Document:

Exhibit 10.2

    

     

    

    FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

    FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of December 20, 2019, among ALLIANCE DATA SYSTEMS CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors (as defined in the Credit Agreement referred to below) party hereto, the Banks party hereto (the “Consenting Banks”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative
          Agent”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement referred to below.

    W I T N E S S E T H:

    WHEREAS, the Borrower, the Guarantors party thereto, the lenders party thereto from time to time (the “Banks”) and the Administrative Agent have entered into that certain Amended and Restated Credit Agreement, dated as of June 14, 2017 (as amended,
      supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement, as amended by
      this Amendment, the “Credit Agreement”);

    WHEREAS, upon the consummation of the Epsilon Transaction, the Guaranty of the Guaranteed Obligations by
      each of Epsilon Data Management LLC, Aspen Marketing Services LLC, Commission Junction LLC and Conversant LLC was terminated, and each such Person ceased to be Guarantor and was released from its duties and obligations under the Existing Credit
      Agreement;

    WHEREAS, the Borrower has requested, and subject to the terms and conditions set forth herein, the
      Administrative Agent and the Consenting Banks have agreed, to certain amendments to the Existing Credit Agreement as more specifically set forth herein;

    NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:

    SECTION 1.     Amendments to Existing Credit Agreement.  Effective as of the Fourth Amendment Effective Date (as defined below)
        and subject to the terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Existing Credit Agreement is hereby amended as follows:

    (a) Article 1 of the Existing
        Credit Agreement is hereby amended by adding the following defined terms in appropriate alphabetical order:

    “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to
      (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to
      the London Interbank Offered Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the
      purposes of this Agreement.

    “Benchmark Replacement Adjustment” means, with respect to any replacement of the London Interbank Offered Rate with an Unadjusted Benchmark Replacement for

    
      
        

    

    
    

    

    each applicable Interest Period, the spread adjustment, or method for calculating or
      determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or
      method for calculating or determining such spread adjustment, for the replacement of the London Interbank Offered Rate with the applicable
      Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of
      the London Interbank Offered Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit
      facilities at such time.

    “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,”
      the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent (in consultation with the Borrower) decides may be appropriate to reflect
      the adoption and implementation of such Benchmark Replacement and to permit the 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 the Benchmark Replacement exists, in such other manner of administration as the
      Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

    “Benchmark Replacement Date” means the earlier to occur of the following events with respect to the London Interbank Offered Rate:

    
      
        (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and
          (ii) the date on which the administrator of the London Interbank Offered Rate permanently or indefinitely ceases to provide the London
          Interbank Offered Rate; and

        (b) in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

      

    

    “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the London Interbank Offered Rate:

    
      
        (a) a public statement or publication of information by or on behalf of the administrator of the London Interbank Offered Rate announcing that such administrator has ceased or will cease to provide the London Interbank Offered Rate, permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the London Interbank Offered Rate;

      

    

    
      
        (b) a public statement or publication of information by the regulatory supervisor for the administrator of the London Interbank Offered Rate, the U.S. Federal Reserve System, an insolvency
          official with jurisdiction over the administrator for the London Interbank Offered Rate, a resolution authority with jurisdiction over the

      

    

    
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    administrator for the London Interbank Offered Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the London Interbank Offered Rate, which states that the
      administrator of the London Interbank Offered Rate has ceased or will cease to provide the London Interbank Offered Rate permanently or indefinitely; provided
      that, at the time of such statement or publication, there is no successor administrator that will continue to provide the London Interbank Offered Rate; or

    
      
        (c) a public statement or publication of information by the regulatory supervisor for the administrator of the London Interbank Offered Rate announcing that the London Interbank Offered Rate is no longer
          representative.

      

    

    “Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a
      public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90
      days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Banks, as applicable, by notice to the Borrower, the
      Administrative Agent (in the case of such notice by the Required Banks) and the Banks.

    “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the London Interbank Offered Rate and solely to the extent that the London Interbank Offered Rate has not been replaced with a Benchmark Replacement, the period (a) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced
      the London Interbank Offered Rate for all purposes hereunder in accordance with Section 8.8 and (b) ending at the time that a Benchmark Replacement has replaced the London Interbank Offered Rate for all purposes hereunder pursuant to Section 8.8.

    “Consolidated Tangible Net Worth” means, as of any date of determination, stockholders’ equity of the Borrower minus the sum of intangible assets (net) and goodwill, in each case as those items appear on the consolidated balance sheet of the Borrower on such date, all as determined in accordance with GAAP.

    “Early Opt-in Election” means the occurrence of:

    
      
        (a) (i) a determination by the Administrative Agent or (ii) a notification by the Required Banks to the Administrative Agent (with a copy to the Borrower) that the Required Banks have
          determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 8.8 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the London Interbank Offered Rate, and

      

    

    
      
        (b) (i) the election by the Administrative Agent or (ii) the election by the Required Banks to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the
          Administrative Agent of written notice of such election to the

      

    

    
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    Borrower and the Banks or by the Required Banks of written notice of such election to
      the Administrative Agent (with a copy to the Borrower).

    “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

    “Fourth Amendment” means the Fourth Amendment to Amended and Restated Credit Agreement, dated as of December 20, 2019.

    “Fourth Amendment Effective Date” means December 20, 2019.

    “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal
      Reserve Bank of New York or any successor thereto.

    “SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor
      administrator) on the Federal Reserve Bank of New York’s Website.

    “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

    “Triggering Event” means, on any date of determination following the Fourth Amendment Effective Date, the occurrence of both of the following conditions: (a) the consummation of a sale, lease or other
      transfer by the Borrower and its Subsidiaries of assets in reliance solely on the exception set forth in Section 5.7(d)(i) for total consideration in excess of $200,000,000 during the most recently ended fiscal quarter prior to such date, and (b) for
      the four fiscal quarters most recently ended on or prior to such date, consolidated total revenues from the Borrower’s “card services segment” for such period having exceeded 90% of consolidated total revenues of the Borrower and its Consolidated
      Subsidiaries for such period, calculated on a pro forma basis as if all such sales, leases or other transfers of assets set forth in clause (a) above during such period had occurred on the first day of such period.

    “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

    (b) The definition of “Comenity Bank”
        set forth in Section 1.1 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

    “Comenity Bank” means, collectively, Comenity Bank, a Delaware state-chartered bank indirectly wholly-owned by the Borrower, and Comenity Capital Bank, a Utah industrial bank indirectly wholly-owned
      by the Borrower, in each case, including their successors and assigns.

    (c) The last paragraph in the definition of “London Interbank Offered Rate” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended and
        restated in its entirety as follows:

    
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    “Notwithstanding the foregoing, (x) in no event shall the London Interbank Offered Rate
      be less than 0% and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 8.8, in the
      event that a Benchmark Replacement with respect to the London Interbank Offered Rate is implemented then all references herein to the London Interbank Offered Rate shall be deemed references to such Benchmark Replacement.”

    (d) The definition of “Maturity Date”
        set forth in Section 1.1 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

    ““Maturity Date” means December 31, 2022.”

    (e) Article 1 of the Existing
        Credit Agreement is hereby amended by adding the following new Section 1.5 thereto and in connection therewith the table of contents shall
        be amended to include a reference to “SECTION 1.5 Rates”:

    “SECTION 1.5 Rates.  The Administrative Agent does not warrant or accept
        responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “London Interbank Offered Rate” or with respect to any rate that is an alternative or
        replacement for or successor to any such rate (including, without limitation, any Benchmark Replacement) or the effect of any of the foregoing, or of any Benchmark Replacement Conforming Changes.”

    (f) Section 2.5(b) of the
        Existing Credit Agreement is hereby amended and restated in its entirety as follows:

    “(b) Term Loans.  The Borrower unconditionally promises to pay to the Administrative Agent for the account of each
        Bank the then unpaid principal amount of the Term Loan (excluding any Incremental Term Loan, which Incremental Term Loans shall be governed by the applicable Incremental Amendment) of such Bank in consecutive quarterly installments payable on the
        last Business Day of each of March, June, September and December (commencing March 31, 2020), with each such installment being an aggregate principal amount for all Banks equal to the aggregate outstanding principal amount of the Term Loans on the
        Fourth Amendment Effective Date (after giving effect to the prepayment made on such date pursuant to the Fourth Amendment) times 1.25% per
        quarter, as the amounts of individual installments may be adjusted pursuant to Section 2.10 (and, if applicable, as may be required
        pursuant to Article 6 or Section 2.18);
        provided that to the extent not previously paid (A) the aggregate unpaid principal balance of the Non-Extended Term Loans shall be due and
        payable on the Maturity Date, (B) the aggregate unpaid principal balance of the Extended Term Loans shall be due and payable as provided in Section
            2.5(c) and (C) the aggregate unpaid principal balance of any Incremental Term Loans shall be due and payable as set forth in the applicable Incremental Amendment.”

    (g) Section 5.1(n) of the
        Existing Credit Agreement is hereby amended and restated in its entirety as follows:

    “(n) [Reserved]”

    
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    (h) Article 5 of the Existing
        Credit Agreement is hereby amended by adding the following new Section 5.13A thereto immediately following Section 5.13 and in connection therewith the table of contents shall be amended to include a reference to “SECTION 5.13A Minimum Consolidated Tangible Net Worth”:

     “SECTION 5.13A Minimum Consolidated Tangible Net Worth.  At all times
        following the first occurrence of a Triggering Event, the Borrower will not permit Consolidated Tangible Net Worth to be less than (a) 70% of Consolidated Tangible Net Worth as of the end of the fiscal quarter ended immediately prior to such
        Triggering Event for which financial statements have been provided pursuant to Section 5.1(a) or (b), as applicable, calculated after giving pro forma effect to the sale, lease or other transfer that gave rise to such Triggering Event as if such transaction had occurred on the first day
        of the period described in clause (b) of the definition of “Triggering Event”, plus (b) 50% of cumulative net income of the Borrower and
        its Consolidated Subsidiaries determined in accordance with GAAP for each fiscal quarter commencing with the fiscal quarter most recently ended subsequent to the fiscal quarter during which such Triggering Event occurred (excluding any fiscal
        quarter in which net income of the Borrower and its Consolidated Subsidiaries is negative), plus (c) 50% of the aggregate net cash proceeds
        received by the Borrower in consideration for the issuance of Capital Stock of the Borrower (other than issuances to (i) any Subsidiary or (ii) any current or former director, officer or employee, or estate, heir or family member thereof, or
        otherwise in connection with an employee benefit plan or similar arrangement) on or after such Triggering Event.”

    (i) Article 8 of the Existing
        Credit Agreement is hereby amended by adding the following new Section 8.8 thereto immediately following Section 8.7 and in connection therewith the table of contents shall be amended to include a reference to “SECTION 8.8 Effect of Benchmark Transition Event”:

    “SECTION 8.8 Effect of Benchmark Transition Event.

    (a) Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent
        and the Borrower may amend this Agreement to replace the London Interbank Offered Rate with a Benchmark Replacement. Any such amendment
        with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Banks and the Borrower so long as the Administrative Agent has
        not received, by such time, written notice of objection to such amendment from Banks comprising the Required Banks. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Banks comprising the Required
        Banks have delivered to the Administrative Agent written notice that such Required Banks accept such amendment. No replacement of the London Interbank Offered Rate with a Benchmark Replacement pursuant to this Section 8.8 will occur prior to the applicable Benchmark
        Transition Start Date.

    (b) Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, the Administrative Agent (in consultation with the Borrower) will have the right to make Benchmark Replacement
        Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement

    
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    Conforming Changes will become effective without any further action or consent of any
      other party to this Agreement.

    (c) Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Borrower and the Banks of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable,
        and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of
        any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or Banks pursuant to this Section
            8.8, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and
        binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 8.8.

    (d) Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Euro-Dollar Loan of, conversion to or continuation
        of Euro-Dollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate
        Loans.  During any Benchmark Unavailability Period, the component of the Base Rate based upon the London Interbank Offered Rate will not
        be used in any determination of the Base Rate.”

    (j) Section 10.5 of the
        Existing Credit Agreement is hereby amended by adding the following new paragraph at the end of such Section:

    “Notwithstanding anything to the contrary in this Agreement, the Administrative Agent
      and, if applicable, the Borrower may, without the consent of any Bank, enter into amendments or modifications to this Agreement or any of the other Loan Documents or enter into additional Loan Documents in order to implement any Benchmark Replacement
      or any Benchmark Replacement Conforming Changes or otherwise effectuate the terms of Section 8.8 in accordance with the terms of Section 8.8.”

    (k) Article 10 of the
        Existing Credit Agreement is hereby amended by adding the following new Section 10.19 thereto and in connection therewith the table of
        contents shall be amended to include a reference to “SECTION 10.19 Acknowledgment Regarding Any Supported QFCs”:

    “SECTION 10.19 Acknowledgment Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any agreement or instrument that is a QFC
      (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
      Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of
      such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any
      other state of the United States):

    
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    (a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of
        such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the
        same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a
        state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such
        Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC
        and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Bank shall
        in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

    (b) As used in this Section 10.19, the following terms have the following meanings:

    “BHC
          Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

    “Covered Entity” means any of the following:

    
      
        (i)     a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

      

    

    
      
        (ii)    a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

      

    

    
      
        (iii)   a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

      

    

    “Default
          Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

    “QFC”
      has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”

    (l) Schedule I to the
        Existing Credit Agreement is hereby amended and restated in its entirety in the form of Schedule I attached hereto.

    SECTION 2.     Reduction in Revolving Credit Commitments.  Effective as of the Fourth Amendment Effective Date,
        the aggregate amount of the Revolving Credit Commitments of the Banks is hereby reduced to $750,000,000.00.  The Consenting Banks hereby agree that such reduction may be applied on a non-pro rata basis to reduce the Revolving Credit Commitments of
        each Bank that is not a

    
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    Consenting Bank (each, a “Non-Consenting
          Bank”) in full, with the remaining reduction to be applied to reduce the Revolving Credit Commitment of each Consenting Bank holding a Revolving Credit Commitment as of the Fourth Amendment Effective Date such that the Revolving Credit
      Commitment of each Bank on the Fourth Amendment Effective Date (after giving effect to the reduction in the Revolving Credit Commitments set forth above) shall be as set forth on Schedule I attached hereto.

    SECTION 3.     Prepayment of Term Loans.  In connection with the effectiveness of this Amendment, the Borrower
        may, in its sole and absolute discretion, elect to issue senior unsecured notes (the “Senior Note Issuance”).  If the Borrower consummates
        the Senior Note Issuance prior to or contemporaneously with the Fourth Amendment Effective Date, the Borrower will prepay the outstanding principal amount of the Term Loans to $2,028,800,000.  The Consenting Banks hereby agree that the net cash
        proceeds from the Senior Note Issuance may be applied on a non-pro rata basis to prepay the outstanding Term Loans and Revolving Loans of the Non-Consenting Banks in full, with the remaining net cash proceeds to be applied to prepay Term Loans each
        Consenting Bank such that the outstanding principal amount of the Term Loans of each Bank on the Fourth Amendment Effective Date (after giving effect to any prepayment of the Term Loans with the proceeds of the Senior Notes Issuance or otherwise
        prior to or contemporaneously with the Fourth Amendment Effective Date) shall be as set forth on Schedule I attached hereto.

    SECTION 4.     Extension of Maturity Date.

    (a) Pursuant to Section 2.18
        of the Existing Credit Agreement, each Consenting Bank hereby agrees to extend the Maturity Date with respect to (i) the Revolving Credit Commitment of such Consenting Bank and (ii) the outstanding Term Loans of such Consenting Bank (each, an “Extended Term Loan”), in each case as provided herein.

    (b) The Extended Term Loans shall be required to be repaid as provided in Section 2.5(b) of the Credit Agreement; provided that to the extent not previously paid,
        the aggregate unpaid principal balances of the Extended Term Loans shall be due and payable on the Maturity Date.

    (c) On the Fourth Amendment Effective Date, the Revolving Credit Commitment, Revolving Credit Exposure and outstanding Term Loans of each
        Non-Consenting Bank shall be repaid in full and terminated, and each Non-Consenting Bank shall cease to be a Bank for all purposes of the Loan Documents (but shall retain all rights, including in respect of indemnity and reimbursement, which by
        their express terms would survive the expiration or termination of the Commitments and the termination of the Existing Credit Agreement).

    SECTION 5.     Fourth Amendment Effective Date Conditions.  This Amendment shall become effective on the date
        when the following conditions shall have been satisfied or waived (such date, the “Fourth Amendment Effective Date”):

    (a) The Administrative Agent’s receipt of this Amendment, duly executed by an authorized officer of each signing Credit Party, the
        Consenting Banks (which shall, after giving effect to this Amendment, constitute all of the Banks) and the Administrative Agent.

    (b) The fact that immediately prior to and after giving effect to this Amendment, no Default has occurred and is continuing.

    (c) The fact that the representations and warranties of the Credit Parties contained in the Credit Agreement are true and correct in all
        material respects (where not already qualified by materiality, otherwise in all respects) immediately prior to and after giving effect to this Amendment (other than

    
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    representations and warranties that relate to a specific date, which shall be true and correct in all material respects (where
      not already qualified by materiality, otherwise in all respects) as of such date).

    (d) If the Borrower has consummated the Senior Note Issuance, the Borrower shall have prepaid the Term Loans with the net cash proceeds
        from the issuance of the Senior Note Issuance pursuant to Section 3.

    (e) The Administrative Agent shall have received, in form and substance reasonably satisfactory thereto, all documents the Administrative
        Agent may reasonably request relating to the corporate authority and incumbency of each Credit Party.

    (f) Payment by the Borrower to the Administrative Agent for the account of each Consenting Bank of upfront fees previously agreed to
        between the Borrower and the Administrative Agent.

    (g) Payment of all fees to the Arrangers required to be paid in connection with this Amendment.

    SECTION 6.     Acknowledgement and Confirmation.  Each of the Credit Parties party hereto hereby agrees that with
        respect to each Credit Document to which it is a party, after giving effect to this Amendment and the transactions contemplated hereunder, all of its obligations, liabilities and indebtedness under such Credit Document, including guarantee
        obligations, shall, except as set forth herein or in the Credit Agreement, remain in full force and effect on a continuous basis.

    SECTION 7.     Limited Effect.  Except as provided herein, the Existing Credit Agreement and the other Credit
        Documents shall remain unmodified and in full force and effect.  This Amendment shall not be deemed (a) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Existing Credit Agreement or any other
        Credit Document other than as set forth herein, (b) to prejudice any right or rights that the Administrative Agent or the Banks may now have or may have in the future under or in connection with the Existing Credit Agreement or the other Credit
        Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or modified from time to time, other than as set forth herein, or (c) to be a commitment or any other undertaking or
        expression of any willingness to engage in any further discussion with the Borrower, any of its Subsidiaries or any other Person with respect to any other waiver, amendment, modification or any other change to the Existing Credit Agreement or the
        other Credit Documents or any rights or remedies arising in favor of the Banks or the Administrative Agent, or any of them, under or with respect to any such documents.

    SECTION 8.     Costs and Expenses.  The Borrower hereby reconfirms its obligations pursuant to Section 10.3(a) of the Credit Agreement to pay and reimburse the Administrative Agent in accordance with the terms thereof.

    SECTION 9.     Representations and Warranties. To induce the Administrative Agent and the Consenting Banks to
        enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Consenting Banks that:  (a) the representations and warranties contained in the Credit Agreement are true and correct in all material respects
        (where not already qualified by materiality, otherwise in all respects) on and as of the date hereof immediately after giving effect to this Amendment with the same effect as though made on the date hereof (it being understood and agreed that any
        representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) only as of such specified date);
        (b) immediately after giving effect to this Amendment, no Default or Event of Default exists; (c) this Amendment has been duly authorized by all necessary

    
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    corporate proceedings and duly executed and delivered by the Borrower and each other Credit Party, and the Credit Agreement,
      as amended by this Amendment, is the legal, valid and binding obligation of the Borrower and each other Credit Party, enforceable against the Borrower and each other Credit Party in accordance with its terms; and (d) no consent, approval,
      authorization, order, registration or qualification with any Governmental Authority is required for, the absence of which would materially adversely affect, the legal and valid execution and delivery or performance by the Borrower or any other Credit
      Party of this Amendment or the performance by the Borrower or any other Credit Party of the Credit Agreement, as amended by this Amendment.  Each Guarantor hereby ratifies and reaffirms:  (i) the validity, legality and enforceability of its
      obligations under Article 9 of the Credit Agreement; (ii) that its reaffirmation of such obligations is a material inducement to the
      Administrative Agent and the Consenting Banks to enter into this Amendment; and (iii) that its obligations under Article 9 of the Credit
      Agreement shall remain in full force and effect in accordance with its terms until all the Guaranteed Obligations have been paid in full.

    SECTION 10.     Reference to and Effect on the Credit Agreement and the Credit Documents.

    (a) On and after the Fourth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “herein,” “hereto”,
        “hereof” and “hereunder” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the
        Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

    (b) Except as specifically provided above, the Credit Documents shall remain in full force and effect and are hereby ratified and
        confirmed in all respects.  Except as provided herein, the execution, delivery, and effectiveness of this Amendment shall not operate as a waiver of any right, power, or remedy of the Administrative Agent or any Bank under the Credit Agreement or
        any other Credit Document, nor constitute a waiver or modification of any provision of the Credit Agreement or any other Credit Document. This Amendment is a Credit Document and is subject to the terms and conditions of the Credit Agreement.

    SECTION 11.     Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
        THE STATE OF NEW YORK.

    SECTION 12.     Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be
        an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart to this Amendment by facsimile transmission or by electronic mail in pdf format shall be as effective as
        delivery of a manually executed counterpart hereto.

    [The remainder of this page is intentionally left blank.]

    
      11

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Amendment as of the date
      first above written.

    

    

    

    

    ALLIANCE DATA SYSTEMS CORPORATION, as Borrower

    

    

    

    

    By:  /s/ J. Jeffrey Chesnut 

    Name:  J. Jeffrey Chesnut

    Title:    Senior Vice President
        and Treasurer

    

    

    ADS ALLIANCE DATA SYSTEMS, INC., as Guarantor

    

    

    

    

    By:  /s/ J. Jeffrey Chesnut 

    Name:  J. Jeffrey Chesnut

    Title:    Senior
        Vice President and Treasurer

    ALLIANCE DATA FOREIGN HOLDINGS, INC., as Guarantor

    

    

    

    

    By:  /s/ J. Jeffrey Chesnut 

    Name:  J. Jeffrey Chesnut

    Title:    Treasurer

    ADS FOREIGN HOLDINGS, INC., as Guarantor

    

    

    

    

    By:  /s/ J. Jeffrey Chesnut 

    Name:  J. Jeffrey Chesnut

    Title:    Treasurer

    COMENITY LLC, as Guarantor

    

    

    

    

    By:  /s/ Jeffrey L. Fair 

    Name:  Jeffrey L. Fair

    Title:    Vice
        President, Tax

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    COMENITY SERVICING LLC, as Guarantor

    

    

    

    

    By:  /s/ Jeffrey L. Fair 

    Name:  Jeffrey L. Fair

    Title:    Vice
        President, Tax

    ALLIANCE DATA INTERNATIONAL LLC, as Guarantor

    By: ALLIANCE DATA FOREIGN HOLDINGS, INC., its sole member

    

    

    By:  /s/ J. Jeffrey Chesnut 

    Name:  J. Jeffrey Chesnut

    Title:    Treasurer

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and a Bank

    By:  /s/ Justin Arena 

    Name:  Justin Arena

    Title:    Managing Director

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    BANK OF AMERICA, N.A., as a Bank

    

    

    

    

    By:  /s/ Casey Richardson 

    Name:  Casey Richardson

    Title:    Vice President 

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    MUFG BANK, LTD., as a Bank

    

    

    

    

    By:  /s/ Matthew Antioco 

    Name:  Matthew Antioco

    Title:    Director

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    JPMORGAN CHASE BANK, N.A., as a Bank

    

    

    

    

    By:  /s/ Christine Lathrop 

    Name:  Christine Lathrop

    Title:    Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    MIZUHO BANK, LTD., as a Bank

    

    

    

    

    By:  /s/ Donna DeMagistris 

    Name:  Donna DeMagistris

    Title:    Authorized Signatory

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    TRUIST BANK, AS SUCCESSOR BY MERGER TO SUNTRUST BANK, as a Bank

    

    

    

    

    By:  /s/ Justin Lien 

    Name:  Justin Lien

    Title:    Director

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Bank

    

    

    

    

    By:  /s/ Matthew Lewis 

    Name:  Matthew Lewis

    Title:    Director

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    THE BANK OF NOVA SCOTIA, as a Bank

    

    

    

    

    By:  /s/ Sunny Yang 

    Name:  Sunny Yang

    Title:    Director

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    BNP PARIBAS, as a Bank

    

    

    

    

    By:  /s/ Ade Adedeji 

    Name:  Ade Adedeji

    Title:    Director

    

    

    By:  /s/ Brendan Heneghan 

    Name:  Brendan Heneghan

    Title:    Director

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    ROYAL BANK OF CANADA, as a Bank

    

    

    

    

    By:  /s/ Allan Kortan 

    Name:  Allan Kortan

    Title:    Authorized Signatory

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    SUMITOMO MITSUI BANKING CORPORATION, as a Bank

    

    

    

    

    By:  /s/ Michael Maguire 

    Name:  Michael Maguire

    Title:    Executive Director

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    CITIZENS BANK, NATIONAL ASSOCIATION, as a Bank

    

    

    

    

    By:  /s/ Douglas M. Kennedy 

    Name:  Douglas M. Kennedy

    Title:    Senior Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Bank

    

    

    

    

    By:  /s/ Andrew R. Campbell 

    Name:  Andrew R. Campbell

    Title:    Authorized Signatory

    

    

    By:  /s/ Melissa E. Brown 

    Name:  Melissa E. Brown

    Title:    Authorized Signatory

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, as a Bank

    

    

    

    

    By:  /s/ Stephen Johnson 

    Name:  Stephen Johnson

    Title:    Managing Director

    

    

    

    

    By:  /s/ Miriam Trautmann 

    Name:  Miriam Trautmann

    Title:    Senior Vice President

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    KEYBANK NATIONAL ASSOCIATION, as a Bank

    

    

    

    

    By:  /s/ James Cribbet 

    Name:  James Cribbet

    Title:    SVP

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    REGIONS BANK, as a Bank

    

    

    

    

    By:  /s/ Stephanie Herndon 

    Name:  Stephanie Herndon

    Title:    Assistant Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    U.S. BANK, NATIONAL ASSOCIATION, as a Bank

    

    

    

    

    By:  /s/ Callen M. Strunk 

    Name:  Callen M. Strunk

    Title:    Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    RAYMOND JAMES BANK, N.A., as a Bank

    

    

    

    

    By:  /s/ Joseph A. Ciccolini 

    Name:  Joseph A. Ciccolini

    Title:    Senior Vice President –
        Corporate Banking

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    DEUTSCHE BANK AG NEW YORK BRANCH, as a Bank

    

    

    

    

    By:  /s/ Ming K. Chu 

    Name:  Ming K. Chu

    Title:    Director

    

    

    

    

    By:  /s/ Annie Chung 

    Name:  Annie Chung

    Title:    Director

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    SYNOVUS BANK, as a Bank

    

    

    

    

    By:  /s/ Robert Haley 

    Name:  Robert Haley

    Title:    Corporate Banker

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    THE NORTHERN TRUST COMPANY, as a Bank

    

    

    

    

    By:  /s/ Will Hicks 

    Name:  Will Hicks

    Title:    Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    MORGAN STANLEY SENIOR FUNDING, INC., as a Bank

    

    

    

    

    By:  /s/ Alysha Salinger 

    Name:  Alysha Salinger

    Title:    Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    ASSOCIATED BANK, N.A., as a Bank

    

    

    

    

    By:  /s/ Dean Rosencrans 

    Name:  Dean Rosencrans

    Title:    Senior Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    THE HUNTINGTON NATIONAL BANK, as a Bank

    

    

    

    

    By:  /s/ Dan Swanson 

    Name:  Dan Swanson

    Title:    Vice President

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    CITIBANK, N.A., as a Bank

    

    

    

    

    By:  /s/ Marina Donskaya 

    Name:  Marina Donskaya

    Title:    Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    CADENCE BANK, N.A., as a Bank

    

    

    

    

    By:  /s/ Todd Cornelius 

    Name:  Todd Cornelius

    Title:    EVP

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    LAND BANK OF TAIWAN LOS ANGELES BRANCH, as a Bank

    

    

    

    

    By:  /s/ Kuang Wei Chang 

    Name:  Kuang Wei Chang

    Title:    V.P. & General Manager

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    TAIWAN COOPERATIVE BANK LTD., ACTING THROUGH ITS NEW YORK BRANCH, as a Bank

    

    

    

    

    By:  /s/ Li Hua Huang 

    Name:  Li Hua Huang

    Title:    SVP & General Manager

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    BANCO DE SABADELL, S.A., MIAMI BRANCH, as a Bank

    

    

    

    

    By:  /s/ Ignacio Alcaraz 

    Name:  Ignacio Alcaraz

    Title:    Head of Structured Finance
        Americas

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    TAIWAN BUSINESS BANK LTD – NEW YORK BRANCH, as a Bank

    

    

    

    

    By:  /s/ Melissa Cheng 

    Name:  Melissa Cheng

    Title:    Deputy General Manager

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    FIRST HAWAIIAN BANK, as a Bank

    

    

    

    

    By:  /s/ Todd T. Nitta 

    Name:  Todd T. Nitta

    Title:    Senior Vice President

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    CHANG HWA COMMERCIAL BANK, LTD., LOS ANGELES BRANCH, as a Bank

    

    

    

    

    By:  /s/ Wan-Chin Chang 

    Name:  Wan-Chin Chang

    Title:    VP & General Manager

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    HUA NAN COMMERCIAL BANK LTD. LOS ANGELES, as a Bank

    

    

    

    

    By:  /s/ Gray Hsu 

    Name:  Gray Hsu

    Title:    V.P. & General Manager

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    VIRTUS SEIX FLOATING RATE HIGH INCOME FUND,

    By: Seix Investment Advisors LLC, as Subadviser

    

    

    

    

    

    

    By:  /s/ Deirdre A. Dillon, Esq. 

    Name:  Deirdre A. Dillon, Esq.

    Title:    Chief Compliance Officer

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    FIRST NATIONAL BANK OF OMAHA, as a Bank

    

    

    

    

    By:  /s/ Dale Ervin 

    Name:  Dale Ervin

    Title:    Senior Advisor

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    MIDFIRST BANK, as a Bank

    

    

    

    

    By:  /s/ Tim Daniels 

    Name:  Tim Daniels

    Title:    Managing Director

    

    

    
      
        Alliance Data Systems Corporation

        Fourth Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

    

    

    

    SCHEDULE I

    

    

    TERM LOANS AND REVOLVING CREDIT COMMITMENTS

    (as of the Fourth Amendment Effective Date)

    

    

    	
            BANK

          	 	
            OUTSTANDING TERM LOANS

          	 	 	
            REVOLVING CREDIT COMMITMENT

          	 
	
            Wells Fargo Bank, National Association

          	 	
            $

          	
            128,261,391.37

          	 	 	
            $

          	
            48,325,657.26

          	 
	
            Bank of America, N.A.

          	 	 	
            128,261,391.25

          	 	 	 	
            48,325,657.27

          	 
	
            MUFG Bank, Ltd.

          	 	 	
            128,261,391.25

          	 	 	 	
            48,325,657.27

          	 
	
            JPMorgan Chase Bank, N.A.

          	 	 	
            109,129,155.07

          	 	 	 	
            44,041,450.78

          	 
	
            Mizuho Bank, Ltd.

          	 	 	
            109,129,155.07

          	 	 	 	
            44,041,450.78

          	 
	
            Truist Bank

          	 	 	
            109,129,155.07

          	 	 	 	
            44,041,450.78

          	 
	
            Fifth Third Bank, National Association

          	 	 	
            100,570,005.66

          	 	 	 	
            49,222,797.94

          	 
	
            The Bank of Nova Scotia

          	 	 	
            100,570,005.66

          	 	 	 	
            40,587,219.34

          	 
	
            BNP Paribas

          	 	 	
            100,570,005.66

          	 	 	 	
            40,587,219.34

          	 
	
            Royal Bank of Canada

          	 	 	
            100,570,005.66

          	 	 	 	
            40,587,219.34

          	 
	
            Sumitomo Mitsui Banking Corporation

          	 	 	
            100,570,005.66

          	 	 	 	
            40,587,219.34

          	 
	
            Citizens Bank, National Association

          	 	 	
            98,620,618.15

          	 	 	 	
            25,906,735.75

          	 
	
            Canadian Imperial Bank of Commerce, New York Agency

          	 	 	
            85,591,494.20

          	 	 	 	
            34,542,314.33

          	 
	
            Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

          	 	 	
            64,193,620.64

          	 	 	 	
            25,906,735.75

          	 
	
            Keybank National Association

          	 	 	
            50,775,919.04

          	 	 	 	
            25,906,735.75

          	 
	
            Regions Bank

          	 	 	
            53,494,683.88

          	 	 	 	
            21,588,946.46

          	 
	
            U.S. Bank National Association

          	 	 	
            53,494,683.88

          	 	 	 	
            21,588,946.46

          	 
	
            Raymond James Bank, N.A.

          	 	 	
            75,000,000.00

          	 	 	 	
            0.00

          	 
	
            Deutsche Bank AG, New York Branch

          	 	 	
            33,544,253.99

          	 	 	 	
            23,848,589.52

          	 
	
            Synovus Bank

          	 	 	
            50,000,000.00

          	 	 	 	
            0.00

          	 
	
            The Northern Trust Company

          	 	 	
            32,096,810.32

          	 	 	 	
            12,953,367.88

          	 
	
            Morgan Stanley Senior Funding, Inc.

          	 	 	
            25,140,876.55

          	 	 	 	
            17,271,157.17

          	 
	
            Associated Bank, N.A.

          	 	 	
            38,500,000.00

          	 	 	 	
            0.00

          	 
	
            The Huntington National Bank

          	 	 	
            25,677,448.27

          	 	 	 	
            10,362,694.30

          	 
	
            Citibank, N.A.

          	 	 	
            0.00

          	 	 	 	
            34,542,314.33

          	 
	
            Cadence Bank, N.A.

          	 	 	
            12,838,724.11

          	 	 	 	
            5,181,347.15

          	 
	
            Land Bank of Taiwan Los Angeles Branch

          	 	 	
            16,772,126.99

          	 	 	 	
            0.00

          	 
	
            Taiwan Cooperative Bank Ltd. – New York Branch

          	 	 	
            16,772,126.99

          	 	 	 	
            0.00

          	 
	
            Banco de Sabadell, S.A. – Miami Branch

          	 	 	
            15,000,000.00

          	 	 	 	
            0.00

          	 
	
            Taiwan Business Bank New York

          	 	 	
            13,417,701.60

          	 	 	 	
            0.00

          	 
	
            First Hawaiian Bank

          	 	 	
            10,190,659.43

          	 	 	 	
            0.00

          	 
	
            Chang Hwa Commercial Bank, Ltd., Los Angeles Branch

          	 	 	
            10,063,276.20

          	 	 	 	
            0.00

          	 
	
            Hua Nan Commercial Bank Ltd., Los Angeles

          	 	 	
            10,063,276.20

          	 	 	 	
            0.00

          	 
	
            SEIX Investment Advisors LLC

          	 	 	
            9,168,196.62

          	 	 	 	
            0.00

          	 
	
            First National Bank of Omaha

          	 	 	
            6,568,062.60

          	 	 	 	
            1,727,115.71

          	 
	
            Midfirst Bank

          	 	 	
            6,793,772.96

          	 	 	 	
            0.00

          	 
	
            TOTAL

          	 	
            $

          	
            2,028,800,000.00

          	 	 	
            $

          	
            750,000,000.00Exhibit 10.1

 

THE EXCHANGE CONTEMPLATED HEREIN IS
INTENDED TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THE SECURED CONVERTIBLE
PROMISSORY NOTE, NOR THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION THEREOF (COLLECTIVELY, THE “SECURITIES”),
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES
OR BLUE SKY LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY
LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION OR EXEMPTION THEREFROM. BORROWER (AS DEFINED BELOW) MAY REQUIRE AN OPINION OF COUNSEL
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO BORROWER TO THE EFFECT THAT ANY PROPOSED TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”) is entered into as of December 20, 2019 by and among Iliad Research and Trading, L.P., a
Utah limited partnership (“Iliad”), Chicago Venture Partners, L.P., a Utah limited partnership (“CVP,”
and together with Iliad, “Lenders”), and Outlook Therapeutics, Inc., a Delaware corporation (“Borrower”).

 

A.               
Borrower previously sold and issued those certain Secured Promissory Notes set forth on Schedule 1 attached hereto
(the “Original Notes”).

 

B.                
Effective June 27, 2019, Lenders acquired all of the Original Notes.

 

C.                
Borrower and Lenders desire to exchange (such exchange is referred to as the “Note Exchange”) the Original
Notes for new Secured Convertible Promissory Notes substantially in the form attached hereto as Exhibit A (the “Exchange
Notes”).

 

D.               
The Note Exchange will consist of Lenders surrendering the Original Notes in exchange for the Exchange Notes.

 

E.                
This Agreement, the Exchange Notes, the Transfer Agent Letter (as defined below), the Secretary’s Certificate (as
defined below), and any other documents, agreements, or instruments entered into or delivered in connection with this Agreement,
or any amendments to any of the foregoing, are collectively referred to as the “Exchange Documents”.

 

F.                 
For purposes of this Agreement: “Conversion Shares” means all shares of Common Stock (as defined below)
issuable upon conversion of all or any portion of the Exchange Notes; and “Securities” means the Exchange Notes
and the Conversion Shares.

 

G.               
Other than the surrender of the Original Notes, no consideration of any kind whatsoever shall be given by Lenders to Borrower
in connection with this Agreement.

 

    

     

    

 

H.               
Lenders and Borrower now desire to exchange the Original Notes for the Exchange Notes on the terms and conditions set forth
herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.                 
Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in
this Agreement are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2.                 
Issuance of Exchange Notes. Upon execution of this Agreement, Lenders will surrender the Original Notes to Company
and Company will issue to Lenders the Exchange Notes. In conjunction therewith, Company hereby confirms that the Original Notes
represent Company’s unconditional obligation to repay the amounts owing thereunder pursuant to the terms thereof. Company
and Holder agree that upon issuance of the Exchange Notes, the Original Notes will be cancelled and the remaining obligations owed
to Lenders pursuant to the Original Notes shall hereafter be evidenced solely by the Exchange Notes.

 

3.                 
Exchange Fee; Affirmation of Outstanding Balance. The Company acknowledges that the outstanding balance of each Exchange
Note includes an exchange fee in the amount set forth on Schedule 2 (each, an “Exchange Fee”), which
sum was added to the outstanding balance of each Exchange Note. Holder and the Company acknowledge and agree that the outstanding
balance of each Exchange Note, upon its issuance, including application of the Exchange Fee, is as set forth on Schedule 2.

 

4.                 
Closing. The closing of the transaction contemplated hereby (the “Closing”) along with the delivery
of the Exchange Notes to Lenders shall occur on the date that is mutually agreed to by Borrower and Lenders by means of the exchange
by express courier and/or email of .pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson
Ashcraft PLLC in Lehi, Utah.

 

5.                 
Holding Periods, Tacking and Legal Opinion. Borrower represents, warrants and agrees that for the purposes of Rule
144 (“Rule 144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding
periods of the Original Notes and the Exchange Notes will include the prior noteholders’ holding period of the Original Notes
as well as Lenders’ holding periods of the Original Notes. Borrower agrees not to take a position contrary to this Section
5 in any document, statement, setting, or situation. Borrower agrees to take all action necessary to issue the Conversion Shares
without restriction, and not containing any restrictive legend without the need for any action by Lenders; provided that the applicable
holding period has been met. In furtherance thereof, prior to the Closing, counsel to Lenders may, in its sole discretion, provide
an opinion that: (a) the Conversion Shares may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions; and
(b) the transactions contemplated hereby and all other documents associated with this transaction comport with the requirements
of Section 3(a)(9) of the Securities Act. Borrower represents that it is not subject to Rule 144(i). The Exchange Notes are being
issued in substitution of and exchange for the Original Notes. Borrower acknowledges and understands that the representations and
agreements of Borrower in this Section 5 are a material inducement to Lenders’s decision to consummate the transactions contemplated
herein.

 

    2

     

    

 

6.                 
Borrower’s Representations, Warranties and Agreements. In order to induce Lenders to enter into this Agreement,
Borrower, for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:
(a) Borrower has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of
any of the obligations of Borrower hereunder, (c) no event of default has occurred under the Original Notes that has not been waived
or cured prior to the date hereof, (d) except as specifically set forth herein, nothing herein shall in any manner release, lessen,
modify or otherwise affect Borrower’s obligations under the Original Notes, (e) the issuance of the Exchange Notes is duly
authorized by all necessary corporate action and the Exchange Notes are validly issued, fully paid and non-assessable, free and
clear of all taxes, liens, claims, pledges, mortgages, restrictions, obligations, security interests and encumbrances of any kind,
nature and description, (f) Borrower has not received any consideration in any form whatsoever for entering into this Agreement,
other than the surrender of the Original Notes, and (g) Borrower has taken no action that would give rise to any claim by any person
for a brokerage commission, placement agent or finder’s fee or other similar payment by Borrower related to this Agreement.

 

7.                 
Lenders’ Representations, Warranties and Agreements. In order to induce Borrower to enter into this Agreement,
each Lender, for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as
follows: (a) Lender has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants
contained herein, all of which have been duly authorized by all proper and necessary action, (b) other than the Nasdaq Approval,
as contemplated herein, no consent, approval, filing or registration with or notice to any governmental authority is required as
a condition to the validity of this Agreement or the performance of any of the obligations of Lender hereunder, (c) no event of
default has occurred under the Original Notes that has not been waived or cured prior to the date hereof, (d) Lender has not paid
any consideration in any form whatsoever for entering into this Agreement, other than the surrender of the Original Notes and (e)
Lender has taken no action that would give rise to any claim by any person for a brokerage commission, placement agent or finder’s
fee or other similar payment by Borrower related to this Agreement.

 

    3

     

    

 

8.                  Company
Covenants. Until all of the Company’s obligations under all of the Exchange Notes are paid and performed in full,
or within the timeframes otherwise specifically set forth below, the Company will at all times comply with the
following covenants: (a) so long as Holder beneficially owns any Exchange Note and for at least ten (10) Trading Days
thereafter, the Company will timely file on or before the applicable deadline all reports required to be filed with the SEC
pursuant to Sections 13 or 15(d) of the 1934 Act, and will take all reasonable action under its control to ensure that
adequate current public information with respect to Company, as required in accordance with Rule 144 of the 1933 Act, is
publicly available, and will not terminate its status as an issuer required to file reports under the 1934 Act even if the
1934 Act or the rules and regulations thereunder would permit such termination; (b) the Common Stock shall be listed for
trading on Nasdaq; (c) when issued in accordance with the terms of the Exchange Note, the Conversion Shares will be duly
authorized, validly issued, fully paid for and non-assessable, free and clear of all liens, claims, charges and encumbrances;
(d) trading in the Common Stock will not be suspended, halted, chilled, frozen, reach zero bid or otherwise cease on the
Company’s principal trading market for a period in excess of 24 hours; and (e) the Company will not make any Variable
Security Issuance (as defined below) without Holder’s prior written consent, which consent may be granted or withheld
in Holder’s sole and absolute discretion, other than in connection with an Exempt Issuance. For purposes hereof, the
term “Variable Security Issuance” means the issuance by the Company of any securities that (A) have or may
have conversion rights of any kind, contingent, conditional or otherwise, in which the number of shares that may be issued
pursuant to such conversion right varies with the market price of the Common Stock after the initial issuance of such
securities, or (B) are or may become convertible into Common Stock (including without limitation convertible debt, warrants
or convertible preferred stock), with a conversion price that varies with the market price of the Common Stock after the
initial issuance of such securities, even if such security only becomes convertible following an event of default,
the passage of time, or another trigger event or condition. For purposes hereof, “Exempt Issuance” means
(a) the issuance of Common Stock or common stock equivalents to employees, officers, directors or vendors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by the Board of Directors or a majority of the members of
a committee of directors established for such purpose, (b) the issuance of securities upon the exercise or exchange of or
conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into
Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since
the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or
conversion price of such securities, (c) securities issued pursuant to acquisitions, divestitures, licenses, partnerships,
collaborations or strategic transactions approved by the Board of Directors or a majority of the members of a committee of
directors established for such purpose, which acquisitions, divestitures, licenses, partnerships, collaborations or strategic
transactions can have a Variable Security Issuance component, provided that any such issuance shall only be to a person (or
to the equity holders of a person) which is, itself or through its subsidiaries, an operating company or an asset in a
business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the
investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities, (d) the entry into, or issuance of
securities pursuant to, an equity line of credit or “at-the-market” facility, or (e) the issuance of warrants
with no price reset.

 

9.                 
Conditions to Company’s Obligation to Exchange. The obligation of Company hereunder to exchange the Original
Notes for the Exchange Notes at the Closing is subject to the satisfaction, on or before the Closing Date, of the following condition:
Holder shall have executed and delivered this Agreement to Company.

 

10.              
Conditions to Holder’s Obligation to Exchange. The obligation of Holder hereunder to Exchange the Original
Notes for the Exchange Notes at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following
conditions, provided that these conditions are for Holder’s sole benefit and may be waived by Holder at any time in its sole
discretion:

 

(a)              
Company shall have executed and delivered this Agreement and the Exchange Notes to Holder.

 

    4

     

    

 

(b)              
Company shall have delivered to Holder a fully executed Secretary’s Certificate substantially in the form attached
hereto as Exhibit B (the “Secretary’s Certificate”) evidencing Company’s approval of the
Exchange and the Exchange Documents.

 

(c)              
Company shall have delivered to Holder a fully executed Letter of Instructions to Transfer Agent (“Transfer Agent
Letter”) substantially in the form attached hereto as Exhibit C acknowledged and agreed to in writing by Company’s
transfer agent (the “Transfer Agent”).

 

11.             
Reservation of Shares. On the date hereof, the Company will reserve 20,000,000 shares of Common Stock from its authorized
and unissued Common Stock to provide for all issuances of Common Stock under the Exchange Notes (the “Share Reserve”).
The Company further agrees to add additional shares of Common Stock to the Share Reserve in increments of 1,000,000 shares as and
when requested by Holder if as of the date of any such request the number of shares then being held in the Share Reserve is less
than two (2) times the number of shares of Common Stock obtained by dividing the aggregate outstanding balance of the Exchange
Notes as of the date of the request by the then applicable Conversion Price (as defined in the Exchange Notes).

 

12.             
Nasdaq Approval. Notwithstanding anything to the contrary contained in this Agreement or any Exchange Agreement,
Borrower and Lender agree that the total cumulative number of shares of Common Stock issued to Lender pursuant to all Exchanges
may not exceed the requirements of Nasdaq Listing Rule 5635(d) (“Nasdaq 19.99% Cap”), except that such limitation will
not apply following Nasdaq Approval (defined below). So as not to violate the 20% limit established in Nasdaq Stock Market Listing
Rule 5635(d), the Company covenants and agrees to file a definitive proxy statement to seek stockholder approval on or before June
30, 2020 of the potential issuance of Common Stock in excess of 20% of the Company’s current issued and outstanding Common
Stock pursuant to conversions of the Exchange Notes (“Nasdaq Approval”). If the Company fails to file a definitive
proxy statement to seek Nasdaq Approval on or before such date, such failure shall be an event of default under all of the Exchange
Notes, but, for the avoidance of doubt, the Company’s failure to obtain the Nasdaq Approval shall not be an Event of Default
under the Exchange Notes. If the Borrower is unable to obtain such Nasdaq Approval, any remaining Outstanding Balance of the Exchange
Notes must be repaid in cash

 

13.             
Governing Law; Waiver of Jury Trial. This Agreement and all actions arising out of or in connection with this Agreement
shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and
performance of this Agreement shall be governed by, the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New York. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY AND REPRESENTS
THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

    5

     

    

 

14.             
Venue. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of
New York located in New York County and the United States District Court for the Southern District of New York for the purpose
of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.
Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world
by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents
to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum.

 

15.             
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing
parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange
of copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email)
shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement
for all purposes. Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email)
shall be deemed to be their original signatures for all purposes.

 

16.             
Attorneys’ Fees. In the event of any action at law or in equity to enforce or interpret the terms of this Agreement,
the parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall
therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses paid by such prevailing
party in connection with the litigation and/or dispute without reduction or apportionment based upon the individual claims or defenses 
giving rise to the fees and expenses. Nothing herein shall restrict or impair a court’s power to award fees and expenses
for frivolous or bad faith pleading.

 

17.             
No Reliance. Borrower acknowledges and agrees that neither Lenders nor any of its officers, directors, members, managers,
equity holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Exchange Documents and, in making its
decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty,
covenant or promise of Lenders or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Agreement.

 

18.             
Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified
to achieve the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full
force and effect.

 

19.              Entire
Agreement. This Agreement, together with the Exchange Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lenders, its affiliates and persons acting on its behalf with
respect to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire
understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth
herein or therein, neither Lenders nor Borrower makes any representation, warranty, covenant or undertaking with respect to
such matters.

 

    6

     

    

 

20.             
Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No
provision of this Agreement may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

21.             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed
by Lenders hereunder may be assigned by Lenders to a third party, including its financing sources, in whole or in part with the
prior written consent of Borrower, not to be unreasonably withheld, conditioned or delayed; provided that Lenders may assign any
of their rights hereunder to any of their respective affiliates without requiring such consent by Borrower. Borrower may not assign
this Agreement or any of its obligations herein without the prior written consent of Lenders, such consent not to be unreasonably
withheld, conditioned or delayed.

 

22.             
Time of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

23.             
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein)
and shall be deemed effectively given on the earliest of:

 

(a)              
the date delivered, if delivered by personal delivery as against written receipt therefor or by email to an executive officer,
or by facsimile (with successful transmission confirmation),

 

(b)              
the fifth Business Day after deposit, postage prepaid, in the United States Postal Service by certified mail, or

 

(c)              
the second Business Day after mailing by domestic or international express courier (e.g., FedEx), with delivery costs and
fees prepaid,

 

in each case, addressed
to each of the other parties thereunto entitled at the following addresses (or at such other addresses as such party may designate
by five (5) Business Days’ advance written notice similarly given to each of the other parties hereto):

 

If to Borrower:

 

Outlook Therapeutics,
Inc.

Attn: Lawrence A. Kenyon,
CEO & CFO

7 Clarke Drive

Cranbury, New
Jersey 08512

email:

fax:

 

    7

     

    

 

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

 

Cooley LLP

Attn: Yvan-Claude
Pierre

55 Hudson Yards

New York, New
York 10001

email:

fax:

 

If to Lenders:

 

Iliad Research
and Trading, L.P.

Attn: John
M. Fife

303 East Wacker
Drive, Suite 1040

Chicago, Illinois
60601

email:

fax:

 

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

 

Hansen Black
Anderson Ashcraft PLLC

Attn: Jonathan
K. Hansen

3051 West Maple
Loop Drive, Suite 325

Lehi, Utah
84043

email:

fax:

 

in each case, addressed to each of the
other parties thereunto entitled at the party’s last known address.

 

24.             
Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

[Remainder of page intentionally left
blank]

 

    8

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first set forth above.

 

	 	BORROWER:
	 	 
	 	OUTLOOK THERAPEUTICS, INC.
	 	 
	 	By:	/s/ Lawrence A. Kenyon
	 	Name:	 Lawrence A. Kenyon
	 	Title:	 President, Chief Executive Officer and Chief Financial Officer
	 	 
	 	LENDERS:
	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 
	 	By:	 Iliad Management, LLC, its General Partner
	 	 
	 	By:	 Fife Trading, Inc., its Manager
	 	 
	 	 	By:	 /s/ John M. Fife
	 	 	 	John M. Fife, President
	 	 
	 	CHICAGO VENTURE PARTNERS, L.P.
	 	 
	 	By:	Chicago Venture Management, L.L.C.,
	 	 	its General Partner
	 	 
	 	By:	CVM, Inc., its Manager
	 	 
	 	 	By:	/s/ John M. Fife
	 	 	 	John M. Fife, President

 

EXHIBITS:

 

	Exhibit A	Exchange Notes
	Exhibit B	Secretary’s Certificate
	Exhibit C	Transfer Agent Letter

 

[Signature Page to Exchange Agreement]

 

    

     

    

 

SCHEDULE 1

 

ORIGINAL NOTES

 

	Issuance Date	 	Original Noteholder	 	Buyer	 	Original Principal

 Amount	 
	12/22/2016	 	SteelMill Master Fund LP	 	Iliad	 	$	4,000,000.00	 
	4/13/2017	 	SteelMill Master Fund LP	 	Iliad	 	$	1,000,000.00	 
	1/9/2017	 	Avoro Life Sciences Fund LLC	 	CVP	 	$	1,650,000.00	 
	4/13/2017	 	Avoro Life Sciences Fund LLC	 	CVP	 	$	1,000,000.00	 
	5/31/2017	 	Trutek Corp.	 	CVP	 	$	1,500,000.00	 
	12/22/2016	 	Nailesh Bhatt	 	CVP	 	$	650,000.00	 
	12/22/2016	 	Scott Canute	 	CVP	 	$	350,000.00	 
	TOTAL	 	$	10,150,000.00	 

 

    

     

    

 

SCHEDULE 2

 

EXCHANGE NOTES

 

	Note	 	Noteholder	 	 Exchange Fee	 	 	Original Principal
 Amount	 
	Exchange Note #1	 	Iliad	 	$	132,000.00	 	 	$	2,990,749.64	 
	Exchange Note #2	 	Iliad	 	$	33,000.00	 	 	$	747,687.41	 
	Exchange Note #3	 	CVP	 	$	54,450.00	 	 	$	1,233,684.23	 
	Exchange Note #4	 	CVP	 	$	33,000.00	 	 	$	747,687.41	 
	Exchange Note #5	 	CVP	 	$	49,500.00	 	 	$	1,121,531.12	 
	Exchange Note #6	 	CVP	 	$	21,450.00	 	 	$	485,996.82	 
	Exchange Note #7	 	CVP	 	$	11,550.00	 	 	$	261,690.59	 
	TOTAL	 	 	$	7,589,027.22

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