Document:

Exhibit 10.9

 

MEZZANINE B ENVIRONMENTAL INDEMNITY
AGREEMENT

 

THIS MEZZANINE B
ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) is made as of May 1, 2019, by HIT PORTFOLIO I MEZZ
B, LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Borrower”),
having its principal place of business at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia 22030,
HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership, and hOSPITALITY INVESTORS TRUST, INC., a Maryland corporation,
each having an office at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia 22030 (each, a “Non-Borrower
Indemnitor”, and together with their respective permitted successors and assigns, collectively, “Non-Borrower
Indemnitors”; and together with Borrower, “Indemnitors”, and each, an “Indemnitor”),
in favor of MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, having an address at 1585
Broadway, 25th Floor, New York, New York 10036 (together with its successors and/or assigns, “MS”),
CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, 6th
Floor, New York, New York 10013 (together with its successors and/or assigns, “Citi”), DEUTSCHE BANK
AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German bank authorized by the New York Department of Financial Services,
having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together with its successors and/or assigns, “DB”),
GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership, having an address at 200 West Street, New York, New York
10282 (together with its successors and/or assigns, “GS”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York,
New York 10179 (together with its successors and assigns, “JPM” and together with MS, Citi, DB and GS
and each of their respective successors and/or assigns, collectively, “Indemnitee”) and the other Indemnified
Parties (defined below).

 

RECITALS

 

1.          Borrower
is the legal and beneficial owner of (i) 100% of the issued and outstanding limited partnership interests in HIT Portfolio I Mezz,
LP, a Delaware limited partnership (“Mezzanine A Borrower”) representing a 99% ownership interest therein
and (ii) 100% of the issued and outstanding limited liability company interests in HIT Portfolio I Mezz GP, LLC, a Delaware limited
liability company (“Mezzanine A General Partner”).

 

2.          Mezzanine
A General Partner is the legal and beneficial owner of 100% of the issued and outstanding general partnership interests in Mezzanine
A Borrower, representing a 1% ownership interest therein.

 

3.          Mezzanine
A Borrower is the legal and beneficial owner of (i) 100% of the issued and outstanding limited liability company interests in HIT
Portfolio I Owner, LLC, HIT Portfolio I BHGL Owner, LLC, HIT Portfolio I PXGL Owner, LLC, HIT Portfolio I GBGL Owner, LLC, HIT
Portfolio I NFGL Owner, LLC and HIT Portfolio I MBGL 950 Owner, LLC, each a Delaware limited liability company, as borrowers (collectively,
the “LLC Mortgage Borrowers”) (ii) 99% of the issued and outstanding partnership interests in HIT Portfolio
I NTC Owner, LP and HIT Portfolio I DLGL Owner, LP, each a Delaware limited partnership, as borrowers (collectively, the “LP
Mortgage Borrowers” and together with the LLC Mortgage Borrowers, collectively, the “Mortgage Borrowers”),
and (iii) 100% of the issued and outstanding limited liability company interests in HIT PORTFOLIO I NTC OWNER GP, LLC, a Delaware
limited liability company and the general partner of the LP Mortgage Borrowers (“General Partner”).

  

    			 Environmental Indemnity Agreement

     

    

 

4.          General
Partner is the legal and beneficial owner of 100% of the outstanding general partnership interests in LP Mortgage Borrowers, representing
a 1% ownership interest therein.

 

5.          Indemnitee
is prepared to make a loan (the “Loan”) to Borrower in the principal amount of $70,000,000.00 pursuant
to a Mezzanine B Loan Agreement of even date herewith among HIT 2PK TRS Mezz B, LLC and HIT Portfolio I TRS Mezz B, LLC, each a
Delaware limited liability company (collectively, “Leasehold Pledgor”), Borrower and Indemnitee (as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”),
which Loan is secured by that certain Mezzanine B Pledge and Security Agreement, of even date herewith from Borrower and Leasehold
Pledgor for the benefit of Indemnitee (as the same may be amended restated, replaced, supplemented or otherwise modified from time
to time (the “Pledge Agreement”). Capitalized terms not otherwise defined herein shall have the meanings
set forth in the Loan Agreement.

 

6.          Each
Non-Borrower Indemnitor acknowledges that it owns, either directly or indirectly, a beneficial interest in the Mortgage Borrowers,
the General Partner and Borrower and, as a result of such beneficial interest, will receive substantial economic and other benefits
from Indemnitee making the Loan to Borrower.

 

7.          Indemnitee
is unwilling to make the Loan unless Indemnitors agree to provide the indemnification, representations, warranties, covenants and
other matters described in this Agreement for the benefit of the Indemnified Parties.

 

8.          Indemnitors
are entering into this Agreement to induce Indemnitee to make the Loan.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitors
hereby represent, warrant, covenant and agree for the benefit of the Indemnified Parties as follows:

 

1.          Environmental
Representations and Warranties. Except as otherwise disclosed by those reports listed on Schedule I attached hereto
and made a part hereof in respect of the Properties (referred to below collectively as the “Environmental Reports”),
copies of which have been provided to Indemnitee, to Indemnitors’ knowledge and except as would not have a material adverse
effect individually or in the aggregate on the business or condition (financial or otherwise) of Borrower, Mezzanine A Borrower
or any Mortgage Borrower, (a) there are no Hazardous Substances (defined below) or underground storage tanks in, on or under any
Individual Property, except those that are both (i) in compliance with all Environmental Laws (defined below) and with any necessary
permits issued pursuant thereto and (ii) fully disclosed to Indemnitee in writing pursuant to the Environmental Reports; (b) there
are no past, present or threatened Releases (defined below) of Hazardous Substances in, on, under or from any Individual Property
which have not been remediated as required under Environmental Laws; (c) there is no threat of any Release of Hazardous Substances
migrating to any Individual Property; (d) there is no past or present non-compliance with Environmental Laws, or with permits
issued pursuant thereto, in connection with any Individual Property which has not been remediated as required under Environmental
Laws; (e) none of the Indemnitors, none of Mezzanine A Borrower and none of Mortgage Borrowers knows of, or has received,
any written or oral notice or other communication from any Person (including, but not limited to, any Governmental Authority) relating
to any Release or Remediation (defined below) of any Hazardous Substance, of possible liability of any Indemnitor pursuant to any
Environmental Law, any other environmental conditions in connection with any Individual Property, or any actual or potential administrative
or judicial proceedings in connection with any of the foregoing; (f) no Toxic Mold (as defined below) is present in the indoor
air of any Individual Property at concentrations for which any Legal Requirement applicable to such Individual Property requires
removal thereof by remediation professionals, and no Indemnitor, Mezzanine A Borrower or Mortgage Borrower is aware of any conditions
at any Individual Property that are likely to result in the presence of Toxic Mold in the indoor air at concentrations for which
any Legal Requirement applicable to such Individual Property would require such removal; and (g) Indemnitors have truthfully
and fully provided to Indemnitee, in writing, any and all material information relating to conditions in, on, under or from each
Individual Property that is actually known to any Indemnitor, Mezzanine A Borrower or Mortgage Borrower and that is contained in
the files and records of any Indemnitor, including, but not limited, to any reports relating to Hazardous Substances in, on, under
or from each Individual Property and/or to the environmental condition of each Individual Property.

 

    		-2-	Mezzanine B Environmental Indemnity Agreement

     

    

 

2.          Environmental
Covenants. Each Indemnitor covenants and agrees that (a) all uses and operations on or of each Individual Property,
whether by any of the Indemnitors, Mezzanine A Borrower, any of the Mortgage Borrowers or any other Person, shall be in compliance
with all Environmental Laws and permits issued pursuant thereto; (b) there shall be no Releases of Hazardous Substances in,
on, under or from any Individual Property (except in compliance with all applicable Environmental Laws and with permits issued
pursuant thereto); (c) there shall be no Hazardous Substances in, on or under any Individual Property, except those that are
both (i) in compliance with all applicable Environmental Laws and with any necessary permits issued pursuant thereto and (ii) fully
disclosed to Indemnitee in writing; (d) Indemnitors shall keep, and shall cause Mezzanine A Borrower to keep and to cause
each Mortgage Borrower to keep, each Individual Property free and clear of all liens and other encumbrances imposed pursuant to
any Environmental Law, whether due to any act or omission of any of the Indemnitors or any other Person (the “Environmental
Liens”); provided, that after prior notice to Indemnitee, Indemnitors may contest, or may cause Mezzanine
A Borrower to cause any Mortgage Borrower to contest, at Indemnitors’, Mezzanine A Borrower’s or such Mortgage Borrower’s
sole cost and expense, by appropriate legal proceeding, conducted in good faith and with due diligence, the amount or validity
of any Environmental Liens, provided that (1) no Event of Default has occurred and remains uncured, (2) such proceeding shall be
permitted under and be conducted in accordance with all applicable statutes, laws and ordinances, (3) no Individual Property nor
any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (4) Indemnitors
shall, or shall cause Mezzanine A Borrower to or to cause the applicable Mortgage Borrower to, promptly upon final determination
thereof pay the amount of any such Environmental Liens, together with all costs, interest and penalties which may be payable in
connection therewith, (5) to insure the payment of such Environmental Liens, Indemnitors shall deliver, or shall cause Mezzanine
A Borrower to deliver or to cause the applicable Mortgage Borrower to deliver, to Indemnitee either (A) cash, or other security
as may be approved by Indemnitee, in an amount equal to one hundred ten percent (110%) of the contested amount if such contested
amount will be less than one million dollars ($1,000,000) or one hundred twenty five percent (125%) of such contested amount if
such contested amount will be equal to or greater than ($1,000,000), or (B) a payment and performance bond in an amount equal to
one hundred percent (100%) of the contested amount from a surety acceptable to Indemnitee in its reasonable discretion, provided,
however, Indemnitor shall not be required to deliver any security pursuant to this clause (5) if Mortgage Borrower shall
have delivered security in respect of the relevant matter to the Mortgage Lender, or if Mezzanine A Borrower shall have delivered
security in respect of the relevant matter to Mezzanine A Lender, (6) failure to pay such Environmental Liens will not subject
Indemnitee to any civil or criminal liability, (7) such contest shall not affect the ownership, use or occupancy of any Individual
Property, and (8) Indemnitors shall, upon request by Indemnitee, give Indemnitee prompt notice of the status of such proceedings
and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (1) through (7) of this Section
2(d); (e) Indemnitors shall, at their sole cost and expense, fully and in a timely manner cooperate, and shall cause Mezzanine
A Borrower to and to cause each Mortgage Borrower to fully and in a timely manner cooperate, in all activities pursuant to Section
3 of this Agreement, including, but not limited to, providing all relevant information and making knowledgeable Persons available
for interviews upon reasonable advance written request and at reasonable times and places; (f) Indemnitors shall perform,
and shall cause Mezzanine A Borrower to and to cause each Mortgage Borrower to perform, at Indemnitors’ or Mezzanine A Borrower’s
or such Mortgage Borrower’s, sole cost and expense, any environmental site assessment or other investigation of environmental
conditions in connection with any Individual Property, pursuant to any reasonable written request of Indemnitee made in consideration
of any environmental event or condition reasonably believed by Indemnitee to have occurred or to exist at any Individual Property
(which request shall briefly describe the basis for Indemnitee’s belief) (including, but not limited to, sampling, testing
and analysis of soil, water, air, building materials and other materials and substances whether solid, liquid or gas, such assessment
or investigation to be in scope and nature appropriate to the suspected event or condition) that would be reasonably expected to
have an adverse effect on any Individual Property or on the business or condition (financial or otherwise) of Borrower, and share
with Indemnitee the reports and other results thereof, and Indemnitee and the other Indemnified Parties shall be entitled to rely
on such reports and other results thereof; (g) Indemnitors shall comply, and shall cause Mezzanine A Borrower to and to cause
each Mortgage Borrower to comply, at Indemnitors’ or Mezzanine A Borrower’s or such Mortgage Borrower’s sole
cost and expense, with all reasonable written requests of Indemnitee to (i) effectuate any required Remediation of any condition
(including, but not limited to, a Release of a Hazardous Substance) in, on, under or from any Individual Property; (ii) comply
with any applicable Environmental Law; and/or (iii) comply with any directive from any Governmental Authority having jurisdiction
over the applicable Individual Property requiring any action relating to any environmental condition in, on, under, from or migrating
toward such Individual Property; provided, that with respect to clauses (g)(ii) and (iii), after notice to
Indemnitee, Indemnitors, at their own expense, may suspend, or cause Mezzanine A Borrower to and to cause the applicable Mortgage
Borrower to suspend (at Mezzanine A Borrower’s or such Mortgage Borrower’s expense), such compliance and contest, or
cause to be contested by appropriate legal proceeding, conducted in good faith and with due diligence, the applicability of any
Environmental Law, provided that (1) no Event of Default has occurred and remains uncured, (2) such proceeding shall be permitted
under and be conducted in accordance with all applicable statutes, laws and ordinances, (3) no Individual Property nor any part
thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (4) Indemnitors shall promptly,
or shall promptly cause Mezzanine A Borrower to or to promptly cause the applicable Mortgage Borrower to promptly, upon final determination
thereof take all acts then necessary to comply with such Environmental Law, together with the payment of all costs, interest and
penalties which may be payable in connection therewith, (5) to insure the performance of such legal obligations and the payment
of all related costs, Indemnitors shall deliver, or shall cause Mezzanine A Borrower to or to cause the applicable Mortgage Borrower
to deliver, to Indemnitee either (A) cash, or other security as may be approved by Indemnitee, in an amount equal to one hundred
ten percent (110%) of the maximum costs and expenses that are reasonably expected to be incurred in connection with such proceeding,
including costs of compliance if any Indemnitor, Mezzanine A Borrower or the applicable Mortgage Borrower is required to do so
(collectively, the “Maximum Cost”) if such Maximum Cost is less than one million dollars ($1,000,000)
or one hundred twenty five percent (125%) of the Maximum Cost if such Maximum Cost is equal to or greater than one million dollars
($1,000,000), or (B) a payment and performance bond in an amount equal to one hundred percent (100%) of the Maximum Cost from a
surety acceptable to Indemnitee in its reasonable discretion, provided, however, Indemnitor shall not be required to deliver any
security pursuant to this clause (5) if Mortgage Borrower shall have delivered security in respect of the relevant matter
to the Mortgage Lender, (6) failure to comply with such Environmental Laws will not subject Indemnitee to any civil or criminal
liability, (7) such contest shall not affect the ownership, use or occupancy of any Individual Property, and (8) Indemnitors shall,
upon request by Indemnitee, give Indemnitee prompt notice of the status of such proceedings and/or confirmation of the continuing
satisfaction of the conditions set forth in clauses (1) through (7) of this Section 2(g); (h)  Indemnitors shall
not knowingly do or allow, or cause Mezzanine A Borrower to or to cause any Mortgage Borrower to do or allow, any tenant or other
user of any Individual Property to do any act that is in non-compliance with any applicable Environmental Law, impairs or may impair
the value of any Individual Property, the Mezzanine A Collateral or the Collateral, is contrary to any requirement of any insurer,
constitutes a public or private nuisance, constitutes waste or violates any covenant, condition, agreement or easement applicable
to any Individual Property; (i) if following the date hereof, it is determined that any Individual Property contains paint
containing more than 0.5% lead by dry weight (“Lead Based Paint”), present in violation of any Environmental
Law and not previously disclosed in the Environmental Reports, Indemnitors agree, at their sole cost and expense and within forty-five
(45) days thereafter, to cause (or cause Mezzanine A Borrower to or to cause the applicable Mortgage Borrower to cause) to be prepared
an assessment report describing the location and condition of the Lead Based Paint (a “Lead Based Paint Report”),
prepared by an expert, and in form, scope and substance, acceptable to Indemnitee; (j) if following the date hereof, it is
determined that any Individual Property contains asbestos or asbestos-containing material (“Asbestos”)
present in violation of any Environmental Law and not previously disclosed in the Environmental Reports, Indemnitors shall at their
sole cost and expense, or cause Mezzanine A Borrower at Mezzanine A Borrower’s sole cost and expense, or cause Mortgage Borrower
at Mortgage Borrower’s sole cost and expense, and within forty-five (45) days thereafter, cause to be prepared an assessment
report describing the location and condition of the Asbestos (an “Asbestos Report”), prepared by an expert,
and in form, scope and substance, acceptable to Indemnitee; (k) if a Lead Based Paint Report or Asbestos Report is required
to be prepared pursuant to clauses (i) or (j) of this Section 2, on or before thirty (30) days following the preparation
of such report, Indemnitors shall develop and implement, or shall cause Mezzanine A Borrower to or to cause the applicable Mortgage
Borrower to develop and implement, at Indemnitors’, Mezzanine A Borrower’s or such Mortgage Borrower’s sole cost
and expense, an operations and maintenance plan to manage such condition(s) on the applicable Individual Property, which plan shall
be prepared by an expert, and be in form, scope and substance, acceptable to Indemnitee (together with any Lead Based Paint Report
and/or Asbestos Report, as applicable, the “O&M Plan”), and if an O&M Plan has been prepared
prior to the date hereof, Indemnitors agree to diligently and continually carry out (or cause to be carried out) the provisions
thereof, it being understood and agreed that compliance with the O&M Plan shall require or be deemed to require, without limitation,
the proper preparation and maintenance of all records, papers and forms required under the Environmental Laws; (l) in the
event that any inspection or audit reveals the presence of Toxic Mold in the indoor air of any Individual Property at concentrations
for which any Legal Requirement applicable to such Individual Property requires removal thereof by remediation professionals, Indemnitors
shall promptly remediate (or cause to be remediated) the Toxic Mold and perform (or cause to be performed) post-remedial clearance
sampling in accordance with said Legal Requirement and applicable Environmental Law, following which abatement of the Toxic
Mold, Indemnitors shall prepare and implement or shall cause Mezzanine A Borrower to or to cause the applicable Mortgage Borrower
to prepare and implement an Operations and Maintenance Plan for Toxic Mold and Moisture reasonably acceptable to Indemnitee and
in accordance with the guidelines issued by the National Multi Housing Council; and (m) Indemnitors shall promptly notify
Indemnitee in writing of (A) any presence or Release or threatened Release of Hazardous Substances in, on, under, from or
migrating towards any Individual Property in material violation of, or as might be reasonably expected to result in material liability
under, any Environmental Law; (B)  material non-compliance with any Environmental Laws related in any way to any Individual
Property; (C) any actual or threatened Environmental Lien; (D) any required or proposed Remediation of environmental
conditions relating to any Individual Property; and/or (E) any written or oral notice or other communication of which any
Indemnitor, Mezzanine A Borrower or any Mortgage Borrower becomes aware from any source whatsoever (including, but not limited
to, any Governmental Authority) relating to a material or unlawful Release, or threatened Release, of Hazardous Substances or Remediation
thereof, possible liability of any Person pursuant to any Environmental Law concerning any Individual Property or the Property,
other environmental conditions in connection with any Individual Property or any actual or threatened administrative or judicial
proceedings in connection with any environmental matters referred to in this Agreement.

 

    		-3-	Mezzanine B Environmental Indemnity Agreement

     

    

 

3.          Indemnified
Rights/Cooperation and Access. In the event the Indemnified Parties have a reasonable basis to believe that an environmental
hazard exists on any Individual Property other than conditions expressly disclosed in the Environmental Reports, that does not
(a) endanger any tenants or other occupants of such Individual Property or their guests or the general public, or (b) materially
and adversely affect the value of such Individual Property, the Mezzanine A Collateral or the Collateral, upon reasonable written
notice from the Indemnitee, describing in reasonable detail the basis for such belief, Indemnitors shall, at Indemnitors’
sole cost and expense (or cause Mezzanine A Borrower at Mezzanine A Borrower’s cost and expense to or to cause Mortgage Borrower
at Mortgage Borrower’s cost and expense to), promptly cause an engineer or consultant reasonably satisfactory to the Indemnified
Parties to conduct an environmental assessment or audit of such hazard (the scope of which shall be determined in the reasonable
discretion of the Indemnified Parties) and take any samples of soil, groundwater or other water, air or building materials or any
other invasive testing reasonably determined by Indemnitee to be required to assess such condition and promptly deliver to Indemnitee
the results of any such assessment, audit, sampling or other testing; provided, however, if such results are
not delivered to Indemnitee within a reasonable period or if the Indemnified Parties have reason to believe that an environmental
hazard exists on such Individual Property, the Mezzanine A Collateral that endangers any tenant or other occupant of such Individual
Property or their guests or the general public or may materially and adversely affect the value of such Individual Property or
the Collateral, upon reasonable notice to Indemnitors, the Indemnified Parties and any other Person designated by the Indemnified
Parties, including, but not limited to, any receiver, any representative of any Governmental Authority and/or any environmental
consultant, shall have the right, but not the obligation, to enter upon such Individual Property at all reasonable times (subject
to the rights of tenants) to assess any and all aspects of the environmental condition of such Individual Property and its use,
including, but not limited to, conducting any environmental assessment or audit (the scope of which shall be determined in the
sole, but good faith discretion of the Indemnified Parties) and taking samples of soil, groundwater or other water, air or building
materials and reasonably conducting other invasive testing, reasonably determined by the Indemnified Parties to be required to
assess the condition. Indemnitors shall cooperate with and cause Mezzanine A Borrower to and to cause the applicable Mortgage Borrower
to provide, upon advance notice to each of them, the Indemnified Parties and any such Person designated by the Indemnified Parties
with access to each Individual Property.

 

    		-4-	Mezzanine B Environmental Indemnity Agreement

     

    

 

4.          Indemnification.
Indemnitors covenant and agree, at their sole cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties
harmless from and against any and all Losses (defined below) imposed upon, or incurred by, or asserted against, any Indemnified
Parties and directly or indirectly arising out of or relating to any one or more of the following: (a) any presence of any
Hazardous Substances in, on, above or under any Individual Property; (b) any past, present or threatened Release of Hazardous
Substances in, on, above, under or from any Individual Property; (c) any activity by any of the Indemnitors, Mezzanine A Borrower,
any of the Mortgage Borrowers, any Person affiliated with any of the Indemnitors, Mezzanine A Borrower, any of the Mortgage Borrowers
and/or any tenant or other user of any Individual Property in connection with any actual, proposed or threatened use, treatment,
storage, holding, existence, disposition or other Release, generation, production, manufacturing, processing, refining, control,
management, abatement, removal, handling, transfer or transportation to or from such Individual Property of any Hazardous Substances
at any time located in, under, on or above such Individual Property; (d) any activity by any of the Indemnitors, Mezzanine
A Borrower, any of the Mortgage Borrowers, any Person affiliated with any of the Indemnitors, Mezzanine A Borrower, any of the
Mortgage Borrowers and/or any tenant or other user of any Individual Property in connection with any actual or proposed Remediation
of any Hazardous Substances at any time located in, under, on or above such Individual Property, whether or not such Remediation
is voluntary or pursuant to court or administrative order, including, but not limited to, any removal, remedial or corrective action;
(e) any past, present or threatened non-compliance or violation of any Environmental Law (or of any permit issued pursuant
to any Environmental Law) in connection with any Individual Property or operations thereon, including, but not limited to, any
failure by any of the Indemnitors, Mezzanine A Borrower, any of the Mortgage Borrowers, any Person affiliated with any of the Indemnitors,
Mezzanine A Borrower, any of the Mortgage Borrowers and/or any tenant or other user of such Individual Property to comply with
any order of any Governmental Authority in connection with any Environmental Laws; (f) the imposition, recording or filing
or the threatened imposition, recording or filing of any Environmental Lien encumbering any Individual Property; (g) any administrative
processes or proceedings or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) [intentionally
omitted]; (i) any acts of any of the Indemnitors, Mezzanine A Borrower, any of the Mortgage Borrowers, any Person affiliated
with any of the Indemnitors, Mezzanine A Borrower, any of the Mortgage Borrowers and/or any tenant or other user of any Individual
Property in arranging for the disposal or treatment, or arranging with a transporter for transport for the disposal or treatment,
of Hazardous Substances in, on, above or under any Individual Property at any facility or incineration vessel containing such or
similar Hazardous Substances; (j) any acts of any of the Indemnitors, Mezzanine A Borrower, any of the Mortgage Borrowers,
any Person affiliated with any of the Indemnitors, Mezzanine A Borrower, any of the Mortgage Borrowers, and/or any tenant or other
user of any Individual Property in accepting any Hazardous Substances in, on, above or under any Individual Property for transport
to disposal or treatment facilities, incineration vessels or sites from which there is a Release or a threatened Release of any
Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death or property
or other damage arising under any statutory or common law or tort law theory, in each case, with respect to environmental matters
concerning any Individual Property, including, but not limited to, damages assessed for private or public nuisance or for the conducting
of an abnormally dangerous activity on or near any Individual Property; and (l) any misrepresentation or inaccuracy in any
representation or warranty contained in this Agreement or material breach or failure to perform any covenants or other obligations
pursuant to this Agreement. In addition, the Indemnitors hereby covenant and agree to pay for and perform the Environmental Work
in excess of $1,000,000.

 

Notwithstanding the
provisions of this Agreement to the contrary, the foregoing indemnity shall not apply to Losses caused solely by the gross negligence
or willful misconduct of any Indemnified Party.

 

    		-5-	Mezzanine B Environmental Indemnity Agreement

     

    

 

5.          Duty
to Defend and Attorneys’ and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitors
shall defend such Indemnified Party(ies) against any claim for which indemnification is required hereunder (if requested by any
Indemnified Party, in the name of the Indemnified Party), by attorneys and other professionals reasonably approved by the Indemnified
Parties. Notwithstanding the foregoing, if the defendants in a claim include an Indemnitor (or any affiliate of an Indemnitor)
and any Indemnified Party shall have reasonably concluded that (A) there are legal defenses available to it that are materially
different from or in addition to those available to such Indemnitor (or such Affiliate of such Indemnitor), or (B) the use
of the attorneys engaged by such Indemnitor (or such affiliate of such Indemnitor) would present such attorneys with a conflict
of interest, Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals
to defend or assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim
or proceeding; provided that no compromise or settlement shall be entered without Indemnitors’ consent, which consent shall
not be unreasonably withheld. Upon demand, Indemnitors shall pay or, in the sole and absolute discretion of the Indemnified Parties,
reimburse, the Indemnified Parties for the payment of the reasonable fees and disbursements of attorneys, engineers, environmental
consultants, laboratories and other professionals in connection therewith.

 

6.          Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

The term “Environmental
Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the
like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances and/or
relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Laws” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including, but not limited to, Subtitle I relating to underground
storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide
and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; the River and Harbors Appropriation Act;
and those relating to Lead Based Paint. The term “Environmental Laws” also includes, but is not limited to, any present
and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, conditioning
transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of
any Individual Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition
of a property to any Governmental Authority or other Person, whether or not in connection with any transfer of title to or interest
in such property; imposing conditions or requirements in connection with environmental permits or other environmental authorization
for lawful activity; relating to nuisance, trespass or other causes of action related to the physical condition or use of any Individual
Property; and relating to wrongful death, personal injury or property or other damage in connection with any physical condition
or use of any Individual Property.

 

The term “Hazardous
Substances” includes, but is not limited to, any and all substances (whether solid, liquid or gas) defined, listed
or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes
or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact
on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos and asbestos-containing
materials, polychlorinated biphenyls, lead, and lead-containing materials, radon, radioactive materials, flammables and explosives,
Lead Based Paint and Toxic Mold. Notwithstanding anything to the contrary contained herein, the term “Hazardous Substances”
will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily
and customarily used or stored in similar properties, including, without limitation substances used for the purposes of cleaning,
maintenance, or operations, substances typically used in construction, and typical products used in properties like the Properties,
and which are otherwise in compliance with all Environmental Laws. Furthermore, the term “Hazardous Substances” will
not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily and
customarily stocked and sold by tenants operating retail businesses of the types operated by the Tenants and which are otherwise
in compliance with all Environmental Laws.

 

    		-6-	Mezzanine B Environmental Indemnity Agreement

     

    

 

The term “Indemnified
Parties” includes Indemnitee, any Person who is or will have been involved in the origination of the Loan, any Person
who is or will have been involved with the servicing of the Loan, any Person in whose name the encumbrance created by the Mortgage
is or will have been recorded, Persons who may hold or acquire or will have held a full or partial interest in the Loan (including,
but not limited to, Investors (as hereinafter defined) and/or prospective Investors, as well as custodians, trustees and other
fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties), as well as the respective
directors, officers, shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors,
affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including, but not limited to,
any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, the Collateral,
the Mezzanine A Collateral or any Individual Property, whether during the term of the Loan or as a part of, or following a foreclosure
of, the Loan and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial
portion of Indemnitee’s assets and business), but shall not include any Person who acquires the Property at any time after
the completion of a foreclosure, sale by power of sale, or deed in lieu of foreclosure, and any Person claiming by, through or
under such acquirer, in their capacity as such.

 

The term “Investors”
means collectively, any purchaser, transferee, assignee, servicer, participant or investor or any credit rating agency.

 

The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.

 

The term “Losses”
includes any actual losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including, but not limited
to, strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or
not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs,
reasonable fees of attorneys, engineers and environmental consultants and investigation costs (including, but not limited to, costs
for sampling, testing and analysis of soil, water, air, building materials and other materials and substances, whether solid, liquid
or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings,
actions, claims, suits, judgments or awards.

 

    		-7-	Mezzanine B Environmental Indemnity Agreement

     

    

 

The term “Non-Borrower
Indemnitor Affiliate” shall mean any Non-Borrower Indemnitor, and any Person that either (or both) (a) is in
Control of, is Controlled by or is under common Control with (i) any Non-Borrower Indemnitor or (ii) any general partner or managing
member of, or other Person or Persons Controlling, any Non-Borrower Indemnitor (each a “Clause (a) Person”),
or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity
interests in any Non-Borrower Indemnitor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination)
of the Non-Borrower Indemnitors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity
interests in such Person, or (3) a Person with respect to which any combination of Non-Borrower Indemnitors and Clause (a) Persons
own, directly or indirectly, thirty-five percent (35%) or more of the direct or indirect voting equity interests in such Person;
provided, however, that, notwithstanding the foregoing, (I) no Person shall be deemed to be a Non-Borrower Indemnitor Affiliate
(x) to the extent Controlled by a Controlling Mezzanine A Lender (as defined below) or a Controlling Mezzanine B Lender (as defined
below) in the exercise of its Direct Mezzanine A Control Remedies (as defined below) or Direct Mezzanine B Control Remedies (as
defined below) or (y) in connection with or by virtue solely of any direct or indirect interest in Transferee Borrower or Indirect
Transferee and (II) in no event shall either Goldman Sachs Mortgage Company or GS Commercial Real Estate LP be deemed a Non-Borrower
Indemnitor Affiliate. In addition to, and without limiting, the foregoing, if a direct or indirect interest in a Mezzanine A Loan
or the Loan is held by a Non-Borrower Indemnitor Affiliate, the related Mezzanine A Lender or Indemnitee, as applicable, will be
deemed a Non-Borrower Indemnitor Affiliate unless such Non-Borrower Indemnitor Affiliate is a Disabled Participant (as defined
below) and one or more other holders of substantial interests in the Mezzanine A Loan or the Loan that are not Non-Borrower Indemnitor
Affiliates control the administration of the Mezzanine A Loan or the Loan and the enforcement of the rights and remedies of the
Mezzanine A Lender or Indemnitee, as applicable. A Non-Borrower Indemnitor Affiliate is a “Disabled Participant”
with respect to the Mezzanine A Loan or the Loan if it has no right to exercise any voting or other control rights with respect
to the Mezzanine A Loan or the Loan, as applicable (other than the right to approve amendments to the material economic terms of
the Mezzanine A Loan or the Loan, as applicable).

 

The term “Release”
with respect to any Hazardous Substance includes, but is not limited to, any release, deposit, discharge, emission, leaking, leaching,
spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous
Substances.

 

The term “Remediation”
includes, but is not limited to, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance
(including, with respect to Toxic Mold, providing any moisture control systems at any Individual Property); any action to comply
with any Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment,
audit, sampling and testing or laboratory or other analysis or evaluation relating to any Hazardous Substances or to any environmental
matter referred to herein.

 

The term “Toxic
Mold” means fungi that reproduces through the release of spores or the splitting of cells or other means that may
pose a risk to human health or the environment or negatively affect the value of any Individual Property, including, but not limited
to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial volatile organic compounds.

 

    		-8-	Mezzanine B Environmental Indemnity Agreement

     

    

 

7.          Unimpaired
Liability. The liability of Indemnitors under this Agreement shall in no way be limited or impaired by, and each Indemnitor
hereby consents to and agrees to be bound by, any amendment or modification of the provisions of, as applicable, the Note, the
Loan Agreement, the Pledge Agreement or any other Loan Document to or with Indemnitee by Borrower or any Person who succeeds Borrower
or any Person as owner of the Collateral, the Mezzanine A Collateral or any Individual Property (subject to the express provisions
of Section 9 hereof). In addition, the liability of Indemnitors under this Agreement shall in no way be limited or impaired
by (i) any extensions of time for performance required by the Note, the Loan Agreement, the Pledge Agreement or any of the
other Loan Documents, (ii) unless a substitute Indemnitor acceptable to Indemnitee in accordance with the Loan Agreement has
agreed in writing to be bound by the terms of this Agreement, but subject to Section 9 and Section 10 hereof, any
sale or transfer of all or part of the Collateral, or any sale or other assignment by any Non-Borrower Indemnitor of its direct
or indirect ownership interests in Borrower, Mezzanine A Borrower or any Mortgage Borrower, (iii) except as provided herein,
any exculpatory provision in the Note, the Loan Agreement, the Pledge Agreement or any of the other Loan Documents limiting Indemnitee’s
recourse to the Properties or the Collateral or to any other security for the Note, or limiting Indemnitee’s rights to a
deficiency judgment against any of the Indemnitors, (iv) the accuracy or inaccuracy of the representations and warranties
made by Borrower under the Note, the Loan Agreement, the Pledge Agreement or any of the other Loan Documents or herein, (v) the
release of any of the Indemnitors or any other Person from performance or observance of any of the agreements, covenants, terms
or conditions contained in any of the other Loan Documents, by operation of law, Indemnitee’s voluntary act, or otherwise,
(vi) the release or substitution in whole or in part of any security for the Note, or (vii) Indemnitee’s failure
to file any of the UCC financing statements (or Indemnitee’s improper filing thereof) or to otherwise perfect, protect, secure
or insure any security interest or lien given as security for the Note; and, in any such case, whether with or without notice to
any of the Indemnitors and with or without consideration.

 

8.          Enforcement.
The Indemnified Parties may enforce the obligations of Indemnitors without first resorting to or exhausting any security or collateral
or without first having recourse to the Note, the Loan Agreement, the Pledge Agreement or any other Loan Documents or any of the
Collateral, through foreclosure sale or otherwise, provided,  however, that nothing herein shall inhibit
or prevent Indemnitee from suing on the Note, foreclosing or exercising any power of sale under the Pledge Agreement or exercising
any other rights and remedies thereunder, subject to the terms of the Loan Agreement. This Agreement is not collateral or security
for the Obligations of Borrower pursuant to the Loan Agreement, unless Indemnitee expressly elects in writing to make this Agreement
additional collateral or security for such Obligations of Borrower pursuant to the Loan Agreement, which Indemnitee is entitled
to do in its sole and absolute discretion. It is not necessary for an Event of Default to have occurred pursuant to and as defined
in the Pledge Agreement or the Loan Agreement for Indemnified Parties to exercise their rights pursuant to this Agreement. Notwithstanding
any provision of the Loan Agreement to the contrary, the obligations of each Indemnitor pursuant to this Agreement are exceptions
to any non-recourse or exculpation provision of the Loan Agreement; and each Indemnitor expressly acknowledges and agrees that
it is fully and personally liable for such obligations, and such liability is not limited to the original or amortized principal
balance of the Loan or the value of the Collateral.

 

    		-9-	Mezzanine B Environmental Indemnity Agreement

     

    

 

9.          Limitations
on Liability of Non-Borrower Indemnitors.

 

(a)       Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:

 

(i)       any
foreclosure upon an Event of Default by a Indemnitee that is not a Non-Borrower Indemnitor Affiliate of the direct ownership interests
in the applicable Mortgage Borrower, Mezzanine A Borrower, the SPC Party or Borrower or general partner of any Mortgage Borrower
or Mezzanine A Borrower pledged as collateral for the Loan pursuant to the Loan Documents, any transfer in lieu of foreclosure
of the equity pledged as collateral for the Loan to, on behalf of or for the account of any Indemnitee that is not a Non-Borrower
Indemnitor Affiliate (any such foreclosure or transfer-in-lieu thereof, a “Mezzanine B Divestment”),
with the result that neither of the Non-Borrower Indemnitors nor any other Non-Borrower Indemnitor Affiliate (excluding any Loan
Party who as a result of such Mezzanine B Divestment is no longer Controlled by either of the Non-Borrower Indemnitors or any other
Non-Borrower Indemnitor Affiliate) shall have Control of Mezzanine A Borrower (such Mezzanine A Borrower, a “Divested
Mezzanine A Borrower”),

 

(ii)       any
foreclosure upon a Mezzanine A Loan Default by a Mezzanine A Lender that is not a Non-Borrower Indemnitor Affiliate of the direct
ownership interests in the applicable Mortgage Borrower, the SPC Party or general partner of any Mortgage Borrower pledged as collateral
for the Mezzanine A Loan pursuant to the Mezzanine A Loan Documents, any transfer in lieu of foreclosure of the equity pledged
as collateral for the Mezzanine A Loan to, on behalf of or for the account of any Mezzanine A Lender that is not a Non-Borrower
Indemnitor Affiliate (any such foreclosure or transfer-in-lieu thereof, a “Mezzanine A Divestment”),
with the result that neither of the Non-Borrower Indemnitors nor any other Non-Borrower Indemnitor Affiliate (excluding any Loan
Party who as a result of such Mezzanine A Divestment is no longer Controlled by either of the Non-Borrower Indemnitors or any other
Non-Borrower Indemnitor Affiliate) shall have Control of any one or more of the Mortgage Borrowers (each such Mortgage Borrower,
a “Divested Mortgage Borrower”), or

 

(iii)       (A)
any foreclosure (whether judicially or non-judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer
in lieu of foreclosure to, on behalf of or for the account of Mortgage Lender or a receiver, trustee, liquidator, conservator or
other third-party appointed by, on behalf of or for the account of Mortgage Lender taking control of any Individual Property (any
such foreclosure, foreclosure sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”),
with the result, in any such case, that neither of the Non-Borrower Indemnitors nor any other Non-Borrower Indemnitor Affiliate
shall have the power to direct the management of, any one or more of the Properties thereby foreclosed, transferred or controlled
(each such Property, a “Divested Property”),

 

    		-10-	Mezzanine B Environmental Indemnity Agreement

     

    

 

then, in such cases,
Non-Borrower Indemnitors shall not have any liability under the Loan Documents for any Losses arising from any circumstance, condition,
action or event with respect to any such Divested Property, Divested Mezzanine A Borrower or Divested Mortgage Borrower first occurring
after the date of the Mortgage Divestment, Mezzanine A Divestment or Mezzanine B Divestment, as applicable, and not caused by the
acts of either of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor Affiliate, or any Loan Party (excluding any
Loan Party who as a result of a Mezzanine A Divestment or Mezzanine B Divestment is no longer Controlled by either of the Non-Borrower
Indemnitors or any other Non-Borrower Indemnitor Affiliate); provided that Non-Borrower Indemnitors shall remain liable hereunder
for any Losses to the extent arising from any action or event occurring with respect to any such Divested Property, Divested Mortgage
Borrower or Divested Mezzanine A Borrower prior to the date of the Mortgage Divestment, Mezzanine A Divestment or Mezzanine B Divestment,
as applicable.

 

(a)       In
the event that a Permitted Direct Assumption or Permitted Indirect Assumption, shall occur in accordance with Section 7.1
of the Loan Agreement, and Indemnitee receives in connection therewith a replacement guaranty and replacement environmental indemnity
(collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Indemnitee shall execute and deliver a release
of Non-Borrower Indemnitors for any Losses arising from any circumstance, condition, action or event first occurring after the
effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the extent
the same is not caused by either of the Non-Borrower Indemnitors or any Non-Borrower Indemnitor Affiliate (it being understood
that circumstances, conditions, actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall
be deemed to not have been caused by any Non-Borrower Indemnitor or any Non-Borrower Indemnitor Affiliate); provided, however,
that Non-Borrower Indemnitors shall remain liable hereunder for any Losses arising from any action or event occurring prior to
the Assumption Release Date.

 

(b)       In
the event that a Mezzanine A Loan Default shall exist with respect to the Mezzanine A Loan and the Mezzanine A Lender is not a
Non-Borrower Indemnitor Affiliate and the Mezzanine A Lender, pursuant to the exercise of remedies under the Mezzanine A Loan Documents,
(i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the ownership interests
of the applicable Mortgage Borrower, SPC Party, or general partner of any Mortgage Borrower pledged to Mezzanine A Lender as collateral
for the Mezzanine A Loan under the Mezzanine A Loan Documents, or (ii) appoints a receiver, trustee, liquidator, conservator or
other third-party that is not a Non-Borrower Indemnitor Affiliate to take control of the equity pledged as collateral for the Mezzanine
A Loan (the “Direct Mezzanine A Control Remedies”, and Mezzanine A Lender, or such receiver, trustee,
liquidator, conservator or other third-party appointed by Mezzanine A Lender, exercising such Direct Control Remedies, the “Controlling
Mezzanine A Lender”), Non-Borrower Indemnitors shall not have liability hereunder for the actions that such Controlling
Mezzanine A Lender, in the exercise of its Direct Mezzanine A Control Remedies, causes any Mortgage Borrower, SPC Party, or any
general partner of any Mortgage Borrower to take (“Mezzanine A Lender Controlled Actions”) if such Mezzanine
A Lender Controlled Actions are taken without consent of or collusion with, either of the Non-Borrower Indemnitors or any Non-Borrower
Indemnitor Affiliate.

 

    		-11-	Mezzanine B Environmental Indemnity Agreement

     

    

 

In the event that an Event of Default shall
exist and Indemnitee is not a Non-Borrower Indemnitor Affiliate and Indemnitee, pursuant to the exercise of remedies under the
Loan Documents, (i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the
ownership interests of the Mezzanine A Borrower, SPC Party, or general partner of Mezzanine A Borrower pledged to Indemnitee as
collateral for the Loan under the Loan Documents, or (ii) appoints a receiver, trustee, liquidator, conservator or other third-party
that is not a Non-Borrower Indemnitor Affiliate to take control of the equity pledged as collateral for the Loan (the “Direct
Mezzanine B Control Remedies”, and Indemnitee, or such receiver, trustee, liquidator, conservator or other third-party
appointed by Indemnitee, exercising such Direct Mezzanine B Control Remedies, the “Controlling Mezzanine B Lender”),
Non-Borrower Indemnitors shall not have liability hereunder for the actions that such Controlling Mezzanine B Lender, in the exercise
of its Direct Mezzanine B Control Remedies, causes any Mortgage Borrower, Mezzanine A Borrower, the SPC Party, Borrower or any
general partner of any Mortgage Borrower or Mezzanine A Borrower to take (“Mezzanine B Lender Controlled Actions”)
if such Mezzanine B Lender Controlled Actions are taken without consent of or collusion with, either of the Non-Borrower Indemnitors
or any Non-Borrower Indemnitor Affiliate.

 

10.         Survival.
Except as expressly provided to the contrary in Section 9 hereof, the obligations and liabilities of each Indemnitor under
this Agreement shall fully survive indefinitely, notwithstanding any termination, satisfaction, assignment, foreclosure on the
Collateral or other exercise of Indemnitee’s rights or remedies under the Pledge Agreement, any other Loan Document or the
UCC. Notwithstanding the foregoing, the indemnification obligations of Indemnitor hereunder shall terminate three (3) years after
the payment in full (or, if later, after delivery of the Environmental Report described in this sentence), in accordance with the
Loan Agreement, by any Indemnitor of the Debt solely as to an Individual Property as to which at the time of such payment (or at
any time thereafter) Indemnitee has been furnished an updated Environmental Report in form and substance, and from an environmental
consultant, reasonably acceptable to Indemnitee and acceptable to the Rating Agencies, which updated Environmental Report discloses,
as of the date of such repayment (or, if later, the date of the delivery thereof), no actual or threatened (other than as disclosed
in the Environmental Report delivered to Indemnitee by Indemnitors in connection with the origination of the Loan) (A) non-compliance
with or violation of applicable Environmental Laws (or permits issued pursuant to Environmental Laws) in connection with any Individual
Property or operations thereon, which has not been cured in accordance with applicable Environmental Laws, (B) Environmental Liens
encumbering any Individual Property, (C) administrative processes or proceedings or judicial proceedings concerning any environmental
matter addressed in this Agreement, or (D) unlawful presence or Release of Hazardous Substances in, on, above or under any Individual
Property that has not been fully remediated as required by applicable Environmental Laws.

 

11.         Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if
not paid within thirty (30) days of such demand therefor, shall bear interest at the Default Rate.

 

    		-12-	Mezzanine B Environmental Indemnity Agreement

     

    

 

12.        Waivers.

 

(a)       Each
Indemnitor hereby waives and relinquishes (i) any right or claim of right to cause a marshaling of any Indemnitor’s
assets or to cause Indemnitee or any other Indemnified Party to proceed against any of the security for the Loan before proceeding
under this Agreement against any Indemnitor; (ii) all rights and remedies accorded by applicable law to indemnitors or guarantors
generally, including any rights of subrogation which any Indemnitor may have, provided that the indemnity provided
for hereunder shall neither be contingent upon the existence of any such rights of subrogation nor subject to any claims or defenses
whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights, including,
without limitation, any claim that such subrogation rights were abrogated by any acts of Indemnitee or any other Indemnified Party;
(iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought
against or by Indemnitee or any other Indemnified Party; (iv) notice of acceptance hereof and of any action taken or omitted
in reliance hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform
or observe, or other proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder
and the benefits of any statutes of limitations or repose. Notwithstanding anything to the contrary contained herein, each Indemnitor
hereby agrees to postpone the exercise of any rights of subrogation with respect to any collateral securing the Obligations until
the Debt shall have been paid in full.

 

(b)       EACH
INDEMNITOR AND EACH INDEMNIFIED PARTY, BY ITS ACCEPTANCE OF THE BENEFITS HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF
ANY ISSUE TRIABLE OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL
NOW OR HEREAFTER EXIST, WITH REGARD TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH INDEMNITOR AND INDEMNIFIED PARTY AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY
IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH INDEMNITOR
AND INDEMNIFIED PARTY.

 

13.        Subrogation.
Each Indemnitor hereby agrees that it shall take any and all commercially reasonable actions, including the institution of legal
action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible
for the presence of any Hazardous Substances at, in, on, under or near any Individual Property or otherwise obligated by law to
bear the cost. The Indemnified Parties shall be and hereby are subrogated to all of each Indemnitor’s rights now or hereafter
in such claims.

 

    		-13-	Mezzanine B Environmental Indemnity Agreement

     

    

 

14.        Indemnitors’
Representations and Warranties. Each Indemnitor represents and warrants that:

 

(a)       it
has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution,
delivery and performance of this Agreement by such Indemnitor has been duly and validly authorized; and all requisite action has
been taken by such Indemnitor to make this Agreement valid and binding upon such Indemnitor, enforceable in accordance with its
terms;

 

(b)       its
execution of, and compliance with, this Agreement is in the ordinary course of business of such Indemnitor and will not result
in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement or other governing instrument
of such Indemnitor, the Collateral or result in the breach of any term or provision of, or conflict with or constitute a default
under, or result in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument
to which such Indemnitor or any Individual Property is subject, or result in the violation of any law, rule, regulation, order,
judgment or decree to which such Indemnitor, the Collateral, the Mezzanine A Collateral or any Individual Property is subject;

 

(c)       to
the best of such Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against
it which, either in any one instance or in the aggregate, would be reasonably likely to result in any material adverse change in
the business, operations, financial condition, properties or assets of such Indemnitor, or in any material impairment of the right
or ability of such Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part
of such Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection
with the obligations of such Indemnitor contemplated herein, or which would be likely to impair materially the ability of such
Indemnitor to perform under the terms of this Agreement;

 

(d)       it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

 

(e)       to
the best of such Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing
with, any Governmental Authority or other Person, and no approval, authorization or consent of any other Person, that has not been
obtained as of the execution hereof, is required in connection with this Agreement; and

 

(f)       this
Agreement constitutes a valid, legal and binding obligation of such Indemnitor, enforceable against it in accordance with the terms
hereof, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

15.         No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver of any such privilege, power or right.

 

16.         Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the
other parties hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever
with respect to the presence or potential presence of Hazardous Substances on, from or affecting any Individual Property in violation
of applicable Environmental Laws, and (ii) any legal action brought against such party or related to any Individual Property,
with respect to which Indemnitors may have liability under this Agreement. Such notice shall comply with the provisions of Section
17 hereof.

 

    		-14-	Mezzanine B Environmental Indemnity Agreement

     

    

 

17.        Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 17. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in
each case addressed to the parties as follows:

 

	If to Indemnitee:	Morgan Stanley Mortgage Capital Holdings LLC
	 	1585 Broadway, 25th Floor
	 	New York, New York 10036
	 	Attention:  George Kok
	 	 
	and to:	Citigroup Global Markets Realty Corp.
	 	388 Greenwich Street
	 	6th Floor
	 	New York, New York 10013
	 	Attention:  Ana Rosu Marmann
	 	Facsimile No.:  (646) 328-2938
	 	 
	and to:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  General Counsel
	 	Facsimile No. (646) 736-5721
	 	 
	and to:	Deutsche Bank AG, New York Branch 
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  Robert W. Pettinato, Jr.
	 	Facsimile No. (212) 797-4489

 

    		-15-	Mezzanine B Environmental Indemnity Agreement

     

    

 

	and to:	Goldman Sachs Mortgage Company
	 	200 West Street
	 	New York, New York 10282
	 	Attention: General Counsel
	 	Email:  joe.osborne@gs.com
	 	 
	and to:	Goldman Sachs Mortgage Company
	 	200 West Street
	 	New York, New York 10282
	 	Attention: J. Theodore Borter and Miriam Wheeler
	 	Email:  ted.borter@gs.com and miriam.wheeler@gs.com
	 	 
	and to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue 
	 	New York, New York 10179
	 	Attention:  Thomas N. Cassino
	 	Facsimile No.:  (212) 834-6029
	 	 
	with a copy to:	JPMorgan Chase Bank, National Association 
	 	383 Madison Avenue 
	 	New York, New York 10179
	 	Attention:  Nancy Alto
	 	Facsimile No.:  (917) 546-2564
	 	 
	and to:	Cadwalader, Wickersham & Taft LLP
	 	227 West Trade Street, Suite 2400
	 	Charlotte, NC  28202
	 	Attention:  Holly M. Chamberlain
	 	Facsimile No.:  (704) 348-5200
	 	E-mail: holly.chamberlain@cwt.com
	 	 
	If to Indemnitors:	c/o Hospitality Investors Trust, Inc., 
	 	3950 University Drive
	 	Fairfax, Virginia  22030
	 	Attention:  General Counsel
	 	 
	with a copy to:	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, New York 10006
	 	Attention:  Michael Weinberger, Esq.
	 	Facsimile No. (212) 693-9649

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 17. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Indemnitee may also be given by Servicer.

 

    		-16-	Mezzanine B Environmental Indemnity Agreement

     

    

 

18.        Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original
shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to
execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

19.        No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of any Indemnitor or any Indemnified Party, but only by an agreement
in writing signed by the party or parties against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

 

20.        Headings,
Etc. The headings and captions of various sections of this Agreement are for convenience of reference only and are not
to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

21.        Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific
references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person
constituting an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors,
administrators, legal representatives, successors and permitted assigns of each Indemnitor, all of whom shall be bound by the provisions
of this Agreement. Each reference herein to Indemnitee shall be deemed to include its successors and assigns; provided
that no obligation of any Indemnitor may be assigned except in accordance with the Loan Agreement. This Agreement shall inure to
the benefit of the Indemnified Parties and their respective successors, permitted assigns, heirs and legal representatives forever.
The Indemnified Parties shall have the right to assign or transfer their rights under this Agreement in connection with any assignment
of the Loan and the Loan Documents. Any assignee or transferee of Indemnitee (and the other Indemnified Parties) shall be entitled
to all the benefits afforded to Indemnitee (and the other Indemnified Parties) under this Agreement. No Indemnitor shall have the
right to assign or transfer its rights or obligations under this Agreement without the prior written consent of Indemnitee, unless
otherwise permitted by the Loan Agreement, and any attempted assignment without such consent shall be null and void.

 

22.        Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the
liability of any party not so released.

 

23.        Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee
has under the Note, the Pledge Agreement, the Loan Agreement or the other Loan Documents or would otherwise have at law or in equity.

 

    		-17-	Mezzanine B Environmental Indemnity Agreement

     

    

 

24.        Inapplicable
Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future
laws effective during the term of this Agreement, such provision shall be fully severable and this Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining
provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein.

 

25.        Governing
Law; Jurisdiction; Service of Process.

 

(a)       THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE OF NEW YORK,
AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE
FULLEST EXTENT PERMITTED BY LAW, EACH INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW
OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.

 

(b)       ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR ANY INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY, AT INDEMNITEE’S
OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON
VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH INDEMNITOR DOES HEREBY DESIGNATE AND APPOINT:

 

CORPORATION
SERVICE COMPANY

1180
AVENUE OF THE AMERICAS, SUITE 210

NEW
YORK, NY 10036-84011

 

    		-18-	Mezzanine B Environmental Indemnity Agreement

     

    

 

AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND EACH INDEMNITOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID
ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.
EACH INDEMNITOR (I) SHALL GIVE PROMPT NOTICE TO INDEMNITEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT
ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT
AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL AT ALL TIMES BE
THE SAME AGENT AS AUTHORIZED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS
AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED
HEREIN SHALL AFFECT THE RIGHT OF THE INDEMNIFIED PARTIES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST INDEMNITORS IN ANY OTHER JURISDICTION.

 

26.        Miscellaneous.

 

(a)       Wherever
pursuant to this Agreement (i) Indemnitee (or any other Indemnified Party) exercises any right given to it to approve or disapprove
any matter, (ii) any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or (iii) any
other decision or determination is to be made by Indemnitee (or any other Indemnified Party), the decision of Indemnitee (or such
other Indemnified Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory or not
satisfactory to Indemnitee (or such other Indemnified Party) and all other decisions and determinations made by Indemnitee (or
such other Indemnified Party), shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party) and
shall be final and conclusive, except as may be otherwise expressly and specifically provided herein.

 

(b)       Wherever
pursuant to this Agreement it is provided that any Indemnitor pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable out-of-pocket legal fees and disbursements of Indemnitee and the other Indemnified Parties, whether
incurred by retained outside law firms, or as reimbursements for the expenses of in-house legal staff, or otherwise.

 

27.       Joint
and Several Liability. The obligations and liabilities of the Indemnitors hereunder are joint and several.

 

    		-19-	Mezzanine B Environmental Indemnity Agreement

     

    

 

28.        Recitals.
The recitals hereof are a part hereof, form a basis for this Agreement and shall be considered prima facie evidence of the
facts and documents referred to therein.

 

29.        California
State Specific Provisions. In the event of any inconsistencies between the other terms and conditions of this Agreement
and this Section 29, the terms and conditions of this Section 29 shall control and be binding. In the event that
(and only in the event that) any court of competent jurisdiction determines that, notwithstanding the terms and provisions of Section
27 hereof, the laws of the State of California shall govern in any respect the interpretation or enforcement of all or any portion
of this Agreement, then the following terms and provisions of this Section 29 shall apply with respect to the Collateral:

 

(a)       The
second paragraph of Section 6 of this Agreement is hereby amended by inserting in the second sentence thereof after the
text “the River and Harbors Appropriation Act” the following text:

 

“the Porter-Cologne
Water Cleanup Act, the Waste Management Act of 1980, the Toxic Pit Cleanup Act, the Underground Tank Act of 1984, the California
Waste Quality Improvement Act, California Health and Safety Code (Sections 25100 et seq., 25300 et seq., 39000 et seq.), California
Water Code (Section 13000 et seq.), California Labor Code (Sections 6501.7 and 9004) and California Civil Code (Section 2929.5),”

 

(b)       This
Agreement is not collateral or security for the debt of Indemnitors pursuant to the Loan unless Indemnitee expressly elects in
writing to make this Agreement additional collateral or security for the debt of Indemnitor pursuant to the Loan, which Indemnitee
is entitled to do in its sole discretion.

 

(c)       In accordance
with California Code of Civil Procedure Section 736, as such Section may be amended from time to time, Indemnitee may bring an
action for breach of contract against Indemnitor for breach of any environmental provisions (as such term is defined in such Section)
made by Indemnitor herein or in any other Loan Document for the recovery of damages and/or for the enforcement of any environmental
provision. Pursuant to Section 736, Indemnitee’s action for recovery of damages or enforcement of such environmental provisions
shall not constitute an action within 726(a) of the California Code of Civil Procedure or constitute a money judgment for a deficiency
judgment within the meaning of Section 580(a), 580(b), 580(d) or 726(b) of the California Code of Civil Procedure. Other than the
remedy provided under Section 736, all remedies provided for in the Loan Documents are separate and distinct causes of action that
are not abrogated, modified, limited or otherwise affected by the remedies provided under Section 736 of the California Code of
Civil Procedure.

 

(d)       In accordance
with California Code of Civil Procedure Section 726.5, as such Section may be amended from time to time, Indemnitee may waive the
security of any Security Instrument as to any parcel of the Properties that is environmentally impaired or is an affected parcel
(as such terms are defined in such Section), and as to any personal property which is Property attached to such parcel, and thereafter
exercise against Borrower, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including
reduction of Indemnitee’s claim against Borrower to judgment, and any other rights and remedies permitted by law. In the
event Indemnitee elects, in accordance with California Code of Civil Procedure Section 726.5, to waive all or part of the security
of the Security Instruments and proceed against Borrower on an unsecured basis, the valuation of the real property, the determination
of the environmentally impaired status of such security and any cause of action for a money judgment, shall, at the request of
Indemnitee, be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq. Such referee shall
be an M.A.I. appraiser selected by Indemnitee and approved by Borrower, which approval shall not be unreasonably withheld or delayed.
The decision of such referee shall be binding upon both Borrower and Indemnitee, and judgment upon the award rendered by such referee
shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections
644 and 645. Borrower shall pay all reasonable costs and expenses incurred by Indemnitee in connection with any proceeding under
California Code of Civil Procedure Section 726.5, as such Section may be amended from time to time.

 

    		-20-	Mezzanine B Environmental Indemnity Agreement

     

    

 

(e)       This Agreement
is intended to be cumulative of any rights of Indemnitee under California Code of Civil Procedure Sections 564, 726.5 and 736 and
under California Civil Code Section 2929.5. Indemnitor hereby waives any restrictions or limitations which such statutes may impose
on Indemnitor’s liability or any Indemnitee’s rights or remedies under this Agreement.

 

(f)       Indemnitor
hereby waives: (a) any defense based upon any legal disability or other defense of Borrower, any other guarantor or other person,
or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment of all sums payable
under the Note, the Loan Agreement or any of the other Loan Documents; (b) any defense based upon any lack of authority of the
officers, directors, partners or agents acting or purporting to act on behalf of Borrower or any principal of Borrower or any defect
in the formation of Borrower or any principal of Borrower; (c) any defense based upon the application by Borrower of the proceeds
of the Loan for purposes other than the purposes represented by Borrower to Indemnitee or intended or understood by Indemnitee
or Indemnitor; (d) any rights or defenses that may be available by reason of any election of remedies by Indemnitee (including,
without limitation, any such election which in any manner impairs, effects, reduces, releases, destroys or extinguishes Indemnitor’s
subrogation rights, rights to proceed against Borrower for reimbursement, or any other rights of Indemnitor to proceed against
any other person, entity or security, including but not limited to any defense based upon an election of remedies by Indemnitee
under the provisions of Section 580(d) of the California Code of Civil Procedure or any similar law of California or of any other
State or of the United States); (e) any defense based upon Indemnitee's failure to disclose to Indemnitor any information concerning
Borrower's financial condition or any other circumstances bearing on Borrower's ability to pay all sums payable under the Note,
the Loan Agreement or any of the other Loan Documents; (f) any defense based upon any statute or rule of law which provides that
the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal;
(g) any defense based upon Indemnitee's election, in any proceeding instituted under the Bankruptcy Code, of the application of
Section 1111(b)(2) of the Bankruptcy Code or any successor statute; (h) any defense based upon any borrowing or any grant of a
security interest under Section 364 of the Bankruptcy Code; (i) any right of subrogation, any right to enforce any remedy which
Indemnitee may have against Borrower and any right to participate in, or benefit from, any security for the Note, the Loan Agreement
or the other Loan Documents now or hereafter held by Indemnitee; (j) other than those expressly provided for in this Agreement
and/or the Loan Agreement, presentment, demand, protest and notice of any kind; and (k) the benefit of any statute of limitations
affecting the liability of Indemnitor hereunder or the enforcement hereof. Indemnitor agrees that the payment of all sums payable
under the Note, the Loan Agreement or any of the other Loan Documents or any part thereof or other act which tolls any statute
of limitations applicable to the Note, the Loan Agreement or the other Loan Documents shall similarly operate to toll the statute
of limitations applicable to Indemnitor's liability hereunder. Without limiting the generality of the foregoing or any other provision
hereof, Indemnitor expressly waives to the extent permitted by law any and all rights and defenses which might otherwise be available
to Indemnitor under California Civil Code Sections 2787 to 2855, inclusive, 2899, 2953 and 3433 and under California Code of Civil
Procedure Sections 580a, 580b, 580d and 726, or any of such sections and all other rights and defenses that Indemnitor might have
because the Debt is secured by real property. This means, among other things, Indemnitee may collect from Indemnitor without first
foreclosing on any real or personal property collateral pledged by Borrower; and if Indemnitee forecloses on any real property
collateral pledged by Borrower, the amount of the Debt may be reduced only by the price for which that collateral is sold at the
foreclosure sale, even if the collateral is worth more than the same price, and Indemnitee may collect from Indemnitor even if
Indemnitee, by foreclosing on the real property collateral, has destroyed any right Indemnitor may have to collect from Borrower.
This is an unconditional and irrevocable waiver of any rights and defenses Indemnitor may have because Borrower’s Debt evidenced
by the Note is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based
upon Sections 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

 

    		-21-	Mezzanine B Environmental Indemnity Agreement

     

    

 

(g)       Indemnitor
hereby also waives and agrees not to assert or take advantage of any defense of Indemnitor based upon Indemnitee’s election
of any remedy against Indemnitor or Borrower or both, including, without limitation, the defense to enforcement of this Agreement
(the “Gradsky” defense based upon Union Bank v. Gradsky, 265 Cal. App. 2d 40 (1968) or subsequent cases) which, absent
this waiver, Indemnitor would have by virtue of an election by Indemnitee to conduct a non-judicial foreclosure sale of the Properties,
it being understood by Indemnitor that any such non-judicial foreclosure sale will destroy, by operation of California Code of
Civil Procedure Section 580d, all rights of any party to a deficiency judgment against Borrower, and, as a consequence, will destroy
all rights which Indemnitor would otherwise have (including, without limitation, the right of subrogation, the right of reimbursement,
and the right of contribution) to proceed against Borrower and to recover any such amount, and that Indemnitee could be otherwise
estopped from pursuing Indemnitor for a deficiency judgment after a non-judicial foreclosure sale on the theory that a guarantor
should be exonerated if a lender elects a remedy that eliminates the guarantor’s subrogation, reimbursement or contribution
rights.

 

(h)       Indemnitor
hereby also waives its right, under Sections 2845 or 2850 of the California Civil Code, or otherwise, to require Indemnitee to
institute suit against, or to exhaust any rights and remedies which Indemnitee has or may have against, Indemnitor or any third
party, or against any collateral for the obligations provided by Borrower or any third party. In this regard, Indemnitor agrees
that it is bound to the payment of all obligations, whether now existing or hereafter accruing as fully as if such obligations
were directly owing to Indemnitee by Indemnitor. Indemnitor further waives any defense arising by reason of any disability or other
defense (other than the defense that the obligations are not due and owing or that the obligations shall have been fully and finally
performed and indefeasibly paid) of Indemnitor or by reason of the cessation from any cause whatsoever of the liability of Indemnitor
in respect thereof.

 

    		-22-	Mezzanine B Environmental Indemnity Agreement

     

    

 

(i)       Indemnitor
hereby also waives (i) any rights to assert against Indemnitee any defense (legal or equitable), set off, counterclaim, or claim
which Indemnitor may now or at any time hereafter have against Indemnitor or any other party liable to Indemnitee; (ii) any defense,
set off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection,
sufficiency, validity, or enforceability of the obligations or any security therefor; (iii) any defense Indemnitor has to performance
hereunder, and any right Indemnitor has to be exonerated, provided by Sections 2819, 2822 or 2825 of the California Civil Code,
or otherwise, arising by reason of: any claim or defense based upon an election of remedies by Indemnitee; the impairment or suspension
of Indemnitee’s rights or remedies against Indemnitor; the alteration by Indemnitee of its obligations; any discharge of
Indemnitor’s obligations to Indemnitee by operation of law as a result of Indemnitee’s intervention or omission; or
the acceptance by Indemnitee of anything in partial satisfaction of its obligations; (iv) the benefit of any statute of limitations
affecting Indemnitor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation
of such statute of limitations applicable to Indemnitor’s liability hereunder.

 

(j)       To the fullest
extent permitted by law, Indemnitor hereby expressly waives all rights and benefits under Section 2809 of the California Civil
Code purporting to reduce a guarantor’s obligations in proportion to the principal obligation.

 

(k)       Indemnitor
acknowledges that it has been made aware of the provisions of California Civil Code Section 2856, has read and understands the
provisions of that statute, has had the opportunity to seek the advice of its counsel as to the scope, purpose and effect of that
statute, and based thereon, and without limiting the foregoing waivers, Indemnitor agrees to waive all suretyship rights and defenses
described in California Civil Code Section 2856(a).

 

(l)        Without limiting
any other waivers herein, Indemnitor hereby gives the following waivers with respect to California Civil Code Sections 2856(c)
and (d):

 

(m)       Indemnitor
waives all rights and defenses that the Indemnitor may have because the Loan is secured by real property. This means among other
things: (A) the creditor may collect from the Indemnitor without first foreclosing on any real or personal property pledged by
Borrower; (B) if the creditor forecloses on any real property collateral pledged by Borrower: (1) the amount of the debt may be
reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than
the sale price; (2) the creditor may collect from the Indemnitor even if the creditor, by foreclosing on the real property collateral,
has destroyed any right the Indemnitor may have to collect from Borrower. This is an unconditional and irrevocable waiver of any
rights and defenses the Indemnitor may have because the debtor’s debt is secured by real property. These rights and defenses
include, but are not limited to, any rights or defenses based on California Code of Civil Procedure Sections 580a, 580b, 580d or
726, California Civil Code Sections 2787 through 2855, 2899, 2953 and 3433, and any successor sections, or similar laws in other
states.

 

    		-23-	Mezzanine B Environmental Indemnity Agreement

     

    

 

(n)       Indemnitor
waives all rights and defenses arising out of an election of remedies by the creditor, even though that election of remedies, such
as non-judicial foreclosure with respect to security for a guaranteed obligation, has destroyed the Indemnitor’s rights of
subrogation and reimbursement against the principal by operation of California Code of Civil Procedure Section 580d or otherwise.

 

(o)       Indemnitor
covenants and agrees to promptly notify Indemnitee in writing of the discovery of any occurrence or condition on any real property
adjoining or in the vicinity of the Property that would cause the Property or any part thereof to be designated as “hazardous
waste property” or “border zone property” pursuant to former Article 11 of the California Health and Safety Code
(Section 25220 et seq.) or by the California Department of Toxic Substances Control (the “Department”) pursuant to
the California Government Code or the California Health and Safety Code.

 

(p)       Indemnitor
represents and warrants that the Property has not been designated as “hazardous waste property” or “border zone
property” pursuant to former Article 11 of the California Health and Safety Code (Section 25220 et seq.), the Property is
not recognized as “hazardous waste property” or “border zone property” by the Department pursuant to Section
65962.5 of the California Government Code, and no representative from the Department has entered or inspected the Property pursuant
to Section 25185.5 of the California Health and Safety Code.

 

30.        Other
State Specific Provisions.

 

(a)       With
respect to the foregoing provisions contained in this Agreement, the following shall apply with respect to the State of Connecticut:

 

(i)       INDEMNITOR
HEREBY ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS AGREEMENT IS A PART IS A COMMERCIAL TRANSACTION, AND HEREBY WAIVES ITS RIGHT
TO NOTICE AND HEARING UNDER CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, OR AS OTHERWISE ALLOWED BY ANY STATE OR FEDERAL LAW
WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE INDEMNITEE OR ITS SUCCESSORS OR ASSIGNS MAY DESIRE TO USE.

 

(b)       With
respect to the foregoing provisions contained in this Agreement, the following shall apply with respect to the Commonwealth of
Pennsylvania:

 

(i)       For
purposes of any of the Properties in the Commonwealth of Pennsylvania, the term “Environmental Law” shall also include,
without limitation, the Pennsylvania Hazardous Sites Cleanup Act, 35 P.S. 6020.101 et seq.; the Pennsylvania Solid Waste Management
Act, 35 P.S. 6018.101 et seq.; the Pennsylvania Clean Streams Law, 35 P.S. 691.1 et seq.; the Pennsylvania Storage Tank and Spill
Prevention Act, 35 P.S. 6021.101 et seq.; the Pennsylvania Sewage Facilities Act, 35 P.S. 750.1 et seq.; and the Pennsylvania Dam
Safety and Encroachments Act, 32 P.S. 693.1 et seq.; all as amended, and all opinions, orders,
judgments, rules, regulations,  and directives issued or promulgated pursuant to or in connection with any of the foregoing
by the Pennsylvania Department of Environmental Protection or any other governmental authority or agency, court or entity having
jurisdiction.

 

    		-24-	Mezzanine B Environmental Indemnity Agreement

     

    

 

(c)       With
respect to the foregoing provisions contained in this Agreement, the following shall apply with respect to the State of Texas:

 

(i)       For
purposes of any of the Properties in the State of Texas, the term “Environmental Law” shall include and any corresponding
state laws or ordinances including but not limited to the Texas Water Code § 26.001 et seq.; Texas Health & Safety Code
§ 361.001 et seq.; and Texas Solid Waste Disposal Act, Tex. Rev. Civ. Stat. Ann. art. 4477-7.

 

(d)       With
respect to the foregoing provisions contained in this Agreement, the following shall apply with respect to the State of New Mexico:

 

(i)       To
the extent, if at all, NMSA 1978 §56-7-1 is applicable to any indemnification provisions in this Agreement, any agreement
to indemnify any indemnitee in this Agreement is limited by the provisions of such statute.

 

(e)       With
respect to the foregoing provisions contained in this Agreement, the following shall apply with respect to the State of Michigan:

 

(i)       For
purposes of any of the Properties in the State of Michigan, the term “Environmental Law” shall include the Michigan
Natural Resources and Environmental Protection Act, MCL 324.101 et seq.

 

31.       Unsecured
Obligations.  Indemnitors hereby acknowledge that Indemnitee’s appraisal of the Collateral is such that Indemnitee
is not willing to accept the consequences of the inclusion of Indemnitors’ indemnity set forth herein among the obligations
secured by the Pledge Agreement and the other Loan Documents and that Indemnitee would not enter into the Loan Agreement but for
the unsecured personal liability undertaken by Indemnitors herein.  Indemnitors further hereby acknowledge that even though
the representations, warranties, covenants or agreements of Indemnitors contained herein may be identical or substantially similar
to representations, warranties, covenants or agreements of Indemnitors set forth in the Loan Agreement and/or the Pledge Agreement
and secured thereby, the obligations of Indemnitors under this Agreement are not secured by the lien of the Pledge Agreement or
the security interests or other collateral described in the Pledge Agreement or the other Loan Documents, it being the intent of
Indemnitee to create separate obligations of Indemnitors hereunder which can be enforced against Indemnitors without regard to
the existence of the Pledge Agreement, the Loan Agreement or the other Loan Documents or the liens or security interests created
therein.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    		-25-	Mezzanine B Environmental Indemnity Agreement

     

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by Indemnitors and is effective as of the day and year first above written.

 

	 	INDEMNITORS:
	 	 
	 	HIT PORTFOLIO I MEZZ B, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 		Name: Paul C. Hughes
	 		Title: General Counsel and Secretary

 

[SIGNATURES
CONTINUE ON NEXT PAGE]

 

    		-1-	Mezzanine B Environmental Indemnity Agreement

     

    

 

	 

 	HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a
    Delaware limited partnership
	 	 	 	 
	 	 	By:	/s/ Paul C. Hughes
	 	 		Name: Paul C. Hughes
	 	 		Title: General Counsel and Secretary
	 	 	 	 
	 	HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation
	 	 	 	 
	 	 	By:	/s/ Paul C. Hughes
	 	 	 	Name: Paul C. Hughes
	 	 	 	Title: General Counsel and Secretary

 

    		-2-	Mezzanine B Environmental Indemnity AgreementEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

SHARE PURCHASE AGREEMENT 

dated as of May 3, 2019 
 by
and among 
 ATHENEX, INC., 

PERCEPTIVE LIFE SCIENCES MASTER FUND, LTD. 

VENBIO SELECT FUND LLC 

ORBIMED PARTNERS MASTER FUND LIMITED 

and 
 THE BIOTECH GROWTH TRUST
PLC 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	
	ARTICLE I	  

	
	Purchase; Purchase Price; and Closings	  

			
	 SECTION 1.1.
	 	Purchase	  	 	1	 
	 SECTION 1.2.
	 	Purchase Price	  	 	1	 
	 SECTION 1.3.
	 	Closing	  	 	2	 
	 SECTION 1.4.
	 	Closing Conditions	  	 	2	 
	
	ARTICLE II	  

	
	Representations and Warranties	  

			
	 SECTION 2.1.
	 	Representations and Warranties of the Company	  	 	3	 
	 SECTION 2.2.
	 	Representations and Warranties of the Investor	  	 	13	 
	
	ARTICLE III	  

	
	Covenants	  

			
	 SECTION 3.1.
	 	Filings; Other Actions	  	 	15	 
	 SECTION 3.2.
	 	Expenses	  	 	15	 
	 SECTION 3.3.
	 	Confidentiality	  	 	16	 
	 SECTION 3.4.
	 	Representations and Warranties	  	 	16	 
	 SECTION 3.5.
	 	Registration Statements	  	 	16	 
	
	ARTICLE IV	  

	
	Additional Agreements	  

			
	 SECTION 4.1.
	 	Compliance with Laws	  	 	17	 
	 SECTION 4.2.
	 	Legend	  	 	17	 
	 SECTION 4.3.
	 	Indemnity	  	 	18	 
	 SECTION 4.4.
	 	Registration Rights	  	 	20	 
	
	ARTICLE V	  

	
	Termination	  

			
	 SECTION 5.1.
	 	Termination	  	 	20	 
	 SECTION 5.2.
	 	Effects of Termination	  	 	20	 

  
 ii 

							
	ARTICLE VI	 
	
	Miscellaneous	 
	 SECTION 6.1.
	 	Survival	  	 	21	 
	 SECTION 6.2.
	 	Amendment	  	 	21	 
	 SECTION 6.3.
	 	Waivers	  	 	21	 
	 SECTION 6.4.
	 	Counterparts	  	 	21	 
	 SECTION 6.5.
	 	Governing Law	  	 	21	 
	 SECTION 6.6.
	 	Dispute Resolution	  	 	21	 
	 SECTION 6.7.
	 	Notices	  	 	22	 
	 SECTION 6.8.
	 	Entire Agreement, Etc.	  	 	22	 
	 SECTION 6.9.
	 	Definitions	  	 	23	 
	 SECTION 6.10.
	 	Captions	  	 	24	 
	 SECTION 6.11.
	 	Severability	  	 	24	 
	 SECTION 6.12.
	 	No Third-Party Beneficiaries	  	 	25	 
	 SECTION 6.13.
	 	Public Announcements	  	 	25	 
	 SECTION 6.14.
	 	Specific Performance	  	 	25	 

  

			
	LIST OF EXHIBITS
		
	Exhibit A:	  	Form of Officer’s Certificate from the Company
	Exhibit B:	  	Form of Registration Rights Agreement

  
 iii 

 INDEX OF DEFINED TERMS 

 

			
	Registration Rights Agreement	  	Recitals
	Actions	  	Section 2.1(m)
	Affiliate	  	Section 6.9(a)
	Aggregate Purchase Price	  	Section 1.2
	Agreement	  	Recitals
	Anti-Money Laundering Laws	  	Section 2.1(p)
	Applicable Laws	  	Section 2.1(o)
	Basket	  	Section 4.3(a)
	Beneficially Own/ Beneficial Ownership	  	Section 6.9(a)
	Closing	  	Section 1.3
	Closing Date	  	Section 1.3
	Common Stock	  	Recitals
	Company	  	Recitals
	Company Indemnified Parties	  	Section 4.3(b)
	control/controlled-by/under common control with	  	Section 6.9(a)
	De Minimis Claim	  	Section 4.3(a)
	e-mail	  	Section 6.4
	Encumbrances	  	Section 2.1(c)
	Exchange Act	  	Section 2.1(v)
	Fundamental Representations	  	Section 4.3(a)
	GAAP	  	Section 2.1(h)
	Governmental Entity	  	Section 1.4(a)
	Governmental Order	  	Section 1.4(a)
	Group Companies	  	Section 6.9(a)
	Indemnified Party	  	Section 4.3(c)
	Indemnifying Party	  	Section 4.3(c)
	Information	  	Section 3.3
	Infringe	  	Section 2.1(w)
	Intellectual Property	  	Section 2.1(w)
	Investor	  	Recitals
	Investor Indemnified Parties	  	Section 4.3(a)
	knowledge of the Company/ Company’s knowledge	  	Section 6.9(a)
	License Agreements	  	Section 2.1(w)
	Losses	  	Section 4.3(a)
	Material Adverse Effect	  	Section 6.9(a)
	person	  	Section 6.9(a)
	Purchase Price Per Share	  	Section 1.2
	Purchased Shares	  	Section 1.1
	Sanctioned Country	  	Section 2.1(q)
	Sanctions	  	Section 2.1(q)
	SEC	  	Section 2.1
	SEC Documents	  	Section 2.1
	Securities Act	  	Recitals
	Transaction Documents	  	Recitals
	Transfer Agent	  	Section 1.3

  

  
 iv 

 THIS SHARE PURCHASE AGREEMENT, dated as of May 3, 2019 (this
“Agreement”), is made by and among (i) Athenex, Inc., a Delaware corporation (the “Company”), and (ii) Perceptive Life Sciences Master Fund, Ltd., a Cayman Islands exempted company, venBio Select Fund LLC,
a Delaware limited liability company, OrbiMed Partners Master Fund Limited, a Bermuda exempted company, and The Biotech Growth Trust PLC, a United Kingdom investment trust (each, an “Investor and, together, the
“Investors”). 
 RECITALS: 

A. The Investment. The Investors intend to subscribe for and purchase from the Company, and the Company intends to issue and sell to
the Investors, as an investment in the Company, the securities as described herein. The securities to be purchased at the closing are shares of common stock, par value $0.001 per share, of the Company (“Common Stock”). 

B. Exemption from Securities Registration. The Parties are executing and delivering this Agreement in reliance upon the exemption from
securities registration afforded by Section 4(a)(2) of the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”) and the provisions of Regulation D or other
applicable exemptions from registration, as promulgated by the U.S. Securities and Exchange Commission under the Securities Act. 
 C.
Registration Rights Agreement. At the Closing, the Company and the Investors will enter into a Registration Rights Agreement, substantially in the form attached as Exhibit B hereto (the “Registration Rights
Agreement”). 
 D. Transaction Documents. The term “Transaction Documents” refers to this Agreement, the
Registration Rights Agreement and each of the other agreements and documents entered into or delivered by the parties hereto in connection with the transactions contemplated hereby or thereby. 

NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein,
the parties agree as follows: 
 ARTICLE I 

PURCHASE; PURCHASE PRICE; AND CLOSINGS 

SECTION 1.1. Purchase. On the terms and subject to the conditions set forth herein, the Investors will purchase from the Company, and
the Company will issue and sell to the Investors, an aggregate of 10,000,000 shares of Common Stock (such shares of Common Stock collectively, the “Purchased Shares”). The number of Purchased Shares that each Investor will purchase
from the Company is set forth on Schedule 1. 
 SECTION 1.2. Purchase Price. The purchase price per Purchased Share (the
“Purchase Price Per Share”) shall be US$10.00, amounting to an aggregate purchase price for all of the Purchased Shares of US$100,000,000 (the “Aggregate Purchase Price”). The portion of the Aggregate Purchase Price
that each Investor will pay to the Company is set forth on Schedule 1. 

 SECTION 1.3. Closing. Subject to the satisfaction (or, where permissible, waiver) of
the conditions to the closing set forth in SECTION 1.4, the closing shall take place remotely via the exchange of documents and signatures (the “Closing”), on a date to be mutually agreed between the parties hereto in writing (the
date on which the Closing actually occurs, the “Closing Date”). At the Closing, each Investor shall (i) pay to the Company its share of the Aggregate Purchase Price by wire transfer of immediately available funds in United
States dollars to a bank account designated by the Company, and (ii) deliver to the Company a copy of the Registration Rights Agreement duly executed by such Investor. At the Closing, the Company shall (i) deliver to the Investors a true
and complete copy of the duly passed resolutions of the board of directors of the Company (in the form of minutes or otherwise), or the relevant extracts thereof, evidencing approval of the execution, delivery and performance by the Company of this
Agreement and the other Transaction Documents to which it is a named party and the consummation of the transactions contemplated hereunder and thereunder and (ii) deliver to the Investors a copy of the Registration Rights Agreement duly
executed by the Company. On the Closing Date, the Company shall instruct the transfer agent for the Common Stock (the “Transfer Agent”) to promptly credit each Investor its Purchased Shares (and, upon request of such Investor, shall
instruct the Transfer Agent to deliver stock certificates to such Investor representing its Purchased Shares). 
 SECTION 1.4. Closing
Conditions. 
 (a) The obligation of the Investors to consummate the Closing is subject to the fulfillment prior to or contemporaneously
with the Closing of each of the following conditions: 
 (i) no judgment, injunction, order, ruling, verdict, decree or other
similar determinations or finding (a “Governmental Order”) by, before or under the supervision of any court, administrative agency or commission or other governmental authority or instrumentality, whether federal, state, local or
foreign, or any applicable industry self-regulatory organization (each, a “Governmental Entity”) that would have the effect of prohibiting the Closing shall be in effect, and no lawsuit commenced by any Governmental Entity seeking
to prohibit the Closing shall be pending; 
 (ii) the representations and warranties of the Company set forth in SECTION 2.1
of this Agreement shall be true and correct in all material respects as of the date hereof and as of the Closing Date (except (A) to the extent such representations and warranties are made as of a specified date, in which case such
representations and warranties shall be true and correct in all material respects as of such date, and (B) any representations and warranties that have “material” or “Material Adverse Effect” qualifications, in which case
such representations and warranties shall be true in all respects); 
 (iii) the Company shall have performed in all material
respects all obligations required to be performed by it at or prior to or contemporaneously with the Closing under this Agreement; 

  
 2 

 (iv) the Company shall have obtained all consents, permits, approvals,
registrations and waivers necessary and appropriate for the consummation of the transactions contemplated herein and in the other Transaction Documents, all of which shall be in full force and effect; 

(v) the Company shall have delivered to the Investors a duly executed (A) Officer’s Certificate in the form set forth
in Exhibit A hereto and (B) Secretary’s Certificate certifying (1) the Company’s board resolutions approving this Agreement and the other Transaction Documents and the issuance of the Purchased Shares, and (2) the
Company’s Certificate of Incorporation and Bylaws, each as amended through the date hereof; 
 (vi) the Investors shall
have received an opinion from Harter Secrest & Emery LLP s in a form agreed upon by the Investors acting reasonably and in good faith; and 

(vii) no stop order or suspension of trading shall have been imposed or threatened in writing by any Governmental Authority or
self-regulatory organization with respect to public trading in the Company’s stock. 
 (b) The obligation of the Company to consummate
the Closing is subject to the fulfillment prior to the Closing of each of the following conditions: 
 (i) no Governmental
Order by, before or under a Governmental Entity that would have the effect of prohibiting the Closing shall be in effect, and no lawsuit commenced by any Governmental Entity seeking to prohibit the Closing shall be pending; 

(ii) the representations and warranties of the Investors set forth in SECTION 2.2 of this Agreement shall be true and correct
in all material respects as of the date hereof and as of the Closing Date (except to the extent such representations and warranties are made as of a specified date, in which case such representations and warranties shall be true and correct in all
material respects as of such date); and 
 (iii) the Investors shall have performed in all material respects all obligations
required to be performed by them at or prior to or contemporaneously with the Closing under this Agreement. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

SECTION 2.1. Representations and Warranties of the Company. The Company represents and warrants to the Investors as of the date hereof
and as of the Closing Date (except to the extent made only as of a specified date, in which case as of such date) that, except as set forth in the reports, registrations, documents, filings, statements, schedules and submissions together with any
required amendments thereto filed with the U.S. Securities and Exchange Commission (the “SEC”) prior to the date of this Agreement (the “SEC Documents”): 

  
 3 

 (a) Organization and Good Standing. The Company and each other Group Company have
been duly organized and are validly existing and in good standing (or the jurisdictional equivalent) under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing (or the jurisdictional
equivalent) in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective
properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 (b) Due Authorization. The Company has full right, power and authority to execute and deliver the
Transaction Documents and to perform its obligations thereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of the Transaction Documents and the consummation by it of the transactions
contemplated thereby has been duly and validly taken. The Transaction Documents constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally and to general equitable principles. 

(c) Capitalization. As of the date of this Agreement, (a) the authorized share capital of the Company is 275,000,000 shares, and
consists of 250,000,000 shares of Common Stock, of which 67,065,698 shares of Common Stock are outstanding, and 25,000,000 shares of preferred stock, of which none is outstanding, (b) all the outstanding shares of capital stock of the Company
have been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights; (c) other than
(i) options to purchase shares of Common Stock issued to employees and consultants and (ii) the Warrant dated as of June 29, 2018 entered into between the Company and Perceptive Life Sciences Master Fund, Ltd., there are no
outstanding rights (including pre-emptive rights), warrants, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interests in the Company or any of its
subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights,
warrants or options; and (d) all of the outstanding shares of capital stock or other equity interests of each material subsidiary owned, directly or indirectly, by the Company have been duly and validly authorized and issued, are fully paid and
non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party
(“Encumbrances”). The issuance and sale of the Purchased Shares hereunder will not obligate the Company to issue shares of Common Stock or other securities to any other Person (other than the Investor) and will not result in the
adjustment of the exercise, conversion, exchange or reset price of any outstanding security. 

  
 4 

 (d) Valid Issuance. The Purchased Shares to be issued and sold by the Company
hereunder have been duly authorized and, when issued and delivered and paid for as provided herein, will be duly and validly issued, will be fully paid and non-assessable, and shall be free and clear of
Encumbrances (other than those created by the Investor), except for restrictions on transfer imposed by applicable securities laws. 
 (e)
No Violation or Default. Neither the Company nor any other Group Company is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has
occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any other Group Company is a party or by which the Company or any other Group Company is bound or to which any property or asset of the Company or any other Group Company is subject; or (iii) in violation of
any law or statute, including laws of foreign jurisdictions, tax laws, environmental protection laws, health and pharmaceutical regulatory laws, social security laws or labor laws, or any judgment, order, rule or regulation of any court or
arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 (f) No Conflicts. The execution, delivery and performance by the Company of the Transaction Documents, the issuance and
sale of the Purchased Shares and the consummation of the transactions contemplated by the Transaction Documents will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
result in the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Company or any other Group Company pursuant to, any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which the Company or any other Group Company is a party or by which the Company or any other Group Company is bound or to which any property, right or asset of the Company or any
other Group Company is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Company or any other Group Company or (iii) result
in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation
or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (g) No Consents
Required. Assuming the accuracy of the representations and warranties of the Investor set forth in SECTION 2.2, and other than submitting the Listing of Additional Shares Notification Form to the Nasdaq, no consent, approval, authorization,
order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required to be made or obtained by the Company for the execution, delivery and performance by the Company of this Agreement, the
issuance and sale of the Purchased Shares and the consummation of the transactions contemplated by the Transaction Documents, except for those that have been made or obtained prior to the date hereof, post-Closing filings as may be required pursuant
to securities laws and the rules and regulation of the Nasdaq, which the Company shall file within the applicable time periods and the registration of the Purchased Shares under the Securities Act as and when required under the Registration Rights
Agreement. 

  
 5 

 (h) Financial Statements. As of their respective dates, the financial statements
(including the related notes thereto) of the Company and its consolidated subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC
on March 11, 2019 comply in all material respects with the applicable requirements of the Securities Act and present fairly the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of
their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in all material aspects in conformity with generally accepted accounting principles (“GAAP”) in the United
States applied on a consistent basis throughout the periods covered thereby, and any supporting schedules included in the SEC Documents present fairly in all material aspects the information required to be stated therein; and the other financial
information included in the SEC Documents has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material aspects the information shown thereby. 

(i) Regulatory Filings. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
neither the Company nor any other Group Company has failed to file with the regulatory authorities any required filing, declaration, listing, registration, report or submission with respect to the product candidates of the Company or the other Group
Companies that are described or referred to in the SEC Documents; all such filings, declarations, listings, registrations, reports or submissions were in material compliance with Applicable Laws when filed; and no material deficiencies regarding
compliance with Applicable Law have been asserted by any applicable regulatory authority with respect to any such filings, declarations, listings, registrations, reports or submissions. 

(j) Title to Real and Personal Property. The Company and the other Group Companies have good and marketable title in fee simple to, or
have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Company and the other Group Companies, in each case free and clear of all Liens, except those that (i) do
not materially interfere with the use made and proposed to be made of such property by the Company and the other Group Companies or (ii) would not, individually or in the aggregate, reasonably be excepted to have a Material Adverse Effect. 

(k) Tax. The Company and the other Group Companies have paid all federal, state, local and foreign taxes and filed all tax returns
required to be paid or filed through the date hereof except where such failure to pay or file would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, there is no tax deficiency that has been, or could reasonably be expected to be, asserted against the Company or any other Group Company or any of their respective properties or
assets. To the Company’s knowledge, no tax investigation is currently pending against the Company or any other Group Company. The provisions included in the financial statements as set out in the SEC Documents included appropriate provisions
required under U.S. GAAP for all taxation in respect of accounting periods ended on or before the accounting reference date to which such audited accounts relate for which the Company was then or might reasonably be expected thereafter to become or
have become liable. 

  
 6 

 (l) Absence of Certain Changes. Since the date of the most recent financial
statements of the Company included in the SEC Documents, (i) there has not been any change in the capital stock (other than the issuance of Common Stock upon exercise of any stock options and warrants described as outstanding in, and the grant
of any options and awards under existing equity incentive plans described in, the SEC Documents), short-term debt or long-term debt of the Company or any other Group Company, or any dividend or distribution of any kind declared, set aside for
payment, paid or made by the Company on any class of capital stock, or any other change or development that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, (ii) neither the Company
nor any other Group Company has entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and the other Group Companies taken as a whole or incurred any liability or obligation,
direct or contingent, that is material to the Company and the other Group Companies taken as a whole (other as described in the SEC Documents); (iii) there has not been any material damage, destruction or loss, whether or not covered by insurance to
any assets or properties of the Company or any Group Company, that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, (iv) there has not been any material labor difficulties or labor
union organizing activities with respect to employees of the Company or any Group Company that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, and (v) there has not been any other
event or condition of any character that has had or could be reasonably expected to have a Material Adverse Effect. 
 (m) Legal
Proceedings. As of the date of this Agreement, except as set forth on Schedule 2.1(m), (i) there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings
(“Actions”) pending to which the Company, any other Group Company or any directors, director nominees or executive officers (in their respective capacities as such) of any Group Company is a party or to which any property of the
Company or any other Group Company is the subject that, individually or in the aggregate, if determined adversely to the Company or any other Group Company, would reasonably be expected to have a Material Adverse Effect; (ii) no such Actions
are, to the knowledge of the Company, threatened; (iii) there are no prior, current or pending Actions that are required under the Securities Act to be described in the SEC Documents that are not so described in the SEC Documents, and
(iv) there are no statutes, regulations or contracts or other documents that are required under the Securities Act to be filed as exhibits to the SEC Documents or described in the SEC Documents that are not so filed as exhibits to the SEC
Documents or described in the SEC Documents. 
 (n) Material Contracts. Each franchise, contract or other document of a character
required to be described in the SEC Documents or to be filed as an exhibit to the SEC Documents under the Securities Act and the rules and regulations promulgated thereunder is so described or filed, except as set forth on Schedule 2.1(n).
All such agreements and contracts are valid, binding, in full force and effect and enforceable against each of the parties thereto. Neither the Company, nor, to the Company’s knowledge, any other party thereto, is in material default of any of
its obligations under any such agreement or contract. 

  
 7 

 (o) Licenses and Permits. The Company and the other Group Companies possess, and are
in material compliance with the terms of, all material licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory
authorities that are necessary for the ownership or lease of their properties or the conduct of their business as described in the SEC Documents, except where the failure to possess or make the same would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect; and neither the Company nor any other Group Company has received notice of any revocation or modification of any such material license, certificate, permit or authorization or has any reason
to believe that any such material license, certificate, permit or authorization will not be renewed in the ordinary course except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company
and the other Group Companies (i) are, and at all times since January 1, 2018 have been, in compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use,
distribution, storage, import, export or disposal of any product manufactured or distributed by the Company (“Applicable Laws”); and (ii) have not received any U.S. Food and Drug Administration Form 483, written notice of
adverse finding, warning letter, untitled letter or other correspondence or written notice from any court or arbitrator or governmental or regulatory authority alleging or asserting non-compliance with
(x) any Applicable Laws or (y) any licenses, exemptions, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws except in each case of clause (i) and
clause (ii), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, all preclinical and clinical studies conducted by or, to the Company’s
knowledge, on behalf of the Company to support approval for commercialization of the Company’s products have been conducted by the Company, or to the Company’s knowledge by third parties, in compliance with all applicable federal, state or
foreign laws, rules, orders and regulations, except for such failure or failures to be in compliance which could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The descriptions of the tests and
preclinical and clinical studies, and results thereof, conducted by or, to the Company’s knowledge, on behalf of the Company contained in the SEC Documents are accurate and complete in all material respects; and the Company has not received any
oral or written notice or correspondence from the FDA or any foreign, state or local governmental body exercising comparable authority requiring the termination, suspension, or clinical hold of any tests or preclinical or clinical studies, or such
written notice or correspondence from any Institutional Review Board or comparable authority requiring the termination or suspension of a clinical study, conducted by or on behalf of the Company, which termination, suspension, or clinical hold would
reasonably be expected to have a Material Adverse Effect. 
 (p) Compliance with Anti-Money Laundering Laws. The operations of the
Company and the other Group Companies are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Organised and Serious Crimes Ordinance (Chapter 455 of the Laws
of Hong Kong), the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Chapter 615 of the Laws of Hong Kong), the Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong), the
United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong), the applicable anti-money laundering statutes of all jurisdictions where the Company or any other Group Company conducts business, the applicable rules and
regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental or regulatory agency (collectively, the “Anti-Money  

  
 8 

 
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving the Company or any other
Group Company with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 
 (q) No
Conflicts with Sanctions Laws. Neither the Company nor any other Group Company or any directors, officers or employees (in their respective capacity as such) of any Group Company, nor, to the knowledge of the Company, any agent acting on behalf
of the Company or any other Group Company is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S.
Department of State and including the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions
authority (collectively, “Sanctions”), nor is the Company or any other Group Company located, organized or resident in a country or territory that is the subject or target of Sanctions (each, a “Sanctioned
Country”); and the Company will not directly or indirectly use the proceeds of the sale of the Purchased Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in
any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five
years, the Company and the other Group Companies have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of
Sanctions or with any Sanctioned Country. 
 (r) No Labor Disputes. 

(i) The Company is not a party to or bound by any collective bargaining agreements or other agreements with labor
organizations. The Company has not violated any laws, regulations, orders or contract terms, affecting the collective bargaining rights of employees, labor organizations or any laws, regulations or orders affecting employment discrimination, equal
opportunity employment, or employees’ health, safety, welfare, wages and hours, which violation, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect. 

(ii) (A) There are no labor disputes existing, or to the Company’s knowledge, threatened, involving strikes, slow-downs,
work stoppages, job actions, disputes, lockouts or any other disruptions of or by the Company’s employees that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, (B) there are no
unfair labor practices or petitions for election pending or, to the Company’s knowledge, threatened before the National Labor Relations Board or any other federal, state, foreign or local labor commission relating to the Company’s
employees that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, and (C) no demand for recognition or certification heretofore made by any labor organization or group of employees is
pending with respect to the Company. 

  
 9 

 (iii) The Company is, and at all times has been, in compliance with all
applicable laws respecting employment (including laws relating to classification of employees and independent contractors) and employment practices, terms and conditions of employment, wages and hours, and immigration and naturalization, except for
such failure or failures to be in compliance which could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. There are no material claims pending, or to the Company’s knowledge threatened, against
the Company before the Equal Employment Opportunity Commission or any other administrative body or in any court asserting any violation of Title VII of the Civil Rights Act of 1964, the Age Discrimination Act of 1967, 42 U.S.C. §§ 1981 or
1983 or any other federal, state, foreign or local Law, statute or ordinance barring discrimination in employment. 
 (s) Investment
Company Act. The Company is not and, after giving effect to the issuance and sale of the Purchased Shares and the application of the proceeds thereof, will not be, required to register as an “investment company” or an entity
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder. 

(t) No Unlawful Payments. Neither the Company nor any other Group Company nor any director, officer, or employee (in their respective
capacity as such) of the Company or any other Group Company nor, to the knowledge of the Company, any agent, acting on behalf of the Company or any Group Company has (i) used any funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity; (ii) made or taken an intentional act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any government or regulatory official or
employee, including any directors, officers and employees of any wholly or partially government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the
foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption laws; or
(iv) made, offered, promised, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The
Company and the Group Companies have instituted, and maintain and enforce, policies and procedures designed to promote and reasonably ensure compliance with all applicable anti-bribery and anti-corruption laws. 

(u) Certain Environmental Matters. The Company and the other Group Companies are currently in compliance with all, and have not since
January 1, 2018 violated any, applicable federal, state, local and foreign laws (including common law), rules, regulations, requirements, decisions, judgments, decrees, orders and other legally enforceable requirements 

  
 10 

 
relating to pollution or the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants, except in the case that
such failure to comply would not individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (v)
Accounting Controls. The Company and the other Group Companies maintain systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the U.S. Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal
executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with GAAP. The Company and the other Group Companies maintain internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general
or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. There are no material weaknesses in the
Company’s internal controls. The Company’s auditors and the Audit Committee of the board of directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting which have adversely affected or are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material,
that involves management or other employees who have a significant role in the Company’s internal controls over financial reporting. 

(w) Intellectual Property. Except as set forth on Schedule 2.1(w) (i) the Company or another Group Company owns or has the
right to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names and other source indicators, copyrights and copyrightable works (including software), know-how, trade secrets, inventions, other unpatented and/or unpatentable systems, procedures, methods, processes, proprietary or confidential information and all other worldwide intellectual property, industrial
property and proprietary rights (collectively, “Intellectual Property”) material to the conduct of their respective businesses; (ii) the Company’s and the other Group Companies’ conduct of their respective businesses
does not infringe, misappropriate or otherwise violate (“Infringe”) any Intellectual Property of any person in any material respect (other than patents), nor, to the knowledge of the Company, does the Company Infringe patents of any
person, and no Action is pending, or to the knowledge of the Company, threatened in writing, alleging Infringement of Intellectual Property of any person; (iii) to the knowledge of the Company, the Intellectual Property owned by and exclusively
licensed to the Company and the Group Companies is not being infringed, misappropriated or otherwise violated by any person in any material respect; (iv) no Action is pending, or to the knowledge of the Company, threatened in writing,
challenging the validity, enforceability, scope, registration, ownership or use of any Intellectual Property owned by or exclusively licensed to the Company or any other Group Company (with the exception of ordinary course office actions in
connection with applications for 

  
 11 

 
the registration or issuance of such Intellectual Property); and (v) the Company and the Group Companies take reasonable measures to maintain and protect their material Intellectual
Property. All of the material licenses and sublicenses and consent, royalty or other agreements concerning Intellectual Property which are necessary for the conduct of the Company’s and/or each of its Group Company respective businesses as
currently conducted to which the Company or any Group Company is a party or by which any of their assets are bound (other than generally commercially available, non-custom, off-the-shelf software application programs having a retail acquisition price of less than $200,000 per license, and other than non-exclusive licenses granted in the
ordinary course of business) (collectively, “License Agreements”) are valid and binding obligations of the Company or any of its Group Companies that are parties thereto and, to the Company’s knowledge, the other parties
thereto, enforceable in accordance with their terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of
creditors’ rights generally. Neither the Company, nor, to the Company’s knowledge, any other party thereto, is in material default of any of its obligations under any such License Agreement. 

(x) No “Bad Actor” Disqualification. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii)
promulgated by the SEC is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below). “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of
Rule 506 promulgated by the SEC under the Act, any person or entity listed in the first paragraph of Rule 506(d)(1). 
 (y) Compliance
with Listing Requirements. The Common Stock is registered pursuant to Section 12(b) of the 1934 Act and is listed on the Nasdaq, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Common Stock under the 1934 Act or removal from listing of the Common Stock from the Nasdaq, nor has the Company received any notification that the SEC, the Nasdaq or the Financial Industry Regulatory Authority, Inc. is contemplating
terminating such registration or quotation. The Company is in compliance in all material respects with the listing and listing maintenance requirements of the Nasdaq applicable to it for the continued trading of its Common Stock on the Nasdaq. 

(z) No Broker’s Fees. Neither the Company nor any other Group Company is a party to any contract, agreement or understanding with
any person (other than this Agreement) that would give rise to a valid claim against any of them for a brokerage commission, finder’s fee or like payment in connection with the issuance and sale of the Purchased Shares. 

(aa) Disclosures. As of their respective filing or furnishing dates, the SEC Documents complied in all material respects with the
requirements of the Securities Act and/or the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder, as applicable, to the respective SEC Documents. None of the SEC Documents, at the time they were filed
or furnished, nor any of the representations and warranties set forth in this Section 2.1, as qualified thereby, contained or contain (as applicable) any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein or herein, in the light of the circumstances under which they were made, not misleading. 

  
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 SECTION 2.2. Representations and Warranties of the Investor. Each Investor, for
itself and no other Investor, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company that: 
 (a)
Organization and Good Standing. Such Investor been duly organized and is validly existing and in good standing (or the jurisdictional equivalent) under the laws of its jurisdiction of formation, and has all power and authority necessary to
own or hold its properties and to conduct the businesses in which it is engaged, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. 
 (b) Due Authorization. Such Investor has full right, power and authority to execute and deliver the
Transaction Documents and to perform its obligations thereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of the Transaction Documents and the consummation by it of the transactions
contemplated thereby has been duly and validly taken. The Transaction Documents constitute the legal, valid and binding obligations of such Investor, enforceable against such Investor in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally and to general equitable principles. 

(c) No Conflicts. The execution, delivery and performance by such Investor of the Transaction Documents, the purchase of the Purchased
Shares and the consummation of the transactions contemplated by the Transaction Documents will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the
termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of such Investor pursuant to, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Investor is a party or by which such Investor is bound or to which any property, right or asset of the Investor is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of such Investor or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or
regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on such
Investor to consummate the transactions contemplated by, and perform its obligations under, the Transaction Documents. 
 (d) No Consents
Required. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required by such Investor for the execution, delivery and performance by such
Investor of this Agreement, the purchase of the Purchased Shares and the consummation of the transactions contemplated by the Transaction Documents, except for the registration of the Purchased Shares under the Securities Act as and when required
under the Registration Rights Agreement. 

  
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 (e) Purchase for Investment. Such Investor acknowledges that the Purchased Shares are
“restricted securities” and have not been registered under the Securities Act or under any state securities laws. Such Investor (1) is acquiring the Purchased Shares pursuant to an exemption from registration under the Securities Act
for its own account solely for investment with no present intention or plan to distribute any of the Purchased Shares to any person nor with a view to or for sale in connection with any distribution thereof, in each case in violation of the
Securities Act, (2) will not sell or otherwise dispose of any of the Purchased Shares, except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws, (3) is
an “accredited investor” (as that term is defined by Rule 501 of the Securities Act) and (4) is not a registered broker-dealer registered under Section 15(a) of the Exchange Act, or a member of FINRA or an entity engaged in the
business of being a broker-dealer. Such Investor is not affiliated with any broker-dealer registered under Section 15(a) of the Exchange Act, or a member of FINRA or an entity engaged in the business of being a broker-dealer. Without limiting
any of the foregoing, neither such Investor nor any of its Affiliates has taken, and such Investor will not, and will cause its Affiliates not to, take any action that would otherwise cause the securities to be purchased hereunder to be subject to
the registration requirements of the Securities Act, except as provided in the Registration Rights Agreement. 
 (f) Financial
Capability. Such Investor has and will have at Closing immediately available funds necessary to consummate the Closing on the terms and conditions contemplated by this Agreement. 

(g) Sophisticated Investor. Such Investor is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions
with respect to investments in shares representing an investment decision like that involved in the purchase of the Purchased Shares, and has requested, received, reviewed and considered all information it deems relevant in making an informed
decision to evaluate the merits and risks of a purchase of the Purchased Shares, and can bear the economic risk and complete loss of its investment in the Purchased Shares. 

(h) Existing Ownership. Except as set forth on Schedule 2.2(h), such Investor does not legally or Beneficially Own or control,
directly or indirectly, any shares, convertible debt or any securities convertible into or exercisable or exchangeable for, or any rights, warrants or options to acquire, any shares or convertible debt in the Company, or have any agreement,
understanding or arrangement to acquire any of the foregoing, except with respect to such Purchased Shares as to be purchased by such Investor pursuant to the transactions contemplated herein. 

(i) No General Solicitation. Such Investor did not learn of the investment in the Purchased Shares as a result of any general
solicitation or general advertising. 
 (j) Reliance on Exemptions. Such Investor understands that the Purchased Shares offered and
sold to it in reliance on specific exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and such Investor’s compliance with, the
representations, warranties, agreements, acknowledgements and understandings of such Investor set forth herein in order to determine the availability of such exemptions and the eligibility of such Investor to acquire the Purchased Shares. 

(k) No Broker’s Fees. Such Investor is not a party to any contract, agreement or understanding with any person (other than this
Agreement) that would give rise to a valid claim against any of them for a brokerage commission, finder’s fee or like payment in connection with the purchase of the Purchased Shares. 

  
 14 

 ARTICLE III 

COVENANTS 
 SECTION 3.1.
Filings; Other Actions. 
 (a) Each of the Investors and the Company will use its commercially reasonable efforts to take, or
cause to be taken, all actions, and to do, or cause to be done all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement, including using
commercially reasonable efforts to accomplish the following: (a) all acts reasonably necessary to cause the conditions to Closing to be satisfied; (b) the obtaining of all necessary actions or no actions, waivers, consents and approvals
from Governmental Entities and the making of all necessary registrations and filings and the taking of all reasonable steps necessary to obtain an approval or waiver from, or to avoid an action or proceeding by any Governmental Entity; (c) the
obtaining of all necessary consents, approvals or waivers from third parties; and (d) executing and delivering any additional instruments necessary to consummate the transactions contemplated by, and to fully carry out the purposes of, this
Agreement. In furtherance of the foregoing, the Investors and the Company will cooperate and consult with each other and use commercially reasonable efforts to prepare and file all necessary documentation, to effect all necessary applications,
notices, petitions, filings, and other documents, and to obtain all necessary permits, consents, orders, approvals, and authorizations of, or any exemption by, all third parties and Governmental Entities, and expiration or termination of any
applicable waiting periods, necessary or advisable to consummate the transactions contemplated by this Agreement and to perform covenants contemplated by this Agreement. Each party shall execute and deliver both before and after the Closing such
further certificates, agreements, and other documents and take such other actions as the other party may reasonably request to consummate or implement such transactions or to evidence such events or matters. 

(b) Each party agrees, upon reasonable request, to furnish the other party with all information concerning itself, its subsidiaries,
Affiliates, directors, officers, partners, and shareholders and such other matters as may be reasonably necessary or advisable in connection with any statement, filing, notice, or application made by or on behalf of such other party or any of its
subsidiaries to any Governmental Entity in connection with this Agreement. Notwithstanding anything herein to the contrary, neither the Investors nor the Company shall be required to furnish the other party with any (1) sensitive personal
biographical or personal financial information of any of the directors, officers, employees, managers or partners of any Investor or any of its Affiliates, (2) proprietary and non-public information
related to the organizational terms of, or investors in, the it or its Affiliates, or (3) any information that it deems private or confidential. 

SECTION 3.2. Expenses. Each of the parties will bear and pay all costs and expenses incurred by it or on its behalf in connection with
this Agreement and the transactions contemplated under this Agreement; provided that the Company shall reimburse each Investor for the reasonable and documented fees of its counsel, up to a maximum amount of $10,000 per Investor. 

  
 15 

 SECTION 3.3. Confidentiality. Each party to this Agreement will hold, and will cause
its respective subsidiaries and their directors, officers, employees, agents, consultants, and advisors to hold, in strict confidence, unless disclosure to a Governmental Entity is necessary in connection with any necessary regulatory approval or
unless compelled to disclose by judicial or administrative process or, in the written opinion of its counsel, by other requirement of law or the applicable requirements of any Governmental Entity, all nonpublic records, books, contracts,
instruments, computer data and other data and information (collectively, “Information”) concerning the other party hereto furnished to it by such other party or its representatives pursuant to this Agreement (except to the extent
that such information can be shown to have been (1) previously known by such party on a nonconfidential basis, (2) in the public domain through no fault of such party, or (3) later lawfully acquired from other sources by the party to
which it was furnished), and neither party hereto shall release or disclose such Information to any other person, except its auditors, attorneys, financial advisors, other consultants, and advisors. If a party is required to disclose any Information
to a Governmental Entity in accordance with this SECTION 3.3, the disclosing party shall notify the other party prior to making any such disclosure by providing the other party with the text of the disclosure requirement and draft disclosure at
least 24 hours prior to making any such disclosure, and will narrow the draft disclosure to the extent the other party reasonably requests. 

SECTION 3.4. Representations and Warranties. 

(a) Prior to the Closing, the Company shall promptly provide the Investors with written notice of the occurrence of any circumstance, event,
change, development or effect occurring after the date hereof and relating to the Company or any Group Company of which the Company has knowledge or, in the reasonable judgment of the Company, may otherwise cause or render any of the representations
and warranties of the Company set forth in SECTION 2.1 of this Agreement to be inaccurate in any material respect. 
 (b) Prior to the
Closing, each Investor shall promptly provide the Company with written notice of the occurrence of any circumstance, event, change, development or effect occurring after the date hereof and relating to such Investor of which such Investor has
knowledge or, in the reasonable judgment of such Investor, may otherwise cause or render any of the representations and warranties of such Investor set forth in SECTION 2.2 of this Agreement to be inaccurate in any material respect. 

SECTION 3.5. Registration Statements. The Company shall not, and shall use its commercially reasonable efforts to ensure that no
Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that will be integrated with the offer or sale of the Purchased
Shares in a manner that would require the registration under the Securities Act of the sale of the Purchased Shares to the Investors, or that will be integrated with the offer or sale of the Purchased Shares for purposes of the rules and regulations
of any trading market such that it would require stockholder approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction. 

  
 16 

 ARTICLE IV 

ADDITIONAL AGREEMENTS 

SECTION 4.1. Compliance with Laws. 

(a) Each Investor acknowledges that it is aware of, and that it will advise its representatives of, the restrictions imposed by applicable
United States and other applicable jurisdictions’ securities laws with respect to trading in securities while in possession of material non-public information relating to the issuer of such securities and
on communication of such information when it is reasonably foreseeable that the recipient of such information is likely to trade such securities in reliance on such information. 

SECTION 4.2. Legend. 
 (a)
Each Investor agrees that all certificates or other instruments representing the securities subject to this Agreement will bear legends substantially to the following effect (in addition to any legend required under applicable federal, state, local
or non-United States law): 
 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT
RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS. ANY ATTEMPT TO TRANSFER, SELL, OFFER TO SELL, PLEDGE, HYPOTHECATE OR OTHERWISE DISPOSE OF
THIS INSTRUMENT IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID.” 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
AND MAY ONLY BE SOLD, DISPOSED OF OR OTHERWISE TRANSFERRED IN COMPLIANCE WITH THE REGISTRATION RIGHTS AGREEMENT, DATED MAY [•], 2019 AND THE SHARE PURCHASE AGREEMENT, DATED MAY 3, 2019, ENTERED INTO BY THE HOLDER OF THESE SHARES AND THE
COMPANY. COPIES OF SUCH AGREEMENTS ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. THESE RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES. BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO
AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID AGREEMENTS AS APPLICABLE.” 

  
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 (b) Upon request of an Investor, upon receipt by the Company of an opinion of counsel and
other customary representations and other documentation from such Investor, in each case, reasonably satisfactory to the Company, to the effect that such legend is no longer required under the Securities Act or applicable state laws, as the case may
be, the Company shall promptly cause the legend to be removed from any certificate for any securities. Each Investor acknowledges that the Purchased Shares have not been registered under the Securities Act or under any state securities laws and
agrees that it will not sell or otherwise dispose of any of the Purchased Shares except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws. 

SECTION 4.3. Indemnity. 

(a) The Company shall indemnify the Investors and their respective Affiliates (collectively, the “Investor Indemnified
Parties”) and hold each of them harmless against any actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith, and including reasonable attorneys’ fees and
disbursements (the “Losses”) suffered, incurred or paid by the Investor Indemnified Parties arising from: (i) any breach of any representation or warranty made by the Company in SECTION 2.1 to be true and correct as of the date
hereof and as of the Closing Date; or (ii) any breach of any covenant or agreement by the Company contained in this Agreement. Other than with respect to fraud, in no event shall the Company be liable for or have an obligation to indemnify or
hold harmless the Investor Indemnified Parties for Losses (i) in connection with the representations and warranties in SECTION 2.1(a), SECTION 2.1(b) and SECTION 2.1(d) (collectively, the “Fundamental Representations”) in
excess of the Aggregate Purchase Price paid to the Company pursuant to this Agreement and (ii) in connection with the representations and warranties other than the Fundamental Reps in excess of US$30,000,000, and the Company shall not be liable
to the Investor Indemnified Parties for any Losses unless the aggregate amount of all Losses incurred by the Investor Indemnified Parties exceeds US$1,500,000 in the aggregate (the “Basket”), in which case the Company shall be
liable for all such Losses in excess of the Basket. The Company shall not be liable to the Investor Indemnified Parties for any Losses arising under this SECTION 4.3 relating to an individual claim resulting in Losses in the amount of US$100,000 or
less (a “De Minimis Claim”), regardless of whether or not aggregate Losses have exceeded the Basket; nor shall the amount of any such De Minimis Claims be taken into account in determining whether the Basket has been reached.
Notwithstanding anything to the contrary, in no event shall the aggregate liability of the Company to the Investor Indemnified Parties for any Losses in connection with the Transaction Documents and the transactions contemplated thereby exceed the
Aggregate Purchase Price. 
 (b) Each Investor shall indemnify each of the Company and its Affiliates and each of their respective directors,
officers, employees and shareholders, owners (collectively, the “Company Indemnified Parties”) and hold each of them harmless against any and all Losses suffered, incurred or paid by the Company Indemnified Parties, arising from, as
a result of or in connection with (i) any failure of any representation or warranty made by such Investor in SECTION 2.2(e) or SECTION 2.2(j) to be true and correct as of the date hereof and as of the Closing Date. For the avoidance of doubt,
the Investors obligation to indemnify the Company Indemnified Parties pursuant to this Section are several and not joint. 

  
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 (c) A party entitled to indemnification hereunder (an “Indemnified Party”)
shall give written notice to the indemnifying party (the “Indemnifying Party”) of any claim with respect to which it seeks indemnification promptly after the discovery by such Indemnified Party of any matters giving rise to a claim
for indemnification; provided that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this SECTION 4.3 unless and to the extent that the Indemnifying Party
shall have been actually materially prejudiced by the failure of such Indemnified Party to so notify such party. No claim for indemnification may be asserted against any Indemnifying Party for breach of any representation, warranty, covenant or
agreement contained herein unless written notice of such claim is received by such Indemnifying Party on or prior to the date on which the representation, warranty, covenant or agreement on which such claim or proceeding is based ceases to survive
as set forth in SECTION 6.1. Such notice shall describe in reasonable detail such claim. In case any such action, suit, claim or proceeding is brought against an Indemnified Party, the Indemnified Party shall be entitled to hire, at the cost and
expense of the Indemnifying Party, counsel and conduct the defense thereof; provided, however, that the Indemnifying Party shall only be liable for the legal fees and expenses of one law firm for the Indemnified Parties, taken together
with regard to any single action or group of related actions, upon agreement by the Indemnified Parties and the Indemnifying Party. If the Indemnifying Party assumes the defense of any claim, the Indemnified Parties shall thereafter deliver to the
Indemnifying Party copies of all notices and documents (including court papers) received by the Indemnified Parties relating to the claim, and the Indemnified Parties shall cooperate in the defense or prosecution of such claim. Such cooperation
shall include the retention and (upon the Indemnifying Party’s request) the provision to the Indemnifying Party of records and information that are reasonably relevant to such claim, and making employees available on a mutually convenient basis
to provide additional information and explanation of any material provided hereunder. The Indemnifying Party shall not be liable for any settlement of any action, suit, claim or proceeding effected without its written consent; provided,
however, that the Indemnifying Party shall not unreasonably withhold, delay or condition its consent. The Indemnifying Party further agrees that it will not, without any Indemnified Party’s prior written consent (which shall not be
unreasonably withheld or delayed), settle or compromise any claim or consent to entry of any judgment in respect thereof in any pending or threatened action, suit, claim or proceeding in respect of which indemnification has been sought hereunder
unless such settlement or compromise includes an unconditional release of such Indemnified Party from all liability arising out of such action, suit, claim or proceeding. 

(d) In calculating the amount of any Losses hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments
received by the Indemnified Parties with respect to such Losses, if any, net of any actual costs or expenses incurred in connection with securing or obtaining such proceeds or payments. In no event shall any Indemnified Party be entitled to recover
or make a claim for any amounts in respect of, and in no event shall “Losses” be deemed to include, consequential or indirect damages, lost profits or punitive damages and, in particular, no “diminution of value”, “multiple
of profits” or “multiple of cash flow” or similar valuation methodology shall be used in calculating the amount of any Losses, unless in any such case, such Losses are awarded to a third party. 

(e) Absent a showing of fraud by a party, and assuming the Closing has occurred, the indemnification obligation of a party under this SECTION
4.3 shall be the sole and exclusive remedy of any other party against such party for monetary damages for breach of any representation, warranty, covenant or agreement contained in this Agreement or any of the transactions contemplated hereby.
Nothing herein shall limit a party’s right to seek injunctive or other equitable relief in connection with the enforcement of this Agreement. 

  
 19 

 (f) Any indemnification payments pursuant to this SECTION 4.3 shall be treated as an
adjustment to the investment amount for the Purchased Shares for U.S. federal income and applicable state and local tax purposes, unless a different treatment is required by applicable law. 

SECTION 4.4. Registration Rights. At the Closing, the Company, the Investors and the other parties thereto will each enter into the
Registration Rights Agreement, substantially in the form attached as Exhibit B hereto. 
 ARTICLE V 

TERMINATION 
 SECTION 5.1.
Termination. This Agreement may be terminated prior to the Closing: 
 (a) by mutual written consent of the Investors and the Company;

 (b) by the Company, upon written notice to the Investors, in the event that any of the conditions of Closing set forth in SECTION 1.4(b)
are not satisfied, or waived by the Company, on or before the 30th day after the date hereof; provided, however, that the right to terminate this Agreement pursuant to this SECTION 5.1(b)
shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date; 

(c) by the Investors, upon written notice to the Company, in the event that the conditions of Closing set forth in SECTION 1.4(a) are not
satisfied, or waived by the Investors, on or before the 30th day after the date hereof; provided, however, that the right to terminate this Agreement pursuant to this SECTION 5.1(c) shall not be
available to any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date; or 

(d) by the Company, upon written notice to the Investors, in the event that any Governmental Entity shall have issued any order, decree or
injunction or taken any other action restraining, enjoining or prohibiting any of the transactions contemplated by this Agreement, and such order, decree, injunction or other action shall have become final and nonappealable. 

SECTION 5.2. Effects of Termination. In the event of any termination of this Agreement as provided in SECTION 5.1, this Agreement
(other than SECTION 3.2, SECTION 3.3, SECTION 4.3, this SECTION 5.2, ARTICLE VI (other than SECTION 6.1) and all applicable defined terms, which shall remain in full force and effect) shall forthwith become wholly void and of no further force and
effect; provided that nothing herein shall relieve any party from liability for willful breach of this Agreement. 

  
 20 

 ARTICLE VI 

MISCELLANEOUS 
 SECTION
6.1. Survival. Each of the representations and warranties set forth in this Agreement shall survive the Closing under this Agreement but only for a period of twenty-four (24) months following the Closing Date, except for Fundamental
Representations which shall survive for the duration of any statutes of limitations applicable thereto, in each case or until final resolution of any claim or action arising from the breach of any such representation and warranty (including any
Fundamental Representations), if notice of such breach was provided prior to the end of such period, and thereafter shall expire and have no further force and effect. Except as otherwise provided herein, all covenants and agreements contained herein
shall survive for the duration of any statutes of limitations applicable thereto or until, by their respective terms, they are no longer operative. 

SECTION 6.2. Amendment. No amendment or waiver of this Agreement will be effective with respect to any party unless made in writing and
signed by an officer of a duly authorized representative of such party. 
 SECTION 6.3. Waivers. No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The
conditions to each party’s obligation to consummate the Closing are for the sole benefit of such party and may be waived by such party in whole or in part to the extent permitted by applicable law. No waiver of any party to this Agreement will
be effective unless it is in a writing signed by a duly authorized officer of the waiving party that makes express reference to the provision or provisions subject to such waiver. 

SECTION 6.4. Counterparts. For the convenience of the parties hereto, this Agreement may be executed in any number of separate
counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Copies of executed signature pages to this Agreement may be delivered by facsimile or electronic
mail (“e-mail”) and such copies will be deemed as sufficient as if actual signature pages had been delivered. 

SECTION 6.5. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York,
without regard to conflict of law principles. 
 SECTION 6.6. Dispute Resolution. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating
to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for
the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the 

  
 21 

 
laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any
claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the
jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 6.7. Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other will be in
writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or upon confirmation of receipt if delivered by facsimile or e-mail, (b) on the first business
day following the date of dispatch if delivered by a recognized next-day courier service, or (c) on the third business day following the date of mailing if delivered by registered or certified mail,
return receipt requested, postage prepaid. All notices hereunder shall be delivered as follows: 
  

	 	(a)	 If to any Investor, to its address as set forth on Schedule 6.7: 

 

	 	(b)	 If to the Company: 

Athenex, Inc. 
 Conventus
Building 
 1001 Main Street, Suite 600 

Buffalo, NY 14203 
 Attn: Teresa
Bair, Vice President, Legal Affairs & Corporate Development 
 Email: tbair@athenex.com 

Facsimile: 716-800-6818 

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

Harter Secrest & Emery LLP 

1600 Bausch & Lomb Place 

Rochester, New York 14604 

Attn: Alexander R. McClean 

Facsimile: 585-232-6500 

E-mail: amcclean@hselaw.com 

SECTION 6.8. Entire Agreement, Etc. This Agreement (together with all the Exhibits and Schedules hereto and certificates and other
written instruments delivered in connection from time to time on and following the date hereof) constitute and contain the entire agreement and understanding of the parties with respect to the subject matter hereof and thereof, and supersedes any
and all prior negotiations, correspondence, agreements, understandings, duties and obligations between the parties with respect to the subject matter hereof and thereof. Except 

  
 22 

 
as expressly set forth in this Agreement, no party makes any representation, warranty, covenant or agreement to any other party of any nature, express or implied. Each party expressly represents
that it is not relying on any oral or written representation, warranties, covenants or agreements other than those expressly contained in this Agreement (which includes all Exhibits and Schedules hereto). The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective successors and their permitted assigns. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by any party hereto
without the prior express written consent of the other party hereto. Any purported assignment in violation of this SECTION 6.8 shall be null and void. 

SECTION 6.9. Definitions. For purposes hereof, terms, when used herein with initial capital letters, shall have the respective meanings
given to them in the respective Sections set forth in the index of defined terms at the beginning of this Agreement. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender
shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. All
article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references
to such exhibits, annexes and schedules to this Agreement. 
 (a) When used herein: 

(i) the term “Affiliate” means, with respect to any person, any person directly or indirectly controlling,
controlled by or under common control with, such other person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”) when used with respect to any person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such person, whether through the ownership of voting securities by contract or
otherwise; 
 (ii) the words “including,” “includes,” “included”
and “include” are deemed to be followed by the words “without limitation”; 
 (iii) the
terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; and 

(iv) the words “it” or “its” are deemed to mean “him” or
“her” and “his” or “her,” as applicable, when referring to an individual. 
 (b) The
following terms shall have the following meanings: 
 (i) “business day” means any day except Saturday,
Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of New York generally are authorized or required by law or other governmental actions to close; 

  
 23 

 (ii) “person” has the meaning given to it in
Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act; 

(iii) “Beneficially Own” and “Beneficial Ownership” are defined in Rules 13d-3 and 13d-5 of the Exchange Act; 
 (iv)
“Group Companies” means the Company and all of its material subsidiaries, material consolidated affiliated entities and their material subsidiaries (individually, a “Group Company” collectively, the “Group
Companies”); 
 (v) “knowledge of the Company” or “Company’s knowledge” means
the actual knowledge, after due inquiry, of the executive officers of the Company; and 
 (vi) “Material Adverse
Effect” means any development, fact, circumstance, condition, event change, occurrence or effect that would have or would reasonably be expected to have a material adverse effect on the assets, business, financial condition or results of
operations of the Group Companies, taken as a whole, other than any development, fact, circumstance, condition, event, change, occurrence or effect resulting from (A) changes in general economic, financial market, business or geopolitical
conditions; (B) changes or developments in any of the industries in which the Company or any other Group Company operates; (C) changes in any applicable laws or applicable accounting regulations or principles, or the interpretation or
enforcement thereof; (D) any change in the price or trading volume of the Common Stock or any failure to meet any financial projections, forecasts or forward looking statements; (E) natural disaster or any outbreak or escalation of
hostilities or war or any act of terrorism; (F) the announcement of and performance of this Agreement by the Company, the pendency or consummation of the transactions contemplated hereunder, or the identity of the Investor or any of its
affiliates; or (G) any action taken, or omission to take action, by the Company or another Group Company that taking or omitting of which, as applicable, the Investor has consented to or requested in writing, provided, however, that any event,
occurrence, fact, condition or change referred to in clauses (A) through (C) and (E) above shall be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur to the extent
that such event, occurrence, fact, condition or change has a disproportionate effect on the Group Companies (taken as a whole) compared to other participants in the industries in which the Group Companies operate. 

SECTION 6.10. Captions. The article, section, paragraph and clause captions herein are for convenience of reference only, do not
constitute part of this Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof. 
 SECTION 6.11.
Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the
transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no 

  
 24 

 
feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential
to the rights or benefits intended by the parties. In such event, the parties shall use commercially reasonable efforts to negotiate, in good faith, a substitute, valid and enforceable provision. 

SECTION 6.12. No Third-Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer or shall
confer upon any person other than the express parties hereto, any benefit, right or remedies. The representations and warranties set forth in Article II and the covenants set forth in Articles III and IV have been made solely for the benefit of the
parties to this Agreement and (a) may be intended not as statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; and (b) may apply standards of materiality in a way
that is different from what may be viewed as material by shareholders of, or other investors in, the Company. 
 SECTION 6.13. Public
Announcements. Without limiting any other provision of this Agreement, the parties hereto, to the extent permitted by applicable law, will consult with each other before issuance, and provide each other the opportunity to review, comment upon
and agree on any press release or public statement with respect to this Agreement (which includes the Exhibits hereto) and the transactions contemplated hereby and the ongoing business relationship among the parties hereto and thereto. The parties
hereto will not issue any such press release or make any such public statement without the prior written consent of the other party, except as may be required by law or any listing agreement with or requirement of the Nasdaq or any other applicable
securities exchange, provided that the disclosing party shall, to the extent permitted by applicable law or any listing agreement with or requirement of the Nasdaq or any other applicable securities exchange, inform the other party about the
disclosure to be made pursuant to such requirements prior to the disclosure. 
 SECTION 6.14. Specific Performance. The parties
hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that the parties shall be entitled to
seek specific performance of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity. 

[signature page follows] 

  
 25 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized officers of the parties hereto as of the date first herein above written. 
  

			
	 ATHENEX, INC.

		
	By:	 	 /s/ Johnson Y.N. Lau

		 	Name: Johnson Y.N. Lau
		 	Title:   Chief Executive Officer and
		 	            Board Chairman

  

  
 [Signature Page to
Share Purchase Agreement] 

 
			
	 PERCEPTIVE LIFE SCIENCES MASTER

FUND, LTD.

		
	By:	 	 /s/ James H. Mannix

		 	Name: James H. Mannix
		 	Title:   Chief Operating Officer

  

			
	 VENBIO SELECT FUND LLC

		
	By:	 	 /s/ Behzad Aghazadeh

		 	Name: Behzad Aghazadeh
		 	Title:   Portfolio Manager

  

			
	 ORBIMED PARTNERS MASTER FUND

LIMITED

By: OrbiMed Capital LLC, solely in its capacity

as Investment Advisor

		
	By:	 	 /s/ Geoffrey C. Hsu

		 	Name: Geoffrey C. Hsu
		 	Title:   Member

  

			
	 THE BIOTECH GROWTH TRUST PLC

By: OrbiMed Capital LLC, solely in its capacity

as Portfolio Manager

		
	By:	 	 /s/ Geoffrey C. Hsu

		 	Name: Geoffrey C. Hsu
		 	Title:   Member

  

  
 [Signature Page to
Share Purchase Agreement] 

 SCHEDULE 1 

INVESTORS 
  

									
	 Name of Investor
	  	Purchased Shares	 	  	Purchase Price	 
	 Perceptive Life Sciences Master Funds, Ltd.
	  	 	4,000,000	 	  	$	40,000,000	 
	 venBio Select Fund LLC
	  	 	3,000,000	 	  	$	30,000,000	 
	 OrbiMed Partners Master Fund Limited
	  	 	2,500,000	 	  	$	25,000,000	 
	 The Biotech Growth Trust PLC
	  	 	500,000	 	  	$	5,000,000	 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	10,000,000	 	  	$	100,000,000	 
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE 6.7 

ADDRESSES FOR NOTICES TO INVESTORS 
  

	(a)	 Notices to Perceptive Life Sciences Master Funds, Ltd.: 

Perceptive Life Sciences Master Funds, Ltd. 

51 Astor Place, 10th Floor 

New York, NY 10003 Attn: Adam Stone 

E-mail: Adam@perspectivelife.com 

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

Tannenbaum Helpern Syracuse Hirschtritt LLP 

900 Third Avenue 
 New York, NY
10022 
 Attn: David R. Lallouz 

Facsimile: 646-390-7005 

Email: lallouz@thsh.com 
  

	(b)	 Notices to venBio Select Fund LLC: 

venBio Select Advisor LLC 
 110
Greene Street 
 Suite 800 
 New
York, NY 10012 
 Attn: Scott Epstein, CFO and CCO 

E-mail: sepstein@venbioselect.com 

 

	(c)	 Notices to OrbiMed Partners Master Fund Limited or The Biotech Growth Trust PLC: 

c/o OrbiMed Capital LLC 
 601
Lexington Avenue, 54th Floor 
 New York, NY 10022 

Attn: Geoffrey C. Hsu 
 E-mail:HsuG@OrbiMed.com 
 with a copy (which shall not constitute notice) to: 

c/o OrbiMed Capital LLC 
 601
Lexington Avenue, 54th Floor 
 New York, NY 10022 

Attn: General Counsel 
 Email:
legal@OrbiMed.com 

 EXHIBIT A: Form of Officer’s Certificate from the Company 

OFFICER’S CERTIFICATE 

May [•], 2019 
 The
undersigned, the                          of Athenex Inc., a Delaware corporation (the “Company”), pursuant to
SECTION 1.4(a)(v) of the Share Purchase Agreement, dated as of May 3, 2019 (the “Agreement”) by and among the Company and Perceptive Life Sciences Master Fund, Ltd., venBio Select Fund LLC, OrbiMed Partners Master Fund Limited,
and The Biotech Growth Trust PLC (collectively, the “Investors”), hereby certifies to the Investors that: 
 1. The Company
has performed in all material respects all obligations required to be performed by it at or prior to or contemporaneously with the Closing under the Agreement. 

2. The representations and warranties of the Company set forth in SECTION 2.1 of the Agreement were true and correct in all material respects
as of the date of the Agreement and are true and correct in all material respects as of the Closing (except (i) to the extent such representations and warranties are made as of a specified date, in which case such representations and warranties
shall be true and correct in all material respects as of such date and (ii) any representations and warranties that have “material” or “Material Adverse Effect” qualifications, in which case such representations and
warranties shall be true in all respects). 
 Capitalized terms used but not defined herein shall have the meanings given to such terms in
the Agreement. 
 [Signature Page Follows] 
  

  
 Exhibit A – 1

 IN WITNESS WHEREOF, the undersigned has executed and delivered this certificate solely in
such respective capacity and not in an individual capacity as of this          day of May, 2019. 
  

			
	By:	 	 
		 	Name:
		 	Title:

  

  
 Exhibit A – 2

 Exhibit B: Form of Registration Rights Agreement 

[see attached] 
  

  
 Exhibit B

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