Document:

EX-10.37

 Exhibit 10.37 

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR, SUBJECT TO SECTION 11 HEREOF, AN OPINION OF COUNSEL (WHICH MAY BE COMPANY
COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 THE
BERMUDA MONETARY AUTHORITY (THE “BMA”) IN ITS POLICY DATED JUNE 1, 2005 PROVIDES THAT WHERE ANY EQUITY SECURITIES OF A BERMUDA COMPANY ARE LISTED ON AN APPOINTED STOCK EXCHANGE (THE NASDAQ GLOBAL MARKET ( “NASDAQ”) IS SUCH
AN EXCHANGE), GENERAL PERMISSION IS GIVEN FOR THE ISSUE AND SUBSEQUENT TRANSFER OF ANY SECURITIES OF THE COMPANY (WHICH INCLUDES THE SHARES ISSUABLE UPON EXERCISE HEREOF) FROM AND/OR TO A NON-RESIDENT OF
BERMUDA, FOR AS LONG AS ANY EQUITY SECURITIES OF THE COMPANY REMAIN SO LISTED. NOTWITHSTANDING THE ABOVE GENERAL PERMISSION, WE HAVE APPLIED TO THE BMA FOR ITS PERMISSION FOR THE ISSUE AND FREE TRANSFERABILITY OF OUR SHARES (INCLUDING THE SHARES
ISSUABLE UPON EXERCISE HEREOF) AND OTHER SECURITIES, AS LONG AS WE HAVE SHARES THAT ARE LISTED ON NASDAQ OR ON AN APPOINTED STOCK EXCHANGE, TO AND AMONG PERSONS WHO ARE NON-RESIDENTS OF BERMUDA FOR EXCHANGE
CONTROL PURPOSES. 
 WARRANT AGREEMENT 

to Purchase Common Shares of 

DERMAVANT SCIENCES LTD. 

Dated as of May 31, 2019 (the “Effective Date”) 

WHEREAS, Dermavant Sciences Ltd., an exempted company incorporated under the laws of Bermuda (the “Company”), has entered
into a Loan and Security Agreement of even date herewith (as amended and in effect from time to time, the “Loan Agreement”) with Hercules Capital, Inc., a Maryland corporation, in its capacity as lender (the
“Warrantholder”), and in its capacity as administrative and collateral agent, and the other lender parties thereto; 

WHEREAS, pursuant to the Loan Agreement and as additional consideration to the Warrantholder for, among other things, its agreements in the
Loan Agreement, the Company has agreed to issue to the Warrantholder this Warrant Agreement, evidencing the right to purchase Common Shares (as defined below) (this “Warrant” or this “Agreement”); 

NOW, THEREFORE, in consideration of the Warrantholder having executed and delivered the Loan Agreement and for, among other things, its
agreements in the Loan Agreement, and in consideration of the mutual covenants and agreements contained herein, the Company and the Warrantholder agree as follows: 

 SECTION 1. GRANT OF THE RIGHT TO PURCHASE COMMON SHARES. 

(a) For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the
conditions hereinafter set forth, to subscribe for and purchase from the Company up to the aggregate number of fully paid and non-assessable Common Shares as determined pursuant to Section 1(b) below, at
a purchase price per share equal to the Exercise Price (as defined below). The number and kind of securities purchasable hereunder and the Exercise Price are each subject to adjustment as provided in Section 8. As used herein, the following
terms shall have the following meanings: 
 “Acknowledgement of Exercise” has the meaning set forth in
Section 3(a) of this Agreement. 
 “Act” means the Securities Act of 1933, as amended. 

“Business Day” means any day other than Saturday, Sunday or any other day on which banking institutions in the
States of California or New York are closed for business 
 “Charter” means the Company’s Certificate
of Incorporation, Memorandum of Association, Amended and Restated Bye-laws or other constitutional document, as may be amended and in effect from time to time. 

“Claim” has the meaning set forth in Section 12(o) of this Agreement. 

“Common Shares” means the Company’s common shares, par value $0.00001 per share, as presently authorised
under the Charter, and any class and/or series of the Company’s share capital for or into which such common shares may be converted or exchanged in a reorganization, recapitalization or similar transaction. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Registration” means (i) a registration pursuant to any registration statement filed by the
Company on Form S-1 prior to December 31, 2019 relating to the sale of securities to employees of the Company or a subsidiary pursuant to an equity option, equity purchase, or similar plan; (ii) a
registration relating to an SEC Rule 145 transaction; or (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the
Registrable Securities, provided that, for the avoidance of doubt, the inclusion of information regarding this Warrant and the plan of distribution of and selling securityholder information related to the Common Shares issuable upon exercise
of this Warrant, shall not constitute a basis for excluding the Registrable Securities from a registration pursuant to this clause (iii). 

“Exercise Price” means $3.13, subject to adjustment from time to time in accordance with the provisions of
this Warrant; provided, however, that (i) if the price to the public (the “IPO Price”) as set forth on the front cover of the final prospectus included in the Company’s registration statement on Form S-1 in connection with the Company’s initial public offering (the “IPO”) is less than $3.13 then the Exercise Price shall be adjusted to equal the IPO Price or (ii) if the company issues
additional equity securities after the date hereof and prior to the IPO at a price less than $3.13 then the Exercise Price shall be adjusted to an amount equal to such lower amount. 

  
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 “Expiration Time” has the meaning set forth in
Section 2 of this Agreement. 
 “Merger Event” means any of the following: (i) a sale,
amalgamation, lease or other transfer of all or substantially all assets of the Company; (ii) any merger or consolidation involving the Company in which the Company is not the surviving entity or in which the outstanding shares of the
Company’s share capital are otherwise converted into or exchanged for shares of capital stock or other securities or property of another entity; or (iii) any sale by holders of the outstanding voting equity securities of the Company in a
single transaction or series of related transactions of shares constituting a majority of the outstanding combined voting power of the Company. 

“Net Settlement” has the meaning set forth in Section 3(a) of this Agreement. 

“Notice of Exercise” has the meaning set forth in Section 3(a) of this Agreement. 

“Purchase Price” means, with respect to any exercise of this Warrant, an amount equal to the then-effective
Exercise Price multiplied by the number of Common Shares as to which this Warrant is then exercised. 
 “Registrable
Securities” means (i) the shares issuable upon exercise of this Warrant and (ii) any other Common Shares issued as a dividend or other distribution with respect to, in exchange for or in replacement of such shares; provided
that the securities referred to in (i)-(ii) above shall cease to be Registrable Securities (A) upon the sale of such securities pursuant to the Registration Statement or (B) upon the sale of such securities pursuant to Rule 144. 

“Regulation D” means Regulation D under the Act. 

“Rule 144” means Rule 144 promulgated under the Act. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Transfer Notice” has the meaning set forth in Section 11 of this Agreement. 

(b) Number of Shares. This Warrant shall be exercisable for an aggregate of 223,642 Common Shares, subject to adjustment from time to
time in accordance with Section 8 of this Warrant. 
 SECTION 2. TERM OF THE AGREEMENT. 

The term of this Agreement and the right to purchase Common Shares as granted herein shall commence on the Effective Date and shall be
exercisable until the earlier of (a) 5:00 p.m. (Eastern Time) on the seventh (7th) anniversary of the Effective Date and (b) the closing of a Merger Event (the “Expiration
Time”). 
 SECTION 3. EXERCISE OF THE PURCHASE RIGHTS. 

(a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or
from time to time, prior to the Expiration Time, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”), duly completed and executed, and
the Purchase Price (payable in cash or check in the event the Warrantholder does not elect Net Settlement). Promptly upon receipt of the Notice of Exercise and the Purchase Price in accordance with the terms set

  
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forth below, and in no event later than five (5) Business Days thereafter, the Company or its transfer agent shall issue to the Warrantholder the number of Common Shares stated in the Notice
of Exercise and, at the election of the Company, either (i) issue to the Warrantholder a certificate for the number of Common Shares purchased or (ii) credit the same via book entry to the Warrantholder, and the Company shall execute the
acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of Common Shares which remain subject to future purchases under this Warrant, if any. 

The Purchase Price may be paid at the Warrantholder’s election either by (i) cash or check, or (ii) surrender of that number
of Common Shares issuable upon exercise of this Warrant having an aggregate current fair market value equal to the Purchase Price (“Net Settlement”). The net number of Common Shares issuable to the Warrantholder upon any Net
Settlement shall be calculated as follows: 
  

			
		  	          X = Y(A-B)
		  	                      A
		
	Where:	  	X =    the number of Common Shares to be issued to the Warrantholder.
		  	Y =    the number of Common Shares requested to be exercised under this Agreement.
		  	A =    the current fair market value of one (1) Common Share at the time of exercise of this Warrant.
		  	B =    the then-effective Exercise Price.

 For purposes of the above calculation, the current fair market value of Common Shares shall mean with respect
to each Common Share: 
 (i) at all times when the Common Shares are traded on a national securities exchange, inter-dealer quotation system
or over-the-counter bulletin board service, the current fair market value of one (1) Common Share shall be deemed to be the volume-weighted average of the closing
prices over the ten (10) consecutive trading days ending two (2) trading days before the day the current fair market value of the securities is being determined; 

(ii) if the exercise is effected automatically pursuant to Section 3(b) in connection with a Merger Event, the current fair market value
of a Common Share shall be deemed to be the per share value received by the holders of the outstanding Common Shares pursuant to such Merger Event as determined in accordance with the definitive transaction documents executed among the parties in
connection therewith; and 
 (iii) in cases other than as described in the foregoing clauses (i) and (ii), the current fair market
value of one (1) Common Share shall be determined in good faith by the Company’s Board of Directors. 
 The number of Common
Shares issuable upon Net Settlement shall be rounded down to the nearest whole Common Share, with the value of any fractional Common Share being paid to the Warrantholder in cash pursuant to Section 5 below. 

Upon partial exercise of this Warrant by either cash or check or Net Settlement prior to the Expiration Time, the Company shall promptly
issue an amended Agreement representing the remaining number of Common Shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to, the Effective
Date hereof. 

  
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 (b) Exercise Prior to Expiration. To the extent that the Warrantholder has not
exercised its purchase rights under this Warrant to all Common Shares subject hereto prior to the Expiration Time, and if the current fair market value of one (1) Common Share is greater than the Exercise Price then in effect, this Agreement
shall be deemed automatically exercised pursuant to Net Settlement in accordance with Section 3(a) (even if not surrendered) as of immediately prior to the Expiration Time, and upon such automatic exercise shall be deemed surrendered. For
purposes of such automatic exercise, the current fair market value of one (1) Common Share shall be determined pursuant to Section 3(a). To the extent this Warrant or any portion hereof is deemed automatically exercised pursuant to this
Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of Common Shares, if any, the Warrantholder is entitled to receive by reason of such automatic exercise, and to issue or cause its transfer agent to issue a
certificate or a book-entry credit to the Warrantholder evidencing such shares. 
 SECTION 4. RESERVATION OF SHARES. 

During the term of this Agreement, the Company will at all times have authorized and reserved a sufficient number of Common Shares to provide
for the exercise of the rights to purchase Common Shares as provided for herein. 
 SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such
fractional shares the Company shall make a cash payment therefor in an amount equal to the product of (a) the current fair market value of one (1) Common Share determined in accordance with Section 3(a) multiplied by
(b) the fraction of a Common Share that would otherwise be issuable hereunder. 
 SECTION 6. NO RIGHTS AS SHAREHOLDER. 

Without limitation of any provision hereof, the Warrantholder agrees that this Agreement does not entitle the Warrantholder to any voting
rights or other rights as a shareholder of the Company prior to the issuance of Common Shares to the Warrantholder pursuant to the exercise of its purchase rights set forth in this Agreement. 

SECTION 7. WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Agreement. The Warrantholder’s
initial address, for purposes of such registry, is set forth in Section 12(g) below. The Warrantholder may change such address by giving written notice of such changed address to the Company. 

SECTION 8. ADJUSTMENT RIGHTS. 

The number and kind of securities purchasable hereunder, if any, and the Exercise Price are each subject to adjustment from time to time, as
follows: 
 (a) Reclassification of Shares. Except for a Merger Event, if the Company at any time shall, by combination,
reclassification, exchange or subdivision of securities or otherwise, change any of the Common Shares as to which purchase rights under this Agreement exist into the same or a different number of securities of any other class or classes of
securities, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been 

  
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issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Agreement immediately prior to such combination, reclassification,
exchange, subdivision or other change. The provisions of this Section 8(a) shall similarly apply to successive combination, reclassification, exchange, subdivision or other change. 

(b) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Common Shares, (i) in the case
of a subdivision, the Exercise Price shall be proportionately decreased and the number of shares for which this Warrant is exercisable shall be proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be
proportionately increased and the number of shares for which this Warrant is exercisable shall be proportionately decreased. 
 (c)
Dividends. If the Company at any time while this Agreement is outstanding and unexpired shall: 
 (i) pay a dividend with respect to
the Common Shares payable in additional Common Shares, then the Exercise Price shall be adjusted, from and after the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend, to that price
determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of Common Shares outstanding immediately prior to such dividend or
distribution, and (B) the denominator of which shall be the total number of Common Shares outstanding immediately after such dividend or distribution, and the number of Common Shares for which this Warrant is exercisable shall be
proportionately increased; or 
 (ii) make any other dividend or distribution on or with respect to Common Shares, except any dividend or
distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate
share of any such dividend or distribution as though it were the holder of the Common Shares as of the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend or distribution. 

(d) Notice of Certain Events. If: (i) the Company shall declare any dividend or distribution upon its outstanding Common Shares,
payable in shares, cash, property or other securities; (ii) the Company shall offer for subscription pro rata to the holders of its Common Shares any additional shares of any class or other rights; (iii) there shall be any Merger Event; or
(iv) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall give the Warrantholder notice thereof at the same time and in the same manner as it gives
notice thereof to the holders of outstanding Common Shares. In addition, if at any time the number of Common Shares (or other securities of any other class or classes of securities of the Company for which this Warrant is then exercisable)
outstanding is reduced such that the number of Common Shares or other securities issuable upon exercise of this Warrant shall exceed five percent (5%) of the then outstanding class of such securities, then, within three (3) Business Days of
such event, the Company shall give the Warrantholder written notice thereof. 

  
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 SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Common Shares. The Company covenants and agrees that all Common Shares that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances of any nature whatsoever; provided
that the Common Shares issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made available to the Warrantholder true, correct and complete copies of its Charter
currently in effect. The issuance of certificates or book-entry credit for Common Shares upon exercise of this Warrant shall be made without charge to the Warrantholder for any issuance or transfer tax in respect thereof, or other cost incurred by
the Company in connection with such exercise and related issuance of Common Shares; provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer and the issuance and delivery of any
certificate in a name other than that of the Warrantholder. 
 (b) Due Authority. The execution and delivery by the Company of this
Agreement and the performance of all obligations of the Company hereunder, including the issuance to the Warrantholder of the right to acquire the Common Shares, have been duly authorized by all necessary corporate action on the part of the Company.
This Agreement: (i) does not violate the Charter; and (ii) does not contravene any law or governmental rule, regulation or order applicable to the Company, except in the case of this clause (ii) as would not reasonably be expected to
have a material adverse effect on the business, condition or operations of the Company. This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally (including, without limitation, fraudulent conveyance laws) and by general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 
 (c) Consents and Approvals. No consent or approval of, giving of notice to, registration with, or
taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Agreement, except for the filing
of any notices pursuant to Regulation D and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 

(d) Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the issuance of the
Common Shares upon exercise of this Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the Act, in reliance upon Section 4(a)(2) thereof, and (ii) the qualification requirements
of the applicable state securities laws. 
 (e) Information Rights. If at any time prior to the earliest to occur of (i) the date
of sale or other disposition by the Warrantholder of this Warrant to a third party not then a party to the Loan Agreement or of all Common Shares issued on exercise of this Warrant, (ii) the date that all Indebtedness (as defined in the Loan
Agreement) owed by the Company to the Warrantholder has been repaid or the Warrantholder is no longer a lender under the Loan Agreement and (iii) the Expiration Time, the Company shall not be required to file reports pursuant to Section 13
or 15(d) of the Exchange Act, or shall not have timely filed all such required reports, the Warrantholder shall be entitled to the information rights contained in Sections 7.1(a), (b) and (c) of the Loan Agreement, and in any such event such
sections of the Loan Agreement are hereby incorporated into this Agreement by this reference as though fully set forth herein. 

  
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 (f) Confidentiality. The Warrantholder acknowledges and agrees that any Confidential
Information (as defined in the Loan Agreement) it may obtain pursuant to the terms of this Agreement shall be subject to the confidentiality provisions set forth in Section 11.13 of the Loan Agreement, which obligations shall survive any
termination of this Agreement. 
 (g) Registration of Shares. If the Company proposes to register (including, for this purpose, a
registration effected by the Company for the sale by the Company of its securities and/or the resale of securities of the Company by security holders other than the Warrantholder) the sale or resale of any of its Common Shares or other securities
under the Act in connection with the public offering of such securities (other than in an Excluded Registration), the Company shall cause to be registered all of the Registrable Securities in such registration. The Company shall have the right to
terminate or withdraw any registration initiated by it under this Section 9(g) before the effective date of such registration, provided that the Company’s obligations to register the Registrable Securities under this
Section 9(g) in any subsequent registration (other than in an Excluded Registration) shall continue following any such termination or withdrawal. All fees and expenses incident to the Company’s performance of or compliance with its
obligations under this Section 9(g) (excluding any underwriting discounts and selling commissions) shall be borne by the Company. 
 (h)
Rule 144 Compliance. The Company shall, at all times prior to the earlier to occur of (i) the date of sale or other disposition by the Warrantholder of this Warrant or all Common Shares issued on exercise of this Warrant and
(ii) the Expiration Time, use commercially reasonable efforts to timely file all reports required under the Exchange Act and otherwise timely take all actions necessary to permit the Warrantholder to sell or otherwise dispose of this Warrant
and the Common Shares issued on exercise hereof pursuant to Rule 144. If the Warrantholder proposes to sell Common Shares issuable upon the exercise of this Agreement in compliance with Rule 144, then, upon the Warrantholder’s written request
to the Company, the Company shall furnish to the Warrantholder, within five (5) Business Days after receipt of such request, a written statement confirming the Company’s compliance with the filing and other requirements of such Rule 144.

 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a) Investment Purpose. This Warrant and the Common Shares issued or issuable on exercise hereof have been or will be acquired for
investment and not with a view to the sale or distribution of any part thereof in violation of applicable federal and state securities laws, and the Warrantholder has no present intention of selling or engaging in any public distribution of the same
except pursuant to a registration or exemption from registration under the Act. 
 (b) Private Issue. The Warrantholder understands
that (i) the Common Shares issuable upon exercise of this Agreement are not, as of the Effective Date, registered under the Act or qualified under applicable state securities laws, and (ii) the Company’s reliance on exemption from
such registration is predicated on the representations set forth in this Section 10. 
 (c) Financial Risk. The Warrantholder has
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 

  
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 (d) Accredited Investor. The Warrantholder is, and on each date it exercises this
Warrant and pays the Purchase Price in accordance with the terms hereof will be, an “accredited investor” within the meaning of Rule 501 of Regulation D. 

(e) Restricted Securities. The Warrantholder understands that unless and until a registration statement is effective under the Act
covering the resale of the Common Shares issuable upon exercise of this Warrant, it may be required to hold such securities and may not be able to sell such securities when desired. The Warrantholder also understands that any sale of this Warrant or
the Common Shares issued hereunder that may be made by it in reliance upon Rule 144 may be made only in accordance with the terms and conditions thereof. 

(f) No Short Sales. The Warrantholder has not at any time on or prior to the Effective Date engaged in any short sales or equivalent
transactions in the Common Shares. The Warrantholder agrees that at all times from and after the Effective Date and on or before the Expiration Time, it shall not engage in any short sales or equivalent transactions in the Common Shares. 

SECTION 11. TRANSFERS. 

Subject to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in whole or
in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed. Each taker and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement, when
endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with this
Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of this Agreement shall be recorded on the books of the Company upon receipt by the Company of a
notice of transfer in the form attached hereto as Exhibit III (the “Transfer Notice”) at the Company’s principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such
transfer. Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. Notwithstanding anything herein or in any legend to the contrary, the Company shall not require an opinion of
counsel in connection with any sale, assignment or other transfer by the Warrantholder of this Warrant (or any portion hereof or any interest herein) or of any Common Shares issued upon any exercise hereof to an affiliate (as defined in Regulation
D) of the Warrantholder, provided that such affiliate is an “accredited investor” as defined in Regulation D and agrees to be bound by the terms applicable to such Warrant or Common Shares as provided herein. 

SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to
protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where the Warrantholder
will not have an adequate remedy at law and where damages will not be readily ascertainable. 

  
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 (c) No Impairment of Rights. The Company will not, by amendment of its Charter or
through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
reasonably necessary or appropriate in order to protect the rights of the Warrantholder against impairment. Notwithstanding the foregoing, nothing in this Section 12(c) shall negate or otherwise restrict or impair the Company’s right to
effect any changes to the rights, preferences, privileges or restrictions associated with the Common Shares so long as such changes do not adversely affect the rights, preferences, privileges or restrictions associated with the Common Shares
issuable upon exercise of this Warrant in a manner different from the effect that such changes have generally on the rights, preferences, privileges or restrictions associated with all other Common Shares. 

(d) Attorneys’ Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto,
the prevailing party shall be entitled to reasonable attorneys’ fees and expenses and reasonable costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 12(e), attorneys’ fees shall include without
limitation reasonable fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment,
levy, and debtor and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 

(e) Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the
intention of the parties underlying the invalid, illegal or unenforceable provision. 
 (f) Notices. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and
shall be deemed to have been validly served, given, delivered and received upon the earliest of: (i) personal delivery to the party to be notified, (ii) when sent by confirmed telex, electronic transmission or facsimile if sent during
normal business hours of the recipient, if not, then on the next Business Day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, and (iv) one Business Day after
deposit with a nationally recognized overnight courier, specifying next-day delivery, with written verification of receipt, and shall be addressed to the party to be notified as follows: 

If to the Warrantholder: 

HERCULES CAPITAL, INC. 
 Legal
Department 
 Attention: Chief Legal Officer and Kristen Kosofsky 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 email:
legal@herculestech.com; kkosofsky@htgc.com 
 Telephone:
650-289-3060 

  
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 If to the Company: 

DERMAVANT SCIENCES LTD. 

Attention: Christopher Van Tuyl, General Counsel 

2398 E. Camelback Road, Suite 1060 

Phoenix, AZ 85016 
 email:
chris.vantuyl@dermavant.com 
 Telephone: 520-689-7036 

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

Cooley LLP 
 Attention: Frank F.
Rahmani 
 3175 Hanover Street 

Palo Alto, CA 94304 
 email:
rahmaniff@cooley.com 
 Telephone: 650-843-5753 

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

(g) Entire Agreement; Amendments. This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof. None of the terms
of this Agreement may be amended except by an instrument executed by each of the parties hereto. 
 (h) Headings. The various headings
in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof. 

(i) Advice of Counsel. Each of the parties represents to each other party hereto that it has discussed (or had an opportunity to
discuss) with its counsel this Agreement and, specifically, the provisions of Sections 12(n), 12(o), 12(p), 12(q) and 12(r). 
 (j) No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

(k) No Waiver. Except for the requirement that this Warrant be exercised (or be deemed exercised), if at all, prior to the Expiration
Time, no omission or delay by the Warrantholder or the Company at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Company or the Warrantholder, respectively at
any time designated, shall be a waiver of any such right or remedy to which such party is entitled, nor shall it in any way affect the right of such party to enforce such provisions thereafter during the term of this Agreement. 

(l) Survival. All agreements, representations and warranties contained in this Agreement or in any document delivered pursuant hereto
shall be for the benefit of the Warrantholder and the Company, as applicable, and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 

  
 11 

 (m) Governing Law. This Agreement has been negotiated and delivered to the
Warrantholder in the State of California, and shall be deemed to have been accepted by the Warrantholder in the State of California. Delivery of Common Shares to the Warrantholder by the Company under this Agreement is due in the State of
California. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

(n) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement may be brought in any
state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (i) consents to personal jurisdiction in Santa Clara County,
State of California; (ii) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (iii) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and
(iv) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance
with the requirements for notice set forth in Section 12(g), and shall be deemed effective and received as set forth in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall
limit the right of either party to bring proceedings in the courts of any other jurisdiction. 
 (o) Mutual Waiver of Jury Trial.
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration
rules), the parties desire that their disputes arising under or in connection with this Warrant be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND THE WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY
JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST THE WARRANTHOLDER OR ITS ASSIGNEE OR BY THE WARRANTHOLDER OR ITS ASSIGNEE
AGAINST THE COMPANY RELATING TO THIS WARRANT. This waiver extends to all such Claims, including Claims that involve persons or entities other the Company and the Warrantholder; Claims that arise out of, or are in any way connected to the
relationship between the Company and the Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement. 

(p) Arbitration. If the Mutual Waiver of Jury Trial set forth in Section 12(p) is ineffective or unenforceable, the parties agree
that all Claims shall be submitted to binding arbitration in accordance with the commercial arbitration rules of JAMS, such arbitration to occur before one arbitrator, which arbitrator shall be a retired California state judge or a retired Federal
court judge. Such proceeding shall be conducted in Santa Clara County, State of California, with California rules of evidence and discovery applicable to such arbitration. The decision of the arbitrator shall be binding on the parties, and shall be
final and nonappealable to the maximum extent permitted by law. Any judgment rendered by the arbitrator may be entered in a court of competent jurisdiction and enforced by the prevailing party as a final judgment of such court. 

(q) Pre-arbitration Relief. In the event Claims are to be resolved by arbitration, either party
may seek from a court of competent jurisdiction identified in Section 12(o), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that
all Claims are otherwise subject to resolution by binding arbitration. 

  
 12 

 (r) Counterparts. This Agreement and any amendments, waivers, consents or supplements
hereto may be executed in any number of counterparts (including by facsimile or electronic delivery (PDF)), and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which
counterparts shall constitute but one and the same instrument. 
 (s) Specific Performance. The parties hereto hereby declare that it
is impossible to measure in money the damages which will accrue to the Warrantholder or the Company by reason of the other party’s failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall
be specifically enforceable by the Warrantholder and the Company. If the Warrantholder and the Company institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought
hereby waives the claim or defense therein that the Company or the Warrantholder, respectively has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists. 

(t) Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such
terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or
destroyed. 
 (u) Legends. To the extent required by applicable laws, this Warrant and the Common Shares issuable hereunder may be
imprinted with a restricted securities legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION RELATED THERETO OR, SUBJECT TO SECTION 11
OF THE WARRANT AGREEMENT DATED MAY 31, 2019 BETWEEN THE COMPANY AND HERCULES CAPITAL, INC., AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY
APPLICABLE STATE SECURITIES LAWS. 
 THE BERMUDA MONETARY AUTHORITY (THE “BMA”) IN ITS POLICY DATED JUNE 1, 2005 PROVIDES THAT
WHERE ANY EQUITY SECURITIES OF A BERMUDA COMPANY ARE LISTED ON AN APPOINTED STOCK EXCHANGE (THE NASDAQ GLOBAL MARKET ( “NASDAQ”) IS SUCH AN EXCHANGE), GENERAL PERMISSION IS GIVEN FOR THE ISSUE AND SUBSEQUENT TRANSFER OF ANY SECURITIES OF
THE COMPANY (WHICH INCLUDES THE SHARES ISSUABLE UPON EXERCISE HEREOF) FROM AND/OR TO A NON- RESIDENT OF BERMUDA, FOR AS LONG AS ANY EQUITY SECURITIES OF THE COMPANY REMAIN SO LISTED. NOTWITHSTANDING THE ABOVE GENERAL PERMISSION, WE HAVE OBTAINED
FROM THE BMA ITS PERMISSION FOR THE ISSUE AND FREE TRANSFERABILITY OF OUR SHARES (INCLUDING THE SHARES ISSUABLE UPON EXERCISE HEREOF) AND OTHER SECURITIES, AS LONG AS WE HAVE SHARES THAT ARE LISTED ON NASDAQ OR ON AN APPOINTED STOCK EXCHANGE, TO AND
AMONG PERSONS WHO ARE NON-RESIDENTS OF BERMUDA FOR EXCHANGE CONTROL PURPOSES. 
 [Remainder of
Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by
its officers thereunto duly authorized as of the Effective Date. 
  

							
	                COMPANY:	 	DERMAVANT SCIENCES LTD.	  	
				
		 	By:	  	 /s/ Todd Zavodnick
	  	
		 	Name:	  	 Todd Zavodnick
	  	
		 	Title:	  	 Principal Executive Officer
	  	
			
	WARRANTHOLDER:	 	HERCULES CAPITAL, INC.	  	
				
		 	By:	  	 /s/ Zhuo Huang
	  	
		 	Name:	  	 Zhuo Huang
	  	
		 	Title:	  	 Associate General Counsel
	  	

  
 14 

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	 Dermavant Sciences Ltd. 

 

	(1)	 The undersigned Warrantholder hereby elects to purchase [    ] Common Shares of Dermavant
Sciences Ltd. (the “Company”), pursuant to the terms of the Warrant Agreement dated May 24, 2019 (the “Agreement”) between the Company and Hercules Capital, Inc., and tenders herewith payment of the Purchase
Price in full, together with all applicable transfer taxes, if any. [NET SETTLEMENT: elects pursuant to Section 3(a) of the Agreement to effect a Net Settlement.] 

 

	(2)	 Please issue a certificate or certificates or book-entry credit(s) representing said Common Shares in the name
of the undersigned or in such other name as is specified below. 

  

	
	  

	
	(Name)
	
	  

	(Address)

  

							
	WARRANTHOLDER:	  	HERCULES CAPITAL, INC.	  	
				
		  	By:	  	  
	  	
		  	Name:	  	  
	  	
		  	Title:	  	  
	  	

  
 15 

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 
 The
undersigned [                        ], hereby acknowledges receipt of the “Notice of Exercise” from Hercules Capital,
Inc. to purchase [    ] Common Shares of Dermavant Sciences Ltd., pursuant to the terms of the Warrant Agreement by and between Dermavant Sciences Ltd. and Hercules Capital, Inc., dated May 24, 2019 (the “Warrant
Agreement”), and further acknowledges that [    ] shares remain subject to purchase under the terms of the Warrant Agreement. 
  

					
	 COMPANY:
	 	DERMAVANT SCIENCES LTD.
			
		 	By:	 	  

		 	Title:	 	  

		 	Date:	 	  

  
 16 

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign
the foregoing Agreement execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing
Agreement and all rights evidenced thereby are hereby transferred and assigned to 
  

					
	                                    
                                         
                                         
                                         
                 	  	
	(Please Print)	  	
		
	whose address
is                                        
                                         
                                         
                          	  	
		
	                                    
                                         
                                         
                                         
                 	  	
			
		 	Dated:
                                         
                                         
                                  	  	
			
		 	Holder’s Signature:
                                        
                                         
                                	  	
			
		 	Holder’s
Address:                                       
                                         
                                    	  	
			
		 	                                      
                                         
                                         
                            	  	
			
	Signature Guaranteed:	 	                                      
                                         
                                         
                	  	

 NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the
Agreement, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Agreement.EX-10.38

 Exhibit 10.38 

Execution Version 

INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (this “Agreement”), is made as of May 24, 2019 (the “Effective
Date”), by and between Hercules Capital, Inc., a Maryland corporation, in its capacity as collateral/administrative agent for the Senior Lenders (as hereinafter defined), (together with its successors and assigns in such capacity,
“Senior Creditor”), the Intra-Group Lenders from time to time party hereto, the Intra-Group Debtors from time to time party hereto, and NovaQuest Co-Investment Fund VIII, L.P.. a Delaware
limited partnership, in its capacity as collateral/administrative agent for the Subordinated Lenders (as hereinafter defined) (together with its successors and assigns in such capacity, “Subordinated Creditor”). Capitalized terms
used but not otherwise defined herein shall have the meanings given them in Section 1 below. 
 RECITALS 

A. Dermavant Sciences Ltd., an exempted company incorporated and organized under the laws of Bermuda (“Company”), Dermavant
Holdings Limited, a private limited company incorporated under the laws of England and Wales (“Dermavant England”), Dermavant Sciences GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung)
incorporated and organized under the laws of Switzerland (“Dermavant Switzerland”) and any other borrower party thereto from time to time (together with Company, Dermavant England and Dermavant Switzerland, individually and
collectively, “Borrower”), is indebted to the Senior Lenders referred to below pursuant to that certain Loan and Security Agreement by and among the Borrower, as borrower, Dermavant Sciences, Inc., a Delaware corporation and the
other guarantors from time to time party thereto (each a “Guarantor” and collectively, the “Guarantors” and together with the Borrower, individually, a “Loan Party” and collectively, the
“Loan Parties”), the lenders from time to time party thereto and their successors and assigns (the “Senior Lenders”), and Senior Creditor, dated as of May 24, 2019 (as amended, modified, restated, refinanced,
replaced or supplemented from time to time, the “Senior Creditor Agreement”). The funds advanced to or owed by Borrower under the Senior Creditor Agreement shall be referred to collectively herein as the “Senior
Loans.” To secure the Senior Debt, each Loan Party granted to Senior Creditor a security interest in substantially all of its personal property assets. 

B. Dermavant Switzerland, the Subordinated Creditor and the lenders from time to time party thereto (the “Subordinated
Lenders”) are parties to that certain Funding Agreement dated as of July 10, 2018 (as amended, modified, restated, refinanced, replaced or supplemented from time to time, the “Subordinated Debt Agreement”). The funds
advanced to or owed by Dermavant Switzerland under the Subordinated Debt Agreement shall be referred to collectively herein as the “Subordinated Loans.” To secure the Subordinated Debt, Dermavant Switzerland has granted to
Subordinated Creditor a security interest in certain of its personal property assets as more fully described in the Subordinated Debt Agreement. 

C. Subordinated Creditor and Company desire to obtain Senior Creditor’s consent to the Subordinated Debt Documents, and Subordinated
Creditor and Senior Creditor desire to agree to and to set forth their respective rights, priorities and interests governing their respective relationships with the Loan Parties and the collateral for the loans granted or indebtedness issued
pursuant to the Subordinated Debt Documents and the Senior Loan Documents at all times on and after the Effective Date. 
 AGREEMENT

 NOW, THEREFORE, in consideration of Company and Subordinated Creditor entering into the Subordinated Debt Documents, Subordinated
Creditor and Senior Creditor hereby agree as follows: 

	1.	 DEFINITIONS 

As used herein, the following terms shall have the following meanings: 

“Claimholders” means collectively, the Senior Lenders, the Senior Creditor, the Subordinated Lenders and the Subordinated
Creditor. 
 “Collateral” means, at any time, all of the assets and property of any Loan Party, in which both the holders of
Senior Debt and the holders of Subordinated Debt hold, purport to hold or are required to hold, a security interest at such time to secure the Senior Debt and the Subordinated Debt. 

“Collateral Enforcement Action” means any action to: 

(a) foreclose, execute, levy, or collect on, take possession or control of, sell or otherwise realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly or privately), Collateral or otherwise exercise or enforce remedial rights with respect to Collateral under the Debt Documents (including
by way of setoff, recoupment, notification of a public or private sale or other disposition pursuant to the UCC or other applicable law, notification to account debtors, notification to depositary banks under deposit account control agreements,
exercise of rights under any collateral assignment agreement or exercise of rights under landlord consents, if applicable); 
 (b) solicit
bids from third persons, approve bid procedures for any proposed disposition of Collateral, conduct the liquidation or disposition of Collateral or engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers,
auctioneers, or other third Persons for the purposes of valuing, marketing, promoting, and selling Collateral; 
 (c) receive a transfer of
Collateral in satisfaction of indebtedness or any other Obligation secured thereby; 
 (d) otherwise enforce a security interest or exercise
another right or remedy, as a secured creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the Debt Documents (including the commencement of applicable legal proceedings or other actions with respect to all or any
portion of the Collateral to facilitate the actions described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Collateral); or 

(e) effectuate or cause the Disposition of Collateral by any Loan Party after the occurrence and during the continuation of an Event of Default
under any of the Senior Loan Documents or the Subordinated Debt Documents with the consent of the Senior Creditor or Subordinated Creditor. 

“Debt Documents” means the Senior Loan Documents and the Subordinated Debt Documents. 

“Discharge of Senior Debt” means the Senior Debt shall have been fully paid in cash (other than inchoate indemnity
obligations), all commitments to extend credit under the Senior Loan Documents shall have been terminated (the temporary reduction of outstanding obligations, liabilities and indebtedness of Borrower to Senior Creditor and/or the Senior Lenders not
being deemed to constitute full payment or satisfaction thereof) and the Senior Loan Documents shall have been terminated; provided that the Discharge of Senior Debt shall not be deemed to have occurred in connection with any Refinancing of the
Senior Debt Obligations up to the Senior Debt Cap. 

  
 2 

 “Equity Interests” means, with respect to any person, all of the shares,
interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in, including any limited or general partnership interest and any limited liability company membership
interest) such person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such person of any of the foregoing (including through convertible securities, but excluding debt securities). 

“Event of Default” means any event or circumstance specified as such in any of the Debt Documents. 

“Group” means the Company and each of its Subsidiaries from time to time. 

“Group Company” means any company that is a member of the Group. 

“Holding Company” means, in relation to any company, any other company that holds the Equity Interests in such first company.

 “Intercreditor Event of Default” as the has the meaning ascribed to such term in Section 4. 

“Intra-Group Debtor” means each company named on the signature pages as Original Intra-Group Debtor (if any) or any Group
Company which owes any Intra-Group Liabilities and that becomes a party to this Agreement as an Intra-Group Debtor pursuant to the applicable Joinder Agreement in accordance with the terms of the Senior Creditor Agreement. 

“Intra-Group Documents” means each of the agreements, documents and instruments providing for or evidencing any Intra-Group
Liabilities, and any other document or instrument executed or delivered at any time in connection with any Intra-Group Liabilities. 

“Intra-Group Liabilities” means all Obligations owed by any Group Company to any of the Intra-Group Lenders. 

“Intra-Group Lender” means each company named on the signature pages as Original Intra-Group Lender (if any) or any Group
Company which has made a loan available to, granted credit to or made any other financial arrangement having similar effect with another Group Company and which becomes a party to this Agreement as an Intra-Group Lender pursuant to the applicable
Joinder Agreement in accordance with the terms of the Senior Creditor Agreement. 
 “Joinder Agreement” means a supplement
to this Agreement in the case of Intra-Group Liabilities and Intra-Group Lenders in relation thereto, as required by the terms of the Senior Creditor Agreement. 

“Liabilities Acquisition” means, in relation to a person and to any Obligations, a transaction in which that person
(a) purchases by way of assignment or transfer, (b) enters into any participation in respect of, or (c) enters into any other agreement or arrangement having an economic effect substantially similar to a participation in respect of,
in each case, the rights and benefits in respect of those Obligations. 
 “Obligations” means all advances to, and debts,
liabilities, obligations, covenants and duties of every nature of the Company and each other Group Company from time to time owed to any agent or trustee, the Claimholders, Intra-Group Lenders, or any of them or their respective affiliates under the
Senior Loan Documents, Subordinated Debt Documents or Intra-Group Documents, at any time (including, without limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement
obligations), including but not limited to such amounts as may accrue or be incurred before or after default or workout or the commencement of any liquidation, dissolution, bankruptcy, receivership, or reorganization case by or against any Loan
Party. 

  
 3 

 “Pre-Marketing Approval Payment
Trigger” means any payment or other amount (other than ordinary course reimbursement of costs and expenses) becoming due and owing by any Loan Party pursuant to the Funding Agreement or any other agreement to Subordinated Creditor or its
affiliates prior to the achievement of Marketing Approval (as defined in the Subordinated Debt Agreement in effect as of the date hereof). 

“Refinance” means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement,
restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents,
borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement, indenture or other agreement.
“Refinanced” and “Refinancing” have correlative meanings. 
 “Secured Obligations” means
all advances to, and debts, liabilities, obligations, covenants and duties of every nature of the Company and each other Group Company from time to time owed to any Claimholders and secured by the Collateral under the Debt Documents at any time
(including, without limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations), including but not limited to such amounts as may accrue or be incurred before or
after default or workout or the commencement of any liquidation, dissolution, bankruptcy, receivership, or reorganization case by or against any Loan Party. 

“Senior Collateral Assignment” means that certain Collateral Assignment Agreement, dated as of the date hereof, by and
between Dermavant Switzerland, as assignor and Senior Creditor, as assignee, as the same may from time to time be amended, modified, supplemented, extended, renewed, restated or replaced. 

“Senior Debt” means the Senior Loans, any and all other indebtedness and obligations for borrowed money (including, without
limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations) at any time owing by any Loan Party to Senior Creditor and its successors and assigns and/or the Senior
Lenders and their respective successors or assigns under the Senior Loan Documents (including, without limitation, the Secured Obligations (as defined in the Senior Creditor Agreement), including but not limited to any Refinancing thereof up to the
Senior Debt Cap and such amounts as may accrue or be incurred before or after default or workout or the commencement of any liquidation, dissolution, bankruptcy, receivership, examinership, administration or reorganization case by or against any
Loan Party, the principal amount of which, excluding the principal amount of any DIP Financing (as defined below), shall not exceed the Senior Debt Cap. 

“Senior Debt Cap” means principal indebtedness under the Senior Creditor Agreement in an aggregate amount outstanding at any
time of up to twenty-four million Dollars ($24,000,000) of principal. 
 “Senior Debt Obligations” means all obligations
and liabilities with respect to the Senior Debt. 
 “Senior Loan Documents” means each of the Senior Creditor Agreement,
Loan Documents (as defined in the Senior Creditor Agreement) and any other agreement, the Senior Collateral Assignment, security agreement, document, promissory note, UCC financing statement, or instrument executed by any Loan Party in favor of
Senior Creditor or its successors and assigns, as the same may from time to time be amended, modified, supplemented, extended, renewed, refinanced, restated or replaced. 

  
 4 

 “Subordinated Collateral Assignment” means that certain Collateral
Assignment Agreement, dated as of August 20, 2018, by and between Dermavant Switzerland, as assignor and Subordinated Creditor, as assignee, as the same may from time to time be amended, modified, supplemented, extended, renewed, restated or
replaced. 
 “Subordinated Debt” means the Subordinated Loans, any and all other indebtedness and obligations for borrowed
money (including, without limitation, principal, premium (if any), royalty, milestone, or similar payment, interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations) at any time owing by any Loan Party
to Subordinated Creditor and/or the Subordinated Lenders under the Subordinated Debt Documents (including, without limitation, the Secured Obligations), including but not limited to such amounts as may accrue or be incurred before or after default
or workout or the commencement of any liquidation, dissolution, bankruptcy, receivership, examinership, administration or reorganization case by or against any Loan Party. 

“Subordinated Debt Cap” means principal (other than any amounts capitalized and added to principal solely pursuant to the
terms of the Subordinated Loan Agreement as of the date hereof) indebtedness under the Subordinated Debt Agreement in an aggregate amount outstanding at any time of up to one hundred twenty million Dollars ($120,000,000) of principal. 

“Subordinated Debt Documents” means each of the Subordinated Debt Agreement, the Guarantee Agreement (as defined in the
Subordinated Debt Agreement), the Security Agreements (as defined in the Subordinated Debt Agreement), the Subordinated Collateral Assignment, and any other agreement, document, promissory note, financing statement, or instrument executed by any
Loan Party in favor of Subordinated Creditor pursuant to or in connection with the Subordinated Debt, as the same may from time to time be amended, modified, supplemented, extended, renewed, restated or replaced (which for the avoidance of doubt,
shall not include the Asset Purchase Agreement, as defined in the Subordinated Debt Agreement). 
 “Swiss Security
Documents” means the following documents: (a) the quota pledge agreement between Dermavant England as pledgor and the Senior Lenders as pledgees, regarding the pledgor’s quotas in Dermavant Switzerland, (b) the bank account
pledge agreement between Dermavant Switzerland as pledgor and the Senior Lenders as pledgees, regarding certain of the pledgor’s bank accounts, (c) the security assignment agreement between Dermavant Switzerland as assignor and the Senior
Creditor as assignee, regarding certain of the assignor’s insurance receivables, intra-group receivables and trade receivables, and (d) the IP pledge agreement Dermavant Switzerland between as pledgor and the Senior Lenders as pledgees,
regarding the pledgor’s intellectual property rights registered in Switzerland. 
 Unless otherwise specified, all references in this
Agreement to a “Section” shall refer to the corresponding Section in or to this Agreement. The capitalized term “Collateral” as used in this Agreement has the meaning ascribed to such term in the Senior Creditor Agreement. Other
capitalized terms used herein and not otherwise defined herein shall have the meaning given such terms in the Uniform Commercial Code as in effect in the State of New York, as in effect from time to time (“UCC”). 

 

	2.	 SUBORDINATION 

(a) On the terms and conditions set forth below, Subordinated Creditor’s right to payment and performance of the Subordinated Debt and all
liens and other security interests securing the Subordinated Debt are hereby subordinated to Senior Creditor’s right to full payment and performance of the Senior Debt and all liens and other security interests securing the Senior Debt. Subject
to and except as set forth in Section 5, Subordinated Creditor shall not ask, demand, sue for, take or receive from any Loan Party, by setoff or in any other manner, the whole or any part of any monies which may now or hereafter be owing

  
 5 

 
by any Loan Party to Subordinated Creditor, or be owing by any other person or entity to Subordinated Creditor under a guaranty or similar instrument, on account of the Subordinated Debt, nor any
collateral security for any of the foregoing, including, without limitation, any personal property collateral granted to Subordinated Creditor pursuant to the Subordinated Debt Documents, prior to the Discharge of Senior Debt. 

(b) Subordinated Creditor shall not create, maintain or perfect any security interest in or lien on any property of any Loan Party, other than
the liens and other security interests granted in favor of Subordinated Creditor in certain of such Loan Party’s personal property under and as described in the Subordinated Debt Documents, which liens and other security interests are junior
and subordinated to the liens and other security interests securing the Senior Debt, to the extent such liens secure the Collateral. To the extent any property of a Loan Party is secured under both the Senior Loan Documents and the Subordinated Debt
Documents, any original documents required to be delivered by that Loan Party to perfect a security interest or lien over that property (including, without limitation, all certificates and other documents of title or evidence of ownership in
relation to any shares or securities (including original share certificates) and all deeds and documents of title in relation to any freehold or leasehold property) shall be held by the Senior Creditor until the Discharge of the Senior Debt. If,
notwithstanding the foregoing, any lien or other security interest shall be created or shall arise (including, without limitation, the liens and other security interests granted in favor of Subordinated Creditor pursuant to the Subordinated Debt
Documents), whether by operation of law or otherwise, and may from time to time exist in favor of Subordinated Creditor in or on any property of any Loan Party that constitutes Collateral to secure all or any portion of the Subordinated Debt, then
any liens or other security interests granted by each Loan Party in favor of Senior Creditor to secure the Senior Debt, to the extent such liens secure the Collateral, shall in all respects be first and senior liens or other security interests,
superior to any liens or other security interests in favor of Subordinated Creditor securing the Subordinated Debt, including, without limitation, the liens and other security interests granted in favor of Subordinated Creditor pursuant to the
Subordinated Debt Documents notwithstanding (i) the date, manner or order of perfection of the liens and other security interests granted in favor of Senior Creditor, (ii) the provisions of the UCC or any other applicable laws or
decisions, (iii) the provisions of any contract in effect between Senior Creditor and/or any Senior Lender(s), on the one hand, and among the Loan Parties or with any affiliate thereof, on the other, and (iv) whether Senior Creditor or any
agent or bailee thereof holds possession of any part or all of the Collateral. In the event Subordinated Creditor has or obtains possession of any such property or forecloses upon or enforces its lien or other security interest upon any such
property, whether by judicial action or otherwise, then all such property shall be promptly delivered in kind to Senior Creditor or, if not deliverable in kind, all cash or non-cash proceeds and profits of
such property shall be held in trust for the benefit of Senior Creditor and the Senior Lenders and paid over to Senior Creditor, without any deduction or offset, unless and until the Discharge of Senior Debt. 

(c) Any security interest granted to Subordinated Creditor under the Subordinated Collateral Assignment shall be subordinated to any security
interest granted to Senior Creditor under the Senior Collateral Assignment and any assignments and transfers made to Subordinated Creditor under the Subordinated Collateral Assignment shall be assigned and transferred to Senior Creditor until the
Discharge of Senior Debt, it being understood that such assignment by Subordinated Creditor satisfies the obligation of Dermavant Switzerland under the Senior Collateral Assignment. 

(d) The subordination contained in this Agreement is intended to define the rights and duties of Subordinated Creditor, Senior Creditor, the
Intra-Group Lenders; it is not intended that any third party (including any bankruptcy trustee, receiver, or debtor in possession) shall benefit from it. If the effect of the subordination contained in this Agreement would be to give any third party
a priority status to which that party would not otherwise be entitled, then that provision shall, to the extent necessary to avoid that priority, be given no effect and the rights and priorities of Senior Creditor, Subordinated Creditor, the
Intra-Group Lenders shall be determined in accordance with applicable law and this Agreement. 

  
 6 

 (e) Notwithstanding anything in this Agreement to the contrary, nothing herein shall be
deemed to subordinate, waive or restrict the contractual rights of Subordinated Creditor under any warrants or capital stock that the Company or any other Loan Party may issue to Subordinated Creditor from time to time, nor shall anything herein
restrict the performance of Loan Party’s obligations under such warrants or with respect to such capital stock. 
 (f) In the event of
the occurrence of an Insolvency Event (as hereinafter defined), (i) this Agreement shall remain in full force and effect in accordance with Section 510(a) of the United States Bankruptcy Code, and (ii) the Collateral shall include, without
limitation, all Collateral arising during or after any such Insolvency Event. 
  

	3.	 INTRA-GROUP LIABILITIES 

(a) Subordination. Each Intra-Group Debtor covenants and agrees, and each Intra-Group Lender likewise covenants and agrees,
notwithstanding anything to the contrary contained in any of the Intra-Group Documents, that the payment of any and all Intra-Group Liabilities are hereby subordinated to the Senior Debt and Subordinated Debt. 

(b) Restriction on Payments. The Intra-Group Debtors shall not, and each Intra-Group Debtor shall ensure that no Group Company shall,
make any payments of the Intra-Group Liabilities at any time unless (a) the payment is permitted under Section 3(c); or (b) the taking or receipt of that payment is permitted under Section 3(h)(c). 

(c) Permitted Payments. An Intra-Group Debtor may make payments in respect of the Intra-Group Liabilities (whether of principal,
interest or otherwise) from time to time, provided that payments in respect of the Intra-Group Liabilities by an Intra-Group Debtor may not be made pursuant to this Section 3(c) if, at the time of the payment, an Event of Default has
occurred and is continuing under the Senior Creditor Agreement and/or the Subordinated Debt Agreement, unless such payments are made in respect to (i) scheduled repayments of non-accelerated principal
when due under the Debt Documents; (ii) scheduled payments of non-default accrued interest when due under the Debt Documents; and (iii) other payments consented to in writing by Senior Creditor;
provided that nothing herein shall prevent the conversion of any Intra-Group Liabilities into equity securities of the applicable Intra-Group Debtor and/or the contribution of any equity in lieu or in exchange for such Intra-Group Liabilities to the
applicable Intra-Group Debtor, in each case, so long as such equity securities and contribution of capital does not constitute indebtedness. 

(d) Payment Obligations Continue. No Intra-Group Debtor shall be released from any Obligation to make any payment (including without
limitation of default interest, which shall continue to accrue) under any Intra-Group Document by the operation of Sections 3(b) or 3(c) even if its obligation to make that payment is restricted at any time by the terms of any of those
Sections. 
 (e) Acquisition of Intra-Group Indebtedness. 

(i) Subject to Section 3(e)(ii), each Intra-Group Debtor may, and may permit any other Group Company to, (i) enter into any
Liabilities Acquisition or (ii) beneficially own all or any part of the share capital of a person that is party to a Liabilities Acquisition, in each case, in respect of any Intra-Group Liabilities at any time. 

(ii) Subject to Section 3(e)(iii), no action described in Section 3(e)(i) may take place in respect of any Intra-Group
Liabilities if (i) that action would result in a breach of any of the Debt Documents or (ii) an Event of Default has occurred and is continuing under the Senior Creditor Agreement and/or Subordinated Credit Agreement. 

  
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 (iii) The restrictions in Section 3(e)(ii) shall not apply if the Senior Creditor
consents to that action or such action is taken to facilitate payments under the Debt Documents. 
 (f) Security. No Intra-Group
Lender may take, accept or receive the benefit of any lien, guaranty, indemnity or other assurance against loss in respect of any of the Intra-Group Liabilities other than (i) as expressly permitted by the Debt Documents, (ii) if the
Senior Creditor and the Subordinated Creditor consent to that action, or (iii) such lien does not secure Collateral. 
 (g)
Restriction on Enforcement. Subject to Section 3(h), no Intra-Group Lender shall be entitled to enforce any claim (including any default remedy) with respect to any of the Intra-Group Liabilities, or otherwise to take any action
against any Loan Party or Loan Party’s property with respect to the Intra-Group Liabilities. 
 (h) Permitted Enforcement. After
the occurrence of an Insolvency Event in relation to any Group Company, each Intra-Group Lender may (unless otherwise directed by the Senior Creditor or unless the Senior Creditor has taken, or has given notice that it intends to take, action on
behalf of that Intra-Group Lender in accordance with this Agreement), exercise any right it may otherwise have against that Group Company to (a) accelerate any of that Group Company’s Intra-Group Liabilities or declare it prematurely due
and payable or payable on demand; (b) make a demand under any guarantee, indemnity or other assurance against loss given by that Group Company in respect of any Intra-Group Liabilities; (c) exercise any right of set-off or take or receive any payment in respect of any Intra-Group Liabilities of that Group Company; or (d) claim and prove in the liquidation of that Group Company for the Intra-Group Liabilities owing to
it. 
 (i) Turnover in Respect of Intra-Group Indebtedness. If at any time an Intra-Group Lender receives or recovers a payment or
distribution of any kind whatsoever (including by way of set-off or combination of accounts) in respect or on account of any of the Intra-Group Liabilities which is not permitted by Section 3(c),
that Intra-Group Lender will promptly pay all amounts and distributions received by it to the Senior Creditor for application under Section 11 after deducting the costs, liabilities and expenses (if any) reasonably incurred in recovering
or receiving the payment or distribution and, pending that payment, will hold those amounts and distributions in trust for the benefit of the Senior Creditor and Senior Lenders unless and until the Discharge of Senior Debt. 

(j) Representations. Each Intra-Group Lender represents and warrants to the Senior Creditor and Subordinated Creditor that (a) it
is duly organized and validly existing under the laws of the jurisdiction of its organization, (b) the obligations expressed to be assumed by it in this Agreement are, subject to any general principles of law limiting its obligations which are
applicable to creditors generally, legal, valid, binding and enforceable obligations and (c) the entry into and performance by it of, and the transactions contemplated by, this Agreement does not and will not conflict with (i) any law or
regulation applicable to it; (ii) its constitutional documents; or (iii) any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any agreement or instrument
binding on it or any of its assets. 
  

	4.	 PRE-MARKETING APPROVAL PAYMENT TRIGGER. 

Each Loan Party (including each Intra-Group Debtor and each Intra-Group Lender signatory hereto, which signatures are made in such party’s
capacities as Loan Parties as well as Intra-Group Debtors and Intra-Group Lenders) and each party hereto agrees that on the 90th calendar day after the Pre-Marketing Approval Payment Trigger an
automatic (without any further action by any party hereto or any other person) Event of Default shall occur under the Senior Creditor Agreement (the “Intercreditor Event of Default”). 

  
 8 

	5.	 PERMITTED PAYMENTS; PAYMENT BLOCKAGE 

(a) Notwithstanding anything to the contrary contained in Section 2, but subject expressly to Section 5(b), each Loan
Party shall be permitted to make, and Subordinated Creditor shall be permitted to ask, demand, sue for, take or receive from such Loan Party, by setoff or in any other manner, the following permitted payments (“Permitted Payments”):
(i) payments when due under Article IV of the Subordinated Debt Agreement; (ii) payments when due under Section 3.2 of the Subordinated Debt Agreement; (iii) payments of reasonable expenses as required under the Subordinated Debt
Documents; and (iv) other payments consented to in writing by Senior Creditor. 
 (b) Notwithstanding anything to the contrary contained
in this Section 5 or elsewhere in this Agreement, if Senior Creditor delivers to Subordinated Creditor written notice (a “Blockage Notice”) which states that there has been an Event of Default under the Senior Loan
Documents that has not been cured or that a Pre-Marketing Approval Payment Trigger has occurred, then, during any Blockage Period (as defined below), Subordinated Creditor shall not accept or receive any
payment of any kind of or on account of the Subordinated Debt (including any Permitted Payment), unless and until the earlier of (A) the time Senior Creditor notifies Subordinated Creditor in writing that the Event of Default or the Pre-Marketing Approval Payment Trigger has been cured or waived by Senior Creditor, or (B) the expiration of the Blockage Period for such Blockage Notice. Additionally, Subordinated Creditor shall disgorge any
Permitted Payments received during the shorter of either (a) the period commencing upon the occurrence of an Event of Default under the Senior Loan Documents or the Pre-Marketing Approval Payment Trigger
until the date of receipt by Subordinated Creditor of such Blockage Notice and (b) the one month period immediately prior to the date of receipt by Subordinated Creditor of such Blockage Notice; provided, that Subordinated Creditor may
accept and retain any distribution to any Loan Party’s unsecured creditors constituting the proceeds of such Loan Party’s assets that are not otherwise subject to Senior Creditor’s security interest or lien. 

As used herein, “Blockage Period” means a period of time beginning on the date a Blockage Notice is delivered to Subordinated
Creditor and terminating on the earlier to occur of: 
 (1) 180 days following such date; provided that if, prior to the expiration of such
180 day period, Senior Creditor has commenced a judicial proceeding or non-judicial actions to collect or enforce the Senior Debt or foreclose on or other exercise of its rights or remedies with respect to any
Collateral for the Senior Debt, or a case or proceeding by or against any Loan Party is commenced under the United States Bankruptcy Code or any other insolvency law, then such period shall be extended during the continuation of such proceedings and
actions until the payment in cash in full of the Senior Debt (other than inchoate indemnity obligations); or 
 (2) the written consent of
Senior Creditor to such termination. 
 Senior Creditor shall not issue more than two (2) Blockage Notices for defaults, Events of Default or Pre-Marketing Approval Payment Triggers which do not involve a failure to make a payment of Senior Debt in any period of 365 consecutive days. 

  
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	6.	 ENFORCEMENT RIGHTS 

Notwithstanding anything to the contrary contained in Section 2, Subordinated Creditor’s rights to accelerate the maturity of the
Subordinated Debt, enforce any claim (including any default remedy) with respect to the Subordinated Debt, the Collateral or any Subordinated Debt Document, or otherwise to take any action against any Loan Party or Loan Party’s property with
respect to the Subordinated Debt shall be subject to any Blockage Notice given pursuant to Section 5(b); provided, however, notwithstanding the foregoing, Subordinated Creditor may take any of the following actions: (a) file claims
upon the occurrence of an Insolvency Event (as defined in Section 8 below) pursuant to the terms of Section 8(b); (b) accelerate the maturity of, or demand as immediately due and payable, all or any portion of the
Subordinated Debt (i) upon the occurrence of an Insolvency Event or (ii) at any time after the Senior Creditor has accelerated the Senior Debt; or (c) impose the late payment rate of interest in accordance with Section 4.5 of the
Subordinated Debt Agreement. This provision applies notwithstanding whether Subordinated Creditor or any Subordinated Lender has already commenced any action against any Loan Party or the Collateral in connection with the Subordinated Debt. 

 

	7.	 ASSIGNMENT OF SUBORDINATED DEBT 

Subordinated Creditor hereby covenants to Senior Creditor that prior to the termination of this Agreement in accordance with
Section 13, the entire Subordinated Debt created in favor of Subordinated Creditor shall continue to be owing only to Subordinated Creditor and the Subordinated Lenders, and any collateral security therefor (including, without
limitation, the collateral security granted to Subordinated Creditor pursuant to the Subordinated Debt Documents) shall continue to be held solely for the benefit of Subordinated Creditor and the Subordinated Lenders, unless assigned pursuant to an
assignment made expressly subject to this Agreement. 
  

	8.	 SENIOR CREDITOR’S PRIORITY 

In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of
all or any part of the property of any Loan Party or the proceeds thereof to the creditors of any Loan Party, or the readjustment of the Senior Debt and the Subordinated Debt of any Loan Party, whether by reason of liquidation, bankruptcy,
arrangement, receivership, winding up of any Loan Party, whether voluntary or involuntary, examinership, administration, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the
Senior Debt or the Subordinated Debt, or the application of the property of any Loan Party to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of any Loan Party’s business, or upon
the sale of all or any substantial part of any Loan Party’s property (any of the foregoing being hereinafter referred to as an “Insolvency Event”), then, and in any such event, Senior Creditor shall be entitled to receive the
payment in cash in full of the Senior Debt (other than inchoate indemnity obligations) before (i) Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt and (ii) any Intra-Group Lender shall be
entitled to receive any payment on account of the Intra-Group Liabilities shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof: 

(a) All payments and distributions of any kind or character, whether in cash, property, or securities, in respect of the Subordinated Debt to
which Subordinated Creditor would be entitled if the Subordinated Debt were not subordinated pursuant to this Agreement, shall be paid to Senior Creditor and applied in payment of the Senior Debt; 

(b) Subordinated Creditor shall file a claim or claims, on the form required in such proceedings, on or before fifteen (15) days prior to
the last date such claims or proofs of claim may be filed pursuant to law or the order of any court exercising jurisdiction over such proceeding; 

  
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 (c) Notwithstanding the foregoing, if any payment or distribution of any kind or character,
whether in cash, properties or securities, shall be received by Subordinated Creditor on account of the Subordinated Debt before all of the Senior Debt has been paid, then such payment or distribution shall be received by Subordinated Creditor in
trust for and shall be promptly paid over to Senior Creditor for application to the payments of amounts due on the Senior Debt until the Senior Debt shall have been paid in cash in full (other than inchoate indemnity obligations); and 

(d) Notwithstanding the foregoing, if any payment or distribution of any kind or character, whether in cash, properties or securities, shall be
received by any Intra-Group Lenders before all of the Senior Debt has been paid, then such payment or distribution shall be segregated and shall be promptly paid over to Senior Creditor for application to the payments of amounts due on the Senior
Debt until the Senior Debt shall have been paid in cash in full (other than inchoate indemnity obligations). 
 (e) Notwithstanding the
foregoing, it is acknowledged that the Senior Debt may, subject to the limitations set forth in Section 14 herein or in the then extant Senior Loan Documents, be restated, repaid or Refinanced in an amount up to the Senior Debt Cap, or
otherwise amended or modified from time to time, all without affecting the priorities set forth herein or the provisions of this Agreement defining the relative rights of the parties hereto. 

 

	9.	 GRANT OF AUTHORITY 

In the event of the occurrence of an Insolvency Event, and in order to enable Senior Creditor to enforce its rights hereunder in any of the
aforesaid actions or proceedings, Senior Creditor is hereby irrevocably authorized and empowered, in Senior Creditor’s discretion, as follows: 

(a) Senior Creditor is hereby irrevocably authorized and empowered (in its own name or in the name of Subordinated Creditor or otherwise), but
shall have no obligation, (i) to demand, sue for, collect and receive every payment or distribution referred to in Section 8, and give acquittance therefor and (ii) (if Subordinated Creditor or any Intra-Group Lender has failed to
file claims or proofs of claim on or before fifteen (15) days prior to the last date such claims or proofs of claim may be filed pursuant to law or the order of any court exercising jurisdiction over such proceeding) to file claims and proofs
of claim, and (iii) to take such other action (including, without limitation, enforcing any lien or security interest securing payment of any Obligations) as it may deem necessary or advisable for the exercise or enforcement of any of the
rights or interests of Senior Creditor hereunder. Subordinated Creditor or any Intra-Group Lender shall duly and promptly take such action as Senior Creditor may reasonably request to execute and deliver to Senior Creditor such authorizations,
endorsements, assignments, or other instruments as Senior Creditor may reasonably request in order to enable Senior Creditor to enforce any and all claims with respect to, and any liens or security interests securing payment of, the applicable
Obligations as such enforcement is contemplated herein. 
 (b) To the extent that payments or distributions on account of the Subordinated
Debt or Intra-Group Liabilities are made in property or securities other than cash, each of the Subordinated Creditor and Intra Group Lenders authorizes Senior Creditor, to sell or dispose of such property or securities on such terms as are
commercially reasonable in the situation in question. Following full payment in cash of the Senior Debt (other than inchoate indemnity obligations), Senior Creditor shall remit to Subordinated Creditor (with all necessary endorsements), to the
extent of Subordinated Creditor’s interest therein, all payments and distributions of cash, property, or securities paid to and held by Senior Creditor in excess of the allowed amount of the Senior Debt. 

 

	10.	 AGREEMENTS OF SUBORDINATED CREDITOR 

In addition to and without limiting the provisions of Section 9: 

  
 11 

 (a) Until the Discharge of Senior Debt, Subordinated Creditor and any Intra-Group Lender
shall not commence or join in any involuntary bankruptcy petition or similar judicial proceeding against any Loan Party. 
 (b) If an
Insolvency Event occurs: 
 (i) Subordinated Creditor will not object to any DIP Financing provided by Senior Creditor (including any
proposed orders for DIP Financing which are acceptable to Senior Creditor), and Subordinated Creditor will subordinate its liens and other security interests in the Collateral to the liens and other security interests securing such DIP Financing
(and all obligations relating thereto). Subordinated Creditor shall not assert, without the prior written consent of Senior Creditor, any claim, motion, objection or argument in respect of the Collateral in connection with any Insolvency Event which
could otherwise be asserted or raised in connection with such Insolvency Event, including, without limitation, any claim, motion, objection or argument seeking adequate protection or relief from the automatic stay in respect of the Collateral;
provided, that if Senior Creditor is granted adequate protection in the form of additional or replacement Collateral, then Subordinated Creditor may seek or request adequate protection in the form of a lien or other security interest on such
additional or replacement Collateral, which lien or other security interest will be subordinated to the lien and other security interest securing the Senior Debt and any DIP Financing provided by Senior Creditor on the same basis as the other liens
or other security interests securing the Subordinated Debt are subordinated to the liens or other security interests securing the Senior Debt in accordance with the terms of this Agreement; 

(ii) Senior Creditor may consent to the use of cash collateral on such terms and conditions and in such amounts as it shall in good faith
determine without seeking or obtaining the consent of Subordinated Creditor as (if applicable) holder of an interest in the Collateral; provided, that (A) Subordinated Creditor otherwise retains its lien on the Collateral (subject to the
priorities and other agreements set forth herein), (B) Subordinated Creditor may seek adequate protection as permitted by clause (i) above, and (C) the interest rate, fees, advance rates, lending limits and sublimits are approved by the
bankruptcy court; 
 (iii) if use of cash collateral by any Loan Party is consented to by Senior Creditor, Subordinated Creditor shall not
oppose such use of cash collateral on the basis that Subordinated Creditor’s interest in the Collateral (if any) is impaired by such use or inadequately protected by such use, or on any other ground, so long as the conditions in the proviso of
clause (ii) above have been satisfied; 
 (iv) Subordinated Creditor shall not object to, or oppose, any sale or other disposition of
any assets comprising all or part of the Collateral, free and clear of security interests, liens and claims of any party, including Subordinated Creditor, under Section 363 of the United States Bankruptcy Code or otherwise, on the basis that
the interest of Subordinated Creditor in the Collateral (if any) is impaired by such sale or inadequately protected as a result of such sale, or on any other ground (and, if requested by Senior Creditor, Subordinated Creditor shall affirmatively and
promptly consent to such sale or disposition of such assets), if Senior Creditor has consented to, or supports, such sale or disposition of such assets; provided, that (A) pursuant to court order, the liens of Subordinated Creditor attach to
the net proceeds of such sale or other disposition with the same priority and validity as the liens held by Subordinated Creditor on such Collateral, and the liens remain subject to the terms of this Agreement, (B) the proceeds of such sale or
other disposition of Collateral received by Senior Creditor are applied to permanently reduce the Senior Debt and the proceeds in excess of those necessary to achieve the payment in full of the Senior Debt are distributed to Subordinated Creditor or
if not so applied and distributed, are subject to the rights of Subordinated Creditor to object to any further use, and (C) Subordinated Creditor may credit bid on the Collateral in any such sale or other disposition in accordance with
Section 363(k) of the Bankruptcy Code; provided further that: (y) any such credit bid shall provide for payment in full in cash of all Senior Debt (other than inchoate indemnity obligations), or (z) Senior Creditor has approved, in
writing and in its sole discretion, the terms and conditions of any such credit bid prior to any sale; and 

  
 12 

 (v) Each of Senior Creditor and Subordinated Creditor shall, subject to the terms and
conditions of this Agreement, be permitted to include in any claim filed in connection with an Insolvency Event any indebtedness, liabilities and obligations of the Loan Parties regardless of whether such obligations were incurred after the
commencement of any proceedings relating to such Insolvency Event, and references to “collateral” in such claims may include without limitation all collateral arising during any such proceedings, and this Agreement shall continue to apply
during any such proceedings. 
 (c) Notwithstanding the foregoing, (i) in any proceedings related to an Insolvency Event, Subordinated
Creditor may take any action to preserve or protect the validity and enforceability of its liens so long as no such action is, or could reasonably be expected to be, (A) adverse to the Senior Creditor’s liens on the Collateral or the
rights of the Senior Creditor to exercise remedies in respect thereof or (B) otherwise inconsistent with the terms of this Agreement, (ii) Subordinated Creditor may file any responsive or defensive pleadings in opposition to any motion,
claim, adversary proceeding or other pleading made by any person or entity objecting to or otherwise seeking the disallowance of the claims of Subordinated Creditor, including any claims secured by the Collateral, or the avoidance of any liens held
by Subordinated Creditor or otherwise make any agreements or file any motions pertaining to the Subordinated Debt, in each case, to the extent not inconsistent with the terms of this Agreement; (iii) Subordinated Creditor may participate in any
insolvency proceeding against any Loan Party as an unsecured creditor; and (iv) Subordinated Creditor may enforce any of its rights and exercise any of its remedies with respect to the Collateral after the termination of the period set forth in
Section 5(b); 
 (d) As used herein, “DIP Financing” means the obtaining of credit or incurring debt secured by
liens on the Collateral pursuant to Section 364 of the Bankruptcy Code (or similar bankruptcy law); 
 (e) After the occurrence of an
Insolvency Event commenced under laws other than the laws of the United States of America or any State (within the meaning of Section 9-102(a)(77) of the UCC) (a
“Non-US Insolvency Event”), each Claimholder, Intra-Group Lender and each Loan Party entitled to receive a distribution out of the assets of that Loan Party in respect of the Obligations owed
to that person shall, to the extent it is able to do so, direct the person responsible for the distribution of the assets of that Loan Party to pay that distribution to the Senior Creditor until the Senior Debt shall have been paid in cash in full
(other than inchoate indemnity obligations). 
 (f) To the extent that any Loan Party’s Obligations are discharged by way of set-off (mandatory or otherwise) after the occurrence of a Non-US Insolvency Event in relation to that Loan Party, any Group Company and any Loan Party which benefited from
that set-off shall pay an amount equal to the amount of the Obligations owed to it which are discharged by that set-off to the Senior Creditor for application to the
Senior Debt. 
 (g) If after the occurrence of a Non-US Insolvency Event, (x) any Senior Lender
or the Senior Creditor receives a distribution in a form other than in cash in respect of any Obligations, the Obligations will not be reduced by that distribution until and except to the extent that the realization proceeds are actually applied
towards the Senior Debt and (y) any Subordinated Lender or the Subordinated Creditor receives a distribution in a form other than in cash in respect of any Obligations, the Obligations will not be reduced by that distribution until and except
to the extent that the realization proceeds are actually applied towards the Subordinated Debt. 

  
 13 

 (h) After the occurrence of a Non-US Insolvency
Event in relation to any Loan Party, each Intra-Group Lender, and each Loan Party irrevocably authorizes the Senior Creditor, on its behalf, to (i) take any action against any Loan Party or Loan Party’s Collateral with respect to the
Obligations (in accordance with the terms of this Agreement) against that Loan Party; (ii) demand, sue, prove and give receipt for any or all of that Loan Party’s Obligations; (iii) collect and receive all distributions on, or on
account of, any or all of that Loan Party’s Obligations; and (iv) file claims, take proceedings and do all other things the Senior Creditor considers reasonably necessary to recover that Loan Party’s Obligations. 

(i) After the occurrence of a Non-US Insolvency Event in relation to any Loan Party, each Loan Party
and each Intra-Group Lender will (i) do all things that the Senior Creditor requests in order to give effect to clauses (e)-(j) of this Section 10; and (ii) if the Senior Creditor is not entitled to take any of the actions
contemplated by clauses (e)-(j) of this Section 10 or if the Senior Creditor requests that a Loan Party and/or Claimholder, Intra-Group Lender take that action, undertake that action itself in accordance with the instructions of the
Senior Creditor or grant a power of attorney to the Senior Creditor (on such terms as the Senior Creditor may reasonably require) to enable the Senior Creditor to take such action. 

(j) Senior Creditor and Subordinated Creditor shall retain rights to vote and otherwise act in relation to any proposal put to the vote by or
under the supervision of any judicial or supervisory authority in respect of any insolvency, pre-insolvency or rehabilitation or similar proceeding relating to any Loan Party in respect of any Non-US Insolvency Event. 
 (k) Subordinated Creditor agrees that all instruments and documents evidencing
the Subordinated Debt shall include the following legend on the first page of each such instrument or document (with the terms in brackets being adjusted for the appropriate defined terms under such instrument or document): 

“THE [SUBORDINATED CREDITOR] AND [SUBORDINATED LENDERS] ARE EACH PARTY TO AN INTERCREDITOR AGREEMENT DATED AS OF
MAY 24, 2019, WITH HERCULES CAPITAL, INC., AS SENIOR CREDITOR, AND THE OTHER PARTIES PARTY THERETO FROM TIME TO TIME, AND THE TERMS OF THIS [AGREEMENT], INCLUDING WITHOUT LIMITATION ANY RIGHTS OF ENFORCEMENT HEREUNDER, ARE SUBJECT
TO THE TERMS OF SUCH INTERCREDITOR AGREEMENT, AND IF ANY CONFLICT SHALL EXIST BETWEEN THE TERMS HEREUNDER AND THE TERMS OF SUCH INTERCREDITOR AGREEMENT, THE TERMS OF SUCH INTERCREDITOR AGREEMENT WILL GOVERN AND CONTROL.”  

 

	11.	 PAYMENTS RECEIVED BY SUBORDINATED CREDITOR OR INTRA-GROUP LENDERS 

Should any payment, distribution, or security be received by Subordinated Creditor or any Intra-Group Lender upon or with respect to the
Subordinated Debt (other than Permitted Payments) or Intra-Group Liabilities prior to termination of this Agreement in accordance to the terms herein, Subordinated Creditor or any Intra-Group Lender shall receive and hold the same in trust for the
benefit of Senior Creditor and the Senior Lenders and shall forthwith deliver the same to Senior Creditor in precisely the form received (except for the endorsement or assignment of Subordinated Creditor where necessary) for application to the
Senior Debt, and, until so delivered, the same shall be held in trust by Subordinated Creditor as the property of Senior Creditor. 

  
 14 

	12.	 FURTHER ASSURANCES; COOPERATION 

Subordinated Creditor agrees to cooperate with Senior Creditor and to take all actions that Senior Creditor may reasonably require to enable
Senior Creditor to realize the full benefits of this Agreement. Each Intra-Group Lender and the Company and each other Loan Party, agree that each of them shall take such further action and shall execute and deliver such additional documents and
instruments (in recordable form, if requested) as the Senior Creditor may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement. 

 

	13.	 TERMINATION OR AMENDMENT OF AGREEMENT 

This Agreement shall be effective upon its execution by each of Senior Creditor and Subordinated Creditor. After the Effective Date, this
Agreement shall remain in effect and cannot be revoked or amended by Subordinated Creditor, except with the prior written consent of Senior Creditor. Senior Creditor and Subordinated Creditor agree that no amendment hereto shall be binding upon any
Loan Party unless such Loan Party shall have received notice of such amendment. Subject to any provision that specifically survives termination, this Agreement shall terminate upon the Discharge of Senior Debt. 

 

	14.	 [RESERVED]. 

  

	15.	 ADDITIONAL AGREEMENTS FOR SENIOR CREDITOR 

(a) Senior Creditor may administer and manage its credit and other relationships with the Loan Parties in the best interest of itself and the
Senior Lenders, without notice to or consent of Subordinated Creditor or any Intra-Group Lender. At any time and from time to time, Senior Creditor may enter into any amendment or agreement with the Loan Parties as Senior Creditor may deem proper,
extending the time of payment of or renewing or otherwise altering the terms of all or any of the obligations constituting Senior Debt or affecting the collateral security for, supporting or underlying any or all of the Senior Debt, and may
exchange, sell, release, surrender or otherwise deal with any such collateral without in any way thereby impairing or affecting this Agreement, and all such additional agreements and amendments shall be Senior Loan Documents evidencing the Senior
Debt; provided, that the Senior Creditor shall not (i) increase the principal amount under the Senior Creditor Agreement above the limits set forth in the definition of Senior Debt Cap; (ii) permit any term loans that are repaid to be
reborrowed; (iii) increase any applicable interest rate under the Senior Creditor Agreement more than three percent (3%) other than any applicable default rate; (iv) amend the Senior Credit Agreement to shorten the scheduled amortization
payments of the Senior Loans, provided that the foregoing clause (iv) shall not apply to any Refinancing of the Senior Debt; or (v) amend the defined term “Term Loan Maturity Date” (as defined in the Senior Creditor Agreement);
provided that the Senior Creditor may amend the defined term “Term Loan Maturity Date” (or such other equivalent term as defined in the Senior Creditor Agreement) at any time following the payment in full of the Subordinated Debt
Obligations; and provided further, that neither this Section 15 nor any provision of such agreements shall prohibit any refinancing up to the amount of the Senior Debt Cap or affect the limitations contained in the definitions of Senior
Creditor or Senior Debt. Upon written request, Senior Creditor shall provide Subordinated Creditor with copies of such amendments and/or agreements with any Loan Party. 

(b) Notwithstanding the foregoing, in connection with any Collateral Enforcement Action by the Senior Creditor or any other exercise of the
Senior Creditor’s remedies in respect of the Collateral, the Senior Creditor is irrevocably authorized by each other party to this Agreement (at the cost of the Loan Parties and without any consent, sanction, authority or further confirmation
from the Subordinated Creditor or any other party to this Agreement, including any Loan Party): 
 (i) to release (x) any of the Senior
Creditor’s liens on any part of the Collateral or any other claim over the asset that is the subject of the Collateral Enforcement Action, and (y) the liens on any part of the Collateral or any other claim over the asset that is the
subject of the Collateral Enforcement Action, if any, of the Subordinated Creditor, which, in each case, shall be automatically, unconditionally 

  
 15 

 
and simultaneously released to the same extent as the liens and other claims of the Senior Creditor and such Loan Party’s Senior Debt guaranty, and the Senior Creditor is irrevocably
authorized to execute and deliver or enter into any release of such liens, or claims that may, in the discretion of the Senior Creditor, be considered necessary or desirable in connection with such releases and issue any letters of non-crystallization of any floating charge or any consent to dealing that may, in the discretion of the Senior Creditor, be considered necessary or desirable; 

(ii) if the asset which is the subject of such Collateral Enforcement Action consists of the Equity Interests of any Loan Party, to release
(x) that Loan Party and any Subsidiary of that Loan Party from all or any part of its Secured Obligations in respect to the Senior Debt, its Secured Obligations in respect to the Subordinated Debts and its Intra-Group Liabilities, (y) any
liens granted by that Loan Party and any Subsidiary of that Loan Party over any of its assets, and (z) any other claim of any Senior Creditor, any Subordinated Creditor or any Intra-Group Lender over that Loan Party’s assets or over the
assets of any Subsidiary of that Loan Party, in each case, on behalf of the relevant Senior Creditor, Subordinated Creditor, Loan Parties and Intra-Group Lenders; 

(iii) if the asset which is the subject of a Collateral Enforcement consists of the Equity Interests of any Holding Company of a Loan Party, to
release (x) that Holding Company and any Subsidiary of that Holding Company from all or any part of its Senior Debt Obligations, its Subordinated Debt Obligations and/or its Intra-Group Liabilities (y) any liens granted by that Holding
Company and any Subsidiary of that Holding Company over any of its assets, and (z) any other claim of any Senior Creditor, any Subordinated Creditor, any Loan Party or any Intra-Group Lender over the assets of that Holding Company or any
Subsidiary of that Holding Company, in each case, on behalf of the relevant Senior Creditor, Subordinated Creditor, Loan Parties and Intra-Group Lenders. 

(iv) if the asset which is the subject of such Collateral Enforcement Action consists of the Equity Interests of a Loan Party or the Holding
Company of a Loan Party and the Senior Creditor decides to dispose of the Equity Interests of such Loan Party or such Holding Company and all or any part of the Senior Debt Obligations and/or the Subordinated Debt Obligations and/or the Intra-Group
Liabilities owed by such Loan Party or Holding Company or any Subsidiary of that Loan Party or Holding Company (the “Disposal Obligations”), (x) (if the Senior Creditor does not intend that any transferee of those Disposal
Obligations (the “Transferee”) will be treated as a Claimholder for the purposes of this Agreement), to execute and deliver or enter into any agreement to dispose of all or part of the Disposal Obligations providing that
notwithstanding any other provision of any Senior Loan Document, any Subordinated Loan Document or this Agreement, the Transferee shall not be treated as a Claimholder for the purposes of this Agreement, and (y) (if the Senior Creditor does intend
that any Transferee will be treated as a Claimholder), to execute and deliver or enter into any agreement to dispose of all (and not part only) of the Disposal Obligations owed to the relevant Claimholders, as applicable, and all or part of any
other Obligations and the Intra-Group Liabilities, in each case, on behalf of the relevant Claimholders, Loan Parties and Intra-Group Lenders, and 

(v) if the asset which is disposed of consists of the Equity Interests of a Loan Party or the Holding Company of a Loan Party (the
“Disposed Entity”) and the Senior Creditor decides to transfer to another Loan Party (the “Receiving Entity”) all or any part of the Disposed Entity’s obligations or any obligations of any Subsidiary of that
Disposed Entity in respect of the Intra-Group Liabilities, to execute and deliver or enter into any agreement to (x) agree to the transfer of all or part of the obligations in respect of such Intra-Group Liabilities on behalf of the relevant
creditors to which those obligations are owed and on behalf of the parties which owe those obligations and (y) accept the transfer of all or part of the obligations in respect of such Intra-Group Liabilities on behalf of the Receiving Entity or
Receiving Entities to which the obligations in respect of such Intra-Group Liabilities are to be transferred. 

  
 16 

 The Subordinated Creditor, each Intra-Group Lender shall promptly execute and deliver to the
Senior Creditor or such Loan Party such termination statements, releases and other documents as any Senior Creditor or such Loan Party may request to effectively confirm the foregoing releases. 

i) If in connection with any sale, lease, exchange, transfer or other disposition of any Collateral by any Loan Party
(collectively, a “Disposition”) permitted under the terms of the Debt Documents (other than in connection with a Collateral Enforcement Action or other exercise of the Senior Creditor’s remedies in respect of the Collateral,
which shall be governed by Section 15(b)(i) above), the Senior Creditor releases any of its liens on any part of the Collateral and releases any Guarantor Subsidiary from its obligations under its guaranty of the Senior Debt, in each
case other than (A) in connection with, or following, the Discharge of Senior Debt or (B) after the occurrence and during the continuance of any Event of Default under (and as defined in) any Subordinated Debt Document, then the liens, if
any, of the Subordinated Creditor and the obligations of such Guarantor Subsidiary under its guaranty of the Subordinated Debt, shall be automatically, unconditionally and simultaneously released and the Senior Creditor is irrevocably authorized to
release any other claim (including any guaranty of the obligations thereunder), Intra-Group Liabilities in respect thereof. The Subordinated Creditor, each Intra-Group Lender shall promptly execute and deliver to the Senior Creditor or such
Guarantor Subsidiary such termination statements, releases and other documents as any Senior Creditor or such Loan Party may request to effectively confirm such release. 

ii) Until the Discharge of Senior Debt occurs, the Subordinated Creditor, each Intra-Group Lender hereby irrevocably
constitutes and appoints the Senior Creditor and any officer or agent of the Senior Creditor, with full power of substitution, as its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of such
Subordinated Creditor, such Intra-Group Lender or in the Senior Creditor’s own name, from time to time in the Senior Creditor’s discretion, for the purpose of carrying out the terms of this Section 15, to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 15, including any endorsements or other instruments of transfer or release. This power is coupled
with an interest and is irrevocable until the Discharge of Senior Debt. 
 iii) Until the Discharge of Senior Debt occurs,
to the extent that the Senior Creditor has released any lien on Collateral or any Loan Party from its obligation under its guaranty and any such liens or guaranty are later reinstated, then the Subordinated Creditor shall be granted a lien on any
such Collateral subject to the lien subordination provisions of this Agreement. 
 (c) Without limiting the generality of any other covenant
or agreement made by Senior Creditor in this Agreement, Senior Creditor hereby covenants and agrees that (i) Senior Creditor shall not contest, challenge or dispute the validity, attachment, perfection, priority or enforceability of
Subordinated Creditor’s security interest in the Collateral, or the validity, priority or enforceability of the Subordinated Debt; and (ii) Senior Creditor shall endeavor to give Subordinated Creditor prompt written notice of the
occurrence of any default or Event of Default under the Senior Loan Documents, and shall, simultaneously with giving any notice of default to any Loan Party, provide Subordinated Creditor with a copy of any notice of default given to such Loan
Party; provided, that a failure to provide such notices and such copies shall not be deemed to be a breach of this Agreement. 

  
 17 

	16.	 SUBROGATION 

If cash or other property otherwise payable or deliverable to Subordinated Creditor or on account of the Subordinated Debt shall have been
applied pursuant to this Agreement to the payment of the Senior Debt, and if the Discharge of Senior Debt has occurred, then Subordinated Creditor shall be subrogated to any rights of Senior Creditor to receive further payments or distributions
applicable to the Senior Debt until the Subordinated Debt shall have been fully paid. No such payments or distributions received by Subordinated Creditor by reason of such subrogation shall, as between any Loan Party and its creditor other than
Senior Creditor and Senior Lenders, on the one hand, and Subordinated Creditor, on the other hand, be deemed to be a payment by any Loan Party on account of the Subordinated Debt owed to Subordinated Creditor. 

 

	17.	 SUBORDINATED CREDITOR’S WAIVERS AND COVENANTS 

(a) Without limiting the generality of any other waiver made by Subordinated Creditor in this Agreement, Subordinated Creditor hereby expressly
waives (i) reliance by Senior Creditor upon the subordination and other agreements herein provided, and (ii) any claim that Subordinated Creditor may now or hereafter have against Senior Creditor or any Senior Lender arising out of any and
all actions that Senior Creditor, in good faith, takes or omits to take (A) with respect to the creation, perfection or continuation of liens in or on any collateral security for the Senior Debt, (B) with respect to the foreclosure upon,
sale, release, or depreciation of, or failure to realize upon, any of the collateral security for the Senior Debt, (C) with respect to the collection of any claim for all or any part of the Senior Debt from any account debtor, guarantor or any
other third party and (D) with respect to the valuation, use, protection or release of any collateral security for the Senior Debt. 

(b) Without limiting the generality of any other covenant or agreement made by Subordinated Creditor in this Agreement, Subordinated Creditor
hereby covenants and agrees that (i) neither Senior Creditor nor any Senior Lender has made any warranties or representations with respect to the due execution, legality, validity, completeness or enforceability of the Senior Creditor Agreement
or any of the other Senior Loan Documents, or the collectability of the Senior Debt; (ii) Subordinated Creditor will not interfere with or in any manner oppose a disposition of any collateral security for the Senior Debt by Senior Creditor;
(iii) Subordinated Creditor shall not contest, challenge or dispute the validity, attachment, perfection, priority or enforceability of Senior Creditor’s security interest in the Collateral, or the validity, priority or enforceability of
the Senior Debt; and (iv) Subordinated Creditor shall give Senior Creditor prompt written notice of the occurrence of any default or Event of Default under the Subordinated Debt Documents, and shall, simultaneously with giving any notice of
default to any Loan Party, provide Senior Creditor with a copy of any notice of default given to such Loan Party. Subordinated Creditor acknowledges and agrees that any default or Event of Default under the Subordinated Debt Documents shall be
deemed to be a default and an Event of Default under the Senior Loan Documents. In addition, Subordinated Creditor shall promptly inform Senior Creditor of any advances of Subordinated Loans pursuant to the Subordinated Debt Documents and any
prepayment under Section 2.6 of the Subordinated Debt Agreement and provide such other information as Senior Creditor shall request with respect to such note issuances. 

(c) Each Intra-Group Lender acknowledges that it has, independently and without reliance on any other party to this Agreement, and based on
documents and information deemed by it appropriate, made its own credit analysis and decision to enter into each of the Intra-Group Documents to which it is a party and be bound by the terms of this Agreement and it will continue to make its own
credit decision in taking or not taking any action under the Intra-Group Documents to which it is a party or this Agreement. 
  

	18.	 REINSTATEMENT OF SENIOR DEBT 

To the extent that Senior Creditor receives payments on or proceeds of any collateral security for the Senior Debt, which payments or proceeds
are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy 

  
 18 

 
law, state or federal law, common law, or equitable cause, then, to the extent of such payments or proceeds invalidated, declared to be fraudulent or preferential, set aside or required to be
repaid, the Senior Debt, or part thereof, intended to be satisfied shall be revived and continue in full force and effect as if such payments or proceeds had not been received by Senior Creditor. 

 

	19.	 NO WAIVERS 

Senior Creditor shall not be prejudiced in its rights under this Agreement by any act or failure to act of any Loan Party, Subordinated Lender,
Subordinated Creditor or Intra-group Lender or any noncompliance of any Loan Party, Subordinated Lender, Subordinated Creditor, Intra-group Lender with any agreement or obligation, regardless of any knowledge thereof which Senior Creditor may have,
or with which Senior Creditor may be charged; no action permitted hereunder that has been taken by Senior Creditor shall in any way affect or impair the rights or remedies of Senior Creditor in the exercise of any other right or remedy or shall
operate as a waiver thereof; no single or partial exercise by Senior Creditor of any right or remedy shall preclude any other or further exercise thereof; and no modification or waiver of any of the provisions of this Agreement shall be binding upon
Senior Creditor, in each case except as expressly set forth in a writing duly signed and delivered by Senior Creditor. 
  

	20.	 BREACH; SPECIFIC PERFORMANCE 

If any party to this Agreement (other than Senior Creditor or Senior Lenders) or person represented by them, in contravention of the terms of
this Agreement, takes, attempts to or threatens to take any action with respect to any Collateral or exercises any right or remedy not permitted by this Agreement), or fails to take any action required by this Agreement, the Senior Creditor may
demand specific performance of this Agreement and each party to this Agreement (other than the Senior Creditors or Senior Lenders) waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the
remedy of specific performance in any action which may be brought by the Senior Creditor or Senior Lenders. No provision of this Agreement shall constitute or be deemed to constitute a waiver by the Senior Creditor on behalf of itself and the Senior
Lenders, of any right to seek damages from any person in connection with any breach or alleged breach of this Agreement. 
  

	21.	 INFORMATION CONCERNING LOAN PARTIES; CREDIT ADMINISTRATION 

(a) Subordinated Creditor hereby assumes responsibility for keeping itself informed of the financial condition of the Loan Parties, any and all
endorsers and any and all guarantors of the Senior Debt and of all other circumstances bearing upon the risk of nonpayment of the Senior Debt or the Subordinated Debt that diligent inquiry would reveal, and Subordinated Creditor hereby agrees that
Senior Creditor shall not have any duty to advise Subordinated Creditor of information known to Senior Creditor regarding such condition. 

(b) Subject to Sections 2(b), 5, 6, 9, 10 and 11, Subordinated Creditor may (i) administer and
manage its credit and other relationships with any Loan Party in its own best interest, and (ii) amend or extend its agreements with any Loan Party or enter into additional agreements with any Loan Party, all without the consent of or notice to
Senior Creditor; provided that neither this Section 21(b) nor any amendments or additional agreements referred to therein shall (A) impair or affect the subordination of Subordinated Debt, (B) change the definition of Permitted
Payments, Pre-Marketing Approval Payment Trigger, Subordinated Debt, Subordinated Creditor, Senior Debt, Collateral, Subordinated Debt Cap, Senior Debt Cap or Senior Creditor, in each case as they apply under
the Subordinated Debt Documents, (C) increase any interest rate, payment schedule or the maturity of any Subordinated Debt Document (provided that Subordinated Creditor shall be permitted to extend any payment schedule or the maturity date of
any Subordinated Debt and provided further, notwithstanding this clause (C) (but subject to clause (A) and (B)), 

  
 19 

 
that the amendment of the Subordinated Debt Documents to add a new tranche of Subordinated Debt shall be permitted so long as the principal amount of Subordinated Debt does not exceed the
Subordinated Debt Cap, such Subordinated Debt does not mature prior to the 181st day after the final maturity date of the Senior Debt and such Subordinated Debt is subject to the terms of this Agreement); and Subordinated Creditor hereby agrees that
any amendment or modification of the foregoing shall require the express written consent of Senior Creditor. 
  

	22.	 POSSESSION OR CONTROL OF COLLATERAL 

Solely for the purpose of assisting Senior Creditor and/or Subordinated Creditor in perfecting the security interest granted in the Collateral,
Senior Creditor and Subordinated Creditor each agree to hold any such Collateral that is in Senior Creditor’s or Subordinated Creditor’s possession or control as a gratuitous bailee and/or gratuitous agent for the other party. Senior
Creditor and Subordinated Creditor do not make any representation regarding any perfection or possession or otherwise with respect to any such Collateral and shall not have any duty or liability to the other party whatsoever arising out of this
Section 22. 
 (a) Upon a Discharge of Senior Debt, to the extent permitted under applicable law, Senior Creditor shall, without
recourse or warranty, transfer the possession and control of the Collateral, if any, then in its possession or control to Subordinated Creditor, except in the event and to the extent (i) Senior Creditor or any Senior Lender has retained or
otherwise acquired such Collateral in full or partial satisfaction of any of the Senior Debt not in excess of the Senior Debt Cap, (ii) such Collateral is sold or otherwise disposed of by Senior Creditor or any other Senior Lender as provided
herein or (iii) it is otherwise required by any order of any court or other governmental authority or applicable law or would result in the risk of liability of Senior Creditor or any Senior Lender to any third party. The foregoing provision
shall not impose on Senior Creditor or any Senior Lender any obligations which would conflict with prior perfected claims therein in favor of any other person or any order or decree of any court or other governmental authority or any applicable law.
In connection with any transfer described in this Section 22 to Subordinated Creditor following a Discharge of Senior Debt, Senior Creditor agrees to take reasonable actions in its power (with all costs and expenses in connection
therewith to be for the account of Subordinated Creditor and to be paid by the Loan Parties) as shall be reasonably requested by Subordinated Creditor to permit Subordinated Creditor to obtain, for the benefit of Subordinated Lenders, a first
priority security interest in such Collateral. 
 (b) In relation to Swiss Security Documents, (i) the Senior Creditor and/or the
Subordinated Creditor holds any security created or evidenced or expressed to be created or evidenced under or pursuant to a Swiss Security Document by way of a security assignment (Sicherungsabtretung) or transfer for security purposes
(Sicherungsübereignung) or any other non-accessory (nicht akzessorisch) Collateral, and any proceeds and other benefits of such Collateral, in its capacity as Senior Creditor or Subordinated
Creditor, respectively, in its own name but on behalf and on account of the other Secured Parties (as defined in the respective Swiss Security Document) as their indirect representative (indirekter Stellvertreter), and (ii) each present
and future Secured Party (as defined in the respective Swiss Security Document) hereby authorizes the Senior Creditor and/or the Subordinated Creditor to (A) accept and execute as its direct representative (direkter Stellvertreter) any
Swiss law pledge or any other Swiss law accessory (akzessorisch) Collateral created or evidenced or expressed to be created or evidenced under or pursuant to a Swiss Security Document for the benefit of such Secured Party (as defined in the
respective Swiss Security Document) and (B) hold, administer and, if necessary, enforce any such Collateral on behalf of each relevant Secured Party (as defined in the respective Swiss Security Document) which has the benefit of such
Collateral. 

  
 20 

	23.	 CHANGES TO THE PARTIES 

Without the consent of any Claimholder or any other party hereto, any Intra-Group Lender may become a party hereto by execution and delivery of
a Joinder Agreement in accordance with this Section 23 and upon such execution and delivery, such Intra-Group Lender and the Obligations owing to it shall be subject to the terms hereof. 

 

	24.	 REFINANCINGS 

As long as such Refinancing complies with the terms of this Agreement, the Senior Debt Obligations may be Refinanced, in whole or in part, in
an amount up to the Senior Debt Cap, with prior written notice to, but without the consent of Subordinated Creditor, all without affecting the priorities provided for herein or the other provisions hereof. 

 

	25.	 INTRA-GROUP LENDER 

(a) Subject and without prejudice to Section 3, any Intra-Group Lender may assign, or otherwise transfer, any of its rights and
obligations, in respect of the Intra-Group Liabilities owed to it to another Loan Party and that Loan Party shall be deemed to be an Intra-Group Lender for the purposes of this Agreement and shall be bound as an Intra-Group Lender hereunder with the
same force and effect as if originally named as an Intra-Group Lender herein. If not already party hereto, the Company shall ensure that each Intra-Group Lender deemed to be an Intra-Group Lender pursuant to the immediately foregoing sentence
accedes to this Agreement by executing and delivering the applicable Joinder Agreement. 
 (b) If any Group Company makes any loan to or
grants any credit to or makes any other financial arrangement having similar effect with any other Group Company, the Group Company giving that loan, granting that credit or making that other financial arrangement (if not already a party hereto as
an Intra-Group Lender) shall accede to this Agreement as an Intra-Group Lender by executing and delivering the applicable Joinder Agreement and shall be bound as an Intra-Group Lender hereunder with the same force and effect as if originally named
as an Intra-Group Lender herein. Any debtor thereof shall also become a party to this Agreement as an Intra-Group Debtor by executing and delivering the applicable Joinder Agreement and shall be bound as an Intra-Group Debtor hereunder with the same
force and effect as if originally named as an Intra-Group Debtor herein. 
  

	26.	 OPTION TO PURCHASE SENIOR DEBT 

(a) Notwithstanding anything to the contrary contained herein, upon the occurrence and during the continuance of an Event of Default under the
Senior Loan Documents, Senior Creditor shall, unless (I) exigent circumstances (such as but not limited to an imminent Insolvency Event filing by a Loan Party, any risk to the Collateral or a Material Adverse Effect) exist or (II) the
Event of Default under the Senior Loan Documents leads to automatic acceleration, provide Subordinated Creditor with three (3) business days’ prior written notice of the intention of Senior Creditor to accelerate the date for payment of
the Senior Debt Obligations or to commence any Collateral Enforcement Action or to deliver a request to release Collateral pursuant to this Agreement (an “Acceleration Notice”). At any time on or after the date that any one or more
of the following events has occurred and is continuing: (i) the Senior Creditor shall have delivered to the Subordinated Creditor an Acceleration Notice, (ii) any of the Subordinated Debt Obligations shall not have been paid in full when
due and owing, or (iii) a proceeding due to an Insolvency Event shall be commenced by or against the Company or any Loan Party (each a “Triggering Event”), Subordinated Creditor and Subordinated Lenders shall have the option at
any time upon five (5) business days’ prior written notice to Senior Creditor to purchase all (and only all) of the Senior Debt Obligations from the Senior Lenders upon the terms of this Section 26. Such notice from
Subordinated Creditor or any Subordinated Lender (each a “Purchasing Creditor” and, collectively, the “Purchasing Creditors”) to Senior Creditor shall be irrevocable. 

  
 21 

 (b) On the date specified by the Purchasing Creditors in such notice (which shall not be
less than five (5) business days, nor more than ten (10) Business Days, after the receipt by Senior Creditor of the notice from the Purchasing Creditors of their election to exercise such option), the Senior Lenders shall sell to the
Purchasing Creditors, and the Purchasing Creditors shall purchase from the Senior Lenders, the entire Senior Debt Obligations. 
 (c) Upon
the date of such purchase and sale, the Purchasing Creditors shall pay to the Senior Lenders as the purchase price therefor the full amount (without any deduction, withholding or netting) of all the Senior Debt Obligations then outstanding and
unpaid (including principal, interest, fees and expenses, including any final fees or prepayment fees or premiums, end of term charges, reasonable attorneys’ fees and legal expenses). Such purchase price shall be remitted by wire transfer in
immediately available funds and in U.S. Dollars, to such bank account of Senior Creditor, for the benefit of the Senior Lenders, as Senior Creditor may designate in writing to Subordinated Creditor and the Purchasing Creditors for such purpose. All
relevant amounts shall be calculated to but excluding the Business Day on which such purchase and sale shall occur if the amounts so paid by the Purchasing Creditors to the bank account designated by Senior Creditor are received in such bank account
prior to 2:00 p.m., New York City time, and all relevant amounts shall be calculated to and including such Business Day if the amounts so paid by the Purchasing Creditors to the bank account designated by Senior Creditor are received in such bank
account later than 2:00 p.m., New York City time. 
 (d) Such purchase shall be expressly made without representation or warranty of any kind
by the Senior Lenders as to the Senior Debt Obligations or otherwise and without recourse to the Senior Lenders, except that the Senior Lenders shall represent and warrant: (i) the amount of the Senior Debt Obligations being purchased,
(ii) that the Senior Lenders own the Senior Debt Obligations free and clear of any liens or encumbrances created by them but without regard to ultimate enforceability and (iii) the Senior Lenders have the right to assign the Senior Loan
Obligations pursuant to the terms of the Senior Loan Agreement. The Loan Parties hereby consent and agree, notwithstanding anything to the contrary in any Senior Loan Document or Subordinated Loan Document, to any sale or assignment made under this
Section 26. 
 (e) In the event that Subordinated Creditor or any Subordinated Lender shall send to Senior Creditor the irrevocable
notice of Subordinated Creditor’s and/or any Subordinated Lender’s intention to exercise the purchase option pursuant to Section 26(a), Senior Creditor shall not accelerate the date for payment of the Senior Debt Obligations or
otherwise take any Collateral Enforcement Action or deliver a request to release Collateral pursuant to this Agreement; provided, that Senior Creditor’s agreement to forbear pursuant to this Section 26(e) shall terminate if
(i) the purchase and sale with respect to the Senior Debt Obligations provided for in this Section 26 shall not have closed within the period set forth in Section 26(b) and Senior Creditor shall not have received payment
in full of the purchase price as provided for in Section 26(b) within such period or (ii) an event that does not require prior written notice of acceleration under Section 26(a) exists. 

(f) In connection with such purchase, Senior Creditor shall deliver to the Purchasing Creditors original counterparts of all of the Senior
Creditor Agreement, the other Senior Loan Documents and related documentation in its possession, together with all original title policies and other instruments, documents and agreements which are related thereto which are reasonably requested by
the Purchasing Creditors, and shall direct each Senior Lender to deliver its original promissory note or notes, if any, as directed by the Purchasing Creditors. 

  
 22 

 (g) The obligations of Senior Creditor and any Senior Lender under this
Section 26 are subject to Subordinated Creditor or any Subordinated Lender providing Senior Creditor or any Senior Lender evidence reasonably requested by such party that Subordinated Creditor and any Subordinated Lender are compliant
with applicable laws and regulations and that any purchase, sale or assignment under this Section 26 does not violate any applicable purchase, sale or assignment under this Section 26. 

 

	27.	 NOTICES 

Except as otherwise provided herein, all notices and service of process required, contemplated, or permitted hereunder or with respect to the
subject matter hereof shall be in writing, and shall be deemed to have been validly served, given or delivered upon: (a) the earlier of actual receipt and three (3) business days after deposit in the U.S. mail, first class, registered or
certified mail return receipt requested, with proper postage prepaid; (b) transmission, when sent by facsimile transmission; (c) one (1) business day after deposit with a reputable overnight courier with all charges prepaid; or
(d) when delivered, if hand delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below.: 

 

			
	 If to Senior Creditor:
	  	HERCULES CAPITAL, INC.
		  	Legal Department
		  	Attention: Kristen C. Kosofsky
		  	400 Hamilton Avenue, Suite 310
		  	Palo Alto, CA 94301
		  	email: legal@herculestech.com, kkosofsky@htgc.com
		  	Telephone: 650-289-3060
		
	 If to Subordinated Creditor:
	  	NovaQuest Co-Investment Fund VIII, L.P.
		  	Attention: Matthew Bullard
		  	4208 Six Forks Road, Suite 920
		  	Raleigh, NC 27609
		  	Email: Matthew.Bullard@nqcapital.com;
		  	Telephone: 919-459-8624
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Wyrick Robbins Yates & Ponton LLP
		  	Attention: Daniel S. Porper and Robert E. Futrell Jr.
		  	4101 Lake Boone Trail, Suite 300
		  	Raleigh, NC 27607
		  	Email: dporper@wyrick.com and rfutrell@wyrick.com
		  	Telephone: 919-781-4000

  

	28.	 SEVERABILITY 

Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement. 

  
 23 

	29.	 GOVERNING LAW 

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to principles of
conflict of laws that would cause the application of any laws other than the laws of such state. 
  

	30.	 ASSIGNMENT 

This Agreement shall be binding upon Subordinated Creditor and its respective successors and assigns, and shall inure to the benefit of and be
enforceable by Senior Creditor and its successors and assigns. 
  

	31.	 CONSENT 

Senior Creditor hereby consents to the liens and other security interests in the Collateral for the Subordinated Debt and the indebtedness
created or to be created under Subordinated Debt Agreement and other Subordinated Debt Documents and agrees that the grant or existence of such liens and other security interests and indebtedness does not and shall not constitute a default or an
Event of Default under or a breach of the Senior Loan Documents or this Agreement. Subordinated Creditor hereby consents to the liens and other security interests in the Collateral for the Senior Debt and the indebtedness created or to be created
under the Senior Creditor Agreement and other Senior Loan Documents and agrees that the grant or existence of such liens and other security interests and indebtedness does not and shall not constitute a default or an Event of Default under the
Subordinated Debt Documents. In addition, Subordinated Creditor hereby agrees that any limitation or restriction in the Subordinated Debt Documents on any Loan Party’s ability to transfer, sell, assign, grant a security interest in,
hypothecate, permit or suffer to exist any lien or other security interest, or transfer or encumber, any Intellectual Property (as defined in the Subordinated Debt Documents) that constitutes Collateral, or with respect to any Loan Party’s
ability to agree with any other party to not do any of the foregoing, shall in no event prohibit any Loan Party from doing any of the foregoing with Senior Creditor (including agreeing with Senior Creditor that it will not do any of the foregoing
without Senior Creditor’s consent). 
  

	32.	 CONSENT TO JURISDICTION AND VENUE, AND MUTUAL WAIVER OF JURY TRIAL / JUDICIAL REFERENCE

 All judicial proceedings (to the extent that the reference requirement of this Section 32 is not
applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought in any state or federal court located in the State of New York. By execution and delivery of this Agreement, each party hereto generally
and unconditionally: (a) consents to nonexclusive personal jurisdiction in Southern District, New York City, State of New York; (b) waives any objection as to jurisdiction or venue in New York County, State of New York; (c) agrees not
to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement following the exhaustion of all rights with respect
to appeals relating thereto. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 27, and shall
be deemed effective and received as set forth in Section 27. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction. 

  
 24 

	33.	 COUNTERPARTS 

This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and by different
parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile, portable document format (.pdf) or other electronic transmission will be as effective as delivery of a manually executed counterpart hereof. 

 

	34.	 ATTORNEYS’ FEES 

In the event of any legal action to enforce the rights of a party under this Agreement, the party prevailing in such action shall be entitled,
in addition to such other relief as may be granted, all reasonable costs and expenses, including reasonable attorneys’ fees, incurred in such action. 

[Signature page follows.] 

  
 25 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first above
written. 
 HERCULES CAPITAL, INC., 
 in its capacity as
collateral/administrative agent for the Senior Lenders 
  

			
	By:	 	/s/ Zhuo Huang
	Name:	 	Zhuo Huang
	Title:	 	Associate General Counsel

 [Signature Page to Intercreditor Agreement (Hercules/NovaQuest/Dermavant)] 

 NOVAQUEST CO-INVESTMENT FUND VIII, L.P., 

in its capacity as collateral/administrative agent for the Subordinated Lenders 
  

			
	By:	 	NQ POF V GP (Delaware), LLC
	By:	 	NQ POF V GP, L.P., its sole member
	By:	 	NQ POF V GP, Ltd., its general partner

  

			
	By:	 	/s/ John L. Bradley. Jr.
	Name:	 	John L. Bradley. Jr.
	Title:	 	Director

 [Signature Page to Intercreditor Agreement (Hercules/NovaQuest/Dermavant)] 

			
	Acknowledged and Agreed to by:
	
	DERMAVANT SCIENCES LTD.,
	as Intra-Group Lender and Intra-Group Debtor
		
	By:	 	 /s/ Todd Zavodnick

	Name:	 	Todd Zavodnick
	Title:	 	Principal Executive Officer
	
	DERMAVANT HOLDINGS LIMITED,
	as Intra-Group Lender and Intra-Group Debtor
		
	By:	 	 /s/ Martin Palmer

	Name:	 	Martin Palmer
	Title:	 	Director
	
	DERMAVANT SCIENCES GMBH,
	as Intra-Group Lender and Intra-Group Debtor
		
	By:	 	 /s/ Wenzel v. d. Heydte

	Name:	 	Wenzel v. d. Heydte
	Title:	 	
	
	DERMAVANT SCIENCES, INC.,
	Intra-Group Lender and Intra-Group Debtor
		
	By:	 	 /s/ Todd Zavodnick

	Name:	 	Todd Zavodnick
	Title:	 	Chief Executive Officer
	
	ROIVANT SCIENCES LTD.,
	Intra-Group Lender and Intra-Group Debtor
		
	By:	 	 /s/ Marianne L. Romeo

	Name:	 	Marianne L. Romeo
	Title:	 	Head, Global Transactions & Risk Management

 [Signature Page to Intercreditor Agreement (Hercules/NovaQuest/Dermavant)]

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