Document:

EX-4.8

 Exhibit 4.8 

RANI THERAPEUTICS HOLDINGS, INC. 

AND 

_____________, AS WARRANT AGENT 

FORM OF DEBT SECURITIES 

WARRANT AGREEMENT 

DATED AS OF __________, 20___ 

 RANI THERAPEUTICS HOLDINGS,
INC. FORM OF DEBT SECURITIES WARRANT AGREEMENT 

THIS DEBT SECURITIES WARRANT
AGREEMENT (this “Agreement”), dated as of ________, 20___, between Rani Therapeutics Holdings, Inc., a Delaware corporation (the
“Company”), and [•], a [corporation] [national banking association] organized and existing under the laws of [•] and having a corporate trust office in [•], as warrant agent (the “Warrant
Agent”). 
 WHEREAS, the Company has entered into an indenture dated as of ________, 20___ (the
“Indenture”), with [•], as trustee (such trustee, and any successors to such trustee, herein called the “Trustee”), providing for the issuance from time to time of its debt securities, to be
issued in one or more series as provided in the Indenture (the “Debt Securities”); 

WHEREAS, the Company proposes to sell [If Warrants are sold with other securities
—[title of such other securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a
“Warrant”) representing the right to purchase [title of Debt Securities purchasable through exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant
certificates issued pursuant to this Agreement being herein called the “Warrant Certificates”; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of
the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 

NOW THEREFORE, in consideration of the premises and of the mutual agreements
herein contained, the parties hereto agree as follows: 
 ARTICLE 1 

ISSUANCE OF WARRANTS AND EXECUTION AND 

DELIVERY OF WARRANT CERTIFICATES 

1.1    Issuance of Warrants. [If Warrants alone — Upon issuance, each
Warrant Certificate shall evidence one or more Warrants.] [If Other Securities and Warrants — Warrant Certificates will be issued in connection with the issuance of the Other Securities but shall be separately transferable and
each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If Other Securities and
Warrants — Warrant Certificates will be issued with the Other Securities and each Warrant Certificate will evidence [•] Warrants for each [$[•] principal amount] [[•] shares] of Other Securities issued.] 

1.2    Execution and Delivery of Warrant Certificates. Each Warrant Certificate,
whenever issued, shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage.
The Warrant Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers,

  
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treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile
signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on
the Warrant Certificates. 
 No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable,
until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so
countersigned has been duly issued hereunder. 
 In case any officer of the Company who shall have signed any of the Warrant Certificates
either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered
notwithstanding that the person who signed such Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant
Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 

The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in
whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose. 

1.3    Issuance of Warrant Certificates. Warrant Certificates evidencing the right to
purchase Warrant Debt Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on
behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 

ARTICLE 2 
 WARRANT
PRICE, DURATION AND EXERCISE OF WARRANTS 
 2.1    Warrant Price. During the period specified in
Section 2.2, each Warrant shall, subject to the terms of this Agreement and the applicable Warrant Certificate, entitle the holder thereof to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant
Certificate at an exercise price of [•]% of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which
interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount ($[•] for each $1,000 principal amount
of Warrant Debt Securities) will be amortized at a [•]% annual rate, computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day
months].] Such purchase price for the Warrant Debt Securities is referred to in this Agreement as the “Warrant Price. 

2.2    Duration of Warrants. Each Warrant may be exercised in whole or in part at any
time, as specified herein, on or after [the date thereof] [•] and at or before [•] p.m., [City] time, on [•] or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed
to their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [•] p.m., [City] time, on the Expiration Date shall become void, and all rights of
the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease. 

  
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 2.3    Exercise of Warrants. 

(a)    During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of
Warrant Debt Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or
official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate
trust office, provided that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of
the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on
which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such
Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such
date, but shall be effective to constitute such person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities
purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the
transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an
account of the Company maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly
confirm such telephone advice to the Company in writing. 
 (b)    The Warrant Agent shall, from time to time, as
promptly as practicable, advise the Company of (i) the number of Warrant Debt Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect
to delivery of the Warrant Debt Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such
exercise, and (iv) such other information as the Company or the Trustee shall reasonably require. 

(c)    As soon as practicable after the exercise of any Warrant, the Company shall issue pursuant to the Indenture,
in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant the Warrant Debt Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be
directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant
Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised. 
 (d)    The
Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved,
the Company shall not be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 

  
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 (e)    Prior to the issuance of any Warrants there shall have
been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants. 

ARTICLE 3 
 OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS OF 
 WARRANT CERTIFICATES 

3.1    No Rights as Holder of Warrant Debt Securities Conferred by Warrants
or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive
the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture. 

3.2    Lost, Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the
Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and,
in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide
purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the
same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this
Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by
anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 

3.3    Holder of Warrant Certificate May Enforce Rights. Notwithstanding any of
the provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, , the Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own
behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by
such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement. 

3.4    Merger, Sale, Conveyance or Lease. In case of (a) any share exchange, merger or similar
transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation) or (b) the sale, exchange, lease, transfer or other
disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such 

  
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Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered to the holders of the Warrants, so that
such successor shall succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under the
Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt
Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as
though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be
appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4. 

3.5    Notice to Warrantholders. In case the Company shall (a) effect any
Reorganization Event or (b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at
such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding
up is expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other
property deliverable upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction. 

ARTICLE 4 
 EXCHANGE AND
TRANSFER OF WARRANT CERTIFICATES 
 4.1    Exchange and Transfer of Warrant Certificates. Upon surrender at
the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part;
provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in
which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its
corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant
Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in
connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the
person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will
result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates
issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered
for such exchange or registration of transfer. 

  
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 4.2    Treatment of Holders
of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to
exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding. 

4.3    Cancellation of Warrant Certificates. Any Warrant Certificate surrendered for
exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly
canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company
from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. 
 ARTICLE 5 

CONCERNING THE WARRANT AGENT 

5.1    Warrant Agent. The Company hereby appoints [•] as Warrant Agent of the Company in respect of the
Warrants and the Warrant Certificates upon the terms and subject to the conditions herein set forth, and [•] hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant
Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant
Certificates are subject to and governed by the terms and provisions hereof. 
 5.2    Conditions
of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of
which the rights hereunder of the holders from time to time of the Warrant Certificates shall be subject: 

(a)    Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent
the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant
Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder,
including the reasonable costs and expenses of defending against any claim of such liability. 
 (b)    Agent
for the Company. In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency
or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 

  
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 (c)    Counsel. The Warrant Agent may consult with counsel
satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with the advice of such counsel. 
 (d)    Documents. The Warrant Agent shall be protected and
shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been presented or signed by the proper parties. 
 (e)    Certain Transactions. The
Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by
applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of
the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party, including, without limitation, as
Trustee under the Indenture. 
 (f)    No Liability for Interest. Unless otherwise agreed
with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

(g)    No Liability for Invalidity. The Warrant Agent shall have no liability with respect to
any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 

(h)    No Responsibility for Representations. The Warrant Agent shall not be responsible for
any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 

(i)    No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein
and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any
action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility
for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The
Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a
holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in
Section 6.2 hereof, to make any demand upon the Company. 
 5.3    Resignation, Removal and Appointment of
Successors. 
 (a)    The Company agrees, for the benefit of the holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 

  
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 (b)    The Warrant Agent may at any time resign as agent by
giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given
unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall
become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its
organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the
resignation or removal of the Warrant Agent. 
 (c)    In case at any time the Warrant Agent shall resign, or
shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or
state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state
bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the
Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such
appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 
 (d)    Any successor Warrant Agent
appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall
become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and
disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder. 
 (e)    Any corporation into which the Warrant Agent hereunder may be merged or
converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall
sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto. 

  
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 ARTICLE 6 

MISCELLANEOUS 

6.1    Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of
any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as
the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates. 

6.2    Notices and Demands to the Company and Warrant Agent.
If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the
Company. 
 6.3    Addresses. Any communication from the Company to the Warrant Agent with respect to this
Agreement shall be addressed to [•], Attention: [•] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Rani Therapeutics Holdings, Inc., 2051 Ringwood Avenue, San Jose,
California 95131, Attention: [•] (or such other address as shall be specified in writing by the Warrant Agent or by the Company). 

6.4    Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and
construed in accordance with the laws of the State of New York. 
 6.5    Delivery of
Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the
Warrants (the “Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with
the delivery of the Warrant Debt Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 

6.6    Obtaining of Governmental Approvals. The Company will from time to time take all action
which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a
registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Debt
Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 

6.7    Persons Having Rights Under the Agreement. Nothing in this Agreement shall give to any person other
than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 

6.8    Headings. The descriptive headings of the several Articles and Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

  
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 6.9    Counterparts. This Agreement may be executed in any
number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. 

6.10    Inspection of Agreement. A copy of this Agreement shall be available at all reasonable
times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit such holder’s Warrant Certificate for inspection by it. 

  
 10 

 IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written. 

 

			
	Rani Therapeutics Holdings, Inc., as Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

	
	COUNTERSIGNED
	
	[•], as Warrant Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

 [SIGNATURE PAGE TO RANI
THERAPEUTICS HOLDINGS, INC. DEBT SECURITIES WARRANT AGREEMENT] 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

			
	[Form of Legend if Warrants are not immediately exercisable.]	  	[Prior to [•], Warrants evidenced by this Warrant Certificate cannot be exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [•] P.M., [City] time, ON [•]. 

 RANI THERAPEUTICS HOLDINGS, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

[TITLE OF WARRANT DEBT SECURITIES] 
  

			
	No. [•]	 	[•] Warrants

 This certifies that [•] or registered assigns is the registered owner of the above indicated number of Warrants, each
Warrant entitling such owner to purchase, at any time [after [•] p.m., [City] time, [on [•] and] on or before [•] p.m., [City] time, on [•], $[•] principal amount of [TITLE OF WARRANT DEBT SECURITIES] (the
“Warrant Debt Securities”), of Rani Therapeutics Holdings, Inc. (the “Company”) issued or to be issued under the Indenture (as hereinafter defined), on the following basis: during the period from
[•], through and including [•], each Warrant shall entitle the Holder thereof, subject to the provisions of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price
(the “Warrant Price”) of [•]% of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date
from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their original issuance]. [The original issue discount ($[•] for each $1,000
principal amount of Warrant Debt Securities) will be amortized at a [•]% annual rate, computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve
30-day months]. The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in
cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to which this Warrant is exercised to the
Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant agent (the
“Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined).

 The term “Holder” as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered
upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 
 The Warrants evidenced by this
Warrant Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant
Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised. 

This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of [•] (the “Warrant Agreement”),
between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant
Agreement are on file at the above-mentioned office of the Warrant Agent. 

 The Warrant Debt Securities to be issued and delivered upon the exercise of Warrants evidenced by this
Warrant Certificate will be issued under and in accordance with an Indenture, dated as of [•] (the “Indenture”), between the Company and [•], as trustee (such trustee, and any successors to such trustee, the
“Trustee”)] and will be subject to the terms and provisions contained in the Warrant Debt Securities and in the Indenture. Copies of the Indenture, including the form of the Warrant Debt Securities, are on file at the
corporate trust office of the Trustee. 
 Transfer of this Warrant Certificate may be registered when this Warrant Certificate is surrendered at the
corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

After countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities. 

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including, without limitation,
the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any purpose until
countersigned by the Warrant Agent. 
 IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers. 
  

			
	Dated:	 	                        

 

			
	
	Rani Therapeutics Holdings, Inc., as Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

	
	 COUNTERSIGNED
  

[•], as Warrant Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the
United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [•] [address of
Warrant Agent], Attention: [•], which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in
person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days
of the payment. 
 (To be executed upon exercise of Warrants) 

The undersigned hereby irrevocably elects to exercise ______ Warrants, evidenced by this Warrant Certificate, to purchase _______ $[•]
principal amount of the [TITLE OF WARRANT DEBT SECURITIES] (the “Warrant Debt Securities”), of Rani Therapeutics Holdings, Inc. and represents that the undersigned has tendered payment for such Warrant Debt Securities, in
lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of Rani Therapeutics Holdings, Inc., c/o
[insert name and address of Warrant Agent], in the amount of $_________ in accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the instructions set forth below. 
 If the number of Warrants
exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered
to the undersigned unless otherwise specified in the instructions below. 
  

									
	Dated:	 	  
	 		 	Name:	 	  

		 		 		 		 	Please Print

  

			
	Address:	 	
		
	  
	 	
	(Insert Social Security or Other Identifying Number of Holder)	 	

  

			
	Signature Guaranteed:	 	  

		 	Signature

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a
signature guarantee by a FINRA member firm). 
 This Warrant may be exercised at the following addresses: By hand at: 

[•] 

 By mail at: 

[Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt
Securities remaining unexercised—complete as appropriate.] 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

FOR VALUE RECEIVED, ______________ hereby sells, assigns and
transfers unto: 
  

					
	  
	 		 	  

	(Please print name and address including zip code)	 		 	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase ________ aggregate principal amount of [Title of Warrant Debt
Securities] of Rani Therapeutics Holdings, Inc. to which the within Warrant relates and appoints ____________________ attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises. 

 

									
	Dated:	 	  
	 		 	Name:	 	  

		 		 		 		 	Signature

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant) 

Signature GuaranteedExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of August 1st, 2022 (the “Effective Date”), between AMICUS THERAPEUTICS, INC., a Delaware corporation
having an office at 3675 Market Street, Philadelphia, PA 19104 (the “Company”), and Bradley Campbell, an individual
residing at [...], (“Employee”) (together, the “parties”).

 

WHEREAS, the Company wishes to continue
to employ Employee, and Employee wishes to continue to be employed by Company, on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual
covenants contained herein, and for other good and valuable consideration, the sufficiency and receipt whereof is hereby acknowledged,
the parties agree as follows:

 

Section 1.               
Definitions. Unless otherwise defined herein, the following terms shall have the following respective meanings:

 

“Accrued Amounts” means, as of
the termination of Employee’s employment: (a) the total of any expenses properly incurred by Employee under Section 3.4(b)
that have not previously been reimbursed as of the effective date of the termination; (b) the sum of Employee’s accrued, but
unused, vacation time, if any, as of the effective date of the termination; and (c) any accrued and unpaid Base Salary through and including
the effective date of Employee’s termination.

 

“Affiliate” shall mean any other
company, directly or indirectly, controlling, controlled by or under common control with the Company.

 

“Cause” means
Employee’s: (i) willful or deliberate misconduct that has or could reasonably be expected to have a materially adverse
impact on the reputation or business of the Company (or an Affiliate), or that results in gain or personal enrichment of Employee to
the detriment of the Company (or an Affiliate); (ii) violation of Company policy including, but not limited to, policies
prohibiting harassment and other workplace misconduct, and policies governing corporate compliance; (iii) misappropriation of the
funds or assets of the Company (or an Affiliate); (iv) conviction, plea of guilty, admission to facts sufficient for a finding of
guilt, or plea of no contest (or nolo contendere) to: (a) any felony, or (b) any misdemeanor involving fraud, theft, dishonesty,
wrongful taking of property, embezzlement, bribery, forgery or extortion; (v) material breach of this Agreement; (vi) material
breach of the Confidentiality, Non-Disclosure and Non-Competition Agreement attached as Exhibit A; (vii) breach of
Employee’s duty of loyalty to the Company; (viii) disqualification, bar or suspension by any governmental authority from
performing any of the duties contemplated by this Agreement; (ix) material failure to perform Employee’s duties or
obligations hereunder (other than as a result of being Unable to Work); or (x) willful failure to adhere to or carry out lawful
duties or directives of the Company’s Board of Directors (“Board”). Notwithstanding anything to the
contrary herein, the Company shall not be deemed to have terminated Employee for Cause for the events described above in subsections
(ix) or (x) unless the Board has determined that such events are amenable to cure and given Employee written notice of the
occurrence of the claimed event(s) constituting Cause and Employee has failed to cure such event(s) within fourteen (14) calendar
days after Employee’s receipt of such notice (or such other period as may be deemed reasonable by the Board under the
circumstances and communicated to Employee). The other events described above are not subject to an opportunity to cure but the
Company may, in its sole discretion, conduct an investigation into those events and provide the employee a full opportunity to
participate.

 

     

     

    

 

“Change in Control Event” means
any of the following: (i) when any person or entity who is not currently a stockholder of the Company (as of the date of this Agreement)
becomes the beneficial owner of greater than 50% of the then-outstanding voting power of the Company; (ii) when a merger or consolidation
with another entity occurs that causes the voting securities of the Company outstanding immediately before the transaction to constitute
less than a majority of the voting power of the voting securities of the Company or the surviving entity outstanding immediately after
the transaction; or (iii) when a sale or disposition of all or substantially all of the Company’s assets occurs. Notwithstanding
the foregoing, no event shall be deemed to be a Change in Control Event unless such event would also be a Change in Control under Section
409A and the rules and regulations promulgated thereunder (collectively, “Section 409”) of the Internal Revenue Code
of 1986, as amended (the “Code”) or would otherwise be a permitted distribution event under Section 409A.

 

“Change in Control Severance Benefits”
means: (i) payment of an amount equal to two (2) times Employee’s then current Base Salary, payable in installments over twenty-four
(24) months, commencing within sixty (60) calendar days after the resignation or termination (collectively, “termination’)
of Employee’s employment with the Company, in accordance with the Company’s customary payroll practices for its senior management
personnel; (ii) payment of an amount equal to 200% of the target Bonus for the calendar year in which such termination occurs (such amount
being payable in a lump sum), payable within seventy five (75) calendar days following such termination ; (iii) the accelerated vesting
of stock options held by Employee immediately prior to such termination (“Options”), such that all Options will become
vested as of the date of Employee’s termination; (iv) the accelerated vesting of restricted stock grants held by Employee immediately
prior to such termination (“Grants”), such that all Grants will become vested as of the date of Employee’s termination;
(v) the accelerated vesting of performance restricted stock units held by Employee immediately prior to such termination at the applicable
performance targets or such greater amounts as determined by the Board of Directors in their sole discretion; and (vi) in the event that
Employee is enrolled in any of the Company’s group health benefits plans as of the effective date of Employee’s termination,
then Employee and Employee’s eligible dependents, if any, shall remain eligible to continue their participation in such plans for
a period of twenty-four (24) months after Employee’s date of termination, subject to the eligibility and other terms and conditions
of such plans, except that the Company will pay the full premiums otherwise payable for such coverage during such 24 month period. Notwithstanding
any other provision of this Agreement, Employee’s receipt of Change in Control Severance Benefits is conditioned on Employee’s
execution and delivery to the Company of a separation agreement (that Employee does not revoke) containing a general release, the form
and substance of which are acceptable to the Company.

 

Employee’s
Initials _____/s/ BC______

 

    -2-

     

    

 

“Good Reason” means the occurrence
of one or both of the following events without Employee’s consent: (i) the Company’s material diminution of Employee’s
authority, duties, or responsibilities as set forth in this Agreement; or (ii) the Company’s change in the principal geographic
location at which Employee provides services to the Company to a location more than thirty (30) miles from Employee’s assigned primary
office location, unless such relocation is only temporary, for a reasonable period of time, or unless such relocation merely constitutes
travel reasonably required in connection with the performance of Employee’s duties. Notwithstanding anything to the contrary herein,
Employee shall not be deemed to have resigned for Good Reason unless: (a) Employee had provided to the Company written notice within thirty
(30) calendar days of the occurrence of the claimed event(s) constituting Good Reason, specifying in detail the basis for such Good Reason;
(b) the Company fails to cure the Good Reason within thirty (30) calendar days after its receipt of such notice, and (c) Employee terminates
employment within sixty (60) calendar days after providing notice to Company of the claimed event(s) constituting Good Reason.

 

“Severance Benefits” means (i)
payment of an amount equal to Employee’s then current Base Salary, payable in installments over eighteen (18) months, commencing
within sixty (60) calendar days of the termination of Employee’s employment with the Company, in accordance with the Company’s
customary payroll practices then in effect for its senior management personnel; (ii) payment of a bonus equal to 150% of the target Bonus
for the calendar year in which such termination occurs pro-rated for the number of days actually worked in the year of termination, payable
within seventy five (75) calendar days following such termination; (iii) the accelerated vesting of the Options, such that the portion
of the Options that was otherwise scheduled to vest during the eighteen (18) month period immediately following such termination
(had Employee remained employed with the Company for that period) will become vested as of the date of Employee’s termination; (iv)
the accelerated vesting of RSUs, such that the portion of RSUs that was otherwise scheduled to vest during the eighteen (18) month period
immediately following such termination (had Employee remained employed with the Company for that period) will become vested as of the
date of Employee’s termination; (v) the accelerated vesting of PRSUs, such that the portion of PRSUs that was otherwise scheduled
to vest during the eighteen (18) month period immediately following such termination (had Employee remained employed with the Company
for that period) will become vested as of the date of Employee’s termination; and (vi) in the event that Employee is enrolled in
any of the Company’s group health benefits plans as of the effective date of Employee’s termination, then Employee and Employee’s
eligible dependents, if any, shall remain eligible to continue their participation in such plans for a period of eighteen (18) months
after Employee’s date of termination, subject to the eligibility and other terms and conditions of such plans, except that the Company
will pay the full premiums otherwise payable for such coverage during such 18 month period. Notwithstanding any other provision of this
Agreement, Employee’s receipt of Severance Benefits is conditioned on Employee’s execution and delivery to the Company of
a separation agreement (that Employee does not revoke) containing a general release, the form and substance of which are acceptable to
the Company.

 

“Unable to Work” means the
determination by the Company, following an interactive process, that Employee has become physically or mentally incapable of
performing Employee’s essential job functions, with or without a reasonable accommodation, following any period during which
such status would be protected under applicable law.

 

Employee’s Initials _____/s/ BC______

 

    -3-

     

    

 

Section 2.               
Employment.

 

2.1.           
Duties and Responsibilities. Subject to the terms and conditions of this Agreement, Employee will be employed by the Company
as President and Chief Executive Officer or in such other position as may be mutually agreed upon by the parties. A Job Description setting
forth Employee’s duties and responsibilities is attached as Exhibit C. Employee accepts such employment, and agrees to perform all
of the duties and accept all of the responsibilities accompanying such position. Employee agrees to serve the Company faithfully and to
the best of Employee’s abilities, and to devote all of Employee’s business time, skill and attention to such service. Employee
is to be based from a home office and is expected to be available for meetings on a regular basis, upon request by the Company, at the
Company’s New Jersey, and Philadelphia, Pennsylvania, locations or such other Company locations as needed including, but not limited
to, the Company’s international offices.

 

2.2.           
Full Time and Attention. Employee shall devote Employee’s full business time and best efforts to the performance of
Employee’s duties and to the furtherance of the Company’s interests. During Employee’s employment with the Company,
Employee may not hold another position of employment, or be retained as a consultant, or engage in any other business activity (whether
full-time or part-time, whether or not for compensation), unless the Company gives Employee prior written permission to do so. Notwithstanding
anything stated in this provision to the contrary, Employee is permitted to engage in charitable activities, as long as they do not interfere
with Employee’s employment obligations to the Company.

 

2.3.           
Company Policies. During Employee’s employment with the Company, Employee will be subject to all applicable employment
and other policies of the Company, as outlined in the Amicus Employee Handbook and as otherwise published by the Company in writing.

 

Section 3.               
Compensation and Benefits.

 

3.1.           
Base Salary. During Employee’s employment, the Company shall pay Employee a salary at the gross annual rate of $ 625,000
(less applicable withholding) or such greater amount as the Board or a committee thereof may from time to time establish pursuant to the
terms hereof (the “Base Salary”). Such Base Salary shall be reviewed annually and may be increased, but not decreased,
by the Board or a committee thereof in its sole discretion. The Base Salary shall be payable in accordance with the Company’s customary
payroll practices for its senior management personnel.

 

3.2.            Bonus.
During Employee’s employment, Employee shall be eligible to participate in the Company’s bonus programs as may be in
effect with respect to senior management personnel. Employee shall be eligible to earn an annual target bonus of 100% of the Base
Salary in cash (the “Bonus”) such actual amount determined by the Company Compensation Committee in its absolute
discretion and at 60% of base salary; provided, however, that notwithstanding anything to the contrary herein or in any bonus
program, Employee must be employed by the Company as of December 31 of the applicable calendar year, in order to be eligible to earn
a Bonus for such calendar year. Any Bonus payment to which Employee becomes entitled hereunder shall be paid to Employee in a lump
sum (less applicable withholding) on or before the 15th day of the third month following the end of the calendar year in
which the Bonus was earned.

 

Employee’s Initials _____/s/ BC______

 

    -4-

     

    

 

3.3.           
Equity. Subject to the terms and conditions of the Company’s Amended and Restated 2007 Equity Incentive Plan and such
other equity plans as the Company may adopt from time to time including, but not limited to, an Employee Stock Purchase Plan, during Employee’s
employment with the Company, Employee will be eligible to receive stock options, Restricted Stock Units and Performance Restricted Stock
Units pursuant to any Award Agreement (as that term is defined in the Company’s Equity Incentive Plan) between Employee and the
Company. Unless otherwise provided in this Agreement, the terms and conditions of the applicable equity plan will govern all equity grants
to Employee (including vesting of options and units), including with regard to the impact of the end of Employee’s employment on
such equity grants.

 

3.4.           
Benefits.

 

(a)              
Benefit Plans. During Employee’s employment, Employee may participate in any benefit plans (including health and medical
insurance) as may be in effect with respect to senior management personnel of the Company, including any equity plan, subject to the eligibility
and contribution requirements, enrollment criteria and other terms and conditions of such plans. The Company reserves the right to modify,
amend and eliminate any such plans, in its sole and absolute discretion.

 

(b)              
Reimbursement of Expenses. During Employee’s employment, the Company shall pay or promptly reimburse Employee, upon
submission of proper invoices or other documentation in accordance with the Company’s policies and procedures, for all reasonable
out-of-pocket business, entertainment and travel expenses incurred by Employee in the performance of Employee’s duties. Any taxable
reimbursement of business or other expenses as specified under this Agreement shall be subject to the following conditions: (i) the
expenses eligible for reimbursement in one taxable year shall not affect the expenses eligible for reimbursement in any other taxable
year; (ii) the reimbursement of an eligible expense shall be made no later than the end of the calendar year after the year in which
such expense was incurred; and (iii) the right to reimbursement shall not be subject to liquidation or exchange for another benefit.

 

(c)              
Vacation. During Employee’s employment, Employee shall be entitled to vacation in accordance with the policies of
the Company applicable to senior management personnel as may be in effect from time to time.

 

(d)              
Withholding. The Company shall withhold from all amounts payable or benefits accorded to Employee all federal, state and
local income, employment and other taxes, as and in such amounts as may be required by applicable law.

 

Employee’s
Initials _____ /s/ BC______

 

    -5-

     

    

 

Section 4.              
Duration of Employment. Employee’s employment with the Company shall begin on the Effective Date and continue until Employee’s
employment is terminated by either Employee or the Company. At all times, Employee’s employment with the Company shall be “at-will,”
meaning that either Employee or the Company may terminate the employment at any time, for no reason or any lawful reason.

 

Section 5.               
Termination; Severance Benefits.

 

5.1.           
Notice of Termination. Any termination of Employee’s employment by the Company or by Employee (other than on account
of death) shall be communicated to the other party by written notice that indicates the specific termination provision in this Agreement
relied upon. Except as otherwise expressly provided in this Agreement or the notice, the termination shall take effect immediately. The
parties agree that the notice requirements set forth in this Agreement do not alter the “at will” nature of Employee’s
employment, as described in Section 4.

 

5.2.           
Generally. Upon termination of Employee’s employment for any reason, Employee shall be deemed simultaneously to have
resigned as a member of the Board, if applicable, and from any other position or office Employee may at the time hold with the Company
or any of its Affiliates. Employee agrees to cooperate with the Company by signing any necessary documents and taking any other steps
necessary to effectuate Employee’s resignation from the Board, if applicable, and from any other position or office Employee may
hold with the Company or any of its Affiliates. In addition, upon termination of Employee’s employment for any reason, the Company
shall pay Employee the Accrued Amounts. The Accrued Amounts will be paid within the time required by applicable law. The impact of the
termination of Employee’s employment on the Employee’s participation in the Company’s health plans is addressed in Section
5.3 and Section 5.4.

 

5.3.           
Termination by Employee.

 

(a)              
Resignation Independent of a Change in Control Event. If Employee resigns and a Change in Control Event has not occurred
in the prior 12 months, then (irrespective of whether the resignation was with or without Good Reason): (i) Employee shall receive
no further compensation or remuneration of any kind other than the Accrued Amounts; and (ii) at the end of the month in which the
resignation takes effect, Employee shall cease to be covered under or permitted to participate in or receive any of the benefits described
in Section 3.4, except that, if Employee is enrolled and participating in the Company’s health benefit plans at the time
of termination, the Company will allow Employee to continue as a member of those plans at Employee’s expense in accordance with
the terms of those plans and the Consolidated Omnibus Budget Reconciliation Act (COBRA) for the legally required benefit continuation
period.

 

(b)               Good
Reason Resignation Within 12 Months of a Change in Control Event. If Employee resigns for Good Reason within twelve
(12) months after a Change in Control Event, Employee will be entitled to receive, in addition to the Accrued Amounts, Change
in Control Severance Benefits. All payments and benefits under this section, except for the Accrued Amounts, shall: (1) require
Employee to execute and return (and not revoke) a separation agreement containing a general release, the form and substance of which
are acceptable to the Company; and (2) be subject to Section 5.6 and Section 5.7(b).

 

Employee’s Initials _____/s/ BC______

 

    -6-

     

    

 

5.4.           
Termination by the Company.

 

(a)              
Without Cause Within 12 Months After a Change in Control Event. If the Company terminates Employee’s employment without
Cause within 12 months after a Change in Control Event, then in lieu of any other payments, rights or benefits under Section 5.4(a),
Employee will be entitled to receive Change in Control Severance Benefits in addition to the Accrued Amounts. All payments and benefits
under this section, except for the Accrued Amounts, shall: (1) require Employee to execute and return (and not revoke) a separation
agreement containing a general release, the form and substance of which are acceptable to the Company; and (2) be subject to Section 5.6
and Section 5.7(b).

 

(b)              
Without Cause Not Within 12 Months After a Change in Control Event. If the Company terminates Employee’s employment
without Cause (other than within 12 months after a Change in Control Event), then Employee will be entitled to receive Severance Benefits
in addition to the Accrued Amounts. All payments and benefits under this section, except for the Accrued Amounts, shall: (1) require
Employee to execute and return (and not revoke) a separation agreement containing a general release, the form and substance of which are
acceptable to the Company; and (2) be subject to Section 5.6 and Section 5.7(b).

 

(c)              
For Cause. If the Company terminates Employee’s employment for Cause at any time, Employee shall: (i) receive
no further compensation or remuneration of any kind (including any Base Salary or Bonus hereunder) other than the Accrued Amounts; and
(ii) at the end of the month in which the termination takes effect, cease to be covered under or be permitted to participate in or
receive any of the benefits described in Section 3.4, except that, if Employee is enrolled and participating in the Company’s
health benefit plans at the time of termination, the Company will allow Employee to continue as a member of those plans at Employee’s
expense in accordance with the terms of those plans and the Consolidated Omnibus Budget Reconciliation Act (COBRA) for the legally required
benefit continuation period.

 

5.5.           
Termination upon Death or Inability to Work.

 

(a)              
Death. Employee’s employment shall terminate immediately upon Employee’s death. In the event of Employee’s
death during the course of Employee’s employment with the Company, the Company will pay the Employee’s estate the Accrued
Amounts.

 

(b)               Inability
to Work. Except as otherwise provided by applicable law, the Company may terminate Employee’s employment in the event
Employee is Unable to Work. In the event of Employee’s death or termination by the Company due to Employee being Unable to
Work, Employee shall receive: (a) the Accrued Amounts, and (b) in the event that Employee is enrolled in any of the Company’s
group health benefits plans as of the effective date of Employee’s termination, then Employee and Employee’s eligible
dependents, if any, shall remain eligible to continue their participation in such plans for a period of twelve (12) months after
Employee’s date of termination, subject to the eligibility and other terms and conditions of such plans, except that the
Company will pay the full premiums otherwise payable for such coverage during such 12 month period.

 

Employee’s Initials _____/s/ BC______

 

    -7-

     

    

 

5.6.           
General Release and Compliance Required. Employee’s receipt of any right, payment or benefit under Section 5.3(b)
or Section 5.4(a) or Section 5.4(b) is subject to and conditioned upon: (a) Employee’s execution and delivery
to the Company of a separation agreement (that Employee does not revoke) containing a general release, the form and substance of which
are acceptable to the Company; and (b) Employee’s reaffirmation of and continuing compliance with Employee’s contractual and
legal obligations to the Company, as expressly set forth in the Confidentiality, Non-Disclosure and Non-Competition
Agreement attached as Exhibit A.

 

5.7.       Section 409A.

 

(a)              
Purpose. This section is intended to help ensure that compensation paid or delivered to Employee pursuant to this Agreement
is paid in compliance with, or is exempt from, Section 409A of the Code. However, the Company does not warrant to Employee that all
compensation paid or delivered to Employee for Employee’s services will be exempt from, or paid in compliance with, Section 409A.

 

(b)              
Amounts Payable On Account of Termination. For the purposes of determining when amounts otherwise payable on account of
Employee’s termination of employment under this Agreement will be paid, which amounts become due because of Employee’s termination
of employment, “termination of employment” or words of similar import, as used in this Agreement, shall be construed as the
date that Employee first incurs a “separation from service” for purposes of Section 409A on or following termination
of employment. Furthermore, if Employee is a “specified employee” of a public company as determined pursuant to Section 409A
as of Employee’s termination of employment, any amounts payable on account of Employee’s termination of employment that constitute
deferred compensation within the meaning of Section 409A and that are otherwise payable during the first six months following Employee’s
termination (or prior to Employee’s death after termination) shall be paid to Employee in a cash lump-sum on the earlier of: (i) the
date of Employee’s death; or (ii) the first business day of the seventh calendar month immediately following the month in which
Employee’s termination occurs.

 

(c)              
Series of Payments. Any right to a series of installment payments shall be treated as a right to a series of separate payments
for purposes of Section 409A.

 

(d)               Short-Term
Deferral and Separation Pay Exemptions. Any amounts payable to Employee under this Agreement that meet the requirements for the
 “short-term deferral” exemption of Treasury Regulation Section 1.409A-1(b)(4) shall be exempt from Section 409A pursuant
to that Regulation, and any amounts payable to Employee under this Agreement that meet the requirements for the “involuntary
termination separation pay” exemption of Treasury Regulation Section 1.409A-1(b)(9)(iii) shall be exempt from Section 409A
pursuant to that Regulation (the short-term deferral and the involuntary termination separation pay exemptions may be
 “stacked”). In no event may Employee directly or indirectly designate the calendar year of any payment under this
Agreement. To the extent that amounts payable under this Agreement do not meet the requirements for the short-term deferral
exemption or the involuntary termination separation pay exemption, this Agreement shall be interpreted as satisfying the
requirements of Section 409A for specifying the time and form of payment.

 

Employee’s Initials _____/s/ BC______

 

    -8-

     

    

 

5.7.           
Participation in Other Severance Plans. Employee agrees and acknowledges that Employee shall not be eligible to participate
in or have any right to compensation or benefits pursuant to the Company’s Change in Control Severance Plan (or any successor plan
thereto) or any other Severance Plan issued by the Company.

 

5.8.           
Exclusivity. In the event Employee’s employment is terminated for any reason, Employee (and Employee’s eligible
dependents, if any) shall not be entitled to any payments or benefits from the Company or any of its Affiliates except as specifically
set forth in this Section 5.

 

Section 6.               
Federal Excise Tax.

 

6.1.           
General Rule. Employee’s payments and benefits under this Agreement and all other arrangements or programs related
thereto shall not, in the aggregate, exceed the maximum amount that may be paid to Employee without triggering golden parachute penalties
under Section 280G of the Code, and the provisions related thereto with respect to such payments. If Employee’s benefits must
be cut back to avoid triggering such penalties, to the extent permitted by applicable law and not a violation of Sections 280G or 409A
of the Code, Employee shall be entitled to make a written election for the order in which payments will be reduced.  If Employee
does not make a written election, such reduction shall be made in the following order: (i) first, any future cash payments (if any) shall
be reduced (if necessary, to zero); (ii) second, any current cash payments shall be reduced (if necessary, to zero); (iii) third, all
non-cash payments (other than equity or equity derivative related payments) shall be reduced (if necessary, to zero); and (iv) fourth,
all equity or equity derivative payments shall be reduced. If an amount in excess of the limit set forth in this Section is paid to Employee,
Employee must repay the excess amount to the Company upon demand, with interest at the rate provided in Section 1274(b)(2)(B) of
the Code. Employee and the Company agree to cooperate with each other reasonably in connection with any administrative or judicial proceedings
concerning the existence or amount of golden parachute penalties on payments or benefits Employee receives.

 

6.2.           
Exception. Section 6.1 shall apply only if it increases the net amount Employee would realize from payments and benefits
subject to Section 6.1 after payment of income and excise taxes by Employee on such payments and benefits.

 

6.3.           
Determinations. The determination of whether the golden parachute penalties under Section 280G of the Code and the
provisions related thereto shall be made by counsel chosen by Employee and reasonably acceptable to the Company. All other determinations
needed to apply this Section 6 shall be made in good faith by the Company’s independent auditors.

 

Employee’s
Initials _____/s/ BC______

 

    -9-

     

    

 

Section 7.               
Company Computers, Property and Records. Employee agrees to handle all Company property in accordance with the Company’s
policies and procedures. Employee’s authorization to access the Company’s computer systems is limited and use of such systems
to compete or prepare to compete with the Company constitutes unauthorized access that is strictly prohibited. All records received or
created by Employee in the course of employment related to the Company’s business (such as but not limited to, email, notes, files,
contact lists, agendas, drawings, maps, specifications, and calendars) are the property of the Company.

 

Section 8.               
Resolution of Disputes. Employee and the Company hereby agree that, except for disputes regarding alleged or anticipated
violations of the Confidentiality, Non-Disclosure and Non-Competition Agreement attached as Exhibit A,
any and all disputes between them shall be resolved solely in accordance with the Mutual Agreement to Arbitrate Disputes on an Individual
Basis attached as Exhibit B and, to the greatest extent permitted by law, Employee and the Company expressly waive their respective
right to a trial by jury for any and all such disputes between them.

 

Section 9.               
General.

 

9.1.           
No Conflict. Employee represents and warrants that Employee has not entered, nor will Employee enter, into any other agreements
that restrict Employee’s ability to fulfill Employee’s obligations under this Agreement.

 

9.2.           
Governing Law. This Agreement shall be construed, interpreted and governed by the laws of the state of Employee’s
assigned primary office location during the last six months of Employee’s employment with the Company, without regard to the conflicts
of law principles.

 

9.3.           
Binding Effect. This Agreement shall extend to and be binding upon Employee, Employee’s legal representatives, heirs
and distributees and upon the Company, its successors and assigns regardless of any change in the business structure of the Company.

 

9.4.           
Assignment. The Company’s rights and obligations under this Agreement, including the restrictions in the Confidentiality,
Non-Disclosure and Non-Competition Agreement attached as Exhibit A, shall automatically transfer with any sale, transfer or other
disposition of all or substantially all of its assets, stock or business. Employee consents to that transfer. Employee may not assign
any rights or obligations under this Agreement without the Company’s prior written consent.

 

9.5.            Entire
Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and supersedes
all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with
respect thereto, including all Employee’s prior Agreements, except this Agreement does not supersede the
Confidentiality, Non-Disclosure and Non-Competition Agreement attached as Exhibit A or the Mutual Agreement to Arbitrate Disputes on
an Individual Basis attached as Exhibit B. Nor does this Agreement supersede any Award Agreement (as that term is defined in the
Company’s Equity Incentive Plan) between Employee and the Company. No waiver, modification or change of any provision of this
Agreement shall be valid unless in writing and signed by both parties.

 

Employee’s
Initials _____/s/ BC______

 

    -10-

     

    

 

9.6.           
Waiver. The waiver of any breach of any duty, term or condition of this Agreement shall not be deemed to constitute a waiver
of any preceding or succeeding breach of the same or any other duty, term or condition of this Agreement.

 

9.7.           
Severability. If any provision of this Agreement shall be unenforceable in any jurisdiction in accordance with its terms,
the provision shall be enforceable to the fullest extent permitted in that jurisdiction and shall continue to be enforceable in accordance
with its terms in any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein shall
not be affected thereby.

 

9.8.           
Notices. All notices pursuant to this Agreement shall be in writing and shall be sent by prepaid certified mail, return
receipt requested or by recognized air courier service addressed as follows:

 

	(i)	If to the Company to:
	 
	 	Amicus Therapeutics, Inc.
 3675 Market Street
 Philadelphia, PA 19104
	 
	 	c/o Chief Legal Officer
	 
	(ii)	If to Employee to:
	 
	 	Bradley Campbell
 at the address identified herein or in Employee’s personnel records,

 

or to such other addresses as may hereinafter be specified by notice
in writing by either of the parties, and shall be deemed given three (3) business days after the date so mailed or sent.

 

9.9.           
Compliance. If reasonably requested in writing, Employee agrees within fifteen (15) business days to provide the Company
with an executed IRS Form 4669 (Statement of Payments Received) with respect to any taxable amount paid to Employee by the Company.

 

9.10.       
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
shall together constitute one and the same agreement.

 

9.11.        Knowing
and Voluntary Nature of Agreement. Employee acknowledges and agrees that Employee is executing this Agreement knowingly and
voluntarily and without any duress or undue influence by the Company or anyone else. Employee further acknowledges and agrees that
Employee has carefully read this Agreement and fully understands it. Employee further agrees that Employee has been provided an
opportunity to seek, and has received, the advice of an attorney of Employee’s choice (at Employee’s expense) before
signing this Agreement.

 

[Signature Page Follows]

 

Employee’s
Initials _____/s/ BC______

 

    -11-

     

    

 

IN WITNESS WHEREOF, the parties have executed this Agreement on the
date first above written.

 

	 	/s/ Bradley Campbell
	 	Bradley Campbell
	 	 
	 	AMICUS THERAPEUTICS, INC.
	 	 
	 	By:	/s/ Michael Raab
	 	Name: Michael Raab
	 	Title: Lead Independent Director

 

Employee’s
Initials _____/s/ BC______

 

    -12-

     

    

  

EXHIBIT A

 

Confidentiality, Non-Disclosure and Non-Competition Agreement

 

     

     

    

 

EXHIBIT B

 

Mutual Agreement to Arbitrate Disputes on an Individual Basis

 

     

     

    

 

EXHIBIT C

 

Job Description

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