Document:

Underwriting Agreement

 Exhibit 10.1 
 $900,000,000 
 CROWN CASTLE INTERNATIONAL CORP. 
 9.00% SENIOR NOTES DUE 2015 
 UNDERWRITING AGREEMENT 
  
  
  
  
  
  
 January 22, 2009 

 January 22, 2009 
 To the Managers named in Schedule I hereto 
 for the Underwriters named in Schedule II hereto 
 Ladies and Gentlemen: 
 Crown Castle International Corp., a
Delaware corporation (the “Company”), proposes to issue and sell to the several underwriters named in Schedule II hereto (the “Underwriters”), for whom you are acting as managers (the
“Managers”), the principal amount of its debt securities identified in Schedule I hereto (the “Notes”), to be issued under the indenture specified in Schedule I hereto (the “Indenture”)
between the Company and the Trustee identified in such Schedule (the “Trustee”). If the firm or firms listed in Schedule II hereto include only the Managers listed in Schedule I hereto, then the terms
“Underwriters” and “Managers” as used herein shall each be deemed to refer to such firm or firms. 
 The Company has
filed with the Securities and Exchange Commission (the “Commission”) a registration statement, including a prospectus, (the file number of which is set forth in Schedule I hereto) on Form S-3, relating to securities (the
“Shelf Securities”), including the Notes, to be issued from time to time by the Company. The registration statement as amended to the date of this Agreement, including the information (if any) deemed to be part of the registration
statement at the time of effectiveness pursuant to Rule 430A or Rule 430B under the Securities Act of 1933, as amended (the “Securities Act”), is hereinafter referred to as the “Registration Statement,” and the
related prospectus covering the Shelf Securities dated January 16, 2009, in the form first used to confirm sales of the Notes (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to
Rule 173 under the Securities Act) is hereinafter referred to as the “Basic Prospectus.” The Basic Prospectus, as supplemented by the prospectus supplement specifically relating to the Notes in the form first used to confirm sales
of the Notes (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the “Prospectus,” and the term
“preliminary prospectus” means any preliminary form of the Prospectus. For purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under the Securities Act, “Time of Sale
Prospectus” means the preliminary prospectus together with the free writing prospectuses, if any, each identified in Schedule I hereto, and “broadly available road show” means a “bona fide electronic road show” as
defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. As used herein, the terms “Registration Statement,” “Basic Prospectus,” “preliminary prospectus,”
“Time of Sale 

 
Prospectus” and “Prospectus” shall include the documents, if any, incorporated by reference therein. The terms “supplement,”
“amendment,” and “amend” as used herein with respect to the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, any preliminary prospectus or free writing prospectus shall include all
documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are deemed to be incorporated by reference therein. 
 1. Representations and Warranties of the Company. The Company represents and warrants to and agrees with each of the Underwriters that:

 (a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect,
and no proceedings for such purpose are pending before or, to the knowledge of the Company, threatened by the Commission. The Registration Statement is an automatic shelf registration statement as defined in Rule 405 under the Securities Act and the
Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) eligible to use the Registration Statement as an automatic shelf registration statement and the Company has not received notice that the Commission objects to
the use of the Registration Statement as an automatic shelf registration statement. 
 (b) (i) Each document, if any, filed or to be filed
pursuant to the Exchange Act and incorporated by reference in the Time of Sale Prospectus or the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the
Commission thereunder, (ii) each part of the Registration Statement, when such part became effective, did not contain, and each such part, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, (iv) the Registration Statement, as of the date hereof complies, and the Prospectus, as of its date will comply, and the Registration Statement and the
Prospectus, as amended or supplemented, if applicable, will comply, as of the Closing Date, in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (v) the Time of Sale Prospectus
does not, and at the time of each sale of the Notes in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date (as defined in Section 5), the Time of Sale Prospectus, as then
amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,

  

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not misleading, (vi) each broadly available road show, if any, when considered together with the Time of Sale Prospectus, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (vii) the Prospectus as of its date will not contain and,
as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading, except that the representations and warranties set forth in this paragraph do not apply to (A) statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus based upon information relating to
any Underwriter furnished to the Company in writing by such Underwriter through the Managers expressly for use therein or (B) that part of the Registration Statement that constitutes the Statement of Eligibility (Form T-1) under the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”), of the Trustee. 
 (c) The Company is not an “ineligible
issuer” in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed
with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, in connection with
the offering of Notes pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and the
applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, identified in Schedule I hereto forming part of the Time of Sale Prospectus, and electronic road shows, if any, each furnished to you
before first use, the Company has not prepared, used or referred to, and will not, without your prior consent, prepare, use or refer to, any free writing prospectus. 
 (d) Neither the Company nor any of its subsidiaries has sustained, since the date of the latest audited financial statements incorporated by reference into the Registration Statement, the Time of Sale Prospectus or
the Prospectus, any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or
contemplated in the Time of Sale Prospectus and the Prospectus or as would not reasonably be expected, in the aggregate, to result in a Material Adverse Effect (as defined below); and, since the respective dates as of which information is given in
the Time of Sale Prospectus and the Prospectus, there has not been any change in the capital stock or long-term debt of the Company or any of its subsidiaries or any material adverse change, or any development involving a 

  

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prospective material adverse change, except such as are described in the Time of Sale Prospectus and the Prospectus or such as would not be reasonably
expected, in the aggregate, to result in a material adverse effect on the condition (financial or other), business, properties or results of operations of the Company and the Material Subsidiaries (as defined in Section 1(g)), taken as a whole
(a “Material Adverse Effect”). 
 (e) The Company and each of its subsidiaries have good and marketable title to all real
property and good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described in the Time of Sale Prospectus and the Prospectus or would not reasonably
be expected, in the aggregate, to have a Material Adverse Effect; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as would
not be reasonably expected, in the aggregate, to result in a Material Adverse Effect. 
 (f) The Company is a corporation duly incorporated
and validly existing and in good standing under the laws of the State of Delaware with all requisite corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Time of Sale Prospectus and
the Prospectus, and is duly registered and qualified to conduct its business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except
where the failure so to register or qualify or to be in good standing would not have a Material Adverse Effect; and each Material Subsidiary of the Company has been duly incorporated or formed, as the case may be, and is validly existing as a
corporation, limited partnership, limited liability company or other legal entity in good standing or the equivalent under the laws of its jurisdiction of incorporation or formation, as the case may be. 
 (g) Each subsidiary of the Company that constitutes a “significant subsidiary,” as such term is defined in Rule 405 of the rules and
regulations under the Securities Act, is included in the list of subsidiaries of the Company set forth on Schedule III hereto (each such subsidiary listed on Schedule III hereto, a “Material Subsidiary” and, collectively, the
“Material Subsidiaries”). 
 (h) The Notes have been duly authorized by the Company and, when executed and authenticated in
accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of this Agreement, will be valid and binding obligations of the Company, enforceable in accordance with their terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights generally and equitable principles of general applicability, and will be entitled to the benefits
of the Indenture pursuant to which such Notes are to be issued. 
  

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 (i) The Indenture has been duly authorized by the Company, and when executed and delivered by the Company
(assuming due authorization, execution and delivery by the Trustee) will constitute a valid and binding agreement of the Company, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and other similar laws affecting creditors’ rights generally and equitable principles of general applicability; on the Closing Date, the Indenture will conform in all material respects to the requirements of, and
has been duly qualified under, the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder. 
 (j) No “nationally recognized statistical rating organization” (as such term is defined for purposes of Rule 436(g)(2) under the Securities
Act) (i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) on the Company or any of its subsidiaries relating to any rating assigned to the Company or any such subsidiary or to any
securities of the Company or any such subsidiary, or (ii) has indicated to the Company or any of its subsidiaries that it is considering (A) the downgrading, suspension, or withdrawal of, or any review for a possible change that does not
indicate the direction of the possible change in, any rating so assigned, or (B) any change in the outlook for any rating of the Company or any of its subsidiaries or any securities of the Company or any such subsidiary. 
 (k) The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement, the Indenture and the
Notes will not conflict with or result in a breach or violation of any of the terms or provisions of or, with the giving of notice or the lapse of time or both, constitute a default under, (A) any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is
subject, (B) the provisions of the charter, by-laws or other constitutive documents of the Company or any of its subsidiaries or (C) any statute or any order, rule or regulation of any court or governmental agency or body having
jurisdiction over the Company or any of its subsidiaries or any of their properties or assets except in the cases of clause (A) or (C), such breaches, violations or defaults that in the aggregate would not have a Material Adverse Effect; and no
consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the performance by the Company of its obligations under, this Agreement, the 

  

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Indenture and the Notes, except where the failure to obtain or make such consents, approvals, authorizations, registrations or qualifications would not,
individually or in the aggregate, have a Material Adverse Effect. 
 (l) Neither the Company nor any of its subsidiaries (A) is in
violation of its charter, by-laws or other constitutive documents, (B) is in default and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term,
covenant or condition contained in any material indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject or (C) is
in violation of any law, ordinance, governmental rule, regulation or court decree to which it or its property or assets may be subject or has failed to obtain any material license, permit, certificate, franchise or other governmental authorization
or permit necessary to the ownership of its property or to the conduct of its business, except for, in the cases of clause (B) or (C), such defaults, violations or failures to obtain that in the aggregate would not have a Material Adverse
Effect. 
 (m) The statements contained in (A) the Time of Sale Prospectus and the Prospectus under the captions “Description of
Notes” and “Material United States Federal Income Tax Consequences” and (B) the Prospectus under the caption “Underwriting,” insofar as they are descriptions of contracts, agreements or other legal documents, or refer
to statements of law or legal conclusions, are accurate in all material respects and present fairly the information purported to be described therein. 
 (n) Other than as set forth in the Time of Sale Prospectus and the Prospectus, there are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property
of the Company or any of its subsidiaries is the subject which, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect; and, to the best of the Company’s
knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others. 
 (o) Each preliminary
prospectus filed as part of the registration statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act and
the applicable rules and regulations of the Commission thereunder. 
 (p) The Company is not, and after giving effect to the offering and
sale of the Notes and the application of the proceeds thereof as described in the Prospectus will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

  

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 (q) There has been no storage, disposal, generation, manufacture, refinement, transportation, handling or
treatment of toxic wastes, medical wastes, hazardous wastes or hazardous substances by the Company or any of its subsidiaries (or, to the knowledge of the Company, any of their predecessors in interest) at, upon or from any of the property now or
previously owned or leased by the Company or any of its subsidiaries in violation of any applicable law, ordinance, rule, regulation, order, judgment, decree or permit or which would require remedial action under any applicable law, ordinance, rule,
regulation, order, judgment, decree or permit, except for any violation or remedial action which would not have, or could not be reasonably likely to have, singularly or in the aggregate, a Material Adverse Effect; there has been no material spill,
discharge, leak, emission, injection, escape, dumping or release of any kind onto such property or into the environment surrounding such property of any toxic wastes, medical wastes, solid wastes, hazardous wastes or hazardous substances due to or
caused by the Company or any of its subsidiaries or with respect to which the Company or any of its subsidiaries has knowledge, except for any such spill, discharge, leak, emission, injection, escape, dumping or release which would not have or would
not be reasonably likely to have, singularly or in the aggregate, a Material Adverse Effect; and the terms “hazardous wastes,” “toxic wastes,” “hazardous substances” and “medical wastes” shall have the
meanings specified in any applicable local, state, federal and foreign laws or regulations with respect to environmental protection. 
 (r)
KPMG LLP, who have certified certain financial statements of the Company and its subsidiaries, are independent public accountants as required by the Securities Act and the rules and regulations of the Commission thereunder. 
 (s) The Company has all requisite corporate power and authority to execute and deliver this Agreement and to otherwise perform its obligations under this
Agreement. This Agreement has been duly authorized, executed and delivered by the Company. 
 (t) The Company’s consolidated historical
financial statements, together with the related notes thereto, included in the Form 10-K and Form 10-Q which are incorporated into the Time of Sale Prospectus and the Prospectus, comply as to form in all material respects with the applicable
requirements of Regulation S-X under the Securities Act. Such historical financial statements fairly present the financial position of the Company at the respective dates indicated and the results of operations and cash flows for the respective
periods indicated, in each case in accordance with generally accepted accounting principles consistently applied throughout such periods. The other financial and statistical information and data incorporated or included in the Registration
Statement, the Time of Sale Prospectus and the Prospectus are, in all material respects, fairly presented and prepared on a basis consistent with the financial statements and the books and records of the Company. 
  

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 (u) The Company and each of the Material Subsidiaries has such permits, licenses, franchises,
registrations and other approvals or authorizations of any governmental or regulatory authority (“Permits”), including, without limitation, any permits required by the Federal Communications Commission (“FCC”) or
the Federal Aviation Administration (“FAA”), as are necessary under applicable law to own their respective properties and to conduct their respective businesses in the manner described in the Time of Sale Prospectus and the
Prospectus, except to the extent that the failure to have such Permits would not have a Material Adverse Effect. The Company and the Material Subsidiaries have fulfilled and performed, in all material respects, all their respective obligations with
respect to the Permits, and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other impairment of the rights of, or imposition of a penalty on, the holder of any
such Permit, subject in each case to such qualification as may be set forth in the Time of Sale Prospectus and the Prospectus and except to the extent that any such revocation, termination, impairment or penalty would not have a Material Adverse
Effect. Except as described in the Time of Sale Prospectus and the Prospectus, none of the Permits contains any restriction that has not previously been satisfied and that is materially burdensome to the Company or any of the Material Subsidiaries.

 (v) For each existing tower of the Company not yet registered with the FCC where registration will be required, the FCC’s grant of an
application for registration of such tower will not have a significant environmental effect as defined under Section 1.1307(a) or (b) of the FCC’s rules. 
 (w) The consummation of the transactions contemplated by this Agreement, the Indenture and the Notes shall not cause any third party to have any rights of first refusal with respect to the acquisition of towers of the
Company or any of its subsidiaries under any agreement filed as an exhibit to any document incorporated by reference in the Prospectus (the “Material Agreements”) that has not already been described in the Time of Sale Prospectus
and the Prospectus as to which the Company and any of the Material Subsidiaries or any of their property or assets may be subject. 
 (x) The
Company and each of the Material Subsidiaries owns or possesses all patents, trademarks, trademark registrations, service marks, service mark registrations, trade names, copyrights, licenses, inventions, trade secrets and rights described in the
Time of Sale Prospectus and the Prospectus as being owned by any of them or necessary for the conduct of their respective businesses, and neither the Company nor any of the Material Subsidiaries is aware of any 

  

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claim to the contrary or any challenge by any other person to the rights of the Company or any of the Material Subsidiaries with respect to such rights that,
if determined adversely to the Company or any such Material Subsidiary, would individually or in the aggregate have a Material Adverse Effect. 
 (y) Neither the Company nor any of its subsidiaries is involved in any strike, job action or labor dispute with any group of employees, and, to the knowledge of the Company and its subsidiaries, no such action or dispute is threatened.

 (z) The Company and each of its subsidiaries are in compliance in all material respects with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any
“pension plan” (as defined in ERISA) for which the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from,
any “pension plan” or (ii) Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the “Code”); and each “pension plan” for
which the Company would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would cause the loss
of such qualification. 
 (aa) The Company and each of its subsidiaries have filed all federal, state and local income and franchise tax
returns required to be filed through the date hereof and have paid all taxes due thereon to the extent due and payable, except to the extent it is currently being contested in good faith, and no tax deficiency has been determined adversely to the
Company or any of its subsidiaries nor does the Company or any of its subsidiaries have any knowledge of any tax deficiency, except where such failure to file such tax return or such tax deficiency (if determined adversely to the Company or any of
its subsidiaries) would not have a Material Adverse Effect. 
 (bb) The Company (i) makes and keeps accurate books and records and
(ii) maintains a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s authorization, (B) transactions are recorded as necessary to
permit preparation of its financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to its financial assets is permitted only in accordance with management’s
general or specific authorization and (D) the reported accountability for its assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
  

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 (cc) The Company and each of the Material Subsidiaries carry, or are covered by, insurance in such
amounts and covering such risks as is adequate for the conduct of its businesses and the value of its properties and as is customary for companies engaged in similar businesses in similar industries. 
 (dd) The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the Exchange
Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company’s Chief Executive Officer and its Chief Financial
Officer by others within those entities, and such disclosure controls and procedures are effective to perform the functions for which they were established; the Company’s auditors and the Audit Committee of the Board of Directors have been
advised of: (A) any significant deficiencies in the design or operation of internal controls which could adversely affect the Company’s ability to record, process, summarize, and report financial data; and (B) any fraud, whether or
not material, that involves management or other employees who have a role in the Company’s internal controls; any material weaknesses in internal controls have been identified for the Company’s auditors; and since the date of the most
recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to
significant deficiencies and material weaknesses. 
 (ee) There is and has been no failure on the part of the Company and any of the
Company’s directors or officers, in their capacities as such, to comply with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith. 
 (ff) Neither the Company or any of its subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee or other person
associated with or acting on behalf of the Company or any of its subsidiaries, has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any
direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977; or (iv) made any
bribe, rebate, payoff, influence payment, kickback or other unlawful payment. 
 2. Agreements to Sell and Purchase. The Company
hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the conditions 

  

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hereinafter stated, agrees, severally and not jointly, to purchase from the Company the respective principal amounts of Notes set forth in Schedule II
hereto opposite its name at the “Purchase Price” set forth in Schedule I hereto. 
 3. Public Offering. You have
advised the Company that the Underwriters propose to make a public offering of their respective portions of the Notes as soon after the Registration Statement and this Agreement have become effective as in your judgment is advisable. You have
further advised the Company that the Notes are to be offered to the public upon the terms set forth in the Prospectus. 
 4. Payment and
Delivery. Payment for the Notes shall be made to the Company in Federal or other funds immediately available in New York City on the closing date and time set forth in Schedule I hereto, or at such other time on the same or such other date,
not later than the fifth business day thereafter, as may be designated in writing by you. The time and date of such payment are hereinafter referred to as the “Closing Date.” 
 Payment for the Notes shall be made against delivery to you on the Closing Date for the respective accounts of the several Underwriters of the Notes
registered in such names and in such denominations as you shall request in writing not later than one full business day prior to the Closing Date, with any transfer taxes payable in connection with the transfer of the Notes to the Underwriters duly
paid. 
 5. Conditions to the Underwriters’ Obligations. The several obligations of the Underwriters are subject to the following
conditions: 
 (a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date: 
 (i) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any
review for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating
organization,” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act; and 
 (ii) there
shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in
the Time of Sale Prospectus as of the date of this Agreement that, in your judgment, is material and adverse and that makes it, in your judgment, impracticable to market the Notes on the terms and in the manner contemplated in the Time of Sale
Prospectus. 
  

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 (b) The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and
signed by an executive officer of the Company, to the effect set forth in Section 5(a)(i) above and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and
that the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date. 
 The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened. 
 (c) The Underwriters shall have received on the Closing Date an opinion of Cravath, Swaine & Moore LLP, outside counsel for the Company, dated
the Closing Date, in form and substance reasonably acceptable to the Underwriters. 
 (d) The Underwriters shall have received on the Closing
Date an opinion of E. Blake Hawk, general counsel to the Company, dated the Closing Date, in form and substance reasonably acceptable to the Underwriters. 
 (e) The Underwriters shall have received on the Closing Date an opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Underwriters, dated the Closing Date, in form and substance reasonably
acceptable to the Underwriters. 
 (f) The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated
the date hereof or the Closing Date, as the case may be, in form and substance satisfactory to the Underwriters, from KPMG LLP, independent public accountants, containing statements and information of the type ordinarily included in
accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained in the Time of Sale Prospectus and the Prospectus; provided that the letter delivered on the
Closing Date shall use a “cut-off date” not earlier than the date hereof. 
 (g) On or prior to the Closing Date, the Company shall
have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request. 
  

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 6. Covenants of the Company. The Company covenants with each Underwriter as follows: 

(a) To furnish to you, without charge, a signed copy of the Registration Statement (including exhibits thereto and documents incorporated by reference
therein) and to deliver to each of the Underwriters during the period mentioned in Section 6(e) or 6(f) below, as many copies of the Time of Sale Prospectus, the Prospectus, any documents incorporated by reference therein and any supplements
and amendments thereto or to the Registration Statement as you may reasonably request. 
 (b) Prior to the completion of this offering,
before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to you a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which you
reasonably object promptly after receipt thereof, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule. 
 (c) To furnish to you a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by the Company and not
to use or refer to any proposed free writing prospectus to which you reasonably object, provided that, if in the reasonable opinion of counsel for the Company, any such amendment or supplement shall be required by law or regulation to be used, that
the Company shall be permitted to file such amendment or supplement after taking into account such comments as you may reasonably make on the content, form or other aspects of such amendment or supplement. 
 (d) Not to take any action that would result in an Underwriter being required to file with the Commission pursuant to Rule 433(d) under the Securities
Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder. 
 (e) If the Time of Sale Prospectus is being used to solicit offers to buy the Notes at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result
of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any event shall occur or condition exist as a result of which the Time of
Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the reasonable opinion of counsel for the Company, it is necessary to amend or supplement the Time of Sale Prospectus to comply with
applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses you will furnish to the Company) to which Notes may have been sold by you on 

  

 13 

 
behalf of the Underwriters, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so
amended or supplemented will not, in the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict
with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law. 
 (f)
If, during such period after the first date of the public offering of the Notes as in the reasonable opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required
by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of
the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to
amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses you will furnish to the Company) to
which Notes may have been sold by you on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the
light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with
applicable law. 
 (g) To endeavor to qualify the Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions as you
shall reasonably request; provided that the Company shall not be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so
qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 
 (h) The Company will apply the net proceeds from the sale of the Notes as described in each of the Time of Sale Prospectus and the Final Prospectus under
the heading “Use of Proceeds.” 
 (i) To make generally available to the Company’s security holders and to you as soon as
practicable an earning statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities
Act and the rules and regulations of the Commission thereunder. 
  

 14 

 (j) Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is
terminated, the Company agrees to pay or cause to be paid all reasonable expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company’s counsel and the
Company’s accountants in connection with the registration and delivery of the Notes under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary prospectus,
the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including the filing fees payable to the Commission
relating to the Notes (within the time required by Rule 456 (b)(1), if applicable), all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified,
(ii) all costs and expenses related to the transfer and delivery of the Notes to the Underwriters, including any transfer or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or legal investment memorandum
in connection with the offer and sale of the Notes under state securities laws and all expenses in connection with the qualification of the Notes for offer and sale under state securities laws as provided in Section 6(g) hereof, including
filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or legal investment memorandum, (iv) all filing fees and the reasonable fees and
disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Notes by the National Association of Securities Dealers, Inc., (v) any fees charged by the rating agencies for the
rating of the Notes, (vi) the cost of the preparation, issuance and delivery of the Notes, (vii) the costs and charges of any trustee, transfer agent, registrar or depositary, (viii) the costs and expenses of the Company relating to
investor presentations on any “road show” undertaken in connection with the marketing of the offering of the Notes, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show,
expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the
representatives and officers of the Company and any such consultants, and the cost of any aircraft chartered in connection with the road show, (ix) the document production charges and expenses associated with printing this Agreement,
(x) all expenses in connection with any offer and sale of the Notes outside of the United States, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection with offers and sales outside of the
United States and (xi) all other 

  

 15 

 
costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section. It is
understood, however, that except as provided in this Section, Section 8 entitled “Indemnity and Contribution,” and the last paragraph of Section 10 below, the Underwriters will pay all of their costs and expenses, including fees
and disbursements of their counsel, transfer taxes payable on resale of any of the Notes by them and any advertising expenses connected with any offers they may make. 
 (k) If the third anniversary of the initial effective date of the Registration Statement occurs before all the Notes have been sold by the Underwriters, prior to the third anniversary to file a new shelf registration
statement and to take any other action necessary to permit the public offering of the Notes to continue without interruption; references herein to the Registration Statement shall include the new registration statement declared effective by the
Commission. 
 (l) During the period beginning on the date hereof and continuing to and including the Closing Date, not to offer, sell,
contract to sell or otherwise dispose of any debt securities of the Company or warrants to purchase or otherwise acquire debt securities of the Company substantially similar to the Notes (other than (i) the Notes, (ii) commercial paper
issued in the ordinary course of business or (iii) securities or warrants permitted with the prior written consent of the Managers identified in Schedule I with the authorization to release this lock-up on behalf of the Underwriters).

 (m) To prepare a final term sheet relating to the offering of the Notes, containing only information that describes the final terms of the
Notes or the offering in a form consented to by the Managers, and to file such final term sheet within the period required by Rule 433(d)(5)(ii) under the Securities Act following the date the final terms have been established for the offering of
the Notes. 
 7. Covenants of the Underwriters. Each Underwriter severally covenants with the Company not to take any action that
would result in the Company being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the
action of the Underwriter. 
 8. Indemnity and Contribution. (a) The Company agrees to indemnify and hold harmless each
Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under
the Securities Act from and against any and all losses, 

  

 16 

 
claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating
any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus, any issuer free
writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or the Prospectus or any amendment or supplement
thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are
caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter through you expressly for use therein, it being
understood and agreed that only such information furnished by the Underwriters consists of the information described in clause (b) below. 
 (b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, the directors of the Company, the officers of the Company who sign the Registration Statement and each person, if any, who controls the
Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses
reasonably incurred in connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any
preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) of the
Securities Act, or the Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter through you expressly for use in the Registration Statement, any
preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus or the Prospectus or any amendment or supplement thereto, it being understood and agreed that the only such information furnished by any Underwriter consists of
the information in the fourth, sixth, seventh, eighth and ninth paragraphs of the Underwriting section in the preliminary prospectus and the Prospectus. 
  

 17 

 (c) In case any proceeding (including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b), such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying
party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the
indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for (i) the fees and expenses of more than one separate firm
(in addition to one local counsel in each jurisdiction) for all Underwriters and all persons, if any, who control any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or who are
affiliates of any Underwriter within the meaning of Rule 405 under the Securities Act and (ii) the fees and expenses of more than one separate firm (in addition to one local counsel in each jurisdiction) for the Company, its directors, its
officers who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either such Section, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate
firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by Morgan Stanley & Co. Incorporated. In the case of any such separate firm for the Company, and such directors,
officers and control persons of the Company, such firm shall be designated in writing by the Company. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified
party, unless (i) such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (ii) does not include a statement as to, or an admission of,
fault, culpability or a failure to act by or on behalf of an indemnified party. 
  

 18 

 (d) To the extent the indemnification provided for in Section 8(a) or 8(b) is unavailable to an
indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters
on the other hand from the offering of the Notes or (ii) if the allocation provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause 8(d)(i) above but also the relative fault of the Company on the one hand and of the Underwriters on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as
any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other hand in connection with the offering of the Notes shall be deemed to be in the same respective proportions
as the net proceeds from the offering of the Notes (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Underwriters bear to the aggregate initial public offering price of the Notes
as set forth in the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Underwriters’ respective obligations to contribute pursuant to this Section 8 are several in proportion to the respective principal amounts of Notes they have purchased hereunder, and not joint. 
 (e) The Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section 8 were determined by
pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(d). The amount paid or
payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 8(d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the amount by which the
total price at 

  

 19 

 
which the Notes underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity. 
 (f) The indemnity and contribution provisions contained in this Section 8 and the
representations, warranties and other statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on
behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any
of the Notes. 
 9. Termination. The Underwriters may terminate this Agreement by notice given by you to the Company, if after the
execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange or the NASDAQ Global Market,
(ii) trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have
occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets
or any calamity or crisis that, in your judgment, is material and adverse and which, singly or together with any other event specified in this clause (v), makes it, in your judgment, impracticable or inadvisable to proceed with the offer, sale
or delivery of the Notes on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus. 
 10.
Effectiveness; Defaulting Underwriters. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto. 
 If, on the Closing Date, any one or more of the Underwriters shall fail or refuse to purchase Notes that it has or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Notes which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of the Notes to be purchased on 

  

 20 

 
such date, the other Underwriters shall be obligated severally in the proportions that the principal amount of Notes set forth opposite their respective
names in Schedule II bears to the aggregate principal amount of Notes set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase the Notes which such defaulting Underwriter
or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the principal amount of Notes that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this
Section 10 by an amount in excess of one-ninth of such principal amount of Notes without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Notes which it or they
have agreed to purchase hereunder on such date and the aggregate principal amount of Notes with respect to which such default occurs is more than one-tenth of the aggregate principal amount of Notes to be purchased on such date, and arrangements
satisfactory to you and the Company for the purchase of such Notes are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case
either you or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or
in any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. 
 If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with
the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement the Company will reimburse the Underwriters or such Underwriters as have so terminated
this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated
hereunder. 
 11. Entire Agreement. (a) This Agreement, together with any contemporaneous written agreements and any prior
written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Notes, represents the entire agreement between the Company and the Underwriters with respect to the preparation of any preliminary prospectus, the
Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Notes. 
 (b) The Company acknowledges
that in connection with the offering of the Notes: (i) the Underwriters have acted at arms length, are not agents of, and 

  

 21 

 
owe no fiduciary duties to, the Company or any other person, (ii) the Underwriters owe the Company only those duties and obligations set forth in this
Agreement and prior written agreements (to the extent not superseded by this Agreement), if any, and (iii) the Underwriters may have interests that differ from those of the Company. The Company waives to the full extent permitted by applicable
law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Notes. 
 12. Counterparts. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 13. Applicable Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York. 

14. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a
part of this Agreement. 
 15. Notices. All communications hereunder shall be in writing and effective only upon receipt and if to the
Underwriters shall be delivered, mailed or sent to you at the address set forth in Schedule I hereto; and if to the Company shall be delivered, mailed or sent to the address set forth in Schedule I hereto. 
  

 22 

			
	Very truly yours,
	
	CROWN CASTLE INTERNATIONAL CORP.
		
	By:	 	 /s/ Jay A. Brown

	Name:	 	Jay A. Brown
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

			
	Accepted as of the date hereof
	
	MORGAN STANLEY & CO. INCORPORATED BANC OF AMERICA SECURITIES LLC
	
	Acting severally on behalf of themselves and the several Underwriters named in Schedule II hereto
		
	By:	 	 MORGAN STANLEY & CO. INCORPORATED

		
	By:	 	 /s/ John Tyree

	Name:	 	John Tyree
	Title:	 	Managing DirectorResearch Collaboration and License Agreement

 Exhibit 10.1 
 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF

 DENOTED WITH “***” 
 RESEARCH COLLABORATION AND LICENSE AGREEMENT 
 This Research Collaboration and
License Agreement (the “Agreement”) is made as of January 20, 2009. (the “Effective Date”), by and between BioDelivery Sciences International, Inc., a corporation having its
principal place of business at 801 Corporate Center, Suite 210, Raleigh, North Carolina 27607, USA (“BDSI”), and THE DRUGS FOR NEGLECTED DISEASES
INITIATIVE, a not-for-profit foundation organized under the laws of Switzerland, having its registered office at 15 chemin Louis-Dunant, 1202 Geneva, Switzerland (“DNDi”). BDSI and DNDi are referred
to herein each individually as a “Party” and collectively as the “Parties.” 
 RECITALS 
 WHEREAS, BDSI possesses proprietary technology and know-how related to the formulation of CAMB (as hereinafter
defined); 
 WHEREAS, DNDi is developing drugs for neglected parasitic diseases such as leishmaniasis
and Chagas’ disease; 
 WHEREAS, the Parties wish to collaborate in
the design and conduct of a research and clinical collaboration to assess the efficacy of CAMB in the treatment of visceral leishmaniasis and, if such efficacy is established, DNDi desires to obtain rights to register and distribute CAMB for use in
the Field (as hereinafter defined) in the Territory (as hereinafter defined) on the terms and conditions hereinafter set out. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth below, and for other good and valuable consideration, the receipt of which is hereby acknowledged, DNDi and
BDSI hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 1.1 References in the body of this Agreement to “Sections” will refer
to the sections of this Agreement. In addition, as used herein, the following initially capitalized terms will have the following meanings: 
 1.2 “Affiliate” means any legal entity that directly or indirectly owns or controls or is owned or controlled by, or is under common control or ownership with, either Party, with “control” (for purposes of
this Section 1.1) meaning the direct or indirect beneficial ownership of fifty-one percent (51%) or more of the share capital, or the power to appoint a majority of the managing directors of such legal entity. 
 1.3 “Agreement” means this Research Collaboration and License Agreement. 
  

 1. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 1.4 “Alliance Manager” means a single
individual appointed by each Party to assist in the administration of the Agreement and to oversee the timing of events as described herein take place when and how defined. 
 1.5 “BDSI Background IP” means (a) any Patents or patent applications either granted or filed by BDSI and which are necessary or
useful in the optimization, development, manufacturing, or distribution of CAMB and (b) any Know-How developed by or on behalf of BDSI which relates to CAMB. 
 1.6 “Collaboration IP” means (a) any Know-How made, developed or conceived under the R&D Plan according to this Agreement in each case solely or jointly by an employee, consultant or agent of
DNDi or BDSI or their respective Affiliates, subcontractors or sublicensees, (b) any Patents describing, claiming or covering the Know-How developed according to section 1.6, a, and (c) any other intellectual property rights in or to such
Know-How. 
 1.7 “Fully-Burdened Manufacturing Costs” means: the costs of all raw materials and labor used or
consumed in such manufacture, packaging costs and expenses, shipping, handling, and delivery costs related to delivery of CAMB, quality assurances and quality control related expenses and all overhead amounts allocable to such manufacturing and
delivery (including without limitation amortized capital equipment costs) provided that: (1) all of the foregoing shall be calculated in accordance with US GAAP, (ii) BDSI shall, notwithstanding anything to the contrary in the
Agreement, use commercially reasonable efforts to minimize Fully-Burdened Manufacturing Costs. 
 1.8 “Develop” or
“Development” means the performance of all pharmaceutical and pre-clinical development, clinical development activities and any post Regulatory Approval development, and regulatory activities that are required to obtain or maintain
Regulatory Approval. 
 1.9 “Distribution” means all activities that are undertaken after obtaining Regulatory Approval to
make CAMB available to prescribers and/or users in the Territory for use in the Field. 
 1.10 “Distribution Through the Public
Sector” means Distribution, disposition or use of CAMB in the Territory for use in the Field by a Public Sector Agency. 
 1.11
“Governmental Authority” means any court, agency, department or other instrumentality of any foreign, federal, state, county, city or other political subdivision. 
 1.12 “Effective Date” means the date set forth in the first paragraph of this Agreement. 
 1.13 “Field” means the treatment of, African Human Trypanosomiasis (HAT), Chagas’ disease and both Visceral and Cutaneous
Leishmaniasis. 
 1.14 “Filing Party” has the meaning set out in Section 6.1. 
 1.15 “Joint Research Committee” or “JRC” has the meaning set out in Section 2.2(a). 
 1.16 “Know-How” means information or materials including, without limitation, discoveries (whether patentable or not), formulae,
materials, practices, methods, knowledge, know-how, processes, test data (including pharmacological, toxicological and clinical information and test data), analytical and quality control data, and manufacturing, marketing, pricing, distribution,
cost and sales data. 
  

 2. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 1.17 “Intellectual Property
Rights” or “IPR” mean both Patents and Know-How. 
 1.18 “Laws” mean all
(a) applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal, national, multinational, state, provincial, or other political subdivision, domestic or foreign; and (b) any
guideline or directive of the World Health Organization or other applicable non-governmental agency. 
 1.19
“Non-Filing Party” has the meaning set out in Section 6.1. 
 1.20 “Patent” means
any and all (a) patents and patent applications (provisional and non-provisional); (b) continuations, divisionals, continuations-in-part, continued prosecutions, re-examinations, reissues, utility models, petty and other patent
applications or any applications claiming priority from any of the foregoing, and all patents that issue therefrom; (c) counterparts, substitutions, restorations, extensions (including, without limitation, patent term extensions (both
administrative and regulatory and including any pediatric marketing exclusivity), supplementary protection certificates, registrations, confirmations, validations and renewals of any of the foregoing; and (d) invention certificates and other
government grants for the protection of inventions or industrial designs. 
 1.21 “CAMB” means a pharmaceutical formulation
of Amphotericin B using BDSI’s encochleation technology (BioralTM CAMB), the manufacture, use, import or distribution of which (a) incorporates BDSI Background IPR or (b) would, in the absence of a license, infringe a claim of any
Patent forming part of BDSI Background IPR 
 1.22 “Program Data” has the meaning provided in Section 2.7(a).

 1.23 “Program Manager” means the representative from DNDi responsible for managing the R&D Plan. 
 1.24 “Project Team” means a team composed of adequately qualified representatives of both Parties which shall be responsible for
managing and guiding the research and development activities conducted under this Agreement, under the direction of the Program Manager. 
 1.25 “Project Plan” means a detailed plan setting forth the Parties’ specific activities for one or more activities under the R&D Plan, as approved and adopted from time to time by the JRC as guided and managed by
the Project Team. 
 1.26 “Public Sector Agency” means any Governmental Authority (but specifically excludes any
military or para-military organization, branch, department or agency of any Governmental Authority) or entity organized under applicable tax laws as a non-profit or public benefit organization or entity, including, without limitation, ministries of
health, governmental organizations such as the World Health Organization or UNICEF, non-governmental organizations operating for the provision of health care within the public health area such as Médecins sans Frontières or recipients
of funding from the Global Fund to Fight Aids, Tuberculosis and Malaria. Public Sector Agencies specifically exclude any non-state or government-supported hospitals and clinics which wish to purchase CAMB for their own use. 
 1.27 “Regulatory Approval” means any and all approvals (including supplements, amendments, pre- and post-approvals), licenses,
registrations or authorizations of any national, supra-national, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity, that are necessary for the manufacture, Distribution or use of CAMB in
the Field in any regulatory jurisdiction within the Territory. 
  

 3. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 1.28 “Regulatory Authority” means any
Governmental Authority and supranational authorities such as WHO with responsibility for granting any licenses or approvals necessary for the marketing, distribution and sale of pharmaceutical products. 
 1.29 “Regulatory Documentation” means, with respect to CAMB in the Field, all Regulatory Filings and supporting documents created and
submitted to a Regulatory Authority, and all data contained therein, including, without limitation, any investigator’s brochures, drug master files, details on the active pharmaceutical ingredient, details on the analytical methods used for the
active drug substance and drug product, drug product manufacturing , process and controls, clinical and pre-clinical study reports, summary analyses, and any and all other supporting documentation, correspondence to and from a Regulatory Authority,
minutes from teleconferences with Regulatory Authorities, registrations and licenses, regulatory drug lists, advertising and promotion documents shared with Regulatory Authorities, adverse event files, complaint files and manufacturing records.

 1.30 “Regulatory Filing” means any and all filings required by Regulatory Authorities relating to the study,
Development, manufacture or Distribution of CAMB in the Field. 
 1.31 “Research and Development Plan” or
“R&D Plan” means the overall strategic plan for the evaluation of the efficacy of CAMB for use in the Field (and should efficacy be established, the strategy for all Regulatory Filing in the Territory) including all Project
Plans. The R&D Plan will describe the individual objectives for pharmaceutical, preclinical and clinical development necessary for project completion and Regulatory Filing and Regulatory Approval as well as the all associated timelines and
estimated budgets. The R&D Plan and the Project Plan will be conducted by DNDi and BDSI under this Agreement and as set forth in Exhibit A hereto, and may be amended from time to time after the Effective Date by both Parties’ mutual
written agreement. 
 1.32 “Term” has the meaning provided in Section 10.1. 
 1.33 “Territory” means all countries of the world excluding Japan, Australia, New Zealand, Russia, CIS countries, China, and all
countries in North America and any country in, or that joins the European Union. 
 1.34 “Third Party” means a person or
entity other than (a) DNDi, (b) BDSI, or (c) an Affiliate of either Party. 
 ARTICLE 2 
 RESEARCH AND DEVELOPMENT PROGRAM 
 2.1 Overview; R&D Plan. The Parties’ objective is to jointly conduct the R&D Plan for the purpose of assessing the efficacy of CAMB in the Field and, if such efficacy is established, DNDi will be responsible for
obtaining all Regulatory Approvals and for the Distribution Through the Public Sector of CAMB under the terms hereinafter set out. The Parties’ framework for their activities hereunder is set forth in the R&D Plan, which may be amended only
by mutual written agreement of the Parties. If the R&D Plan or any Project Plan conflicts with, or creates ambiguities with, this Agreement, then this Agreement will prevail. 
  

 4. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 2.2 Joint Research Committee. 
 (a) Formation; Composition. Promptly after the Effective Date, the Parties will appoint a joint research committee consisting of
two (2) representatives from each Party (the “Joint Research Committee” or “JRC”). Either Party may change its appointed JRC members upon written notice to the other Party. The JRC will construct the R&D
Plan and appoint the necessary Project Team. The JRC will oversee the activities of the Project Team including the review and approval of the Project Plan and any modifications. The JRC will continue to operate for as long as CAMB is being developed
under this Agreement. 
 (b) Duties. The JRC will (a) oversee the conduct of the R&D Plan, (b) serve as
an information-sharing forum between the Parties regarding the R&D Plan, (c) design, manage and organize clinical trials, data storage and access, (d) approve Project Plans detailing the conduct of the Project Team and the
Parties’ research activities, (e) review the results of the R&D Plan, including the results of on-going clinical trials, on a regular basis (to be agreed upon by the JRC), and (f) propose to the Parties modifications to the
R&D Plan as appropriate. The JRC will have only those powers set forth in this Section 2.2 and will have no power to amend or waive compliance with this Agreement. 
 (c) Meetings. Within thirty (30) days after the Effective Date, the JRC will meet, in person or by video or
teleconference to discuss and approve a Project Plan for the Parties’ initial activities under this Agreement, and to finalize within 60 days of the Effective Date a complete R&D Plan to constitute the Annex A of the present Agreement.
Thereafter, the JRC will meet regularly as determined by its members, in person or by video or teleconference. The JRC will be chaired by a representative of DNDi. The JRC is required to and will keep complete and accurate detailed minutes of its
meetings, including any decisions made. The chair (or his or her designee) shall prepare and circulate an agenda ten (10) business days before each meeting of the JRC and meeting minutes after each meeting for review and approval by the JRC. In
all cases the JRC will comply with the timings described in this section and provide the Alliance Managers with all dates and times for meetings and all minutes described in this section. 
 (d) Decision-Making. The JRC representatives of each Party will each have one (1) vote in the JRC. The JRC will make
all decisions by majority vote and in case of deadlock the JRC shall refer the matter to the Alliance Managers who will attempt to resolve the deadlock. The Alliance Managers shall consult with each Parties executive management and attempt to
resolve the dispute. For the avoidance of doubt, DNDi shall have the final decision in any matter regarding the funding of clinical trials. Should the Alliance Managers with the input of the Parties executive management be unable to resolve the
dispute, the matter shall be handled as defined in Section 11. 
 2.3 Project Team. The JRC will establish a Project Team
responsible for day-to-day management of all activities under the R&D Plan and Project Plans. The purpose of the Project Team will be to facilitate the efficient conduct of the R&D Plan, to provide information and assistance with respect to
specific activities conducted under the R&D Plan, and to assist with data analysis and interpretation. It is possible that members of the Project Team could also be members of the JRC. 
 2.4 BDSI’s Performance of the R&D Plan 
 (a) Research and Development Activities. BDSI agrees to use its best efforts to perform or have performed at its own cost the responsibilities assigned to it in the R&D Plan and Project Plans, all in
accordance therewith and in a manner consistent with any timelines set forth therein. In particular, BDSI agrees to dedicate the appropriate number of FTEs to perform the tasks described in the R&D Plan. BDSI will ensure that its
responsibilities under the R&D Plan and Project Plans are conducted in compliance with all applicable Laws or guidelines pertaining to good research practices and/or good laboratory practices. 
  

 5. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 (b) Know-How Contribution and Grant
of Rights. At its own cost, BDSI will provide to DNDi all technical information and data relating to CAMB in its possession and grant DNDi all rights under BDSI Background IP which are reasonably necessary or useful for DNDi to conduct
its activities under this Agreement. Determination of “reasonably necessary” shall be made in consultation with the JRC. 
 (c) Clinical Product Supply. BDSI will manufacture and make available to DNDi samples of CAMB in such quantities as shall be necessary for DNDi to conduct its activities under the R&D Plan. Such samples will be subject to
the provisions of Section 2.6 below and sold by BDSI to DNDi at a price to be agreed between the Parties once agreement on clinical trial protocols have been reached by the JRC. DNDi and BDSI management will base the cost of clinical trial
materials on the cost of the raw materials necessary for the production of CAMB and agree to a reasonable and sufficient additional cost to cover BDSI’s internal costs or the costs of using an external manufacturer. DNDi acknowledges
(a) any or all of BDSI’s supply obligations hereunder can be supplied by Third Party subcontractors which will provide the necessary staff, equipment, instruments, raw materials and facilities to carry out BDSI’s manufacturing
obligations, (b) BDSI will remain responsible for the conduct of all of its obligations under this Agreement, including those conducted by such Third Party subcontractors and DNDi will have no responsibility for managing such activities or such
subcontractors, (c) BDSI will keep the JRC informed of any Third Party subcontractor which BDSI engages to perform its obligations under this section of the Agreement. 
 2.5 DNDi’s Performance of the R&D Plan. 
 (a) Research and Development Activities. DNDi agrees to use its best efforts to perform or have performed at its own cost the responsibilities assigned to it in the R&D Plan and Project Plans, all in
accordance therewith and in the manner consistent with any timelines set forth therein. In particular, DNDi agrees to dedicate the appropriate number of FTEs to perform the tasks described in the R&D Plan. DNDi will ensure that its
responsibilities under the R&D Plan and Project Plans are conducted in compliance with all applicable Laws or guidelines pertaining to good research practices and/or good laboratory practices. BDSI acknowledges and agrees that
(a) DNDi’s research activities under the R&D Plan can be conducted by Third Party subcontractors which will provide the research staff, equipment, instruments, supplies and facilities necessary to carry out DNDi’s responsibilities
under the R&D Plan and Project Plans, (b) DNDi will remain responsible for the conduct of all of its obligations under this Agreement, including those conducted by such subcontractors and BDSI will have no responsibility for managing such
activities or such subcontractors, (c) DNDi will keep the JRC informed of any other Third Party subcontractor which it may subsequently engage to perform its obligations under this Agreement. 
 (b) Program Manager. DNDi will be responsible for the overall management of the R&D Plan through the Program Manager and
the other representatives of the JRC and Project Team. DNDi, promptly after the Effective Date will appoint a Program Manager and will advise BDSI in writing of the name and qualifications of the appointed Program Manager. The Program Manager maybe
removed from such appointment by a majority vote of the JRC. Should the Program Manager be removed DNDi will appoint a new Program Manager according to this section. 
 (c) Know-How Contribution and Grant of Rights. At its own cost, DNDi will provide to BDSI all technical information and data
relating to CAMB in its possession and access to and a right of reference to all Regulatory Documentation and Regulatory Filings and grant BDSI all rights thereunder which are reasonably necessary or useful for BDSI to conduct its activities related
to CAMB. 
  

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 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 (d) Scientific Advisory
Committee. BDSI acknowledges that DNDi’s continued performance of the R&D Plan is subject to review by DNDi’s Scientific Advisory Committee, which may recommend to terminate DNDi’s performance of the R&D Plan at any
time. 
 2.6 Material Transfer. To the extent any material is transferred by one Party to another under this Agreement the Party
receiving such material will use the material solely for the purposes of performing its responsibilities assigned to it under the R&D Plan and applicable Project Plan(s) in compliance with all applicable Laws. Neither Party will use the other
Party’s material for any other purposes. Neither Party will sell, transfer, disclose or otherwise provide access to the other Party’s material without the prior written consent of the other Party; provided that each
Party may allow access to the other Party’s material to such first Party’s employees, consultants, agents and subcontractors for purposes of performing the R&D Plan in accordance with the applicable Project Plan(s), and
provided further that such employees, agents and subcontractors are apprised of the proprietary nature of such material and are bound by written agreement to protect the confidentiality of such material and any results obtained
from working with such material and to assign to the subcontracting Party any IPR made in the course of working with such material. Upon completion of all activities under the R&D Plan or the earlier expiration or termination of this
Agreement, each Party will return any remaining quantities of the other Party’s material to such other Party, or otherwise dispose of such material as directed by such other Party and certify in writing to the other Party such destruction has
taken place.  
 2.7 Data and Reports. 
 (a) Data. Each Party will keep complete and accurate notes, accounts and records of the data, results, materials, or other
information arising out of or resulting from the research performed by such Party under this Agreement (collectively, “Program Data”). The Program Data will be deemed the Confidential Information of both Parties under this
Agreement, and both Parties shall have unfettered rights to access and reference to the Program Data in support of their clinical and regulatory activities. 
 (b) Reports. For so long as a Party has obligations to conduct research or development activities under the R&D Plan, such
Party will provide written quarterly reports to the JRC, and additional updates as requested by the JRC, summarizing all Program Data created in the preceding quarter by such Party, including a description of any inventions made, developed,
conceived or reduced to practice by such Party. The purpose of these reports is to ensure the continuous sharing between the Parties of information regarding results achieved under the R&D Plan and to enable any Party to take prompt action to
file any patent applications covering the Collaboration IP. In addition, each Party will submit to the JRC semi-annual written reports outlining the milestones achieved by such Party, key decisions made, and progress toward achieving the objectives
set forth in the R&D Plan. The JRC will provide to the Alliance Managers copies of all reports required under this section and it will be the responsibility of the Alliance Managers to assure the JRC and their respective Party complies with all
responsibilities under this section in a timely manner. 
  

 7. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 ARTICLE 3 
 REGULATORY APPROVALS, MANUFACTURE AND DISTRIBUTION 
 3.1 Allocation of Responsibilities. Beginning with the completion of the R&D Plan, DNDi will have sole responsibility for seeking and obtaining Regulatory Approvals for CAMB, and for the Distribution
Through the Public Sector of CAMB in the Territory for use in the Field. DNDi may use a third party for Regulatory Approval activities, provided that the terms of the agreements with such third party conform to the terms of the present Agreement.
BDSI shall have sole responsibility for the manufacture and supply to DNDi of CAMB for DNDi’s Distribution. 
 3.2 Regulatory
Approvals. DNDi will be responsible, either directly or through a third party, and shall bear all costs for developing Regulatory Documentation, preparing and submitting Regulatory Filings, and seeking and maintaining Regulatory Approvals in the
Territory for CAMB’s use in the Field. BDSI agrees to provide DNDi with all information and data in its possession relating to CAMB and to cooperate with DNDi, as reasonably requested by DNDi, in preparing and filing all Regulatory
Documentation. DNDi will have the right to use all parts of the Program Data for developing Regulatory Documentation and BDSI will have the right to access or reference any of DNDi’s Regulatory Approvals for BDSI’s private sector
Distribution of CAMB in or outside the Territory. Prior to DNDi providing a Regulatory Authority any Regulatory Documents in conjunction with any Regulatory Filing, DNDi will engage BDSI for review and comment on the Regulatory Documents prior to
submission. 
 3.3 Manufacture and Supply. During the Term and subject to the provisions of Section 4.1, BDSI will be responsible
for the exclusive, subject to section 3.3 (a), manufacture and supply of CAMB to DNDi for Distribution in the Territory and for all costs associated therewith. Prices at which BDSI will sell CAMB to DNDi are set out in section 5.3 below. 

(a) Should BDSI be unable to meet DNDi’s Distribution needs as evidenced by failure to meet *** of DNDi’s
forecast needs for *** consecutive quarters, DNDi shall be able to engage a secondary supplier to meet any BDSI shortfall in DNDi’s supply needs with the assistance of BDSI. However, in every instance, DNDi shall purchase the full
quantity of CAMB available from BDSI prior to engaging a secondary manufacturer. Should DNDi engage a secondary supplier due to BDSI shortfall of DNDi’s Distribution needs, DNDi will revert back to BDSI as the exclusive supplier of DNDi’s
needs once BDSI is able to show manufacturing capacity equivalent to *** of DNDi’s forecast needs for any upcoming quarter. 
 (b) Should BDSI determine, in its sole discretion, that parallel importing, or diversion by or through any mechanism, that Distribution Through the Public Sector is adversely impacting the sales of CAMB sold by
BDSI, the parties will meet, discuss and DNDi will assist BDSI in developing and implementing mechanisms to stop any parallel importing, diversion or other mechanism adversely impacting BDSI’s sales of CAMB. 
 3.4 Adverse Event Reporting. DNDi will maintain a record of all non-medical and medical complaints and reports of adverse events which it shall
receive with respect to the use of CAMB. DNDi will be responsible for reporting to Regulatory Authorities any such adverse events in compliance with all applicable Laws in each country of the Territory, and will promptly thereafter provide copies of
all adverse events reports to BDSI. 
 3.5 Regulatory Approvals and Distribution Diligence; Progress Reports. DNDi will use diligent
efforts for seeking Regulatory Approvals and for initiating and developing Distribution Through the Public Sector in the Territory for use in the Field during the Term. Once all activities under the R&D Plan are completed, DNDi will
provide annual written progress reports to BDSI summarizing the status of Development and Distribution of CAMB during the prior year. DNDi will provide such progress report 

  

 8. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 
to BDSI no later than each anniversary of the Effective Date following the completion of all activities under the R&D Plan. The Parties shall
additionally regularly discuss Distribution progress through the Parties respective Alliance Managers. 
 ARTICLE 4 
 LICENSES 
 4.1 Licenses to DNDi.
Subject to all of the terms and conditions of this Agreement, BDSI hereby grants DNDi: 
 (a) a worldwide,
non-exclusive, royalty-free and fully paid-in, sublicensable (as permitted under Section 4.3) license to use BDSI Background IP for the purpose of conducting DNDi’s activities under the R&D Plan; 
 (b) an non-exclusive, royalty-free, irrevocable and fully paid-in, sublicensable (as permitted under Section 4.3) license to
use BDSI Background IP and Collaboration IPR for the purpose of seeking Regulatory Approvals and undertaking Distribution Through the Public Sector in the Territory for use in the Field; provided, however that if, for any reason, BDSI is
unable to supply CAMB ordered by DNDi or its nominee for Distribution Through the Public Sector, for use in the Field, in the Territory, this exclusive license shall be automatically extended to include the right for DNDi to manufacture CAMB, or to
have CAMB manufactured by any Third Party, for the sole purpose of its Distribution Through the Public Sector in the Territory for use in the Field, subject to section 3.3. 
 4.2 License to BDSI. Subject to the terms and conditions of this Agreement, DNDi hereby grants BDSI a worldwide, exclusive, royalty-free,
irrevocable and fully paid-in, sublicensable, license to make, have made, use, have used, offer to sell, sell, have sold, or import or have imported CAMB under the Collaboration IP (as defined under Section 6.1). 
 4.3 Sublicensing. DNDi may grant sublicenses to its Affiliates or to Third Parties under the licenses granted in Section 4.1 with the prior
written consent of BDSI, not to be unreasonably withheld, provided that each approved sublicensee agrees to be bound by the terms of this Agreement. 
 4.4 No Implied Rights or Licenses; Retained Rights. Neither Party grants to the other Party any rights or licenses, including without limitation to any Patent, Know-How, or other intellectual property rights,
by implication, estoppel or otherwise, except to the extent expressly provided in this Agreement. BDSI retains all rights in the BDSI Background IP and Collaboration IP that are not granted to DNDi in Section 4.1 or 6.1, including all rights to
manufacture, sell and Distribute CAMB in the Territory in any manner and context that is not Distribution Through the Public Sector. 
 4.5 Limitation to Territory. DNDi and its Affiliates, sublicensees, and distributors shall not Distribute CAMB outside the Territory or for use outside the Field, or conduct any Distribution except for Distribution Through the Public
Sector. DNDi and its Affiliates, sublicensees, and distributors shall refer to BDSI any inquiries or orders for CAMB that they receive, where DNDi believes the use will be outside of the Field, or from outside the Territory or from any Third Party
other than Public Sector Agencies. DNDi shall additionally take all reasonable steps ((as further described in section 3.3 (b), and such as by example, but not limitation, changes in packaging and trade dress, use of tamper resistant materials and
the like), necessary and work with and assist BDSI in preventing the redistribution, parallel importation or diversion of DNDi’s supply of CAMB. 
  

 9. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 ARTICLE 5 
 FINANCIAL TERMS 
 5.1 No Payment or
Financial Contribution. Except as specifically set out in this Agreement, neither Party shall make any payment or pay any financial contribution to the other Party and each Party will bear all expenses it will incur for the performance of its
own obligations under or in connection with this Agreement. 
 5.2 Funding of Clinical trials; Fees and Duties. DNDi will be
solely responsible and pay for (a) all costs related to the clinical trials to be conducted upon CAMB to assess its efficacy in the Field as part of the R&D Plan and (b) all taxes, fees, duties and payments to any Governmental
Authority in connection with the Regulatory Approvals and the Distribution Through the Public Sector in the Territory. 
 5.3 Product
Supply. BDSI will, other than the clinical trial supplies as discussed in section 2.4, supply CAMB to DNDi at the following prices: Fully-Burdened Manufacturing Cost increased by a margin not exceeding *** for all supplies of CAMB
for use in the Field and Distribution Through the Public Sector in the Territory. Once BDSI receives a first approval for CAMB, BDSI shall supply CAMB to DNDi at BDSI’s Fully-Burdened Manufacturing Costs increased by a margin not exceeding
*** for all supplies of CAMB for use in the Field and Distribution Through the Public Sector in the Territory. BDSI and DNDi agree that the cost for lot failures, batch failures, or other quality control or productions failures (collectively
“failures”) will be shared equally between the parties and BDSI shall keep all the necessary records to document failures and allocate costs accordingly. 
 ARTICLE 6 
 INTELLECTUAL PROPERTY 
 6.1 Ownership of Collaboration IP. (a) All Collaboration IP which is made, developed or conceived jointly by employees, consultants or
agents of both Parties or their respective Affiliates, subcontractors or sublicensees will be jointly owned by both Parties and if any part of such Collaboration IP is patentable, both Parties, through the Alliance Managers, shall select by mutual
agreement in writing the Party which will file and prosecute the relevant Patents, in its own name and at its own cost (“the Filing Party”) and the other Party (“the Non-Filing Party”) will assign to the Filing Party all its
rights, title and interest in and to the Collaboration IP and will agree to provide the Filing Party with all consents and assistance as may be reasonably requested by the Filing Party to perfect its rights in the relevant Patents in return for the
Filing Party granting the other Party a license according to section 4. (b) All Collaboration IP which is made, developed or conceived solely by employees, consultants or agents of either Party or its Affiliates, subcontractors or sublicensees
shall be solely owned by such Party (“DNDi Collaboration IPR” or “BDSI Collaboration IPR”), and if any part is patentable, such Party shall be solely entitled to file and prosecute any relevant Patent, in its own name and at its
own cost, provided that the non-Filing Party will be automatically granted a license to such Collaboration IP according to section 4. 
 6.2 Disclosure of Inventions. On a quarterly basis in accordance with Section 2.7 (b), each Party will disclose in writing to the JRC all Know-How and inventions made, developed, conceived or reduced to practice, either
in the course of or arising directly out of the performance of such Party’s obligations under the R&D Plan, or any activities under this Agreement, by or on behalf of such Party or its employees, consultants, Affiliates, agents,
subcontractors or sublicensees. Each Party will ensure that each of its Affiliates’ employees, agents, consultants and subcontractors conducting activities under the R&D Plan has a contractual obligation to disclose all such inventions and,
to assign all intellectual property rights developed thereunder. 
  

 10. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 6.3 Prosecution and Maintenance of Patents.
Subject to the provisions of Section 4 and 6.1, the Filing Party will have the sole right and authority to prepare, file, prosecute, and maintain any Patent in the Collaboration IP defined in Section 6.1 throughout the world at its own
expense. The Non-Filing Party will provide the Filing Party at its own request with all reasonable assistance and cooperation, including providing any necessary powers of attorney and executing any other required documents or instruments. If the
Filing Party determines in its sole discretion to abandon or not maintain any Patent in the Territory, it shall promptly provide the Non-Filing Party with reasonable prior written notice of such determination, which shall in any event not be less
than thirty (30) days prior to any abandonment or pending action date, along with copies of all material filings and correspondence with the applicable patent offices and any other relevant information regarding pending deadlines. The
Non-Filing Party shall then have the right, at its expense, to assume responsibility for prosecuting and maintaining such Patent, provided that it shall not file any patent application claiming priority to such Patent without the prior written
consent of the Filing Party, which in their sole discretion they may approve or deny for any reason. If the Non-Filing Party decides to assume such responsibilities, it shall so inform the Filing Party in writing, and the Filing Party shall use
commercially reasonable efforts to cooperate with the Non-Filing Party to transfer such responsibilities to the Non-Filing Party and assign such Patent to the Non-Filing Party, at the Non-Filing Party’s expense. 
 6.4 Enforcement of Patents. (a) DNDi will promptly notify BDSI in writing upon learning of any alleged or threatened infringement of any
Patent forming part of BDSI Background IP or BDSI owned Collaboration IP and BDSI will have the sole right to bring an appropriate suit or other action against any person or entity engaged in such alleged or threatened infringement, at its own
expense. DNDi will provide all reasonable assistance to BDSI in such enforcement, including, without limitation, furnishing a power of attorney or joining such action as a necessary party, at BDSI’s reasonable expense. BDSI will retain any and
all recoveries realized as a result of such litigation. (b) Either Party will promptly notify the other Party in writing upon learning of any alleged or threatened infringement of any Patent forming part of the jointly owned Collaboration IP
defined in Section 6.1 and the Parties, through the Alliance Managers, will decide which Party or whether both Parties shall bring an appropriate suit or other action against any person or entity engaged in such alleged or threatened
infringement, and how any such action will be funded. The other Party will provide all reasonable assistance in such enforcement, including, without limitation, furnishing a power of attorney or joining such action as a necessary party, at the other
Party’s reasonable expense. The Party bringing suit and funding the action will retain any and all recoveries realized as a result of such litigation.  
 6.5 Defense of Third Party Infringement Claims. If the manufacture, use, Distribution, or importation of CAMB pursuant to this Agreement results in any claim, suit, or proceeding by a Third Party alleging that
such activities infringe a Third Party Patent, or if a Third Party threatens such a claim, suit or proceeding, the Party first having notice of the claim will promptly notify the other Party thereof, and the Parties, through their respective
Alliance Managers, will promptly consult to discuss the claim and to agree in writing upon the actions to be taken to defend or settle such claim, the cost allocation for the defense or settlement, and the responsibilities of each Party in relation
thereto. Neither Party shall enter into any settlement that affects the other Party’s rights or interests without first obtaining such other Party’s written consent, not to be unreasonably withheld or delayed. 
 6.6 Patent and Trademark Marking. Each Party shall mark, if necessary and requested by a Party, all materials manufactured, supplied or used under
the terms of this Agreement, or their containers, in accordance with the applicable Patent and Trademark marking Laws in conjunction with and at the direction of the Party holding any patents or trademarks covering CAMB. 
  

 11. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 ARTICLE 7 
 CONFIDENTIALITY 
 7.1 Treatment of
Confidential Information. Any and all information disclosed or submitted in writing or in other tangible form under this Agreement or the R&D Plan to one Party by the other Party during the Term will hereinafter be referred to as the
“Confidential Information” of the disclosing Party. In addition, all confidential information disclosed under the Confidentiality Agreement between the Parties, dated March 12, 2008, between DNDi and BDSI (the
“Confidentiality Agreement”) shall be deemed Confidential Information under this Agreement, and the Confidentiality Agreement is hereby terminated and shall be of no further force and effect. Each Party will receive and maintain the
other Party’s Confidential Information in strict confidence and in accordance with all applicable laws, rules and regulations. Each party also agrees not to use the Confidential Information disclosed to it by the other Party for its own,
independent use or in any way, directly or indirectly, harmful or competitive with the other Party. Each Party acknowledges that the confidentiality provisions of this Agreement shall be deemed to be an agreement to keep each Party’s
Confidential Information in confidence as contemplated by Regulation FD promulgated by the United States Securities and Exchange Commission. In addition, DNDi acknowledges and agrees that some BDSI Confidential Information maybe considered
“material non-public information” for purposes of the United States’ securities laws and that DNDi and its officers, directors, employees and agents will abide by all such laws relating to the handling of and acting upon such
Confidential Information. Except as provided under this Section 7.1, neither Party will disclose any Confidential Information of the other Party to any Third Party. Neither Party will use the Confidential Information of the other Party for any
purpose other than as required to perform that Party’s obligations, or exercise that Party’s rights hereunder. Each Party may disclose the other Party’s Confidential Information to the receiving Party’s Affiliates, employees,
consultants or agents requiring access thereto for the purposes of this Agreement, provided, however, that prior to making any such disclosures, each such Affiliate, employee, consultant or agent will be bound by written agreement to maintain
Confidential Information in confidence and not to use such information for any purpose other than in accordance with the terms and conditions of this Agreement. Each Party agrees to take all reasonable steps necessary to ensure that the other
Party’s Confidential Information will be maintained in confidence, including (without limitation) such steps as it takes to prevent the disclosure of its own proprietary and confidential information of like character. Each Party agrees that
this Agreement will be binding upon its Affiliates, and upon the employees, consultants and agents involved under this Agreement and in conjunction with the R&D Plan of such Party and its Affiliates. Each Party will take all steps necessary to
ensure that its Affiliates, employees, consultants and agents will comply with the terms and conditions of this Agreement. The foregoing obligations of confidentiality and non-use will survive, and remain in effect for a period of five
(5) years from, the termination or expiration of this Agreement. 
 7.2 Exclusions from Nondisclosure Obligation. The
nondisclosure and nonuse obligations in Section 7.1 will not apply to any specific portion of Confidential Information to the extent that the receiving Party can establish by competent written proof that: 
 (a) it is or was in the public domain at the time of its disclosure; or 
 (b) after disclosure, it becomes part of the public domain by publication or otherwise, except by breach of its obligations under
section 7.1 by the receiving Party; or 
 (c) it was in such receiving Party’s possession at the time of its
disclosure; or 
  

 12. 

 CONFIDENTIAL TREATMENT REQUESTED 
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 DENOTED WITH “***”

  
 (d) it is received by such
receiving Party on a non-confidential basis from a Third Party who has the lawful right to disclose such information; or 
 (e) it is independently discovered or developed by the receiving Party or its Affiliate without the aid, application, or use of Confidential Information of the other Party. 
 7.3 Permitted Disclosures. Each Party may disclose Confidential Information of the other Party to the extent such disclosure is reasonably
necessary in the following situations: 
 (a) filing or prosecuting Patents forming part of the Collaboration IP;

 (b) regulatory filings with any Governmental Authority or stock exchange; 
 (c) prosecuting or defending litigation; or 
 (d) complying with applicable Laws or the valid and enforceable order of a court of competent jurisdiction. 
 In each case, in section 7.3, the Party obligated or making such disclosure will (i) give at least a sixty (60) day advance written notice to
the other Party, (ii) make a reasonable effort to obtain confidential treatment of the Confidential Information so disclosed, and (iii) disclose the Confidential information only to the extent reasonably necessary or required. 

7.4 Return of Confidential Information. Promptly after the termination or expiration of this Agreement for any reason, each Party will return
to the other Party, or destroy as directed by such other Party, all tangible manifestations of such other Party’s Confidential Information, and delete all electronic manifestations of such other Party’s Confidential Information, at that
time in the possession of the receiving Party and certify to the other Party that all information has been returned, destroyed or deleted. 
 7.5 Publication. DNDi supports the timely communication of its collaborative research, and will facilitate the rapid and accurate communication of DNDi-collaborative research and clinical trial results to the wider
scientific and medical communities in the most appropriate and practicable way. Thus, each Party recognizes to the other Party the right to jointly communicate and/or publish the results generated through the activities of the Research and
Development Plan. The Parties acknowledge that each Party’s researchers engaged in the Research and Development Plan shall be permitted to present at symposia, national, or regional professional meetings, and to publish in journals, theses or
dissertations, or otherwise of their own choosing, selected results obtained during the performance of the Research and Development Plan, provided, however, that the publishing Party shall submit copies to the other Party of any proposed publication
or presentation in advance of such proposed publication or presentation to a journal, editor, or other third party. The other Party shall have thirty (30) days, after receipt of said copies, to object or to amend such proposed presentation or
publication on the grounds of the existence of a patentable subject matter for which it will seek protection. In the event that the other Party makes such determination, the publishing Party shall refrain from making such publication or presentation
for a maximum of ninety (90) days from date of receipt of such determination in order to allow the other Party to file patent application(s) with the appropriate patent office(s) upon the patentable subject matter contained in the proposed
publication or presentation. 
  

 13. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 ARTICLE 8 
 REPRESENTATIONS AND WARRANTIES 
 8.1 Mutual Representations and Warranties. Each of BDSI and DNDi hereby represents, warrants and covenants to the other as of the Effective Date that: 
 (a) it has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof, and this
Agreement is legally binding upon it and enforceable in accordance with its terms; 
 (b) the execution, delivery and
performance of this Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any Law of any Governmental Authority having jurisdiction over
it; 
 (c) it has (or will have at the time performance is due) maintained and will maintain and keep in full force and
effect all agreements necessary to perform its obligations hereunder; 
 (d) all necessary consents, approvals and
authorizations of all Governmental Authorities and other persons required to be obtained by such Party to enter into, or perform its obligations under, this Agreement have been (or will have been at the time performance is due) obtained; and

 (e) in the course of conducting its activities under the R&D Plan, it will not use any employee, agent, or
contractor who has been debarred by any Regulatory Authority or, to the best of its knowledge, is the subject of debarment proceedings by a Regulatory Authority. 
 8.2 BDSI Representations and Warranties. BDSI hereby represents, warrants and covenants to DNDi, as of the Effective Date, that: 
 (a) it is the rightful owner of, or has to the best of its knowledge the lawful right to use, BDSI Background IPR in the Field and
in the Territory for CAMB; 
 (b) it has all rights and authority to authorize or license DNDi to use BDSI Background
IPR in the Field for CAMB under the terms hereunder; 
 (c) it has not granted to any of its Affiliates or any Third
Party any, license or interest in, to or under BDSI Background IPR which may prevent, restrict or limit in any respect DNDI’s ability to use BDSI Background IPR for CAMB hereunder; 
 (d) to the best of its knowledge, there is no action, suit, investigation, claim, proceeding pending or threatened relating to BDSI
Background IPR; 
 (e) during the Term, it will not grant to any of its Affiliates or any Third Party any right,
license or interest in, to or under BDSI Background IPR for CAMB which would be inconsistent with any of the rights, licenses and interests granted to DNDI hereunder. 
 ARTICLE 9 
 INDEMNIFICATION 
 9.1 Indemnification by DNDi. DNDi will indemnify, defend and hold harmless BDSI, its Affiliates, and their respective officers, directors,
employees and agents (the “BDSI Indemnitees”) from and 

  

 14. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 
against any and all liability, loss, damage or expense (including without limitation reasonable attorneys’ fees) suffered as a result of any Third Party
claims, demands and actions (collectively, “Losses”), to the extent such Losses result from (a) a breach by DNDi of any of its representations, warranties or covenants in this Agreement or (b) the gross negligence or
willful misconduct by DNDi or its Affiliates or their officers, directors, employees or agents. The foregoing indemnity obligation will not apply to the extent any Loss arises from (i) a breach by BDSI of its representations, warranties or
covenants in this Agreement or (ii) the gross negligence or willful misconduct of any BDSI Indemnitee. 
 9.2 Indemnification by
BDSI. BDSI will indemnify, defend and hold harmless DNDi, its Affiliates, and their respective officers, directors, employees and agents (the “DNDi Indemnitees”) from and against any and all liability, loss, damage or expense
(including without limitation reasonable attorneys’ fees) suffered as a result of any Third Party claims, demands and actions (collectively, “Losses”), to the extent such Losses result from (a) a breach by BDSI of any
representation, warranty or covenant in this Agreement, (b) the gross negligence or willful misconduct by any BDSI Indemnitee or (c) a manufacturing defect in the production of CAMB, including, without limitation, Losses related to the
death of or injury to a Third Party caused by CAMB, if the applicable Loss stemmed from CAMB defectively manufactured by BDSI. The foregoing indemnity obligation will not apply to the extent any Loss arises from (i) a breach by DNDi of its
representations, warranties or covenants in this Agreement or (ii) the gross negligence or willful misconduct of any DNDi Indemnitee. 
 9.3 Procedures. The indemnification obligations in Sections 9.1 and 9.2 are conditioned on the indemnified Party (a) providing prompt written notice to the other Party of any claim giving rise to an indemnification obligation
hereunder, (b) permitting the indemnifying Party to assume full responsibility to investigate, prepare for and defend against any such claim, (c) providing reasonable assistance in the defense of such claim at the indemnifying Party’s
reasonable expense, and (d) not compromising or settling such claim without the indemnifying Party’s advance written consent. 
 9.4 Insurance. Each Party will maintain comprehensive general liability insurance coverage, including products liability coverage, in reasonable amounts that are appropriate with respect to its obligations and liabilities under this
Agreement and will provide the other Party, if requested, with copies of its relevant insurance policies and evidence of payment of all insurance premiums due.  
 9.6 Limitation of Liability. NEITHER PARTY NOR ITS RESPECTIVE AFFILIATES WILL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES UNDER THIS AGREEMENT, WHETHER IN
CONTRACT, WARRANTY, TORT, STRICT LIABILITY OR OTHERWISE. 
 ARTICLE 10 
 TERM 
 10.1 Term. Unless terminated earlier under this Article 10, the
term of this Agreement will commence on the Effective Date and will continue until the expiry of the last-to-expire United States Patent forming part of the Collaboration IP or BDSI Background IP, or the expiration of any data exclusivity period in
the United States, whichever is later. (the “Term”) 
 10.2 Termination by DNDi. DNDi may terminate this Agreement at
any time during the R&D Plan, as set out in Section 2.5 (c), upon thirty (30) days written notice to BDSI. 
  

 15. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 10.3 Termination for Breach. Either Party may
terminate this Agreement in its entirety upon the uncured material breach of this Agreement by the other Party in accordance with this Section 10.3, in which case the non-breaching Party will deliver notice of such material breach to the
breaching Party describing in detail the nature of the breach. The breaching Party will have forty-five (45) days from receipt of such notice to cure the breach. Any such termination will become effective at the end of the 45-day period unless
the breaching Party has cured any such breach or default prior to the expiration of the 45-day period (or, if such default is capable of being cured but cannot be cured within such 45-day period, the breaching Party has commenced and diligently
continued actions to cure such default, in which case the non-breaching Party may not terminate this Agreement).  
 10.4
Consequences of Termination. Termination of this Agreement will be without prejudice to or limitation on any other remedies or any accrued obligations of either Party. In addition, Section 4, 10.4 and Articles 6, 7, 8, 9 and 11 will survive
any termination or expiration of this Agreement. 
 ARTICLE 11 
 MISCELLANEOUS 
 11.1 Dispute Resolution. Unless otherwise set
forth in this Agreement, in the event of a dispute arising under this Agreement between the Parties, either Party shall have the right to refer such dispute to their Alliance Managers, respective chief executive officers, their designees (or
equivalent), and such officers shall attempt in good faith to resolve the dispute. If the Parties are unable to resolve a given dispute pursuant to this Section 11.1 within sixty (60) calendar days of referring such dispute to the chief
executive officers, their designees (or equivalent), either Party may have the dispute settled by binding arbitration pursuant to Section 11.2. 
 11.2 Arbitration. If a Party intends to initiate arbitration to resolve a dispute arising under this Agreement, such Party shall provide written notice (the “Arbitration Request”) to the
other Party of its intention and the issues for resolution. From the date of the Arbitration Request until such time as the dispute has become finally settled, the running of the time periods as to which a Party must cure a breach of this Agreement
becomes suspended as to any breach that is the subject matter of the dispute. 
 (a) Arbitration of Patent/Confidentiality
Issues. Unless otherwise agreed by the Parties, disputes arising between the Parties relating to Patents and non-disclosure, non-use and maintenance of Confidential Information shall be settled by arbitration under the Rules of
Arbitration of the World Intellectual Property Organization by three (3) arbitrators appointed and acting in accordance with such Rules. Arbitration proceedings shall be conducted in the English language in Geneva, Switzerland. 
 (b) Arbitration Procedure. All disputes arising between the Parties other than those defined in paragraph (a) above
will be finally settled by arbitration under the Rules of the International Chamber of Commerce by three (3) arbitrators appointed and acting in accordance with such Rules. Arbitration proceedings shall be conducted in the English language in
Paris, France. 
 (c) Fees. Each Party shall bear its own attorneys’ fees, costs, and disbursements arising
out of the arbitration, and shall pay an equal share of the fees and costs of the arbitrators. 
  

 16. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 11.3 Governing Law. This Agreement and
any dispute arising from the performance or breach hereof shall be governed by and construed and enforced in accordance with the laws of England without reference to conflicts of laws principles 
 11.4 Export Clause. The Parties acknowledge that the laws and regulations of the countries of the Territory may restrict the import and
export of pharmaceutical products and technical data. Each Party agrees that it will not import or export CAMB under this Agreement to or from any country in the Territory without having first obtained the appropriate licenses, permits, and safety
clearances. 
 11.5 Independent Contractors. The Parties will perform their obligations under this Agreement as independent
contractors, and nothing in this Agreement will be construed to be inconsistent with such relationship or status. This Agreement will not constitute, create or in any way be interpreted as a joint venture or partnership of any kind. 
 11.6 Notices. Any notice or request required or permitted to be given under or in connection with this Agreement shall be deemed to have
been sufficiently given if in writing and personally delivered or sent by certified mail (return receipt requested), facsimile transmission (receipt verified), or overnight express courier service (signature required), prepaid, to the Party for
which such notice is intended, at the address set forth for such Party below: 
  

					
	If to BDSI, addressed to:	  	BioDelivery Sciences International, Inc.
		  	801 Corporate Center, Suite 210
		  	Raleigh, North Carolina 27607, USA
		  	Attention: General Counsel	  	
		  	Facsimile: 919-582-9051	  	

  

					
	If to DNDi, addressed to:	  	Drugs for Neglected Diseases Initiative (DNDi)
		  	15 chemin Louis Dunant
		  	1202 Geneva
		  	Switzerland
		  	Attention: Business Development Director
		  	Facsimile: +41 (22) 906 9231	  	

 or to such other address for such Party as it shall have specified by like notice to the other
Party, provided that notices of a change of address shall be effective only upon receipt thereof. If delivered personally or by facsimile transmission, the date of delivery shall be deemed to be the date on which such notice or request was given. If
sent by overnight express courier service, the date of delivery shall be deemed to be the next business day after such notice or request was deposited with such service. If sent by certified mail, the date of delivery shall be deemed to be the third
business day after such notice or request was deposited with the postal service. 
 11.7 Assignment. Neither Party may assign in whole
or in part this Agreement without the advance written consent of the other Party, except that BDSI may assign this Agreement in its entirety to its successor-in-interest in connection with a merger, consolidation, or other corporate reorganization,
or the sale of all or substantially all of its assets to which this Agreement relates. Any assignment or purported assignment in violation of this Section 11.7 will be null and void. 
  

 17. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 11.8 Force Majeure. Both Parties will be
excused from the performance of their obligations under this Agreement to the extent that such performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse will be
continued so long as the condition constituting force majeure continues and the nonperforming Party takes reasonable efforts to remove the condition. For purposes of this Agreement, force majeure will include conditions beyond the reasonable control
of the Parties, including, without limitation, an act of God, voluntary or involuntary compliance with any regulation, Law or order of any government, war, civil commotion, labor strike or lock-out, acts of terrorism, epidemic, failure or default of
public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe. 
 11.9 Headings. The headings for each article and Section in this Agreement have been inserted for convenience of reference only and are not intended to limit or expand on the meaning of the language contained in the particular
article or section. 
 11.10 English Language. All notices required or permitted to be given hereunder, and all written, electronic,
oral or other communications between the Parties regarding this Agreement will be in the English language. This Agreement is in the English language only, which language will be controlling in all respects, and all versions and translations hereof
in any other language will be for accommodation only and will not be binding upon the Parties. 
 11.11 No Waiver. Any delay in
enforcing a Party’s rights under this Agreement or any waiver as to a particular default or other matter will not constitute a waiver of such Party’s rights to the future enforcement of its rights under this Agreement, excepting only as to
an express written and signed waiver as to a particular matter for a particular period of time. 
 11.12 Entire Agreement. This
Agreement (including its Exhibits) sets forth all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties with respect to the subject matter hereof and supersedes and terminates all prior
agreements and understanding between the Parties with respect to such subject matter. No subsequent alteration, amendment, change or addition to this Agreement will be binding upon the Parties unless reduced to writing and signed by the respective
authorized officers of the Parties. 
 11.13 Severability. If one or more of the provisions in this Agreement are deemed unenforceable
by Law, then such provision will be deemed stricken from this Agreement and the remaining provisions will continue in full force and effect. 
 11.14 Counterparts. This Agreement may be executed in one or more identical counterparts, each of which will be deemed to be an original, and which collectively will be deemed to be one and the same instrument. 
 11.15 Publicity. DNDi and BDSI shall consult with each other before issuing any press release or public statement with respect to this
Agreement or the provisions contemplated herein and neither shall issue any such press release or make any such public statement without the prior consent of the other, which consent shall not be unreasonably withheld; provided, however,
(a) that a Party may, without the prior consent of the other Party, issue such press release or make such public statement as may, upon the advice of counsel, be required by law or the rules and regulations of any stock exchange, or (b) if
it has made reasonable attempts and 

  

 18. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 
has used reasonable efforts to consult with the other Party prior thereto, such consent shall be deemed to have been given if the recipient of the press
release or public statement fails to respond to the other Party within two business days after the recipient’s receipt of such press release or public statement. Notwithstanding the foregoing, each Party agrees to use its best efforts to review
and comment on the other Party’s suggested press release or public statement within two business days and agrees to continue such review in serial fashion until agreement as been reached on the final form of all press releases or public
statements. No such consent of the other Party shall be required to release information which has previously been made public. 
 [Signature page to follow.] 
  

 19. 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***”

  
 IN WITNESS
WHEREOF, the Parties have by duly authorized persons executed this Agreement as of the Effective Date. 
  

									
	 THE DRUGS FOR NEGLECTED DISEASES

INITIATIVE
	 	 	 	 BIODELIVERY SCIENCES.
 INTERNATIONAL INC.

					
	By:	 	 /s/ Bernard Pécoul
	 		 	By:	 	 /s/ Mark A. Sirgo

	Name:	 	Bernard Pécoul	 		 	Name:	 	Mark A. Sirgo
	Title:	 	Executive Director	 		 	Title:	 	President and CEO
					
	Date:	 	January 20, 2009	 		 	Date:	 	January 20, 2009
					
	By:	 	 /s/ Jean-Pierre Paccaud
	 		 		 	
	Name:	 	Jean-Pierre Paccaud	 		 		 	
	Title:	 	Business Development Director	 		 		 	
					
	Date:	 	January 20, 2009	 		 		 	

 Signature Page to Research Collaboration and License Agreement 

 EXHIBIT A 
 RESEARCH AND DEVELOPMENT PLAN 
 <to be completed> 
 BDSI/DNDi understood Research and Development Program Progression 
  

	1)	Parties appoint the JRC 

  

	2)	JRC develops the R&D Plan 

  

	3)	JRC appoints the Project Team 

  

	4)	JRC reviews and approves the Project Plan(s) 

  

	5)	JRC reviews the results of the Project Team’s activities 

  

	6)	JRC recommends to the Parties modifications of the R&D Plan as necessary 

  

	7)	JRC reviews and approves modifications to the Project Plans 

  

	8)	Alliance Managers are responsible for JRC complying with Agreement based time tables.

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