Document:

Exhibit 4.38

 

FORM OF ELEVENTH AMENDMENT TO TRANSFER
AGREEMENT

 

This ELEVENTH AMENDMENT
TO TRANSFER AGREEMENT, dated as of [●], 2016 (this “Amendment”), is entered into between RFS HOLDING,
L.L.C., a limited liability company organized under the laws of the State of Delaware, as Transferor (the “Transferor”),
and SYNCHRONY CREDIT CARD MASTER NOTE TRUST (formerly known as GE Capital Credit Card Master Note Trust, the “Buyer”),
pursuant to the Transfer Agreement referred to below.

 

WITNESSETH:

 

WHEREAS Transferor and
Buyer are parties to the Transfer Agreement, dated as of September 25, 2003, as amended by the Omnibus Amendment No. 1 to Securitization
Documents, dated as of February 9, 2004, the Second Amendment to Transfer Agreement, dated as of June 17, 2004, the Third Amendment
to Transfer Agreement, dated as of November 21, 2004, the Fourth Amendment to Transfer Agreement, dated as of August 31, 2006,
the Fifth Amendment to Transfer Agreement, dated as of December 21, 2006, the Sixth Amendment to Transfer Agreement, dated as of
May 21, 2008, and the Reassignment of Receivables in Removed Accounts, the Seventh Amendment to Transfer Agreement, dated as of
December 29, 2008, the Eighth Amendment to Transfer Agreement, dated as of February 26, 2009, the Ninth Amendment to Transfer Agreement,
dated March 31, 2012, and the Tenth Amendment to Transfer Agreement, dated as of March 20, 2012 (as amended, the “Transfer
Agreement”);

 

WHEREAS Buyer and Transferor
desire to amend the Transfer Agreement as set forth herein;

 

NOW, THEREFORE, Transferor
and Buyer hereby agree as follows:

 

1.             Defined
Terms. All terms defined in the Transfer Agreement and used herein shall have such defined meanings when used herein, unless
otherwise defined herein.

 

2.             Amendments
to Transfer Agreement.

 

(a)          Section
1.1 of the Transfer Agreement is hereby amended by adding the following definitions in appropriate alphabetical order:

 

“Note Owner”
is defined in the Indenture.

 

“Noteholder”
is defined in the Indenture.

 

“Requesting
Party” means any Person requesting that the Transferor repurchase a Receivable
as a result of a breach of a representation or warranty of the Transferor set forth in this Agreement or any Verified Note Owner.

 

“Verified
Note Owner” is defined in the Indenture.

 

     

     

    

 

(b)          Section
6.2 of the Transfer Agreement is hereby amended by adding the following clause (g) immediately after clause (f) thereof:

 

“(g)          Following
receipt of a written request (or written notice of a request received by the Transferor) during any Monthly Period from a Noteholder
or Verified Note Owner seeking to communicate with other Noteholders or Note Owners regarding exercising their contractual rights
under the terms of the Related Documents, the Transferor shall notify the Issuer of any such request received by the Transferor
and include in the Securities Exchange Act Form 10-D filing for the Buyer related to the Monthly Period in which such request was
received, the information required to be filed pursuant to Section 7.5 of the Indenture.”

 

(c)          The
Transfer Agreement is hereby amended by adding the following Section 6.5 immediately after Section 6.4:

 

“Section
6.5. Dispute Resolution.

 

(a)          If
a request to the Transferor to repurchase a Receivable pursuant to Section 6.1 of this Agreement is not resolved by the end of
the 180-day period beginning on the date on which Transferor receives notice of such request, then the Requesting Party will have
the right to refer the matter, at is discretion, to either mediation or arbitration pursuant to this Section 6.5; provided,
however, that any such referral shall be made (i) within the applicable statute of limitations period and (ii) within [90]
days of the delivery of the monthly noteholder statement following the end of such 180-day period.

 

(b)          The
Requesting Party shall provide notice in accordance with Section 7.1 of its intention to refer the matter to mediation or
arbitration, as applicable, to Transferor, with a copy to the Issuer. Transferor agrees to participate in the resolution method
selected by the Requesting Party. Transferor shall provide notice to Synchrony Bank, the Issuer, the Trustee and the Indenture
Trustee that it has received a request to mediate or arbitrate a repurchase request.

 

(c)          If
the Requesting Party selects mediation (including non-binding arbitration) as the resolution method, the following provisions will
apply:

 

(i)         the mediation
will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such association’s
mediation procedures in effect at such time;

 

(ii)         the
fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation;

 

(iii)        the
mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the
repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”);
and

 

    	 	2	 

     

    

 

(iv)        if
the parties fail to agree at the completion of the mediation, the Requesting Party may refer the repurchase request to arbitration
under this Section 6.5 or may, in accordance with the terms of this Agreement and the Indenture, pursue other remedies including
legal proceedings.

 

(d)          If the
Requesting Party selects arbitration as the resolution method, the following provisions will apply:

 

(i)         The arbitration
will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such association’s
arbitration procedures in effect at such time;

 

(ii)         The
arbitrator will be an impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to
the dispute hereunder and will be appointed from a list of neutrals maintained by the AAA;

 

(iii)        The
arbitrator will make its final determination no later than [90] days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement
in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by it, and Transferor shall not be required to pay more than the repurchase price required to be paid by the Transferor in accordance
with Section 6.1. In its final determination, the arbitrator will determine and award the costs of arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’
fees to the parties as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in
writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent
manifest error, except for actions to confirm or vacate the determination that are permitted under applicable federal or state
law, and may be enforced in any court of competent jurisdiction;

 

(iv)        By
selecting binding arbitration, the Requesting Party is waiving the right to sue in court, including the right to a trial by jury;
and

 

(v)         No
Person may bring a putative or certified class action to arbitration.

  

    	 	3	 

     

    

 

(e)          Transferor
will not be required to produce personally identifiable information about any Obligor for purposes of any mediation or
arbitration. The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any
unfulfilled repurchase request, mediations or arbitration proceedings conducted under this Section 6.5, including all
offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to
resolve an unfulfilled repurchase request, any information exchanged in connection with any mediation, and any discovery
taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain
confidential and inadmissible (except as required in accordance with applicable law) for any purpose, including impeachment,
in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 6.5)
other than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the
extent that Transferor, in its sole discretion, elects to disclose such information. Such information will be kept strictly
confidential and will not be disclosed to any third party; provided that a party may disclose such information to its
own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”),
as reasonably required in connection with any resolution procedure under this Section 6.5, if the disclosing party (a)
directs such Representatives to keep the information confidential, (b) is responsible for any disclosure by its
Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such
Representatives from disclosing such information. If any party receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the
other party and will provide the other party with the opportunity to object to the production of its Confidential
Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation.
If, in the absence of a protective order, such party or any of its representatives are compelled as a matter of law,
regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may
disclose to the party compelling disclosure only the part of such Confidential Information that is required to be
disclosed.”

 

3.          Representations
and Warranties of Transferor. Transferor hereby represents and warrants to Buyer as of the date hereof this Amendment constitutes
a legal, valid and binding obligation of Transferor enforceable against Transferor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter
in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity).

 

4.          Effectiveness.
This Amendment shall become effective as of the date first written above; provided that (i) Buyer and Transferor shall have
executed a counterpart of this Amendment, (ii) the Rating Agency Condition shall have been satisfied with respect to this Amendment
and (iii) the Transferor shall have delivered an Officer’s Certificate to the Issuer certifying that the amendment in Section
2 of this Amendment will not cause an Adverse Effect (as such term is defined in the Indenture).

 

    	 	4	 

     

    

 

5.          Binding
Effect; Ratification.

 

(a)          On
and after the execution and delivery hereof, (i) this Amendment shall be a part of the Transfer Agreement and (ii) each
reference in the Transfer Agreement to “this Agreement”, “hereof”, “hereunder” or words of
like import, and each reference in any other Related Document to the Transfer Agreement, shall mean and be a reference to such
Agreement as amended hereby.

 

(b)          Except
as expressly amended hereby, the Transfer Agreement shall remain in full force and effect and is hereby ratified and confirmed
by the parties hereto.

 

6.          Miscellaneous.

 

(a)          THIS
AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

(b)          Headings
used herein are for convenience of reference only and shall not affect the meaning of this Amendment.

 

(c)          This
Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered
electronically.

 

7.          No
Recourse. It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and delivered by
BNY Mellon Trust of Delaware, not individually or personally but solely as trustee of the Buyer, in the exercise of the powers
and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part
of the Buyer is made and intended not as personal representations, undertakings and agreements by BNY Mellon Trust of Delaware
but is made and intended for the purpose of binding only the Buyer, (c) nothing herein contained shall be construed as creating
any liability on BNY Mellon Trust of Delaware, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through
or under the parties hereto and (d) under no circumstances shall BNY Mellon Trust of Delaware be personally liable for the payment
of any indebtedness or expenses of the Buyer or be liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Buyer under this Amendment or any other related documents.

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the
undersigned have caused this Amendment to be duly executed and delivered by their respective duly authorized officers on the day
and year first above written.

 

	 	RFS HOLDING, L.L.C., Transferor
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

Eleventh Amendment to Transfer Agreement

    	 	S-1	 

     

    

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, Buyer
	 	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,
	 	 	not in its individual capacity
	 	 	but solely as Trustee on behalf of the Buyer
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

Eleventh Amendment to Transfer Agreement

    	 	S-2Exhibit 10.12.2

 

	
CONFIDENTIAL
    	
Execution Version
    

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

AMENDMENT TO THE LICENSE AGREEMENT

 

This Amendment to the License Agreement (the “Amendment”) is made as of October 26, 2015 (the “Amendment Effective Date”).

 

By and between,

 

IRONWOOD PHARMACEUTICALS, INC., a company organized and existing pursuant to the Laws of Delaware, and having its principal offices at 301 Binney Street, Cambridge, MA 02142, USA (hereinafter, referred to as “Ironwood”)

 

and

 

ALLERGAN PHARMACEUTICALS INTERNATIONAL LTD., a company registered in Ireland, whose registered office is at Clonshaugh Business & Technology Park, Coolock, Dublin, D17 E400, Ireland (the “Partner”).

 

WITNESSETH

 

WHEREAS, Partner (as transferee from Almirall, S.A., formerly, Laboratorios Almirall, S.A. (“Almirall”)) and Ironwood are parties to a License Agreement, dated April 30, 2009, as amended (hereinafter, referred to as the “Agreement”), related to the Product (as defined in the Agreement).

 

WHEREAS, Almirall, Ironwood and Partner entered into that certain Novation Agreement as of the date hereof (the “Novation Agreement”), whereby Partner assumed certain of Almirall’s liabilities and obligations and was assigned certain of Almirall’s rights and benefits under the Agreement in place of and to the exclusion of Almirall, in each case, as of the Effective Time (as defined in the Novation Agreement) and on the terms as set forth in the Novation Agreement.

 

WHEREAS, the Parties have agreed to further amend the Agreement as set forth in this Amendment.

 

NOW, THEREFORE, the Parties hereby agree as follows:

 

This Amendment shall be deemed to take effect immediately following the Effective Time (as defined in the Novation Agreement) of the Novation Agreement.  Unless otherwise stated herein, all the definitions contained in the Agreement shall remain valid and applicable to this Amendment.

 

Article 1 — Definitions

 

1.1.                      Sections 1.26 (Direct Costs), 1.37 (Fully Absorbed Cost), 1.47 (Indirect Costs) and 1.115 (Transfer Price) of the Agreement are hereby deleted in their entirety and

 

1

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

replaced with “Reserved.”

 

1.2.                      Section 1.54 (Ironwood Know-How) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

““Ironwood Know-How” means (i) Know-How Ironwood Controls as of the Effective Date, including Know-How that has arisen or arises under the Forest Agreement, or that comes into the Control of Ironwood during the Term (other than Joint Know-How) to the extent necessary or useful in the Territory to Develop, Manufacture or Commercialize the Licensed Compound or Product, including without limitation any method of making the Licensed Compound or Product, any composition or formulation of the Licensed Compound or Product, or any method of using or administering the Licensed Compound or Product, and (ii) Collaboration Know-How (other than Joint Know-How) that is invented, conceived or developed by solely employees of Ironwood or its Affiliates, or Third Parties acting on behalf of Ironwood or its Affiliates.”

 

1.3.                      The penultimate sentence of Section 1.69 (Net Sales) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Net Sales will be determined in accordance with GAAP.”

 

Article 2 — Manufacturing and Supply

 

2.1.                      Section 2.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“License to Partner.  Subject to the terms and conditions of this Agreement, Ironwood hereby grants to Partner, on the Effective Date, an exclusive license, subject only to the rights reserved to Ironwood to the extent necessary to perform its obligations or exercise its rights hereunder, with the right to sublicense as expressly provided in Section 2.5, under the Ironwood Technology and Ironwood’s interest in the Joint Technology to (i) Develop the Product pursuant to the Development Plan, (ii) Commercialize the Product in the Field in the Territory and (iii) Manufacture (A) Development Materials, (B) Licensed Compound to be included in a Product for Commercialization in the Field in the Territory and (C) Product for Commercialization in the Field in the Territory. Notwithstanding the foregoing, Ironwood reserves the right under the Ironwood Technology to develop and manufacture the Licensed Compound and Product inside or outside of the Territory.”

 

2.2.                      The first sentence of Section 2.4 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Right of Reference. Ironwood hereby grants to Partner a “Right of Reference,” as that term is defined in 21 C.F.R. § 314.3(b) and any foreign counterpart to such regulation in the Field in the Territory to the data included in the Collaboration Technology to the extent necessary or useful to

 

2

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

Manufacture, Develop or Commercialize the Licensed Compound or Product solely for IBS-C or CC, and Partner hereby grants to Ironwood (and Ironwood’s partners) such a Right of Reference to the data included in the Collaboration Technology to the extent necessary or useful to Manufacture, Develop or Commercialize the Licensed Compound or Product in the Field throughout the world solely for IBS-C or CC, in each case subject to the terms and conditions of this Agreement.”

 

2.3.                      Section 3.3 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Manufacture of Products. Partner will be responsible, at its sole cost and expense, for (i) Manufacture of Development Materials in finished form, (ii) API Manufacturing and (iii) the Manufacture of Product for Commercialization in the Territory; provided, however, that nothing in this Agreement will prevent Partner from contracting with the Third Parties listed or described on Schedule 3.3 to perform any such Manufacturing activities.  Partner will perform, and ensure that the Third Parties listed or described on Schedule 3.3 perform, all Manufacturing activities in accordance with GCP, GLP and GMP.”

 

2.4.                      The attached Schedule 3.3 is hereby appended to the Agreement as a new Schedule 3.3.

 

Article 3 — Royalties and Other Payments

 

3.1.                Section 4.2 of the Agreement is hereby amended by adding the following immediately following Section 4.2.6 (and before the last four paragraphs of such Section):

 

“4.2.7    $[**] upon the first time that Net Sales achieved in the Territory, in aggregate, exceed the amount of €[**] in any Year.”

 

3.2.                Section 4.3.1 of the Agreement is hereby deleted in its entirety and replaced with “Reserved.”

 

3.3.                Section 4.3.2 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Royalty.  Partner will pay Ironwood royalties based on the aggregate annual Net Sales of Products sold in each Year indicated by Partner or its Affiliates in the Field in the Territory at the rates set forth in the table below for such Year:

 

	
Year
    	
 
    	
Royalty
   Rate
    	
 
    	
 
    	
 
    
	
2015-2017
    	
 
    	
[**
    	
]%
    	
 
    	
 
    
	
2018
    	
 
    	
[**
    	
]%
    	
 
    	
 
    
	
2019 and   thereafter
    	
 
    	
[**
    	
]%
    	
”
    	
 
    

 

3

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

3.4.                For clarity, the Year 2015 royalty rate set forth in Section 3.3 hereof shall only apply to aggregate Net Sales of Products sold by Partner or its Affiliates in the Field in the Territory on or after the Amendment Effective Date and shall not apply to any royalty payment obligations accrued under the Agreement prior to the Amendment Effective Date.  Any such royalty payment obligations accrued under the Agreement prior to the Amendment Effective Date shall be subject to the royalty rates under Section 4.3.2 of the Agreement in effect immediately prior to the Amendment Effective Date.

 

3.5.                Section 4.3.4(a) and Section 4.3.4(b) of the Agreement are hereby deleted in their entirety and replaced with “Reserved.”

 

3.6.                The last sentence of Section 4.3.4 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“In no event will Ironwood be obligated to [**] paid pursuant to this Agreement.”

 

3.7.                Section 4.3.5 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“4.3.5    Calculation of Royalties at End of Year.  At the end of each Year, promptly after the royalty calculation of the royalty owed pursuant to Section 4.3.2 for the fourth Calendar Quarter of the preceding Year, the royalties owed to Ironwood for such Year (the “Annual Royalties”) will be equal to (i) [**] (ii) [**]. The amount of royalties paid with the Quarterly Report provided pursuant to Section 4.4 relating to the fourth Calendar Quarter of each Year will be equal to the Annual Royalties for such Year less the royalties paid for the first three Calendar Quarters of such Year.  In no event will Ironwood be obligated to [**] paid pursuant to this Agreement.”

 

3.8.                The first sentence of Section 4.8 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“All amounts payable and calculations hereunder will be in United States dollars.”

 

Article 4 — Patent and Trademark Costs

 

4.1.                      Section 7.4.1 of the Agreement is hereby amended by appending the following to the end of such section:

 

“Irrespective of which Party is responsible for preparation, filing, prosecuting and maintaining Ironwood Patent Rights and Partner Patent Rights pursuant to this Section 7.4.1, [**] the costs for preparation, filing, prosecuting and maintaining Ironwood Patent Rights and Partner Patent Rights in the Territory.”

 

4

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

4.2.                      Section 7.4.4 of the Agreement is hereby amended by appending the following to the end of such section:

 

“Irrespective of which Party is responsible for obtaining any Patent Term Extensions or undertaking any related filings or other activities pursuant to this Section 7.4.4, [**] the costs of such filings and other activities in the Territory.”

 

4.3.                      Section 7.5.1 of the Agreement is hereby amended by appending the following to the end of such section:

 

“Irrespective of which Party is responsible for filing, prosecuting and maintaining Trademarks pursuant to this Section 7.5.1, [**] the costs for filing, prosecuting and maintaining such Trademarks in the Territory.”

 

4.4.                      Section 7.6.2 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Enforcement. [**] will have the first right (but not the obligation), to enforce [**] under this Agreement against such Infringement; provided, that (i) [**] will have the right to join such proceeding at any time at its own expense (subject to the provisions of Section 7.6.3) and will do so at any time if it is deemed to be a necessary party by the tribunal in which the Infringement is being prosecuted, (ii) [**] will not, without [**]’s prior written consent, take any position with respect to, or compromise or settle, any such Infringement in a way that is reasonably likely to adversely affect the scope, validity or enforceability of the applicable Technology and (iii) [**] will admit the invalidity or unenforceability of any Collaboration Technology which Collaboration Technology is necessary or useful in the Territory to Manufacture, Develop or Commercialize the Licensed Compound or Product or other Technology owned solely by or jointly with [**] without [**]’s prior written consent. In the event [**] declines to prosecute the infringing technology or to defend such claim within [**] (or such shorter period as may be required to comply with legal or regulatory deadlines which relate to such infringement) of becoming aware thereof, [**] will have the right to so enforce or defend. Irrespective of which Party controls an action pursuant to this Section, the Parties will collaborate in the choice of counsel with respect to such action and the comments of the other Party will not be unreasonably rejected with respect to strategic decisions and their implementation with respect to such action. In furtherance of the foregoing, the Party responsible for any such action will keep the other Party reasonably informed, in person or by telephone, regarding the status and costs of such action or proceeding prior to and during any such enforcement. Neither Party will settle any such action without the written consent of the other Party, such consent not to be unreasonably withheld.  Neither Party will incur any liability to the other as a consequence of such litigation or any unfavorable decision resulting therefrom, including any decision holding any of the Ironwood Technology,

 

5

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

Partner Technology, or Joint Technology invalid, not infringed, not misappropriated or unenforceable.”

 

Article 5 — Non-Compete

 

Section 5.2 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“5.2       Restrictions.

 

5.2.1                     During [**], without the prior written consent of the other Party, neither Party nor such Party’s Affiliates will [**]. Further, during [**], neither [**] will [**].

 

5.2.2                     During [**], without the prior written consent of [**], neither [**] will [**].

 

5.2.3                     In the event that either Party or any of its Affiliates [**].

 

5.2.4                     After [**], and subject to Sections 5.2.2 and 5.2.3, if either Party [**].

 

5.2.5                     For purposes hereof, (x) [**], and (y) [**].

 

Article 6 — Addresses

 

In recognition of the novation of the Agreement by Almirall to Partner pursuant to the Novation Agreement, the address and contact information for service or delivery of notices and other communications to Partner under the Agreement, set forth in Section 10.5.2 of the Agreement, shall be replaced by the following:

 

	
“For Partner:
    	
 
    
	
 
    	
 
    
	
Address:
    	
Allergan Pharmaceuticals International Ltd.
    
	
 
    	
Clonshaugh Business & Technology Park
    
	
 
    	
Coolock
    
	
 
    	
Dublin, D17 E400
    
	
 
    	
Ireland
    
	
Fax:
    	
(+1) 862-261-7922
    
	
Attention:
    	
Managing Director
    
	
 
    	
 
    
	
With a copy to:
    	
 
    
	
 
    	
 
    
	
Address:
    	
Allergan plc
    
	
 
    	
Morris Corporate Center III
    
	
 
    	
400 Interpace Parkway
    
	
 
    	
Parsippany, NJ 07054
    
	
 
    	
United States
    

 

6

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

	
Fax:
    	
(+1) 862-261-7922
    
	
Attention:
    	
Chief Legal Officer”
    

 

Article 7 — [**]

 

[**].

 

Article 8 — Extent of the Present Amendment

 

This Amendment constitutes an integral part of the Agreement. It is expressly understood that the terms and conditions of the Agreement shall remain fully enforceable except where directly and expressly modified by this Amendment.

 

[Remainder of Page Intentionally Left Blank]

 

7

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

IN WITNESS WHEREOF, the Parties have executed this Amendment to be effective as of the Amendment Effective Date.

 

	
IRONWOOD   PHARMACEUTICALS,
   INC.
    	
ALLERGAN   PHARMACEUTICALS 
   INTERNATIONAL LTD.
    
	
 
    	
 
    
	
By:   
    	
/s/   Thomas Graney 
    	
 
    	
By:   
    	
/s/   Alex Nesbitt 
    
	
Name:   
    	
Thomas   Graney
    	
Name:   
    	
Alex   Nesbitt 
    
	
Title:   
    	
CFO
    	
Title:   
    	
Director
    
					

 

[Signature Page to the Amendment to License Agreement]

 

 

[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.  An unredacted version of this exhibit has been filed separately with the Commission.

 

SCHEDULE 3.3

 

APPROVED THIRD PARTY MANUFACTURERS

 

(i)                                     [**]; and

(ii)                                  [**].

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