Document:

EX-10.13

 Exhibit 10.13 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT 

IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF 

PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 

Amendment No. 7 

Research, Development and Commercialization Agreement, 

Dated May 24, 2004 by and between 

Vertex Pharmaceuticals Incorporated 

And 
 Cystic Fibrosis
Foundation Therapeutics Incorporated 
 Whereas, Cystic Fibrosis Foundation Therapeutics Incorporated, a Delaware corporation
(“CFFT”), and Vertex Pharmaceuticals Incorporated, a Massachusetts corporation (“Vertex”), are parties to that certain Research, Development and Commercialization Agreement dated May 24, 2004, as previously
amended by Amendment No. 1 thereto dated January 6, 2006, Amendment No. 2 thereto dated as of January 1, 2006, Amendment No. 3 thereto dated November 20, 2006, Amendment No. 4 thereto dated August 20, 2007,
Amendment No. 5 thereto dated as of April 1, 2011, and Amendment No. 6 thereto dated March 29, 2012 (collectively, the “Agreement”). Capitalized terms used herein without specific definition shall have the
meanings set forth in the Agreement. 
 Whereas, CFFT and Vertex have been engaged in discussions relating to several aspects of the
Agreement, including (a) the appropriate means for allocating Net Sales of Combination Products among the components thereof for purposes of determining royalties under the Agreement, (b) the application of certain royalty provisions of
the Agreement to Net Sales of certain Drug Products, and (c) the rights and obligations of the parties with respect to certain chemical compounds that Vertex represented were first synthesized and/or tested after February 28, 2014. The
parties have reached agreement on the matters under discussion, and wish to memorialize such agreement pursuant to this Amendment No. 7 executed on October 13, 2016 (the “Execution Date”). 

Whereas, CFFT entered into an agreement with RPI Finance Trust (“RP”) pursuant to which it has assigned and transferred to RP
certain of its rights under the Agreement, including its right to receive certain royalty payments from Vertex under the Agreement. Solely for purposes of Sections 6, 8, 9, 10, 11, 12.1 and 13 of this Amendment No. 7, and as a material
inducement for Vertex to enter into this Amendment No. 7, RP is a signatory to this Amendment No. 7. 
 Whereas, nothing in this
Amendment No. 7. is intended to alter CFFT’s original charitable purpose for entering into the Agreement. 
 Whereas, in
connection with this Amendment No. 7, on or about the date hereof, the Cystic Fibrosis Foundation and Vertex are entering into a Data License Agreement. 

Now, therefore, in consideration of the mutual covenants set forth in this Amendment No. 7, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, effective as of September 1, 2016 (the “Amendment No. 7 Effective Date”), the parties agree as follows: 

 1.Definitions. 

1.1 Additional Definitions. The following defined terms shall be added to Section 1 of the Agreement in alphabetical order: 

(a) “Additional Compound” means each chemical compound listed on Exhibit 2016-A and [***]. Vertex represents that each such
compound was first synthesized and/or tested by or under the direction of Vertex on or after March 1, 2014 and on or prior to August 31, 2016 (the “Additional Term”) in connection with Vertex’s research and
development of Correctors for the treatment of cystic fibrosis. A list of the Additional Compounds (other than [***]) is set forth in Exhibit 2016-A. Each such compound is listed by its VRT number, a
designation given to each unique chemical structure by Vertex. Any compound first synthesized and/or tested by Vertex after the Additional Term that is assigned its own VRT number consistent with Vertex’s historical practices, including any
such compound derived from any Additional Compound, shall not be an Additional Compound for purposes of this Agreement unless such compound is [***] of a compound set forth in Exhibit 2016-A. 

(b) “Additional Product” means a pharmaceutical product or formulation comprising, in whole or in part, an Additional
Compound. For clarity, in no event will an Additional Product be deemed to be a Drug Product. 
 (c) “Corrector” means any
compound which as its principal mode of therapeutic action, modulates the biological effect of CFTR by increasing the amount of functional del508 CFTR present at the apical cell membrane. 

(d) “CF Spend” means, with respect to a given period, the aggregate (i) [***] (ii) [***] in each case incurred by [***]during
such period in connection with [***], including, without limitation, [***]. 
 (e) “FTE Rate” means [***]; provided
that such rate will increase or decrease on [***]. The FTE Rate includes (i) all wages and salaries, employee benefits, bonus, travel and entertainment, supplies and other direct expenses and (ii) indirect allocations, including all
general and administrative expenses, human resources, finance, occupancy and depreciation. 
 (f) A [***] of an Additional Compound shall
mean a compound that (A) is [***]such Additional Compound as evidenced by [***], and (B) at [***], such Additional Compound represents in [***] of the compound and its [***]. 

1.2 Net Sales. Section 1.25 of the Agreement is deleted in its entirety and replaced with the following: 

1.25 “Net Sales” with respect to any Drug Product or Additional Product shall mean the gross amount invoiced by Vertex and any
Vertex Affiliate, licensee, sublicensee, assignee or transferee for that Drug Product or Additional Product sold in bona fide, arms-length transactions to Third Parties for use in the Field, less (i) quantity and/or cash discounts from the
gross invoice price which are actually allowed or taken; (ii) freight, postage and insurance included in the invoice price; (iii) amounts repaid or credited by reasons of rejections or return of goods or because of retroactive price
reductions specifically identifiable to the Drug Product or Additional Product; (iv) amounts payable resulting from government (or agency thereof) mandated rebate programs; (v) third-party rebates to the extent actually allowed;
(vi) invoiced customs duties and sales taxes 

 
(excluding income, value-added and similar taxes), if any, actually paid and directly related to the sale that are not reimbursed by the buyer; and (vii) any other specifically identifiable
amounts included in the Drug Product’s or Additional Product’s gross invoice price that should be credited for reasons substantially equivalent to those listed above; all as determined in accordance with Vertex’s usual and customary
accounting methods, which are in accordance with generally accepted accounting principles. 
 1.25.1 In the case of any sale or other
disposal of a Drug Product or Additional Product between or among Vertex and its Affiliates, licensees, sublicensees, assignees or transferees for resale, Net Sales shall be calculated as above only on the value charged or invoiced on the first arm’s-length sale thereafter to a Third Party; 
 1.25.2 In the case of any sale which is not invoiced
or is delivered before invoice, Net Sales shall be calculated at the time of shipment or when the Drug Product or Additional Product is paid for, if paid for before shipment or invoice; 

1.25.3 In the case of any sale or other disposal for value, such as barter or counter-trade, of any Drug Product or Additional Product, or part
thereof, other than in an arm’s length transaction exclusively for money, Net Sales shall be calculated as above on the value of [***] or the [***] of the Drug Product or Additional Product in the country of sale or disposal; 

1.25.4. If the Drug Product or Additional Product is sold in finished dosage form with one or more other active pharmaceutical ingredients
(“Combination Product”), which may include Drug Product(s), Additional Product(s) and other active pharmaceutical ingredients that are not Drug Product(s) or Additional Product(s) (each such other ingredient, a “Non-royalty Bearing Component”), the Net Sales of each Drug Product or Additional Product, for the purposes of determining royalty payments under this Agreement, shall be determined by multiplying the Net
Sales of the Combination Product by the fraction 1/n, where “n” is the total number of active ingredients (including the Drug Product(s), Additional Product(s) and Non-royalty Bearing Component(s))
in such Combination Product. For example, if a Combination Product consists of one Drug Product, one Additional Product and one Non-royalty Bearing Component, then Net Sales of the Combination Product shall be
allocated one-third to each of the three (3) active pharmaceutical ingredients in such Combination Product (i.e. 1/3rd to the Drug Product, 1/3rd to the Additional Product and 1/3rd to the Non-royalty Bearing Component). For the avoidance of doubt, no royalty will be paid to CFFT under this Agreement with respect to any portion of Net Sales allocated to a
Non-royalty Bearing Component as provided above. 
 2. Royalties. Section 5.3.1 of the
Agreement is deleted in its entirety and replaced with the following: 
 5.3.1 Net Sales in the Field. 

(a) Original Drug Products. Vertex shall pay to CFFT the following royalties on aggregate Net Sales of [***] Drug Product, First [***])
and Second Generation Corrector Drug Products (together, the “Original Drug Products”) in the Field: 
 (i) [***] Net Sales
of Original Drug Products in the Field that are [***]; 
 (ii) [***] Net Sales of Original Drug Products in the Field [***]. 

 The foregoing rates shall be effective as of [***]. All royalties payable on the Original
Drug Products for the period from [***] through [***] shall be payable in accordance with the methodology for calculating royalties on Original Drug Products contained in the royalty reports delivered by Vertex to CFFT for the first and second
calendar quarters of 2016. 
 (b) [Intentionally Omitted]. 

(c) [Intentionally Omitted]. 

(d) Additional Products. Vertex shall pay to CFFT the following royalties on Net Sales of Additional Products in the Field: 

 

	 	i.	 For Additional Products containing Additional Compounds first synthesized and/or tested by or under the
direction of Vertex during the period commencing on [***] and ending on and including [***]: [***] of annual Net Sales of such Additional Product in the Field; 

 

	 	ii.	 For Additional Products containing Additional Compounds first synthesized and/or tested by or under the
direction of Vertex during the period commencing on [***] and ending on and including [***]: [***] of annual Net Sales of such Additional Products in the Field; and 

 

	 	iii.	 For Additional Products containing Additional Compounds first synthesized and/or tested by or under the
direction of Vertex during the period commencing on [***] and ending on and including [***]: [***] of annual Net Sales of such Additional Products in the Field. 

(e) Royalties Payable Once. Royalties on Net Sales of any Drug Product and Additional Product will be payable only once and if there are
Drug Products and/or Additional Products in a Combination Product, royalties shall only be paid once for each Drug Product or Additional Product, as applicable, with respect to the portion of the Net Sales of the Combination Product that is
allocated to such Drug Product or Additional Product as provided in Section 1.25.4. 
 (f) Application of Royalty Provisions to
ORKAMBI Net Sales. For purposes of clarity, (1) ORKAMBI is a Combination Product consisting of two Original Drug Products, VX-770 Drug Product and VX-809 Drug
Product, and (2) accordingly, royalties on Net Sales of ORKAMBI shall be payable as follows: under the Combination Product principles set forth in Section 1.25.4, 1/n, where n=2, or fifty percent (50%) of Net Sales of ORKAMBI shall be
allocated to each of the VX-770 Drug Product and the VX-809 Drug Product. An illustrative example of the calculation of royalties on Net Sales of ORKAMBI and KALYDECO
(i.e., VX-770 Drug Product sold not as a Combination Product) is attached hereto as Exhibit 2016-B. 

(g) Additional Example. For purposes of clarity, if Vertex were to sell a Combination Product consisting of VX-770 Drug Product, an Additional Product described in Section 5.3.1(d)(i) and an Additional Product described in Section 5.3.1(d)(ii), royalties on Net Sales of such Combination Product shall be payable
as follows: under the Combination Product principles set forth in Section 1.25.4, one third (1/3) of Net Sales of such Combination Product shall be allocated to each of the VX-770 Drug Product and the
first and second Additional Products, and royalties on the portion of Net Sales allocated to the VX-770 Drug Product would be payable under Section 5.3.1(a), royalties on the portion of Net Sales
allocated to the Additional Product described in 

 
Section 5.3.1(d)(i) would be payable under Section 5.3.1(d)(i) and royalties on the portion of Net Sales allocated to the Additional Product described in Section 5.3.1(d)(ii) would
be payable under Section 5.3.1(d)(ii). An illustrative example of such calculation is attached hereto as Exhibit 2016-C. 

(h) Calendar Year. For the avoidance of doubt, each calculation of annual Net Sales shall be calculated on the basis of a calendar year
from January 1 of such calendar year through December 31 of such calendar year. 
 (i) Third Party Compounds. For purposes
of this Agreement, Compounds and Additional Compounds shall not include any chemical compound as to which rights are or were acquired by Vertex or any of its Affiliates from bona fide Third Party entities after [***], whether by merger,
acquisition of shares, asset acquisition, license or other means of conveyance whether or not Vertex or its Affiliates or any third party acting under Vertex’s or its Affiliate’s direction evaluated such compound prior to [***]. For
example, [***]. 
 (j) Reporting on Additional Product. The reporting and payment provisions set forth in Section 5.4 of the
Agreement shall apply to Additional Products (substituting “Additional Product” for “Drug Product” therein). 
 3.
Dispute Resolution. Section 12.2 of the Agreement is deleted in its entirety and replaced with the following: 
 12.2 Dispute
Resolution Process. 
 (a) In the event of any dispute, controversy or claim arising out of or relating to this Agreement, or the rights
and obligations of Vertex, CFFT and RP in relation thereto, Vertex, CFFT and RP, each on its own behalf and on behalf of its predecessors, successors, assigns, officers, directors, employees, trustees, parents, subsidiaries and Affiliates, shall,
before initiating any action under Section 12.2(b), refer the relevant dispute, controversy or claim to the Chief Executive Officers of Vertex, CFFT and (in the event RP has an interest in such dispute, controversy or claim) RP, who shall, as
soon as practicable, attempt in good faith to resolve the dispute, controversy or claim. If such dispute, controversy or claim is not resolved within [***] after the referral of the matter to the Chief Executive Officers, Vertex or CFFT (jointly
with RP, if applicable) may initiate proceedings pursuant to Section 12.2(b) below. 
 (b) (i) Any dispute, controversy or claim
arising out of or relating to this Agreement, or the breach thereof, shall be adjudicated by confidential arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules (including Procedures for
Large Complex Cases) and judgment on the award rendered by the arbitrators shall be final, not subject to appeal and may be entered in any court having jurisdiction thereof. The place of arbitration shall be New York, New York. 

(ii) Claims shall be heard by a panel of three arbitrators. Each party shall select (or, if RP is a party to such claim, CFFT and RP shall
jointly select) one arbitrator and shall provide notice of such selection with its initial pleading. The two arbitrators selected by the parties (and RP, if applicable) shall select a third arbitrator within thirty days after the notice of the
second arbitrator’s selection. If the arbitrators selected by the parties (and RP, if applicable) are unable or fail to agree upon the third arbitrator, the third arbitrator shall be selected by the American 

 
Arbitration Association from its Large, Complex Commercial Case Panel. Each party (and RP, if applicable) shall bear its own costs and expenses and an equal share (with CFFT and RP jointly
bearing [***], if applicable) of the arbitrators’ fees and administrative fees of arbitration. The award of the arbitrators shall be accompanied by a reasoned opinion. Except as may be required by law, neither a party nor RP nor an arbitrator
may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties (and RP, if applicable). 

4. Confidentiality. 
 4.1
Undertaking. The phrase “During the term of this Agreement” shall be deleted from the first sentence of Section 6.1 of the Agreement. 

4.2 Survival. Section 6.4 of the Agreement is deleted in its entirety and replaced with the following: 

The provisions of this Article VI shall survive until the [***] of the date of expiration of all payment obligations under this Agreement. 

5. Additional Exhibits. The new Exhibits 2016-A, Exhibit
2016-B and Exhibit 2016-C shall be added to and become part of the Agreement. 

6. Acknowledgement Regarding Past Royalties and Drug Products and Additional Products. 

6.1 CFFT and RP acknowledge and agree that no royalties in excess of the royalties already paid by Vertex to CFFT (and its assignees) are due
to CFFT (or its assignees) based on Net Sales of Drug Products occurring prior to June 30, 2016. 
 6.2 CFFT and RP agree that subject
to the definitions of Compound and Additional Compound, no chemical compound that is first synthesized and/or tested by or under the direction of Vertex after August 31, 2016 shall be considered a Compound or Additional Compound under the
Agreement regardless of any such chemical compound’s structural, chemical or other similarity to a chemical compound first synthesized and/or tested by or under the direction of Vertex prior to August 31, 2016. 

7. Program Awards by CFFT to Vertex. 

7.1 CFFT shall award Vertex a one-time, non-refundable, non-creditable sum of $75.0 million payable [***] after the Execution Date by wire transfer of immediately available funds to an account designated by Vertex for expenditures in connection with research and
development efforts regarding Original Drug Products and Additional Products. 
 7.2 For so long as Vertex is conducting (or has a bona fide
intention of conducting in the future) at least [***] to evaluate an Original Drug Product or an Additional Product, CFFT shall provide [***] awards to Vertex of [***], with the first payment due on [***], to support research and development efforts
regarding Original Drug Products and Additional Products; provided, that if Vertex and its Affiliates have collectively incurred [***] in CF Spend during the [***] period ending on the [***] (the “[***] Period”), the
amount to be paid by CFFT on the applicable payment date will be reduced to an amount equal to [***] less the amount by which the aggregate amount of CFFT’s awards under this Section 7.2 during such [***] Period exceed [***] of the
applicable CF Spend during such [***] Period. Any negative amount will be carried forward 

 
and used to reduce any awards otherwise due hereunder. For so long as CFFT is obligated to provide Vertex with funding under this Section 7.2, at least [***] prior to the date on which each
such payment is due, Vertex will provide CFFT with a high-level summary of the CF Spend during the applicable [***] Period (including the total number of FTEs and a break-out of the total amount of internal
costs and out-of-pocket costs incurred), together with a certificate of an officer of Vertex certifying the accuracy of such high-level summary. 

8. Release. 
 8.1 CFFT and
RP and each of their predecessors, successors, assigns, officers, directors, employees, trustees, parents, subsidiaries and Affiliates fully, finally and forever release, relinquish, acquit and discharge Vertex and each of its predecessors,
successors, assigns, officers, directors, employees, trustees, parents, subsidiaries, Affiliates, customers, suppliers and distributors (each individually a “Vertex Releasee”) of and from, and covenant not to sue, not to assign to
any other entity a right to sue, and not to authorize any other entity to sue any Vertex Releasee for any and all Losses (as defined below) of every name and nature, both at law and in equity, known or unknown, suspected or unsuspected, accrued or
unaccrued that (a) arise out of or relate to the Agreement and (b) existed as of the Execution Date. This release shall not prevent or impair the right of CFFT or RP to bring a claim for any breach of the Agreement, as amended, arising on
or after the Execution Date or for breach of a representation, warranty, or covenant made in this Amendment No. 7. 
 8.2 Vertex and
each of its predecessors, successors, assigns, officers, directors, employees, trustees, parents, subsidiaries and Affiliates fully, finally and forever release, relinquish, acquit and discharge CFFT and RP and each of their predecessors,
successors, assigns, officers, directors, employees, trustees, parents, subsidiaries, Affiliates, customers, suppliers and distributors (each individually a “CFFT Releasee” or “RP Releasee”), of and from, and
covenant not to sue, not to assign to any other entity a right to sue and not to authorize any other entity to sue, any CFFT Releasee or RP Releasee for any and all Losses of every name and nature, both at law and in equity, known or unknown,
suspected or unsuspected, accrued or unaccrued that (a) arise out of and relate to the Agreement and (b) existed as of the Execution Date. This release shall not prevent or impair Vertex from making a claim for any breach of the Agreement,
as amended, arising on or after the Execution Date or for breach of a representation, warranty, or covenant made in this Amendment No. 7. 

8.3 Each party waives to the fullest extent permitted by law the provisions and benefits of Section 1542 of the California Civil code,
which provides that: 
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her
favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement to the debtor.” 

8.4 “Losses” shall mean claims, actions, causes of actions, suits, defenses, judgments, debts, offsets, accounts, covenants,
contracts, agreements, torts, damages and any and all demands and liabilities whatsoever, including costs, expenses and attorneys’ fees. 

8.5 Each party represents, warrants and covenants that it has not heretofore assigned or transferred to any person or entity any matters
released by such party in this Section 8, and such party agrees to indemnify and hold harmless the other party and its Releasees from and against any Losses arising from any such alleged or actual assignment or transfer. 

 9. Agreement to be Bound. RP (on its own behalf and on behalf of its predecessors,
successors, assigns, officers, directors, employees, trustees, parents, subsidiaries and Affiliates) agrees to be bound by (a) the dispute resolution procedures set forth in Section 12.2 of the Agreement (as amended by Section 3 of
this Amendment No. 7) and (ii) Sections 6, 8, 9, 10, 11, 12.1 and 13 of this Amendment No. 7. 
 10. Communications.
Notwithstanding Section 6.3 of the Agreement, Vertex, CFFT and RP (and their respective predecessors, successors, assigns, officers, directors, employees, trustees, parents, subsidiaries and Affiliates) agree that any public or private
communication regarding the terms of this Amendment No. 7, shall be made in the form of, or in a manner consistent with, Schedule 1 to this Amendment No. 7; provided that (a) Vertex, CFFT and RP may disclose the terms of this
Amendment No. 7 to the extent required by applicable law and/or in connection with arbitration under this Agreement, (b) RP and CFFT may disclose the terms of this Amendment No. 7 in their audited financial statements to the extent so
required by their independent accountants, and include comparable disclosure in its unaudited quarterly financial statements, (c) RP may disclose the terms of this Amendment No. 7 to its existing and prospective lenders and equity
investors so long as such parties are subject to reasonable restrictions of confidentiality and (d) CFFT may disclose the terms of this Amendment No. 7 to Canada Pension Plan Investment Board. 

11. [***]. Vertex agrees that it shall not at any time [***] regarding [***] current or former directors, officers, stockholders, employees,
agents, attorneys or representatives, any of the other CFFT Releasees or RP Releasees under Section 8, or regarding CFFT’s or RP’s [***]. CFFT [***] each agree that neither of them shall at any time [***] regarding Vertex or
Vertex’s current or former directors, officers, stockholders, employees, agents, attorneys or representatives, any of the other Vertex Releasees under Section 8, or regarding Vertex’s [***]. 

12. Representations and Warranties; Covenants. 

12.1 Mutual Representations. Each party represents and warrants to the other party that (a) such party is duly organized,
validly existing, and in good standing under the laws of the jurisdiction of its establishment or incorporation, (b) such party has taken all action necessary to authorize it to enter into this Agreement and perform its obligations under this
Amendment No. 7, (c) this Amendment No. 7 has been duly executed and delivered on behalf of such party and constitutes a legal, valid and binding obligation of such party and (d) neither the execution of this Amendment No. 7 nor
the performance of such party’s obligations hereunder will conflict with, result in a breach of, or constitute a default under any provision of such party’s organizational documents, or of any law, rule, regulation, authorization or
approval of any government entity, or of any agreement to which it is a party or by which it is bound. 
 12.2 Vertex Representation.
Vertex represents and warrants to CFFT that Exhibit 2016-A was prepared in good faith by Vertex based on its business records and includes all compounds first synthesized and/or tested by Vertex in connection
with its research and development of Correctors during the Additional Term, [***]. If the parties agree (or the arbitrators acting under Section 12.2 of the Agreement determine) that any compound that was first synthesized and/or tested by
Vertex in connection with its research and development of Correctors during the Additional 

 
Term is not included in Exhibit 2016-A, such compound shall be added to Exhibit 2016-A, will be an Additional
Compound, and shall be treated as having been included in Exhibit 2016-A as of the Amendment No. 7 Effective Date. The addition of such compound to Exhibit 2016-A
and the application of the terms of this Agreement to such compound will be CFFT’s sole and exclusive remedies for any good-faith failure to include such compound on Exhibit 2016-A. Vertex represents and
warrants as of the Amendment No. 7 Effective Date that no Correctors other than [***] have been advanced into clinical trials and that Vertex has a bona fide intention to advance one or more Additional Products other than [***],[***] into
clinical trials in the [***] following the Amendment No. 7 Effective Date, subject to further assessment of efficacy and safety. 
 12.3
Vertex Covenant. If, at any time following the Amendment No. 7 Effective Date, Vertex files a new drug application with the United States Food and Drug Administration for marketing approval pursuant to 21 C.F.R. § 314.3 or submits a
similar application to any regulatory authority in any other country or jurisdiction, in each case, with respect to any product containing a Corrector, if requested by CFFT in writing, Vertex will provide CFFT with reasonably detailed information
regarding the date on which each such compound was first synthesized and/or tested by or at the direction of Vertex as part of its research and development of Correctors. Except as set forth in this Section 12.3, and subject to CFFT’s
right to enforce representations and obligation herein, Vertex will not be obligated to provide CFFT with any information regarding the date on which any compound was first synthesized and/or tested by or at the direction of Vertex as part of its
research and development of Correctors. 
 13. Assignment. None of the Agreement, nor any Compound, any Original Drug Product or
Additional Compound, or any rights to any Compound or Additional Compound, may be transferred or assigned by Vertex without the prior written consent of CFFT, except that, Vertex may transfer all of its rights in the Agreement and all Compounds,
Original Drug Products, and Additional Compounds, but only if the transferee or assignee executes and delivers to CFFT an agreement to assume all of Vertex’s obligations under the Agreement. CFFT may transfer or assign its rights under the
Agreement solely as provided in the Agreement. RP may not assign or transfer its rights under this Amendment No. 7. 
 14. Existing
Agreement Ratified. As amended and supplemented hereby, all terms and provisions of the Agreement in effect immediately prior to the Amendment No. 7 Effective Date shall remain in full force and effect. For the avoidance of doubt, the
following sections from the Agreement remain in effect, as amended by this Amendment No. 7 and prior amendments: Articles V, VI (for the period of time specified therein), VII (for the period of time specified therein), VIII, IX, XI, XII, XIII
and any other provision of the Agreement that, by its terms, survives the termination of the Agreement. If specific provisions of this Amendment No. 7 are inconsistent with specific provisions of the Agreement, the provisions of this Amendment
No. 7 shall control. This Amendment No. 7 may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitutes one and the same agreement. Vertex, CFFT and RP may
execute this Amendment No. 7 by electronically transmitted signature and such electronically transmitted signature will be as effective as an original executed signature page. 

[Signature Page Follows] 

 In WITNESS WHEREOF, the undersigned have executed this Amendment No. 7 on the Execution
Date effective as of the Amendment No. 7 Effective Date. 
  

							
	 CYSTIC FIBROSIS FOUNDATION

THERAPEUTICS INCORPORATED
	  	 VERTEX PHARMACEUTICALS

INCORPORATED

				
	By:	  	 /s/ Preston Campbell
	  	By:	  	 /s/ Ian Smith

	Name:	  	Preston Campbell	  	Name:	  	Ian Smith
	Title:	  	President & CEO	  	Title:	  	EVP& CFO

 SOLELY FOR PURPOSES OF SECTIONS 6, 8, 9, 10, 11, 12.1 AND 13 OF THIS AMENDMENT NO. 7, RP HAS EXECUTED THIS
AMENDMENT NO. 7 ON THE EXECUTION DATE EFFECTIVE AS OF THE AMENDMENT NO. 7 EFFECTIVE DATE. 
 RPI FINANCE TRUST 

 

			
	By:	 	 Wilmington Trust Company, not
 in its individual
capacity but
 solely in its capacity as owner trustee

  

			
	RPI FINANCE TRUST
		
	By:	 	 Wilmington Trust Company, not
 in its individual
capacity but
 solely in its capacity as owner trustee

		
	By:	 	 /s/ Eric A Kardash

	Name:	 	Eric A Kardash
	Title:	 	Assistant Vice President

 It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by
Wilmington Trust Company, not individually or personally, but solely as owner trustee of RPI Finance Trust, (ii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, any
such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (iii) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any
indebtedness or expenses of RPI Finance Trust. 

 Exhibit 2016-A 

Additional Compounds 
 [***]  

 Exhibit 2016-B 

KALYDECO & ORKAMBI Example 

If annual Net Sales of KALYDECO are equal to [***] and annual Net Sales of ORKAMBI are equal to [***], and no other products containing VX-770 Drug Product or VX-809 Drug Product or any other Original Drug Product are sold in the applicable calendar year, the royalty payable to CFFT by Vertex would be
calculated as follows: 
  

					
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 Royalty Paid on Original Drug Products:
	  			
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 Total Royalty:
	  	$	[	***] 

 Exhibit 2016-C 

Additional Example 
 If annual Net
Sales of the Combination Product described in Section 5.3.1(g) are equal to [***] and no other products containing any of the components of such Combination Product or any Original Drug Product or Additional Product either separately or as part
of another unrelated Combination Product, are sold in the applicable year, the royalty payable to CFFT by Vertex would be calculated as follows: 
  

					
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]:
	  			
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 Royalty Paid on Additional Product under Section 5.3.1(d)(i):
	  			
	 Total Annual Net Sales [***]
	  	$	[	***] 
	 Royalty Paid on Additional Product under Section 5.3.1(d)(ii):
	  			
	 Total Annual Net Sales [***]
	  	$	[	***] 
	 Total Royalty:
	  	$	[	***] 

 Schedule 1 

Publicity 
 Item 1.01. Entry into a
Material Definitive Agreement 
 The information contained in Item 8.01 regarding the Amendment is incorporated herein by reference. 

Item 8.01 Other Events 
 On
October 13, 2016, we amended and expanded our Research, Development and Commercialization Agreement (the “Collaboration Agreement”), dated May 24, 2004, by and between Cystic Fibrosis Foundation Therapeutics Incorporated
(“CFFT”) and Vertex Pharmaceuticals Incorporated (the “Amendment”), in order to update and clarify the terms of our relationship. The Amendment provides for an upfront program award from CFFT to us of $75.0 million and
development funding from CFFT to us of up to $6.0 million annually. Pursuant to the Amendment, we have agreed to pay royalties ranging from low single digits to mid-single digits on certain compounds
first synthesized and/or tested between March 1, 2014 and August 31, 2016. We will continue to pay royalties ranging from single digits to sub-teens on any approved drugs first synthesized and/or
tested on or before February 28, 2014. The parties also clarified that net sales on combination products will be allocated equally to each of the active pharmaceutical ingredients in the combination product consistent with the allocation of net
sales for ORKAMBI and provided further clarification with respect to the calculation of royalties on products covered by the Collaboration Agreement. 

Independently, we entered into a data license agreement with the Cystic Fibrosis Foundation pursuant to which we will pay for continuing
access to data from the CFF’s patient registry, which we believe will be important for research, development and approval of future CF medicines.EX-10.14

 Exhibit 10.14 

AMENDED AND RESTATED MANAGEMENT AGREEMENT 

Dated as of             , 2020 

This AMENDED AND RESTATED MANAGEMENT AND SERVICES AGREEMENT (this “Agreement”) is effective as of
the         day of        , 2020,         among ROYALTY PHARMA INVESTMENTS 2019 ICAV having its registered office at 70 Sir John
Rogerson’s Quay, Dublin 2, Ireland (hereinafter called the “ICAV”), and RP MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”). Capitalized terms used in the preamble and recitals of this
Agreement and not otherwise defined therein are defined in Section 1 (Definitions). 
 R E C I T A L S: 

WHEREAS, the ICAV is a closed-ended collective asset-management vehicle with registered number C400096, authorized by the Central Bank of
Ireland as a qualifying investor alternative investment fund pursuant to the AIF Rulebook formed for the purpose of investing in Portfolio Investments; 

WHEREAS, pursuant to an Investment Management Agreement dated February 7, 2020 (the “Original Investment Management
Agreement”), the ICAV appointed the Manager as investment manager and AIFM of the ICAV in order to avail itself of the experience, sources of information, advice and assistance of the Manager and to have the Manager perform various
investment management services for the ICAV; and to carry on the business of providing investment management services; 
 WHEREAS, the
parties have determined to amend and restate the terms upon which the Manager will provide the ICAV with management and advisory services and to act as the AIFM of the ICAV on the terms and subject to the conditions hereinafter contained. 

WHEREAS, the Manager will continue to perform such services under the terms and conditions as set forth herein and in accordance with the
terms of the Instrument of Incorporation of the ICAV (“Organizational Documents”) and subject to the oversight of the Board of Directors. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Original Investment Management Agreement with effect from the date hereof as follows: 

 Section 1. Definitions. 

Unless otherwise expressly provided in this Agreement, the following terms used in this Agreement shall have the following meanings: 

 

			
	 “Administrator”
	  	State Street Fund Services (Ireland) Limited, or such other person from time to time providing administration services to the ICAV.
		
	 “Advisers Act”
	  	means the U.S. Investment Advisers Act of 1940, as amended.
		
	 “Affiliate”
	  	with respect to any specified Person, any Person directly or indirectly Controlling, Controlled by or under common Control with such Person; provided that for purposes of this Agreement, each of the ICAV and Pharmakon shall not be
deemed to be an Affiliate of the Manager.
		
	 “Agreement”
	  	shall have the meaning set forth in the preamble of this Agreement.
		
	 “AIF”
	  	means alternative investment fund as defined in the AIFMD and, by reference to this Agreement, means the ICAV.
		
	 “AIFM”
	  	means alternative investment fund manager as defined in the AIFMD and, by reference to this Agreement, means the Manager.
		
	 “AIFMD”
	  	Directive 2011/69/EU on Alternative Investment Fund Managers and any subordinate legislation enacted thereunder, as each may be amended, extended or re-enacted from time, and as implemented in
any relevant member state of the European Economic Area.
		
	 “AIF Rulebook”
	  	the rulebook and any guidelines issued by the Central Bank from time to time setting out the conditions imposed on AIFMs and AIFs.
		
	 “Applicable Party”
	  	means EPA Holdings, the Manager or an executive of the Manager or EPA Holdings (including Mr. Legorreta).
		
	 “Board of Directors”
	  	means the board of directors of the ICAV.
		
	 “Broken Deal Expenses”
	  	means any expenses listed in Section 18(i) and (j) (ICAV Expenses) to the extent they relate to unconsummated Portfolio Investment transactions and are not reimbursed to the ICAV by another Person.
		
	 “Business Day”
	  	means a day which is not a Saturday, Sunday or a day on which banks in New York City, Dublin and London are authorized or required by law to close.
		
	 “Cash Receipts”
	  	with respect to each Portfolio Investment, all cash proceeds received in respect of such Portfolio Investment during the applicable period.

  
 2 

			
		
	 “Cause”
	  	will exist where (i) an Applicable Party has committed (or in the case of Applicable Parties who are executives, caused EPA Holdings or the Manager to commit) a material breach of the governing documents of the ICAV, the
limited partnership agreement of a Continuing Investors Partnership, or this Agreement; (ii) an Applicable Party has committed (or in the case of Applicable Parties who are executives, caused EPA Holdings or the Manager to commit) willful
misconduct in connection with the performance of its duties under the terms of the governing documents of the ICAV, the limited partnership agreement of a Continuing Investors Partnership, or this Agreement, (iii) there is a declaration of
bankruptcy by the Applicable Party or (iv) there is a determination by any court with proper jurisdiction that an Applicable Party has committed an intentional felony or engaged in any fraudulent conduct, in each such case of clauses
(ii) and (iv) which has a material adverse effect on the business, assets or condition (financial or otherwise) or prospects of the RPI Group and its Affiliates (taken as a whole).
		
	 “Clauses”
	  	shall mean the standard contractual clauses approved by the European Commission for the transfer of personal data as set out in Exhibit C to this Agreement (and incorporating the appendices to that schedule).
		
	 “Central Bank”
	  	the Central Bank of Ireland or such successor Irish regulatory authority as may from time to time be responsible for the regulation of the ICAV.
		
	 “Code”
	  	means the U.S. Internal Revenue Code of 1986, as amended and as hereafter amended, or any successor law.
		
	 “Competing Fund”
	  	means a limited partnership or pooled investment vehicle, other than RP PLC or any direct or indirect subsidiary of RP PLC, the ICAV or any direct or indirect Subsidiary of the ICAV and any of the Legacy Vehicles for which the
Manager or any of its Affiliates acts as the general partner or investment manager, that are formed for the purpose of investing in Royalty Investments, other than any vehicle managed by Pharmakon or its successor, or any vehicle approved by the
independent members of the Board of Directors of RP PLC.
		
	 “Confidential Information”
	  	any proprietary information relating to the organization, finances, business, transactions or affairs of the ICAV or the Manager or any of their Affiliates as the case may
be.

  
 3 

			
		
	 “Continuing International Investors Partnership”
	  	RPI International Holdings 2019, LP, a Cayman Islands exempted limited partnership.
		
	 “Continuing Investors Partnership”
	  	means each of the Continuing International Investors Partnership and the Continuing US Investors Partnership.
		
	 “Continuing US Investors Partnership”
	  	RPI US Partners 2019, LP, a Delaware limited partnership.
		
	 “Control”
	  	with respect to any Person, the possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise) of such Person; provided, however, that customary approval and veto rights granted to minority equity holders of a Person shall not be deemed to constitute “Control” of such Person.
		
	 “Data Protection Legislation”
	  	means any applicable laws concerning the protection of personal data or privacy to which the applicable Party is subject, including the GDPR, the Data Protection Act 2018, and any other legislation which implements or is
consequential upon the GDPR, the European Communities (Electronic Communications Networks and Services)(Privacy and Electronic Communications) Regulations, 2011, any other applicable legislation which implements the Electronic Communications Data
Protection Directive (2002/58/EC), and all applicable laws and regulations relating to the processing of personal data and privacy in force from time to time, including any binding guidance and / or codes of practice issued by the Irish Data
Protection Commission or the European Data Protection Board.
		
	 “Depositary”
	  	State Street Custodial Services (Ireland) Limited or such other company in Ireland as may from time to time be appointed as depositary of all the assets of the ICAV with the approval of the Central Bank.
		
	 “Effective Date”
	  	means the date as of which the Manager ceases to furnish services to the ICAV.
		
	 “EPA Holdings”
	  	RPI EPA Holdings, LP, a Delaware limited partnership.

  
 4 

			
		
	 “FATCA”
	  	means the legislation known as the U.S. Foreign Account Tax Compliance Act, Sections 1471 through 1474 of the Code, and any regulations (whether proposed, temporary or final), including any subsequent amendments, and administrative
guidance promulgated thereunder (or which may be promulgated in the future), any intergovernmental agreements and related statutes, regulations or rules and other guidance thereunder, any governmental authority pursuant to the foregoing, and any
agreement entered into with respect thereto.
		
	 “GAAP”
	  	U.S. generally accepted accounting principles.
		
	 “GDPR”
	  	means the General Data Protection Regulation (EU) 2016/679.
		
	 “ICAV”
	  	shall have the meaning set forth in the preamble of this Agreement.
		
	 “Initial Term”
	  	shall have the meaning set forth in Section 22 (Term).
		
	 “Indemnittee”
	  	shall have the meaning set forth in Section 19(a) (Indemnification).
		
	 “Instrument of Incorporation”
	  	the instrument of incorporation of the ICAV for the time being in force and as may be modified from time to time, subject to the approval of the Central Bank.
		
	 “Interested Party”
	  	shall have the meaning set forth in Section 25(a) (Conflict of Interest).
		
	 “Legacy Vehicle”
	  	means any limited partnership, pooled investment vehicle or entity that is under common Control with or is managed by the Manager or its Affiliates; provided that Legacy Vehicle shall not include RP PLC or any of its subsidiaries
that invests, directly or indirectly, in the ICAV or Old RPI.
		
	 “Manager”
	  	shall have the meaning set forth in the preamble of this Agreement.
		
	 “Old RPI”
	  	means Royalty Pharma Investments, an Irish Unit Trust.
		
	 “Operating and Personnel Payment”
	  	shall have the meaning set forth in Section 16 (Operating and Personnel Payment).
		
	 “Organizational Documents”
	  	shall have the meaning set forth in the recitals of this Agreement.

  
 5 

			
		
	 “Original Investment Management Agreement”
	  	shall have the meaning set forth in the recitals of this Agreement.
		
	 “Other Accounts”
	  	means other funds, investment vehicles or accounts to which the Manager provides investment services.
		
	 “Person”
	  	means a natural person, partnership, limited liability company, corporation, unincorporated association, joint venture, trust, state or any other entity or any governmental agency or political subdivision thereof.
		
	 “Personal Data”
	  	has the meaning given to that term in Data Protection Legislation.
		
	 “Personal Data Breach”
	  	means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to, the Relevant Data transmitted, stored or otherwise processed.
		
	 “Pharmakon”
	  	means Pharmakon Advisors LP, a Delaware limited partnership.
		
	 “Portfolio Investment”
	  	means all Royalty Investments and Security Investments held by the ICAV (including through its indirect investment in Old RPI) or any Subsidiary.
		
	 “Prospectus”
	  	the Prospectus for the ICAV to be issued in relation to the offer for sale of Shares as same may be amended and/or supplemented from time to time.
		
	 “Relevant Data”
	  	shall have the meaning set forth in Section 27(b) (Data Protection).
		
	 “Renewal Term”
	  	shall have the meaning set forth in Section 22 (Term).
		
	 “Royalties”
	  	means intellectual property (including patents) or other contractual rights to income derived from the sales of, or revenues generated by, pharmaceutical, biopharmaceutical, medical and/or healthcare products, processes, devices, or
enabling and delivery technologies that are protected by patents, trademarks or copyrights, governmental or other regulations or otherwise by contract.

  
 6 

			
		
	 “Royalty Investment”
	  	means (i) Royalties; (ii) ownership interests in any entities formed for the purpose of holding Royalties or substantially all of the assets of which consist of Royalties; (iii) any securities, investments or contracts
that may provide a hedge for Royalties; and (iv) other assets and investments considered by the Manager to be related to the foregoing. For the avoidance of doubt, this term will include the ICAV’s proportionate interest in Royalty
Investments acquired or held by the ICAV (including through its indirect investment in Old RPI) or any Subsidiary.
		
	 “RP Holdings”
	  	means Royalty Pharma Holdings Limited, a company established under the laws of England and Wales.
		
	 “RP PLC”
	  	means Royalty Pharma PLC, a public limited company established under the laws of England and Wales.
		
	 “RPI Group”
	  	means the ICAV and its Subsidiaries.
		
	 “Security Investment”
	  	means (i) the securities (including controlling and non-controlling interests, equity, debt and hybrid securities) of entities in the pharmaceutical, biopharmaceutical, medical or
healthcare industry or operating assets thereof (other than Royalties); (ii) any securities, investments or contracts that may provide a hedge for the investments referred to in clause (i); and (iii) other assets and investments considered by
the Manager to be related to the investments referred to in clauses (i) and (ii).
		
	 “Security Investment Values”
	  	means the value of each Security Investment held, directly or indirectly by the ICAV as of such date, determined in accordance with GAAP.
		
	 “Share” or “Shares”
	  	means unless the context otherwise requires, a share or shares of whatsoever class in the capital of the ICAV (other than subscriber shares) entitling the holders to participate in the profits of the ICAV attributable as described
in the Prospectus.
		
	 “Shareholder”
	  	means a shareholder of the ICAV.
		
	 “Subsidiary”
	  	means any Other Account, Control of which is held directly or indirectly by the ICAV.
		
	 “Sub-Processor
	  	shall have the meaning set forth in Section 27(b)(i) (Data Protection).
		
	 “VAT”
	  	means any value added tax or any similar sales, use or turnover tax.

  
 7 

 Section 2. Interpretation and Construction. 

(a) In this Agreement, unless a clear contrary intention appears: 

(i) common nouns and pronouns and any variation thereof shall be deemed to refer to masculine, feminine, or neuter, singular
or plural, as the identity of the Person, Persons or other reference in the context requires; 
 (ii) where specific
language is used to clarify by example a general statement contained in this Agreement, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates; 

(iii) “any” shall mean “one or more”; 

(iv) ‘‘including” and with correlative meaning “include” means including without limiting the
generality of any description preceding such term; and 
 (v) all references to “funds”, “dollars” or
“payments” shall mean United States dollars. 
 (b) The language used in this Agreement has been chosen by the
parties to express their mutual intent, and no rule of construction or interpretation requiring this Agreement to be construed or interpreted against any party shall apply. 

Section 3. Appointment of the Manager. The Manager shall act as manager to the ICAV and shall have the discretion to make all day-to-day decisions of the ICAV relating to its investment activities subject to the oversight, direction and control by the Board of Directors. The Manager shall act as the
AIFM of the ICAV for the purposes of AIFMD and the relevant implementing and related information thereunder, and shall do all such things and perform all such acts to maintain such status. For the avoidance of doubt, the Manager is not authorized or
regulated as an AIFM under the AIFMD. The Manager undertakes to give the ICAV the benefit of its best judgment and efforts in rendering its services. 

Section 4. Authority of the Manager. In connection with its obligations hereunder, the Manager shall have the authority for and in
the name of the ICAV, subject to Section 8 (Policies of the ICAV) and Section 15 (Investments), to: 

(a) invest the ICAV’s assets, including investments through RPI 2019 Intermediate Finance Trust or any other Subsidiary;

 (b) direct the formulation of investment policies and strategies for the ICAV, and select and approve the investment of
ICAV funds, all in accordance with the provisions and limitations of this Agreement and make all decisions concerning the investigation, solicitation, negotiation, structuring, commitment to, monitoring of and disposition of Portfolio Investments;

  
 8 

 (c) open, maintain and close bank accounts and draw checks or other orders
for the payment of money and open, maintain and close brokerage, money market fund and similar accounts; 
 (d) hire for
usual and customary payments and expenses consultants, brokers, attorneys, accountants and such other agents for the ICAV as it may deem necessary or advisable, and authorize any such agent to act for and on behalf of the ICAV; 

(e) enter into, execute, maintain and/or terminate contracts, undertakings, agreements and any and all other documents and
instruments in the name of the ICAV and do or perform all such things as may be necessary or advisable in furtherance of the ICAV’s powers, objects or purposes or to the conduct of the ICAV’s activities, including entering into acquisition
agreements to make or dispose of Portfolio Investments (or consenting or authorizing any Subsidiary to do the same) which agreements may include such representations, warranties, covenants, indemnities and guaranties as the Manager deems necessary
or advisable; 
 (f) make, in its sole discretion, any and all elections for U.S. federal, state, local and foreign tax
matters, including an election to adjust the basis of ICAV property pursuant to Section 734(b), 743(b) and 754 of the Code or comparable provisions of state, local or foreign law; 

(g) manage, acquire or dispose of Portfolio Investments for the ICAV as permitted hereunder and under the Organizational
Documents; 
 (h) promptly give full and adequate instructions to the Depositary as to deliveries of Portfolio Investments
and payments of cash for the account of the ICAV provided that such instructions shall reflect the prevailing practice of the applicable market in relation to delivery of Portfolio Investments and payments of cash; 

(i) vote, in its sole discretion, any shares, units or interests of any Subsidiary held by the ICAV (or to advise the
Depositary in relation thereto) where such interests are held in its name or otherwise authorize, approve or adopt any matter presented to the holders of shares, units or interests of any Subsidiary held by the ICAV; 

(j) engage attorneys, independent accountants, other service providers, investment banks, accountants and other advisers and
such other Persons as the Manager may deem necessary or advisable; 
 (k) provide service providers and advisers to the ICAV,
with such information and instructions as may be necessary to enable such service providers and advisers to perform their duties in accordance with the applicable agreements; 

  
 9 

 (l) advise the ICAV upon the availability and appropriate source of funds to
be utilized by the ICAV in making distributions to Shareholders; 
 (m) monitor the investment policy of the ICAV and propose
to the ICAV any changes thereto which it considers necessary or desirable; 
 (n) subject to
Section 7 (Delegation) authorize any partner, member, employee or other agent of the Manager or its Affiliates or other agent of the ICAV to act for and on behalf of the ICAV in all matters incidental to the foregoing; and

 (o) do any and all acts on behalf of the ICAV as the Manager may deem necessary or advisable in connection with the
maintenance and administration of the ICAV, and exercise all rights of the ICAV, with respect to their interest in any Person, including the voting of securities, participation in arrangements with creditors, the institution and settlement or
compromise of proceedings and other like or similar matters. 
 In selecting brokers to make purchases and sales on behalf of the ICAV, the
Manager shall select those brokers who provide best execution to the ICAV. In determining what constitutes best execution, the Manager shall consider the best price available in the market, exclusive of any charges but taking account of any other
exceptional circumstances such as counterparty risk, order size or client instructions. In managing the assets of the ICAV, the Manager may receive certain research and statistical and other information and assistance from brokers. The Manager may
allocate brokerage business to brokers who have provided such research and assistance to the ICAV and/or Other Accounts. The Manager shall have discretion, in the interests of the ICAV, to allocate the ICAV’s brokerage on portfolio transactions
to brokers qualified to obtain best execution of such transactions who provide brokerage and/or research services for the ICAV and/or Other Accounts and to cause payment out of the assets of the ICAV to such brokers a commission for effecting a
portfolio transaction that is in excess of the amount of commission another broker adequately qualified to effect such transaction would have charged if a good faith determination is made by the Manager that the commission is fair and reasonable in
relation to the services provided. In reaching such determination, the Manager will not be required to place or to attempt to place a specific monetary value on the brokerage and/or research services provided or being provided by such broker. The
benefits provided under any soft commission arrangements must assist in the provision of investment services to the ICAV. The Manager shall notify the ICAV of any soft commission arrangements so that these arrangements can be disclosed in the
periodic reports of the ICAV. 
 The ICAV hereby appoints the Manager as its
attorney-in-fact to act in the ICAV’s name, place and stead on behalf of the ICAV in any and all matters relating to the investment of the cash and other assets of
the ICAV and to sign, execute and deliver any and every conceivable right (including, without limitation, any contract, agreement, instrument, consent, notice or acknowledgement) and to do all other acts and things and take any and every act or
action, in each case in the ICAV’s name and on the ICAV’s behalf, which the Manager in its sole discretion deems necessary or otherwise appropriate in the performance of its duties under this Agreement and the Manager shall be entitled to
delegate such authority pursuant to Section 7 (Delegation). The power of attorney hereby granted by the ICAV to the Manager pursuant to this Section shall remain in force during the continuance of this Agreement and all
acts done and documents signed or executed by the Manager in good faith in the purported exercise of any authority conferred by or purport to this power of attorney shall for all purposes be valid and binding on the Manager. 

  
 10 

 Section 5. Valuations. The Manager shall be responsible for the proper valuation
of the investments of the ICAV and shall ensure that appropriate and consistent procedures are established so that a proper and independent valuation of the investments can be performed in accordance with the applicable AIFMD requirements, the AIF
Rulebook, the Prospectus and the Instrument of Incorporation. The parties acknowledge that the Administrator has been appointed as agent to calculate and publish the net asset value of the Portfolio. In connection with this
Section 5, the Manager shall provide to the ICAV in a timely manner such information as it may reasonably request from time to time. The Manager may appoint an external valuer in respect of the ICAV provided that the
liability of the Manager to the ICAV and its Shareholders shall not be affected by the Manager’s appointment of an external valuer. 

Section 6. Liquidity Management. The Manager shall employ a liquidity management system to assess the consistency of the
ICAV’s investment policy, liquidity profile and redemption policy. 
 Section 7. Delegation. With the prior approval of the
Central Bank, the Manager shall be entitled to delegate or sub-contract all or any of its functions, powers, discretions, duties and obligations hereunder to any person approved by the ICAV and the Central
Bank on such terms and conditions as the Manager with the consent of the ICAV, thinks fit, provided that the Manager shall remain responsible and liable for any acts or omissions of any such delegate as if such acts or omissions were those of the
Manager. The Manager shall provide the ICAV with: 
 (a) the name and details of any proposed delegate; 

(b) details of the competent authority under which the proposed delegate is authorized or registered; 

(c) details of the functions which it proposes to delegate or sub-delegate; and 

(d) the intended effective date of the proposed delegation or sub-delegation. 

The appointment of a delegate shall not take effect until the ICAV has notified the Central Bank of the proposed arrangement; and the
delegation arrangements comply with the AIF Rulebook. Any such delegation or sub-delegation made pursuant to this Section 7 (Delegation) shall terminate automatically upon the
termination of this Agreement or may be terminated by the Manager with immediate effect where the Manager considers it is in the best interests of the Shareholders. 

Section 8. Policies of the ICAV. The activities engaged in by the Manager on behalf of the ICAV shall be subject to the policies,
instructions, oversight and control of the Board of Directors. The Manager shall submit periodic reports to the Board of Directors regarding the Manager’s activities hereunder on at least a quarterly basis or as otherwise instructed by the
Board of Directors from time to time. 

  
 11 

 Section 9. Proper Instructions. Any instruction to be given hereunder by the
ICAV in respect of any of the matters referred to in this Agreement shall be written (including electronic writings), cabled, telecopied or telexed instructions and signed or purported to be signed by such one or more person or persons as the ICAV
shall from time to time have authorized to give this particular class of instructions in question. In instances indicated in advance by the ICAV, the Manager may also act pursuant to telephonic instructions given by designated persons and such
telephonic instructions shall be deemed to be “Proper Instructions” within the meaning of this Section. Different persons may be authorized to give instructions for different purposes and such persons may also include officers of
corporations other than the ICAV as so authorized. A certified copy of a resolution of the directors of the ICAV may be received and accepted by the Manager as conclusive evidence of the authority of any such person to act and may be considered as
in full force and effect until receipt of written notice to the contrary. 
 Section 10. Notice to the Board of Directors. The
Manager shall use commercially reasonable efforts to provide at least 72 hours (and in any event at least 24 hours) prior written notice to the Board of Directors, in accordance with such procedures as they may specify from time to time upon written
notice to the Manager, for any the following actions: (i) any investment involving greater than $50 million (measured at the time of investment), (ii) any incurrence of indebtedness for borrowed money or securitization (including any
refinancing thereof) involving greater than $100 million (other than transactions for the purposes of hedging portfolio exposure) and (iii) any other material matter that is expressly designated by the Board of Directors in writing to the
Manager as a matter requiring prior written notice. 
 Section 11. Covenant/Devotion of Time. Without consent of the Board of
Directors, the Manager shall not be permitted to manage an Other Account that invests in or acquires Royalties, directly or indirectly, other than RP PLC and its subsidiaries, the ICAV, any Subsidiary and any Legacy Vehicle. The executives of the
Manager must devote substantially all of their business time to managing the RP PLC and its subsidiaries, the ICAV and its Subsidiaries and any Legacy Vehicle, unless otherwise approved (i) prior to the date of this Agreement, by the investment
committee of Old RPI or the ICAV or (ii) subsequent to the date of this Agreement, by the Board of Directors. Any action that has been approved by the investment committee of the ICAV or Old RPI or the Board of Directors as set forth in the
immediately preceding sentence shall be set forth on Exhibit B. 
 Section 12.
Non-Competition and Non-Solicit. 

(a) Every named executive officer of the Manager shall not during its tenure as an executive of the Manager and for a period of
18-months following the termination of its engagement with or employment by the Manager directly or indirectly, (i) close, advise, manage or act as the general partner, investment manager, investor,
consultant, independent contractor, servicer, advisor, director, officer, member, manager or employee to, of, in or for any Competing Fund or (ii) solicit the services of any Person who is then an employee of the Manager or solicit any investor
or potential investor in RP PLC or any Other Account. 

  
 12 

 (b) Each of the Manager and its Affiliates shall not during the time it is
acting as manager or general partner or in a similar capacity for the ICAV and for a period of 12-months following any termination of this Agreement for Cause or nonrenewal by the Manager directly or
indirectly, close, advise, manage or act as the general partner, investment manager, investor, consultant, independent contractor, servicer, advisor, director, officer, member, manager or employee to, of, in or for any Competing Fund. 

Section 13. Status of the Manager. The Manager shall, for all purposes hereof, be an independent contractor and not an employee of
the ICAV and nothing in this Agreement shall be construed as making the ICAV a partner or co-venturer with the Manager or any of its Affiliates or Other Accounts. The Manager shall not have authority to act
for, represent, bind or obligate the ICAV, except as specifically provided in this Agreement. 
 Section 14. Succession Plan.
The Manager has established the succession plan attached hereto as Exhibit A. 
 Section 15. Investments. All investments of the
ICAV and other activities undertaken by the Manager on behalf of the ICAV shall at all times conform to and be in accordance with the requirements imposed by the following: 

(a) any provisions of applicable law and regulation including any investment restrictions specified in the Prospectus or from
time to time imposed by the Central Bank and notified by or on behalf of the ICAV to the Manager; 
 (b) provisions of the
Organizational Documents; provided, however, that the Manager shall not be bound by any update, modification or amendment of any Organizational Document unless and until it has been given notice thereof and has been provided with a
copy of such update, modification or amendment; and 
 (c) without prejudice to Section 10 (Notice
to the Board of Directors) such policies, compliance procedures and reporting requirements as may be adopted from time to time by the Board of Directors; provided, however, that the Manager shall not be bound by any such policies,
unless and until it has been given notice thereof. 
 Section 16. Operating and Personnel Payment. 

(a) The Manager shall receive a quarterly operating and personnel expense fee (the “Operating and Personnel
Payment”) equal to 6.5% of the Cash Receipts from Royalty Investments for such quarter from Royalty Investments and 0.25% of the Security Investment Values as of the end of such quarter. The ICAV and its Subsidiaries shall have no personnel
of their own. 
 (i) The Manager shall waive or rebate the Operating and Personnel Payment with respect to Shareholders that
are employees or Affiliates of the Manager or any of its Affiliates or Pharmakon and certain other Shareholders designated by the Manager. 

  
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 (ii) The Operating and Personnel Payment shall be payable quarterly in
advance as of the first Business Day of each fiscal quarter based on the estimated projected Cash Receipts from Royalty Investments and the estimated projected Security Investment Values as of such date. The Manager shall recalculate the Operating
and Personnel Payment based on the actual Cash Receipts from Royalty Investments and the actual Security Investment Values following the date on which the ICAV’s financial statements are finalized. If it is determined based on such
recalculation that (A) the finalized Operating and Personnel Payment exceeded prior payments of the Operating and Personnel Payment, then the ICAV shall pay any shortfall on or prior to the next date the Operating and Personnel Payment is due
or (B) prior payments of the Operating and Personnel Payment exceeded the finalized Operating Personnel and Expense Fee, then such excess shall be repaid on or prior to the next date the Operating and Personnel Payment is due. 

(iii) The Operating and Personnel Payment shall be reduced by the amount of any operating and personnel payments that are paid
to the Manager by the RP PLC or its subsidiaries, including Old RPI (in the case of Old RPI, respect of the ICAV’s pro rata share of any such fee) for managing such entities. 

(iv) For any partial fiscal quarter in respect of which the Operating and Personnel Payment is being paid, the ICAV shall pay
only a proportionate amount thereof based on the number of days in such fiscal quarter. If this Agreement is terminated for Cause during a quarter, the Manager shall refund to the ICAV the amount of the Operating and Personnel Payment allocable to
that portion of the fiscal quarter following such termination and no further Operating and Personnel Payment shall be payable to the Manager hereunder. 

(b) The Manager shall be responsible for 50% of all Broken Deal Expenses; provided that once an investment opportunity is
approved by the Board of Directors, the Manager shall not be responsible for any broken deal expenses relating to such investment opportunity incurred after such approval. To the extent the Manager is responsible for any Broken Deal Expenses as set
forth in the preceding sentence, the next quarterly installment of the Operating and Personnel Payment shall be reduced by such Broken Deal Expenses incurred by the ICAV in the preceding fiscal quarter; provided, that if such amount of Broken Deal
Expenses exceeds the quarterly Operating and Personnel Payment, the balance shall be carried forward and reduce future quarterly amounts of the Operating and Personnel Payment until such amount of Broken Deal Expenses has been completely offset
against payments of the Operating and Personnel Payment. Notwithstanding the foregoing, if the Manager is required to repay any excess Broken Deal Expenses more promptly by any regulatory requirement, including, without limitation, any requirement
of the Central Bank or under the Advisers Act, then it shall make such payment in the timeframe required by such regulatory requirements. 

  
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 (c) The Operating and Personnel Payment shall not be increased without
obtaining the consent of Shareholders holding at least 75% of the issued Shares, unless, an opportunity is provided to Shareholders to redeem their Shares in advance of any such proposed increase to the Operating and Personnel Payment, in which case
the consent of Shareholders holding at least 50% of the issued Shares shall be sufficient. Where an opportunity for Shareholders to redeem in advance is provided ahead of a proposed increase to the Operating and Personnel Payment and Shareholders
representing 50% or more of the issued Shares have voted in favor of the proposed increase, Shareholders will be provided with a reasonable notification period to enable them to redeem their Shares prior to the implementation of the increase. 

Section 17. Expenses of the Manager. The Manager or its Affiliates, but not the ICAV or any of its Subsidiaries or any
Shareholder, shall bear and be charged with the following costs and expenses of the ICAV’s activities (including, in each case, any related VAT): (a) any costs and expenses of providing to the ICAV the office overhead necessary for the
ICAV’s operations, including, but not limited to, rent and other normal overhead and operating expenses; (b) the compensation of the Manager’s personnel, including, but not limited to, benefits, and other expenses for such personnel;
and (c) similar expenses to the extent that such expenses are not subject to reimbursement by the ICAV pursuant to Section 18 (ICAV Expenses). 

Section 18. ICAV Expenses. The ICAV shall bear and be charged with all expenses of the ICAV and its pro rata share of any
Subsidiaries (through its investment in such Subsidiaries) other than expenses that are expressly borne by the Manager pursuant to Section 17 (Expenses of the Manager) including, without limitation, the following costs and
expenses of the ICAV (including, in each case, any related VAT): 
 (a) all administrative and operating expenses incurred on
its behalf, including interest and financing expenses, expenses of custodians, administrators, accountants, auditors and outside counsel, the cost of the preparation of financial statements, reports to Shareholders, the annual audit, financial and
tax returns and tax reports required for the ICAV and the Shareholders, extraordinary items such as litigation and indemnification expenses, and any taxes, fees or other government charges levied against the ICAV; 

(b) independent valuation expenses (if applicable); 

(c) expenses incurred in providing any reporting to Shareholders or regulatory reporting, printing and mailing costs; 

(d) third party research costs and expenses; 

(e) administrative expenses (including any fee payable to the Administrator, government fees and taxes (if any); 

(f) expenses incurred in connection with any meeting of the Shareholders, including, without limitation, travel, meal and
lodging expenses and ancillary activities related thereto; 

  
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 (g) fees and expenses related to regulatory compliance burdens of the ICAV
or any Subsidiary or any Portfolio Investment, including compliance with FATCA; 
 (h) any registration or filing fees
relating to the ICAV or any Subsidiary; 
 (i) subject to the Manager bearing 50% of any Broken Deal Expenses, all out-of-pocket costs and expenses, if any, incurred in analyzing, conducting due diligence, holding, developing, negotiating, structuring, acquiring and disposing of Portfolio
Investments and prospective Portfolio Investments, whether or not ultimately made, and disposing of actual Portfolio Investments, including without limitation any financing, legal, accounting, advisory and consulting expenses in connection therewith
(to the extent the Manager is not otherwise reimbursed by another party or the costs are not capitalized as part of the acquisition price of the transaction); 

(j) expenses (including travel expenses) incurred in connection with investigating investment opportunities, developing
business opportunities for the ICAV and monitoring Portfolio Investments (including attending medical and industry conferences); 

(k) interest on and fees and expenses arising out of all borrowings made by or on behalf of the ICAV, including, but not
limited to, the arranging thereof; 
 (l) costs of any litigation, Directors & Officers liability or other insurance
and indemnification or extraordinary expense or liability relating to the affairs of the ICAV; 
 (m) expenses of liquidating
the ICAV; 
 (n) any taxes, fees or other governmental charges levied against the ICAV and all expenses incurred in
connection with any tax audit, investigation, settlement or review of the ICAV; 
 (o) any expenses in connection with the
Board of Directors; 
 (p) legal and accounting fees and expenses and other expenses incurred by the ICAV in connection with
the preparation for, and conduct and closing of any offering of additional Shares in the ICAV; 
 (q) the ICAV’s pro
rata share of the expenses incurred in the formation of any Subsidiary; and 
 (r) any costs and expenses incurred in
connection with the contemplation of, formation of, listing and ongoing operation of the ICAV, including any third-party expenses of managing the ICAV, such as accounting, audit, legal, reporting, compliance, administration (including
directors’ fees), financial advisory, consulting, investor relations, and insurance expenses relating to the affairs of the ICAV. 

  
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 The ICAV shall promptly reimburse the Manager or any of its Affiliates, as the case may be,
to the extent that any of the costs and expenses set forth in this Section 18 are paid by such entities. 
 Section 19.
Exculpation. 
 (a) To the fullest extent permitted by law, none of the Manager, its Affiliates (including EPA
Holdings) and their respective officers, directors, stockholders, members, employees, agents and partners, and any other person who serves at the request of the Manager on behalf of the ICAV as an officer, director, employee or agent of, or with
respect to, any other entity (each, an “Indemnitee”) shall be liable to the ICAV or any Subsidiary or any Shareholder for (i) any act or omission taken or suffered by an Indemnitee in connection with the conduct of the affairs
of the ICAV or otherwise in connection with this Agreement or the matters contemplated herein, unless such act or omission resulted from fraud, bad faith, willful misconduct, gross negligence, a material breach of this Agreement which is not cured
in accordance with the terms of this Agreement or a violation of applicable securities laws by such Indemnitee, and except that nothing herein shall constitute a waiver or limitation of any rights which a Shareholder of the ICAV may have under
applicable securities laws or other laws and which may not be waived, or (ii) any mistake, negligence, dishonesty or bad faith of any broker or other agent of the ICAV selected and monitored by the Manager with reasonable care. 

(b) To the extent that, at law or in equity, the Manager has duties (including fiduciary duties) and liabilities relating
thereto to the ICAV or another Shareholder, the Manager acting under this Agreement or refraining from taking action under this Agreement, shall not be liable to the ICAV or to any such other Shareholder for its actions or inaction, taken or
suffered in good faith and in reliance on the provisions of this Agreement, provided, that such action or inaction does not constitute fraud, bad faith, willful misconduct or gross negligence. The provisions of this Agreement, to the extent
that they expand or restrict the duties and liabilities of the Manager otherwise existing at law or in equity, are agreed by the Shareholders to modify to that extent such other duties and liabilities of the Manager. 

(c) The Manager may consult with legal counsel and accountants selected by it and any act or omission taken or suffered by it
on behalf of the ICAV or in furtherance of the interests of the ICAV, taken or suffered in good faith and in reasonable reliance thereon, upon and in accordance with the advice of such counsel or accountants shall be full justification for any such
act or omission, and the Manager shall be fully protected and held harmless in so acting or omitting to act; provided, such counsel or accountants were selected and monitored with reasonable care. Notwithstanding any of the foregoing to the
contrary, the provisions of this Section shall not be construed so as to provide for the exculpation of any Indemnitee for any liability (including liability under U.S. federal or state securities laws (which includes liability for violation
of the anti-fraud provisions contained in Section 206 of the Advisers Act) which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent) that such liability may not be
waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section to the fullest extent permitted by law. 

  
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 Section 20. Indemnification. 

(a) To the fullest extent permitted by law, the ICAV shall indemnify and save harmless each Indemnitee from and against any and
all claims, liabilities, damages, losses, penalties, actions, judgments, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses
of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee or to which such Indemnitee may be subject by reason of its activities on
behalf of the ICAV or any of its Subsidiaries or in furtherance of the interests of the ICAV or otherwise arising out of or in connection with the affairs of the ICAV or its Subsidiaries, including the performance by such Indemnitee of any of the
Manager’s responsibilities under this Agreement and/or under the governing documents of any Subsidiary or otherwise in connection with the matters contemplated herein or therein; provided, that: (i) an Indemnitee shall be entitled
to indemnification hereunder only to the extent that such Indemnitee’s conduct did not constitute fraud, bad faith, willful misconduct, gross negligence, a material breach of this Agreement which is not cured in accordance with the terms of
this Agreement or a violation of applicable securities laws; (ii) nothing herein shall constitute a waiver or limitation of any rights which a Shareholder or the ICAV may have under applicable securities laws or other laws and which may not be
waived; and (iii) the ICAV’s obligations hereunder shall not apply with respect to (x) economic losses or tax obligations incurred by any Indemnitee as a result of such Indemnitee’s ownership of an interest in the ICAV or in
Royalty Investments, (y) expenses of the ICAV that an Indemnitee has agreed to bear or (z) amounts recoverable by the Indemnitee from other sources (including without limitation insurance) as provided in
Section 20(d). The satisfaction of any indemnification and any saving harmless pursuant to this Section shall be from and limited to the ICAV assets, and no Shareholder shall have any personal liability on account thereof.
The conduct of the Manager and EPA Holdings shall be attributed to one another for purposes of determining whether indemnification is available pursuant to this Section and whether conduct meets the standards set forth in
Section 19 (Exculpation). 
 (b) Expenses reasonably incurred by an Indemnitee in defense or
settlement of any claim that may be subject to a right of indemnification hereunder shall be advanced by the ICAV prior to the final disposition thereof upon receipt of an undertaking by or on behalf of the Indemnitee to repay such amount to the
extent that it shall be determined ultimately that such Indemnitee is not entitled to be indemnified hereunder. 
 (c) The
right of any Indemnitee to the indemnification provided herein shall extend to such Indemnitee’s heirs, executors, administrators, successors, assigns and legal representatives and shall be cumulative of, and in addition to, any and all rights
to which such Indemnitee may otherwise be entitled by contract or as a matter of law or equity. Notwithstanding the foregoing, no Indemnitee may have any other rights to indemnification from the ICAV or enter into, or make any claim under, any other
agreement with the ICAV (whether direct or indirect) providing for indemnification except as otherwise set forth in this Agreement. 

  
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 (d) Any Person entitled to indemnification from the ICAV hereunder shall
first seek recovery under any other indemnity or any insurance policies by which such Person is indemnified or covered, as the case may be, but only to the extent that the indemnitor with respect to such indemnity or the insurer with respect to such
insurance policy provides (or acknowledges its obligation to provide) such indemnity or coverage on a timely basis, as the case may be, and, if such Person is other than the Manager, such Person shall obtain the written consent of the Manager prior
to entering into any compromise or settlement which would result in an obligation of the ICAV to indemnify such Person; and if liabilities arise out of the conduct of the affairs of the ICAV and any other Person for which the Person entitled to
indemnification from the ICAV hereunder was then acting in a similar capacity, the amount of the indemnification provided by the ICAV shall be limited to the ICAV’s proportionate share thereof as determined by the Manager in light of its
fiduciary duties to the ICAV and the Shareholders. 
 (e) Notwithstanding any of the foregoing to the contrary, the
provisions of this Section shall not be construed so as to provide for the indemnification of any Indemnitee for any liability (including liability under U.S. federal or state securities laws (which includes liability for violation of the anti-fraud
provisions contained in Section 206 of the Advisers Act) which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of
law, but shall be construed so as to effectuate the provisions of this Section to the fullest extent permitted by law. 

Section 21. Limitations on Reference to the Manager. The ICAV shall not distribute or circulate any sales literature, promotional
or, save where required by applicable law, regulation or court order, other material which contains any reference to the Manager without the prior approval of the Manager, and, where practicable, shall submit in draft form all such materials
requiring approval of the Manager, allowing sufficient time for review by the Manager and its counsel prior to any deadline for printing. If the Manager ceases to furnish services to the ICAV, the ICAV at its expense: 

(a) as promptly as practicable, shall take all necessary action to cause the Organizational Documents to be amended to
eliminate any reference to the Manager; and 
 (b) within 60 days after the Effective Date, shall cease to use in any other
manner including use in any sales literature or promotional material, the name of the Manager, save where required by applicable law, regulation or court order. 

  
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 Section 22. Term. This Agreement shall have an initial term of ten years (the
“Initial Term”) ending on July 1, 2030 and shall have successive automatic renewal terms of three years thereafter (each, a “Renewal Term”), unless terminated by the Manager or the ICAV on at least 180
days’ prior written notice to the other party prior to the expiration of the Initial Term or any Renewal Term. The Manager and the ICAV shall meet to discuss renewal at least one year prior to the expiration of the Initial Term and any Renewal
Term. The Central Bank may in its discretion replace the AIFM with another entity willing to act as AIFM where the Central Bank deems it necessary to do so. 

On the termination of this Agreement: (i) the Manager shall be entitled to receive all fees, including the Operating and Personnel
Payment, and other moneys accrued and due up to the date of such termination but shall not be entitled to compensation in respect of such termination; and (ii) the Manager shall forthwith deliver to the ICAV or as it shall direct all
correspondence and records of all and every description relating to the affairs of the ICAV which are in the Manager’s possession or under the Manager’s control and shall not be entitled to any lien in respect of any of the foregoing. The
termination of this Agreement shall be without prejudice to any rights that may have accrued hereunder to either party hereto against the other party hereto before such termination. 

Section 23. Removal. Subject to the following provisions of this Section, during the Initial Term and each Renewal Term, this
Agreement may only be terminated by the ICAV for Cause. If the Management Agreement with RP PLC, Old RPI or RP Holdings is terminated for Cause then this Agreement shall automatically be terminated. The ICAV shall have the right to terminate the
Manager following (i) a determination of Cause by a court or governmental body of competent jurisdiction in a final judgement or (ii) an admission of Cause by the Manager or EPA Holdings. In the event that Mr. Legorreta commits an act
constituting Cause (while he is acting as chief executive officer of RP PLC), such action shall be imputed to EPA Holdings and the Manager. Any act constituting Cause committed by any other executive of EPA Holdings or the Manager (including
Mr. Legorreta if he is no longer acting as chief executive officer of RP PLC) shall not be imputed to EPA Holdings and the Manager if the Manager terminates such executive’s engagement with, employment by or relationship with the Manager
and EPA Holdings within such reasonable period of time as may be agreed to by the Board of Directors; provided that if such executive is not terminated within such period of time then such Cause event shall be imputed to EPA Holdings and the
Manager. 
 Section 24. Choice of Law. Notwithstanding the place where this Agreement may be executed by any of the parties
hereto, the parties expressly agree that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of New York applicable to contracts made and to be entirely performed in such state. 

Section 25. Conflicts of Interest. Nothing herein contained shall prevent: 

(a) the Manager or any director, officer or agent or any affiliate or associate thereof or other funds managed by the Manager
(hereinafter called the “Interested Party”) from becoming the owner of Shares and holding, disposing of or otherwise dealing with the same and with the same rights which it would have had if the Manager were not a party to this
Agreement and the Interested Party may buy, hold and deal in any Portfolio Investments upon its own account notwithstanding that same or similar Portfolio Investments may be held by or for the account or otherwise connected with the ICAV and no
persons so interested shall be liable to account for any benefit to any other party by reason solely of such interest; 

  
 20 

 (b) an Interested Party from selling Portfolio Investments to, purchasing
Investments from or vesting Portfolio Investments in the ICAV PROVIDED THAT any such sale or purchase of Portfolio Investments or other transaction is in the best interests of the Shareholders, negotiated at arm’s length and, in the case of a
sale or purchase of Portfolio Investments of property for the account of the ICAV: 
 (i) a certified valuation of such
transaction by a person approved by the Depositary as independent and competent has been obtained; or 
 (ii) such
transaction has been executed on best terms on an organized investment exchange in accordance with the rules of such exchange; or 

(iii) if clauses (i) or (ii) are not practical, such transaction has been executed on terms which the Depositary is
satisfied conform to the principle that such transactions be carried out as if negotiated at arm’s length. 
 Section 26.
Confidentiality. Save as may be required by law or by any regulatory authority or agency or as may otherwise be contemplated by this Agreement, each of the parties hereto hereby covenants and undertakes with the other party hereto to keep
secret and confidential and not to disclose to any person any Confidential Information PROVIDED HOWEVER that no party shall be required to keep secret and confidential any Confidential Information which has properly entered the public domain
otherwise than through the default of such party save where the parties are compelled to do so by any self-regulatory body or by law. No public announcement shall be made or circular, notice or advertisement issued in connection with the subject
matter of this Agreement by either of the parties hereto without the prior approval of the other party hereto. 
 Section 27. Data
Protection. 
 (a) Terms used in this Section 27 shall, except where the context otherwise
requires, have the same meaning as that assigned to them by Data Protection Legislation. 
 (b) In processing Personal Data
(including name, contact details, director details and investment information) provided by the ICAV relating to its Directors, members, partners, agents and/or Shareholders (the “Relevant Data”) for the purposes of performing this
Agreement, the Manager shall comply with the following in relation to such Relevant Data: 
 (i) not engage another data
processor (a “Sub-Processor”) without the specific prior written consent of the ICAV. If the ICAV provides such specific consent and the Manager engages a
Sub-Processor to carry out specific processing activities on any Relevant Data, the Manager shall ensure that at least the same data protection obligations as set out in this Section 27 are imposed on
that Sub-Processor by way of a written agreement. The Manager shall be liable and responsible for the acts and omissions of the Sub-Processor as if such acts and
omissions were its own; 

  
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 (ii) process the Relevant Data only in accordance with the documented
instructions of the ICAV, and not for any other purpose, including with regard to transfers of the Relevant Data to a third country or international organization, unless required to do so by EU Member State law to which the Manager is subject. If
subject to such a legal obligation, the Manager shall inform the ICAV of the legal requirement(s) to which it is subject prior to processing the Relevant Data for that purpose, unless the Manager is prohibited by that law from doing so on important
grounds of public interest; 
 (iii) not transfer, and it shall take all appropriate measures to prevent the transfer of,
the Relevant Data to any jurisdiction outside the European Economic Area unless the prior written consent of the ICAV has been obtained and the transfer is subject to appropriate transfer mechanisms as set out under the Data Protection Legislation.
This Section 27(b)(iii) is without prejudice to the transfer of Relevant Data from the ICAV to the Manager which shall be effected pursuant to the Clauses, as set out in Exhibit C of this Agreement; 

(iv) ensure that any persons authorized to process the Relevant Data by it have agreed to comply with obligations of
confidentiality which are at least commensurate with those in Section 26 (Confidentiality); 
 (v)
implement appropriate technical and organizational security measures pursuant to Article 32 of the GDPR which ensure against (A) unauthorized access to, (B) unauthorized or unlawful alteration, disclosure, destruction or other unauthorized
or unlawful processing of, (C) accidental loss or destruction of, or (D) damage to, the Relevant Data. The appropriate technical and organizational security measures the Manager shall implement may include, as appropriate: (1) the
pseudonymisation and encryption of Relevant Data, (2) the ability to ensure the ongoing confidentiality, integrity, availability and resilience of processing systems and services, (3) the ability to restore the availability and access to
Relevant Data in a timely manner in the event of a physical or technical incident, and (4) a process for regularly testing, assessing and evaluating the effectiveness of technical and organizational measures for ensuring the security of the
processing; 
 (vi) notify the ICAV, as soon as possible of becoming aware, of any request made by a data subject or a
regulatory or governmental body to access Relevant Data and shall at all times cooperate with and provide the ICAV with any assistance it may require in order to execute the ICAV’s obligations under Data Protection Legislation; 

(vii) in addition to its obligations set out in Section 27(b)(vi), cooperate with and assist the
ICAV to execute its obligations under Data Protection Legislation in relation to a data subject’s rights under Chapter III of the GDPR, 

  
 22 

 
including the right (A) of access to the Relevant Data, (B) of rectification of Relevant Data, (C) of erasure of Relevant Data, (D) to restriction of processing of Relevant
Data, (E) to portability of Relevant Data, (F) to object to the lawfulness of the processing of Relevant Data, and (G) to not be subject to a decision based solely on automated processing and shall comply at all times with the
instructions of the ICAV in relation to such communications; 
 (viii) in the case of Personal Data Breach, without undue
delay, and in any event within 24 hours from the Manager becoming aware of any such incident, notify the ICAV of the Personal Data Breach. To the extent that the Manager has access to such information at the time of the notification to the ICAV, the
notification shall (A) describe the nature of the Personal Data Breach including, without limitation, the categories and approximate number of data subjects concerned and the categories and approximate number of Relevant Data records concerned,
(B) describe the likely consequences of the Personal Data Breach, and (C) describe the measures proposed to be taken by the Manager to address the Personal Data Breach (provided it will only implement such measures on the instruction of
the ICAV), including, where appropriate, measures to mitigate its possible adverse effects. Where, but only to the extent that it is not possible to provide such information at the same time at the notification of the Personal Data Breach, the
information may be provided at a later time but in any event as soon as reasonably practicable to enable the ICAV to meet the applicable notification deadlines under Data Protection Legislation; 

(ix) take all measures required by Article 32 of the GDPR including, taking into account the nature, scope, context and
purposes of processing as well as the risks of varying likelihood and severity for the rights and freedoms of natural persons, the implementation of appropriate technical and organizational measures to ensure (and to be able to demonstrate) that
processing is performed in accordance with the GDPR; 
 (x) keep and maintain records of all processing activities in
relation to such Relevant Data and, at the choice of the ICAV, delete or return all Relevant Data to the ICAV at the end of the provision of the applicable services to which the processing relates, and delete all existing copies held by the Manager
(unless applicable law requires the storage of such Relevant Data by the Manager); 
 (xi) immediately inform the ICAV if,
in the opinion of the Manager, an instruction infringes Data Protection Legislation or other applicable data protection provisions; and 

(xii) permit the ICAV to take any steps necessary to ensure compliance with the obligations imposed by this Section and under
Data Protection Legislation. 

  
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 (c) Without prejudice to the rights of the ICAV to undertake due diligence
and / or audits in respect of the Manager’s services, the Manager shall on request make available to the ICAV, all information necessary to demonstrate the Manager’s compliance with the obligations laid down in this
Section 27 and contribute to audits, including inspections conducted by the ICAV or another auditor mandated by the ICAV. 

(d) If under Data Protection Legislation, the Manager is required to provide information directly to a data subject in
relation to his or her Relevant Data which is in the possession of the Manager or sub-delegate of the Manager, the Manager shall notify the ICAV and shall only disclose such Relevant Data as is required by
applicable law. 
 (e) To the extent that there is any conflict or ambiguity between the Clauses and this Agreement, the
ICAV and the Manager agree that the Clauses shall prevail. 
 Section 28. Severability. If any provision of this Agreement is
invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held
invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable. 

Section 29. Rights of Inspection. The Manager shall at any time during business hours permit any duly authorized representative or
agent of the ICAV to inspect any and all systems, procedures, records and documents of the Manager insofar as they relate to the provision of management services hereunder and shall give any such representative or agent all information, explanations
or assistance as such representative or agent may reasonably require and shall procure that any person to whom the Manager has delegated any or all of its functions, powers, discretions, duties and obligations under
Section 7 (Delegation) shall also allow such inspections and provide such information, explanations or assistance. 

Section 30. Force Majeure. The Manager shall not be responsible for any loss of or damage to any property, securities, instruments
or other assets of the ICAV for any failure to fulfil any of its duties hereunder if such loss, damage or failure is directly or indirectly caused by or due to any act of God, storm, tempest, accident, fire, water damage, riot, civil commotion,
rebellion, strike, lock-out, government or military action or any other cause or circumstance beyond the control of the Manager, provided that the Manager shall use all reasonable efforts to minimize the
effects thereof. 
 Section 31. Forum. To the fullest extent permitted by law, in the event of any proceeding arising out of the
terms and conditions of this Agreement, the parties hereto irrevocably (i) consent and submit to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New
York, (ii) waive any defense based on doctrines of venue or forum non conveniens, or similar rules or doctrines, and (iii) agree that all claims in respect of such a proceeding must be heard and determined exclusively in the Supreme
Court, State of New York, New York County or the U.S. District Court for the Southern District of New York. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court. 

  
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 Section 32. Notices. 

(a) Each notice relating to this Agreement shall be in writing and delivered in person, by registered or certified mail, by
Federal Express or similar overnight courier service, by electronic mail (e-mail) to the address or e-mail address on record. 

(b) Unless otherwise specifically provided in this Agreement, a notice shall be deemed to have been effectively given when
delivered personally, if delivered on a Business Day; the next Business Day after personal delivery if delivered personally on a day that is not a Business Day; four Business Days after being deposited in the United States mail, postage prepaid,
return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express or similar overnight courier; and when a reply e-mail acknowledging receipt is
received by the sender , if e-mailed. 
 Section 33. Entire Agreement. This Agreement
contains all of the terms agreed upon or made by the parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, negotiations, correspondence, undertakings and communications of the parties,
oral or written, respecting such subject matter. 
 Section 34. Amendments and Waivers. No provision of this Agreement may be
amended, modified, waived or discharged except as agreed to in writing by the parties in accordance with the requirements of the Central Bank. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall
not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

Section 35. Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit the ICAV, the Manager, each
Indemnified Party and their respective successors and permitted assigns. Any Person that is not a signatory to this Agreement but is nevertheless conferred any rights or benefits hereunder (e.g., officers, partners and employees of the
Manager and others who are entitled to indemnification hereunder) shall be entitled to such rights and benefits as if such Person were a signatory hereto, and the rights and benefits of such Person hereunder may not be impaired without such
Person’s express written consent. No assignment (as that term is defined under the Advisers Act) by either party of all or any portion of its rights, obligations or liabilities under this Agreement shall be permitted without the prior written
consent of the other party to this Agreement. Any such assignment of this Agreement shall be in accordance with the requirements of the Central Bank. 

Section 36. Headings. The headings of the Sections of this Agreement are for convenience of reference only, and are not to be
considered in construing the terms and provisions of this Agreement. References to “Section” in this Agreement shall be deemed to refer to the indicated Section of this Agreement, unless the context clearly indicates otherwise. 

Section 37. Discretion; Good Faith. Whenever in this Agreement the Manager is permitted or required to make a decision (i) in
its “discretion” or under a grant of similar authority or latitude, the Manager shall be entitled to consider such interests and factors as it 

  
 25 

 
desires, including its own interests, or (ii) in its “good faith” or under another express standard, the Manager shall act under such express standard, shall not be subject to any
other or different standard imposed by applicable law and may exercise its discretion differently with respect to different investors. 

Section 38. Counterparts. Counterparts may be executed through the use of separate signature pages or in any number of
counterparts with the same effect as if the parties executing such counterparts had all executed one counterpart. Each party understands and agrees that any portable document format (PDF) file, facsimile or other reproduction of its signature on any
counterpart shall be equal to and enforceable as its original signature and that any such reproduction shall be a counterpart hereof that is fully enforceable in any court or arbitral panel of competent jurisdiction. 

Section 39. Survival. The provisions of the Section entitled Operating and Personnel Payment (only to the extent that the
Operating and Personnel Payment is earned by the Manager prior to termination of this Agreement), and the Sections entitled Covenant/Devotion of Time, Non-Competition, Succession Plan, Exculpation,
Indemnification, Limitations on Reference to the Manager, Choice of Law, Forum, Notices, Entire Agreement, Binding Effect; Assignment, Survival and Waiver of Jury Trial shall survive the termination of this Agreement. 

Section 40. Waiver of Jury Trial. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY TO
THE EXTENT PERMITTED BY LAW IN ANY PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE
OF COMPETENT COUNSEL. 
 [The rest of this page is intentionally left blank.] 

 

  
 26 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the
date first set forth above. 
  

											
	ROYALTY PHARMA INVESTMENTS 2019 ICAV 	  	            	  	RP MANAGEMENT, LLC
					
	By:	  	
                     
            
	  		  	By:	  	
                     
            

	Name: Pablo Legorreta	  		  	Name: George Lloyd
	Title: Director	  		  	Title: 	 	Executive Vice President, Investments & General Counsel

 Management Agreement Signature Page 

 Exhibit 10.14 

Exhibit A - Succession Plan 

Succession 
 The Compensation Committee of the
Board of Directors of RP PLC, in consultation with the Manager, will develop temporary and permanent succession plans for senior management of the Manager, including Pablo Legorreta, Terrance Coyne, Chris Hite, George Lloyd, and James Reddoch. These
succession plans will be updated and reviewed periodically with the Compensation Committee, which will report to the Board of Directors of RP PLC. 

Temporary Succession Plan 
 The temporary
succession plan: 
  

	 	•	 	 will provide a plan for filling the position of the CEO and other member of the senior management on a temporary
basis if such person is incapacitated, quits, is terminated, or is otherwise unable to fulfill his duties (“Unavailable”); 

  

	 	•	 	 will name one or more current members of senior management of the Manager as potential interim CEO(s) in the
event Mr. Legorreta or his successor is Unavailable; and 

  

	 	•	 	 will also address potential replacements, contingent hires and/or other temporary arrangements for other members
of the senior management of the Manager in the event such person is Unavailable. 

 The Compensation Committee, in consultation with the
Manager, will assess and provide feedback to the Manager regarding the Manager’s senior management team, with the objective of evaluating the Manager’s internal capabilities to handle an executive transition, including the ability of
certain executives to assume other senior executive roles on an interim or permanent basis, should it become necessary. 
 The Board of Directors of RP PLC
will meet promptly following the triggering of the temporary succession plan to begin discussions regarding a permanent replacement for the CEO or other members of senior management. 

Permanent Succession 
 If the CEO or another member
of senior management of the Manager is Unavailable, that Unavailability is expected to be permanent, and the temporary succession plan does not provide a replacement for that member of senior management that is approved as a long-term replacement
for that position by a majority of the independent directors of the Board of Directors of RP PLC, the Manager, in consultation with the Compensation Committee of the Board of Directors of RP PLC, will immediately retain an executive recruiting firm
to begin a search process for a permanent replacement for the position in question. The search for a permanent successor may include current members of senior management of the Manager, whether or not named in the proposed in the temporary
succession plan. The appointment of any permanent successor to the CEO shall be subject to the consent of a majority of the independent directors of the Board of Directors of RP PLC. 

 Exhibit B – Approved Actions 

 

	 	•	 	 Pablo Legorreta acting as a trustee, executor, administrator, manager, investment advisor, consultant or in any
other similar capacity solely for, on behalf of, with respect to or in connection with any Legorreta Family Trust or Legorreta Family Entity. For purposes of the foregoing, (a) a “Legorreta Family Trust” shall mean (i) any
trust established at any time by any Legorreta Family Member for the primary benefit of one or more Legorreta Family Members and/or (ii) the estate of any deceased Legorreta Family Member; (b) a “Legorreta Family Entity”
shall mean a corporation, partnership limited liability company or similar entity the sole shareholders, members or partners of which are one or more Legorreta Family Members; (c) a “Legorreta Family Member” shall mean:
(i) Pablo Legorreta, (ii) a spouse or former spouse of Pablo Legorreta, (iii) a descendant of Pablo Legorreta, (iv) a grandparent of Pablo Legorreta or of any spouse or former spouse of Pablo Legorreta, (v) a descendant of
such a grandparent, and/or (vi) a spouse or former spouse of any descendant described in (iii) and (v); and (d) the word “descendant” shall include any individual adopted prior to the age of 18 years and any descendant of
such an individual. 

  

	 	•	 	 Pablo Legorreta is a co-founder of and has significant influence over
Pharmakon Advisors, LP (“Pharmakon”). Mr. Legorreta owns a 33% economic interest in Pharmakon. 

  

	 	•	 	 The Manager is affiliated and shares physical premises with ITB-Med AB
(“ITBMed”), which is a biopharmaceutical company. ITB-Med leases office space under a lease from the Manager. Pablo Legorreta is also a substantial equity holder of ITB-Med’s parent entity and has the right to appoint a portion of the board members of such parent entity. 

  

	 	•	 	 Pablo Legorreta serving as a member of the board of directors of New York Academy of Sciences, Rockefeller
University, Brown University, the Hospital for Special Surgery, Pasteur Foundation (the U.S. affiliate of the French Institute Pasteur), Open Medical Institute, Park Avenue Armory, Epizyme, Inc., ITB-Med
Pharmaceuticals, Nefro Health and ProKidney, LLC 

  

	 	•	 	 Pablo Legorreta is Honorary Chairman of Alianza Médica para la Salud. 

 

	 	•	 	 Christopher Hite serving as a member of the advisory board of FasterCures. 

 Exhibit C 

Model Contract Clauses (Controller to Processor) 

BETWEEN 
 (1) the ICAV, which shall be the “data
exporter”; 
 AND 
 (2) the Manager, which
shall be the “data importer”; 
 each a “party” and together, the “parties”, 

HAVE AGREED on the following Standard Contractual Clauses (the “Clauses”) in order to adduce adequate safeguards with respect to the
protection of privacy and fundamental rights and freedoms of individuals for the transfer by the data exporter to the data importer of the personal data specified in Appendix 1. 

 

	1	 Definitions 

For the purposes of the Clauses: 

“personal data”, “special categories of data”, “process/processing”,
“controller”, “processor”, “data subject” and “supervisory authority” shall have the same meaning as in Regulation (EU) 2016/679 of the European Parliament and of the Council of
27 April 2016 (the “GDPR”) on the protection of individuals with regard to the processing of personal data and on the free movement of such data; 

“the data exporter” means the controller who transfers the personal data; 

“the data importer” means the processor who agrees to receive from the data exporter personal data intended for processing on
his behalf after the transfer in accordance with his instructions and the terms of the Clauses and who is not subject to a third country’s system ensuring adequate protection within the meaning of Article 45 of the GDPR; 

“the subprocessor” means any processor engaged by the data importer or by any other subprocessor of the data importer who
agrees to receive from the data importer or from any other subprocessor of the data importer personal data exclusively intended for processing activities to be carried out on behalf of the data exporter after the transfer in accordance with his
instructions, the terms of the Clauses and the terms of the written subcontract; 
 “the applicable data protection law”
means the legislation protecting the fundamental rights and freedoms of individuals and, in particular, their right to privacy with respect to the processing of personal data applicable to a data controller in the Member State in which the data
exporter is established; 

 “technical and organizational security measures” means those measures aimed
at protecting personal data against accidental or unlawful destruction or accidental loss, alteration, unauthorized disclosure or access, in particular where the processing involves the transmission of data over a network, and against all other
unlawful forms of processing. 
  

	2	 Details of the Transfer 

 

	2.1	 The details of the transfer and in particular the special categories of personal data where applicable are
specified in Appendix 1 which forms an integral part of the Clauses. 

  

	3	 Third-Party Beneficiary Clause 

 

	3.1	 The data subject can enforce against the data exporter this Clause, Clause 4.2 to 4.9, Clause 5.1 to 5.5, and
5.7 to 5.10, Clause 6.1 and 6.2, Clause 7, Clause 8.2, and Clauses 9 to 12 as third-party beneficiary. 

  

	3.2	 The data subject can enforce against the data importer this Clause, Clause 5.1 to 5.5 and 5.7, Clause 6, Clause
7, Clause 8.2, and Clauses 9 to 12, in cases where the data exporter has factually disappeared or has ceased to exist in law unless any successor entity has assumed the entire legal obligations of the data exporter by contract or by operation of
law, as a result of which it takes on the rights and obligations of the data exporter, in which case the data subject can enforce them against such entity. 

  

	3.3	 The data subject can enforce against the subprocessor this Clause, Clause 5.1 to 5.5 and 5.7, Clause 6, Clause
7, Clause 8.2, and Clauses 9 to 12, in cases where both the data exporter and the data importer have factually disappeared or ceased to exist in law or have become insolvent, unless any successor entity has assumed the entire legal obligations of
the data exporter by contract or by operation of law as a result of which it takes on the rights and obligations of the data exporter, in which case the data subject can enforce them against such entity. Such third-party liability of the
subprocessor shall be limited to its own processing operations under the Clauses. 

  

	3.4	 The parties do not object to a data subject being represented by an association or other body if the data
subject so expressly wishes and if permitted by national law. 

  

	4	 Obligations of the Data Exporter 

The data exporter agrees and warrants: 
  

	 	4.1	 that the processing, including the transfer itself, of the personal data has been and will continue to be
carried out in accordance with the relevant provisions of the applicable data protection law (and, where applicable, has been notified to the relevant authorities of the Member State where the data exporter is established) and does not violate the
relevant provisions of that State; 

  

	 	4.2	 that it has instructed and throughout the duration of the personal data processing services will instruct the
data importer to process the personal data transferred only on the data exporter’s behalf and in accordance with the applicable data protection law and the Clauses; 

	 	4.3	 that the data importer will provide sufficient guarantees in respect of the technical and organizational
security measures specified in Appendix 2 to this Schedule; 

  

	 	4.4	 that after assessment of the requirements of the applicable data protection law, the security measures are
appropriate to protect personal data against accidental or unlawful destruction or accidental loss, alteration, unauthorized disclosure or access, in particular where the processing involves the transmission of data over a network, and against all
other unlawful forms of processing, and that these measures ensure a level of security appropriate to the risks presented by the processing and the nature of the data to be protected having regard to the state of the art and the cost of their
implementation; 

  

	 	4.5	 that it will ensure compliance with the security measures; 

 

	 	4.6	 that, if the transfer involves special categories of data, the data subject has been informed or will be
informed before, or as soon as possible after, the transfer that its data could be transmitted to a third country not providing adequate protection within the meaning of the GDPR; 

 

	 	4.7	 to forward any notification received from the data importer or any subprocessor pursuant to Clause 5.2 and
Clause 8.3 to the data protection supervisory authority if the data exporter decides to continue the transfer or to lift the suspension; 

  

	 	4.8	 to make available to the data subjects upon request a copy of the Clauses, with the exception of Appendix 2,
and a summary description of the security measures, as well as a copy of any contract for subprocessing services which has to be made in accordance with the Clauses, unless the Clauses or the contract contain commercial information, in which case it
may remove such commercial information; 

  

	 	4.9	 that, in the event of subprocessing, the processing activity is carried out in accordance with Clause 11 by a
subprocessor providing at least the same level of protection for the personal data and the rights of data subject as the data importer under the Clauses; and 

  

	 	4.10	 that it will ensure compliance with Clause 4.1 to 4.9. 

 

	5	 Obligations of the Data Importer 

The Data Importer agrees and warrants: 
  

	 	5.1	 to process the personal data only on behalf of the data exporter and in compliance with its instructions and
the Clauses; if it cannot provide such compliance for whatever reasons, it agrees to inform promptly the data exporter of its inability to comply, in which case the data exporter is entitled to suspend the transfer of data and / or terminate this
Agreement; 

	 	5.2	 that it has no reason to believe that the legislation applicable to it prevents it from fulfilling the
instructions received from the data exporter and its obligations under this Agreement and that in the event of a change in this legislation which is likely to have a substantial adverse effect on the warranties and obligations provided by the
Clauses, it will promptly notify the change to the data exporter as soon as it is aware, in which case the data exporter is entitled to suspend the transfer of data and / or terminate this Agreement; 

 

	 	5.3	 that it has implemented the technical and organizational security measures specified in Appendix 2 before
processing the personal data transferred; 

  

	 	5.4	 that it will promptly notify the data exporter about: 

 

	 	5.4.1	 any legally binding request for disclosure of the personal data by a law enforcement authority unless otherwise
prohibited, such as a prohibition under criminal law to preserve the confidentiality of a law enforcement investigation; 

  

	 	5.4.2	 any accidental or unauthorized access; and 

 

	 	5.4.3	 any request received directly from the data subjects without responding to that request, unless it has been
otherwise authorized to do so; 

  

	 	5.5	 to deal promptly and properly with all inquiries from the data exporter relating to its processing of the
personal data subject to the transfer and to abide by the advice of the supervisory authority with regard to the processing of the data transferred; 

  

	 	5.6	 at the request of the data exporter to submit its data processing facilities for audit of the processing
activities covered by the Clauses which shall be carried out by the data exporter or an inspection body composed of independent members and in possession of the required professional qualifications bound by a duty of confidentiality, selected by the
data exporter, where applicable, in agreement with the supervisory authority; 

  

	 	5.7	 to make available to the data subject upon request a copy of the Clauses, or any existing contract for
subprocessing, unless the Clauses or contract contain commercial information, in which case it may remove such commercial information, with the exception of Appendix 2 which shall be replaced by a summary description of the security measures in
those cases where the data subject is unable to obtain a copy from the data exporter; 

  

	 	5.8	 that, in the event of subprocessing, it has previously informed the data exporter and obtained its prior
written consent; 

  

	 	5.9	 that the processing services by the subprocessor will be carried out in accordance with Clause 11;

	 	5.10	 to send promptly a copy of any subprocessor agreement it concludes under the Clauses to the data exporter.

  

	6	 Liability 

  

	6.1	 The parties agree that any data subject, who has suffered damage as a result of any breach of the obligations
referred to in Clause 3 or in Clause 11 by any party or subprocessor is entitled to receive compensation from the data exporter for the damage suffered. 

  

	6.2	 If a data subject is not able to bring a claim for compensation in accordance with Clause 6.1 against the data
exporter, arising out of a breach by the data importer or his subprocessor of any of their obligations referred to in Clause 3 or in Clause 11, because the data exporter has factually disappeared or ceased to exist in law or has become insolvent,
the data importer agrees that the data subject may issue a claim against the data importer as if it were the data exporter, unless any successor entity has assumed the entire legal obligations of the data exporter by contract of by operation of law,
in which case the data subject can enforce its rights against such entity. 

  

	6.3	 The data importer may not rely on a breach by a subprocessor of its obligations in order to avoid its own
liabilities. 

  

	6.4	 If a data subject is not able to bring a claim against the data exporter or the data importer referred to in
Clauses 6.1 and 6.2, arising out of a breach by the subprocessor of any of their obligations referred to in Clause 3 or in Clause 11 because both the data exporter and the data importer have factually disappeared or ceased to exist in law or have
become insolvent, the subprocessor agrees that the data subject may issue a claim against the data subprocessor with regard to its own processing operations under the Clauses as if it were the data exporter or the data importer, unless any successor
entity has assumed the entire legal obligations of the data exporter or data importer by contract or by operation of law, in which case the data subject can enforce its rights against such entity. The liability of the subprocessor shall be limited
to its own processing operations under the Clauses. 

  

	7	 Mediation and Jurisdiction 

 

	7.1	 The data importer agrees that if the data subject invokes against it third-party beneficiary rights and / or
claims compensation for damages under the Clauses, the data importer will accept the decision of the data subject: 

  

	 	7.1.1	 to refer the dispute to mediation, by an independent person or, where applicable, by the supervisory authority;

  

	 	7.1.2	 to refer the dispute to the courts in the Member State in which the data exporter is established.

  

	7.2	 The parties agree that the choice made by the data subject will not prejudice its substantive or procedural
rights to seek remedies in accordance with other provisions of national or international law. 

	8	 Cooperation with Supervisory Authorities 

 

	8.1	 The data exporter agrees to deposit a copy of this Agreement with the supervisory authority if it so requests
or if such deposit is required under the applicable data protection law. 

  

	8.2	 The parties agree that the supervisory authority has the right to conduct an audit of the data importer, and of
any subprocessor, which has the same scope and is subject to the same conditions as would apply to an audit of the data exporter under the applicable data protection law. 

 

	8.3	 The data importer shall promptly inform the data exporter about the existence of legislation applicable to it
or any subprocessor preventing the conduct of an audit of the data importer, or any subprocessor, pursuant to Clause 8.2. In such a case the data exporter shall be entitled to take the measures foreseen in Clause 5.2. 

 

	9	 Governing Law 

 

	9.1	 The Clauses shall be governed by the law of the Member State in which the data exporter is established, namely
Ireland. 

  

	10	 Variation of the Contract 

 

	10.1	 The parties undertake not to vary or modify the Clauses. This does not preclude the parties from adding clauses
on business related issues where required as long as they do not contradict the Clause. 

  

	11	 Status of the Manager. 

 

	11.1	 The Manager shall, for all purposes hereof, be an independent contractor and not an employee of the ICAV and
nothing in this Agreement shall be construed as making the ICAV a partner or co-venturer with the Manager or any of its Affiliates or Other Accounts. The Manager shall not have authority to act for, represent,
bind or obligate the ICAV, except as specifically provided in this Agreement. 

  

	12	 Succession Plan. 

 

	12.1	 The Manager has established the succession plan attached hereto as Exhibit A. 

 

	13	 Subprocessing 

 

	13.1	 The data importer shall not subcontract any of its processing operations performed on behalf of the data
exporter under the Clauses without the prior written consent of the data exporter. Where the data importer subcontracts its obligations under the Clauses, with the consent of the data exporter, it shall do so only by way of a written agreement with
the subprocessor which imposes the same obligations on the subprocessor as are imposed on the data importer under the Clauses. Where the subprocessor fails to fulfil its data protection obligations under such written agreement the data importer
shall remain fully liable to the data exporter for the performance of the subprocessor’s obligations under such agreement. 

	13.2	 The prior written contract between the data importer and the subprocessor shall also provide for a third-party
beneficiary clause as laid down in Clause 3 for cases where the data subject is not able to bring the claim for compensation referred to in Clause 6.1 against the data exporter or the data importer because they have factually disappeared or have
ceased to exist in law or have become insolvent and no successor entity has assumed the entire legal obligations of the data exporter or data importer by contract or by operation of law. Such third-party liability of the subprocessor shall be
limited to its own processing operations under the Clauses. 

  

	13.3	 The provisions relating to data protection aspects for subprocessing of the contract referred to in Clause 11.1
shall be governed by the law of the Member State in which the data exporter is established, namely Ireland. 

  

	13.4	 The data exporter shall keep a list of subprocessing agreements concluded under the Clauses and notified by the
data importer pursuant to Clause 5.10, which shall be updated at least once a year. The list shall be available to the data exporter’s data protection supervisory authority. 

 

	14	 Obligation after the Termination of Personal Data Processing Services 

 

	14.1	 The parties agree that on the termination of the provision of data processing services, the data importer and
the subprocessor shall, at the choice of the data exporter, return all the personal data transferred and the copies thereof to the data exporter or shall destroy all the personal data and certify to the data exporter that it has done so, unless
legislation imposed upon the data importer prevents it from returning or destroying all or part of the personal data transferred. In that case, the data importer warrants that it will guarantee the confidentiality of the personal data transferred
and will not actively process the personal data transferred anymore. 

  

	14.2	 The data importer and the subprocessor warrant that upon request of the data exporter and / or of the
supervisory authority, it will submit its data processing facilities for an audit of the measures referred to in Clause 12.1. 

	
	On behalf of the data exporter:
	
	Name (written out in full):
	                                      
                                         
                                         
                            
	
	Position:
	                                      
                                         
                                         
                                         
                                         
      
	
	Address:
	                                      
                                         
                                         
                                         
                                         
      
	
	Signature
                                         
                                         
                                         
                                         
                            
	
	On behalf of the data importer:
	
	Name (written out in full):
	                                      
                                         
                                         
                            
	
	Position:
	                                      
                                         
                                         
                                         
                                         
      
	
	Address:
	                                      
                                         
                                         
                                         
                                         
      
	
	Signature
                                         
                                         
                                         
                                         
                            

 Appendix 1 

This Appendix forms part of the Clauses and must be completed and signed by the parties. 

The Member States may complete or specify, according to their national procedures, any additional necessary information to be contained in this Appendix. 

Data exporter 
 The data exporter is the ICAV. 

Data importer 
 The data importer is the Manager. 

Data subjects 
 The personal data transferred concern the
data subjects as described in clause 15.2 of the Agreement. 
 Categories of data: 

The categories of personal data transferred are as described in clause 15.2 of the Agreement. 

Special categories of data (if appropriate): 
 N/A

  

					
	Data Exporter	  		  	
	Name:	  	  
	  	
	Authorized Signature:	  	  
	  	
			
	Data Importer	  		  	
	Name:	  	  
	  	
	Authorized Signature:	  	  
	  	

 Appendix 2 

This Appendix forms part of the Controller to Processor Clauses and must be completed and signed by the parties. 

Description of the technical and organizational security measures implemented by the data importer in accordance with Clauses 4.4 and 5.3 of the Clauses:

 The following information provides an overview of the security measures designed and implemented by the data importer to protect its systems,
including the physical security, logical access and security, technical security and organizational security and training, that govern access and use of the data importer’s systems: 

 

	 	(i)	 the pseudonymisation and encryption of Relevant Data; 

 

	 	(ii)	 the ability to ensure the ongoing confidentiality, integrity, availability and resilience of processing systems
and services; 

  

	 	(iii)	 the ability to restore the availability and access to Relevant Data in a timely manner in the event of a
physical or technical incident; and 

  

	 	(iv)	 a process for regularly testing, assessing and evaluating the effectiveness of technical and organizational
measures for ensuring the security of the processing. 

  

					
	Data Exporter	 		 	
	Name:	 	  
	 	
	Authorized Signature:	 	  
	 	
			
	Data Importer	 		 	
	Name:	 	  
	 	
	Authorized Signature:

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