such items is made to Tenant and such award does not reduce the
amount of any award otherwise payable to Landlord. 
 (D) Evidence of Termination. Any election to terminate this Lease following a
Taking shall be evidenced only by written notice of termination delivered to the other party not later than fifteen (15) days after the date on which physical possession is taken by the condemning authority or private purchaser and shall be
deemed effective as of the date of said Taking. 
 16. HOLDING OVER. 

Tenant will, on or before the Expiration Date or earlier termination of this Lease, yield up immediate possession to Landlord with all repairs
and maintenance required herein to be performed by Tenant completed. If Landlord agrees in writing that Tenant may holdover after the Expiration Date or earlier termination of this Lease, unless the parties hereto otherwise agree in writing on the
terms of such holding over, the holdover tenancy shall be subject to termination by Landlord at any time upon not less than five (5) days advance written notice, or by Tenant at any time upon not less than thirty (30) days advance written
notice, and all of the other terms and provisions of this Lease shall be applicable during that period, except that Tenant shall pay Landlord from time-to-time, upon
demand, as rental for the period of any holdover, and in addition to all Additional Rent for such period which would otherwise be required to be paid by Tenant during the Term hereof, an amount equal to one hundred fifty percent (150%) of the Base
Rent in effect on the Expiration Date or the date or earlier termination of the Lease. Such amounts shall be computed on a daily basis for each day of the holdover period. Tenant shall pay all amounts due under this Section 16 to Landlord, upon
demand, together with interest thereon at the Default Rate from the date of such demand until fully paid. Notwithstanding anything herein to the contrary, no holdover by Tenant, whether with or without consent of Landlord, shall operate to extend
this Lease. The preceding provisions of this Section 16 shall not be construed as consent for Tenant to holdover. 
 17. QUIET
ENJOYMENT. 
 Landlord represents and warrants that it has full right and authority to enter into this Lease and that Tenant, while
paying the Rent herein set forth and performing its other covenants and agreements herein set forth, shall peaceably and quietly have, hold and enjoy the Premises for the Term hereof without hindrance or molestation from Landlord, subject to the
terms and provisions of this Lease. Landlord shall not be liable for any interference or disturbance by other tenants or third persons, nor shall Tenant be released from any of the obligations of this Lease because of such interference or
disturbance. 
  

  

					
	        	  	11	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 18. EVENTS OF DEFAULT. 

The following events shall be deemed to be “Events of Default” by Tenant under this Lease: 

(A) Failure to Pay Rent. Tenant shall fail to pay any installment of the Rent herein reserved when due, or any other payment of
reimbursement to Landlord required herein when due, and such failure shall continue for a period of five (5) days from the date such payment was due; or 

(B) Abandonment. Tenant shall vacate all or a substantial portion of the Premises or fail to continuously operate its business at the
Premises for the Permitted Use for a period of thirty (30) days whether or not an Event of Default has occurred as to Tenant’s payment of Rent due under this Lease; or 

(C) Liens. Tenant shall fail to discharge any lien placed upon the Premises, Building or Land in violation of Section 22 hereof
within twenty (20) days after any such lien or encumbrance is filed against the Premises, Building or Land, as applicable; or 
 (D)
Generally. Tenant shall fail to comply with any term, provision or covenant of this Lease (other than as set forth in this Section 18), and shall not cure such failure within thirty (30) days after Tenant’s knowledge thereof; or

 (E) Guarantor’s Default. An occurrence of any of the foregoing Events of Default with respect to any guarantor of this Lease,
or if any guarantor fails to perform or observe any term, covenant or condition of its guaranty of this Lease; or 
 (F) Execution.
The leasehold interest of Tenant shall be levied upon under execution or be attached by process of law or Tenant shall fail to contest diligently the validity of any lien or claimed lien and give sufficient security to Landlord to insure payment
thereof or shall fail to satisfy any judgment rendered thereon and have the same released, and such failure shall continue for ten (10) days after Tenant’s knowledge of such proceeding; or 

(G) Insolvency. Tenant shall become bankrupt or insolvent, or file any debtor proceedings, or voluntarily file pursuant to any statute
a petition in bankruptcy or insolvency or for reorganization, or file a petition for the appointment of a receiver or trustee for all or substantially all of Tenant’s assets and such petition or appointment shall not have been set aside within
sixty (60) days from the date of such petition or appointment, or in the event Tenant makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement; or 

(H) Insurance. Tenant shall fail to maintain any insurance required herein. 

19. REMEDIES. 
 (A)
Generally. Upon each occurrence of any Event of Default, Landlord shall have the option to pursue any one or more of the following remedies without any notice or demand: (i) terminate this Lease; and/or (ii) enter upon and take
possession of the Premises with or without terminating this Lease; and/or (iii) alter all locks and other security devices at the Premises with or without terminating this Lease, and pursue, at Landlord’s option, one or more remedies
pursuant to this Lease, Tenant hereby specifically waiving any state or federal law to the contrary; and in any such event Tenant immediately shall surrender its Premises to Landlord, and if Tenant fails to do so, Landlord, without waiving any other
remedy it may have, may enter upon and take possession of the Premises or any part thereof by force if necessary, without being liable for prosecution or any claim of damages therefor. 

(B) Late Charges and Interest. In the event Tenant fails to pay any installment of Rent or other sum due hereunder as and when such
amount is due, to help defray the additional cost to Landlord for processing such late payments, Tenant shall pay to Landlord, on demand, as Additional Rent, a late charge in an amount equal to five (5%) percent of such installment, together with
interest thereon at the Default Rate from the date of such demand, until fully paid. The failure to pay such late charge, and the applicable interest thereon, within five (5) days after demand therefor shall be an Event of Default. In addition,
all Rent payable by Tenant under this Lease which is not paid within five (5) days after such amount is due shall bear interest at the Default Rate from the first day after such amount is due until such amount is fully paid. The provision for
late charges and interest under this Section 19(B) shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any
manner. 
  

  

					
	        	  	12	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 (C) No Deemed Surrender; Landlord’s Rights. Exercise by Landlord of any
one or more remedies hereunder granted or otherwise shall not be deemed to be an acceptance of surrender of the Premises by Tenant, whether by agreement or by operation of law, it being understood that such surrender can be effected only by the
written agreement of Landlord and Tenant. No such alteration of locks or other security devices and no removal or other exercise of dominion by Landlord over the property of Tenant or others at the Premises shall be deemed unauthorized or constitute
a conversion, Tenant hereby consenting, after any Event of Default to the aforesaid exercise of dominion over Tenant’s property within the Premises. All claims for damages by reason of such re-entry
and/or repossession and/or alteration of locks or other security devices are hereby waived, as are all claims for damages by reason of any distress warrant, forcible detainer proceedings, sequestration proceedings or other legal process. Tenant
agrees that any re-entry by Landlord may be pursuant to judgment obtained in forcible detainer proceedings or other legal proceedings or without the necessity for any legal proceedings, as Landlord may elect,
and Landlord shall not be liable for trespass or otherwise. 
 (D) Ongoing Liability. In the event Landlord elects to terminate this
Lease by reason of an Event of Default, then notwithstanding such termination, Tenant shall be liable for and shall pay to Landlord, at the address specified for notice to Landlord herein, the sum of all Rent and other indebtedness accrued to the
date of such termination, plus, as damages, an amount equal to the greater of (i) the total Base Rent hereunder for the remaining portion of the Term (had this Lease not been terminated by Landlord prior to the Expiration Date), and
(ii) the then present value of the then fair rental value of the Premises for such period. 
 (E) Possession without
Termination. In the event that Landlord elects to repossess the Premises without terminating this Lease, then Tenant, at Landlord’s option, shall be liable for and shall pay to Landlord, at the address specified for notice to Landlord
herein, all Rent and other indebtedness accrued to the date of such repossession, plus Rent required to be paid by Tenant to Landlord during the remainder of the Term until the Expiration Date diminished by any net amounts of Rent thereafter
received by Landlord through reletting the Premises during said period (after deducting expenses incurred by Landlord as provided in Section 19(F) below). In no event shall Tenant be entitled to any excess of any rental obtained by letting over
and above the Base Rent herein reserved. Actions to collect amounts due by Tenant to Landlord under this Section 19(E) may be brought from time to time, on one or more occasions, without the necessity of Landlord’s waiting until Expiration
Date. 
 (F) Landlord’s Costs. In case of any Event of Default or breach by Tenant, or threatened or anticipatory Event of
Default or breach, Tenant shall also be liable for and shall pay to Landlord, at the address specified for notice to Landlord herein, in addition to any sum provided to be paid above, any and all broker’s fees incurred by Landlord in connection
with reletting the whole or any part of the Premises; the costs of removing and storing Tenant’s or the occupant’s property; the costs of repairing, altering, remodeling or otherwise putting the Premises into condition acceptable to a new
tenant or tenants, and all reasonable expenses incurred by Landlord in enforcing or defending Landlord’s rights and/or remedies including reasonable attorney’s fees. 

(G) Reletting. In the event of termination or repossession of the Premises for an event of default, Landlord shall not have any
obligation to relet or to attempt to relet the Premises, or any portion thereof, or to collect rental after reletting; and in the event of reletting, Landlord may relet the whole or any portion of the Premises for any period to any tenant and for
any use and purpose. 
 (H) Landlord’s Right to Perform. If Tenant should fail to make any payment or fail to perform any other
obligations of Tenant hereunder within the time herein permitted, Landlord, without being under any obligation to do so and without thereby waiving any such failure or Event of Default, as applicable, may make such payment and/or remedy such other
failure at the expense of Tenant without further prior notice to Tenant (and enter the Premises for such purpose), and all sums expended by, or expenses incurred by, Landlord (including reasonable attorney’s fees) in making such payment or
performing such obligation shall be deemed to be Additional Rent under this Lease and shall be due and payable upon demand by Landlord, together with interest thereon at the Default Rate from the date of such demand until fully paid. 

  

					
	        	  	13	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 (I) Furniture, Fixtures and Equipment. In the event that Landlord shall have taken
possession of the Premises pursuant to the authority herein granted, then Landlord shall have the right to keep in place and use all of the furniture, fixtures and equipment at the Premises, including that which is owned by or leased to Tenant at
all times prior to any foreclosure thereon by Landlord or repossession thereof by any lessor thereof or third party having a lien thereon. Landlord shall also have the right to remove from the Premises (without the necessity of obtaining a distress
warrant, writ of sequestration or other legal process) all or any portion of such furniture, fixtures, equipment and other property located thereon and to place same in storage at any Premises within the County in which the Premises is located; and
in such event, Tenant shall be liable to Landlord for all costs incurred by Landlord in connection with such removal and storage. Landlord shall also have the right to relinquish possession of all or any portion of such furniture, fixtures,
equipment and other property to any person (“Claimant”) claiming to be entitled to possession thereof who presents to Landlord a copy of any instrument represented to Landlord by Claimant to have been executed by Tenant (or any predecessor
Tenant) granting Claimant the right under various circumstances to take possession of such furniture, fixtures, equipment or other property, without the necessity on the part of Landlord to inquire into the authenticity of said instrument’s
copy of Tenant’s or Tenant’s predecessor’s signature(s) thereon and without the necessity of Landlord making any investigation or inquiry as to the validity of the factual or legal basis upon which Claimant purports to act; and Tenant
agrees to indemnify and hold Landlord harmless from all cost, expense, loss, damage and liability incident to Landlord’s relinquishment of possession of all or any portion of such furniture, fixtures, equipment or other property to Claimant.
The right of Landlord herein stated shall be in addition to any and all other rights which Landlord has or may hereafter have at law or in equity; and Tenant stipulates and agrees that the rights herein granted Landlord are commercially reasonable.

 (J) Suits by Landlord. Actions or suits for the recovery of amounts and damages payable under this Lease may be brought by
Landlord from time to time, at Landlord’s election, and Landlord shall not be required to await the date upon which the Lease Term would have expired to bring any such action or suit. 

20. LANDLORD’S LIEN. 

In addition to any statutory lien for rent in Landlord’s favor, Landlord shall have and Tenant hereby grants to Landlord a continuing
security interest for all rentals and other sums of money becoming due hereunder from Tenant, upon all goods, wares, equipment, fixtures, furniture, inventory, accounts, contract rights, chattel paper and other personal property of Tenant situated
on the Premises, and such property shall not be removed therefrom without the consent of Landlord until all arrearages in rent as well as any and all other sums of money then due to Landlord hereunder shall first have been paid and discharged.
Products of collateral are also covered. The record owner of such property is Tenant unless otherwise designated in writing to Landlord. Upon the occurrence of an Event of Default under this Lease, Landlord shall have, in addition to any other
remedies provided herein or by law, all rights and remedies under the Uniform Commercial Code, including without limitation the right to sell the property described in this Section 20 at public or private sale upon five (5) days notice to
Tenant. Tenant hereby authorizes Landlord at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required by Landlord to establish or maintain the
validity, perfection and priority of the security interests granted in this Lease. For purposes of such filings, Tenant agrees to furnish any information requested by Landlord promptly upon request by Landlord. Tenant also ratifies its authorization
for Landlord to have filed any like initial financing statements, amendments thereto or continuation statements if filed prior to the Lease Date. Tenant hereby irrevocably constitutes and appoints Landlord and any officer or agent of Landlord, with
full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of Tenant or in Tenant’s own
name to execute in Tenant’s name any such documents and to otherwise carry out the purposes of this Section 20, to the extent that Tenant’s authorization above is not sufficient. To the extent permitted by law, Tenant hereby ratifies
all acts said attorneys-in-fact shall lawfully do, have done in the past or cause to be done in the future by virtue hereof. This power of attorney is a power coupled
with an interest and shall be irrevocable. Any statutory lien for rent is not hereby waived, the express contractual lien herein granted being in addition and supplementary thereto. Tenant warrants that the collateral subject to the security
interest granted herein is not purchased or used by Tenant for personal, family or household purposes. Within twenty (20) days of Tenant’s written request therefor, Landlord shall execute a subordination of lien, in a form provided by
Landlord at the time of such request, for the purpose of subordinating the lien hereby granted to Landlord pursuant to this Section 20 to any purchase money financing required by Tenant to purchase any of the goods, wares, equipment, fixtures,
furniture, inventory, accounts, contract rights, chattel paper and other personal property encumbered by such lien. Concurrently with Tenant’s request for such subordination, Tenant shall pay to Landlord a fee of $1,500 to defray
Landlord’s expenses in reviewing such request. 

  

					
	        	  	14	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 21. MORTGAGES; ATTORNMENT. 

(A) Subordination. This Lease shall be subordinate to any deed of trust, mortgage, or other security instrument (each, a
“Mortgage”), or any ground lease, master lease, or primary lease (each, a “Primary Lease”), that now or hereafter covers all or any part of the Premises, Building, Land and other improvements located on the Land (the mortgagee
under any such Mortgage, beneficiary under any such deed of trust, or the lessor under any such Primary Lease is referred to herein as a “Landlord’s Mortgagee”). Any Landlord’s Mortgagee may elect at any time, unilaterally, to
make this Lease superior to its Mortgage, Primary Lease, or other interest in the Premises by so notifying Tenant in writing. The provisions of this Section shall be self-operative and no further instrument of subordination shall be required;
however, in confirmation of such subordination, Tenant shall execute and return to Landlord (or such other party designated by Landlord) within ten (10) days after written request therefor such documentation, in recordable form if required, as
a Landlord’s Mortgagee may reasonably request to evidence the subordination of this Lease to such Landlord’s Mortgagee’s Mortgage or Primary Lease (including a subordination, non-disturbance and
attornment agreement) or, if Landlord’s Mortgagee so elects, the subordination of such Landlord’s Mortgagee’s Mortgage or Primary Lease to this Lease. In connection with the initial execution of this Lease, Landlord shall use
commercially reasonable efforts to obtain a Subordination, Non-Disturbance and Attornment Agreement substantially in the form of Exhibit G attached hereto for the benefit of Tenant from
Landlord’s Mortgagee. 
 (B) Notice to Mortgagee. Tenant shall not seek to enforce any remedy it may have for any default on the
part of Landlord without first giving written notice by certified mail, return receipt requested, specifying the default in reasonable detail, to any Landlord’s Mortgagee whose address has been given to Tenant, and affording such
Landlord’s Mortgagee a reasonable opportunity to perform Landlord’s obligations hereunder. 
 (C) Mortgagee’s
Liability. If Landlord’s Mortgagee shall succeed to the interest of Landlord under this Lease, Landlord’s Mortgagee shall not be: (1) liable for any act or omission of any prior lessor (including Landlord); (2) bound by any rent
or additional rent or advance rent which Tenant might have paid for more than the current month to any prior lessor (including Landlord), and all such rent shall remain due and owing, notwithstanding such advance payment; or (3) bound by the
Security Deposit or any security or advance rental deposit made by Tenant which is not delivered or paid over to Landlord’s Mortgagee and with respect to which Tenant shall look solely to Landlord for refund or reimbursement. Landlord’s
Mortgagee shall have no liability or responsibility under or pursuant to the terms of this Lease or otherwise after it ceases to own an interest in the Building. Nothing in this Lease shall be construed to require Landlord’s Mortgagee to see to
the application of the proceeds of any loan, and Tenant’s agreements set forth herein shall not be impaired on account of any modification of the documents evidencing and securing any loan. 

(D) Attornment. If the interest of Landlord is transferred to any person (a “Successor Landlord”) by reason of the
termination or foreclosure, or proceedings for enforcement, of a Mortgage or Primary Lease, by delivery of a deed in lieu of such foreclosure or proceedings, or in connection with the sale or other conveyance of Landlord’s interest in the
Premises, Tenant will immediately and automatically attorn to the Successor Landlord. Upon attornment, this Lease will continue in full force and effect as a direct lease between the Successor Landlord and Tenant. Tenant agrees, upon request by and
without cost to the Successor Landlord, to promptly execute and deliver to the Successor Landlord such instrument(s) as may be reasonably required to evidence such attornment. 

22. MECHANICS LIEN AND OTHER TAXES. 

Tenant shall have no authority, express or implied, to create or place any lien or encumbrance of any kind or nature whatsoever upon, or in any
manner to bind the interests of Landlord in the Property or any improvements located on the Land or to charge the Rent payable hereunder for any claim in favor of any person dealing with Tenant, including those who may furnish materials or perform
labor for any construction or repairs, and each such claim shall affect and each such lien shall attach to, if at all, only the leasehold interest granted to Tenant by this Lease. Tenant shall cause any lien placed on the Property or improvements
located on the Land to be discharged and removed of 

  

					
	        	  	15	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 record (by satisfaction or bonding in accordance with all applicable law, ordinances and regulations) within
ten (10) days after the filing thereof. Tenant covenants and agrees that it will pay or cause to be paid all sums legally due and payable by it on account of any labor performed or materials furnished in connection with any work performed on
the Premises on which any lien is or can be validly and legally asserted against its leasehold interest in the Premises or the improvements thereon and that it will indemnify and save and hold Landlord harmless from any and all loss, cost or expense
based on or arising out of asserted claims or liens against the leasehold estate or against the right, title and interest of Landlord in the Property or any improvements located on the Land resulting from Tenant’s lease of the Premises or under
the terms of this Lease. Tenant agrees to give Landlord immediate written notice if any lien or encumbrance is placed on the Premises. 

23. NOTICES. 
 Each
provision of this Lease or of any applicable governmental laws, ordinances, regulations and other requirements with reference to the sending, mailing or delivery of any notice or the making of any payment by Landlord to Tenant or with reference to
the sending, mailing or delivery of any notice or the making of any payment by Tenant to Landlord shall be deemed to be complied with when and if the following steps are taken: 

(A) Tenant’s Payments. All Rent and other payments required to be made by Tenant to Landlord hereunder shall be payable to
Landlord at the address hereinbelow set forth or at such other address as Landlord may specify from time to time by written notice delivered in accordance herewith. Tenant’s obligations to pay Rent and any other amounts to Landlord under the
terms of this Lease shall not be deemed satisfied until such Rent and other amounts have been actually received by Landlord. 
 (B)
Landlord’s Payments. All payments required to be made by Landlord to Tenant hereunder shall be payable to Tenant at the address hereinbelow set forth, or at such other address within the continental United States as Tenant may specify
from time to time by written notice delivered in accordance herewith. 
 (C) Method of Delivery; Addresses. All notices and
other communications or deliveries given pursuant to this Lease shall be in writing and shall be either: (i) mailed by first class, United States Mail, postage prepaid, certified, with return receipt requested, and addressed to the parties
hereto at the address specified below in this Section 23(C); (ii) hand delivered to the intended addressee; (iii) sent by a nationally recognized overnight courier service; or (iv) sent by Email transmission during normal business
hours followed by a copy of such notice sent in another manner permitted hereunder. All notices shall be effective upon the earlier to occur of actual receipt, one (1) business day following deposit with a nationally recognized overnight
courier service, or three (3) days following deposit in the United States mail. The parties hereto may change their addresses by giving written notice thereof to the other in conformity with this provision. The initial notice addresses for
Landlord and Tenant are as follows: 
  

			
	 LANDLORD:
  
	  	TENANT:
	 Forum Drive Industrial Properties, LLC
 c/o
Johnson Development Associates, Inc.
 100 Dunbar Street, Suite 400

Spartanburg, SC 29302
 Attn: Andy Halligan

Email: (ahalligan@johnsondevelopment.net)
	  	 Wallbox USA Inc.
 723 N. Shoreline Blvd

Mountain View, CA 94043
 Attn: General Manager

Email: douglas.alfaro:@wallbox.com

		
	With a copy to:	  	With a copy to:
		
	 Forum Drive Industrial Properties, LLC
 c/o
Johnson Development Associates, Inc.
 100 Dunbar Street, Suite 400

Spartanburg, SC 29302
 Attn: Brooks Gaylord

Email: bgaylord@johnsondevelopment.net
	  	 Wallbox USA Inc.
 800 W. El Camino Real Suite
180
 Mountain View, CA 94040

  

					
	        	  	16	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 24. HAZARDOUS MATERIALS 

(A) Certain Definitions. For purposes of this Lease, “Hazardous Materials” shall include all solid, liquid or gaseous
materials defined or regulated as wastes under any federal statute or regulation or any state or local law, regulation or ordinance and shall further include all other substances defined or regulated as pollutants or as hazardous, toxic, infectious,
or radioactive substances under any Environmental Law. “Environmental Law” means any federal, state or local statute, law, rule, regulation, ordinance, code, policy or rule of common law now or hereafter in effect and in each case as
amended, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, relating to the environment, health, safety or Hazardous Materials, including without limitation, the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980,42 U.S.C. §§ 9601 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq.; the Hazardous Materials Transportation Act, 49 U.S.C.
§§1801 et seq.; the Clean Water Act, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. §§ 2601 et seq.; the Clean Air Act, 42 U.S.C. §§ 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C.
§§ 300f et seq.; the Atomic Energy Act, 42 U.S.C. §§ 2011 et seq.; the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.(C) §§ 136 et seq.; the Occupational Safety and Health Act, 29 U.S.C. §§ 651 et
seq. “Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of non-compliance or violation, investigations,
proceedings, consent orders or consent agreements relating in any way to any Environmental Law or any Environmental Permit, including without limitation (i) any and all Environmental Claims by governmental or regulatory authorities for
enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Environmental Claims by any third party seeking damages, contribution, indemnification, cost
recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the environment. “Environmental Permits” means all permits, approvals, identification
numbers, licenses and other authorizations required under any applicable Environmental Law. 
 (B) Hazardous Materials Activities.
Tenant shall not cause or permit any Hazardous Materials to be used, generated, stored or disposed of on, under or about, or transported to or from the Premises, Building or Land (collectively, “Hazardous Materials Activities”) except for
limited quantities used or stored at the Premises and required in connection with the routine operation and maintenance of the Premises, and then only in compliance with all applicable Environmental Laws and Environmental Permits, which compliance
shall be at Tenant’s sole cost and expense. Additionally, Tenant shall not cause or permit any Hazardous Materials to be disposed of on, under or about the Premises, without the express prior written consent of Landlord, which may be withheld
for any reason and may be revoked at any time. If any lender or governmental agency shall ever require testing to ascertain whether or not there has been any release of Hazardous Materials in, on, or about the Premises, as a result of any evidence
reasonably indicating such release during the Term hereof resulting from the acts or omissions of Tenants, its employees, agents or contractors, then the reasonable costs thereof, together with interest thereon at the Default Rate from the date of
such demand until fully paid, shall be reimbursed by Tenant to Landlord, upon demand, as Additional Rent if such requirement applies to Tenant’s use and occupancy of the Premises. 

(C) Duty to Notify Landlord. Tenant will immediately advise Landlord in writing of any of the following: (i) any pending or
threatened Environmental Claim against Tenant relating to the Property; (ii) any condition or occurrence on the Property that (a) results in noncompliance by Tenant with any applicable Environmental Law, or(b) could reasonably be
anticipated to form the basis of an Environmental Claim against Tenant or Landlord or the Property; (iii) any condition or occurrence on the Premises or any property adjoining the Premises that could reasonably be anticipated to cause the
Premises to be subject to any restrictions on the ownership, occupancy, use or transferability of the Premises under any Environmental Law; and (iv) the actual or anticipated taking of any removal or remedial action by Tenant in response to the
actual or alleged presence of any Hazardous Material on the Property. All such notices shall describe in reasonable detail the nature of the claim, investigation, condition, occurrence or removal or remedial action and Tenant’s response
thereto. In addition, Tenant will provide Landlord with copies of all communications regarding the Premises with any governmental agency relating to Environmental Laws, all such communications with any person relating to Environmental Claims, and
such detailed reports of any such Environmental Claim as may reasonably be requested by Landlord. 
 (D) Liability and Indemnity.
Landlord shall not be liable to Tenant or to any other party for any Hazardous Materials Activities conducted or permitted on, under or about the Premises, Building or Land by Tenant or by Tenant’s employees, agents, contractors, licensees or
invitees, and Tenant shall indemnify, defend and hold 

  

					
	        	  	17	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 Landlord harmless from any claims, damages, fines, penalties, losses, judgments, costs and liabilities
arising out of or related to (i) any Hazardous Materials Activities conducted or permitted on, under or about the Premises, Building or Land by Tenant or by Tenant’s employees, agents, contractors, Licensees or invitees, regardless of
whether Landlord shall have consented to, approved of, participated in or had notice of such Hazardous Materials Activities or (ii) any Environmental Claim relating in any way to Tenant’s operation or use of the Premises. The provisions of
this Section 24 shall survive the expiration or termination of this Lease. 
 (E) End of Term. On or prior to the
Expiration Date or earlier termination of this Lease, Tenant shall remove from the Premises, at Tenant’s sole expense, all Hazardous Materials located, stored and disposed of on, under or about the Premises. Tenant shall close, remove or
otherwise render safe any Buildings, tanks, containers or other facilities related to the Hazardous Materials Activities conducted or permitted on the Premises in the manner required by all applicable laws, regulations, ordinances or orders. The
covenants set forth in this Section 24 shall survive expiration or earlier termination of this lease. 
 (F) No Change of
Use. Tenant will not change, or permit to be changed, the use of the Premises permitted under Section 4 hereof unless Tenant shall have notified Landlord thereof in writing and Landlord shall have determined, in its sole and absolute
discretion, that such change will not result in the presence of Hazardous Materials on the Premises except for those described in Section 24(B) above. 

(G) Existing Hazardous Materials. Tenant’s indemnification of Landlord under this Section 24 shall not be applicable
to any Hazardous Materials that were located at the Premises or the Property on the Commencement Date, nor any Hazardous Materials placed on the Premises or Property by Landlord, its employees, agents, or contractors. 

25. INSOLVENCY OR BANKRUPTCY. 

The appointment of a receiver to take possession of all or substantially all of the assets of Tenant, or an assignment of Tenant for the
benefit of creditors, or any action taken or suffered by Tenant under any insolvency, bankruptcy, or reorganization act, shall at Landlord’s option constitute an Event of Default hereunder. Upon the happening of any such event or at any time
thereafter, this Lease shall terminate five (5) days after written notice of termination from Landlord to Tenant. In no event shall this Lease be assigned or assignable by operation of law or by voluntary or involuntary bankruptcy proceedings
or otherwise and in no event shall this Lease or any rights or privileges hereunder be an asset of Tenant under any bankruptcy, insolvency, or reorganization proceedings. 

26. LANDLORD’S LIABILITY. 

All obligations of Landlord hereunder shall be construed as covenants, not conditions; and Tenant may not terminate this Lease or withhold
payment of Rent for breach of Landlord’s obligations hereunder. Tenant hereby waives the benefit of any laws granting it the right to perform Landlord’s obligations or the right to terminate this Lease or withhold rent on account of any
Landlord default. All obligations of Landlord under this Lease will be binding upon Landlord only during the period of its ownership of the Premises and not thereafter. The term “Landlord” as used in this Lease shall mean only the owner,
for the time being of the Premises, and in the event of the transfer by such owner of its interest in the Premises, such owner shall thereupon be released and discharged from all obligations of Landlord thereafter accruing, but such obligations
shall be binding during the Term of this Lease upon each new owner for the duration of such owner’s ownership. The liability of Landlord (and its partners, shareholders or members) to Tenant (or any person or entity claiming by, through or
under Tenant) for any default by Landlord under the terms of this Lease or any matter relating to or arising out of the occupancy or use of the Premises and/or other areas of the Building or Property shall be limited to Tenant’s actual direct,
but not consequential, damages therefor. In no event shall Landlord’s liability for any breach of this Lease exceed the amount of rental then remaining unpaid for the then current Term (exclusive of any renewal periods which have not then
actually commenced). This provision is not intended to be a measure or agreed amount of Landlord’s liability with respect to any particular breach, and shall not be utilized by any court or otherwise for the purpose of determining any liability
of Landlord hereunder, except only as a maximum amount not to be exceeded in any event. Furthermore, any liability of Landlord hereunder shall be enforceable only out of the Building and in no event out of the separate assets of any constituent
partner of Landlord. Neither Landlord nor any of its respective officers, directors, employees, heirs, successors, or assigns, shall have any personal liability of any kind or nature, directly or indirectly, under or in connection with this Lease.
No holder or beneficiary of any mortgage or deed of trust on any part of the Property shall have any liability to Tenant hereunder for any default of Landlord. 
  

  

					
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	        	  		  	Tenant        D.A.    

 27. SURRENDER OF PREMISES UPON EXPIRATION OR TERMINATION 

Tenant shall give written notice to Landlord at least thirty (30) days prior to vacating the Premises upon the natural expiration of this
Lease (or at such earlier time as may be expressly permitted hereunder) and shall arrange to meet with Landlord for a joint inspection of the Premises prior to vacating. In the event of Tenant’s failure to give such notice or arrange such joint
inspection, Landlord’s inspection at or after Tenant’s vacating the Premises shall be conclusively deemed correct for purposes of determining Tenant’s responsibility for repairs and restoration. After such inspection, Landlord shall
provide Tenant with written notice of all repairs or other actions required by Tenant to put the Premises, including without limitation all heating and air conditioning systems and equipment therein, in good condition and repair. Tenant shall
complete such repairs and other obligations no later than the Expiration Date, or the date otherwise set for the termination of Tenant’s occupancy pursuant to the provisions of this Lease, as applicable. In the event that Tenant fails to
complete any such repairs or obligations by such date (such time period not being subject to any notice and cure provisions under this Lease), Landlord may at its option make such repairs or perform such obligations without any liability to Tenant
(including, but not limited to, any consequential loss or damage suffered by Tenant as a result of such performance). Tenant shall be liable to Landlord for the cost of such repairs. Any Security Deposit held by Landlord shall be credited against
the amount payable by Tenant under this Lease. Tenant shall pay to Landlord, upon demand, the total amount of all such costs in excess of any Security Deposit held by Landlord plus interest thereon at the Default Rate, such interest to accrue
continuously from the date of payment by Landlord until repayment by Tenant. Notwithstanding anything herein to the contrary, the provisions of this Section 27 shall expressly survive the expiration or termination of this Lease. 

28. MISCELLANEOUS. 

(A) Interpretation. Words of any gender used in this Lease shall be held and construed to include any other gender, and words in the
singular number shall be held to include the plural, unless the context otherwise requires. 
 (B) Brokers. Landlord and Tenant
represent and warrant that no broker or agent negotiated or was instrumental in negotiating or consummating this Lease except the Brokers. Neither party knows of any other real estate broker or agent who is or might be entitled to a commission or
compensation in connection with this Lease. Landlord will pay all fees, commissions or other compensation payable to the Brokers to be paid by Landlord according to Section 1(I). Tenant and Landlord will indemnify and hold each other harmless
from all damages paid or incurred by the other resulting from any claims asserted against either party by brokers or agents claiming through the other party. 

(C) Successors and Assigns. Subject to the provisions of Section 12 hereof, the terms, provisions and covenants and conditions
contained in this Lease shall apply to, inure to the benefit of, and be binding upon the parties hereto and upon their respective heirs, legal representatives, successors and permitted assigns, except as otherwise herein expressly provided. Landlord
shall have the right to assign any of its rights and obligations under this Lease. Each party agrees to furnish to the other, promptly upon demand, a corporate resolution, proof of due authorization by partners, or other appropriate documentation
evidencing the due authorization of such party to enter into this Lease. 
 (D) Captions. The captions inserted in this Lease are for
convenience only and in no way define, limit or otherwise describe the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease. 

(E) Estoppel. Tenant agrees from time to time within ten (10) days after request of Landlord, to deliver to Landlord, or
Landlord’s designee a certificate of occupancy (if applicable) and an estoppel certificate stating that this Lease is in full force and effect, the date to which Rent has been paid, the unexpired Term of this Lease and such other matters
pertaining to this Lease as may be requested by Landlord. It is understood and agreed that Tenant’s obligation to furnish such estoppel certificates within such ten (10) day period is a material inducement for Landlord’s execution of
this Lease. 

  

					
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 (F) Entire Agreement; Amendment. This Lease constitutes the complete and entire
agreement of Landlord and Tenant with respect to the subject matter hereof. No representations, inducements, promises or agreements, oral or written, have been made by Landlord or Tenant, or anyone acting on behalf of Landlord or Tenant, which are
not contained herein, and any prior agreements, promises, negotiations, or representations are superseded by this Lease. This Lease may not be altered, changed or amended except by an instrument in writing signed by both parties hereto. All exhibits
attached hereto are hereby incorporated into this Lease and made a part hereof. In the event of any conflict between such exhibits (other than the rules and regulations) and the terms of this Lease, such exhibits shall control. In the event of a
conflict between the rules and regulations attached hereto and the terms of this Lease, the terms of this Lease shall control. 
 (G)
Survival. All obligations of Tenant hereunder not fully performed as of the Expiration Date or earlier termination of the Term of this Lease shall survive the expiration or earlier termination of the Term hereof, including without limitation all
payment obligations with respect to Taxes and insurance costs and all obligations concerning the condition of the Premises and all other Additional Rent. 

(H) Partial Invalidity. If any clause or provision of this Lease is illegal, invalid or unenforceable under present or future laws
effective during the Term of this Lease, then and in that event, it is the intention of the parties hereto that the remainder of this Lease shall not be affected thereby, and it is also the intention of the parties to this Lease that in lieu of each
clause or provision of this Lease that is illegal, invalid or unenforceable, there be added as a part of this Lease contract a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible
and be legal, valid and enforceable. 
 (I) Offer Subject to Revocation. Because the Premises are on the open market and are
presently being shown, this Lease shall be treated as an offer with the Premises being subject to prior lease and such offers subject to revocation or non-acceptance by Landlord or to other use of the Premises
without notice, and this Lease shall not be valid or binding unless and until fully executed by Landlord and Tenant. 
 (J) Time of the
Essence. Time is of the essence of this Lease and all of its provisions. This Lease in all respects shall be governed by the laws of the State in which the Premises are located. 

(K) Window Treatments. Tenant shall not be permitted to install drapes, curtains, blinds or any window treatment without
Landlord’s prior written approval. 
 (L) Obligations to Landlord and Others. The duties and obligations of Tenant shall run and
extend not only to the benefit of Landlord, as named herein, but to the benefit of either of the following, at such party’s option: (i) any person by, through or under which Landlord derives the right to lease the Premises; and
(ii) holders of mortgage or rent assignment interests in the Premises, as their respective interests may appear; provided, however, nothing contained herein shall be construed to obligate Tenant to pay Rent to any person other than Landlord
until such time as Tenant has been given written notice of either an exercise of a rent assignment or the succession of some other party to the interests of Landlord. 

(M) No Waiver. If either Landlord or Tenant waives the performance of any term, covenant or condition contained in this Lease, such
waiver shall not be deemed to be a waiver of any subsequent breach or nonperformance of the same or any other term, covenant or condition contained herein. Furthermore, the acceptance of rent by Landlord shall not constitute a waiver of any
preceding breach by Tenant of any term, covenant or condition of this Lease, regardless of Landlord’s knowledge of such preceding breach at the time Landlord accepted such rent. Failure by Landlord to enforce any of the terms, covenants or
conditions of this Lease for any length of time shall not be deemed to waive or to decrease the right of Landlord to insist thereafter upon strict performance by Tenant. Waiver by Landlord of any term, covenant or condition contained in this Lease
may only be made by a written document signed by Landlord. 

  

					
	        	  	20	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 (N) Interest. Except as otherwise expressly provided herein, any sum accruing to
Landlord under the provisions of this Lease which shall not be paid when due shall bear interest, commencing on the fifth (5th) day after the date that such amount is was due, at the rate equal to the lesser of (i) twenty (20%) percent, and
(ii) the maximum amount permitted by law (the “Default Rate”). 
 (O) Counterparts; Facsimile Signatures. This Lease
may be executed in counterparts, each of which will constitute an original, but all of which, when taken together, will constitute but one agreement. Executed copies hereof may be delivered by telecopier, email or other electronic means and upon
receipt will be deemed originals and binding upon the parties hereto, regardless of whether originals are delivered thereafter. 
 (P)
Business Day. As used herein, the term “business day” shall mean all days, excluding Saturdays, Sundays and all days observed by either the State in which the Premises are located or the United States government as legal holidays. In
the event that any date for performance falls on a day other than a business day, then performance shall be postponed until the next business day. 

(Q) Financial Statements. Landlord may request financial statements from Tenant if Tenant is in default or if Landlord is selling or
refinancing property. Tenant agrees within five (5) days after request of Landlord, to deliver to Landlord its most recent financial statements, which includes Tenant’s income statement and balance sheet. 

(R) Calculation of Charges. Landlord and Tenant agree that each provision of this Lease for determining charges, amounts and additional
rent payments by Tenant (including without limitation, Section 3 of this Lease) is commercially reasonable. 
 (S) Waiver of Jury
Trial. TENANT AND LANDLORD WAIVE ANY RIGHT TO TRIAL BY JURY OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN LANDLORD AND TENANT ARISING OUT OF THIS LEASE OR ANY OTHER INSTRUMENT,
DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO. 
 (T) Security Services.
Tenant acknowledges and agrees that, while Landlord may (but shall not be obligated to) patrol the project of which the Premises is a part, Landlord is not providing any security services with respect to the Premises and that Landlord shall not be
liable to Tenant for, and Tenant waives any claim against Landlord with respect to, any loss by theft or any other damage suffered or incurred by Tenant in connection with any unauthorized entry into the Premises or any other breach of security with
respect to the Premises. 
 (U) No Recording. Neither this Lease nor a memorandum of lease shall be filed by or on behalf of Tenant
in any public record. Landlord may prepare and file, and upon request by Landlord, Tenant will execute a memorandum of lease. 
 (V)
Construction of Lease. Each party acknowledges that it has had the opportunity to consult counsel with respect to this Lease, and therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Lease or any exhibits or amendments hereto. 
 (W) Patriot Act
Compliance. 
 (i) No action, proceeding, investigation, charge, claim, report or notice has been filed, commenced, or
threatened against Tenant or any of its Affiliates (as herein defined) alleging any violation of any laws relating to terrorism or money laundering including, without limitation, Executive Order No. 13224 on Terrorist Financing (effective
September 24, 2001) (“Executive Order”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107 56) (“Patriot Act”). To Tenant’s
knowledge, neither Tenant nor any of its Affiliates is in violation of taking any action which could reasonably be expected to result in any action, proceeding, investigation, charge, claim, report or notice being filed, commenced, or threatened
against Tenant or any of 

  

					
	        	  	21	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 its Affiliates alleging any violation of, or failure to comply with, the Executive Order or
the Patriot Act. For the purposes of this Section 15.16, the term “Affiliates” shall mean all affiliated and related entities of Tenant, as well as all officers, directors, managers, shareholders, partners, members or other parties
having an interest in Tenant or its affiliated or related entities (except that if the company is publicly traded on a nationally recognized stock exchange, then shareholders, partners and lenders with less than a twenty-five percent (25%) ownership
interest shall be excluded). 
 (ii) Neither Tenant nor its Affiliates is a “Prohibited Person,” which is defined
as follows: (i)a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of the Executive Order and relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support
terrorism; (ii) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (iii) a person or entity with whom
Landlord is prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering law, including the Executive Order and the Patriot Act; (iv) a person or entity who commits, threatens, or conspires to commit or
supports “terrorism” as defined in the Executive Order; (v) a person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office
of Foreign Assets Control at its official website, http://www.treas.gov/ofac/tllsdn.pdf, or at any replacement website or other replacement official publication of such list; and (vi) a person or entity who is affiliated with a person or entity
listed above. 
 (iii) Neither Tenant nor any of its Affiliates is or will, knowingly (i) conduct any business or engage
in any transaction or dealing with any Prohibited Person, including the making or receiving any contribution of funds, goods, or services to or for the benefit of any Prohibited Person; (ii) deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to any terrorism or money laundering law, including the Executive Order and the Patriot Act; 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 any terrorism or money laundering law, including the Executive Order and the Patriot Act. 

(iv) In connection with any changes of direct or indirect ownership of Tenant or any of its Affiliates requiring notice to
Landlord or requiring Landlord’s consent under this Lease, Tenant shall give written notice to Landlord (i) advising Landlord, in reasonable detail, as to the proposed ownership change, and (ii) reaffirming that the representations
and warranties set forth in this Section will remain true and correct. Tenant agrees to promptly deliver to Landlord (but in any event within ten (10) days following Landlord’s written request) any certification or other evidence requested
from time to time by Landlord in its reasonable discretion, confirming Tenant’s and any of its Affiliates’ compliance with the foregoing terms and conditions. 

(X) Relationship. Nothing contained herein shall be deemed or construed as creating the relationship of principal and agent or of
partnership, or of joint venture by the parties hereto, it being understood and agreed that no provision contained in this Lease nor any acts of the parties hereto shall be deemed to create any relationship other than the relationship of landlord
and tenant. 
 (Y) Confidentiality. The terms and conditions of this Lease constitute proprietary information of Landlord that Tenant
covenants and agrees to keep such terms and conditions strictly confidential. Tenant acknowledges that the disclosure of such information would adversely affect Landlord’s ability to negotiate other leases and impair Landlord’s
relationship with other tenants. Tenant covenants and agrees that neither Tenant nor its employees or agents will directly or indirectly disclose the Rent, financial terms or other terms and conditions of this Lease to any other tenant or
prospective tenant of Landlord or any landlord related to Landlord, or to any other person or entity, other than Tenant’s employees and agents who have a legitimate need to know such information (and who Tenant will also require to keep the
same in confidence). 

  

					
	        	  	22	  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 29. GUARANTY. 

It shall be a condition precedent to the effectiveness of this Lease that Wall Box Chargers, S.L. (“Guarantor’) execute
and deliver to Landlord that certain Guaranty Agreement (“Guaranty”) dated as of the Lease Date, which Guaranty shall be in form attached hereto as Exhibit H. 

[Remainder of page intentionally left blank] 

  

					
	        	  	23	  	Landlord    DCB    
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 IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Lease. EXECUTED BY LANDLORD this day of September, 2021. LANDLORD FORUM
DRIVE INDUSTRIAL PROPERTIES, LLC, a South Carolina limited liability companyBy: Johnson Development Associates, Inc., its Manager By: Name: Title: Lease Date: EXECUTED BY TENANT this 24 day of September, 2021. TENANT: WALLBOX USA INC., a Delaware
corporation Bv: [SEAL] Name: Douglas Alfaro Its: vice President 

 EXHIBIT A  

THE LAND 
 BEING Lot BR1, Tract VI of FORUM
303 ADDITION, an Addition to the City of Arlington, Texas, according to the Plat thereof recorded in cc# D220250845, Real Property Records, Tarrant County, Texas. 

  

					
	        	  		  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 EXHIBIT B 

THE PREMISES 
  

 

  

					
	        	  		  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 EXHIBIT C 

LANDLORD’S WORK LETTER 

(A) The “Commencement Date” will occur on January 1, 2022. 

(B) Landlord’s Work means the construction and installation of the following items: 

~2,504 s.f. of spec office constructed to Building standard 

20’ FC LED spec lighting (open floor plan) 

(a) Landlord shall provide Tenant with an allowance in an amount up to $433,657.75 or $3.35 per square foot of the Building (the “Tenant
Improvement Allowance”) towards the hard and soft costs of improvements to be constructed in the Premises by Tenant (collectively, the “Tenant Improvements”). Tenant acknowledges and agrees that, except as otherwise set forth in the
Lease, Landlord has no obligation whatsoever to make any improvements to the Premises, it being the understanding of the parties that, subject to Section 2(B) and Exhibit C of this Lease, Tenant accepts the Premises in its current “AS
IS” condition and that Tenant shall be solely obligated, at Tenant’s sole cost and expense (subject to the application of the Tenant Improvement Allowance), to make any improvements necessary for Tenant’s business operations in the
Premises and to obtain any and all Permits required for Tenant’s construction of the Tenant Improvements and Tenant’s occupancy of the Premises. The Tenant Improvements shall be constructed by Tenant and Tenant’s agents in a good and
workmanlike manner, using new or like-new materials, and in accordance with all applicable Laws. The Tenant Improvements shall conform with a space plan, specifications and construction drawings (the
“Plans”) reasonably approved in writing in advance by Landlord and shall be performed in accordance with Landlord’s reasonable construction rules and regulations. All of Tenant’s contractors and subcontractors working in
connection with the Tenant Improvements shall be subject to Landlord’s approval, such approval not to be unreasonably withheld, delayed, conditioned or denied. All of Tenant’s contractors and subcontractors shall carry insurance in types
and in amounts reasonably required by Landlord, naming Landlord as an additional insured. Subject to the foregoing, Landlord shall disburse the Tenant Improvement Allowance to Tenant in installments (no more frequently than once per month) within
thirty (30) days after Landlord’s receipt of written request therefor after the portion of the Tenant Improvements for which Tenant is seeking reimbursement has been completed, together with the following: (i) the appropriate AIA
application for payment signed by Tenant’s general contractor and architect and notarized certifying the completion of such portion of the Tenant Improvements, (ii) copies of all required current Permits for the Tenant Improvements not
previously provided to Landlord, (iii) paid invoices, and (iv) lien waivers from contractors, subcontractors and vendors for completed work provided on a thirty (30) day trailing basis, with conditional lien waivers for the portion of
the Tenant Improvement Allowance then being funded by Landlord and unconditional waivers for any portion of the Tenant Improvement Allowance previously funded by Landlord and any portion of the Tenant Improvement costs previously required to be paid
by Tenant being submitted with the current request. Such disbursements shall be in the amounts so requested by Tenant (subject to, and in accordance with, the terms and conditions of this Exhibit C), less a ten percent (10%) retention (the aggregate
amount of such retentions to be known as the “Final Retention”), but shall in no event exceed the remaining, undisbursed amount of the Tenant Improvement Allowance (not including the Final Retention). Upon completion of the Tenant
Improvements, and prior to disbursement of the Final Retention, Tenant shall furnish Landlord with final and unconditional lien waivers from contractors, subcontractors and vendors, in addition to any other documentation required for such
disbursement as set forth above. Tenant shall pay all costs of the Tenant Improvements in excess of the Tenant Improvement Allowance. Landlord shall at all times act reasonably and in good faith when considering and reviewing space plans,
specifications, and construction drawings pursuant to this Exhibit C and shall provide responses to Tenant within seven (7) business days after receiving a request. If Landlord fails to consent or otherwise respond to a request for review and
consent within seven (7) business days after receiving the request, then Tenant may send Landlord an additional copy of the notice stating “FAILURE TO RESPOND WITHIN 3 BUSINESS DAYS WILL CONSTITUTE DEEMED APPROVAL,” and, if
Landlord does not respond within three (3) business days, the request will be such request shall be deemed approved. 
 (b) From and
after the Commencement Date, Tenant shall have access to the Premises in order to commence installing its furniture, fixtures and equipment, and to commence construction of the Tenant Improvements (subject to this Exhibit C); provided however, all
provisions of this Lease shall then be in full force and effect 

  

					
	        	  		  	Landlord    DCB    
	        	  		  	Tenant        D.A.    

 (including Tenant’s obligation to pay Rent, which shall commence on the Commencement Date. Tenant shall
also be entitled to access the Premises after the Lease Date and prior to the Commencement Date in order to install Tenant Improvements and Tenant’s Work, but only to the extent that such activity (i) will not unreasonably interfere
Landlord’s performance of the Landlord’s Work and (ii) is permitted by any and all applicable permits required in connection with such Tenant Improvements and that such activity proceeds without interfering with Landlord’s
agents, contractors, subcontractors, and their respective employees, or Landlord’s substantial completion of the Landlord’s Work in any material respect. 

(c) Intentionally deleted. 
 (d)
Mechanic’s Liens. In the event that any mechanic’s lien is recorded against the Building or the Premises or any stop notices are served on Landlord during the course of the Tenant Work, then Landlord shall have the right to withhold
from the Tenant Improvement Allowance a sum equal to one hundred fifty percent (150%) of the disputed amount. Landlord shall have the right to make payment of the disputed sum directly to the claimant to cause the release of any mechanic’s lien
that has been filed against the Building or the Premises or to cause the release of any stop notice served on Landlord where said lien has not been removed by the recordation of either a release of mechanic’s lien or a statutory lien release
bond issued by a corporate surety reasonably acceptable to Landlord within ten (10) business days following the date Tenant receives notice of filing of the mechanic’s lien or Landlord’s receipt of the stop notice. 

(e) Construction of Tenant Work. Following Landlord’s final approval of the Tenant Plans and Tenant obtaining building and other
governmentally required permits, Tenant shall commence and diligently proceed with the construction of the Tenant Work. 
 IN ADDITION TO TENANT’S
INDEMNITY OBLIGATIONS UNDER THE LEASE, TENANT HEREBY AGREES TO INDEMNIFY LANDLORD AND HOLD LANDLORD HARMLESS FROM ANY AND ALL CLAIMS FOR PERSONAL OR BODILY INJURY AND PROPERTY DAMAGE THAT MAY ARISE FROM THE PERFORMANCE OF THE TENANT WORK, TO THE
EXTENT RESULTING FROM THE NEGLIGENCE OR WILLFUL MISCONDUCT OF ITS GENERAL CONTRACTORS, SUBCONTRACTORS OR OTHERWISE. 
 Notwithstanding the foregoing,
Tenant shall not commence the Tenant Work until the following is provided: 
 (1) Insurance. Prior to construction, Tenant shall
provide Landlord with an original certificate of All-Risk Builder’s Risk Insurance (the “Builder’s Risk Insurance Policy”), subject to Landlord’s reasonable approval, in the
minimum amount of the replacement cost of the Tenant Work issued by a company or companies acceptable to Landlord and authorized to do business in Mississippi, covering the Premises, with premiums prepaid, and which names the Landlord as loss payee.
Said policy shall insure the Tenant Work and all materials and supplies for the Tenant Work stored on the Premises (or at any other sites) against loss or damage by fire and the risks and hazards insured against by the standard form of extended
coverage, and against vandalism and malicious mischief, and such other risks and hazards as Landlord may reasonably request. Said insurance coverage shall be for 100% of replacement cost, including architectural fees. The Builder’s Risk
Insurance Policy shall contain a provision that the insurance company waive the rights of recovery or subrogation against Landlord and Landlord’s agents and their insurers. 

(2) Governmental Permits. Building permits and other appropriate permits and licenses from the appropriate agency or office of any
governmental or regulatory body having jurisdiction over the Premises and which are required for the construction of the Tenant Work. 
 (3)
Additional Insurance. Additional insurance in the form of and meeting the requirements of the Lease. 
 (4) Accepted Contract and
Bid. Tenant shall provide Landlord with a copy of the contract entered into with the general contractor, which shall include a Construction Schedule and the names of all subcontractors, materialmen and suppliers. Tenant shall further provide
Landlord with a copy of the contract (which may be in the form of a purchase order or work authorization) for any design professionals and other vendors involved in the execution of the Tenant Work. 

  

					
	        	  	28	  	
	        	  		  	

 (f) Removal of Tenant Improvements. Portions of the Tenant Work, as reasonably
determined by Landlord to be specialized Tenant Work (e.g., floor and ceiling mounted auxiliary air conditioning units, non-building standard fire suppression/control systems, and cabling) shall, at the
election of Landlord, either be removed by Tenant at its expense before the expiration of the Term or shall remain upon the Premises and be surrendered therewith at the Expiration Date or earlier termination of this Lease as the property of Landlord
without disturbance, molestation or injury. If Landlord requires the removal of all or part of said Tenant Work, Tenant, at its expense, shall repair any damage to the Premises or the Building caused by such removal and restore the Premises to its
condition prior to the installation of such Tenant Work. If Tenant fails to remove said Tenant Work upon Landlord’s request, then Landlord may (but shall not be obligated to) remove the same and the cost of such removal, repair and restoration,
together with any and all damages which Landlord may suffer and sustain by reason of the failure of Tenant to remove the same, shall be charged to Tenant and paid upon demand. 

(g) Completion of Tenant Work. Tenant shall notify Landlord in writing when the Tenant Work has been substantially completed. Landlord
shall thereupon have the opportunity to inspect the Tenant Work in order to determine if the Tenant Work has been substantially completed in accordance with the Tenant Plans. If the Tenant Work has not been substantially completed in accordance with
the Tenant Plans, Landlord shall immediately following inspection, provide Tenant with written notification of the items deemed incorrect or incomplete (“Punch-List”). Tenant agrees to correct and complete any such items outlined in
the Punch-List as soon as practicable. Notwithstanding anything to the contrary, the Tenant Work shall not be considered suitable for review by Landlord until all designated or required governmental inspections, permits and certifications necessary
for the Tenant Work, including, but not limited to final inspection by the governing jurisdiction, have been made, given and/or posted. 

(h) Third Party Beneficiary. Tenant agrees and acknowledges that Landlord shall be included as a third party beneficiary under any and
all agreements between Tenant and its contractors, whereby Landlord may enforce the terms of such agreement(s) in a court of competent jurisdiction. 

  

					
	        	  	29	  	
	        	  		  	

 EXHIBIT D  

INSURANCE REQUIREMENTS 
 1
Landlord’s Insurance. During the Term, Landlord will provide and keep in force the following insurance: 
 (a) commercial general
liability insurance relating to Landlord’s operation of the Building, including coverage for personal and bodily injury and death, and damage to others’ property; 

(b) “special causes of loss” property insurance relating to the Building (but excluding Tenant’s fixtures, furnishings,
equipment, personal property, inventory, stock in trade, documents, files and work products and all leasehold improvements in the Premises that were paid for by Tenant; for purposes of this Section 1(b) and Section 2(d) below, any
leasehold improvements paid for with an allowance provided by Landlord, regardless of whether a portion of the Base Rent is intended to reimburse Landlord for such allowance, will be deemed paid for by Landlord); 

(c) loss of rental income insurance or loss of insurable gross profits commonly insured against by prudent landlords; and 

(d) such other insurance (including boiler and machinery insurance) as Landlord reasonably elects to obtain or any Building mortgagee
requires. 
 Insurance effected by Landlord under this Section I will be in amounts which Landlord from time to time reasonably determines sufficient
or any Building mortgagee requires; will be subject to such deductibles and exclusions as Landlord reasonably determines; and will otherwise be on such terms and conditions as Landlord from time to time reasonably determines sufficient. 

2 Tenant’s Insurance. The insurance carried by Tenant or such insurance carried by Tenant’s contractors or subcontractors pursuant to this
Lease will be primary and non contributory insurance over any insurance carried by Landlord. During the Term, Tenant will provide, pay for, and maintain in full force and effect, the insurance outlined herein, covering claims arising out of or in
connection with the use, occupancy or maintenance of the Premises, and all areas appurtenant thereto, by Tenant, its agents, representatives, employees, contractors or subcontractors. 

(a) Commercial General Liability. Tenant will maintain commercial general liability insurance covering liability arising out of the
use, occupancy or maintenance of the Premises on an occurrence basis against claims for bodily injury, property damage and personal injury. Such insurance will provide minimum limits and coverage as follows: 

 

	 	(i)	 Minimum Limits. 

  

	 	(A)	 $1,000,000 Each Occurrence (Combined Single Limit Bodily Injury and Property Damage per location or project, as
applicable). 

  

	 	(B)	 $2,000,000 General Aggregate. 

 

	 	(C)	 $2,000,000 Products / Completed Operations Aggregate. 

 

	 	(D)	 $300,000 Fire Damage. 

 

	 	(ii)	 Coverages. 

  

	 	(A)	 1986 (or current equivalent) ISO Commercial General Liability Form (Occurrence Form) 

 

	 	(B)	 Additional Insured: Landlord, its partners, managers, members, officers and directors, employees, agents,
subsidiaries, affiliates, lender and Landlord’s property manager for the Building (“Property Manager”). 

  

					
	        	  	30	  	
	        	  		  	

	 	(C)	 Waiver of Subrogation in favor of Landlord and Property Manager. 

(b) Automobile Liability. Tenant will maintain business auto liability covering liability arising out of any auto (including owned,
hired and non-owned autos). 
  

	 	(i)	 Minimum Limits. $1,000,000 Combined Single Limit for each accident. 

(c) Workers Compensation. Tenant will maintain workers compensation and employers liability insurance applicable to its operations in
the State of Texas. 
  

	 	(i)	 Minimum Limits. 

  

	 	(A)	 Workers Compensation: Statutory Limits. 

 

	 	(B)	 Employers Liability: 

(I) Bodily Injury for Each Accident – $500,000. 

(II) Bodily Injury by Disease for Each Employee – $500,000. 

(III) Bodily Injury Disease Aggregate – $500,000. 
  

	 	(ii)	 Coverages. Waiver of Subrogation in favor of Landlord and Property Manager. 

(d) Personal Property. Tenant will maintain property insurance covering all personal property and equipment (including, but not limited
to Tenant’s fixtures, furnishings, equipment, personal property, inventory, stock in trade, documents, files and work products and all leasehold improvements not required to be insured by Landlord pursuant to Section I(b)) in the Premises
on a full replacement cost basis in amounts sufficient to prevent Tenant from becoming a coinsurer and insuring against Special Causes of Loss, including an amount of no less than $1,000 for money and securities (inside and outside of the Premises)
and vandalism and malicious mischief. 
 (e) Umbrella/Excess Liability. Tenant will maintain umbrella/excess liability insurance as
shown below. The insurance will be on an occurrence basis in excess of the underlying insurance described in Sections 2(a), (b) and (c)(i)(B) and will be at least as broad as each and every one of the underlying policies. 

 

	 	(i)	 Minimum Limits. 

  

	 	(A)	 $5,000,000 per Occurrence. 

 

	 	(B)	 $5,000,000 Aggregate. 

(f) Business Income. Tenant will maintain business income and extra expense coverage for no less than six months of income and
expenses, including a waiver of subrogation endorsement in favor of Landlord and Property Manager. 
 (g) Other Insurance Provisions.
Tenant will name, and will cause its contractors to name, Landlord, Property Manager, their Affiliates and their respective partners, managers, members, officers, directors and employees as additional insureds with respect to liability arising out
of Tenant’s or its contractors or subcontractors use, occupancy, or maintenance of the Premises or activities performed thereon, on all liability policies carried by Tenant and/or Tenant’s contractors and subcontractors. All liability
insurance policies carried by Tenant will include provisions for contractual liability coverage. It is expressly understood and agreed that the coverages required represent Landlord’s minimum requirements and such are not to be construed to
void or limit Tenant’s indemnity obligations contained in this Lease. Neither (i) the insolvency, bankruptcy or failure of any insurance company covering Tenant, (ii) the failure of any insurance company to pay claims occurring nor
(iii) any exclusion from or insufficiency of coverage will be held to affect, negate or waive any of Tenant’s indemnity obligations set forth in the Lease. The amount of liability insurance under insurance policies maintained by Tenant
shall not be reduced by the 

  

					
	        	  	31	  	
	        	  		  	

 existence of insurance coverage under policies separately maintained by Landlord. Tenant shall be solely
responsible for any premiums, assessments, penalties, deductible assumptions, retentions, audits, retrospective adjustments or any other kind of payment due under its policies. Tenant’s occupancy of the Premises without delivering the
certificates and/or other evidence of insurance, will not constitute a waiver of Tenant’s obligations to provide the required coverages. If Tenant provides to Landlord a certificate that does not evidence the coverages required herein, or that
is faulty in any respect, Landlord’s acceptance of such certificate will not constitute a waiver of Tenant’s obligations to provide the proper insurance. 

(h) Proof of Insurance. Prior to execution of this Lease, Tenant will furnish Property Manager with certificates of insurance
evidencing the coverage outlined above and the Other Insurance Provisions outlined above. Insurance is to be placed with insurers with a Best’s rating of no less than A IX by carriers authorized to furnish insurance in the State of Texas. No
such policy will be cancelable, non renewed or modified except after 30 days’ written notice to Property Manager. Tenant will maintain all of the foregoing insurance coverages in full force and effect until the expiration or earlier termination
of this Lease. 

  

					
	        	  	32	  	
	        	  		  	

 EXHIBIT E  

EXTENSION OPTION 
 (a)
Tenant shall have the right to extend the Term of the Lease with respect to the entire Premises only (the “Extension Option”) for one (1) additional period of five (5) years commencing on the day following the Expiration Date of
the initial Term of the Lease (the “Extension Term”), provided that each of the following occurs: 
  

	 	(i)	 Landlord receives notice of exercise of the Extension Option (the “Extension Notice”) at least six
(6), but no more than nine (9), full calendar months prior to the expiration of the initial Term; and 

  

	 	(ii)	 Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers
its Extension Notice or at the time Tenant delivers its Binding Extension Notice (hereinafter defined); 

  

	 	(iii)	 No part of the Premises is sublet at the time that Tenant delivers its Extension Notice or at the time Tenant
delivers its Binding Extension Notice; and 

  

	 	(iv)	 The Lease has not been assigned prior to the date that Tenant delivers its Extension Notice or prior to the
date Tenant delivers its Binding Extension Notice. 

 (b) The Base Rent rate for the Premises during Extension Term shall
equal the Prevailing Market (hereinafter defined) rate for the Premises. 
 (c) Tenant shall pay Additional Rent for the Premises during the
Extension Term in accordance with the terms of the Lease. 
 (d) Within thirty (30) days after receipt of Tenant’s Extension
Notice, Landlord shall advise Tenant of Landlord’s determination of the applicable Base Rent rate for the Premises for the Extension Term. Tenant, within fifteen (15) days after the date on which Landlord advises Tenant of the applicable Base
Rent rate for the Extension Term, shall either (i) give Landlord final binding written notice (“Binding Extension Notice”) of Tenant’s exercise of its option, or (ii) if Tenant disagrees with Landlord’s determination,
provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Extension Notice or Rejection Notice within such fifteen (15) day period, Tenant’s Extension
Option shall be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Extension Notice, Landlord and Tenant shall enter into the Extension Amendment (hereinafter defined) upon the terms and conditions set forth
herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together to agree upon the Prevailing Market rate for the Premises during the Extension Term. Upon agreement Tenant shall provide Landlord with Binding
Extension Notice and Landlord and Tenant shall enter into the Extension Amendment in accordance with the terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market rate for the
Premises within thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant’s Extension Option shall be null and void and of no force and effect. 

(e) If Tenant is entitled to and properly exercises its Extension Option, Landlord and Tenant shall execute an amendment (the “Extension
Amendment”) to reflect changes in the Base Rent, Term, Expiration Date and other appropriate terms; provided that an otherwise valid exercise of the Extension Option shall be fully effective whether or not the Extension Amendment is executed.

 (f) For purpose hereof, “Prevailing Market” rate shall mean the arm’s length fair market annual rental rate per rentable
square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market rate is being determined hereunder for space comparable to the Premises within the submarket in which the Premises is included. The
determination of Prevailing Market rate shall take into account any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, construction costs and other concessions and the manner, if any, in
which the Landlord under any such lease is reimbursed for operating expenses and taxes. 
 (g) The extension rights of Tenant hereunder are
personal to Tenant and shall not be severable from the Lease, nor may such rights be assigned or otherwise conveyed in connection with any permitted assignment or transfer of the Lease. Landlord’s consent to any assignment of the Lease shall
not be construed as allowing an assignment of such rights to any assignee. 

  

					
	        	  	33	  	
	        	  		  	

 EXHIBIT F 

Letter of Credit Terms 

Letter of Credit. As described in Section 1(H) of the Lease, Tenant deliver to Landlord an irrevocable standby letter of
credit (the “Letter of Credit”) in the amount of $1,000,000 as security for the full and faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant. The Letter of Credit shall
be issued by a financial institution reasonably acceptable to Landlord (the “Bank”), in form reasonably acceptable to Landlord and including all the requirements for such Letter of Credit as set forth in this Exhibit, naming Landlord as
beneficiary, and shall include, without limitation, provisions for (l) drawing on the Letter of Credit upon presentment (without any conditions other than a certification by Landlord that Landlord is entitled to draw upon the Letter of Credit
pursuant to the terms of the Lease) honored upon presentment via SWIFT, e-mail, facsimile or other alternative methods acceptable to Landlord, (2) the right to partial and multiple draws against such
Letter of Credit, and (3) automatic extension of the Letter of Credit unless the Bank notifies Landlord by certified or overnight express mail not less than thirty (30) days prior to the expiration of the Letter of Credit that the Letter
of Credit will not be renewed. The Letter of Credit shall be issued for a term of at least twelve (12) months and shall be renewable for the entire Term of this Lease, including any Option Term, and a period of thirty (30) days thereafter. For
purposes of this Exhibit and the Lease, all effective Letters of Credit delivered to Landlord shall be referred to collectively as the “Letter of Credit.” 

Effect of Default. Upon an Event of Default by Tenant with respect to any provisions of the Lease, including but not limited to
the provisions relating to the payment of Rent and any of the monetary amounts due under the Lease, or if Tenant files a voluntary petition under Title 11 of the U.S. Bankruptcy Code (or an involuntary petition under Title 11 of the U.S. Bankruptcy
Code is filed against Tenant and not dismissed within sixty (60) days of filing) or if Tenant receives notice of non-renewal of the Letter of Credit, then Landlord may (but shall not be required to) draw
upon such Letter of Credit for the payment of any Rent or other sum in default, the payment of any Rent which becomes due and is unpaid following the filing of any such petition under Title 11 of the U.S Bankruptcy Code, the repair of any damage to
the Premises caused by Tenant, Tenant’s agents, employees or contractors, or the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s Event of Default or to compensate Landlord for any
other loss or damage which Landlord may suffer as a direct result of Tenant’s Event of Default to the full extent permitted by law or to hold such sums as security for Tenant’s obligations under the Lease.. 

Renewals. If Landlord has not received a satisfactory renewal or replacement Letter of Credit at least thirty (30) days
prior to expiration of the Letter of Credit, or if the Bank has failed to confirm in writing that the Letter of Credit has been so extended, or if the Bank no longer meets Landlord’s credit standards and Tenant has not provided a replacement
Letter of Credit from an approved bank, then Landlord may draw upon the Letter of Credit for the full amount thereof and hold the proceeds of the Letter of Credit as a cash security deposit pursuant to the terms of Section 3(B) of the Lease or
Landlord may, at Landlord’s election, convert such cash security deposit into a letter of credit naming Landlord or Landlord’s lender as beneficiary. 

Partial Draws. If any portion of the Letter of Credit is drawn by Landlord for such purposes (such portion, the “Draw
Amount”), Tenant shall, within ten (10) days after written demand therefor, at Tenant’s election, (i) deposit one or more replacement Letters of Credit with Landlord in the aggregate amount then required by the terms hereof
(i.e., $1,000,000), (ii) deliver to Landlord a cash deposit in an amount equal to the Draw Amount, or (iii) deposit one or more replacement Letters of Credit with Landlord and deliver to Landlord a cash deposit in an amount that, when added to
the amount of such replacement Letter(s) of Credit, equals $1,000,000. Tenant’s failure to do so shall be a material breach of the Lease. If Tenant delivers to Landlord a cash deposit in accordance with the foregoing, Landlord shall hold such
cash amount as a cash portion of the Security Deposit pursuant to the terms and conditions of Section 3(B) of the Lease or Landlord may, at Landlord’s election, convert such cash deposit into a letter of credit naming Landlord or
Landlord’s lender as beneficiary. Tenant’s failure to act in accordance with clause (i), (ii) or (iii) above shall be an Event of Default under the Lease without any additional notice and cure period which shall entitle Landlord to
draw upon the Letter of Credit for the full amount thereof and hold the cash proceeds of the Letter of Credit as a cash security deposit pursuant to the terms of Section 3(B) of the Lease or, at Landlord’s election, to convert such cash
deposit to a letter of credit naming Landlord or Landlord’s lender as beneficiary. 

  

					
	        	  	34	  	
	        	  		  	

 Failure to Renew. If at any time during the Term of this Lease, Landlord
receives a notice from the issuer of the Letter(s) of Credit that the Letter(s) of Credit will not be renewed for another twelve (12) months, then unless Tenant replaces the expiring Letter(s) of Credit with one or more new Letters of Credit in
the aggregate amount then required by the terms hereof (i.e., $1,000,000) at least fifteen (15) days prior to the expiration of the then expiring Letter(s) of Credit, Landlord shall have the right to draw upon the expiring Letter(s) of Credit
for the entire amount and to retain such proceeds as a cash Security Deposit until Tenant delivers to Landlord one or more new Letters of Credit collectively satisfying the requirements of this Exhibit or, alternatively, to convert such cash
Security Deposit to a letter of credit naming Landlord or Landlord’s lender as beneficiary. If Tenant delivers one or more new Letters of Credit to Landlord that collectively satisfy the requirements of this Exhibit, then Landlord shall return
the cash Security Deposit to Tenant within thirty (30) days after receipt of such Letter(s) of Credit. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Letter(s) of Credit and/or any cash portion
of the Security Deposit then held by Landlord shall be returned to Tenant within thirty (30) days after the later of the expiration of the Term and the date Tenant has vacated the Premises. 

Transfers. The Letter of Credit shall be freely transferable. In the event of termination of Landlord’s interest in this
Lease, Tenant shall either assign and transfer the Letter of Credit to Landlord’s successor in interest or deliver a replacement Letter of Credit in the form and substance of the Letter of Credit. If a replacement Letter of Credit is delivered
to Landlord’s successor in interest, then Landlord shall return the original Letter of Credit to Tenant. In the event Landlord desires to obtain any financing to be secured by the Premises, Tenant shall cooperate with Landlord and
Landlord’s lender to effect an assignment or transfer of the Letter of Credit to Landlord’s lender or an assignment of proceeds of the Letter of Credit to Landlord’s lender and the consent of Bank to such assignment of proceeds. If
the Letter of Credit is assigned to Landlord’s successor in interest or Landlord’s lender, Tenant shall pay any transfer fees charged by the issuer of the Letter of Credit. Upon any transfer or assignment of the Letter of Credit to
Landlord’s successor in interest, Landlord will have no further liability with respect to the Letter of Credit or any proceeds of such Letter of Credit transferred to or held by Landlord’s successor in in interest, including, without
limitation, any liability to return the Letter of Credit or refund draw proceeds. 
 Conversion to Cash Security Deposit. If
Landlord draws on the Letter of Credit for the full amount thereof as permitted herein, the proceeds of the Letter of Credit shall be held by Landlord or Landlord’s successor in interest as a cash Security Deposit pursuant to the terms of
Section 3(B) of the Lease (or at Landlord’s option convert such cash Security Deposit to a letter of credit naming Landlord or Landlord’s lender as beneficiary) until such time as Tenant (i) delivers a Letter of Credit in the
amount then required by the terms of this Exhibit and which satisfies each of requirements of this Exhibit, (ii) delivers to Landlord or Landlord’s successor in interest, as the case may be, a cash deposit in an amount equal to the Draw
Amount, or (iii) deposits a replacement Letter of Credit with Landlord and delivers to Landlord or Landlord’s successor in interest, as the case may be, a cash deposit in an amount that, when added to the amount of the replacement Letter
of Credit, equals $1,000,000. If a replacement Letter of Credit is delivered to Landlord, Landlord’s successor in interest or Landlord’s lender, then Landlord shall return the original Letter of Credit to Tenant. If a replacement Letter of
Credit in the amount then required by the terms of this Exhibit and which satisfies each of requirements of this Exhibit is delivered to Landlord, Landlord’s successor in interest or Landlord’s lender, then Landlord shall return to Tenant
the original Letter of Credit and any cash deposit previously paid by Tenant pursuant to this Exhibit. 
 General Provisions.
Actions by Landlord against Tenant for Tenant’s default shall in no way be limited or restricted by the amount of the Letter of Credit or cash security and resort to such Letter of Credit or cash security shall not be required by Landlord, nor
would such action (if elected by Landlord) waive any other rights or constitute an election of remedies which Landlord may have. If Landlord draws on the Letter of Credit, the funds drawn shall serve as cash security and may be applied to cure any
Event of Default by Tenant under the Lease. Any delays in Landlord’s requesting a Letter of Credit draw from the Bank or in Landlord’s use of the proceeds thereof will not constitute a waiver by Landlord of any rights hereunder with
respect to the Letter of Credit draw proceeds or security deposits. Following any application of Letter of Credit draw proceeds or other security deposit funds to cure Tenant defaults or otherwise pay Landlord amounts due, Tenant will immediately
pay Landlord a cash amount or deliver a new Letter of Credit in accordance with the terms of this Exhibit or Section 3(B) of the Lease. It is expressly agreed that draw proceeds or any other security deposit shall not constitute an advance
rental deposit or a measure of Landlord’s damages in case of Tenant’s default. 

  

					
	        	  	35	  	
	        	  		  	

 Limitation of Liability. Tenant shall not seek to enjoin or otherwise prevent
any draw on the Letter of Credit and acknowledges that Tenant’s sole and exclusive remedy for a wrongful draw shall be, at Tenant’s election, either (i) Tenant’s right to a credit for such wrongful draw amount as substitute cash
security for the Letter of Credit, or (ii) Landlord delivering to Tenant a cash amount equal to the amount of such wrongful draw in exchange for Tenant delivering to Landlord a replacement Letter of Credit in the amount then required by the
terms of this Exhibit, thus causing Tenant no legally cognizable damages; accordingly, under no circumstances will Landlord be liable for any direct, indirect, consequential, special or punitive damages asserted by Tenant or any third party in
connection with a wrongful draw. If there is a wrongful draw, the parties will cooperate to allow Tenant to post a replacement Letter of Credit in exchange for those funds. 

Reduction of Letter of Credit. Provided that no Tenant Event of Default has occurred under the Lease
prior to such date or is occurring as of such date, Landlord shall, at Tenant’s written request made after the conclusion of the eighty-fourth full calendar month of the Term, provide the issuer of the Letter of Credit with Landlord’s
consent to an amendment to the Letter of Credit reducing the maximum dollar amount of the Letter of Credit to $500,000.00. 

  

					
	        	  	36	  	
	        	  		  	

 EXHIBIT G 

FORM OF SNDA 
  

			
	STATE OF TEXAS	  	§
		  	§
	COUNTY OF Tenant	  	§

 NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE
FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER. 

SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT 

THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT
(“Agreement”) made effective as of of Sept. 24, 2021, by and among FORUM DRIVE INDUSTRIAL PROPERTIES, LLC, a South Carolina limited liability company (“Landlord”), COMMERCE BANK, a Missouri
bank and trust company, in its capacity as Administrative Agent for itself and for each other financial institution from time to time a party to the Loan Agreement (“Lender”), and Wallbox USA Inc, a Delaware
Corporation (“Tenant”). 
 RECITALS: 

A. Tenant has executed that certain lease dated as of Sept. 24, 2021 (“Lease”), with Landlord, as lessor, covering the
premises described in the Lease consisting of approximately 129,450 square feet (“Premises”) in that certain building located at 2240 Forum Drive, Tarrant County, Texas (“Property”), and more
particularly described in Exhibit A attached hereto and made a part hereof by this reference; and 
 B. Lender has made (or
agreed to make) a loan to Landlord evidenced by a Loan Agreement (“Loan Agreement”) and secured by a mortgage or deed of trust encumbering the Property and an assignment of Landlord’s interest in the Lease (said mortgage
or deed of trust and assignment of leases, together with any amendments, renewals, increases, modifications, substitutions or consolidations of either of them, collectively, “Lien Instrument”); and 

C. Tenant and Lender desire to confirm their understanding with respect to the Lease and the Lien Instrument, and to have Landlord confirm its
agreement therewith. 
 NOW, THEREFORE, in consideration of the covenants, terms, conditions, and agreements contained herein, the parties
hereto agree as follows: 
 1. The Lease and any extensions, modifications or renewals thereof, including, but not limited to, any option to
purchase, right of first refusal to purchase or right of first offer to purchase the Property or any portion thereof; if any, is and shall continue to be subject and subordinate in all respects to the lien of the Lien Instrument. 

2. Tenant agrees to deliver to Lender, in the manner set forth in Section 14 hereof, a copy of any notice of default
sent to Landlord by Tenant. If Landlord fails to cure such default within the time provided in the Lease, Lender shall have the right, but not the obligation, to cure such default on behalf of Landlord within thirty (30) calendar days after the
time provided for Landlord to cure such default in the Lease has expired or, if such default cannot be cured within that time, within a reasonable period provided Lender has promptly commenced such cure and is proceeding with due diligence to cure
such default. In such event, then (i) Tenant shall not terminate the Lease while such remedies have been promptly commenced and are being diligently pursued by Lender and (ii) Tenant shall not terminate the Lease on the basis of any
default by Landlord which is incurable by Lender (such as, for example, the bankruptcy of Landlord or breach of any representation by Landlord), provided that Lender is proceeding with due 

 

  
 37 

 diligence to commence an action to appoint a receiver or to obtain title to the Property by foreclosure,
deed in lieu of foreclosure, or otherwise (collectively, “Foreclosure”). Tenant hereby agrees that no action taken by Lender to enforce any rights of Lender under the Lien Instrument or related security documents, by reason
of any default thereunder (including, without limitation, the appointment of a receiver, any Foreclosure or any demand for rent under any assignment of rents or leases), but excluding any acts of willful misconduct by Lender, shall give rise to any
right of Tenant to terminate the Lease nor shall such action invalidate or constitute a breach of any of the terms of the Lease. 
 3. So
long as Tenant is not in default after its receipt of written notice and the expiration of all applicable grace and cure period under the Lease, Lender shall not disturb Tenant’s possession and occupancy of the Premises during the term of the
Lease and Lender shall accept the attornment of Tenant thereafter. 
 4. If Lender or its nominee or designee, or another purchaser of the
Property upon a Foreclosure (any such person or entity, a “Successor Owner”) succeeds to the interest of Landlord under the Lease, subject to Tenant’s performance of its obligations under the Lease, the Lease will
continue in full force and effect. Thereupon, Successor Owner shall recognize the Lease and Tenant’s rights thereunder and Tenant shall make full and complete attornment to Successor Owner as substitute landlord upon the same terms, covenants
and conditions as provided in the Lease, including, but not limited to, any option to purchase, right of first refusal to purchase or right of first offer to purchase the Property as may be provided in the Lease. Notwithstanding the foregoing,
Tenant agrees that any such option, right of first refusal or right of first offer to purchase the Property or any portion thereof, as may be provided in the Lease shall not apply to any Foreclosure, as defined herein, and shall not apply to the
initial transfer of the Property by Successor Owner following such Foreclosure. In consideration of the foregoing, Lender agrees that any such option, right of first refusal or right of first offer shall not be terminated by any Foreclosure or
conveyance of the Property by Successor Owner following such Foreclosure; rather, any such option, right of first refusal or right of first offer shall remain as an obligation of any party acquiring the Property following the initial conveyance of
the Property by Successor Owner following such Foreclosure. Furthermore, Tenant expressly confirms to Lender that any acquisition of title to all or any portion of the Property pursuant to Tenant’s exercise of any option, right of first refusal
or right of first offer contained in the Lease shall result in Tenant taking title subject to the lien of the Lien Instrument. 
 5. Tenant
agrees that, if Successor Owner shall succeed to the interest of Landlord under the Lease, Successor Owner shall not be: 
  

	 	(a)	 liable for any prior act or omission of Landlord or any prior landlord or consequential damages arising
therefrom except to the extent (1) that liability or damages accrue during a period in which Successor Owner has succeeded to Landlord or (2) such prior act or omission was capable of being cured by Successor Owner and Tenant had
previously given Lender timely written notice thereof and opportunity to cure in the manner provided herein; or 

  

	 	(b)	 subject to any offsets or defenses which Tenant might have as to Landlord or any prior landlord to the extent
Tenant failed to provide Lender timely written notice thereof, or 

  

	 	(c)	 required or obligated to credit Tenant with any rent or additional rent for any rental period beyond the then
current month and the month immediately succeeding the then current month for which tenant has paid Landlord; or 

  

	 	(d)	 bound by any amendments or modifications of the Lease made without Lender’s prior written consent unless
Lender’s consent to such amendment or modification was not required pursuant to the Loan Agreement; 

  

	 	(e)	 liable for refund of all or any part of any security deposit unless such security deposit shall have been
actually received by Lender or Successor Owner; 

  

	 	(f)	 required to make any repairs to the Property or the Premises required as a result of fire, or other casualty or
by reason of condemnation unless the Successor Owner shall be obligated under the Lease, as “landlord”, to make such repairs; 

  
 38 

	 	(g)	 obligated to complete any construction work required to be done by Landlord pursuant to the provisions of the
Lease or to reimburse Tenant for any construction work done by Tenant, except for repairs, restoration and maintenance to the Property required by the Lease to be performed by Landlord, the need for which continues after the date the Successor Owner
succeeds to Landlord’s interest in the Property; or 

  

	 	(h)	 bound to make any payment to Tenant which was required under the Lease, or otherwise, to be made prior to the
time the Successor Owner succeeded to Landlord’s interest, except to the extent Tenant had previously given Lender or Successor Owner timely written notice thereof. 

6. Tenant agrees that, without the prior written consent of Lender in each case, Tenant shall not: (a) amend, modify, terminate or cancel
the Lease or any extensions or renewals thereof, or tender a surrender of the Lease (except in each case that, upon a default by Landlord under the Lease, Tenant may exercise its rights under the Lease after giving to Lender the notice and cure
period required by this Agreement), (b) make a prepayment of any rent or additional rent more than one (1) month in advance of the due date thereof or (c) subordinate or permit the subordination of Lease to any lien subordinate to the Lien
Instrument. Any such purported action without such consent shall be void as against the holder of the Lien Instrument. 
 7. To the extent
that the Lease shall entitle Tenant to notice of the existence of any Lien Instrument and the identity of any mortgagee or any ground lessor, this Agreement shall constitute such notice to Tenant with respect to the Lien Instrument and Lender. 

8. Landlord has been notified and Tenant hereby agrees that prior to becoming the beneficiary of any letter of credit supporting the Lease,
that Landlord and Tenant shall take all actions, and execute all documents, necessary or appropriate to give Lender control (as defined in the uniform commercial code, as enacted by any relevant jurisdiction, including, but not limited to, such
jurisdiction’s version of Section 9-107 thereof) of such letter of credit and all letter of credit rights thereunder and to constitute Lender the transferee beneficiary of such letter of credit;
provided that such letter of credit shall be subject to the terms and conditions of the Lease. 
 9. Upon and after the
occurrence of a default under the Lien Instrument, which is not cured after any applicable notice and/or cure periods, Lender shall be entitled, but not obligated, to provide Tenant written notice from Lender as provided in
Section 14 hereof that substantially complies with the requirements of the terms of the Texas Assignment of Rents Act (Sections 64.001 et. seq. of the Texas Property Code) (‘TARA”), to require that Tenant pay to
Lender the amount of all prepaid rents made in excess of one month’s rent, all payments of accrued but unpaid rent, rents as they accrue after the notice is received and other sums that become due under the Lease without deduction or offset
directly to Lender or to the person and at the address specified by Lender, notwithstanding any conflicting instructions or demands by Landlord or any third party. Tenant hereby waives any right to delay payment of rent contemplated by
Section 64.055(d) of TARA or numbered paragraph 3 of the statutory form of notice set forth in Section 64.056 of TARA. Tenant shall be under no obligation to ascertain whether a default by Landlord has occurred under the Lien Instrument
Landlord hereby authorizes and directs Tenant to deliver such payment to Lender upon receipt of such written notice and shall Indemnify and hold Tenant harmless from any loss, cost, expense or claim incurred by Tenant in connection with its
compliance with this provision. Landlord waives any right, claim or demand it may now or hereafter have against Tenant by reason of such direct payment to Lender and agrees that such direct payment to Lender shall discharge all obligations of
Tenant to make such payment to Landlord. 
 10. Without limiting any of the foregoing provisions of this Agreement, nothing in this
Agreement shall impose upon Lender any liability for the obligations of Landlord under the Lease unless and until Lender takes title to the Property. Anything herein or in the Lease to the contrary notwithstanding, in the event that a Successor
Owner shall acquire title to the Property or the portion thereof containing the Premises, Successor Owner shall have no obligation, nor incur any liability, beyond Successor Owner’s then interest, if any, in the Property, and Tenant shall look
exclusively to such interest, if any, of Successor Owner in the Property for the payment and discharge of any obligations imposed upon Successor Owner hereunder or under the Lease, and Successor Owner is hereby released or relieved of any other
liability hereunder and under the Lease. Tenant agrees that, with respect to any money judgment which may be obtained or secured by Tenant against Successor Owner, Tenant shall look solely to the estate or interest owned by Successor Owner in the
Property, and Tenant will not collect or attempt to collect any such judgment out of any other assets of Successor Owner. 

  
 39 

 11. Except as specifically provided in this Agreement, Lender shall not, by virtue of this
Agreement, become subject to any liability or obligation to Tenant under the Lease. 
 12. EACH OF TENANT, LENDER AND LANDLORD HEREBY
IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

13. The provisions of the Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns. The words, “Lender”, “Landlord” and “Tenant” shall include their respective heirs, legatees, executors, administrators, beneficiaries, successors and assigns. 

14. Any notice, communication, request, reply or advise in this Agreement provided or permitted to be given, made or accepted by either party
to the other must be in writing and, unless it is otherwise in this Agreement expressly provided, may be given or be served by depositing the same in the United States mail, postpaid and registered or certified and addressed to the party to be
notified, with return receipt requested, or in person to the party to be notified, or sent by facsimile or electronic transmission with proof of receipt of same. Notice shall be effective only if and when received by the party to be notified for
purposes of notice, the addresses of the parties shall be as follows (unless otherwise indicated in writing or as otherwise indicated adjacent to an undersigns signature block below ): 

 

			
	If to Lender:	  	 Commerce Bank
 200 Crescent Court, Suite
1350
 Dallas, TX 75201
 Attention: Alexandra Lane

		
		  	 Commerce Bank
 1000 Walnut

18th Floor

Kansas City, MO 64106
 Attention: Commercial Real Estate Lending
Department

		
	If to Tenant: 	  	 Wallbox USA INC
 800 W. EI Camino Real Suite
180
 Mountain View, CA 94040
 Attention: Douglas
Alfaro

		
	If to Landlord:	  	*                            

 15. This Agreement contains the entire agreement among the parties hereto and no modifications shall be
binding upon any party hereto unless set forth in a document duly executed by or on behalf of such party. 
 16. This Agreement may be
executed in multiple counterparts, all of which shall be deemed originals and with the same effect as if all parties had signed the same document. All of such counterparts shall be construed together and shall constitute one instrument. 

17. This Agreement shall be construed in accordance with the laws of the State of Texas. 

18. This Agreement shall be of no further force and effect and shall become null and void upon the recording in the applicable records of
Lender’s written release of the lien of the Lien Instrument. 
 [Remainder of page intentionally left blank.] 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

							
	EXECUTED AND DELIVERED	 		 	LENDER:
	in my presence:	 		 	
		 		 	COMMERCE BANK,
	 	 		 	a Missouri bank and trust company
	Witness Signature	 	                        	 		 	
	 	 		 		 	
	Witness Name Printed	 		 	By:	 	 
		 		 		 	Name: Alexandra Lane
		 		 		 	Title: Vice President

 STATE OF TEXAS 
 COUNTY OF DALLAS

 Personally appeared before me, the undersigned authority in and for the said county and state, on this      day of
                        , 2021, within my jurisdiction, the within named Alexandra Lane, who proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed in the above and foregoing instrument and acknowledged that she executed the same in her representative capacity, and that by her signature on the instrument, and as the act and deed of
the entity upon behalf of which she acted, executed the above and foregoing instrument, after first having been duly authorized so to do. 
  

	
	   

	Notary Public

  

	
	My commission expires:
	   

	(seal)

  
 41 

 

 
 EXECUTED effective as of the date first above written. EXECUTED AND DELIVERED in my presence: Witness Signature Witness Name Printed
LANDLORD: FORUM DRIVE INDUSTRIAL PROPERTIES, LLC, a South Carolina limited liability company By: Johnson Development Associates, Inc., a South Carolina corporation Its: Manager By: Name: STATE OF SOUTH CAROLINA § § COUNTY OF SPARTANBURG
§ The foregoing instalment was ACKNOWLEDGED before me this day of f, by the of Johnson Development Associates, Inc., a South Carolina corporation? the Manager-rJf FORUM DRIVE INDUSTRIAL PROPERTIES, LLC, a
South Carolina limited liability company, on behalf of said corporation and limited liability company. [SEAL] Notary Public, State of South Carolina My Commission Expires: MY | COMMISSION ) E ¥ ¥ EXPIRES | (Prmted Name of Notary Public) My
Commission Expires: 

 EXECUTED effective as of the date first above written. 

 

									
	 EXECUTED AND DELIVERED
 in my
presence:
	 		 	TENANT:	 	                    
				
	Brett Graessle	 		 	Wallbox USA Inc.,	 	  

	Witness Signature	 		 	a Delaware Corporation	 	
	 		 		 		 	
					
	Brett Graessle	 		 	By:	 	/s/ Douglas Alfaro	 	  

	Witness Name Printed	 		 	Name:	 	Douglas Alfaro	 	
		 		 	Title:	 		 	

  

	
	
	STATE OF CA
	COUNTY OF Santa Clara

 Personally appeared before me, the undersigned authority in and for the said county and state, on this 24th day of September, 2021, within my jurisdiction, the within named Douglas Alfaro, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
in the above and foregoing instrument and acknowledged that he executed the same in his representative capacity, and that by his signature on the instrument, and as the act and deed of the entity upon behalf of he which acted, executed the above and
foregoing instrument, after first having been duly authorized so to do.  
  

	
	
	

	Notary Public

  

							
	My commission expires:	 		 		 	
	 01-03-22

(seal)
	 		 	

	 	  

		 		 		 	

  
 43 

 EXHIBIT A 

Legal Description of Property 

Tract 1: Fee Simple 
 BEING Lot BR1, Tract VI of
FORUM 303 ADDITION, an Addition to the City of Arlington, Texas, according to the Plat thereof recorded in cc# D220250845, Real Property Records, Tarrant County, Texas. 

Tract 2: Easement Estate 
 Non-Exclusive Easement rights created by that certain Easement Agreement by and between Total E&P USA Barnett, LLC and Forum Drive Industrial Properties, LLC filed 07/08/2020, recorded in cc# D220161096, Real
Property Records, Tarrant County, Texas. 

  

					
	        	  	44

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