Document:

Blueprint

 

Exhibit 10(zzz)

 

 

 

 

SECURITIES PURCHASE AGREEMENT

 

 

 

between

 

 

 

CEL-SCI CORPORATION

 

 

 

and

 

 

 

ERGOMED plc

 

 

dated
as of

 

 

January 1, 2018

 

 

 

 

 

TABLE OF CONTENTS

 

	

ARTICLE I DEFINITIONS

	

3

	

ARTICLE II PURCHASE AND SALE

	

5

	

Section 2.01 Purchase and Sale.

	

5

	

Section 2.02 Transactions Effected at the
Closing.

	

6

	

Section 2.03 Closing.

	

6

	

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

	

6

	

Section 3.01 Organization, Qualification and Authority of the
Company.

	

6

	

Section 3.02 Valid Issuance of Shares.

	

6

	

Section 3.03 No Conflicts; Consents.

	

7

	

Section 3.04 Brokers.

	

7

	

Section 3.05 Offering.

	

7

	

Section 3.06 Reports and Financial Statements; Absence of Certain
Changes.

	

7

	

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF CREDITOR

	

8

	

Section 4.01 Organization and Authority of
Creditor.

	

8

	

Section 4.02 No Conflicts; Consents.

	

8

	

Section 4.03 Restricted Securities.

	

8

	

Section 4.04 Brokers.

	

8

	

ARTICLE V CONDITIONS TO CLOSING

	

8

	

Section 5.01 Conditions to Obligations of All
Parties.

	

8

	

Section 5.02 Conditions to Obligations of
Creditor.

	

9

	

Section 5.03 Conditions to Obligations of the
Company.

	

10

	

ARTICLE VI COVENANTS

	

10

	

Section 6.01 Affirmative Covenants of the
Company.

	

10

	

Section 6.02 Negative Covenant of
Creditor.

	

11

	

Section 6.03 Application of Resale
Proceeds.

	

11

	

Section 6.04 Further Assurances.

	

11

	

ARTICLE VII INDEMNIFICATION

	

11

	

Section 7.01 Survival.

	

11

	

Section 7.02 Indemnification By Company.

	

11

	

Section 7.03 Payments.

	

12

	

Section 7.04 Tax Treatment of Indemnification
Payments.

	

12

	

Section 7.05 Effect of Investigation.

	

12

	

Section 7.06 Exclusive Remedies.

	

12

	

ARTICLE VIII MISCELLANEOUS

	

12

	

Section 8.01 Expenses.

	

12

	

Section 8.02 Notices.

	

12

	

Section 8.03 Interpretation.

	

13

	

Section 8.04 Headings.

	

13

	

Section 8.05 Severability.

	

14

	

Section 8.06 Entire Agreement.

	

14

	

Section 8.07 Successors and Assigns.

	

14

	

Section 8.08 No Third-Party
Beneficiaries.

	

14

	

Section 8.09 Amendment and Modification;
Waiver.

	

14

	

Section 8.10 Governing Law; Submission to Jurisdiction; Waiver of
Jury Trial.

	

15

	

Section 8.11 Counterparts.

	

15

 

 

 

2

 

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this
"Agreement"), dated as of January 1, 2018, is entered into
by and between CEL-SCI Corporation, a Colorado corporation (the
"Company") and Ergomed plc, a public limited company
organized under the laws of England and Wales ("Creditor").

 

Recitals

 

WHEREAS, the Company has authorized the issuance
by the Company of up to 660,000 shares (the "Shares") of the Company’s Common Stock, par value
$0.01 per share (the "Common Stock");

 

WHEREAS, as of the date of this Agreement, the
Company owes Creditor $2,692,774.37, as detailed in
Annex
A (the "Debt"), in connection with a certain co-development
agreement dated as of April 19, 2013, as amended (the
"Co-development
Agreement"), a certain master
services agreement of the same date (the "MSA") and the clinical trial orders making up an
integral part of the MSA (the "CTOs", and together with the Co-development Agreement
and MSA, the "Principal Relationship
Agreements");
and

 

WHEREAS,
the Company wishes to issue the Shares to Creditor in exchange for
Creditor agreeing to provisionally forebear collection of the Debt
and to allow partial satisfaction of the Debt balance in an amount
equal to the Net Proceeds, if any, received by Creditor upon any
resale by Creditor of the Shares, subject to the terms and
conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

The
following terms have the meanings specified or referred to in this
Agreement:

 

"Action" means any claim, action, cause of action,
demand, lawsuit, arbitration, inquiry, audit, notice of violation,
proceeding, litigation, citation, summons, subpoena or
investigation of any nature, civil, criminal, administrative,
regulatory or otherwise, whether at law or in
equity.

 

"Affiliate" of a Person means any other Person that directly
or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person. The
term "control" (including the terms "controlled by" and "under
common control with") means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting
securities, by contract or otherwise .

 

"Agreement" has the meaning set forth in the
preamble.

 

 

3

 

 

"Business Day" means any day except Saturday, Sunday or any
other day on which commercial banks located in London or Colorado
are authorized or required by Law to be closed for
business.

 

"Closing" has the meaning set forth in Section
2.03.

 

"Closing Date" has the meaning set forth in Section
2.03.

 

"Co-development
Agreement" has the meaning set
forth in the recitals.

 

"Common Stock" has the meaning set forth in the
recitals.

 

"Company" has the meaning set forth in the
preamble.

 

"Contracts" means all contracts, leases, deeds, mortgages,
licenses, instruments, notes, loans, commitments, undertakings,
indentures, joint ventures and all other agreements, commitments
and legally binding arrangements, whether written or
oral.

 

"Creditor" has the meaning set forth in the
preamble.

 

"Creditor
Indemnitees" has the meaning
set forth in Section
7.02.

 

"CTOs" has the meaning set forth in the
recitals.

 

"Debt" has the meaning set forth in the
recitals.

 

"Disclosure
Schedules" means the Disclosure
Schedules delivered by the Company and Creditor concurrently with
the execution and delivery of this Agreement.

 

"Dollars or $" means the lawful currency of the United
States.

 

"Encumbrance" means any charge, claim, community property
interest, pledge, condition, equitable interest, lien (statutory or
other), option, security interest, mortgage, easement,
encroachment, right of way, right of first refusal, or restriction
of any kind, including any restriction on use, voting, transfer,
receipt of income or exercise of any other attribute of
ownership.

 

"Exchange Act" has the meaning set forth in Section
3.06.

 

"Governmental
Authority" means any federal,
state, local or foreign government or political subdivision
thereof, or any agency or instrumentality of such government or
political subdivision, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of
such organization or authority have the force of Law), or any
arbitrator, court or tribunal of competent
jurisdiction.

 

"Governmental
Order" means any order, writ,
judgment, injunction, decree, stipulation, determination or award
entered by or with any Governmental Authority.

 

"Law" means any statute, law, ordinance, regulation,
rule, code, order, constitution, treaty, common law, judgment,
decree, other requirement or rule of law of any Governmental
Authority.

 

 

4

 

 

"Losses" means losses, damages, liabilities,
deficiencies, Actions, judgments, interest, awards, penalties,
fines, costs or expenses of whatever kind, including reasonable
attorneys' fees and the cost of enforcing any right to
indemnification hereunder and the cost of pursuing any insurance
providers; provided, that "Losses" shall not include punitive damages, except in
the case of fraud or to the extent actually awarded to a
Governmental Authority or other third party.

 

"Material Adverse
Effect" means any event,
occurrence, fact, condition or change that is, or could reasonably
be expected to become, individually or in the aggregate, materially
adverse to the business, results of operations, prospects,
condition (financial or otherwise) or assets of the
Company.

 

"MSA" has the meaning set forth in the
recitals.

 

"Net Proceeds" means proceeds in cash, checks or wire
transfers, as and when received by Creditor upon the sale of any
Shares, net of out-of-pocket fees, costs and expenses paid or
payable by Creditor as a result of or relating to the sale of the
Shares (including brokers’ fees, commissions or discounts and
other transaction fees incurred in connection with such
sale).

 

"Permits" means all permits, licenses, franchises,
approvals, authorizations, registrations, certificates, variances
and similar rights obtained, or required to be obtained, from
Governmental Authorities.

 

"Person" means an individual, corporation, partnership,
joint venture, limited liability company, Governmental Authority,
unincorporated organization, trust, association or other
entity.

 

"Registration
Statement" has the meaning set
forth in Section 6.01(c).

 

"Representative"
means, with respect to any Person, any and all directors, officers,
employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

"SEC" has the meaning set forth in Section
3.06.

 

"SEC
Documents" has the meaning set
forth in Section 3.06.

 

"Securities
Act" has the meaning set forth
in Section 3.05.

 

"Shares" has the meaning set forth in the
recitals.

 

ARTICLE II

PURCHASE AND
SALE

 

Section
2.01         
Purchase and
Sale. Subject to the terms and
conditions set forth herein, at the Closing, the Company shall
issue 660,000 Shares to Creditor in exchange for Creditor agreeing
to provisionally forbear collection of the Debt and to allow
partial satisfaction of the Debt balance in an amount equal to the
Net Proceeds, if any, from any resales of Shares, subject to
Section 6.01(c) and Section 6.03.

 

 

 

5

 

 

Section
2.02         
Transactions
Effected at the Closing. 

 

(a)           At
the Closing, Creditor shall deliver to the
Company:

 

(i)        
all documents, instruments or
certificates required to be delivered by Creditor at or prior to
the Closing pursuant to Section 5.03
of this Agreement.

 

(b)           At
the Closing, the Company shall deliver to
Creditor:

 

(i)           stock
certificates evidencing the Shares; and

 

(ii)         
all agreements, documents, instruments
or certificates required to be delivered by the Company at or prior
to the Closing pursuant to Section 5.02
of this Agreement.

 

Section
2.03        Closing. Subject to the terms and conditions of this
Agreement, the purchase and sale of the Shares contemplated hereby
shall take place at a closing (the "Closing") remotely by electronic mail, or at such other
time or on such other date or at such other place or by such other
method as the Company and Creditor may mutually agree upon orally
or in writing (the day on which the Closing takes place, the
"Closing
Date"). If the Closing does not
take place prior to February 28, 2018, either party may terminate
this Agreement by written notice to the other
party.

 

ARTICLE III

REPRESENTATIONS AND
WARRANTIES OF THE COMPANY

 

The Company represents and warrants to Creditor
that the statements contained in this ARTICLE III
are true and correct as of the date
hereof.

 

Section
3.01       Organization, Qualification and
Authority of the Company. The
Company is a corporation duly organized, validly existing and in
good standing under the Laws of the state of Colorado and has full
corporate power and authority to (a) enter into this Agreement, to
carry out its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery by the
Company of this Agreement, the performance by the Company of its
obligations hereunder and the consummation by the Company of the
transactions contemplated hereby have been duly authorized by all
requisite corporate action on the part of the Company. This
Agreement has been duly executed and delivered by the Company, and
(assuming due authorization, execution and delivery by Creditor)
this Agreement constitutes a legal, valid and binding obligation of
the Company enforceable against the Company in accordance with its
terms.

 

Section
3.02       Valid Issuance of
Shares. The Shares, when
issued, sold and delivered in accordance with the terms of this
Agreement for the consideration expressed herein, will be duly and
validly issued, fully paid, and non-assessable, and will be free of
any Encumbrances or restrictions on transfer other than
restrictions on transfer under this Agreement or under applicable
securities laws or Encumbrances created or imposed by
Creditor.

 

 

 

6

 

 

Section
3.03        No Conflicts; Consents.
The execution, delivery and
performance by the Company of this Agreement, and the consummation
of the transactions contemplated hereby, do not and will not: (a)
conflict with or result in a violation or breach of, or default
under, any provision of the certificate of incorporation, by-laws
or other organizational documents of the Company; (b) conflict with
or result in a violation or breach of any provision of any Law or
Governmental Order applicable to the Company; (c) except as set
forth in Section 3.03
of the Disclosure Schedules, require
the consent or waiver of, notice to or other action by any Person
under, give rise to any rights under, conflict with, result in a
violation or breach of, constitute a default or an event that, with
or without notice or lapse of time or both, would constitute a
default under, result in the acceleration of or create in any party
the right to accelerate, terminate, modify or cancel any Contract
to which the Company is a party or by which the Company is bound or
to which any of its properties and assets are subject or any Permit
affecting the properties, assets or business of the Company
(including without limitation any Contract with respect to any
outstanding rights of first refusal, rights of first offer,
pre-emptive rights, anti-dilution rights ,redemption or repurchase
rights or registration rights); or (d) result in the creation or
imposition of any Encumbrance on any properties or assets of the
Company. Except as set forth in Section 3.03
of the Disclosure Schedules, no
consent, approval, Permit, Governmental Order, declaration or
filing with, or notice to, any Governmental Authority is required
by or with respect to the Company in connection with the execution
and delivery of this Agreement and the consummation of the
transactions contemplated hereby.

 

Section
3.04        
Brokers.
No broker, finder or investment banker
is entitled to any brokerage, finder's or other fee or commission
in connection with the transactions contemplated by this Agreement
based upon arrangements made by or on behalf of the
Company.

 

Section
3.05       Offering. Subject in part to the truth and accuracy of
Creditor’s representations set forth in Article IV of this
Agreement, the offer, sale and issuance of the Shares are exempt
from the registration requirements of the Securities Act of 1933,
as amended (the "Securities
Act"), and will not result in a
violation of the qualification or registration requirements of any
applicable securities laws of any U.S. state or any jurisdiction
outside the U.S., and neither the Company nor any authorized agent
acting on its behalf will take any action hereafter that would
cause the loss of such exemption.

 

Section
3.06       Reports and Financial
Statements; Absence of Certain Changes. The Company has filed all reports, schedules,
forms, statements and other documents required to be filed by the
Company with the Securities and Exchange Commission (the
"SEC") pursuant to the Securities Act and the
reporting requirements of the Securities Exchange Act of 1934, as
amended (the "Exchange Act") (such documents, together with any documents
otherwise filed by the Company with the SEC, the
"SEC
Documents"), and has previously
furnished or made available to Creditor true and complete copies of
such SEC Documents and shall promptly deliver or make available to
Creditor any SEC Documents filed between the date hereof and the
Closing Date. None of such SEC Documents, as of their respective
dates (and as amended through the date hereof), contained or, with
respect to SEC Documents filed after the date hereof, will contain
any untrue statement of material fact or omit to state a material
fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they
were made, not misleading. Since_December 29, 2017, there has been
no event that would have a Material Adverse Effect, except as
disclosed in Section 3.06 of the Disclosure Schedules and in the
SEC Documents.

 

 

 

7

 

 

ARTICLE IV

REPRESENTATIONS AND
WARRANTIES OF CREDITOR

 

Creditor represents and warrants to the Company
that the statements contained in this ARTICLE IV
are true and correct as of the date
hereof.

 

Section
4.01         Organization and Authority of
Creditor. Creditor is a public
limited company properly organized under the Laws of England and
Wales. Creditor has all requisite power and authority to enter into
this Agreement, to carry out its obligations hereunder and to
consummate the transactions contemplated hereby. The execution and
delivery by Creditor of this Agreement, the performance by Creditor
of its obligations hereunder and the consummation by Creditor of
the transactions contemplated hereby have been duly authorized by
all requisite action on the part of Creditor. This Agreement has
been duly executed and delivered by Creditor, and (assuming due
authorization, execution and delivery by the Company) this
Agreement constitutes a legal, valid and binding obligation of
Creditor enforceable against Creditor in accordance with its
terms.

 

Section
4.02      No Conflicts; Consents.
The execution, delivery and
performance by Creditor of this Agreement, and the consummation of
the transactions contemplated hereby, do not and will not: (a)
conflict with or result in a violation or breach of, or default
under, any provision of the constitutional or other organizational
documents of Creditor; (b) conflict with or result in a violation
or breach of any provision of any Law or Governmental Order
applicable to Creditor; or (c) require the consent, notice or other
action by any Person under any Contract to which Creditor is a
party. No consent, approval, Permit, Governmental Order,
declaration or filing with, or notice to, any Governmental
Authority is required by or with respect to Creditor in connection
with the execution and delivery of this Agreement and the
consummation of the transactions contemplated
hereby.

 

Section
4.03        Restricted Securities.
Creditor acknowledges that the Shares
are not registered under the Securities Act, or any state
securities laws, and that the Shares may not be transferred or sold
except pursuant to the registration provisions of the Securities
Act or pursuant to an applicable exemption therefrom and subject to
state securities laws and regulations, as
applicable.

 

Section
4.04         Brokers. No broker, finder or investment banker is entitled
to any brokerage, finder's or other fee or commission in connection
with the transactions contemplated by this Agreement based upon
arrangements made by or on behalf of Creditor.

 

ARTICLE V

CONDITIONS TO
CLOSING

 

Section
5.01        Conditions to Obligations of
All Parties. The obligations of
each party to consummate the transactions contemplated by this
Agreement shall be subject to the fulfilment, at or prior to the
Closing, of each of the following conditions:

 

(a)           No
Governmental Authority shall have enacted, issued, promulgated,
enforced or entered any Governmental Order which is in effect and
has the effect of making the transactions contemplated by this
Agreement illegal, otherwise restraining or prohibiting
consummation of such transactions or causing any of the
transactions contemplated hereunder to be rescinded following
completion thereof.

 

 

 

8

 

 

(b)        
The Company shall have received all
consents, authorizations, orders and approvals from the
Governmental Authorities referred to in Section
3.03, in each case, in form and
substance reasonably satisfactory to Creditor and the Company, and
no such consent, authorization, order and approval shall have been
revoked.

 

Section
5.02         
Conditions to
Obligations of Creditor. The
obligations of Creditor to consummate the transactions contemplated
by this Agreement shall be subject to the fulfilment or Creditor's
waiver (with the exception of (b) below), at or prior to the
Closing, of each of the following conditions:

 

(a)       
    The representations and
warranties of the Company contained in Article III shall be true on
and as of the Closing with the same effect as though such
representations and warranties had been made on and as of the
Closing Date.

 

(b)           
The Company will have received the
approval of the NYSE American for the issuance of the Shares. The
Company (i) will take all reasonable steps to obtain such approval
as soon as possible, (ii) maintain the listing until all of the
Shares have been sold or returned to the Company and (iii) pay all
of the reasonable and customary fees and expenses incurred in
connection with the listing of the Shares. In the event that the
Shares are not listed with the NYSE American in accordance with the
foregoing or the listing ceases to be maintained at any time,
Creditor shall have a right to return any unsold Shares to the
Company for cancellation.

 

(c)           This
Agreement shall have been executed and delivered by the parties
thereto and true and complete copies thereof shall have been
delivered to Creditor.

 

(d)           Creditor
shall have received a certificate of the Secretary or an Assistant
Secretary (or equivalent officer) of the Company
certifying:

 

(i)      
     that attached
thereto are true and complete copies of all resolutions and other
consents adopted by the board of directors and stockholders of the
Company authorizing and approving the execution, delivery, filing
and performance of this Agreement and the consummation of the
transactions contemplated hereby, and that all such resolutions and
consents are in full force and effect as of the Closing and are all
the resolutions and consents adopted in connection with the
transactions contemplated hereby;

 

(ii)           that
attached thereto are true and complete copies of the certificate of
incorporation and by-laws of the Company and that such
organizational documents are in full force and effect as of the
Closing; and

 

(iii)           the
names and signatures of the officers of the Company authorized to
sign this Agreement and the other documents to be delivered
hereunder.

 

 

9

 

 

(e)           The
Company shall have delivered to Creditor a good standing
certificate (or its equivalent) for the Company from the secretary
of state or similar Governmental Authority of the jurisdiction
under the Laws in which the Company is
organized.

 

(f)        
The Company shall have delivered, or
caused to be delivered, to Creditor each of the following, each in
form and substance satisfactory to Creditor:

 

(i)           stock
certificates evidencing the Shares; and

 

(ii)     
such other documents or instruments as
Creditor reasonably requests and are reasonably necessary to
consummate the transactions contemplated by this
Agreement.

 

Section
5.03       Conditions to Obligations of
the Company. The obligations of
the Company to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or the Company's
waiver, at or prior to the Closing, of each of the following
conditions:

 

(a)           The
representations and warranties of Creditor contained in Article IV
shall be true on and as of the Closing with the same effect as
though such representations and warranties had been made on and as
of the Closing Date.

 

(b)           This
Agreement shall have been executed and delivered by the parties
thereto and true and complete copies thereof shall have been
delivered to the Company.

 

ARTICLE VI

COVENANTS

 

Section
6.01        
Affirmative
Covenants of the Company. Unless the Company has received the prior written
consent or waiver of Creditor, the Company shall be subject to each
of the following covenants:

 

(a)           The
Company shall at all times maintain under the Laws of the state of
Colorado its valid corporate existence and good standing and (ii)
all material Permits necessary to the conduct of its
businesses.

 

(b)           The
Company shall comply with all Laws applicable to it or its
business, properties or assets, the violation of which would
reasonably be expected to have a Material Adverse
Effect.

 

(c)        
Promptly following the Closing, the
Company shall register the Shares under a Registration Statement on
Form S-1 under the Securities Act (the "Registration
Statement"). The Company (i)
will take all reasonable steps to have the Registration Statement
declared effective as soon as possible, (ii) maintain the
effectiveness of such Registration Statement until all of the
Shares have been sold thereunder or the Shares can be sold pursuant
to Rule 144 of the Securities Act, and (iii) pay all of the
reasonable and customary fees and expenses incurred in connection
with the registration of the Shares. In the event that the Shares
are not registered on the Registration Statement in accordance with
the preceding sentence or the Registration Statement ceases to be
effective at any time, Creditor shall have a right to return any
unsold Shares to the Company for cancellation.

 

 

 

10

 

 

(d)           In
the event that for any reason any of the Shares have not been
resold by Creditor as of December 31, 2018, Creditor may, as its
option, return the Shares to the Company for cancellation.
The Company shall perform and observe
all of its obligations and covenants set forth in this
Agreement.

 

Section
6.02         
Negative Covenant
of Creditor. Unless Creditor
has received the prior written consent or waiver of the Company,
Creditor shall not sell more than 5% of that day’s trading
volume on any single day.

 

Section
6.03        Debt
Reduction/Application of Net Proceeds. The Debt owed will be
reduced by $1,254,000, which was the fair market value of the
660,000 shares of the Company’s common stock as of Close on
December 29, 2017. The Debt will be increased or decreased, as the
case may be, by the amount received by the Creditor from the Net
Proceeds received by the Creditor from the sale of the Shares. If
the Net Proceeds received by the Creditor from the sale of the
Shares is less than $1,254,000, the Debt will be increased by the
difference between $1,254,000 and the Net Proceeds. If the Net
Proceeds received by the Creditor from the sale of the Shares is
more than $1,254,000, the Debt will be reduced by the difference
between $1,254,000 and the Net Proceeds. Any Net Proceeds received
in excess of the debt will be applied towards satisfaction of any
future amounts owed to Creditor by the Company in connection with
the Principal Relationship Agreements.

 

Section
6.04        
Further
Assurances. Following the
Closing, each of the parties hereto shall, and shall cause their
respective Affiliates to, execute and deliver such additional
documents, instruments, conveyances and assurances and take such
further actions as may be reasonably required to carry out the
provisions hereof and give effect to the transactions contemplated
by this Agreement.

 

ARTICLE VII

INDEMNIFICATION

 

Section
7.01        Survival. The
representations and warranties, covenants and agreements contained
herein shall survive the Closing and shall remain in full force and
effect following the Closing Date.

 

Section
7.02        Indemnification By
Company. Subject to the other
terms and conditions of this ARTICLE
VII, the Company shall
indemnify and defend each of Creditor and its Affiliates and their
respective Representatives (collectively, the "Creditor
Indemnitees") against, and
shall hold each of them harmless from and against, and shall pay
and reimburse each of them for, any and all Losses incurred or
sustained by, or imposed upon, the Creditor Indemnitees based upon,
arising out of, with respect to or by reason
of:

 

(a)           any
inaccuracy in or breach of any of the representations or warranties
of the Company contained in this Agreement or in any certificate or
instrument delivered by or on behalf of the Company pursuant to
this Agreement; or

 

(b)           any
breach or non-fulfillment of any covenant, agreement or obligation
to be performed by the Company pursuant to this
Agreement.

 

 

11

 

 

Section
7.03        Payments. Once a Loss is agreed to by the Company or finally
adjudicated to be payable pursuant to this ARTICLE
VII, the Company shall satisfy
its obligations within 15 Business Days of such agreement or final,
non-appealable adjudication by wire transfer of immediately
available funds.

 

Section
7.04         
Tax Treatment of
Indemnification Payments. All
indemnification payments made under this Agreement shall be treated
by the parties as an adjustment to the Net Proceeds for Tax
purposes, unless otherwise required by Law.

 

Section
7.05       Effect of Investigation.
Neither the representations,
warranties and covenants of the Company, nor the right to
indemnification of any Creditor Indemnitee making a claim under
this ARTICLE VII
with respect thereto, shall be
affected or deemed waived by reason of any investigation made by or
on behalf of an Creditor Indemnitee (including by any of its
Representatives) or by reason of the fact that an Creditor
Indemnitee or any of its Representatives knew or should have known
that any such representation or warranty is, was or might be
inaccurate or by reason of an Creditor Indemnitee's waiver of any
condition set forth in Section
5.02.

 

Section
7.06        
Exclusive
Remedies. The parties
acknowledge and agree that their sole and exclusive remedy with
respect to any and all claims (other than claims arising from
breach of contract, fraud, criminal activity or willful misconduct
on the part of a party hereto in connection with the transactions
contemplated by this Agreement) for any breach of any
representation, warranty, covenant, agreement or obligation set
forth herein or otherwise relating to the subject matter of this
Agreement, shall be pursuant to the indemnification provisions set
forth in this ARTICLE
VII. In furtherance of the
foregoing, each party hereby waives, to the fullest extent
permitted under Law, any and all rights, claims and causes of
action for any breach of any representation, warranty, covenant,
agreement or obligation set forth herein or otherwise relating to
the subject matter of this Agreement it may have against the other
parties hereto and their Affiliates and each of their respective
Representatives arising under or based upon any Law, except
pursuant to the indemnification provisions set forth in this
ARTICLE
VII. Nothing in this
Section
7.06 shall limit any Person's
right to seek and obtain any equitable relief to which any Person
shall be entitled or to seek any remedy on account of any party's
fraudulent, criminal or intentional misconduct.

 

ARTICLE VIII

MISCELLANEOUS

 

Section
8.01        
Expenses.
Except as otherwise expressly provided
herein, all costs and expenses of either party, including, without
limitation, fees and disbursements of counsel, financial advisors
and accountants, incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the party who
incurred the costs and expenses.

 

Section
8.02        
Notices.
All notices, requests, consents,
claims, demands, waivers and other communications hereunder shall
be in writing and shall be deemed to have been given (a) when
delivered by hand (with written confirmation of receipt); (b) when
received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by
facsimile or e-mail of a PDF document (with confirmation of
transmission) if sent during normal business hours of the
recipient, and on the next Business Day if sent after normal
business hours of the recipient or (d) on the seventh day after the
date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the
respective parties at the following addresses (or at such other
address for a party as shall be specified in a notice given in
accordance with this Section
8.02):

 

 

12

 

 

 

If to the Company: 

CEL-SCI
Corporation

 

8229
Boone Boulevard, Suite 802

Vienna,
Virginia 22182

Facsimile:
(703) 506-9471

E-mail:      
grkersten@cel-sci.com,

Attention:   Geert Kersten, Chief Executive
Officer

 

with a copy to: 

Hart
& Hart, LLC

Facsimile:    
(303) 839-5414  

 

E-mail:  harttrinen@aol.com 

Attention:     William T.
Hart

 

If to Creditor: 

Ergomed
plc

 

The
Surrey Research Park

26-28
Frederick Sanger Road

Guildford,
Surrey GU2 7YD

United
Kingdom

Facsimile: +385 1 4628 501

E-mail:     stephen.stamp@ergomedplc.com

Attention: Stephen Stamp, Chief Financial Officer

  

 

 

with a copy to: 

Covington
& Burling LLP

 

265
Strand

London
WC2R 1BH

Facsimile:   +44 20 7067 2222

E-mail:      
kwiggert@cov.com

Attention:   Kristian Wiggert

  

Section
8.03        Interpretation.
For purposes of this Agreement, (a)
the words "include," "includes" and "including" shall be deemed to
be followed by the words "without limitation"; (b) the word "or" is
not exclusive; and (c) the words "herein," "hereof," "hereby,"
"hereto" and "hereunder" refer to this Agreement as a whole. Unless
the context otherwise requires, references herein: (x) to Articles,
Sections, Disclosure Schedules and Exhibits mean the Articles and
Sections of, and Disclosure Schedules and Exhibits attached to,
this Agreement; (y) to an agreement, instrument or other document
means such agreement, instrument or other document as amended,
supplemented and modified from time to time to the extent permitted
by the provisions thereof and (z) to a statute means such statute
as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement
shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted. The
Disclosure Schedules and Exhibits referred to herein shall be
construed with, and as an integral part of, this Agreement to the
same extent as if they were set forth verbatim
herein.

 

Section
8.04        
Headings.
The headings in this Agreement are for
reference only and shall not affect the interpretation of this
Agreement.

 

 

 

13

 

 

Section
8.05        Severability.
If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect
any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or unenforceable, the parties hereto
shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in
a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to
the greatest extent possible.

 

Section
8.06       Entire Agreement.
This Agreement constitutes the sole
and entire agreement of the parties to this Agreement with respect
to the subject matter contained herein and therein, and supersedes
all prior and contemporaneous understandings and agreements, both
written and oral, with respect to such subject matter. In the event
of any inconsistency between the statements in the body of this
Agreement and those in the Exhibits and Disclosure Schedules (other
than an exception expressly set forth as such in the Disclosure
Schedules), the statements in the body of this Agreement will
control.

 

Section
8.07       Successors and Assigns.
This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Neither party may
assign its rights or obligations hereunder without the prior
written consent of the other party, which consent shall not be
unreasonably withheld or delayed; provided, that Creditor may,
without the prior written consent of the Company, assign all or any
portion of its rights under this Agreement to one or more of its
direct or indirect wholly-owned subsidiaries. No assignment shall
relieve the assigning party of any of its obligations
hereunder.

 

Section
8.08       No Third-Party
Beneficiaries. Except as
provided in ARTICLE
VII, this Agreement is for the
sole benefit of the parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is
intended to or shall confer upon any other Person or entity any
legal or equitable right, benefit or remedy of any nature
whatsoever under or by reason of this
Agreement.

 

Section
8.09       Amendment and Modification;
Waiver. This Agreement may only
be amended, modified or supplemented by an agreement in writing
signed by each party hereto. No waiver by any party of any of the
provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. No waiver by any party
shall operate or be construed as a waiver in respect of any
failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether
occurring before or after that waiver. No failure to exercise, or
delay in exercising, any right, remedy, power or privilege arising
from this Agreement shall operate or be construed as a waiver
thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power
or privilege.

 

 

 

14

 

 

 

 

Section
8.10          
Governing Law;
Submission to Jurisdiction; Waiver of Jury
Trial. 

 

(a)           This
Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York without giving effect to any
choice or conflict of law provision or rule (whether of the State
of New York or any other jurisdiction).

 

(b)           ANY
LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED
IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS
OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY OF NEW
YORK AND COUNTY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO
THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION
OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER
DOCUMENT BY MAIL TO SUCH PARTY'S ADDRESS SET FORTH HEREIN SHALL BE
EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER
PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND
UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY
SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE
AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM.

 

(c)           EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO
THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE
FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION
10.10(c).

 

Section
8.11        Counterparts.
This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of
which together shall be deemed to be one and the same agreement. A
signed copy of this Agreement delivered by facsimile, e-mail or
other means of electronic transmission shall be deemed to have the
same legal effect as delivery of an original signed copy of this
Agreement.

 

 

 

[SIGNATURE
PAGE FOLLOWS]

 

 

15

 

 

            

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	

 

 

	

CEL-SCI CORPORATION

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/
Geert
R. Kersten

	

 

	

 

	Name:

	
Geert
R. Kersten

	

 

	

 

	Title:	Chief
Executive Officer	

 

 

 

 

	

 

	
ERGOMED plc	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/
Stephen
Stamp

	

 

	

 

	Name:

	
Stephen
Stamp	

 

	

 

	Title:	Chief
Financial Officer	

 

 

 

 

 

 

 

 

16

 

 

 

ANNEX A

 

 

 

See
Attached.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A-1

 

 

	
 

	
 

	

Invoice #

	

Invoice Amount

	

Payment(s) received

	

Net debt

	

Cumulative Net debt

	
 

	
 

	
 

	

$

	

$

	

$

	

$

	

Cumulative Net Debt due as of August 15, 2017

	
 

	
 

	

   4,303,203.63

	
 

	

less: payments received

	
 

	

Sep-17

	

- 250,000.00

	
 

	
 

	
 

	
 

	
 

	

Oct-17

	

- 250,000.00

	
 

	
 

	
 

	
 

	
 

	

Nov-17

	

- 250,000.00

	
 

	
 

	
 

	
 

	
 

	
 

	

 3,553,203.63

	
 

	

Aug-17

	

429/17

	

           22,628.52

	
 

	
 

	
 

	
 

	
 

	

430/17

	

              1,776.48

	
 

	
 

	
 

	
 

	
 

	

431/17

	

            35,294.39

	
 

	
 

	
 

	
 

	
 

	

432/17

	

            15,025.90

	
 

	
 

	
 

	
 

	
 

	

433/17

	

         141,620.50

	
 

	
 

	
 

	
 

	
 

	

434/17

	

            15,765.75

	
 

	
 

	
 

	
 

	

PAW

	

435/17

	

                  704.48

	
 

	
 

	
 

	
 

	
 

	
 

	

          232,816.03

	

         250,000.00

	

- 17,183.97

	

   3,536,019.66

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Sep-17

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

480/17

	

              37,686.99

	
 

	
 

	
 

	
 

	
 

	

481/17

	

               2,680.37

	
 

	
 

	
 

	
 

	
 

	

482/17

	

            38,432.25

	
 

	
 

	
 

	
 

	
 

	

483/17

	

               8,300.15

	
 

	
 

	
 

	
 

	
 

	

484/17

	

            31,200.75

	
 

	
 

	
 

	
 

	
 

	

485/17

	

         141,620.50

	
 

	
 

	
 

	
 

	

PAW

	

487/17

	

                  360.82

	
 

	
 

	
 

	
 

	
 

	
 

	

         260,281.83

	

        250,000.00

	

            10,281.83

	

 3,546,301.49

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

less: received from share sales

	
 

	

Sep-17

	

-
106,826.37

	
 

	
 

	
 

	
 

	
 

	

Oct-17

	

-
381,024.54

	
 

	
 

	
 

	
 

	
 

	

Nov-17

	

-
365,676.21

	
 

	
 

	
 

	
 

	
 

	
 

	

   2,692,774.37

 

 

 

A-2

 

 

DISCLOSURE SCHEDULES

 

 

 

 

 

 

 

Section 3.03 Approval of the issuance of the Shares by the
NYSE American.

 

 

 

 

 

 

 

 

 

 

 

EXHIBITS

 

 

 

 

 

None.

 

 

 

 

 

 

A-3EX-10.1

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT is made and dated as of December 28, 2017 and is entered into by and between CHEMOCENTRYX, INC., a
Delaware corporation, and each of its Qualified Subsidiaries (hereinafter collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement
(collectively, referred to as “Lender”) and HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent and collateral agent for itself and the Lender (in such capacity, the “Agent”). 

RECITALS 

A.    Borrower has requested Lender to make available to Borrower a loan in an aggregate principal amount of up to Fifty
Million Dollars ($50,000,000) (the “Term Loan”); and 
 B.    Lender is willing to make the Term Loan on the
terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, Borrower, Agent and Lender agree as follows: 

SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 

1.1    Unless otherwise defined herein, the following capitalized terms shall have the following meanings:

 “Account Control Agreement(s)” means any agreement entered into by and among the Agent, Borrower and a third party Bank or other
institution (including a Securities Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which perfects Agent’s first priority security interest in the subject account or accounts. 

“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit I, which account numbers
shall be redacted for security purposes if and when filed publicly by the Borrower. 
 “Advance(s)” means a Term Loan Advance. 

“Advance Date” means the funding date of any Advance. 

“Advance Request” means a request for an Advance submitted by Borrower to Agent in substantially the form of Exhibit A, which
account numbers shall be redacted for security purposes if and when filed publicly by the Borrower. 

 “Affiliate” means (a) any Person that directly or indirectly controls, is
controlled by, or is under common control with the Person in question, (b) any Person directly or indirectly owning, controlling or holding with power to vote twenty percent (20%) or more (except with respect to Persons who are individuals or
Persons closely held by an individual for whom such threshold shall be ten percent (10%)) of the outstanding voting securities of another Person, (c) any Person twenty percent (20%) or more (except with respect to Persons who are individuals or
Persons closely held by an individual for whom such threshold shall be ten percent (10%)) of whose outstanding voting securities are directly or indirectly owned, controlled or held by another Person with power to vote such securities, or
(d) any Person related by blood or marriage to any Person described in subsection (a), (b) or (c) of this paragraph. As used in the definition of “Affiliate,” the term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agent” has the meaning given to it in the preamble to this Agreement. 

“Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Amortization Date” means (i) with respect to the Tranche 1 Term Loan, the Tranche 1 Amortization Date, (ii) with
respect to the Tranche 2 Term Loan, the Tranche 2 Amortization Date, and (iii) with respect to the Tranche 3 Term Loan, the Tranche 3 Amortization Date. 

“Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to Borrower or any of its
Affiliates from time to time concerning or relating to bribery or corruption, including without limitation the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010 and other similar legislation in any other
jurisdictions. 
 “Anti-Terrorism Laws” means any laws, rules, regulations or orders
relating to terrorism or money laundering, including without limitation Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by
OFAC. 
 “Assignee” has the meaning given to it in Section 11.13. 

“Blocked Person” means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order
No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (c) a Person with which any Lender is
prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224, or
(e) a Person that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Borrower Products” means all products, software, service offerings, technical data or technology currently being designed,
manufactured or sold by Borrower or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development, collectively, together with all products, software, service offerings, technical
data or technology that have been sold, licensed or distributed by Borrower since its incorporation. 

 “Business Day” means any day other than Saturday, Sunday and any other day on which
banking institutions in the State of California are closed for business. 
 “Cash” means all cash, cash equivalents and liquid
funds. 
 “Change in Control” means any reorganization, recapitalization, consolidation or merger (or similar transaction or series
of related transactions) of Borrower, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Borrower in which the holders of Borrower’s outstanding shares immediately before consummation of such
transaction or series of related transactions do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power of the surviving entity of such
transaction or series of related transactions (or the parent of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower is the surviving entity. 

“Claims” has the meaning given to it in Section 11.10. 

“Closing Date” means the date of this Agreement. 

“Collateral” means the property described in Section 3. 

“Common Stock” means the Common Stock, $0.001 par value per share, of the Borrower. 

“Confidential Information” has the meaning given to it in Section 11.12. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to (i) any Indebtedness, lease, dividend, letter of credit or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or
sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account
of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person
against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The
amount of any Contingent Obligation shall be deemed, without duplication of the primary obligation, to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the
guarantee or other support arrangement. 

 “Copyright License” means any written agreement granting any right to use any Copyright
or Copyright registration, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Copyrights” means all copyrights, whether registered or unregistered, held pursuant to the laws of the United States of America, any
State thereof, or of any other country. 
 “Deposit Accounts” means any “deposit accounts,” as such term is defined in
the UCC, and includes any checking account, savings account, or certificate of deposit. 
 “Domestic Subsidiary” means any
Subsidiary that is not a Foreign Subsidiary. 
 “Due Diligence Fee” means $35,000, which fee has been paid to Lender prior to the
Closing Date, and shall be deemed fully earned on such date regardless of the early termination of this Agreement. 
 “Equity
Interests” means, with respect to any Person, the capital stock, partnership or limited liability company interest, or other equity securities or equity ownership interests of such Person. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder. 

“Event of Default” has the meaning given to it in Section 9. 

“Facility Charge” means up to one percent (1.0%) of the maximum amount of each Tranche, due as follows: (a) on the Closing Date,
$162,500 (representing three-quarters percent (0.75%) of the amount of the Tranche 1 Term Loan plus one-half percent (0.50%) of the amount of the Tranche 2 Term Loan), (b) upon funding of any
Advance under the Tranche 1 Term Loan, one-quarter percent (0.25%) of the amount of the Tranche 1 Term Loan drawn, (c) upon funding of any Advance under the Tranche 2 Term Loan, one-half percent (0.50%) of the amount of the Tranche 2 Term Loan drawn, and (d) upon funding of any Advance under the Tranche 3 Term Loan, one percent (1.0%) of the amount of the Tranche 3 Term
Loan drawn. 
 “Financial Statements” has the meaning given to it in Section 7.1. 

“Foreign Subsidiary” means any Subsidiary other than a Subsidiary organized under the laws of any state within the United States of
America, or a Subsidiary organized under the laws of any state within the United States of America that solely holds the equity interests in another Foreign Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time. 

“Indebtedness” means indebtedness of any kind, including (a) all indebtedness for borrowed money or the deferred purchase price
of property or services (excluding trade credit entered into in the ordinary course of business due within ninety (90) days), including reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all
obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 

 “Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents;
Licenses; trade secrets and inventions; mask works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue
for past, present and future infringement of Intellectual Property and the goodwill associated therewith. 
 “Interest Only Extension
Conditions” shall mean satisfaction of each of the following events: (a) no Event of Default shall have occurred and be continuing; and (b) Borrower shall have received net proceeds of at least Fifty Million Dollars ($50,000,000) from
an equity financing and/or milestone-based payments from licensing, collaboration or similar arrangements that are earned after the Closing Date (other than deferred upfront payments in the amount of $30,000,000 under certain agreements with Vifor).

 “Investment” means any beneficial ownership (including stock, partnership or limited liability company interests) of or in any
Person, or any loan, advance or capital contribution to any Person or the acquisition of any asset of another Person not in the ordinary course of Borrower’s business. 

“Joinder Agreements” means for each Qualified Subsidiary, a completed and executed Joinder Agreement in substantially the form
attached hereto as Exhibit G. 
 “Lender” has the meaning given to it in the preamble to this Agreement. 

“License” means any Copyright License, Patent License, Trademark License or other license of Intellectual Property rights or
interests. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest,
encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the nature of a security
interest. 
 “Loan” means the Advances made under this Agreement. 

“Loan Documents” means this Agreement, the Notes (if any), the ACH Authorization, the Account Control Agreements, the Joinder
Agreements, all UCC Financing Statements, any Subordination Agreement (to the extent applicable), and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time
be amended, modified, supplemented or restated. 
 “Material Adverse Effect” means a material adverse effect upon: (i) the
business, operations, properties, assets or financial condition of Borrower and its Subsidiaries taken as a whole; or (ii) the ability of Borrower to perform or pay the Secured Obligations in accordance with the terms of the Loan Documents, or
the ability of Agent or Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral or Agent’s Liens on the Collateral or the priority of such Liens. 

 “Maximum Rate” shall have the meaning assigned to such term in Section 2.3. 

“Maximum Term Loan Amount” means Fifty Million and No/100 Dollars ($50,000,000.00). 

“Non-Disclosure Agreement” means that certain
Non-Disclosure Agreement by and between Hercules Capital, Inc. and ChemoCentryx, Inc. dated as of May 9, 2016. 

“Note(s)” means a Term Note. 

“OFAC” is the U.S. Department of Treasury Office of Foreign Assets Control. 

“OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive
Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 “Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence
or a Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 
 “Patents” means
all letters patent of, or rights corresponding thereto, in the United States of America or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United
States of America or any other country. 
 “Permitted Acquisition” means any acquisition (including by way of merger) by Borrower
of all or substantially all of the assets of another Person, or of a division or line of business of another Person, or capital stock of another Person, in each case located entirely within the United States of America, which is conducted in
accordance with the following requirements: 
 (a)    such acquisition is of a business or Person engaged in a line of
business related to that of the Borrower or its Subsidiaries; 
 (b)    if such acquisition is structured as a stock
acquisition, then the Person so acquired shall either (i) become a wholly-owned Subsidiary of Borrower or of a Subsidiary and the Borrower shall comply, or cause such Subsidiary to comply, with 7.13 hereof or (ii) such Person shall be
merged with and into Borrower (with the Borrower being the surviving entity); 
 (c)    if such acquisition is structured
as the acquisition of assets, such assets shall be acquired by Borrower, and shall be free and clear of Liens other than Permitted Liens; 

(d)    both immediately before and after such acquisition no default or Event of Default shall have occurred and be
continuing; and 
 (e)    if the sum of the purchase price of such proposed new acquisition, computed on the basis of
total acquisition consideration paid or incurred, or to be paid or incurred, by Borrower with respect thereto, including the amount of Permitted Indebtedness assumed or to which such assets, businesses or business or ownership interest or shares, or
any Person so acquired, is subject, shall not exceed $10,000,000, with a $5,000,000 cap on cash consideration paid, in any fiscal year.  

 “Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of Lender or
Agent arising under this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness of up to $1,500,000 outstanding at any time secured by a Lien
described in clause (vii) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the cost of the Equipment financed with such Indebtedness; (iv) Indebtedness to trade creditors incurred in the ordinary
course of business, including Indebtedness incurred in the ordinary course of business with corporate credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness; (vii) reimbursement
obligations in connection with letters of credit that are secured by Cash and issued on behalf of the Borrower or a Subsidiary thereof in an amount not to exceed $5,000,000 at any time outstanding, (viii) Indebtedness consisting of financing of
insurance premiums incurred in the ordinary course of business not to exceed at any time the amount of such insurance premiums; (ix) Indebtedness pursuant to interest rate swap, cap, collar or similar arrangements in an amount not to exceed
$500,000 (x) Indebtedness in an amount not to exceed $50,000,000 which is convertible or otherwise exchangeable for shares of Borrower’s capital stock incurred with the principal purpose of raising capital, provided that such Indebtedness
(A) is unsecured, (B) is structurally subordinated to the Secured Obligations, (C) matures no less than 180 days after the Term Loan Maturity Date, and (D) the terms of which are consistent with other publicly marketed
transactions for similarly situated borrowers and such facility is being marketed by an institutional investment bank in the ordinary course of its business (such Indebtedness, “Convertible Debt”); (xi) other unsecured
Indebtedness in an amount not to exceed $1,000,000 at any time outstanding; (xii) intercompany Indebtedness in connection with Permitted Investments; and (xiii) extensions, refinancings and renewals of any items of Permitted Indebtedness,
provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investment” means: (i) Investments existing on the Closing Date which are disclosed in Schedule 1B;
(ii) (a) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year from the date of acquisition thereof currently having a rating of at
least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Services, (b) commercial paper maturing no more than one year
from the date of creation thereof and currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors
Service, (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one year from the date of investment therein or made pursuant to the Investment Policy Guidelines of the Borrower, dated May
2014, and amendments thereto as approved by Borrower’s Board of Directors and by Agent and Lender in their discretion, and (d) money market accounts; (iii) repurchases of stock (A) solely to cover the tax obligations (including
tax obligations in connection with Restricted Stock) of the applicable Person in a combined aggregate amount not to exceed $10,000,000 in any fiscal year, and (B) from former employees, directors, or consultants of Borrower under the terms of
applicable repurchase agreements at the original issuance price of such securities in a combined aggregate amount not to exceed $750,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or would exist after giving
effect to 

 
the repurchases; (iv) Investments accepted in connection with Permitted Transfers or Permitted Indebtedness; (v) Investments (including debt obligations) received in connection with the
bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; (vi) Investments consisting of
notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any
Subsidiary; (vii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to
employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors; (viii) Investments consisting of travel advances in the ordinary course of business; (ix) Investments in (A) Borrowers and
(B) newly-formed Domestic Subsidiaries, provided that each such Domestic Subsidiary enters into a Joinder Agreement promptly after its formation by Borrower and execute such other documents as shall be reasonably requested by Agent;
(x) Investments in Foreign Subsidiaries up to $1,000,000 per year in the aggregate or as approved in advance in writing by Agent; (xi) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of
the licensing of technology, the development of technology or the providing of technical support as permitted hereunder, provided that any cash Investments by Borrower do not exceed $500,000 in the aggregate in any fiscal year;
(xii) Investments in Permitted Acquisitions; and (xiii) additional Investments that do not exceed $1,000,000 in the aggregate. 

“Permitted Liens” means any and all of the following: (i) Liens in favor of Agent or Lender; (ii) Liens existing on the
Closing Date which are disclosed in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; provided, that Borrower
maintains adequate reserves therefor in accordance with GAAP; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the ordinary course of Borrower’s
business and imposed without action of such parties; provided, that the payment thereof is not yet required; (v) Liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder;
(vi) the following deposits, to the extent made in the ordinary course of business: deposits under worker’s compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or
contracts (other than for the repayment of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory
obligations (other than Liens arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on Equipment or software or other intellectual property constituting
purchase money Liens and Liens in connection with capital leases securing Indebtedness permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness; (ix) leasehold
interests in leases or subleases and licenses granted in the ordinary course of business and not interfering in any material respect with the business of the licensor; (x) Liens in favor of customs and revenue authorities arising as a matter of
law to secure payment of custom duties that are promptly paid on or before the date they become due; (xi) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become
due (provided that such Liens extend only to such insurance proceeds and not to any other property 

 
or assets); (xii) statutory and common law rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other
depository institutions and brokerage firms or securities intermediaries to cover customary fees and charges but not with respect to obligations in connection with the purchase or sale of margin securities; (xiii) easements, servitudes, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not materially
impair the value or marketability of the related property; (xiv) (A) Liens on Cash securing obligations permitted under clause (vii) of the definition of Permitted Indebtedness and (B) security deposits in connection with real
property leases, the combination of (A) and (B) in an aggregate amount not to exceed $7,500,000 at any time; (xv) Liens in connection with Permitted Transfers; and (xvi) Liens incurred in connection with the extension, renewal or
refinancing of the Indebtedness secured by Liens of the type described in clauses (i) through (xv) above; provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the
principal amount of the Indebtedness being extended, renewed or refinanced (as may have been reduced by any payment thereon) does not increase. 

“Permitted Transfers” means (i) sales of Inventory in the ordinary course of business,
(ii) non-exclusive licenses and similar arrangements for the use of Intellectual Property in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed
property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States of America in the ordinary course of business, including, without
limitation, the licensing arrangements between Borrower and Vifor (International) Ltd. or its Affiliate as in effect on the Closing Date, (iii) global exclusive licenses (A) that could not result in a legal transfer of title of the
licensed property, (B) whose licensor is Borrower or a Qualified Subsidiary that has signed a Joinder Agreement or is otherwise bound as an obligor under this Agreement and all license fees and related Rights to Payment are payable to such
licensor, and (C) that provide the licensor thereunder with at least $10,000,000 in net upfront payments, (iv) dispositions of worn-out, obsolete or surplus Equipment at fair market value in the
ordinary course of business, (v) transfers of Cash in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents, and (vi) other Transfers of assets, other than Intellectual Property, having a fair market
value of not more than $1,000,000 in the aggregate in any fiscal year. 
 “Person” means any individual, sole proprietorship,
partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, other entity or government. 

“Preferred Stock” means at any given time any equity security issued by Borrower that has any rights, preferences or privileges
senior to Borrower’s Common Stock. 
 “Prepayment Charge” shall have the meaning assigned to such term in Section 2.5.

 “Qualified Subsidiary” means any direct or indirect Domestic Subsidiary other than any such entity that qualifies as a Foreign
Subsidiary, and any Foreign Subsidiary that enters into a Joinder Agreement. 

 “Receivables” means (i) all of Borrower’s Accounts, Instruments, Documents,
Chattel Paper, Supporting Obligations, letters of credit, proceeds of any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

“Required Lenders” means at any time, the holders of more than 50% of the aggregate unpaid principal amount of the Term Loans then
outstanding. 
 “Sanctioned Country” shall mean, at any time, a country or territory which is the subject or target of any
Sanctions. 
 “Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated
Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member state, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person. 
 “Sanctions” shall mean
economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or
the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

“SBA” shall have the meaning assigned to such term in Section 7.16. 

“SBIC” shall have the meaning assigned to such term in Section 7.16. 

“SBIC Act” shall have the meaning assigned to such term in Section 7.16. 

“SEC” means the Securities and Exchange Commission. 

“Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document, including any obligation to pay
any amount now owing or later arising. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Subordinated Indebtedness” means Indebtedness subordinated to the Secured Obligations in amounts and on terms and conditions
satisfactory to Agent in its sole discretion and subject to a Subordination Agreement in form and substance satisfactory to Agent in its sole discretion. 

“Subordination Agreement” means any written subordination agreement among Borrower, Agent the subordinating creditor thereunder
regarding specific Subordinated Indebtedness, as applicable. 
 “Subsequent Financing” means the closing of any Borrower equity
financing in an amount greater than $20,000,000, broadly marketed to multiple investors which becomes effective after the Closing. 

 “Subsidiary” means an entity, whether corporate, partnership, limited liability
company, joint venture or otherwise, in which Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Term Commitment” means as to any Lender, the obligation of such Lender, if any, to make a Term Loan Advance to the Borrower in a
principal amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1. 

“Term Loan Advance” means any Term Loan funds advanced under this Agreement. 

“Term Loan Interest Rate” means for any day a per annum rate of interest equal to the greater of either (i) 8.05% plus the
prime rate as reported in The Wall Street Journal minus 4.75%, and (ii) 8.05%. 
 “Term Loan Maturity Date” means
(i) with respect to the Tranche 1 Term Loan, the Tranche 1 Maturity Date, (ii) with respect to the Tranche 2 Term Loan, the Tranche 2 Maturity Date, and (iii) with respect to the Tranche 3 Term Loan, the
Tranche 3 Maturity Date. 
 “Term Note” means a Promissory Note in substantially the form of Exhibit B. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks” means all
trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United
States of America, any State thereof or any other country or any political subdivision thereof. 
 “Tranche” means any of the
Tranche 1 Term Loan, Tranche 2 Term Loan, or Tranche 3 Term Loan. 
 “Tranche 1 Amortization Date” means
January 1, 2020; provided however, if the Interest Only Extension Conditions are satisfied, then July 1, 2020. 

“Tranche 1 Maturity Date” means December 1, 2021. 

“Tranche 1 Term Loan” means the initial tranche of the Term Loan of up to $15,000,000. 

“Tranche 2 Amortization Date” means the first day of the 25th month
after the Advance under the Tranche 2 Term Loan is drawn; provided however, if the Interest Only Extension Conditions are satisfied, then the first day of the 31st month after the
Advance under the Tranche 2 Term Loan is drawn. 

 “Tranche 2 Maturity Date” means the first day of the 48th month after the Advance under the Tranche 2 Term Loan is drawn. 

“Tranche 2 Milestone” means (a) no Event of Default shall have occurred and be continuing; and (b) Borrower’s
initiation of a clinical end point trial for at least two of the three following additional indications: (i) aHUS, (ii) c3G for avacopan, and (iii) FSGS for CCX140, in each case subject to verification by Agent in its reasonable
discretion. 
 “Tranche 2 Term Loan” means the second tranche of the Term Loan in the amount of $10,000,000. 

“Tranche 3 Amortization Date” means the first day of the 25th month
after the Advance under the Tranche 3 Term Loan is drawn; provided however, if the Interest Only Extension Conditions are satisfied, then the first day of the 31st month after the
Advance under the Tranche 3 Term Loan is drawn. 
 “Tranche 3 Maturity Date” means the first day of the 48th month after the Advance under the Tranche 3 Term Loan is drawn. 

“Tranche 3 Milestone” means (a) Event of Default shall have occurred and be continuing; and (b) Lender’s
investment committee approval, in its sole discretion, to make the Tranche 3 Term Loan Advance. 
 “Tranche 3 Term Loan”
means the final tranche of the Term Loan in the amount of $25,000,000. 
 “UCC” means the Uniform Commercial Code as the same is,
from time to time, in effect in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on any
Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to
time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 

Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,”
“Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any accounting term used in
this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied. Unless otherwise defined
herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. 

 SECTION 2. THE LOAN 

2.1    [Reserved.] 

(a)    Advances. 

(i)    Tranche 1 Term Loan Advance. Subject to the terms and conditions of this Agreement, Lender will
severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, an initial Tranche 1 Term Loan Advance of $5,000,000 on the Closing Date. Beginning on the Closing Date and continuing
through June 15, 2018, Borrower may request additional Tranche 1 Term Loan Advances in an aggregate amount up to $10,000,000 in minimum increments of $1,000,000. The aggregate outstanding Tranche 1 Term Loan Advances may not exceed
$15,000,000. 
 (ii)    Tranche 2 Term Loan Advance. Subject to the terms and conditions of this
Agreement, beginning on the date the Tranche 2 Milestone is satisfied, and continuing through December 15, 2018, Borrower may request Tranche 2 Term Loan Advances in an aggregate amount of $10,000,000 in minimum increments of
$1,000,000. The aggregate outstanding Tranche 2 Term Loan Advance may not exceed $10,000,000. 

(iii)    Tranche 3 Term Loan Advance. Subject to the terms and conditions of this Agreement, beginning
on the date the Tranche 3 Milestone is satisfied, and continuing through June 15, 2019, Borrower may request one Tranche 3 Term Loan Advance in an aggregate amount of $25,000,000. The aggregate outstanding Tranche 3 Term Loan
Advance may not exceed $25,000,000. 
 Subject to the terms above, the aggregate outstanding Term Loan Advances shall not exceed the Maximum
Term Loan Amount. 
 (b)    Advance Request. To obtain a Term Loan Advance, Borrower shall complete, sign
and deliver an Advance Request (at least three (3) Business Days before the Advance Date other than the Closing Date, which shall be at least one (1) Business Day) to Agent. Lender shall fund the Term Loan Advance in the manner requested by the
Advance Request provided that each of the conditions precedent to such Term Loan Advance is satisfied as of the requested Advance Date. 

(c)    Interest. The principal balance shall bear interest thereon from such Advance Date at the Term Loan
Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Term Loan Interest Rate will float and change on the day the U.S. prime rate as reported in The Wall Street
Journal changes from time to time. 
 (d)    Payment. Borrower will pay interest on each Term Loan
Advance on the first Business Day of each month, beginning the month after the Advance Date. Borrower shall repay the aggregate Tranche principal balance that is outstanding on the day immediately preceding the applicable Amortization Date of such
Tranche, in equal monthly installments of principal and interest (mortgage style) beginning on such Amortization Date and continuing on the first Business Day of each month thereafter 

 
until the Secured Obligations (other than inchoate indemnity obligations) with respect to such Tranche are repaid. The entire Tranche principal balance and all accrued but unpaid interest
hereunder, shall be due and payable on the Term Loan Maturity Date applicable to such Tranche. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or defense. Lender will
initiate debit entries to the Borrower’s account as authorized on the ACH Authorization (i) on each payment date of all periodic obligations payable to Lender under each Term Advance and (ii) out-of-pocket legal fees and costs incurred by Agent or Lender in connection with Section 11.11 of this Agreement; provided that, with respect to clause (i) above, in the event that Lender
or Agent informs Borrower that Lender will not initiate a debit entry to Borrower’s account for a certain amount of the periodic obligations due on a specific payment date, Borrower shall pay to Lender such amount of periodic obligations in
full in immediately available funds on such payment date; provided, further, that, with respect to clause (i) above, if Lender or Agent informs Borrower that Lender will not initiate a debit entry as described above later than the date that is
three (3) Business Days prior to such payment date, Borrower shall pay to Lender such amount of periodic obligations in full in immediately available funds on the date that is three (3) Business Days after the date on which Lender or Agent notifies
Borrower of such; provided, further, that, with respect to clause (ii) above, in the event that Lender or Agent informs Borrower that Lender will not initiate a debit entry to Borrower’s account for certain amount of such out-of-pocket legal fees and costs incurred by Agent or Lender, Borrower shall pay to Lender such amount in full in immediately available funds within three (3) Business Days.

 2.2    Maximum Interest. Notwithstanding any provision in this Agreement or any other Loan Document,
it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State
of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that Borrower has actually paid to Lender an
amount of interest in excess of the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall be applied as follows: first, to
the payment of the Secured Obligations consisting of the outstanding principal; second, after all principal is repaid, to the payment of Lender’s accrued interest, costs, expenses, professional fees and any other Secured Obligations; and third,
after all Secured Obligations are repaid, the excess (if any) shall be refunded to Borrower. 

2.3    Default Interest. In the event any payment is not paid on the scheduled payment date, other than due
to a failure of any ACH debit due solely to an administrative or operational error of Agent or Lender or Borrower’s bank if Borrower had the funds to make the payment when due and makes the payment within three (3) Business Days following
Borrower’s knowledge of such failure to pay, an amount equal to four percent (4%) of the past due amount shall be payable on demand at Agent’s election. In addition, upon the occurrence and during the continuation of an Event of Default
hereunder, all Secured Obligations, including principal, interest, compounded interest, and professional 

 
fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.2(c), plus four percent (4%) per annum. In the event any interest is not paid when due hereunder,
delinquent interest shall be added to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.2(c) or Section 2.4, as applicable. 

2.4    Prepayment. At its option, Borrower may at any time prepay all or a portion of the outstanding
Advances by paying the entire principal balance (or such portion thereof), all accrued and unpaid interest thereon, together with a prepayment charge equal to the following percentage of the Advance amount being prepaid: if such Advance amounts are
prepaid in any of the first twelve (12) months following the funding date of the initial Advance (in the case of the Tranche 1 Term Loan) or the Advance (in the case of the Tranche 2 Term Loan and Tranche 3 Term Loan) under the
applicable Tranche, 2.0%; after twelve (12) months but prior to twenty four (24) months following the funding date of the initial Advance (in the case of the Tranche 1 Term Loan) or the Advance (in the case of the Tranche 2 Term
Loan and Tranche 3 Term Loan) under the applicable Tranche, 1.5%; and thereafter 1.0% (each, a “Prepayment Charge”). Borrower agrees that the Prepayment Charge is a reasonable calculation of Lender’s lost profits in view of the
difficulties and impracticality of determining actual damages resulting from an early repayment of the Advances. Borrower shall prepay the outstanding amount of all principal and accrued interest through the prepayment date and the Prepayment Charge
upon the occurrence of a Change in Control. Notwithstanding the foregoing, Agent and Lender agree to waive the Prepayment Charge if Agent and Lender (in its sole and absolute discretion) agree in writing to refinance the Advances prior to the Term
Loan Maturity Date. 
 2.5    End of Term Charge. On the earliest to occur of (i) the applicable
Term Loan Maturity Date, (ii) the date that Borrower prepays all the outstanding Secured Obligations (other than any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this
Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender, in the case of each of the Tranche 2 Term Loan and Tranche 3 Term Loan, a charge equal to 6.25% of the aggregate
amount of the Term Loan Advance applicable to such Tranche; and with respect to the Tranche 1 Term Loan only, a charge equal to the greater of (x) 6.25% of the aggregate amount of Tranche 1 Term Loan Advances and (y) 6.25% of the
aggregate amount of Tranche 1 Term Loan Advances plus 50% of the unfunded portion of the Tranche 1 Term Loan. Notwithstanding the required payment date of such charge, it shall be deemed earned by Lender as of the Closing Date. 

2.6    Notes. If so requested by Lender by written notice to Borrower, then Borrower shall execute and
deliver to Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of Lender pursuant to Section 11.13) (promptly after the Borrower’s receipt of such notice) a Note or Notes to evidence
Lender’s Loans. 
 2.7    Pro Rata Treatment. Each payment (including prepayment) on account of any
fee and any reduction of the Term Loans shall be made pro rata according to the Term Commitments of the relevant Lender. 

 SECTION 3. SECURITY INTEREST 

3.1    As security for the prompt and complete payment when due (whether on the payment dates or
otherwise) of all the Secured Obligations, Borrower grants to Agent a security interest in all of Borrower’s right, title, and interest in, to and under all of Borrower’s personal property and other assets including without limitation the
following (except as set forth herein) whether now owned or hereafter acquired (collectively, the “Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles (other than Intellectual Property);
(e) Inventory; (f) Investment Property; (g) Deposit Accounts; (h) Cash; (i) Goods; and all other tangible and intangible personal property (other than Intellectual Property) of Borrower whether now or hereafter owned or
existing, leased, consigned by or to, or acquired by, Borrower and wherever located, and any of Borrower’s property in the possession or under the control of Agent; and, to the extent not otherwise included, all Proceeds of each of the
foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing; provided, however, that the Collateral shall include all Accounts and General
Intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the Intellectual Property (the “Rights to Payment”). Notwithstanding the foregoing, if a
judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective
as of the date of this Agreement, include the Intellectual Property to the extent and only to the extent necessary to permit perfection of Agent’s security interest in the Rights to Payment. 

3.2    Notwithstanding the broad grant of the security interest set forth in Section 3.1, above, the
Collateral shall not include (a) more than 65% of the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for
directors or any other matter, (b) nonassignable licenses or contracts, which by their terms require the consent of the licensor thereof or another party (but only to the extent such prohibition on transfer is enforceable under applicable law,
including, without limitation, Sections 9406, 9407 and 9408 of the UCC), and (c) any property that the granting of a security interest therein is contrary to applicable law. 

SECTION 4. CONDITIONS PRECEDENT TO LOAN 

The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions: 

4.1    Initial Advance. On or prior to the Closing Date, Borrower shall have delivered to Agent the
following: 
 (a)    executed copies of the Loan Documents, Account Control Agreements, a legal opinion
of Borrower’s counsel, and all other documents and instruments reasonably required by Agent to effectuate the transactions contemplated hereby or to create and perfect the Liens of Agent with respect to all Collateral, in all cases in form and
substance reasonably acceptable to Agent; 

 (b)    certified copy of resolutions of Borrower’s board
of directors evidencing approval of (the Loan and other transactions evidenced by the Loan Documents; 

(c)    certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing
Date, of Borrower; 
 (d)    a certificate of good standing for Borrower from its state of incorporation
and similar certificates from all other jurisdictions in which it does business and where the failure to be qualified could have a Material Adverse Effect; 

(e)    payment of the Facility Charge and reimbursement of Agent’s and Lender’s current expenses
reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; 

(f)    all certificates of insurance and copies of each insurance policy required hereunder; and 

(g)    such other documents as Agent may reasonably request. 

4.2    All Advances. On each Advance Date: 

(a)    Agent shall have received (i) an Advance Request for the relevant Advance as required by
2.2(b), as applicable, each duly executed by Borrower’s Chief Executive Officer or Chief Financial Officer, (ii) any other documents Agent may reasonably request and (iii) payment of the applicable Facility Charge for such Advance.

 (b)    The representations and warranties set forth in this Agreement shall be true and correct in all
material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 

(c)    Borrower shall be in compliance with all the terms and provisions set forth herein and in each other
Loan Document on its part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing. 

(d)    Each Advance Request shall be deemed to constitute a representation and warranty by Borrower on the
relevant Advance Date as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance Request. 

4.3    No Default. As of the Closing Date and each Advance Date, (i) no fact or condition exists that
could (or could, with the passage of time, the giving of notice, or both) constitute an Event of Default and (ii) no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 

 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 

Borrower represents and warrants that: 

5.1    Corporate Status. Borrower is a corporation duly organized, legally existing and in good standing
under the laws of the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to be qualified could
reasonably be expected to have a Material Adverse Effect. Borrower’s present name, former names (if any), locations, place of formation, tax identification number, organizational identification number and other information are correctly set
forth in Exhibit C, as may be updated by Borrower in a written notice (including any Compliance Certificate) provided to Agent after the Closing Date. 

5.2    Collateral. Borrower owns the Collateral and the Intellectual Property, free of all Liens, except
for Permitted Liens. Borrower has the power and authority to grant to Agent a Lien in the Collateral as security for the Secured Obligations. 

5.3    Consents. Borrower’s execution, delivery and performance of this Agreement and all other Loan
Documents (i) have been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement
and the other Loan Documents, (iii) do not violate any provisions of Borrower’s Certificate or Articles of Incorporation (as applicable), bylaws, or any, law, regulation, order, injunction, judgment, decree or writ to which Borrower is
subject, in each case, in any manner that is reasonably expected to result in a Material Adverse Effect and (iv) except as described on Schedule 5.3, do not violate any contract or agreement or require the consent or approval of any other
Person which has not already been obtained. The individual or individuals executing the Loan Documents are duly authorized to do so. 

5.4    Material Adverse Effect. No event that has had or could reasonably be expected to have a Material
Adverse Effect has occurred and is continuing. Borrower is not aware of any event likely to occur that is reasonably expected to result in a Material Adverse Effect. 

5.5    Actions Before Governmental Authorities. There are no actions, suits or proceedings at law or in
equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its property, that is reasonably expected to result in a Material Adverse Effect. 

5.6    Laws. Neither Borrower nor any of its Subsidiaries is in violation of any law, rule or regulation,
or in default with respect to any judgment, writ, injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a Material Adverse Effect. Borrower is not in default in any manner under any
provision of any agreement or instrument evidencing material Indebtedness, or any other agreement to which it is a party or by which it is bound that is reasonably expected to result in a Material Adverse Effect. 

 Neither Borrower nor any of its Subsidiaries is an “investment company”
or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Neither Borrower nor any of its Subsidiaries is engaged as one of its important activities in extending credit for margin
stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower and each of its Subsidiaries has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries
is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005.
Neither Borrower’s nor any of its Subsidiaries’ properties or assets has been used by Borrower or such Subsidiary or, to Borrower’s Knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any
hazardous substance except where such use would not have a Material Adverse Effect and other than in material compliance with applicable laws. Borrower and each of its Subsidiaries has obtained all consents, approvals and authorizations of, made all
declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted. 

None of Borrower or any of its Subsidiaries, is (i) in violation of any Anti-Terrorism Law, (ii) engaging in or
conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, or (iii) is a Blocked Person. None of Borrower or any
of its Subsidiaries, , (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating
to, any property or interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law. None of the funds to be provided under this Agreement will be used, directly or indirectly,
(a) for any activities in violation of any applicable anti-money laundering, economic sanctions and anti-bribery laws and regulations laws and regulations or (b) for any payment to any governmental official or employee, political party,
official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
Act of 1977, as amended. 
 5.7    Information Correct and Current. No information, report, Advance
Request, financial statement, exhibit or schedule furnished, by or on behalf of Borrower to Agent in connection with any Loan Document or included therein or delivered pursuant thereto contained, or, when taken as a whole, contains or will contain
any material misstatement of fact or, when taken together with all other such information or documents, omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were, are or will be made, not materially misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided by Borrower to Agent, whether prior to or after the Closing Date,
shall be (i) provided in good faith and based on the most current data and information available to Borrower, and (ii) the most current of such projections provided to Borrower’s Board of Directors (it being understood that the
projections and forecasts provided by Borrower in good faith and based upon reasonable 

 
assumptions are not viewed as facts, that such projections are subject to significant uncertainties and contingencies, many of which are beyond the control of Borrower, that no assurance is given
that any particular projections will be realized, and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.8    Tax Matters. Except as described on Schedule 5.8 and except those being contested in good faith
with adequate reserves under GAAP, (a) Borrower has filed all material federal, state and local tax returns that it is required to file, (b) Borrower has duly paid or fully reserved (in accordance with GAAP) for all taxes or installments
thereof (including any interest or penalties) as and when due, which have or may become due pursuant to such returns, and (c) Borrower has paid or fully reserved (in accordance with GAAP) for any tax assessment received by Borrower for the
three (3) years preceding the Closing Date, if any (including any taxes being contested in good faith and by appropriate proceedings). 

5.9    Intellectual Property Claims. Except for Permitted Liens, Borrower is the sole owner of, or
otherwise has the right to use, the Intellectual Property material to Borrower’s business. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks and Patents is valid and enforceable, (ii) no
material part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and (iii) to Borrower’s knowledge, no claim has been made to Borrower that any material part of the Intellectual Property violates
the rights of any third party. Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from
third parties (other than shrink-wrap software licenses), together with application or registration numbers, as applicable, to Borrower’s knowledge, owned by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in
material breach of, nor has Borrower failed to perform any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third party to any such contract, license or agreement is in material
breach thereof or has failed to perform any material obligations thereunder. 
 5.10    Intellectual
Property. Except as described on Schedule 5.10, Borrower has all material rights with respect to Intellectual Property necessary or material in the operation or conduct of Borrower’s business as currently conducted and proposed to be
conducted by Borrower. Without limiting the generality of the foregoing, and in the case of Licenses, except for restrictions that are unenforceable under Division 9 of the UCC or restrictions that are permitted hereunder, Borrower has the
right, to the extent required to operate Borrower’s business, to freely transfer, license or assign Intellectual Property necessary or material in the operation or conduct of Borrower’s business as currently conducted and proposed to be
conducted by Borrower, without condition, restriction or payment of any kind (other than license, milestone or similar payments in the ordinary course of business) to any third party, and Borrower owns or has the right to use, pursuant to valid
licenses, all software development tools, library functions, compilers and all other third-party software and other items that are material to Borrower’s business and used in the design, development, promotion, sale, license, manufacture,
import, export, use or 

 
distribution of Borrower Products except customary covenants in license agreements, joint ventures or strategic alliances (to the extent such joint ventures or strategic alliances are Permitted
Investments) and equipment leases where Borrower is the licensee or lessee. 
 5.11    Borrower Products.
Except as described on Schedule 5.11, no material Intellectual Property owned by Borrower or Borrower Product has been or is subject to any actual or, to the knowledge of Borrower, threatened litigation, proceeding (including any proceeding in
the United States Patent and Trademark Office or any corresponding foreign office or agency) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any manner Borrower’s use, transfer or licensing thereof
or that may affect the validity, use or enforceability thereof. There is no decree, order, judgment, agreement, stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding that obligates Borrower to
grant licenses or ownership interest in any future material Intellectual Property related to the operation or conduct of the business of Borrower or Borrower Products. Borrower has not received any written notice or claim, or, to the knowledge of
Borrower, oral notice or claim, challenging or questioning Borrower’s ownership in any Intellectual Property material to Borrower’s business (or written notice of any claim challenging or questioning the ownership in any licensed
Intellectual Property of the owner thereof) or suggesting that any third party has any claim of legal or beneficial ownership with respect thereto nor, to Borrower’s knowledge, is there a reasonable basis for any such claim. To Borrower’s
knowledge, neither Borrower’s use of its Intellectual Property nor the production and sale of Borrower Products materially infringes the Intellectual Property or other rights of others. 

5.12    Financial Accounts. Exhibit E, as may be updated by the Borrower in a written notice provided
to Agent after the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit Accounts and (b) all institutions at which Borrower or any
Subsidiary maintains an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank or other institution, the name in which the account is held, a description of the purpose of the
account, and the complete account number therefor. 
 5.13    Employee Loans. Other than loans that
constitute Permitted Investments, Borrower has no outstanding loans to any employee, officer or director of the Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party.

 5.14    Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set
forth on Schedule 5.14 annexed hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice
provided after the Closing Date, is a true, correct and complete list of each Subsidiary. 

 5.15    Foreign Subsidiary Voting Rights. No decision or
action in any governing document of any Foreign Subsidiary requires a vote of greater than 50.1% of the Equity Interests or voting rights of such Foreign Subsidiary. 

SECTION 6. INSURANCE; INDEMNIFICATION 

6.1    Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance,
on an occurrence form, against risks customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury, and contractual
liability per the terms of the indemnification agreement found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and agrees to maintain a minimum of
$2,000,000 of directors’ and officers’ insurance for each occurrence and $5,000,000 in the aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the
Collateral, insuring against all risks of physical loss or damage howsoever caused, in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. 

6.2    Certificates. Borrower shall deliver to Agent certificates of insurance that evidence
Borrower’s compliance with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Agent (shown as “Hercules Capital, Inc.”, as
Agent”) is an additional insured for commercial general liability, a loss payee for all risk property damage insurance, subject to the insurer’s approval, and promptly following any purchase of new or replacement insurance, Borrower shall
deliver to Agent certificates of insurance showing Agent as a loss payee for property insurance and additional insured for liability insurance for any such future insurance that Borrower may acquire from an insurer. Attached to the certificates of
insurance will be additional insured endorsements for liability and lender’s loss payable endorsements for all risk property damage insurance. All certificates of insurance will provide for a minimum of thirty (30) days advance written
notice to Agent of cancellation (other than cancellation for non-payment of premiums, for which ten (10) days’ advance written notice shall be sufficient) or any other change adverse to Agent’s
interests. Any failure of Agent to scrutinize such insurance certificates for compliance is not a waiver of any of Agent’s rights, all of which are reserved. Within forty-five (45) days of the Closing Date, Borrower shall provide Agent
with copies of each insurance policy, and upon entering or amending any insurance policy required hereunder, Borrower shall provide Agent with copies of such policies and shall promptly deliver to Agent updated insurance certificates with respect to
such policies. 
 6.3    Indemnity. Borrower agrees to indemnify and hold Agent, Lender and their
officers, directors, employees, agents, in-house attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against any and all claims, costs, expenses, damages and
liabilities (including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other costs of investigation or defense

 
(including those incurred upon any appeal) (collectively, “Liabilities”), that may be instituted or asserted against or incurred by such Indemnified Person as the result of credit
having been extended, suspended or terminated under this Agreement and the other Loan Documents or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and thereunder, or any actions or
failures to act in connection therewith, or arising out of the disposition or utilization of the Collateral, excluding in all cases Liabilities to the extent resulting solely from any Indemnified Person’s gross negligence or willful misconduct.
Borrower agrees to pay, and to save Agent and Lender harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net
income of Agent or Lender) that may be payable or determined to be payable with respect to any of the Collateral or this Agreement, excluding in all cases Liabilities to the extent resulting solely from any Indemnified Person’s gross negligence
or willful misconduct. In no event shall any Indemnified Person be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings). This Section 6.3
shall survive the repayment of indebtedness under, and otherwise shall survive the expiration or other termination of, the Loan Agreement, in each case subject to the applicable statute of limitations. 

SECTION 7. COVENANTS OF BORROWER 

Borrower agrees as follows: 

7.1    Financial Reports. Borrower shall furnish to Agent the financial statements and reports listed
hereinafter (the “Financial Statements”): 
 (a)    as soon as practicable (and in any event
within 30 days) after the end of each month only if Borrower’s market capitalization is below $200,000,000, unaudited interim and year-to-date financial
statements as of the end of such month (prepared on a consolidated basis, if applicable), including balance sheet and related statements of income, all certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect
that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, (ii) that they are subject to normal year end adjustments, and (iii) they do not contain certain
non-cash items that are customarily included in quarterly and annual financial statements; 

(b)    as soon as practicable (and in any event within 45 days) after the end of each calendar
quarter, unaudited interim and year-to-date financial statements as of the end of such calendar quarter (prepared on a consolidated, if applicable), including balance
sheet and related statements of income, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, and
(ii) that they are subject to normal year end adjustments; 

 (c)    as soon as practicable (and in any event within ninety
(90) days) after the end of each fiscal year, unqualified (other than as to going concern qualification solely with respect to Borrower having less than twelve (12) months of cash for each fiscal year, during the term of the Agreement)
audited financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows, and setting forth in comparative form the
corresponding figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to Agent, accompanied by any management report from such accountants; 

(d)     as soon as practicable (and in any event within 45 days) after the end of each calendar
quarter, a Compliance Certificate in the form of Exhibit F, provided, however, that a Compliance Certificate shall be delivered monthly within 30 days if Borrower’s market capitalization is below $200,000,000; 

(e)    promptly after the sending or filing thereof, as the case may be, copies of any proxy statements,
financial statements or reports that Borrower has made available to holders of its Preferred Stock and copies of any regular, periodic and special reports or registration statements that Borrower files with the Securities and Exchange Commission or
any governmental authority that may be substituted therefor, or any national securities exchange; 

(f)    financial and business projections promptly following their approval by Borrower’s Board of
Directors, and in any event, within 75 days after the end of Borrower’s fiscal year, as well as budgets, operating plans and other financial information reasonably requested by Agent; and 

(g)    prompt, and in any event within two (2) Business Days, notice if Borrower or any Subsidiary has
knowledge that Borrower, or any Subsidiary, is listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or
predicate crimes to money laundering. 
 Borrower shall not (without the consent of Agent, such consent not to be unreasonably withheld or delayed), make any
material change in its (a) accounting policies or reporting practices, except as required by GAAP or (b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end on December 31. 

The executed Compliance Certificate may be sent via email to Agent at legal@herculestech.com. All Financial Statements required to be delivered pursuant to
clauses (a), (b) and (c) shall be sent via e-mail to financialstatements@herculestech.com with a copy to legal@herculestech.com provided, that if e-mail is not
available or sending such Financial Statements via e-mail is not possible, they shall be faxed to Agent at: (650) 473-9194, attention Account Manager: ChemoCentryx,
Inc.. 
 Notwithstanding the foregoing, documents required to be delivered under Sections 7.1(a), (b), (c) or (f) (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such materials on its website. 

 7.2    Management Rights. Borrower shall permit any
representative that Agent or Lender authorizes, including its attorneys and accountants, to inspect the Collateral and examine and make copies and abstracts of the books of account and records of Borrower at reasonable times and upon reasonable
notice during normal business hours; provided, however, that so long as no Event of Default has occurred and is continuing, such examinations shall be limited to no more often than twice per fiscal year. In addition, any such representative
shall have the right to meet with management and officers of Borrower to discuss such books of account and records at reasonable times and upon reasonable notice. In addition, Agent or Lender shall be entitled at reasonable times and intervals to
consult with and advise the management and officers of Borrower concerning significant business issues affecting Borrower. Such consultations shall not unreasonably interfere with Borrower’s business operations. The parties intend that the
rights granted Agent and Lender shall constitute “management rights” within the meaning of 29 C.F.R. Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by
Agent or Lender with respect to any business issues shall not be deemed to give Agent or Lender, nor be deemed an exercise by Agent or Lender of, control over Borrower’s management or policies. 

7.3    Further Assurances. Borrower shall from time to time execute, deliver and file, alone or with Agent,
any financing statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the highest priority to Agent’s Lien on the Collateral. Borrower shall from time to time procure any
instruments or documents as may be reasonably requested by Agent, and take all further action that may be necessary, or that Agent may reasonably request, to perfect and protect the Liens granted hereby and thereby. In addition, and for such
purposes only, Borrower hereby authorizes Agent to execute and deliver on behalf of Borrower and to file such financing statements (including an indication that the financing statement filed in the United States covers “all assets or all
personal property” of Borrower in accordance with Section 9-504 of the UCC), either in Agent’s name or in the name of Agent as agent and attorney-in-fact for Borrower. Borrower shall protect and defend Borrower’s title to the Collateral and Agent’s Lien thereon against all Persons claiming any interest adverse to Borrower or Agent
other than Permitted Liens. 
 7.4    Indebtedness. Borrower shall not create, incur, assume, guarantee
or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except
for (a) the conversion of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with such conversion, (b) purchase money Indebtedness pursuant to its then applicable payment schedule unless
replaced with other purchase money Indebtedness as permitted hereunder, (c) prepayment by any Subsidiary of (i) inter-company Indebtedness owed by such Subsidiary to any Borrower, or (ii) if such Subsidiary is not a Borrower,
intercompany Indebtedness owed by such Subsidiary to another Subsidiary that is not a Borrower, (d) any payments on any Subordinated Indebtedness pursuant to the terms of an applicable Subordination Agreement (e) Convertible Debt or
(f) as otherwise permitted hereunder or approved in writing by Agent. 

 7.5    Collateral. Borrower shall at all times keep the
Collateral, the Intellectual Property and all other property and assets used in Borrower’s business or in which Borrower now or hereafter holds any interest free and clear from or Liens whatsoever (except for Permitted Liens), and shall give
Agent prompt written notice of any legal process that is reasonably likely to result in damages, expenses or liabilities in excess of $500,000 affecting the Collateral, the Intellectual Property, such other property and assets, or any Liens thereon,
provided however, that the Collateral and such other property and assets may be subject to Permitted Liens except that there shall be no Liens whatsoever on Intellectual Property (other than any Permitted Liens). Borrower shall not agree with any
Person other than Agent or Lender not to encumber its property other than in connection with any Permitted Indebtedness, Permitted Transfers, and/or Permitted Liens. Borrower shall not enter into or suffer to exist or become effective any agreement
that prohibits or limits the ability of any Borrower to create, incur, assume or suffer to exist any Lien upon any of its Intellectual Property, whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it
is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or capital lease obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only
be effective against the assets financed thereby) and (c) customary restrictions on the assignment of leases, licenses and other agreements. Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its assets
from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times to keep such Subsidiary’s property and assets free and clear from or Liens whatsoever (except for Permitted
Liens, provided, however, that there shall be no Liens whatsoever on Intellectual Property (other than any Permitted Liens)), and shall give Agent prompt written notice of any legal process affecting such Subsidiary’s assets that is reasonably
likely to result in damages, expenses or liabilities in excess of $500,000. 
 7.6    Investments.
Borrower shall not directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 

7.7    Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or
redeem any class of stock or other Equity Interest other than pursuant to employee, director or consultant repurchase plans or other similar agreements, provided, however, in each case the repurchase or redemption price does not exceed the original
consideration paid for such stock or Equity Interest, or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other Equity Interest, except that a Subsidiary may pay dividends or make distributions to
Borrower, or (c) lend money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of $500,000 in the aggregate in any fiscal year or (d) waive, release or forgive any
Indebtedness owed by any employees, officers or directors in excess of $500,000 in the aggregate in any fiscal year. 

7.8    Transfers. Except for Permitted Transfers, Borrower shall not, and shall not allow any Subsidiary
to, voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any material 

 
portion of its assets. Any transfer, assignment or license by Borrower of Intellectual Property would result in a legal transfer of title of such Intellectual Property shall only be made to a
Qualified Subsidiary that has signed a Joinder Agreement or is otherwise bound as an obligor under this Agreement. 

7.9    Mergers or Acquisitions. Other than Permitted Acquisitions, Borrower shall not merge or consolidate,
or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a Borrower into another Subsidiary or into Borrower or (b) a
Borrower into another Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. 

7.10    Taxes. Borrower and its Subsidiaries shall pay when due all material taxes, fees or other charges
of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed against Borrower, Agent, Lender or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or
upon Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or before the due date therefor all material personal property tax returns in respect of the Collateral. Notwithstanding the foregoing, Borrower may contest,
in good faith and by appropriate proceedings, taxes for which Borrower maintains adequate reserves therefor in accordance with GAAP. 

7.11    Corporate Changes. Neither Borrower nor any Subsidiary shall change its corporate name, legal form
or jurisdiction of formation without twenty (20) days’ prior written notice to Agent. Neither Borrower nor any Subsidiary shall suffer a Change in Control. Neither Borrower nor any Subsidiary shall relocate its chief executive office or
its principal place of business unless: (i) it has provided prior written notice to Agent; and (ii) such relocation shall be within the continental United States of America. Neither Borrower nor any Qualified Subsidiary shall relocate any
item of physical Collateral (other than (1) sales of Inventory in the ordinary course of business, (2) relocations of Equipment having an aggregate value of up to $500,000 in any fiscal year, (3) relocations of Collateral from a
location described on Exhibit C to another location described on Exhibit C) or (4) Collateral in transit or stored at a contract research organization, contract manufacturing organization or similar entity, unless (i) it has
provided prompt written notice to Agent, (ii) such relocation is within the continental United States of America and, (iii) if such relocation is to a third party bailee, it has delivered a bailee agreement in form and substance reasonably
acceptable to Agent. 
 7.12    Deposit Accounts. Neither Borrower nor any Qualified Subsidiary shall
maintain any Deposit Accounts, or accounts holding Investment Property, except with respect to which Agent has an Account Control Agreement. 

7.13    Borrower shall notify Agent of each Subsidiary formed subsequent to the Closing Date and, within
15 days of formation or acquisition, shall cause any such Qualified Subsidiary to execute and deliver to Agent a Joinder Agreement. 

 7.14    Notification of Event of Default. Borrower shall
notify Agent promptly, in any event within three (3) Business Days, of the occurrence of any Event of Default. 

7.15    Agent and Lender have received a license from the U.S. Small Business Administration
(“SBA”) to extend loans as a small business investment company (“SBIC”) pursuant to the Small Business Investment Act of 1958, as amended, and the associated regulations (collectively, the “SBIC Act”). Portions of the
loan to Borrower will be made under the SBA license and the SBIC Act. Addendum 1 to this Agreement outlines various responsibilities of Agent, Lender and Borrower associated with an SBA loan, and such Addendum 1 is hereby incorporated in
this Agreement. 
 7.16    Use of Proceeds. Borrower agrees that the proceeds of the Loans shall be used
solely to pay related fees and expenses in connection with this Agreement and for working capital and general corporate purposes. The proceeds of the Loans Credit will not be used in violation of Anti-Corruption Laws or applicable Sanctions. 

7.17    Foreign Subsidiary Voting Rights. Borrower shall not, and shall not permit any Subsidiary, to amend
or modify any governing document of any Foreign Subsidiary of Borrower the effect of which is to require a vote of greater than 50.1% of the Equity Interests or voting rights of such entity for any decision or action of such entity. 

7.18    Compliance with Laws. 

Borrower shall maintain, and shall cause its Subsidiaries to maintain, compliance in all material respects with all applicable
laws, rules or regulations (including any law, rule or regulation with respect to the making or brokering of loans or financial accommodations), and shall, or cause its Subsidiaries to, obtain and maintain all required governmental authorizations,
approvals, licenses, franchises, permits or registrations reasonably necessary in connection with the conduct of Borrower’s business. 

Neither Borrower nor any of its Subsidiaries shall directly or indirectly, knowingly enter into any documents, instruments,
agreements or contracts with any Person listed on the OFAC Lists. Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries, permit any Affiliate to, directly or indirectly, (i) conduct any business or
engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage
in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 or any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. 

Borrower has implemented and maintains in effect policies designed to reasonably ensure compliance by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of Borrower its directors
and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. 

 None of Borrower, any of its Subsidiaries or any of their respective directors,
officers or employees, or to the knowledge of Borrower, any agent for Borrower or its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Loan, use of
proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

7.19    Transactions with Affiliates. Borrower shall not and shall not permit any Subsidiary to, directly
or indirectly, enter into or permit to exist any transaction of any kind with any Affiliate of Borrower or such Subsidiary on terms that are less favorable to Borrower or such Subsidiary, as the case may be, than those that might be obtained in an
arm’s length transaction from a Person who is not an Affiliate of Borrower or such Subsidiary. 
 SECTION 8. RIGHT TO INVEST

 8.1    Lender or its assignee or nominee shall have the right, in its discretion, to participate
in any Subsequent Financing in an amount of up to $2,000,000 on the same terms, conditions and pricing afforded to others participating in any such Subsequent Financing. This Section 8.1, and all rights and obligations hereunder, shall expire
upon Borrower’s satisfaction in full of all of the Secured Obligations. 
 SECTION 9. EVENTS OF DEFAULT 

The occurrence of any one or more of the following events shall be an Event of Default: 

9.1    Payments. Borrower fails to pay any principal or interest on any Loan on its due date or
(b) pay any other Secured Obligations within three (3) Business Days after the applicable due date; provided, however, in each case, that an Event of Default shall not occur on account of a failure to pay due solely to an administrative or
operational error of Agent or Lender or Borrower’s bank if Borrower had the funds to make the payment when due and makes the payment within three (3) Business Days following Borrower’s knowledge of such failure to pay; or 

9.2    Covenants. Borrower breaches or defaults in the performance of any covenant or Secured Obligation
under this Agreement, or any of the other Loan Documents or any other agreement among Borrower, Agent and Lender, and (a) with respect to a default under any covenant under this Agreement (other than under Sections 6, 7.4, 7.5, 7.6, 7.7,
7.8, 7.9, 7.14, 7.15, 7.16, 7.17 and 7.18, any other Loan Document or any other agreement among Borrower, Agent and Lender, such default continues for more than fifteen (15) Business Days after the earlier of the date on which (i) Agent or
Lender has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.14, 7.15, 7.16, 7.17 and 7.18, the
occurrence of such default; or 

 9.3    Material Adverse Effect. A circumstance has occurred
that could reasonably be expected to have a Material Adverse Effect; provided that Borrower’s failure to achieve any single clinical or regulatory milestone shall not in and of itself constitute a “Material Adverse Effect”; or 

9.4    Representations. Any representation or warranty made by Borrower in any Loan Document, when taken as
a whole, shall have been false or misleading in any material respect when made or when deemed made; or 

9.5    Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or
(ii) shall be unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition in bankruptcy; or (iv) shall file any petition,
answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or (v) shall
seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or
(vi) shall cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or (vii) Borrower or its directors or majority shareholders shall take any action initiating any of
the foregoing actions described in clauses (i) through (vi); or (B) either (i) forty-five (45) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of
Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the
material allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) forty-five
(45) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment
being vacated; or 
 9.6    Attachments; Judgments. Any portion of Borrower’s assets is attached or
seized, or a levy is filed against any such assets, or a judgment or judgments is/are entered for the payment of money (in each case not covered by independent third party insurance as to which liability has not been rejected by such insurance
carrier), individually or in the aggregate, of at least $750,000, or Borrower is enjoined or in any way prevented by court order from conducting any part of its business; or 

9.7    Other Obligations. The occurrence of any default under any agreement or obligation of Borrower
involving any Indebtedness in excess of $750,000. 

 SECTION 10. REMEDIES 

10.1    General. Upon and during the continuance of any one or more Events of Default, (i) Agent may,
and at the direction of the Required Lenders shall, accelerate and demand payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately due and payable (provided, that upon the occurrence
of an Event of Default of the type described in Section 9.5, all of the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further notice or act), (ii) Agent may, at its option, sign
and file in Borrower’s name any and all collateral assignments, notices, control agreements, security agreements and other documents it deems necessary or appropriate to perfect or protect the repayment of the Secured Obligations, and in
furtherance thereof, Borrower hereby grants Agent an irrevocable power of attorney coupled with an interest, and (iii) Agent may notify any of Borrower’s account debtors to make payment directly to Agent, compromise the amount of any such
account on Borrower’s behalf and endorse Agent’s name without recourse on any such payment for deposit directly to Agent’s account. Agent may, and at the direction of the Required Lenders shall, exercise all rights and remedies with
respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and other applicable law, including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise dispose of all or any part of
the Collateral and the right to occupy, utilize, process and commingle the Collateral. All Agent’s rights and remedies shall be cumulative and not exclusive. 

10.2    Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default,
Agent may, and at the direction of the Required Lenders shall, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following
any commercially reasonable preparation or processing, in such order as Agent may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur
upon ten (10) calendar days’ prior written notice to Borrower. Agent may require Borrower to assemble the Collateral and make it available to Agent at a place designated by Agent that is reasonably convenient to Agent and Borrower. The proceeds
of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Agent in the following order of priorities: 

First, to Agent and Lender in an amount sufficient to pay in full Agent’s and Lender’s reasonable costs and professionals’ and
advisors’ fees and expenses as described in Section 11.11; 
 Second, to Lender in an amount equal to the then unpaid amount of the
Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Agent may choose in its sole discretion; and 

Finally, after the full and final payment in Cash of all of the Secured Obligations (other than inchoate obligations), to any creditor holding
a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 

 Agent shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the
Collateral if it complies with the obligations of a secured party under the UCC. 
 10.3    No Waiver.
Agent shall be under no obligation to marshal any of the Collateral for the benefit of Borrower or any other Person, and Borrower expressly waives all rights, if any, to require Agent to marshal any Collateral. 

10.4    Cumulative Remedies. The rights, powers and remedies of Agent hereunder shall be in addition to all
rights, powers and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of remedies with respect to any
other rights, powers and remedies of Agent. 
 SECTION 11. MISCELLANEOUS 

11.1    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

11.2    Notice. Except as otherwise provided herein, any notice, demand, request, consent, approval,
declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to the subject matter hereof shall be in writing, and shall
be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by electronic mail or hand delivery or delivery by an overnight express service or overnight mail delivery service; or
(ii) the third calendar day after deposit in the United States of America mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

(a)    If to Agent: 

HERCULES CAPITAL, INC. 
 Legal
Department 
 Attention: Chief Legal Officer and Himani Bhalla 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 email:
legal@herculestech.com 
 Telephone: 650-289-3060 

(b)    If to Lender: 

HERCULES TECHNOLOGY III, L.P. 

Legal Department 
 Attention:
Chief Legal Officer and Himani Bhalla 
 400 Hamilton Avenue, Suite 310 

 
Palo Alto, CA 94301 
 email: legal@herculestech.com 

Telephone: 650-289-3060 

and 
 HERCULES CAPITAL, INC.

 Legal Department 

Attention: Chief Legal Officer and Himani Bhalla 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 email:
legal@herculestech.com 
 Telephone: 650-289-3060 

(c)    If to Borrower: 

CHEMOCENTRYX, INC. 
 Attention:
Susan Kanaya, Executive Vice President, Chief Financial and Administrative Officer and Secretary 
 850 Maude Avenue 

Mountain View, CA 94043 
 email:
SKanaya@chemocentryx.com 
 Telephone: 650-210-2900 

or to such other address as each party may designate for itself by like notice. 

11.3    Entire Agreement; Amendments. 

(a)    This Agreement and the other Loan Documents constitute the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements, letters,
negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof or thereof (including Agent’s revised proposal letter dated November 1, 2017 and accepted by Borrower on November 2,
2017, and the Non-Disclosure Agreement). 
 (b)    Neither this
Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 11.3(b). The Required Lenders and Borrower party to the relevant Loan Document
may, or, with the written consent of the Required Lenders, the Agent and the Borrower party to the relevant Loan Document may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan
Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (ii) waive, on such terms and conditions as the
Required Lenders or the Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any default or Event of 

 
Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (A) forgive the principal amount or extend the final scheduled
date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder) or extend the scheduled date of any payment thereof, in each case
without the written consent of each Lender directly affected thereby; (B) eliminate or reduce the voting rights of any Lender under this Section 11.3(b) without the written consent of such Lender; (C) reduce any percentage specified
in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release a
Borrower from its obligations under the Loan Documents, in each case without the written consent of all Lenders; or (D) amend, modify or waive any provision of Section 11.17 without the written consent of the Agent. Any such waiver and any
such amendment, supplement or modification shall apply equally to each Lender and shall be binding upon Borrower, the Lender, the Agent and all future holders of the Loans. 

11.4    No Strict Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 11.5    No
Waiver. The powers conferred upon Agent and Lender by this Agreement are solely to protect its rights hereunder and under the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Agent or Lender to exercise any
such powers. No omission or delay by Agent or Lender at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of
any such right or remedy to which Agent or Lender is entitled, nor shall it in any way affect the right of Agent or Lender to enforce such provisions thereafter. 

11.6    Survival. All agreements, representations and warranties contained in this Agreement and the other
Loan Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Agent, Lender and Borrower, as applicable, shall survive the execution and delivery of this Agreement, and Sections 6, 10, and 11 of this
Agreement shall survive the expiration or other termination of this Agreement. 
 11.7    Successors and
Assigns. The provisions of this Agreement and the other Loan Documents shall inure to the benefit of and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement or any of the other
Loan Documents without Agent’s express prior written consent, and any such attempted assignment shall be void and of no effect. Agent and Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without
prior notice to Borrower, and all of such rights shall inure to the benefit of Agent’s and Lender’s successors and assigns; provided that as long as no Event of Default has occurred and is continuing, neither Agent nor any Lender may
assign, transfer or 

 
endorse its rights hereunder or under the Loan Documents to any party that is a direct competitor of Borrower or a distressed debt or vulture fund (as reasonably determined by Agent), it being
acknowledged that in all cases, any transfer to an Affiliate of any Lender or Agent shall be allowed. 

11.8    Governing Law. This Agreement and the other Loan Documents have been negotiated and delivered to
Agent and Lender in the State of California, and shall have been accepted by Agent and Lender in the State of California. Payment to Agent and Lender by Borrower of the Secured Obligations is due in the State of California. This Agreement and the
other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

11.9    Consent to Jurisdiction and Venue. All judicial proceedings (to the extent that the reference
requirement of Section 11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought in any state or federal court located in the State of California. By execution and delivery of
this Agreement, each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County,
State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement or the
other Loan Documents following the exhaustion of all rights with respect to appeals relating thereto. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with
the requirements for notice set forth in Section 11.2, and shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the
right of either party to bring proceedings in the courts of any other jurisdiction. 
 11.10    Mutual
Waiver of Jury Trial / Judicial Reference. 
 (a)    Because disputes arising in connection
with complex financial transactions are most quickly and economically resolved by an experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their
disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER, AGENT AND LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER
CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE OR BY AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve
Persons other than Agent, Borrower and Lender; Claims that arise out of or are in any way connected to the relationship among Borrower, Agent and Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable or
legal relief of any kind, arising out of this Agreement, any other Loan Document. 

 (b)    If the waiver of jury trial set forth in
Section 11.10(a) is ineffective or unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable
referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery
applicable to such proceeding. 
 (c)    In the event Claims are to be resolved by judicial reference,
either party may seek from a court identified in Section 11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are
otherwise subject to resolution by judicial reference. 
 11.11    Professional Fees. Borrower promises
to pay Agent’s and Lender’s fees and expenses necessary to finalize the loan documentation, including but not limited to reasonable attorneys fees, UCC searches, filing costs, and other miscellaneous expenses. In addition, Borrower
promises to pay any and all reasonable attorneys’ and other professionals’ fees and expenses incurred by Agent and Lender after the Closing Date in connection with or related to: (a) the Loan; (b) the administration, collection,
or enforcement of the Loan; (c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan Documents; (e) the protection, preservation, audit, field exam, sale, lease,
liquidation, or disposition of Collateral or the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of court proceeding in connection with or related to Borrower or the
Collateral, and any appeal or review thereof; and (g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the Collateral, the Loan Documents,
including representing Agent or Lender in any adversary proceeding or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof. 

11.12    Confidentiality. Agent and Lender acknowledge that certain items of Collateral and information
provided to Agent and Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of disclosure, or (y) should reasonably
be understood to be confidential (the “Confidential Information”). Accordingly, Agent and Lender agree that any Confidential Information it may obtain in the course of acquiring, administering, or perfecting Agent’s security interest
in the Collateral shall not be disclosed to any other Person or entity in any manner whatsoever, in whole or in part, without the prior written consent of Borrower, except that Agent and Lender may disclose any such information: (a) to its own
directors, officers, employees, accountants, counsel and other professional advisors and to its Affiliates if Agent or Lender in their reasonable discretion determines that any such party should have access to such information in connection with
such party’s responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or
(ii) is otherwise 

 
subject to confidentiality restrictions that reasonably protect against the disclosure of Confidential Information pursuant to similar terms; (b) if such information is generally available
to the public; (c) if required or appropriate in any report, statement or testimony submitted to any governmental authority having or claiming to have jurisdiction over Agent or Lender; (d) if required or appropriate in response to any
summons or subpoena or in connection with any litigation, to the extent permitted or deemed advisable by Agent’s or Lender’s counsel; (e) to comply with any legal requirement or law applicable to Agent or Lender; (f) to the
extent reasonably necessary in connection with the exercise of any right or remedy under any Loan Document, including Agent’s sale, lease, or other disposition of Collateral after default; (g) to any participant or assignee of Agent or
Lender or any prospective participant or assignee; provided, that such participant or assignee or prospective participant or assignee agrees in writing to be bound by this Section prior to disclosure; or (h) otherwise with the prior consent of
Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower or any of its Affiliates or any guarantor under this Agreement or the other Loan Documents. Agent’s and Lender’s
obligations under this Section 11.12 shall supersede all of their respective obligations under the Non-Disclosure Agreement. 

11.13     Assignment of Rights. Borrower acknowledges and understands that Agent or Lender may, subject to
Section 11.7, sell and assign all or part of its interest hereunder and under the Loan Documents to any Person or entity (an “Assignee”). After such assignment the term “Agent” or “Lender” as used in the Loan
Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Agent and Lender hereunder with respect to the interest so assigned; but with respect to any such interest not so transferred,
Agent and Lender shall retain all rights, powers and remedies hereby given. No such assignment by Agent or Lender shall relieve Borrower of any of its obligations hereunder. Lender agrees that in the event of any transfer by it of the Note(s) (if
any), it will endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which interest shall have been last paid thereon. 

11.14    Termination; Revival of Secured Obligations. Other than as provided in Section 11.6, this
Agreement and the Loan Documents shall terminate on the payment in full in cash of the Secured Obligations (other than inchoate indemnity obligations or other obligations that specifically survive termination). Notwithstanding the preceding
sentence, this Agreement and the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an
assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the
Secured Obligations and Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part
thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,”
“fraudulent conveyance,” or otherwise, all as though such payment, performance, or transfer of Collateral had not been 

 
made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be
deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash. 

11.15    Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be
executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

11.16    No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be
interpreted, to provide or create any third-party beneficiary rights or any other rights of any kind in any Person other than Agent, Lender and Borrower unless specifically provided otherwise herein, and, except as otherwise so provided, all
provisions of the Loan Documents will be personal and solely among Agent, the Lender and the Borrower. 

11.17    Agency. 

(a)    Lender hereby irrevocably appoints Hercules Capital, Inc. to act on its behalf as the Agent
hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. 
 (b)    Lender agrees to indemnify the Agent in its capacity as such (to
the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so), according to its respective Term Commitment percentages (based upon the total outstanding Term Loan Commitments) in effect on the date on which
indemnification is sought under this Section 11.17, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time be
imposed on, incurred by or asserted against the Agent in any way relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby
or thereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

(c)    Agent in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” shall, unless otherwise expressly indicated or unless the context otherwise requires, include
each such Person serving as Agent hereunder in its individual capacity. 

 (d)    Exculpatory Provisions. The Agent shall have no duties
or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not: 
  

	 	(i)	be subject to any fiduciary or other implied duties, regardless of whether any default or any Event of Default has occurred and is continuing; 

 

	 	(ii)	have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to
exercise as directed in writing by the Lender, provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or
applicable law; and 

  

	 	(iii)	except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Agent shall not be liable for the failure to disclose, any information relating to the Borrower or any of its
Affiliates that is communicated to or obtained by any Person serving as the Agent or any of its Affiliates in any capacity. 

(e)    The Agent shall not be liable for any action taken or not taken by it (i) with the consent or
at the request of the Lender or as the Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct. 

(f)    The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to the Agent. 
 (g)    Reliance by Agent. Agent may rely, and
shall be fully protected in acting, or refraining to act, upon, any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it has no reason to believe to be other than
genuine and to have been signed or presented by the proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, Agent may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to Agent and conforming to the requirements of the Loan Agreement or any of the other

 
Loan Documents. Agent may consult with counsel, and any opinion or legal advice of such counsel shall be full and complete authorization and protection in respect of any action taken, not taken
or suffered by Agent hereunder or under any Loan Documents in accordance therewith. Agent shall have the right at any time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction. Agent shall not
be under any obligation to exercise any of the rights or powers granted to Agent by this Agreement, the Loan Agreement and the other Loan Documents at the request or direction of Lenders unless Agent shall have been provided by Lender with adequate
security and indemnity against the costs, expenses and liabilities that may be incurred by it in compliance with such request or direction. 

11.18    Publicity. None of the parties hereto nor any of its respective member businesses and Affiliates
shall, without the other parties’ prior written consent (which shall not be unreasonably withheld or delayed), publicize or use (a) the other party’s name (including a brief description of the relationship among the parties hereto),
logo or hyperlink to such other parties’ web site, separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site (together, the “
Publicity Materials”); (b) the names of officers of such other parties in the Publicity Materials; and (c) such other parties’ name, trademarks, servicemarks in any news or press release concerning such party; provided however,
notwithstanding anything to the contrary herein, no such consent shall be required (i) to the extent necessary to comply with the requests of any regulators, legal requirements or laws applicable to such party, pursuant to any listing agreement
with any national securities exchange (so long as such party provides prior notice to the other party hereto to the extent reasonably practicable) and (ii) to comply with Section 11.12. 

11.19    Multiple Borrowers. 

(a)    Borrower’s Agent. Each of the Borrowers hereby irrevocably appoints ChemoCentryx, Inc. as its
agent, attorney-in-fact and legal representative for all purposes, including requesting disbursement of the Term Loan and receiving account statements and other notices
and communications to Borrowers (or any of them) from the Agent or any Lender. The Agent may rely, and shall be fully protected in relying, on any request for the Term Loan, disbursement instruction, report, information or any other notice or
communication made or given by ChemoCentryx, Inc., whether in its own name or on behalf of one or more of the other Borrowers, and the Agent shall not have any obligation to make any inquiry or request any confirmation from or on behalf of any other
Borrower as to the binding effect on it of any such request, instruction, report, information, other notice or communication, nor shall the joint and several character of the Borrowers’ obligations hereunder be affected thereby. 

(b)    Waivers. Each Borrower hereby waives: (i) any right to require the Agent to institute suit
against, or to exhaust its rights and remedies against, any other Borrower or any other person, or to proceed against any property of any kind which secures all or any part of the Secured Obligations, or to exercise any right of offset or other
right with respect to any reserves, credits or deposit accounts held by or maintained with the Agent or any Indebtedness of the Agent or any Lender to any other Borrower, or to exercise any 

 
other right or power, or pursue any other remedy the Agent or any Lender may have; (ii) any defense arising by reason of any disability or other defense of any other Borrower or any
guarantor or any endorser, co-maker or other person, or by reason of the cessation from any cause whatsoever of any liability of any other Borrower or any guarantor or any endorser, co-maker or other person, with respect to all or any part of the Secured Obligations, or by reason of any act or omission of the Agent or others which directly or indirectly results in the discharge or release of
any other Borrower or any guarantor or any other person or any Secured Obligations or any security therefor, whether by operation of law or otherwise; (iii) any defense arising by reason of any failure of the Agent to obtain, perfect, maintain
or keep in force any Lien on, any property of any Borrower or any other person; (iv) any defense based upon or arising out of any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding
commenced by or against any other Borrower or any guarantor or any endorser, co-maker or other person, including without limitation any discharge of, or bar against collecting, any of the Secured Obligations
(including without limitation any interest thereon), in or as a result of any such proceeding. Until all of the Secured Obligations have been paid, performed, and discharged in full, nothing shall discharge or satisfy the liability of any Borrower
hereunder except the full performance and payment of all of the Secured Obligations. If any claim is ever made upon the Agent for repayment or recovery of any amount or amounts received by the Agent in payment of or on account of any of the Secured
Obligations, because of any claim that any such payment constituted a preferential transfer or fraudulent conveyance, or for any other reason whatsoever, and the Agent repays all or part of said amount by reason of any judgment, decree or order of
any court or administrative body having jurisdiction over the Agent or any of its property, or by reason of any settlement or compromise of any such claim effected by the Agent with any such claimant (including without limitation the any other
Borrower), then and in any such event, each Borrower agrees that any such judgment, decree, order, settlement and compromise shall be binding upon such Borrower, notwithstanding any revocation or release of this Agreement or the cancellation of any
note or other instrument evidencing any of the Secured Obligations, or any release of any of the Secured Obligations, and each Borrower shall be and remain liable to the Agent and the Lenders under this Agreement for the amount so repaid or
recovered, to the same extent as if such amount had never originally been received by the Agent or any Lender, and the provisions of this sentence shall survive, and continue in effect, notwithstanding any revocation or release of this Agreement.
Each Borrower hereby expressly and unconditionally waives all rights of subrogation, reimbursement and indemnity of every kind against any other Borrower, and all rights of recourse to any assets or property of any other Borrower, and all rights to
any collateral or security held for the payment and performance of any Secured Obligations, including (but not limited to) any of the foregoing rights which Borrower may have under any present or future document or agreement with any other Borrower
or other person, and including (but not limited to) any of the foregoing rights which any Borrower may have under any equitable doctrine of subrogation, implied contract, or unjust enrichment, or any other equitable or legal doctrine. 

 (c)    Consents. Each Borrower hereby consents and agrees
that, without notice to or by Borrower and without affecting or impairing in any way the obligations or liability of Borrower hereunder, the Agent may, from time to time before or after revocation of this Agreement, do any one or more of the
following in its sole and absolute discretion: (i) accept partial payments of, compromise or settle, renew, extend the time for the payment, discharge, or performance of, refuse to enforce, and release all or any parties to, any or all of the
Secured Obligations; (ii) grant any other indulgence to any Borrower or any other Person in respect of any or all of the Secured Obligations or any other matter; (iii) accept, release, waive, surrender, enforce, exchange, modify, impair,
or extend the time for the performance, discharge, or payment of, any and all property of any kind securing any or all of the Secured Obligations or any guaranty of any or all of the Secured Obligations, or on which the Agent at any time may have a
Lien, or refuse to enforce its rights or make any compromise or settlement or agreement therefor in respect of any or all of such property; (iv) substitute or add, or take any action or omit to take any action which results in the release of,
any one or more other Borrowers or any endorsers or guarantors of all or any part of the Secured Obligations, including, without limitation one or more parties to this Agreement, regardless of any destruction or impairment of any right of
contribution or other right of Borrower; (v) apply any sums received from any other Borrower, any guarantor, endorser, or co-signer, or from the disposition of any Collateral or security, to any
Indebtedness whatsoever owing from such person or secured by such Collateral or security, in such manner and order as the Agent determines in its sole discretion, and regardless of whether such Indebtedness is part of the Secured Obligations, is
secured, or is due and payable. Each Borrower consents and agrees that the Agent shall be under no obligation to marshal any assets in favor of Borrower, or against or in payment of any or all of the Secured Obligations. Each Borrower further
consents and agrees that the Agent shall have no duties or responsibilities whatsoever with respect to any property securing any or all of the Secured Obligations. Without limiting the generality of the foregoing, the Agent shall have no obligation
to monitor, verify, audit, examine, or obtain or maintain any insurance with respect to, any property securing any or all of the Secured Obligations. 

(d)    Independent Liability. Each Borrower hereby agrees that one or more successive or concurrent actions
may be brought hereon against such Borrower, in the same action in which any other Borrower may be sued or in separate actions, as often as deemed advisable by Agent. Each Borrower is fully aware of the financial condition of each other Borrower and
is executing and delivering this Agreement based solely upon its own independent investigation of all matters pertinent hereto, and such Borrower is not relying in any manner upon any representation or statement of the Agent or any Lender with
respect thereto. Each Borrower represents and warrants that it is in a position to obtain, and each Borrower hereby assumes full responsibility for obtaining, any additional information concerning any other Borrower’s financial condition and
any other matter pertinent hereto as such Borrower may desire, and such Borrower is not relying upon or expecting the Agent to furnish to it any information now or hereafter in the Agent’s possession concerning the same or any other matter.

 (e)    Subordination. All Indebtedness of a Borrower now or hereafter arising held by another Borrower
is subordinated to the Secured Obligations and the Borrower holding the Indebtedness shall take all actions reasonably requested by Agent to effect, to enforce and to give notice of such subordination. 

 (SIGNATURES TO FOLLOW) 

 IN WITNESS WHEREOF, Borrower, Agent and Lender have duly executed and delivered this Loan and
Security Agreement as of the day and year first above written. 
  

			
	 BORROWER:
  

CHEMOCENTRYX, INC.

		
	Signature:	 	/s/ Thomas J. Schall, Ph.D.
	Print Name:	 	Thomas J. Schall, Ph.D.
	Title:	 	President, Chief Executive Officer and Chairman of the Board

 Accepted in Palo Alto, California: 

 

			
	 AGENT:
  

HERCULES CAPITAL, INC.

		
	Signature:	 	/s/ Jennifer Choe
	Print Name:	 	Jennifer Choe
	Title:	 	Assistant General Counsel

  

			
	 LENDER:
  

HERCULES TECHNOLOGY III, L.P.,
 a Delaware limited
partnership

		
	By:	 	Hercules Technology SBIC Management, LLC, its General Partner
		
	By:	 	Hercules Capital, Inc., its Manager
		
	By:	 	/s/ Jennifer Choe
	Name:	 	Jennifer Choe
	Its:	 	Assistant General Counsel

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