Document:

EX-10.59

 Exhibit 10.59 

Execution version 
 [***] Indicates that information has been
omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

API SUPPLY AGREEMENT 

(Vancomycin hydrochloride) 
 This SUPPLY
AGREEMENT (the “Agreement”) is entered into as of September 26, 2016 (the “Effective Date”) by and between 

(A) Savara Inc. (doing business as Savara Pharmaceuticals), Reg. No. 4317464, a corporation duly organized and incorporated under the laws
of Delaware having its principal place of business at 900 S. Capital of Texas Highway, Suite 150, Austin, TX 78746, United States (“Buyer”), and 

(B) Xellia Pharmaceuticals ApS, Reg. No. 61094628, a corporation duly organized and incorporated under the laws of Denmark having its
registered office at Dalslandsgade 11, DK-2300 Copenhagen S., Denmark (“Seller”) 
 Buyer and
Seller are together collectively referred to as the “Parties” and each individually as a “Party”. 
 Capitalized terms not
otherwise defined herein shall have the meanings set forth in Section 1 hereof. 
 WHEREAS, Seller is in the business of
manufacturing and supplying the active pharmaceutical ingredient vancomycin hydrochloride (the “API” as defined below) for use by third parties in finished pharmaceutical products; and 

WHEREAS, Buyer desires to have Seller supply Buyer with the API to be used in Buyer’s manufacture of certain finished pharmaceutical products (the
“Finished Product” as defined below), pursuant to the terms and conditions set forth in this Agreement; and 
 WHEREAS, Seller desires to supply
Buyer with the API pursuant to the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, in consideration of these premises and the
covenants, agreements and stipulations hereinafter set forth, the Parties hereto agree as follows: 
  

	1	Definitions 

 In this Agreement, the following terms shall have the following respective meanings: 

“Affiliate” shall mean with respect to each Party, any corporation, firm, partnership or other entity which directly or indirectly controls or
is controlled by or is under common control with that Party. For purposes of this definition, “control” shall be presumed to exist if one of the following conditions is met: (a) in the case of corporate entities, direct or indirect
ownership of at least fifty percent (50%) of the stock or shares having the right to vote for the election of directors, and (b) in the case of non-corporate entities, direct or indirect ownership of at
least fifty percent (50%) of the equity interest with the power to direct the management and policies of such non-corporate entities. For the purposes of this Agreement, Xellia’s Affiliates shall only
include Xellia’s parent company New Xellia Group A/S (Danish Reg. no. 35235299) and the companies under its direct or indirect control. 

CONFIDENTIAL 1 OF 17 

 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 
“Agreement Quarters” shall mean for the Term (as defined below), each of the three (3) month periods ending March 31, June 30, September 30 and
December 31, respectively. 
 “API” shall mean vancomycin hydrochloride, non-sterile,
micronized. 
 “cGMP” shall mean the current good manufacturing practices as required by the regulations and requirements of the FDA (as
defined below). 
 “Calendar Year” shall mean the twelve (12) month period between 1 January and 31 December, inclusive.

 “Commercial Launch” shall mean, for the Finished Product (as defined below), Buyer’s first sale of the Finished Product in the
Territory (as defined below), for which payment is received for use or consumption by the general public of the Finished Product after all required marketing authorizations have been granted. Commercial Launch shall not include sale of the Finished
Product for use in clinical studies or for compassionate use prior to regulatory approval. 
 “Confidential Information” shall mean any
documents and information relating to the API, the business of the Parties or this Agreement which is communicated by the one Party to the other Party before or during the Term, whether in written, oral, graphic, electronic, website-based, or other
form, including without limitation, proprietary product information, technical, financial, employment related, regulatory or legally sensitive information, trade secrets, business methods, practices and plans, and pricing, cost, supplier, customer
and manufacturing information, including but not limited to specifications, compounds, ingredients, formulae, recipes, samples, reports, methods, plans, drawings, know-how, inventions and patent disclosures as
well as reports made in connection with inspections according to Section 5.6. 
 “Facility” shall mean
Seller’s Affiliate’s facility located in Taizhou, China, and Seller’s facility located in Copenhagen, Denmark, or such other facilities designated in writing from time to time by Seller and accepted in writing by Buyer in accordance
with this Agreement. 
 “FDA” shall mean the United States Food and Drug Administration. 

“Finished Product” shall mean all finished pharmaceutical products for which Buyer will utilize the API. 

“Firm Commitment” shall have the meaning specified in Section 3.1. 

“Force Majeure” shall have the meaning specified in Section 9.1. 

“Forecasts” shall have the meaning specified in Section 3.1  

“Other Party” shall have the meaning specified in Section 9.2. 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 “Purchase Price” shall have the meaning specified in Section 4.1.

 “Purchase Order” shall have the meaning specified in Section 3.3. 

“Specifications” shall mean the specifications in Exhibit B (as amended in writing from time to time in accordance with this
Agreement). 
 “Term,” “Initial Term,” and “Renewal Term” shall have the respective meanings specified in
Section 7.1 hereof. 
 “Territory” shall mean worldwide. 

 

	2	Supply of API 

 2.1 Agreement to Purchase and Supply. During the Term, Seller will supply the API
to Buyer for the Territory in accordance with the Agreement, and Buyer agrees to purchase from Seller one hundred percent (100%) of Buyer’s and Buyer’s Affiliates’ requirements of the API for Finished Products that are to be sold in
the Territory. Seller does not have any obligation to sell the API exclusively to Buyer. 
 2.2 Sale by Affiliates. Notwithstanding anything in this
Agreement to the contrary, Seller has the right to cause one or more of its Affiliates to sell the API to Buyer on the terms set forth herein, provided that such action shall not limit or diminish Seller’s duties pursuant to this Agreement.
Seller will decide which Facility will manufacture the API supplied under the Agreement in the reasonable exercise of its own discretion. Buyer undertakes to assess the comparability of API from the Copenhagen Facility with API from the Taizhou
Facility. In the event that both APIs are comparable and would not require additional toxicology or clinical studies, Buyer undertakes to complete the qualification and registration process of API from both Facilities as soon as commercially
reasonable and practicable after the execution and delivery of this Agreement. 
 2.3 No resale, use of API. Buyer warrants and undertakes not
to resell the API to any third party until such time as the API has been incorporated in the Finished Product, and to use the API only for Buyer’s manufacture of Buyer’s Finished Product to be sold in the Territory. 

2.4 Regulatory Clearance. Buyer shall be responsible for submitting, obtaining and maintaining regulatory approvals and clearance for the marketing of
the Finished Product. Seller will assist and cooperate with Buyer as reasonably required to obtain such regulatory clearance including pre-approval inspections and technical assistance to the extent within
Seller’s control. 
  

	3	Forecasts, Purchase Orders, Shipping 

 3.1 Following Commercial Launch of the Finished Products Buyer
shall provide Seller with a rolling [***] forecast for its purchases of the API from Seller for the following Calendar Year on or before [***] of each year (“Forecast”). The first Agreement Quarter of such Forecasts shall be binding
on Buyer with respect to the quantities of API specified therein (a “Firm Commitment”), whereas the remaining [***] shall constitute a non-binding best estimate at such time of its
requirements of the API; provided,  

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 
however, that no change to a Firm commitment of any Forecast shall be made in any subsequent Forecast. Not less than [***] prior to the date of anticipated Commercial Launch, Buyer shall
provide Seller with a Forecast as set out in this Section 3.1 for its estimated purchases of the API. Such Forecasts shall constitute Buyer’s best estimate at such time of its requirements of the API. 

3.2 Seller shall within [***] of receipt of each Forecast inform Buyer of any anticipated inability to supply any quantities of the API set out in a Forecast
and, in such event, Seller and Buyer shall discuss in good faith a revised delivery schedule and/or Forecast for any such quantities. In the event the Parties are not able to agree on such revisions, Buyer shall be entitled to manufacture itself or
purchase from a third party the quantities of API that Seller informs Buyer that it anticipates it will be unable to supply. 
 3.3 Firm ordering of
quantities of API specified in the Firm Commitment in a Forecast provided by Buyer to Seller, and which is not previously covered by an order accepted by Seller, will be performed in writing by Buyer (each, a “Purchase Order”). All
Purchase Orders shall include (a) the quantity of the API to be purchased; (b) the requested delivery date(s) which shall not be earlier than [***] from the date on which the Purchase Order is provided to Seller; (c) any other
information dictated by the circumstances of the order; and (d) description of the purchased API. 
 3.4 Seller shall within [***] from receipt confirm
whether it is possible to supply the API in the Purchase Order. The quantities in a Purchase Order shall be for no less than [***] of the quantities pursuant to the most recent Forecast. Xellia shall accept supply of quantities in the Purchase Order
which are up to [***] of the quantities pursuant to the most recent Forecast, and shall use commercially reasonable efforts to meet Buyer’s requirements for API in excess thereof. In the event that Seller is not able to supply the amount of API
within the Forecast provided by Buyer according to Section 3.1 and confirmed by Seller, Buyer shall be entitled to obtain the difference from a third party to fulfill the Forecast for that period regardless of the purchase
requirements in Section 2.1. 
 3.5 In the event that Seller fails to deliver the API on or before the delivery date specified in
the accepted Purchase Order, Seller shall notify Buyer of such delay and provide Buyer with the expected date of of arrival for the shipment. If Buyer, in good faith, cannot accept the new date specified for delivery by Seller, or if the shipment
fails to arrive within 10 days after the newly specified date, then Buyer may cancel the order. In such case, Buyer shall be entitled to purchase the quantities of API set forth in the cancelled order from a third party regardless of the purchase
requirements in Section 2.1. This is Buyer’s sole and exclusive remedy in respect of late delivery. 
 3.6 Minimum Order
Quantity. The total quantity of API ordered by Buyer in a Purchase Order shall be in multiples of Seller’s standard pack sizes. 
 3.7 Shipping
Instructions/Risk of Loss. Seller shall ship API ordered by Buyer, CIP (Carriage and Insurance Paid) to Buyer’s destination or facility within the United States as designated in writing by Buyer prior to Commercial Launch (as defined in the
current version of INCOTERMS). Title to and risk of loss of all API shipped hereunder shall pass to Buyer at the time of delivery by Seller in accordance with the specified INCOTERMS. 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 3.8 Standard Forms. In ordering and delivering the API pursuant hereto, Buyer and Seller may employ
their standard form, but nothing in those forms shall be construed to modify, amend or supplement the terms of this Agreement and, in the case of any conflict or inconsistency herewith, the terms of this Agreement shall prevail. 

 

	4	Purchase Price; Payments 

 4.1 Purchase Price. Buyer shall pay to Seller the purchase price for
the API set forth on Exhibit A (the “Purchase Price”). 
 4.2 Invoices for API. All invoices hereunder shall be payable by
Buyer net thirty (30) days of receipt by Buyer of such invoice, which invoice shall be issued by Seller and dated no earlier than the date of shipment of the API invoiced. The currency of invoice and payment shall be in United States Dollars.
On any late payments, an interest of 1.5% per commenced month shall automatically and without further notice be due. 
 4.3 Taxes. The payments
hereunder do not include use, consumption, sales or excise taxes of any taxing authority. The amount of any applicable taxes, if any, will be added to the Price of the API in effect at the time of shipment thereof and shall be reflected and detailed
in the invoices submitted to Buyer by Seller. In any event, Seller shall use commercially reasonable efforts to minimize the amount of applicable taxes, if any. 
  

	5	Quality; Acceptance, Inspection 

 5.1 Quality. Seller will manufacture and supply the API to Buyer
in accordance with the Specifications, cGMP and applicable law in the country of manufacture. 
 5.2 Modifications. In case Seller makes a change to
the Specifications or the manufacturing process for the API that will result in a change in the quality, potency or stability of the API, Seller will notify Buyer in writing with reasonable lead time before implementing the change. 

5.3 Certificate of Analysis. Seller will test and inspect each lot of API for compliance with Specifications prior to the release and shipment thereof
to Buyer. Seller will provide a certificate of analysis with each shipment of each lot of API signed by the responsible quality official of Seller. 
 5.4
Rejection of API; Dispute Resolution. 
 5.4.1 Buyer shall promptly test and inspect the API upon receipt for compliance with
Specifications and either accept or reject it. API may be rejected if it does not comply with the Specifications. Buyer will be deemed to have accepted the API if Buyer does not give written notice of rejection of the API within forty-five
(45) calendar days after receipt of the API in question. The written notice of rejection shall be given to Seller and shall include identification of the lot number and description of the Specification failure, and Buyer shall simultaneously
send samples of defective API to Seller. 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 5.4.2 In the event that Seller does not agree with Buyer’s claim of non-compliance with the Specifications, the Parties shall endeavour to settle such disagreement amicably and constructively between themselves. In the event that they fail to agree within four (4) weeks after
receipt of the notice of rejection, the Parties shall designate an independent, reputable laboratory, acceptable to both Parties, which shall examine representative samples taken from such consignment for compliance with the Specifications, and the
result shall be binding on both Parties. The cost of the assessment shall be borne by (i) Buyer if the findings indicate the API met Specifications, (ii) Seller if the findings indicate the API failed to meet Specifications, or
(iii) both, in proportion to each Party’s error or oversight. 
 5.4.3 In cases of justified and properly notified notice of
rejections of a particular lot of API, Buyer shall return the rejected API to Seller at Seller’s expense, and at Buyer’s option (i) such API shall be replaced by Seller as soon as commercially reasonable and practicable at
Seller’s expense (and the payment in respect of such quantities postponed until such replacement quantities are received by Buyer), or (ii) Seller shall provide a credit or refund in respect of such quantities to Buyer. This is
Buyer’s sole and exclusive remedy in respect of defective API. 
 5.5 Rejected API. API rejected pursuant to
Section 5.4 shall be properly tagged and isolated and shall not be released by Buyer without the prior written approval of Seller. Buyer shall not dispose of such API. All API rejected pursuant to
Section 5.4 shall be removed (if applicable) and disposed of by Seller, at Seller’s expense, in a manner consistent with applicable laws. 

5.6 Inspection Rights. Buyer shall be entitled to inspect the Facilities to the extent relevant for the manufacture of the API per compliance with the
terms of this Agreement during Seller’s regular business hours at the Facility, provided that (i) Buyer provide Seller with at least six (6) weeks prior written notice of its intent to inspect such manufacturing operations for routine
reasons; (ii) only up to two (2) representatives of Buyer may be present at any given inspection; (iii) the inspection shall preferably only last one (1) day; and (iv) no more than one (1) such inspection may occur in
every second calendar year. Notwithstanding the aforementioned, Buyer shall be entitled as soon as commercially reasonable and practicable and within two (2) weeks of prior written notice of its intent to inspect such Facility for cause. In the
event of such written notice of intent to inspect for cause, such as discovering of a major quality defect of the API, priority access will occur, however timing of such inspection for cause shall still be commercially reasonable for both Parties.
Seller is entitled to make any access to the Facility conditioned upon Buyer’s representatives signing a confidentiality agreement in a commercially reasonable form provided by Seller. 

 

	6	Representations and Warranties and Covenants 

 6.1 Seller’s Representations,
Warranties and Covenants. Seller hereby represents, warrants and covenants to Buyer that: 
 6.1.1 The API supplied by Seller under this
Agreement shall be in conformity with the Specifications and will be manufactured in accordance with relevant cGMP and all other regulatory requirements under any applicable laws in the Territory. 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 6.1.2 As of the Effective Date Seller holds, and shall continue during the Term to hold, all
licenses and permits of regulatory authorities necessary and appropriate for Seller to manufacture and supply the API as contemplated herein. 

6.1.3 Seller is a corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation
and has all requisite corporate power to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by Seller of this Agreement and its performance of its obligations hereunder have been duly and validly
authorized. This Agreement constitutes a legal, valid and binding obligation of Seller, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, and other laws of general application limiting the
enforcement of creditor’s rights. 
 6.2 Disclaimer of Warranties. Seller makes no other warranties, express or implied then those stated
specifically in Section 6.1. Seller disclaims and Buyer waives any and all implied warranties, including but not limited to, implied warranties or merchantability or fitness for a particular purpose. 

6.3 Buyer’s Representations, Warranties and Covenants. Buyer hereby represents, warrants and covenants to Seller that: 

6.3.1 Buyer will manufacture and market the Finished Product in accordance with relevant cGMP and all other regulatory requirements under any
applicable laws in the Territory. 
 6.3.2 Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of
the jurisdiction of its incorporation and has all requisite corporate power to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by Buyer of this Agreement and its performance of its obligations
hereunder have been duly and validly authorized. This Agreement constitutes a legal, valid and binding obligation of Buyer, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, and other laws of
general application limiting the enforcement of creditor’s rights. 
  

	7	Term, Termination 

 7.1 Term. Unless terminated in accordance with the provisions of this
Agreement, the initial term of this Agreement shall commence on the Effective Date and shall continue until [***] (the “Initial Term”). Following the Initial Term, this Agreement shall automatically renew for consecutive periods of
one (1) year (the “Renewal Term”) unless and until either Party hereto submits to the other Party hereto written notice of its intention not to renew at least twelve (12) months prior to the end of the Initial Term or any
Renewal Term, as the case may be. The Initial Term and any Renewal Term(s) are together called the “Term”. 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 7.2 Termination. This Agreement may be terminated in the following circumstances: 

7.2.1 By either Party, upon notice to the other Party, with immediate effect, in the event of an assignment by the other Party for the benefit
of creditors; the admitted insolvency of the other Party; the institution of voluntary or involuntary proceedings by or against the other Party in bankruptcy, insolvency, moratorium or for a receivership, or for a
winding-up or for the dissolution or reorganization of the other Party; or the taking of any action by the other Party under an act for relief from creditors; to the extent permitted by applicable Law; or 

7.2.2 By either Party upon sixty (60) days’ written notice to the other Party (30 days’ notice in the event of a failure to
timely pay the Price) in the event of a failure of such other Party to perform or observe a material obligation imposed by this Agreement, unless such failure is cured or the Parties have reached agreement on a plan to achieve a cure of such failure
prior to the end of such period; or 
 7.2.3 By Seller, if Seller should decide to transfer ownership of the API to a third party or to
discontinue manufacturing and marketing the API. Termination pursuant to this Section 7.2.3 shall require twelve (12) months’ prior written notice to Buyer; or 

7.2.4 As provided elsewhere in the Agreement, including but not limited to Section 9.3 below. 

7.3 Accrued Liabilities. Expiration or termination of this Agreement for any reason shall not discharge either Party’s liability for obligations
incurred hereunder. 
 7.4 Effect of Termination. Upon termination of this Agreement for any reason the following shall apply: (i) Each Party
shall return to the other Party or destroy all copies of documents containing Confidential Information of the other Party; and (ii) All Purchase Orders (whether or not confirmed by Seller) shall be cancelled. 

7.5 Survival. Sections 2.3, 2.4, 6, and 8 , together with other terms and conditions under this Agreement that by their
intent or meaning have continuing validity, shall survive the termination of this Agreement. 
  

	8	Confidentiality 

 8.1 Both Parties shall keep confidential any and all Confidential Information disclosed
by the other Party, whether prior to or during the term of this Agreement. Both Parties shall (i) use the Confidential Information only for performance under this Agreement, (ii) not disclose such Confidential Information obtained from the
other Party to any third party other than to the regulatory authorities to which the receiving Party will need to make disclosure as legally required for the purpose of registration of the API as contemplated by this Agreement, (iii) limit
disclosure to those of its employees as are considered necessary for the manufacture of the Finished Product or the API as contemplated by this Agreement, and (iv) to impose upon such employees obligations of confidentiality, non-disclosure, and non-use at least as restrictive as the obligations set forth herein. 

8.2 The obligations according to Section 8.1 shall not apply to the extent that (i) the information has become public knowledge
prior to or after its disclosure otherwise than through acts or omissions attributable to the receiving Party or its employees, (ii) the information has come into the receiving Party’s possession without restriction on confidentiality,
disclosure, or use from a third party who had the lawful right to disclose the information, or (iii) was known to the receiving Party as demonstrated by competent written evidence prior to the receipt of such confidential information from
disclosing Party. 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 8.3 Except as otherwise expressly set forth herein, nothing contained in this Agreement shall be construed as
granting to the receiving Party any right, title or interest in or to, or any license under, (i) Confidential Information provided by the disclosing Party or (ii) intellectual property of other proprietary rights belonging to the
disclosing Party. 
 8.4 In the event of any conflict or inconsistency between the provisions of this Section 8 and the provisions of that certain
Confidentiality Agreement between Seller and Buyer dated as of June 30, 2011, the provisions affording the highest degree of confidentiality protection shall apply and take precedence. 

 

	9	Force Majeure 

 9.1 The occurrence of an event which materially interferes with the ability of a Party to
perform its obligations or duties hereunder which is not within the reasonable control of the Party affected, and which could not with the exercise of due diligence have been avoided (a “Force Majeure”), including, but not limited
to, fire, accident, breakdown of machinery, labor difficulty (other than on the part of employees of the Party), strike (other than on the part of employees of the Party), riot, civil commotion, act of God, or change in Law shall suspend such
performance during the continuation of Force Majeure. 
 9.2 The Party prevented from performing its obligations or duties because of Force Majeure shall
promptly notify in writing the other Party hereto (the “Other Party”) of the occurrence and particulars of such Force Majeure and shall provide the Other Party, from time to time, with its best estimate of the duration of such Force
Majeure and with written notice of the termination thereof. The Party so affected shall use its best efforts to avoid or remove such causes of nonperformance. Upon termination of Force Majeure, the performance of any suspended obligation or duty
shall promptly recommence. Neither Party shall be liable to the other Party for any damages arising out of or relating to the suspension or termination of any of its obligations or duties under this Agreement by reason of the occurrence of Force
Majeure. 
 9.3 In the event that Force Majeure has occurred and is continuing for a period of at least six (6) months, the Other Party shall have the
right to terminate this Agreement upon thirty (30) days’ prior written notice. 
  

	10	Insurance 

 10.1 Each Party shall obtain and keep in force during the Term, Commercial General Liability
insurance (including product liability) coverage in an amount of not less than USD 5,000,000; provided, however, that the obligations of Buyer shall commence with Commercial Launch. As of the Effective Date and prior to Commercial Launch
Buyer shall obtain and keep in force Commercial General Liability insurance (including product liability) coverage in an amount of not less than USD 1,000,000. If such insurances are provided on a claims-made basis, such coverage must be maintained
for a period of not less than five (5) years after termination of this Agreement. Each Party shall provide the 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 
other Party proof of such insurance upon request. Each Party shall endeavor to give written notice to the other Party of any cancellation, termination or change in such insurance. Each Party may
substitute a self-insurance program on written notice to the other Party with information demonstrating the adequacy of such program. 
  

	11	Indemnification 

 11.1 Seller shall indemnify, defend and hold harmless Buyer, its Affiliates, officers,
directors, employees, agents, and their respective successors and assigns from and against any and all loss, damage, claim, injury, cost or expenses (including without limitation reasonable attorney’s fees), incurred in connection with third
party claims of any kind that arise out of or are attributable to: (i) Seller’s breach of any of its warranties, representations, covenants or obligations set forth herein; or (ii) the negligent act or omission of Seller. 

11.2 Buyer shall indemnify, defend and hold harmless Seller, its Affiliates, officers, directors, employees, agents, and their respective successors and
assigns, from and against any and all loss, damage, claim, injury, cost or expenses (including without limitation reasonable attorney’s fees), incurred in connection with third party claims of any kind that arise out of or are attributable to
(i) Buyer’s breach of any of its warranties, representations, covenants or obligations set forth herein or (ii) the negligent act or omission of Buyer. 

11.3 Any demand or claim made under this Section 11 shall be subject to written notification forthwith. Neither Party shall be
entitled to settle any claims, demands, liabilities, suits or expenses as mentioned under this Section 11 without the other Party’s prior written consent if it seeks indemnification from the other Party, which consent
shall not be unreasonably conditioned, delayed, or withheld. 
 11.4 IN NO EVENT WILL EITHER PARTY BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL OR
INCIDENTAL DAMAGES, INCLUDING LOSS OF PROFIT AND LOSS OF GOODWILL, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, ARISING IN ANY WAY OUT OF THIS AGREEMENT. 
  

	12	Governing Law and Venue 

 12.1 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of New York, without regard to the conflicts of law principles thereof. 
 12.2 Dispute Resolution. Except as
specified in Section 5.4.2, all disputes arising out of, or in relation to, this Agreement shall be resolved amicably and, if necessary and appropriate, shall be referred for decision forthwith to a senior executive of each
Party. If no agreement can be reached through this process within thirty (30) days of request by one Party to the other Party to nominate a senior executive for dispute resolution, then either Party hereto shall be entitled to refer such
dispute to arbitration or mediation in accordance with the “Commercial Arbitration Rules and Mediation Procedures” of the American Arbitration Association(“AAA”) then pertaining (available at www.adr.org), except where those
rules conflict with this provision, in which case this provision controls. Any court with jurisdiction shall enforce this clause and enter judgment on any 

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 
award. The arbitrator shall be selected within twenty (20) business days from commencement of the arbitration from the AAA’s National Roster of Arbitrators pursuant to agreement or
through selection procedures administered by the AAA. Within forty-five (45) days of initiation of arbitration, the Parties shall reach agreement upon and thereafter follow procedures, including limits on discovery, assuring that the
arbitration will be concluded and the award rendered within no more than eight (8) months from selection of the arbitrator or, failing agreement, procedures meeting such time limits will be designed by the AAA and adhered to by the Parties. The
arbitration shall be held in New York and the arbitrator shall apply the substantive law of New York, except that the interpretation and enforcement of this arbitration provision shall be governed by the Federal Arbitration Act. Prior to appointment
of the arbitrator or thereafter if he is unavailable, emergency relief is available from any court to avoid irreparable harm. The arbitrator shall not award either party punitive, exemplary, multiplied or consequential damages, or attorneys’
fees or costs. 
  

	13	Miscellaneous 

 13.1 Assignment. Except as provided for in Section 2.2
above, this Agreement shall not be assignable or transferable by either Party hereto except with the prior consent in writing of the other Party, such consent not to be unreasonably conditioned, delayed, or withheld, provided, however, that
Buyer may assign this Agreement without consent of Seller to a successor by merger, acquisition, sale, or other transfer of Buyer or of all or substantially all of Buyer’s business assets to which this Agreement relates. In event of the
aforementioned, Buyer shall without undue delay give notice in accordance with Section 13.3 to Seller of any such assignment. 
 13.2
Severability. In the event that any one or more of the agreements, provisions or terms contained herein shall be declared invalid, illegal or unenforceable in any respect, the validity of the remaining agreements, provisions of terms
contained herein shall in no way be affected, prejudiced or invalidated thereby. 
 13.3 Notices. All notices, reports and other communications
required by this Agreement shall be transmitted by overnight courier service or by facsimile transmission with confirmed answer back to the other Party at its address set forth below, or such other address as shall be specified by the Parties hereto
by written notice given in accordance with this section and shall be effective upon receipt thereof. 
  

			
	 If to Seller:
  

Xellia Pharmaceuticals ApS
 Dalslandsgade 11

DK-2300 Copenhagen S.

Denmark
 Att: Vice President, Sales and Marketing

Telefax: +45 32 64 55 01
	  	 with a copy to:
  

Xellia Pharmaceuticals ApS
 Dalslandsgade 11

DK-2300 Copenhagen S.

Denmark
 Attention: Vice President, Legal Dep.

Telefax: +45 32 64 55 01

  
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 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

			
		
	 If to Buyer:
  

Savara Inc.
 900 S. Capital of Texas Highway
	  	 with a copy to:
  

Savara Inc.
 900 S. Capital of Texas Highway

	 Suite 150
 Austin, Texas 78746

USA
 Attention: Head of Business Operations

Telefax: +1 (855) 298-2020
	  	 Suite 150
 Austin, Texas 78746

USA
 Attention: Legal Affairs

Telefax: +1 (855) 298-2020

 13.4 Entire Agreement. This Agreement, including the Exhibits attached hereto, constitute the entire understanding of
the Parties, superseding in all respects any and all prior oral or written agreements or understandings pertaining to the subject matter hereof. This Agreement may be amended or modified only by written agreement executed by the Parties hereto. 

13.5 Public Disclosure. Except for such disclosure as is deemed necessary, in the reasonable judgment of a Party, to comply with applicable laws, no
announcement, news release, public statement, publication, or presentation relating to the existence of this Agreement, the subject matter hereof, or either Party’s performance hereunder will be made without the other Party’s prior written
approval, which approval shall not be unreasonably withheld. The Parties agree that they will coordinate and allow the other Party to comment before any disclosure which is deemed necessary in order to comply with applicable law. 

13.6 Waiver. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver
shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party or Parties waiving such term or condition. No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall
be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise afforded, will be cumulative and not alternative. 

13.7 Independent Contractors. Buyer and Seller are independent of each other and nothing contained herein shall be construed to create a joint venture,
partnership, or an association of any kind. Neither Party is authorized to, nor shall it, incur any liability whatsoever for which the other may become directly, indirectly or contingently liable. Furthermore neither of the Parties shall act or
represent or hold itself out as having authority to act as an agent or a partner of the other Party, or in any way bind or commit the other Party to any obligations. 

13.8 Interpretation. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. The word “including” shall not limit a more general preceding phrase and the word “hereof” shall refer to this Agreement as a whole. The language used in this Agreement shall be deemed to be the
language chosen by the Parties to express their mutual intent and no rule of strict construction against either Party shall apply to any term or condition of this Agreement. 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed and delivered as of the Effective Date. 

  
 -12- 

 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

					
	Xellia Pharmaceuticals ApS	 		  	Savara Inc.
			
	 /s/ Gael Bernard
	 		  	 /s/ Rob Neville

	By:	 		  	By:
	Name: Gael Bernard	 		  	Name: Rob Neville
	Title:   VP of Sales and Marketing	 		  	Title:   CEO

  
 -13- 

 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 EXHIBIT A – PRICES AND ADJUSTMENTS 

 

					
	 API
	  	Purchase Price	 
	 Vancomycin Hydrochloride:
	  	 	[	***] 

  
 -14- 

 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 EXHIBIT B – SPECIFICATIONS 

As per copy attached of 
  

	 	•	 	Revision No. 00 having effect as of the Effective Date. 

  
 -15- 

 [***] Indicates that information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 EXHIBIT B — SPECIFICATIONS 

Here is the specification for Vancomycin HCI, Non Sterile, USP (A433) from Xellia Copenhagen. The below specifications reflect the current Xellia Specification
6333.10 as of September 22nd, 2016. The current version of Xellia Specification 6333.10 supersedes the specification detailed in Exhibit B. 

Appearance: A white or almost white powder. 

Identification 
  

	a.	Vancomycin hydrochloride (HPLC): Must comply with the standard. 

  

	b.	Vancomycin hydrochloride (IR): Must comply with the standard. 

 Purity Tests 

[***] 
 Assay 

[***] 
 Complies with current edition of USP.

  
 -16- 

 Execution version 

[***] Indicates that information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 
  

 Here is the specification for Vancomycin HCI, Non Sterile, USP (C433). The below specifications reflect the
current Xellia Specification 1-1473 as of September 22nd, 2016. The current version of Xellia Specification T-1473
supersedes the specification detailed in Exhibit B. 
 Storage condition: 2-8°C. 

Shelf life: 36 months 
 Appearance: A white or
almost white powder. 
 Identification 
  

	a.	Vancomycin hydrochloride (IR): Must comply with the standard. 

  

	b.	Vancomycin hydrochloride (HPLC): Must comply with the standard. 

 Purity Tests 

[***] 
 Assay 

[***] 
 Complies with current edition of USP.

 CONFIDENTIAL 17 OF 17EX-10.60

 Exhibit 10.60 

[***] Indicates that information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 
 Supply Agreement 
  

 
 Parties 

 

	1.	Savara Inc. (doing business as Savara Pharmaceuticals) of 5900 Shepherd Mountain Cove, Suite 2-205, Austin, Texas 78730 USA facsimile +1 855 298 2020 email info@savarapharma.com
(Savara) 

  

	2.	Plastiape SpA of 23875 Osnago (Lecco) - Via 1 Maggio, 8, Italy facsimile +39 039 587805 email info.plastiape@plastiape.it (Plastiape) 

Introduction 
  

	A.	Plastiape is in the business of manufacturing the Products (as defined below). 

  

	B.	Savara is a specialty pharmaceutical company. 

  

	C.	Savara wishes to acquire the Products from Plastiape and Plastiape agrees to supply the Products to Savara on the terms and conditions set out in this agreement. 

Operative clauses 
  

 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 In this agreement: 

Affiliate means: 
  

	 	(a)	a holding company of the party; 

  

	 	(b)	a subsidiary of the party or a subsidiary of the holding company of the party; 

  

	 	(c)	any entity controlled by the party; 

  

	 	(d)	persons or entities who directly or indirectly have the capacity to control the party (including persons or entities who individually or collectively have the capacity to control more than 50% of the membership of the
board of directors of the party or who control more than 50% of the equity securities of the party or a related party) or directors of the party; 

Change of Control occurs, in relation to Plastiape, if any person or persons, other than the persons entitled on the date this
agreement, becomes entitled to the power, whether held directly or indirectly (such as through interposed entities) and by whatever means (whether or not enforceable at law or in equity) to: 

 

	 	(a)	exercise, or control the exercise of, more than 50% of the voting power in Plastiape; 

  

	 	(b)	dispose of, or control the disposal of, more than 50% (by value) of the equity securities in Plastiape; 

  

	 	(c)	appoint, or control the appointment of, directors of that Plastiape having more than 50% of the votes at board meetings; or 

  

	 	(d)	determine, or control the determination of, the substantial conduct of that Plastiape’s affairs, business activities or decisions; 

  
 1 

 Confidential Information means the confidential, proprietary, or other similar information
of a party which relates to the subject matter of this agreement and includes without limitation: 
  

	 	(a)	information relating to personnel, policies, clientele, suppliers or business strategies; 

  

	 	(b)	information relating to the terms upon which the Products are to manufactured and sold pursuant to this agreement, 

but does not include information: 
  

	 	(c)	which the receiving party can establish that the receiving party was aware of prior to its receipt from the disclosing party; 

  

	 	(d)	which the receiving party can establish is in the public domain (other than through a breach of this agreement or a breach of confidence by any person); 

and 
  

	 	(e)	which the receiving party is compelled by law, regulations or the listing rules of a recognised stock exchange to disclose (and then only to the extent of such compelled disclosure and with reasonable prior written
notice to the disclosing party); 

 Effective Date means Sept 1, 2012; 

Exclusive Field of Use means any use of the Product with Vancomycin for the diagnosis, management, prevention, or treatment of lung
diseases; 
 Force Majeure means, to the extent beyond the reasonable control of the party whose performance is adversely affected by
the event: 
  

	 	(a)	any act of God, war, revolution or any other unlawful act against public order or authority; 

  

	 	(b)	government restraint, restriction, prohibition, intervention, embargo, reduction, unavailability or delay in obtaining governmental approvals, consents, permits, quota allocations, licences, authorisations;

  

	 	(c)	industrial dispute, shortage of raw material or production capacity, failure to supply by Plastiape’s suppliers; or 

  

	 	(d)	other event which is not within the reasonable control of a party; 

 Insolvency Event, in
relation to a party, means any of the following events: 
  

	 	(a)	the party ceases to (or is unable to) pay its creditors (or any class of them) in the ordinary course of business, or announces its intention to do so; 

 

	 	(b)	a receiver, manager, receiver and manager, administrative receiver or similar officer is appointed to that party or any of its assets; 

 

	 	(c)	such party enters into, or resolves to enter into, a scheme or arrangement, compromise or composition with any class of creditors; 

  

	 	(d)	a resolution is passed or an application to a court is taken for the winding up, dissolution, official management or administration of that party; or 

 

	 	(e)	anything having a substantially similar effect to any of the events specified above happens under the law of any applicable jurisdiction; 

  
 2 

 Product(s) means dry powder inhalers known as “Monodose Inhaler Model 7”
(product code 239700001AB) and “Monodose Inhaler Model 7 High Resistance” (product code 239700002AA) as described on Plastiape’s Type III Drug Master File (DMF), filed at the United States Food and Drug Administration (FDA) with #
17864, manufactured and packaged in accordance with the Specifications (as defined below), along with any improvements which might be agreed in writing between the parties and any other Plastiape inhaler models that are functionally or structurally
equivalent or that possess substantially similar characteristics and performance; 
 Specifications means the specifications for the
design, composition, product safety assurance, manufacture, packaging, and/or quality control of the Product, as described onto Plastiape’s DMF referenced above, as the same may be modified by mutual agreement of the parties in writing; and

 Term has a meaning ascribed to it in clause 16. 
  

	1.2	Interpretation 

 In this agreement, unless the context otherwise requires: 

 

	 	(a)	singular includes plural and plural includes singular; 

  

	 	(b)	reference to a person includes a corporation, firm and any other entity; 

  

	 	(c)	reference to a party includes that party’s personal representatives, successors and permitted assigns; 

  

	 	(d)	headings do not affect interpretation; 

  

	 	(e)	a provision must be read down to the extent necessary to be valid. If it cannot be read down to that extent, it must be severed; 

  

	 	(f)	no rule of construction applies to the disadvantage of a party because that party put forward this document or any portion of it; 

  

	 	(g)	the schedules and annexures to this agreement form part of this agreement; and 

  

	 	(h)	terms defined in Incoterms 2000 have the same meaning when used in this agreement 

  

 
  

	2.	Supply of Product 

 During the Term, Plastiape must manufacture, sell, and deliver to Savara and its
Affiliates such quantities of Product as ordered by Savara and its Affiliates pursuant to this agreement. Each Product sold under this agreement must conform to the Specifications for such Product and otherwise be supplied in accordance with this
agreement. At the date of signature of this Agreement the free capacity of Plastiape is up to [***] units of Product per annum. 
 Savara and Plastiape will
regularly communicate the respective market forecasts aiming to prevent any capacity issue. Savara is aware that a significant capacity upgrade at Plastiape site will involve an eighteen (18) months lead time for the construction of a new
assembly line and a new clean room. Notwithstanding the foregoing, forecasts are non binding on Savara. 
  

 
  

	3.	Prices for Supply of Product 

  

	3.1	The prices for the Products will be as set out in Schedule 1 to this agreement. 

  

	3.2	Payment terms on all orders shall be thirty (30) days from the later of delivery and quality acceptance of the Product or invoicing. 

  
 3 

  
  

	4.	Forecasts and ordering 

  

	4.1	Forecasts 

  

	 	(a)	At least two (2) months prior to the beginning of each calendar year during the term of this agreement, Savara will provide Plastiape with a non-binding written forecast of
Savara’s expected requirements for Product during the following twelve (12) months. 

  

	4.2	Orders 

  

	 	(a)	Savara is not required to buy any specific amount of Product under this agreement, except for the quantities which Savara actually orders through binding purchase orders. 

 

	 	(b)	Savara may place binding orders for Product by written or electronic purchase order to Plastiape, which shall be placed at least ten (10) weeks prior to the desired date of delivery. 

 

	 	(c)	Plastiape must provide Savara with written confirmation of receipt of the purchase order within three (3) days of receiving a receipt. 

 

	 	(d)	Savara may cancel or vary an order at any time prior to dispatch of the Product. Savara will be responsible for all reasonable raw material costs, moulded components costs, finished product costs incurred as a
consequence of the cancellation or variation of such order. Plastiape must mitigate Savara’s loss with respect to such costs, including by utilising the raw materials to manufacture Product for other customers or by retaining the raw materials
for use with respect to any future order made by Savara. Other than as set out in this sub-clause, Savara will have no other liability with respect to the cancellation or variation of a purchase order.

  

	4.3	To the extent of any conflict or inconsistency between this agreement and any purchase order documentation, the terms of this agreement prevail. 

 
  
  

	5.	Payment and invoicing 

  

	5.1	Payment terms on all invoices are thirty (30) days from the later of invoicing or delivery and quality acceptance of the Product. 

 

	5.2	If any portion of an invoice is disputed by Savara, Savara will notify Plastiape within twenty (20) days of receipt of the invoice and shall pay all the undisputed amounts when due and the parties shall use good
faith efforts to reconcile the disputed amount as soon as possible. 

  

 
  

	6.	Delivery 

  

	6.1	Plastiape will deliver the Product, at the direction of Savara, either: 

  

	 	(a)	ex-works at the point of manufacture in Italy (EXW); or 

  

	 	(b)	duty delivered paid (DDP) to the location specified in Savara’s purchase order, in this latter case the extra-cost for transport are to be quoted and added on top of the EXW price quoted at Schedule 1

 on or before the date specified in the purchase order. 

  
 4 

	6.2	Plastiape must pack all Product ordered in accordance with the agreed Specifications included into the Drug Master File or as otherwise agreed in writing between Savara and Plastiape. 

 

	6.3	The following will apply if Savara elects for the Product to be delivered on an ex-works basis (EXW): 

 

	 	(a)	Plastiape must make all the relevant Product the subject of the purchase order available for collection not more than ten (10) weeks from the date of the order; 

 

	 	(b)	Savara will select the carrier and organise for collection of the Product; 

  

	 	(c)	Savara will bear all applicable taxes, duties, export or import charges and similar charges and similar imposts associated with the collection and shipping of the Products; 

 

	 	(d)	Savara is responsible for all export and importation processes and costs. 

  

	 	(e)	Savara will be responsible for obtaining applicable transport insurance; and 

  

	 	(f)	all risk of loss or damage in transportation passes ex works to Savara at the time of delivery which is taken to be when the Product is collected from Plastiape’s facilities. 

 

	6.4	The following will apply if Savara elects for the Product to be delivered on a delivered duty paid basis (DDP): 

  

	 	(a)	Plastiape will engage the carrier and organise the delivery of the Product to the facilities nominated by Savara in the purchase order. Savara accepts no liability for either the choice of the carrier or the
carrier’s conduct or any loss or damage that may occur while the Products are being transported; 

  

	 	(b)	Plastiape must deliver the Product the subject of the purchase order to the location nominated by Savara not more than twelve (12) weeks from the date of the order 

 

	 	(c)	Plastiape will bear all applicable taxes, duties, export charges, delivery charges and similar charges and imposts associated with the delivery of the Product; 

 

	 	(d)	Plastiape must obtain applicable transport insurance; 

  

	 	(e)	Plastiape is responsible for all export and importation processes and costs; and 

  

	 	(f)	all risk of loss or damage to the Products passes to the Savara upon delivery of the Product to Savara at the specified location. 

  

 
  

	7.	Additional obligations of Plastiape 

 Plastiape must: 

 

	 	(a)	manufacture and supply the Products in accordance with all applicable laws, regulations and standards; 

  

	 	(b)	ensure the Products conform with all applicable laws, regulations and standards; 

  

	 	(c)	inform Savara promptly of any adverse events (including without limitation fires, explosions, accidental discharges) occurring in the manufacture of the Product; 

 

	 	(d)	inform Savara promptly of any allegations or findings of violations of applicable laws, regulations or standards which relate to the Products or may impact on the supply of the Products; 

 

	 	(e)	allow Savara to inspect Plastiape’s facilities, such inspections to be at reasonable times and upon reasonable notice, and 

  
 5 

	 	(f)	implement promptly any corrective action which may be reasonably requested by Savara; 

  

	 	(g)	supply all tools, equipment and materials necessary for the supply of the Products in accordance with this agreement; 

  

	 	(h)	maintain Conformité Européene (CE) marking for the Products and any improvements; and 

  

	 	(i)	it will maintain the Drug Master File as required by the FDA or such other requirements under the FDA. 

  

 
  

	8.	Defective Product 

  

	8.1	Plastiape represents and warrants that any Product sold and delivered to Savara complies in all respects with the Specifications and this agreement and is free from defects in design, material and workmanship.

  

	8.2	Savara shall notify Plastiape of the existence and nature of any non-compliance or defect and Plastiape shall have a reasonable opportunity, not to exceed twenty (20) days
from receipt of notification, to inspect such defective Product and provide Savara with detailed written instructions to return or dispose of such defective Product. 

 

	8.3	Without prejudice to any other remedy which Savara may have, Plastiape shall at Savara’s option: 

  

	 	(a)	replace at Plastiape ’s own cost and expense, including reimbursement of freight and costs incurred by Savara, Product that is not as warranted or otherwise fails to comply with the requirements of this agreement;
or 

  

	 	(b)	repay Savara any amounts paid with respect to the relevant Product and for the disposal or return of defective Product. 

  

	8.4	Savara has no obligation to pay for any Product that is subject to such a claim of non-compliance or defect. If Plastiape fails to so inspect and instruct Savara as to the return
of disposal of such defective Product, Savara may dispose of such defective Product. Plastiape must promptly reimburse Savara for all direct, out-of-pocket costs
incurred by Savara in such disposition, and replace such defective Product at its own cost and expense. 

  

	8.5	If, after Plastiape’s inspections of such Product, the parties disagree as to the Product’s conformance to the Specifications or whether the Product has such a defect, either party may deliver the Product to
an independent third-party laboratory, reasonably acceptable to both parties, for testing to confirm the Product’s conformance to the Specifications or the presence or absence of defects. All costs associated with such third-party testing shall
be at Savara’s expense unless the tested Product is deemed by such third-party to be defective or not in compliance with the Specifications or this agreement, in which case all such costs must be promptly paid by Plastiape . This clause in no
way reduces Plastiape ’s own obligations for testing, inspection and quality control as provided in the Specifications or under applicable laws, regulations, standards or codes. 

 

	8.6	In the event any governmental agency having jurisdiction shall request or order, or if Savara shall determine to undertake, any corrective action with respect to any Product (or any finished product containing or
contained in any Product), including any recall, corrective action or market action, and the cause or basis of such recall or action is attributable to a breach by Plastiape of any of its warranties, guarantees, representations, obligations or
covenants contained in this agreement, then Plastiape shall be liable, and shall reimburse Savara for the reasonable costs of such action including the cost of any Product (or any finished product containing or contained in any Product) which is
affected. 

  
  

 

	9.	Exclusive Supply and Use of the Products 

  

	9.1	During the Term, Plastiape will supply the Product (or any improvement or product line extensions or successors) to Savara on an exclusive basis in the Exclusive Field of Use. Plastiape and its Affiliates will not
supply the Product to any third parties other than Savara and its Affiliates if their intended use is in the Exclusive Field of Use. This exclusivity limitation does not include third-parties that have executed supply agreements with Plastiape that
do not limit the compound of use with the Product prior to the execution of this supply agreement. 

  
 6 

	9.2	In the event that Savara does not order at least [***] units of Products in an consecutive twelve (12) months by [***] after the Effective Date or [***] units of Products in any consecutive
twelve (12) month period by [***] after the Effective Date, clause 9.1 will cease to apply but all of Savara’s other rights and benefits under this agreement shall continue in full force and effect. For purposes of computing the
total number of Product units ordered by Savara for purposes of this clause, the quantity of Product units ordered shall be combined with the total quantity of all units of other products ordered by Savara from Plastiape during the relevant
timeframe under all agreements then in effect. 

  

	9.3	Savara may use the Products for any lawful purpose, whether inside or outside of the Exclusive Field of Use except Savara agrees not to use Product in combination with Mannitol, Recombinant Human IL-4 Variant, Inhibitor of the IL-4 and IL-13 Receptors and Tiotropium Bromide. 

 
  
  

	10.	Improvements and Changes to the Product 

  

	10.1	Plastiape will notify Savara of any new products, product ideas or inventions made by Plastiape which may have applicability to Savara’s products. 

 

	10.2	From time to time, either party may submit to the other written proposals for the adoption, implementation or development of changes, improvements or modifications to the Product. Any such changes may not be implemented
without the prior written agreement of the parties. 

  

	10.3	Plastiape agrees that: 

  

	 	10.4	no changes or modifications to the method or process of manufacture or production of the Product or the raw materials; or 

  

	 	10.5	no change in location of the facility used to supply Product to Savara under this agreement, 

can be made without prior written notification to and approval of Savara. Any such change or modification approved by Savara shall be made at
Plastiape”s sole cost and expense. 
  
  

 

	11.	Labelling and Artwork 

  

	11.1	Plastiape acknowledges that Savara is the exclusive owner of and has all rights to the trademarks, copyrights, brand names, artwork and all other intellectual property that appear on or are otherwise used in connection
with the sale and use of Savara’s finished product containing or contained in any Product. 

  

	11.2	The Product may be sold under such brand name as may be determined by Savara from time to time. All use of the brand names, including any goodwill generated in connection therewith, inures to the benefit of Savara.
Plastiape is not authorized to use any brand name used by Savara. 

  

	11.3	Plastiape must not do any act which endangers, destroys, or similarly affects, in any material respects, the value of the goodwill pertaining to any brand name adopted by Savara with respect to the Savara product.
Plastiape will not register or use any names or marks that are similar to the Brand Name or might be confused by them. The obligations in this sub-clause survive termination or expiration of this agreement.

  

	11.4	Each party must promptly advise the other party of any suspected or actual infringement of any of the intellectual property rights in or relating to the Product. 

  
 7 

  
  

	12.	Records and Access 

  

	12.1	Plastiape must maintain and preserve full and accurate books and records of all matters relating to the Product. 

  

	12.2	Savara and its authorised representatives have the right to inspect and examine all such books and records and to access any facilities at which the Product is manufactured or stored at any time during normal business
hours after giving reasonable prior notice to Plastiape. 

  

	12.3	Plastiape shall maintain and preserve full and accurate records and files which Plastiape is required to maintain in connection with the Product by law or any regulatory authority. Plastiape must retain all such records
for the longer of the period required by law or regulations or seven (7) years. In case of longer periods required by regulatory authorities Savara will advise Plastiape in writing of the time required. 

 
  
  

	13.	Communication 

  

	13.1	Plastiape and Savara will each appoint an individual who will act as the primary liaison point between the parties. The parties agree to discuss regularly any issues arising in relation to the Products. If requested by
Savara, Plastiape must advise Savara of the stock of Product or raw materials held by Plastiape at any particular time. 

  

	13.2	Plastiape agrees to provide Savara with prompt written notice if: 

  

	 	(a)	there is a Change of Control of Plastiape; 

  

	 	(b)	Plastiape is in breach of this agreement; or 

  

	 	(c)	Plastiape becomes aware of any issues or non conformances with respect of any Product or any other matter which may adversely affect the supply or use of the Products. 

 

	13.3	Plastiape agrees to cooperate with Savara in doing any act or thing which is necessary or desirable to facilitate Savara’s compliance with any regulatory requirements. 

 

	13.4	Plastiape agrees that, unless specifically authorized in writing by Savara, Savara will be responsible for all communications with regulatory authorities with respect to Savara’s products (which contains or is
contained in any Product). 

  

	13.5	Plastiape agrees to forward any such communications (whether oral or written) received by Plastiape from a regulatory authority in relation to the Product to Savara within two (2) business days of receipt.

  
  

 

	14.	Audit 

  

	14.1	Savara shall have the right, upon reasonable notice to Plastiape and during regular business hours, to inspect and audit the facilities being used by Plastiape (or any third-party supplier approved by Savara) for
production and storage of the Product to assure compliance by Plastiape (and its approved suppliers) with Good Manufacturing Practices (GMP) and other applicable rules and regulations and with other provisions of this agreement. 

 

	14.2	Plastiape will within seven days remedy or cause the remedy of any deficiencies which may be noted in any such audit or, if any such deficiencies cannot reasonably be remedied within such seven day period, present to
Savara a written plan to remedy such deficiencies as soon as possible. The failure by Plastiape to remedy or cause the remedy of any such deficiencies within such seven day period or to present such a plan within such seven day period and then use
its best efforts to remedy or cause the remedy of such deficiencies in accordance with such written plan, constitutes a material breach of this agreement. 

  

	14.3	The granting to Savara of certain audit rights shall in no way relieve Plastiape of any of its obligations under this agreement, nor does such provision require Savara to conduct any such audits. 

  
 8 

  
  

	15.	Insurance 

  

	15.1	Plastiape must maintain or cause to be maintained adequate such insurances as are usual for a prudent Plastiape in the Territory in respect of the manufacture and sale of the Product including product liability
insurances. 

  

	15.2	Plastiape must, upon request of Savara, produce evidence of the currency of the insurance policy and any failure by Plastiape to produce such evidence of currency within one month from the date of notice of the request
may be treated by Savara as a breach of this agreement. 

  
  

 

	16.	Term 

 The term of this agreement commences on the Effective Date and continues for
[***], unless sooner terminated or further extended in accordance with the terms of this agreement. 
  

 
  

	17.	Termination 

  

	17.1	This agreement may be terminated: 

  

	 	(a)	by one party upon thirty (30) days written notice to the other party if the other party is in default in performing or observing any material terms or representation, warranty, guarantee, covenant or obligation of
this agreement or the GMP Agreement and that default is not remedied within a period of thirty (30) days after written notice has been given to the party in default; 

 

	 	(b)	by one party if the other party has suffered an Insolvency Event, in which case, the party not suffering the Insolvency Event may immediately by written notice terminate this agreement; 

 

	 	(c)	by Savara upon thirty (30) days written notice to Plastiape if there is a Change of Control of Plastiape. 

  

	17.2	Savara may also immediately terminate this agreement upon written notice to Plastiape: 

  

	 	(a)	if complete orders of Product are not received within the time period required by this agreement in fulfilment of three (3) purchase orders in any twelve (12) month period; 

 

	 	(b)	if Savara receives Product that does not meet Plastiape’s warranty contained in this agreement in connection with three (3) deliveries of Product in any twelve (12)-month period. 

 

	17.3	Upon termination or expiration of this agreement for any reason the accrued rights and obligations of each party as at the date of termination shall not be affected. In the event of termination by Savara pursuant to
clause 17.1 or clause 17.2, then: 

  

	 	(a)	Plastiape shall deliver to and make available for use by Savara copies of all regulatory filings, associated data, and related supporting and other materials and shall, to the extent legally permissible, take all
additional actions reasonably necessary to assign all of its right, title, and interest in and transfer possession and control to Savara regulatory filings and all regulatory approvals to the extent that they relate to Product containing or
contained in a Savara product; 

  

	 	(b)	Plastiape promptly (i) shall return to Savara all relevant materials belonging to Savara which are in Plastiape’s possession, or, if instructed by Savara, Plastiape shall destroy such materials and provide
written confirmation to Savara of their destruction, (ii) shall deliver to Savara all Product, Product molds, forms, and the like, and all associated items, including without limitation related ingredients, inventories, materials, and supplies,
and (iii) shall, unless otherwise restricted, transfer to Savara all third-party license rights to the extent that they relate to the Product; provided, however, that Savara shall reimburse Plastiape for reasonable expenses related to
each transfer; and 

  
 9 

	 	(c)	Plastiape promptly shall transfer to Savara at Savara’s request any and all know-how, assistance, and expertise necessary or useful for manufacturing Product; provided,
however, that Savara shall reimburse Plastiape for reasonable expenses related to the transfer. 

  

	17.4	Clauses 12, 14, 18, 19, 20, 21, 22, 25, 27, and 34, together with other terms and conditions that by their intent or meaning have continuing validity, survive termination or expiration of this agreement.

  
  

 

	18.	Confidentiality 

  

	18.1	A party must not, without the prior written approval of the other party, disclose the other party’s Confidential Information. Confidential Information of the other party may only be used in a manner contemplated by
this agreement solely for the express purposes of this agreement. 

  

	18.2	A party will not be in breach of clause 18.1 in circumstances where it is legally compelled to disclose the other party’s Confidential Information or is required to disclose the information by as a result of the
listing rules of any stock exchange on which the party is listed. 

  

	18.3	Confidential Information shall be maintained in strict confidence and otherwise may only be disclosed to employees, agents or subcontractors of either party with a need to know and engaged in the performance of this
agreement and must be bound by the terms of their employment agreements (or otherwise) to keep all Confidential Information of the other party confidential. 

  

	18.4	Plastiape will on demand return to Savara all Confidential Information supplied by Savara to Plastiape in connection with this agreement. 

 

	18.5	This clause survives termination or expiration of this agreement. 

  

 
  

	19.	Representations and Warranties 

  

	19.1	Savara and Plastiape each respectively represents and warrants to each other that: 

  

	 	(a)	it is duly incorporated in the jurisdiction in which it is incorporated; 

  

	 	(b)	it has the power to enter into and perform this agreement and has obtained all necessary consents and authorisations to enable it to do so; 

 

	 	(c)	the entry into and the performance of this agreement does not constitute a breach of any obligation (including without limitation, any statutory, contractual or fiduciary obligation) or default under any agreement or
undertaking by which it is bound; and 

  

	 	(d)	this agreement constitutes the valid and binding obligations of such party, enforceable against it in accordance with its terms. 

  

	19.2	Plastiape represents and warrants to Savara that: 

  

	 	(a)	all Product supplied in connection with this agreement shall be: 

  

	 	(1)	of merchantable quality, fit for the purpose intended by this agreement and free from defects in design, material and workmanship; and 

 

	 	(2)	manufactured and supplied in conformity with the Specifications and this agreement. 

  

	 	(b)	it shall comply with all present and future statutes, laws, ordinances and regulations relating to the manufacture and supply of the Product, including, without limitation, those enforced by the Australian Therapeutics
Goods Administration, Good Manufacturing Practice and other applicable regulatory requirements and international standards specified in the Specifications; 

  
 10 

	 	(c)	it has right and title to sell the Products and the Products will be free from all encumbrances; 

  

	 	(d)	the Products will correspond with all samples used by Plastiape and conform to the Specifications; 

  

	 	(e)	the Products will conform to the Good Manufacturing Practice Agreement; 

  

	 	(f)	it has title or interest in the intellectual property in the Products sufficient to authorise use of it by Savara and the grant of rights, in the manner contemplated by this agreement; and 

 

	 	(g)	technical information, product data sheets and material safety data sheets are complete, current and accurate and suitable and sufficient for use by Savara to use, process, sell or otherwise make use of the Products.

  
  

 

	20.	Indemnification 

  

	20.1	Plastiape indemnifies and holds harmless Savara, its Affiliates and each of their officers, employees and agents (each a Savara Indemnitee) from and against any and all damages, liabilities, claims, costs,
charges, judgments and expenses (including reasonable attorneys’ fees) (collectively Damages) that may be sustained, suffered or incurred by a Savara Indemnitee, arising from or in connection with: 

 

	 	(a)	personal injury, death, loss or damage to any property to the extent caused by the negligent or reckless act or omission of Plastiape, provided that Plastiape shall not be liable for any product liability or personal
injury claims by third parties arising from the sale, distribution or use of any Product which meets the Specifications and is not otherwise defective; 

  

	 	(b)	a breach by Plastiape of any warranty, representation, covenant or agreement made by Plastiape in this agreement; 

  

	 	(c)	any claim that any Product purchased from Plastiape or the use or sale of such Product infringes any intellectual property rights of any third party; 

 

	20.2	Savara indemnifies and holds harmless Plastiape, its Affiliates and each of their officers, employees and agents (each a Plastiape Indemnitee) from and against any and all Damages, that may be sustained,
suffered or incurred by a Plastiape Indemnitee arising from or in connection with the breach by Savara of any warranty, representation, covenant or agreement made by Savara in this agreement. 

 

	20.3	Upon assertion of any third party claim against a party that might give rise to indemnification under this Agreement, the party claiming the right of indemnification (Indemnified Party) must give prompt written
notice to the party alleged to have the duty to indemnify (Indemnifying Party) of the existence of such a claim and will give the Indemnifying Party a reasonable opportunity to control, defend and/ or settle such claim at its own expense and
with counsel of its own selection. The Indemnified Party has the right to participate in such defence at its own expense and with separate counsel. Provided that the parties are not contractually or legally excluded, or are not otherwise prejudiced
in their legal position by doing so, the parties will co-operate with each other and their respective insurers in relation to the defence of such third party claim. In the event that the Indemnifying Party
elects to defend such a claim, the Indemnifying Party may not settle the claim without the prior written consent of the Indemnified Party (which consent shall not be unreasonably delayed or withheld). Notwithstanding the foregoing, in the event of a
dispute with respect to the indemnity, each party is entitled to participate in the defence of such claim and to join the other in any such action. 

  
 11 

	20.4	Except with respect to any breach of confidentiality obligation or intellectual property claims, Savara and Plastiape agree that, to the maximum extent permitted by law, neither party will be liable for special,
indirect, punitive or consequential damages arising in connection with this agreement. 

  

 
  

	21.	Failure to Supply 

  

	21.1	If during the Term, Plastiape ceases to manufacture the Product or is unable or unwilling or fails to supply any Product in such quantities as Savara shall order and in compliance with the required delivery periods
(whether due to the occurrence of a Force Majeure or otherwise), then, without limiting Savara’s right of termination, Savara shall be entitled (with no obligation or liability to Plastiape) to obtain such Product from another supplier, and, to
use, sell, make and have made Product pursuant to the license granted in clause 22 until such time as Plastiape fully resumes its supply obligations. Upon the occurrence of any such a failure to supply and through and until such time as Plastiape
fully resumes its supply obligations: 

  

	 	(a)	Plastiape shall make available to Savara or its designee access to all intellectual property rights and any other technical and proprietary materials, information and techniques necessary or helpful for Savara to
procure required raw materials and manufacture the Product; 

  

	 	(b)	Savara shall be permitted to disclose to any third party any Confidential Information as is reasonably necessary in connection with such activities (subject to such third party agreeing in writing to be bound by
comparable obligations of confidentiality as set out in this agreement); 

  

	 	(c)	Plastiape shall provide advice and consultation in connection such procurement and manufacture; 

  

	 	(d)	Savara shall have no obligation to purchase Products from Plastiape until any contractual obligations that Savara has assumed in connection with producing the Products or obtaining such substitute source of supply shall
have terminated. Savara will have no obligation to terminate these obligations prematurely; 

  

 
  

	22.	License 

  

	22.1	Plastiape grants to Savara, and Savara hereby accepts, a perpetual, worldwide, royalty-free, non-exclusive right and license to resell the Product as part of or in connection with
the Savara end or finished product, which right and license are irrevocable during the Term. 

  

	22.2	Plastiape grants to Savara a fully paid up worldwide license, to use, sell, make and have made the Products and to use the intellectual property, trade secrets, know-how,
technology and information, whether or not protected by patents, that are required in order to make such Products. This license is only effective during the period of time commencing upon: 

 

	 	(a)	the occurrence of a failure to supply in accordance with clause 21 and continuing through and until such time as Plastiape fully resumes its supply obligations under this agreement; or 

 

	 	(b)	upon the occurrence of an Insolvency Event with respect to Plastiape. 

  

 
  

	23.	Use of Name 

 Unless required by law or the listing rules of a recognised stock exchange,
neither party may use the name of the other party without the other party’s prior written consent. 
  

 
  

	24.	Force Majeure 

  

	24.1	If by reason of Force Majeure, either party is unable to carry out any of its obligations under this agreement, that obligation is suspended during the continuance of the Force Majeure. Such non-performing party shall exercise all reasonable efforts to eliminate the Force Majeure Event and to resume performance of its affected obligations as soon as practicable. 

  
 12 

	24.2	Such non-performance will be excused for three (3) months or as long as such event shall be continuing (whichever occurs sooner), provided that the non-performing party gives immediate written notice to the other party of the Force Majeure. 

  

 
  

	25.	Rights Upon Insolvency Event 

 Plastiape agrees during the Term to create and maintain
current copies or, if not able to be copied, detailed descriptions or other appropriate embodiments, of all intellectual property rights in the Products and the process for the manufacture of the Products. If an Insolvency Event occurs with respect
to Plastiape, Plastiape must provide Savara all such information and intellectual property rights to enable for Savara to procure the continued manufacture of Product. 
  

 
  

	26.	Notices 

  

	26.1	Any notice, report or other instrument provided for in this agreement will be deemed sufficiently given or delivered pursuant to this agreement if directed to the party for whom it is intended at the following addresses
or such different address as that party may have specified for the purpose by notice in writing to the other party: 

  

	 	(a)	if to Savara, at the address, facsimile number or email address specified on page 1: 

  

	 	(b)	if to Plastiape, at the address, facsimile number or email address specified on page 1, 

 or as
otherwise notified in writing to the other party. Notice is to be regarded as given by the sender and received by the addressee: 
  

	 	(c)	if by delivery in person, when delivered to the addressee; 

  

	 	(d)	if by post, five (5) business days from and including the date of posting; 

  

	 	(e)	if by facsimile transmission, when the sender’s machine generates a correct facsimile transmission report; 

  

	 	(f)	if by email, one (1) Business Day after sending to the correct email address. 

  

 
  

	27.	Dispute Resolution 

  

	27.1	If a dispute arises between the parties out of or in relation to this agreement (Dispute), either party seeking to resolve the Dispute must do so strictly in accordance with the provisions of this clause.
Compliance with the provisions of this clause is a condition precedent to seeking relief in any court in respect of the Dispute except as provided in clause 27.2. 

 

	27.2	A party seeking to resolve a Dispute must notify the existence and nature of the Dispute to the other party (Notification). Upon receipt of a Notification the parties must refer resolution of the dispute to their
respective chief executive officers or nominees appointed by the chief executive officers. 

  

	27.3	If the Dispute has not resolved within thirty (30) days of receipt of the Notification, then either party may refer the Dispute to mediation and must do so before initiating proceedings in a court to resolve the
Dispute. Any Dispute which is referred to mediation shall be settled by arbitration in accordance with the Rules of Conciliation and Arbitration of the International Chamber of Commerce of Geneva (Switzerland). If the Dispute has not been resolved
within sixty (60) days of referral, either party is free to initiate proceedings in a court. 

  

	27.4	Nothing in this clause shall prevent either party from seeking interlocutory relief or equitable relief through any court of competent jurisdiction. 

  
 13 

  
  

	28.	Relationship 

  

	28.1	Plastiape is a contractor independent of the control of Savara. 

  

	28.2	The parties are not principal and agent, partners, joint venturers, trustee and beneficiary, or employer and employee. 

  

	28.3	Neither party may: 

  

	 	(a)	hold out their agents, contractors or employees as the agents, contractors or employees of the other party; 

  

	 	(b)	pledge the credit of the other party; 

  

	 	(c)	contract for or on behalf of the other party. 

  

	28.4	For the avoidance of doubt, Plastiape’s dealings with its customers are in no way binding on Savara. 

  

 
  

	29.	Assignment 

  

	29.1	Plastiape must not: 

  

	 	(a)	assign the benefits of this agreement; 

  

	 	(b)	mortgage, charge or otherwise encumber to the benefit of this agreement; or 

  

	 	(c)	cause its obligations under this agreement to be assumed by a third party, 

 without the prior
written consent of Savara. 
  

	29.2	The parties acknowledge that Savara may assign its rights to any Affiliate of Savara or to any third party that acquires Savara, substantially all the assets or business of Savara, or any products of Savara containing
or contained in a Product. 

  
  

 

	30.	No Waiver 

  

	30.1	A party only waives a breach of this agreement if the waiver is given in writing signed by that party or its authorised representative. 

 

	30.2	A waiver is limited to the instance referred to in writing (or if no instance is referred to in the writing, to past breaches). 

  

	30.3	Failure or omission by any party to enforce compliance with any provision of this agreement will not affect the rights of that party to use any remedy available to it in respect of the breach of any such provision.

  
  

 

	31.	Costs 

 Each party must pay its own costs in respect of the costs of the negotiating,
preparation and examination of this agreement and any document required by this agreement. 
  

 
  

	32.	Entire Agreement 

 When signed, this agreement constitutes the entire agreement between
the parties in relation to its subject matter. 
  
  

 

	33.	Amendment 

 This agreement can only be amended by written agreement of all the parties.

  
 14 

  
  

	34.	Governing law 

  

	34.1	This agreement is governed by the laws of (a) Switzerland in the event of any action initiated by Savara and (b) the State of Texas, USA, excluding its conflict of laws provisions, in the event of any action
initiated by Plastiape. The parties irrevocably submit to the non-exclusive jurisdiction of the courts of (a) Lugano, Switzerland and (b) Travis County, Texas, USA, respectively, in relation to any
such action, and the respective courts of appeal from them. 

  

	34.2	A party may not object to the jurisdiction of any of those courts on the ground that it is an inconvenient forum or that it does not have jurisdiction. 

 
  
  

	35.	Counterparts 

 This agreement may be executed in any number of counterparts. A
counterpart may be a facsimile. Together all counterparts make up one instrument. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK; 
 THE SIGNATURE PAGE IMMEDIATELY FOLLOWS] 

  
 15 

  

Execution 
 Executed as an agreement as of the
Effective Date. 
 Executed by Savara Inc.: 
  

					
	 /s/ Rob Neville

Director
  

CEO Rob Neville
 Name (please
print)
	 		 	 /s/ Chris Marich

Director/Company Secretary
  

Chris Marich
 Name (please
print)

 Executed by Plastiape SpA: 
  

					
	 /s/ Alfredo Masuello
	 		 	 
	 Managing Director
	 		 	
		 		 	 
			
	 Alfredo Masuello
	 		 	

  
 16 

 SCHEDULE 1 of Supply Agreement between Savara Inc. and Plastiape S.p.A. 

 

	(A)	MONODOSE DRY POWDER INHALER RS01 Mod. 7 - code 239700001AB 

  

	(B)	MONODOSE DRY POWDER INHALER RS01 Mod. 7 - code 239700002AA 

 Prices valid at the date of Signature of
Supply Agreement 
 General terms 
  

			
	 - the prices quoted hereunder are including the cost of the packing (double PE bag into carton outers + pallet)

 

	- packing details:	  	no. 400 devices per carton box 
no. 24 boxes = no. 9.600 devices per pallet 
carton box size: mm. 385x285x287 (height) 
loaded pallet size : mm. 800x1200x1.026 (height) 
pallet type: fumigated ISPM 15 - mm.
800x1200
		  	
	- terms of delivery	  	The prices quoted at the below tables are Ex Works Plastiape factory in Osnago - Italy (EXW)
	  	
		  	a DDP price may be quoted and agreed upon request and depending on quantity to be shipped and delivery location, by adding the transport fee to the EXW prices which are quoted below
		  	
	 - a Certificate of Analysis will be supplied to Savara for each batch of delivered inhalers

 

	 - Purchase Orders should always be placed for quantities which are multiples of 9.600 units (= quantity of 1 pallet)

 

	- device quality in accordance with Type III Drug Master File - filed by Plastiape at the FDA with # 17864

 PRICES VALIDITY AND PRICE REVISION CLAUSE 

- the device prices quoted at the below tables are based on the costs of ABS Raw Material, other starting materials, packing materials, Labour, Energy at the
date of signature of this Supply Agreement 
 - from the date of signature of Supply Agreement until 31st December 2013 the prices will remain unchanged just
provided that the cost of the ABS Raw Material (Elix M203FC) does not exceed the cost of EUR 3,30 / kg, that is to say 10% higher than the year 2012 average cost i.e. EUR 3,00 / kg 

- as from 1st January 2014 each party will have the right to ask for a price negotiation based on the evolution of the costs of ABS raw material, other
starting materials, packing materials, Labour and Energy costs. The party asking for a price revision will support its request by appropriate documentation of the cost evolution and of its objective impact on the device price. 

Every price change will be agreed in writing by both Parties prior to be implemented. 

PRICE TABLE ref. “A” : MOULDING OF COMPONENTS IN NON-CLASSIFIED ENVIRONMENT - DEVICE ASSEMBLY IN CLASS
10.000 
  

													
	 annual quantity
	  	clinical & tests	  	48.000 to 100.000	  	100.001 to 500.000	  	500.001 to 1.000.000	  	1.000.001 to 1.500.000	  	more than 1.500.001
							
	 batch size (units)
	  	9.600 to 38.400	  	min. 48.000	  	min. 96.000	  	min. 192.000	  	min. 384.000	  	min. 384.000
							
	 EXW price

(€/1.000 units)
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]

 PRICE TABLE ref. “B” : MOULDING OF BODY, MOUTHPIECE, CAP IN CLASS 100.000 - DEVICE ASSEMBLY IN CLASS 10.000

  

													
	 annual quantity
	  	clinical & tests	  	48.000 to 100.000	  	100.001 to 500.000	  	500.001 to 1.000.000	  	1.000.001 to 1.500.000	  	more than 1.500.001
							
	batch size (units)	  	9.600 to 38.400	  	min. 48.000	  	min. 96.000	  	min. 192.000	  	min. 384.000	  	min. 384.000
							
	 EXW price

(€/1.000 units)
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]

  
 17 

  
  

			
	

	  	

 SUPPLY AGREEMENT 

AMENDMENT NO. 1 

THIS AMENDMENT (the “Amendment”) is made effective as of June 1, 2016 (the “Amendment Effective
Date”) by and between SAVARA INC. (doing business as Savara Pharmaceuticals), a Delaware corporation with a principal place of business at 900 South Capital of Texas Highway, Suite 150, Austin, Texas 78746 USA
(“Savara”), and PLASTIAPE SPA, an Italy public limited company with a principal place of business at 23875 Osnago (Lecco), Via 1 Maggio, 8, Italy (“Plastiape”). 

BACKGROUND 
 Savara and
Plastiape are parties to that certain Supply Agreement dated as of September 1, 2012 (the “Agreement”). Savara and Plastiape now desire to amend the Agreement in accordance with the terms of its Clause 33 (regarding Amendment)
in order to amend certain provisions regarding exclusive supply and use of the products under the Agreement, under the following terms and conditions: 

AGREEMENT AMENDMENT 
  

	1.	Definitions. 

 For the purposes of this Amendment, defined terms not specifically
defined in this Amendment shall have the meanings set forth in the Agreement. 
  

	2.	Exclusive Supply and Use of the Products. 

 Clause 9.2 of the Agreement is hereby
amended and restated in its entirety to read as follows: 
  

	 	9.2	In the event that Savara does not order at least [***] units of Products in an consecutive twelve (12) months by [***] after the Effective Date or [***] units of Products in any consecutive
twelve (12) month period by [***] after the Effective Date, clause 9.1 will cease to apply but all of Savara’s other rights and benefits under this agreement shall continue in full force and effect. For purposes of computing the
total number of Product units ordered by Savara for purposes of this clause, the quantity of Product units ordered shall be combined with the total quantity of all units of other products ordered by Savara from Plastiape during the relevant
timeframe under all agreements then in effect. 

  
  

					
	SAVARA-PLASTIAPE	  	SUPPLY AGREEMENT AMENDMENT NO. 1	  	PAGE 18

  
  

	3.	Effect of Amendment. 

 Except as set forth in this Amendment, all of the other
terms and conditions of the Agreement shall continue in full force and effect from and after the Amendment Effective Date. 
 IN WITNESS
WHEREOF, the parties have caused this Amendment to be executed in multiple counterparts, constituting the same legal instrument, and to be delivered by their respective duly authorized representatives as of the Amendment Effective Date. 

 

			
	SAVARA INC.
		
	By:	 	 /s/ Rob Neville

	Name:	 	 Rob Neville

	Title:	 	 CEO

	Date:	 	 8/15/16

	
	PLASTIAPE SPA
		
	By:	 	 /s/ Alfredo Masuello

	Name:	 	 Alfredo Masuello

	 Title:
	 	 CEO

	Date:	 	 2nd August 2016

  
  

					
	SAVARA-PLASTIAPE	  	SUPPLY AGREEMENT AMENDMENT NO. 1	  	PAGE 19

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