Document:

First Supplemental Senior Indenture, dated as of November 10, 2011

 Exhibit 4.6 

 
  

 
  

TEVA PHARMACEUTICAL FINANCE IV B.V., 
 as Issuer 
 TEVA PHARMACEUTICAL INDUSTRIES LIMITED, 

as Guarantor 

and 
 THE BANK OF
NEW YORK MELLON, 
 as Trustee 
  

 
 FIRST
SUPPLEMENTAL SENIOR INDENTURE 
 Dated as of November 10, 2011 

to the Senior Indenture dated as of November 10, 2011 

 
  

Creating the series of Securities (as defined herein) designated 
 3.650% Senior Notes due 2021 
  

 
  

 

							
			
		  	ARTICLE 1	  			
		  	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	 	10	  
	 Section 1.3
	  	Rules of Construction	  	 	11	  
			
		  	ARTICLE 2	  			
		  	THE NOTES AND THE GUARANTEES	  			
			
	 Section 2.1
	  	Title and Terms	  	 	11	  
	 Section 2.2
	  	Form of Notes	  	 	12	  
	 Section 2.3
	  	Legends	  	 	12	  
	 Section 2.4
	  	Form of Guarantee	  	 	13	  
	 Section 2.5
	  	Book-Entry Provisions for the Global Notes	  	 	14	  
	 Section 2.6
	  	Defaulted Interest	  	 	15	  
	 Section 2.7
	  	Execution of Guarantees	  	 	16	  
	 Section 2.8
	  	Add On Notes	  	 	16	  
			
		  	ARTICLE 3	  			
		  	ADDITIONAL COVENANTS	  			
			
	 Section 3.1
	  	Payment of Additional Tax Amounts	  	 	18	  
	 Section 3.2
	  	Stamp Tax	  	 	19	  
	 Section 3.3
	  	Corporate Existence	  	 	19	  
	 Section 3.4
	  	Certificates of the Issuer and the Guarantor	  	 	20	  
	 Section 3.5
	  	Guarantor To Be the Sole Equityholder of the Issuer	  	 	20	  
	 Section 3.6
	  	Limitation on Liens	  	 	20	  
	 Section 3.7
	  	Limitation on Sales and Leasebacks	  	 	20	  
	 Section 3.8
	  	Waiver of Stay or Extension Laws	  	 	21	  
			
		  	ARTICLE 4	  			
		  	REDEMPTION OF NOTES	  			
			
	 Section 4.1
	  	Optional Redemption	  	 	22	  
	 Section 4.2
	  	Notice of Redemption	  	 	22	  
	 Section 4.3
	  	Deposit of Redemption Price	  	 	22	  
	 Section 4.4
	  	Tax Redemption	  	 	22	  
			
		  	ARTICLE 5	  			
		  	SATISFACTION AND DISCHARGE	  			
	 Section 5.1
	  	Satisfaction and Discharge	  	 	23	  

  
 i 

							
			
		  	ARTICLE 6	  			
		  	MISCELLANEOUS PROVISIONS	  			
			
	 Section 6.1
	  	Scope of Supplemental Indenture	  	 	23	  
	 Section 6.2
	  	Provisions of Supplemental Indenture for the Sole Benefit of Parties and Holders of Notes	  	 	23	  
	 Section 6.3
	  	Successors and Assigns of Issuer and Guarantor Bound by Supplemental Indenture	  	 	24	  
	 Section 6.4
	  	Notices and Demands on Issuer, Trustee and Holders of Notes	  	 	24	  
	 Section 6.5
	  	Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein	  	 	25	  
	 Section 6.6
	  	Payments Due on Saturdays, Sundays and Holidays	  	 	26	  
	 Section 6.7
	  	Conflict of any Provisions of Supplemental Indenture with Trust Indenture Act of 1939	  	 	27	  
	 Section 6.8
	  	New York Law to Govern	  	 	27	  
	 Section 6.9
	  	Counterparts	  	 	27	  
	 Section 6.10
	  	Effect of Headings	  	 	27	  
	 Section 6.11
	  	Submission to Jurisdiction	  	 	27	  
	 Section 6.12
	  	Not Responsible for Recitals or Issuance of Securities	  	 	27	  
			
		  	ARTICLE 7	  			
		  	SUPPLEMENTAL INDENTURES	  			
			
	 Section 7.1
	  	Without Consent of Holders	  	 	28	  
	 EXHIBITS
	  		  			
		  		  			
	 EXHIBIT A: Form of 3.650% Senior Notes due 2021
	  	 	F-1	  

  
 ii 

 FIRST SUPPLEMENTAL SENIOR INDENTURE, dated as of November 10, 2011, among Teva
Pharmaceutical Finance IV B.V., a Curaçao private limited liability company (the “Issuer”), Teva Pharmaceutical Industries Limited, a corporation incorporated under the laws of Israel (the “Guarantor”),
and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”), 
 W I T N E S S
E T H: 
 WHEREAS, the Issuer has heretofore executed and delivered to the Trustee a Senior Debt Indenture, dated as of
November 10, 2011 (the “Base Indenture”), providing for the issuance from time to time of one or more series of its senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”);

 WHEREAS, Section 7.01(e) of the Base Indenture provides that the Issuer, the Guarantor and the Trustee may from time to
time enter into one or more indentures supplemental thereto to establish the form or terms of Securities of a new series; 

WHEREAS, the Issuer, pursuant to the foregoing authority, proposes in and by this First Supplemental Senior Indenture (the
“Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) to supplement the Base Indenture insofar as it will apply only to the 3.650% Senior Notes due 2021 (the “Notes”)
issued hereunder (and not to any other series of Securities); and 
 WHEREAS, all things necessary have been done to make the
Notes, when executed by the Issuer and authenticated and delivered hereunder and duly issued by the Issuer, the valid obligations of the Issuer, and to make this Supplemental Indenture a valid agreement of the Issuer, in accordance with their and
its terms; 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchases of the Notes by the holders thereof, the Issuer, the Guarantor and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. 
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the Base Indenture unless otherwise indicated. For all purposes of this Supplemental Indenture and the Notes, the
following terms are defined as follows: 
 “Add On Notes” means any Notes originally issued after the date
hereof pursuant to Section 2.8, including any replacement Notes as specified in the relevant Add On Note Board 

  
 1 

 
Resolutions or Add On Note supplemental indenture issued therefor in accordance with the Base Indenture. 
 “Additional Tax Amounts” has the meaning specified in Section 3.1. 
 “Agent Member” has the meaning specified in Section 2.5. 

“Authorized Agent” has the meaning specified in Section 6.11. 

“Board” means the board of managing or supervisory directors of the Issuer, or any other body or Person authorized by
the organizational documents or by the members of the Issuer to act for it. 
 “Board Resolution” means one or
more resolutions, certified by the secretary of the Board to have been duly adopted or consented to by the Board and to be in full force and effect, and delivered to the Trustee. 

“Business Day” means a day other than (i) a Saturday or Sunday, (ii) a day on which banks in New York, New
York are authorized or obligated by law or executive order to remain closed, or (iii) a day on which the Trustee’s Corporate Trust Office is closed for business. 
 “Capital Stock” means: 
  

	 	(1)	in the case of a corporation, corporate stock; 

  

	 	(2)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

  

	 	(3)	in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

 

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person. 

 “Clearstream” means Clearstream Banking, société anonyme. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any
Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date after excluding 

  
 2 

 
the highest and lowest of such Reference Treasury Dealer Quotations or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “Consolidated Net Worth” means the stockholders’ equity of the Guarantor and
its consolidated subsidiaries, as shown on the audited consolidated balance sheet of the Guarantor’s latest annual report to stockholders, prepared in accordance with GAAP. 

“Corporate Trust Office” means the office of the Trustee located in The City of New York at which at
any particular time its corporate trust business shall be administered (which at the date of this Indenture is located at 101 Barclay Street, 4th Floor East, New York, New York 10286), Attention: Corporate Trust Administration, or such other address as the Trustee
may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and
the Issuer). 
 “corporation” means corporations, associations, limited liability companies, companies and
business trusts. 
 “Default” means an event which is, or after notice or lapse of time or both would be, an
Event of Default. 
 “Defaulted Interest” has the meaning specified in Section 2.6. 

“Depositary” means The Depository Trust Company, its nominees and their respective successors. 

“Euroclear” means Euroclear Bank S.A./N.V. 
 “Event of Default” with respect to the Notes shall not have the meaning assigned to such term by Section 4.01 of the Base Indenture. An Event of Default with respect to the Notes
means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the Issuer defaults
in the payment of the principal and premium, if any, of any of the Notes when it becomes due and payable at Maturity, upon redemption or otherwise; 
 (b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of the Notes when it becomes due and payable and such default continues for a period of 30 days;

 (c) the Guarantor fails to perform under the Guarantee; 

(d) except as otherwise permitted by the Indenture, the Guarantee is held in any final, nonappealable judicial proceeding to be
unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any Person acting on behalf of the Guarantor, shall deny or disaffirm its obligations under the Guarantee; 

  
 3 

 (e) either the Issuer or the Guarantor fails to perform or observe any other term, covenant
or agreement contained in the Notes or this Supplemental Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, respectively, to remedy the same, shall have been given
to the Issuer or the Guarantor, respectively, by the Trustee or to the Issuer or the Guarantor, respectively, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes; 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal or interest
due in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $100,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of
$100,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such non-payment or acceleration having been cured, waived, rescinded or annulled, in the case of either (i) or
(ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes; 

(g) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Issuer or the
Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Issuer or the Guarantor as bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the Guarantor under any applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Issuer or the Guarantor or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (h) the commencement by the
Issuer or the Guarantor of a voluntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the
consent by the Issuer to the entry of a decree or order for relief in respect of the Issuer or the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law
or to the commencement of any bankruptcy or insolvency case or proceeding against the Issuer or the Guarantor, or the filing by the Issuer or the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable U.S.
federal or state law, or the consent by the Issuer or the Guarantor to the filing of such petition or to the appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Issuer or the Guarantor or of any substantial part of its property, or the making by the Issuer or the Guarantor of an assignment for the benefit of creditors, or the admission by the Issuer or the Guarantor in writing of its inability to pay
its debts generally as they become due, or the taking of corporate action by the Issuer or the Guarantor expressly in furtherance of any such action. 

  
 4 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, as in effect from time to time; provided, however, that any change in GAAP that would cause the Guarantor to record an existing item as a liability upon that entity’s balance
sheet, which item was not previously required by GAAP to be so recorded, shall not constitute an incurrence of Indebtedness for purposes of this Supplemental Indenture. 
 “Global Note” has the meaning specified in Section 2.2(b). 

“guarantee” means any obligation, contingent or otherwise, of any Person, directly or indirectly guaranteeing any
Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  

	 	(1)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership
arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or maintain financial statement conditions or otherwise); or 

 

	 	(2)	entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); 

 provided, however, that the term “guarantee” will not include endorsements for
collection or deposit in the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning. 
 “Guarantees” means the guarantees of the Guarantor in the form provided in Section 2.4. 
 “Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable
provisions of the Indenture, and thereafter “Guarantor” shall mean such successor Person. 

“Holder,” “Holder of Notes” or other similar terms means the registered holder of any Note. 

“Indebtedness” means, with respect to any Person: 

 

	 	(1)	 any liability for borrowed money, or evidenced by an instrument for the payment of money, or incurred in connection with the

  
 5 

	 	
acquisition of any property, services or assets (including securities), or relating to a capitalized lease obligation, other than accounts payable or any other indebtedness to trade creditors
created or assumed by such Person in the ordinary course of business in connection with the obtaining of materials or services; 

  

	 	(2)	obligations under exchange rate contracts or interest rate protection agreements; 

 

	 	(3)	any obligations to reimburse the issuer of any letter of credit, surety bond, performance bond or other guarantee of contractual performance; 

 

	 	(4)	any liability of another Person of the type referred to in clause (1), (2) or (3) of this definition which has been assumed or guaranteed by such Person; and

  

	 	(5)	any obligations described in clauses (1) through (3) of this definition secured by any mortgage, pledge, lien or other encumbrance existing on property which
is owned or held by such Person, regardless of whether the indebtedness or other obligation secured thereby shall have been assumed by such Person. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 
 “Interest Payment Date” means each of May 10 and November 10, beginning May 10, 2012; provided, however, in each case, that if any such date is not a Business Day,
the Interest Payment Date shall be the next succeeding Business Day. 
 “Interest Rate” means 3.650% per
annum. 
 “Issuer” means the company named as the “Issuer” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Issuer” shall mean such successor Person. 
 “Issuer Order” means a written order signed in the name of the Issuer by any Officer of the Issuer or a duly authorized Attorney-in-Fact of the Issuer, and delivered to the Trustee.

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

  
 6 

 “Maturity” means the date on which the principal of the Notes becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by acceleration, call for redemption or otherwise. 

“Note” or “Notes” has the meaning specified to it in the third recital paragraph of this Supplemental
Indenture. 
 “Officer of the Guarantor” and “Officer of the Issuer” mean the Chairman of the
Board, the Chief Executive Officer, Chief Operating Officer, the President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, any Vice President, the Secretary or any Assistant Secretary of the Guarantor and of the Issuer,
respectively, any managing director or supervisory director of the Issuer, or a duly authorized Attorney-in-Fact. 

“Paying Agent” means an office or agency where Notes may be presented for payment. The term “Paying Agent”
includes any additional paying agent. 
 “Permitted Liens” means: 

 

	 	(1)	Liens existing on the date of this Supplemental Indenture; 

  

	 	(2)	Liens on property created prior to, at the time of or within 120 days after the date of acquisition, completion of construction or completion of improvement of such
property to secure all or part of the cost of acquiring, constructing or improving all or any part of such property; 

  

	 	(3)	landlord’s, material men’s, carriers’, workmen’s, repairmen’s and other like Liens arising in the ordinary course of business in respect of
obligations which are not overdue or which are being contested in good faith in appropriate proceedings; 

  

	 	(4)	Liens on property of any Person existing at the time such Person became or becomes a subsidiary of the Guarantor (provided that the Lien has not been created or assumed
in contemplation of such Person becoming a subsidiary of the Guarantor); 

  

	 	(5)	Liens securing Indebtedness of a subsidiary to the Guarantor or to one or more of its subsidiaries; 

 

	 	(6)	Liens in favor of the United States of America, or any State or agency thereof or of any foreign country, or any agency, department or other instrumentality thereof, to
secure progress, advance or other payments or obligations pursuant to any contract or provision of any statute; or 

  

	 	(7)	 any extension, renewal, substitution or replacement (or successive extensions, renewals, substitutions or replacements), as a whole or

  
 7 

	 	
in part, of any Lien referred to in the foregoing clauses (1) to (6), inclusive, or the Indebtedness secured thereby; provided, however, that (i) the principal amount of
Indebtedness secured thereby and not otherwise authorized by said clauses (1) to (6), inclusive, shall not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal, substitution or replacement; and
(ii) any such extension, renewal, substitution or replacement Lien shall be limited to the property covered by the Lien extended, renewed, substituted or replaced. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Physical Notes” means
Notes issued in definitive, fully registered form without interest coupons, substantially in the form of Exhibit A hereto. 

“Primary Treasury Dealer” has the meaning assigned to it in the definition of Reference Treasury Dealer. 

“Record Date” means either a Regular Record Date or a Special Record Date, as the case may be. 

“Redemption Date,” when used with respect to any Note to be redeemed, means the date fixed for such redemption by or
pursuant to this Supplemental Indenture. 
 “Redemption Price,” when used (A) with respect to any Note to
be redeemed pursuant to Section 4.1 of this Supplemental Indenture, means the amount equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of the present values of the Remaining Scheduled
Payments discounted, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate and 30 basis points and (B) and when used with respect to any Note to be redeemed pursuant
to Section 4.4 of this Supplemental Indenture, means the amount equal to 100% of the principal amount thereof. 

“Reference Treasury Dealer” means each of Barclays Capital Inc., Citigroup Global Markets Inc., Goldman,
Sachs & Co. and Morgan Stanley & Co. LLC, and their respective successors and two other primary U.S. Government securities dealers (each, a “Primary Treasury Dealer”) selected by the Issuer. If any of the foregoing
shall cease to be a Primary Treasury Dealer, the Issuer will substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by 

  
 8 

 
such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Registrar” means the office or agency where Notes may be presented for registration of transfer or for exchange.

 “Regular Record Date” in respect of interest on the Notes payable means the May 1 (whether or not a
Business Day) next preceding an Interest Payment Date on May 10 and the November 1 (whether or not a Business Day) next preceding an Interest Payment Date on November 10. 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of
principal of and interest on such Notes that would be due after the related Redemption Date but for such redemption. If such Redemption Date is not an interest payment date with respect to such Note, the amount of the next succeeding scheduled
interest payment on such Note will be reduced by the amount of interest accrued on such Notes to such Redemption Date. 

“Sale-Leaseback Transaction” means the sale or transfer by the Guarantor or any subsidiary of any property to a Person
and the taking back by the Guarantor or any subsidiary, as the case may be, of a lease of such property. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Special Record Date” for the payment of any
Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.6. 
 “Stated Maturity” means
the date specified in any Note as the fixed date for the payment of principal on such Note or on which an installment of interest on such Note is due and payable. 
 “subsidiary” means, with respect to any Person, a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by such Person or by one or more
other subsidiaries, or by such Person and one or more other subsidiaries. For the purposes of this definition only, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so
long as no senior class of stock has such voting power by reason of any contingency. 
 “Taxing Jurisdiction”
means Curaçao, Israel or any jurisdiction where a successor to the Issuer or Teva is incorporated or organized or considered to be a resident, if other than Curaçao or Israel, respectively, or any jurisdiction through which payments
will be made 
 “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date of this
Supplemental Indenture; provided, however, that in the event the TIA is amended after such date, “TIA” means, to the extent such amendment is applicable to this Supplemental Indenture and the Base Indenture, the Trust Indenture Act
of 1939, as so amended, or any successor statute. 

  
 9 

 “Treasury Rate” means, with respect to any Redemption Date, the rate per
year equal to the semi-annual equivalent yield to maturity (computed as of the second Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such pursuant to the applicable provisions of this Supplemental Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
 “U.S. Dollar” means the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

“Underwriters” means the underwriters named in Schedule I to the Underwriting Agreement. 

“Underwriting Agreement” means the Underwriting Agreement, dated November 7, 2011 among the Issuer, the Guarantor
and the Underwriters. 
 “Vice President,” when used with respect to the Issuer or the Guarantor, as the case
may be, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
 Section 1.2 Incorporation by Reference of Trust Indenture Act. 
 Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Supplemental Indenture. 
 The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes and the Guarantees; 

“indenture security holder” means a Holder; 
 “indenture to be qualified” means this Supplemental Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes means the Issuer and on the Guarantee means the Guarantor and any other obligor on the indenture
securities. 
 All other TIA terms used in this Supplemental Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule have the meanings assigned to them by such definitions. 

  
 10 

 Section 1.3 Rules of Construction. 

For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the
plural as well as the singular; 
 (2) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with accounting principles generally accepted in the United States prevailing at the time of any relevant computation hereunder; and 

(3) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 ARTICLE 2

 THE NOTES AND THE GUARANTEES 
 Section 2.1 Title and Terms. 
 (a) The Notes shall be known and designated
as the “3.650% Senior Notes due 2021” of the Issuer. The aggregate principal amount of the Notes that may be authenticated and delivered under this Supplemental Indenture is limited to $875,000,000, except, in each case, for Add On Notes
issued in accordance with Section 2.8 and Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5. The Notes shall be issuable in minimum denominations of
$2,000 principal amount and integral multiples of $1,000 in excess of $2,000. 
 (b) The Notes shall mature on November 10,
2021. 
 (c) Interest on the Notes shall accrue from November 10, 2011 at the Interest Rate until the principal thereof is
paid or made available for payment. Interest shall be payable semiannually in arrears on each Interest Payment Date. 
 (d)
Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 (e) A Holder of any Note at
the close of business on a Regular Record Date shall be entitled to receive interest on such Note on the corresponding Interest Payment Date. 
 (f) Principal of and interest on Global Notes shall be payable to the Depositary in immediately available funds. 

  
 11 

 (g) Principal on Physical Notes shall be payable at the office or agency of the Issuer
maintained for such purpose, initially the Corporate Trust Office of the Trustee. Interest on Physical Notes will be payable by (i) U.S. Dollar check drawn on a bank in The City of New York mailed to the address of the Person entitled thereto
as such address shall appear in the register of the Notes, or (ii) upon written application to the Registrar not later than the relevant Record Date by a Holder of an aggregate principal amount of Notes in excess of $5,000,000, wire transfer in
immediately available funds, which application and written wire instructions shall remain in effect until the Holder notifies, in writing, the Registrar to the contrary. 
 (h) The Notes shall be redeemable at the option of the Issuer as provided in Article 4. 
 Section 2.2 Form of Notes. 
 (a) Except as otherwise provided pursuant to
this Section 2.2, the Notes are issuable in fully registered form without coupons in substantially the form of Exhibit A hereto, with such applicable legends as are provided for in Section 2.3. The Notes are not issuable in bearer
form. The terms and provisions contained in the form of Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and to the extent applicable, the Issuer, the Guarantor and the Trustee, by their execution and
delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends and endorsements as the
officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Indenture and the Base Indenture, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage. 

(b) The Notes and the Guarantee are being offered and sold by the Issuer pursuant to the Underwriting Agreement. The Notes shall be
issued initially in the form of permanent global Notes in fully registered form without interest coupons, substantially in the form of Exhibit A hereto (the “Global Notes”), each with the applicable legends as provided in
Section 2.3. Each Global Note shall be duly executed by the Issuer and authenticated and delivered by the Trustee, shall have endorsed thereon the applicable Guarantee executed by the Guarantor and shall be registered in the name of the
Depositary or its nominee and retained by the Trustee, as custodian, at its Corporate Trust Office, for credit to the accounts of the Agent Members holding the Notes evidenced thereby. The aggregate principal amount of each Global Note may from time
to time be increased or decreased by adjustments made on the records of the Trustee, as custodian, and of the Depositary or its nominee, as hereinafter provided. 
 Section 2.3 Legends. 
 Each Global Note shall also bear the following
legend on the face thereof: 

  
 12 

 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE SUPPLEMENTAL INDENTURE REFERRED TO
HEREIN. THIS GLOBAL NOTE MAY NOT BE EXCHANGED, IN WHOLE OR IN PART, FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES SET FORTH IN THE SUPPLEMENTAL
INDENTURE AND MAY NOT BE TRANSFERRED, IN WHOLE OR IN PART, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE SUPPLEMENTAL INDENTURE. 
 Section 2.4 Form of Guarantee. 
 A Guarantee substantially in the following form
shall be endorsed on the reverse of each Note: 
 Teva Pharmaceutical Industries Limited (the
“Guarantor”) hereby unconditionally and irrevocably guarantees to the Holder of this Note the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same
shall become due and payable, whether at Maturity or upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the
payment of any such principal or interest (including Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective
of any extension of the time for payment of this Note, any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence
granted to the Issuer with respect thereto by the Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness
evidenced hereby and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the
Guarantor pursuant to the provisions of the Guarantees or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder
(i) to be subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to

  
 13 

 
receive any payment in the nature of contribution or for any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including
Additional Tax Amounts, if any) on this Note shall have been paid in full. 
 The Guarantee shall not be valid
or become obligatory for any purpose with respect to this Note until the certificate of authentication on this Note shall have been signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the laws of the State of New York. 
 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantee to be signed manually or by facsimile by its duly authorized officers. 

 

					
		 	TEVA PHARMACEUTICAL INDUSTRIES LIMITED
			
		 	By	 	 
			
		 	By	 	 

 Section 2.5 Book-Entry Provisions for the Global Notes. 

(a) The Global Notes initially shall: 
  

	 	(1)	be registered in the name of the Depositary (or a nominee thereof); and 

  

	 	(2)	be delivered to the Trustee as custodian for such Depositary. 

 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Supplemental Indenture with respect to any Global Note held on their behalf by the
Depositary, or the Trustee as its custodian, or under such Global Note, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing contained herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. With respect to any Global Note deposited on behalf of the subscribers for the Notes
represented thereby with the Trustee as custodian for the Depositary for credit to their respective accounts (or to such other accounts as they may direct) at Euroclear or Clearstream, the provisions of the “Operating

  
 14 

 
Procedures of the Euroclear System” and the “Terms and Conditions Governing Use of Euroclear” and the “Management Regulations” and “Instructions to
Participants” of Clearstream, respectively, shall be applicable to the Global Notes. 
 (b) The Holder of a Global Note may
grant proxies and otherwise authorize any Person, including DTC Participants and Persons that may hold interests through DTC Participants, to take any action that a Holder is entitled to take under this Supplemental Indenture, the Base Indenture or
the Notes. 
 (c) A Global Note may not be transferred, in whole or in part, to any Person other than the Depositary (or a
nominee thereof), and no such transfer to any such other Person may be registered. Beneficial interests in a Global Note may be transferred in accordance with the rules and procedures of the Depositary. 

(d) If at any time: 
 (1) the Depositary notifies the Issuer in writing that it is no longer willing or able to continue to act as Depositary for the Global Notes, or the Depositary ceases to be a “clearing agency”
registered under the Exchange Act and a successor depositary for the Global Notes is not appointed by the Issuer within 90 days of such notice or cessation; or 
 (2) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary for the issuance of Physical Notes in exchange for such Global Note or Global Notes;

 the Depositary shall surrender such Global Note or Global Notes to the Trustee for cancellation and the Issuer shall execute, and the
Trustee, upon receipt of an Officers’ Certificate and Issuer Order for the authentication and delivery of Notes, shall authenticate and deliver, in exchange for such Global Note or Global Notes, Physical Notes in an aggregate principal amount
equal to the aggregate principal amount of such Global Note or Global Notes. Such Physical Notes shall be registered in such names as the Depositary shall identify in writing as the beneficial owners of the Notes represented by such Global Note or
Global Notes (or any nominee thereof). 
 (e) Notwithstanding the foregoing, in connection with any transfer of beneficial
interests in a Global Note to the beneficial owners thereof pursuant to Section 2.5(d), the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal
amount of the beneficial interests in such Global Note to be transferred. 
 Section 2.6 Defaulted Interest. 

If the Issuer fails to make a payment of interest on any Note when due and payable (“Defaulted Interest”), it shall pay
such Defaulted Interest plus (to the extent lawful) any interest payable on the Defaulted Interest, in any lawful manner. It may elect to pay such Defaulted Interest, plus any such interest payable on it, to the Persons who are Holders of such Notes
on which the interest is due on a subsequent Special Record Date. The Issuer shall notify the 

  
 15 

 
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Note. The Issuer shall fix any such Special Record Date and payment date for such payment. At least 15 days
before any such Special Record Date, the Issuer shall mail to Holders affected thereby a notice that states the Special Record Date, the Interest Payment Date and amount of such interest to be paid. 

Section 2.7 Execution of Guarantee. 
 The Guarantor hereby agrees to execute the Guarantee in substantially the form above recited to be endorsed on each Note. If the Issuer shall execute Physical Notes in accordance with Section 2.5,
the Guarantor shall execute the Guarantee in substantially the form above recited to be endorsed on each such Note. Such Guarantee shall be executed on behalf of the Guarantor by an Officer of the Guarantor. The signature of any of these officers on
the Guarantee may be manual or facsimile. 
 In case any Officer of the Guarantor who shall have signed the Guarantee endorsed
on a Note shall cease to be such officer before the Note so signed shall be authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered or disposed of as though the person who signed such Guarantee had not
ceased to be such Officer of the Guarantor; and any Guarantee endorsed on a Note may be signed on behalf of the Guarantor by such persons as, at the actual date of the execution of such Guarantee, shall be the proper officers of the Guarantor,
although at the date of the execution and delivery of this Supplemental Indenture any such person was not such an officer. 

Section 2.8 Add On Notes. 
 The Issuer may, from time to time, subject to compliance with any other applicable provisions of this Supplemental Indenture and the Base Indenture, without the consent of the Holders, create and issue
pursuant to this Supplemental Indenture and the Base Indenture Add On Notes having terms identical to those of the Outstanding Notes, except that Add On Notes: 
  

	 	(a)	may have a different issue date from other Outstanding Notes; 

  

	 	(b)	may have a different first Interest Payment Date after issuance than other Outstanding Notes; 

 

	 	(c)	may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on other Outstanding Notes; and

  

	 	(d)	 may have terms specified in Add On Note Board Resolutions or the Add On Note supplemental indenture for such Add On Notes making appropriate
adjustments to this Article 2 and Exhibit A or B (and related definitions), as the case may be, applicable to such Add On Notes in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) and any
registration rights or similar agreement applicable to such Add On Notes, which are not adverse in any material 

  
 16 

	 	
respect to the Holder of any Outstanding Notes (other than such Add On Notes) and which shall not affect the rights, benefits, immunities or duties of the Trustee. 

In authenticating any Add On Notes, and accepting the additional responsibilities under this Indenture in relation to such Add On Notes,
the Trustee shall be entitled to receive, and shall be fully protected in relying upon: 
  

	 	(a)	the Add On Note Board Resolutions or Add On Note supplemental indenture relating thereto; 

 

	 	(b)	an Officers’ Certificate complying with Section 6.5; and 

  

	 	(c)	an Opinion of Counsel complying with Section 6.5 stating, 

 (1) that the forms of such Notes have been established by or pursuant to Add On Note Board Resolutions or by an Add On Note supplemental indenture, as permitted by this Section 2.8 and in conformity
with the provisions of this Supplemental Indenture and the Base Indenture; 
 (2) that the terms of such Notes
have been established by or pursuant to Add On Note Board Resolutions or by an Add On Note supplemental indenture, as permitted by this Section 2.8 and in conformity with the provisions of this Supplemental Indenture and the Base Indenture;

 (3) that such Notes and the related Guarantees, when authenticated and delivered by the Trustee and issued by
the Issuer and the Guarantor in the manner provided for herein and in the Base Indenture and the Guarantee, respectively, subject to any customary conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations
of the Issuer and the Guarantor, respectively, entitled to the benefits provided in this Supplemental Indenture and the Base Indenture, enforceable in accordance with their respective terms, except to the extent that the enforcement of such
obligations may be subject to bankruptcy laws or insolvency laws or other similar laws, general principles of equity and such other qualifications as such counsel shall conclude are customary or do not materially affect the rights of the Holders of
such Notes; 
 (4) that all laws and requirements in respect of the execution and delivery of the Notes have been
complied with; and 
 (5) such other matters as the Trustee may reasonably request. 

If such forms or terms have been so established by or pursuant to Add On Note Board Resolutions or an Add On Note supplemental indenture,
the Trustee shall have the right to decline to authenticate and deliver any Notes: 

  
 17 

 (1) if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken; 
 (2) if the Trustee in good faith determines that such action would expose the Trustee to personal liability to
Holders of any Outstanding Notes; or 
 (3) if the issue of such Add On Notes pursuant to this Supplemental Indenture and the
Base Indenture will affect the Trustee’s own rights, duties, benefits and immunities under the Notes, this Supplemental Indenture and the Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Notwithstanding anything in this Section 2.8, the Issuer may not issue Add On Notes if an Event of Default shall have occurred and
be continuing. 
 ARTICLE 3 
 ADDITIONAL COVENANTS 
 In addition to the covenants set forth in Article 3
of the Base Indenture, the Notes shall be subject to the additional covenants set forth in this Article 3. 
 Section 3.1
Payment of Additional Tax Amounts. 
 All payments of interest and principal by the Issuer under the Notes and by the
Guarantor under the Guarantees shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Taxing
Jurisdiction or any political sub-division thereof or by any authority therein having power to tax unless such withholding or deduction is required by law. In that event, the Issuer or the Guarantor, as applicable, will (a) withhold or deduct
such amounts, (b) pay such additional amounts as may be necessary in order that the net amounts received by a Holder after such withholding or deduction shall equal the amount of interest and principal which would have been receivable in
respect of the Notes in the absence of such withholding or deduction (“Additional Tax Amounts”) and (c) pay the full amount withheld or deducted to the relevant tax or other authority in accordance with applicable law, except
that no such Additional Tax Amounts shall be payable in respect of any Note: 
 (1) to the extent that such Taxes
are imposed or levied by reason of such Holder (or the beneficial owner) having some present or former connection with the Taxing Jurisdiction other than the mere holding (or beneficial ownership) of such Note or receiving principal or interest
payments on the Notes (including but not limited to citizenship, nationality, residence, domicile, or the existence of a business, permanent establishment, a dependant agent, a place of business or a place of management present or deemed present in
the Taxing Jurisdiction); 
 (2) in respect of any Tax that would not have been so withheld or deducted but for
the failure by the Holder or the beneficial owner of the Note to make a declaration of non-residence, or any other claim or filing for exemption to 

  
 18 

 
which it is entitled or otherwise comply with any reasonable certification, identification, information, documentation or other reporting requirement concerning nationality, residence, identity
or connection with the Taxing Jurisdiction if (a) compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all or part of the Taxes, (b) the Holder (or beneficial owner) is
able to comply with these requirements without undue hardship and (c) we have given the Holders (or beneficial owners) at least 30 calendar days prior notice that they will be required to comply with such requirement; 

(3) in respect of any Tax imposed on a holder or a beneficial owner of the notes who is an individual resident of the
European Union as a result of such holder or beneficial owner’s failure to provide the requisite information to the Issuer to allow such holder to take advantage of the exemption from the savings income tax provided in article 10 of the Land
Ordinance on Savings Income in Curaçao; 
 (4) to the extent that such Taxes are imposed by reason of any
estate, inheritance, gift, sales, transfer or personal property taxes imposed with respect to the Notes, except as otherwise provided in this Supplemental Indenture; 

(5) to the extent that any such taxes would not have been imposed but for the presentation of such Notes, where
presentation is required, for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent that the Holder would
have been entitled to Additional Tax Amounts had the notes been presented for payment on any date during such 30-day period; or 
 (6) any combination of items (1) through (5) above. 
 For purposes of
this Section 3.1, “Taxes” means, with respect to payments on the Notes, all taxes, withholdings, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Taxing Jurisdiction or any
political subdivision thereof or any authority or agency therein or thereof having power to tax. 
 Section 3.2 Stamp
Tax. 
 The Issuer and the Guarantor will pay any present or future stamp, court or documentary taxes or any other excise or
property taxes, charges or similar levies that arise from the execution, delivery, enforcement or registration of the Notes or any other document or instrument in relation thereto. 

Section 3.3 Corporate Existence. 
 Subject to Article 8 of the Base Indenture, each of the Guarantor and the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate

  
 19 

 
existence, rights (charter and statutory) and franchises; provided, however, that the Issuer and the Guarantor shall not be required to preserve any such right or franchise if the Issuer
and the Guarantor determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor and that the loss thereof is not disadvantageous in any material respect to the Holders. 

Section 3.4 Certificates of the Issuer and the Guarantor. 

The Issuer and the Guarantor will each furnish to the Trustee within 120 days after the end of each fiscal year of the Issuer or the
Guarantor, as the case may be, an Officers’ Certificate of the Issuer or the Guarantor, as the case may be, as to the signers’ knowledge of the Issuer’s or the Guarantor’s compliance with all conditions and covenants under this
Supplemental Indenture and the Base Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under this Supplemental Indenture or the Base Indenture). In the event an Officer of the
Guarantor or an Officer of the Issuer comes to have actual knowledge of an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, regardless of the date, the Guarantor or the Issuer shall
deliver an Officers’ Certificate to the Trustee specifying such Default and the nature and status thereof. 
 Section 3.5
Guarantor To Be the Sole Equityholder of the Issuer. 
 So long as any Notes are outstanding, the Guarantor or its
successor will directly or indirectly own all of the outstanding Capital Stock of the Issuer. 
 Section 3.6 Limitation on
Liens. 
 The Guarantor shall not, and shall not permit any subsidiary to, directly or indirectly, create, incur, assume or
suffer to exist any Lien, other than a Permitted Lien, upon any of its property or assets (including any shares of Capital Stock or Indebtedness of any subsidiary), whether owned or leased on the date of this Supplemental Indenture or hereafter
acquired, to secure any Indebtedness incurred by the Guarantor or any subsidiary, without in any such case making effective provision whereby all of the Notes outstanding (together with, if the Guarantor so determines, any other Indebtedness by the
Guarantor or any such subsidiary ranking equally with the Notes or the Guarantees) shall be secured equally and ratably with, or prior to, such Indebtedness for so long as such Indebtedness shall be so secured unless, after giving effect to such
Lien, the aggregate amount of secured Indebtedness then outstanding (excluding Indebtedness secured solely by Permitted Liens) plus the value (as defined in Section 3.7) of all Sale-Leaseback Transactions (other than those described in
paragraph (a) or paragraph (b) of Section 3.7) then outstanding would not exceed 10% of the Guarantor’s Consolidated Net Worth. 
 Section 3.7 Limitation on Sales and Leasebacks. 
 The Guarantor will not,
and will not permit any subsidiary to, enter into any Sale-Leaseback Transaction after the date of this Supplemental Indenture unless: 

  
 20 

	 	(a)	the Sale-Leaseback Transaction: 

  

	 	(1)	involves a lease for a period, including renewals, of not more than five years; 

 

	 	(2)	occurs within 270 days after the date of acquisition, completion of construction or completion of improvement of such property; or 

 

	 	(3)	is with the Guarantor or one of its subsidiaries; or 

  

	 	(b)	the Guarantor or any subsidiary, within 270 days after the Sale-Leaseback Transaction shall have occurred, applies or causes to be applied an amount equal to the value
of the property so sold and leased back at the time of entering into such arrangement to the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Guarantor or any subsidiary that is not subordinated to the Notes and
that has a Stated Maturity of more than twelve months; or 

  

	 	(c)	the Guarantor or such subsidiary would be entitled pursuant to Section 3.6 to create, incur, issue or assume Indebtedness secured by a Lien, other than a Permitted
Lien, on the property without equally and ratably securing the Notes. 

 As used in this Section 3.7, the
term “value” shall mean, with respect to a Sale-Leaseback Transaction, as of any particular time an amount equal to the greater of (i) the net proceeds of sale of the property leased pursuant to such Sale-Leaseback Transaction, or
(ii) the fair value of such property at the time of entering into such Sale-Leaseback Transaction as determined by the Board of Directors of the Guarantor, in each case multiplied by a fraction of which the numerator is the number of full years
of remaining term of the lease (without regard to renewal options) and the denominator is the full years of the full term of the lease (without regard to renewal options). 
 Section 3.8 Waiver of Stay or Extension Laws. 
 The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim to take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Supplemental Indenture and the Base Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it
will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
 21 

 ARTICLE 4 
 REDEMPTION OF NOTES 
 Section 4.1 Optional Redemption. 

The Issuer may, however, at its option, redeem the Notes in whole or in part from time to time, on any date prior to maturity, upon
notice as set forth in Section 4.2, at the Redemption Price plus any interest accrued and unpaid to, but excluding, the Redemption Date. 
 Section 4.2 Notice of Redemption. 
 Notice of redemption shall be given in
the manner provided in Section 6.4 to the Holders of Notes to be redeemed and to the Trustee. Such notice shall be given not less than 20 nor more than 60 days prior to the intended Redemption Date. 

Section 4.3 Deposit of Redemption Price. 
 Prior to 10:00 a.m., New York City time, on any Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent an amount of money sufficient to pay the Redemption Price in respect of
all the Notes to be redeemed on that Redemption Date and accrued and unpaid interest, if any, on such Notes. 
 Section 4.4
Tax Redemption. 
 (a) If, as a result of any amendment to, or change in, the laws (or any rules or regulation
thereunder) of any Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein affecting taxation or any amendment to or change in an official interpretation or application of such laws, rules or regulations, which
amendment or change of such laws, rules or regulations becomes effective on or after the date of this Supplemental Indenture, the Issuer or the Guarantor (or its successor), as the case may be, will be obligated to pay any Additional Tax Amount,
with respect to the Notes, and if such obligation cannot be avoided by the Issuer or the Guarantor (or its successor), after taking measures it considers reasonable to avoid it, then at the option of the Issuer or the Guarantor (or its successor),
as the case may be, the Notes may be redeemed in whole, but not in part, at any time, on giving not less than 20 nor more than 60 days’ notice to the Trustee and the Holders of such Notes, at the Redemption Price plus accrued and unpaid
interest up to but not including the Redemption Date and any Additional Tax Amounts which would otherwise be payable; provided, however, that (1) no notice of such tax redemption may be given earlier than 90 days prior to the earliest
date on which the Issuer or the Guarantor (or its successor), as the case may be, would but for such redemption be obligated to pay such Additional Tax Amounts were a payment on such Notes then due, and (2) at the time such notice is given,
such obligation to pay such Additional Tax Amounts remains in effect. 
 (b) Before any notice of tax redemption pursuant to
Section 4.4(a) is given to the Trustee or the Holders of the Notes, the Issuer or the Guarantor (or its successor), as the case may be, shall deliver to the Trustee (i) an Officer’s Certificate stating that the Issuer or the Guarantor
(or its successor), is entitled to effect such redemption and setting forth a statement of 

  
 22 

 
facts showing that the condition or conditions precedent to the right of the Issuer or the Guarantor (or its successor) so to redeem have occurred or been satisfied and (ii) an opinion of
counsel to the effect that the Issuer or the Guarantor (or its successor) has or shall become obligated to pay Additional Tax Amounts as a result of a change or amendment described in Section 4.4(a). Such notice, once given to the Trustee,
shall be irrevocable. 
 ARTICLE 5 
 SATISFACTION AND DISCHARGE 
 Section 5.1 Satisfaction and Discharge.

 (a) With respect to the Notes, Section 9.01 of the Base Indenture is not applicable. 

(b) The Issuer and the Guarantor may satisfy and discharge their obligations under this Supplemental Indenture while the Notes remain
outstanding, if (a) all Outstanding Notes have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and in either case, the Issuer has deposited with the Trustee an amount
sufficient to pay and discharge all Outstanding Notes on the date of their scheduled Maturity or the scheduled Redemption Date. 

ARTICLE 6 

MISCELLANEOUS PROVISIONS 
 Section 6.1 Scope of Supplemental Indenture. 
 The changes, modifications
and supplements to the Base Indenture effected by this Supplemental Indenture shall only be applicable with respect to, and govern the terms of, the Notes and shall not apply to any other Securities that may be issued by the Issuer under the Base
Indenture. 
 Section 6.2 Provisions of Supplemental Indenture for the Sole Benefit of Parties and Holders of Notes.

 Nothing in this Supplemental Indenture, the Base Indenture or in the Notes or the Guarantees, expressed or implied, shall
give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Notes, any legal or equitable right, remedy or claim under this Supplemental Indenture or under any covenant
or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Notes. 

  
 23 

 Section 6.3 Successors and Assigns of Issuer and Guarantor Bound by Supplemental
Indenture. 
 All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or on
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or on behalf of the Guarantor shall bind its successors and
assigns, whether so expressed or not. 
 Section 6.4 Notices and Demands on Issuer, Trustee and Holders of Notes.

 Any notice or demand which by any provision of this Supplemental Indenture is required or permitted to be given or served by
the Trustee or by the Holders of Notes to or on the Issuer or the Guarantor may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address is filed with
the Trustee) as follows: 
 If to the Issuer, to: 

Teva Pharmaceutical Finance IV B.V. 

c/o Teva Pharmaceuticals USA, Inc. 

1090 Horsham Road 
 North Wales, PA 19454 
 Deborah A. Griffin 

Fax: (215) 591-8807 
 with a copy to: 
 Teva Pharmaceutical Finance IV B.V. 

Schottegatweg Oost 29D 
 Curaçao 
 Attn: George Bergmann 

Fax: 599-9736-7066 
 with a copy (which shall not constitute notice) to: 
 Willkie
Farr & Gallagher LLP 
 787 Seventh Avenue 

New York, NY 10019 
 Attn: Jeffrey S. Hochman 
 Fax: (212) 728-9592 

If to the Guarantor: 
 Teva Pharmaceutical Industries Limited 
 5 Basel Street 

P.O. Box 3190 

  
 24 

 Petach Tikva 49131 

Israel 
 Attn: Eyal Desheh 
 Fax: 972-3-914-8700 

with a copy (which shall not constitute notice) to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, NY 10019 
 Attn: Jeffrey S. Hochman 

Fax: (212) 728-9592 
 Any notice, direction, request or demand by the Issuer, the Guarantor or any Holder of Notes to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if delivered
in person or mailed by first-class mail to the Trustee at 101 Barclay Street, Floor 4E, New York, NY 10286, Attention: Corporate Trust Administration – Global Finance Unit. 

Where this Supplemental Indenture provides for notice to Holders, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the register of the Notes. In any case where notice to Holders is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Supplemental Indenture provides for notice in any manner, such notice may be
waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of the suspension of
or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer, the Guarantor or Holders of Notes when such notice is required to be given pursuant to any provision of this Supplemental Indenture, then any manner
of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 

Section 6.5 Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein. 

Upon any application or demand by the Issuer or the Guarantor to the Trustee to take any action under any of the provisions of this
Supplemental Indenture, the Issuer or the Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate or Guarantor’s Officers’ Certificate, as the case may be, stating that all conditions precedent provided
for in this Supplemental Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with. 

  
 25 

 Each certificate or opinion provided for in this Supplemental Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in this Supplemental Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or
covenant has been complied with. 
 Any certificate, statement or opinion of an officer of the Issuer or the Guarantor may be
based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate,
statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters,
information with respect to which is in the possession of the Issuer or the Guarantor, as the case may be, upon the certificate, statement or opinion of or representations by an officer of officers of the Issuer or the Guarantor, as the case may be,
unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care
should know that the same are erroneous. 
 Any certificate, statement or opinion of an officer of the Issuer or the Guarantor
or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be,
knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same
are erroneous. 
 Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain
a statement that such firm is independent. 
 Section 6.6 Payments Due on Saturdays, Sundays and Holidays. 

If the date of maturity of interest on or principal of the Notes or the date fixed for redemption of any such Note shall not be a
Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no
interest shall accrue for the period after such date. 

  
 26 

 Section 6.7 Conflict of any Provisions of Supplemental Indenture with Trust Indenture Act
of 1939. 
 If and to the extent that any provision of this Supplemental Indenture limits, qualifies or conflicts with
another provision included in this Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 (an “incorporated provision”), such incorporated provision shall control. 

Section 6.8 New York Law to Govern. 
 This Supplemental Indenture and each Note shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State.

 Section 6.9 Counterparts. 
 This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 6.10 Effect of Headings. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 6.11 Submission to Jurisdiction. 
 Each of the Issuer and the Guarantor agrees that any legal suit, action or proceeding arising out of or based upon this Supplemental Indenture may be instituted in any federal or state court sitting in
New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any law
suit, action or proceeding. Each of the Issuer and the Guarantor, as long as any of the Notes remain Outstanding or the parties hereto have any obligation under this Supplemental Indenture, shall have an authorized agent (the “Authorized
Agent”) in the United States upon whom process may be served in any such legal action or proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be
deemed in every respect effective service of process upon it in any such legal action or proceeding. The Issuer and the Guarantor each hereby appoints Teva Pharmaceuticals USA, Inc. (1090 Horsham Road, North Wales, PA 19454) as its agent for such
purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of such agent. 
 Section 6.12 Not Responsible for Recitals or Issuance of Securities. 
 The
recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer and the Guarantor, and the Trustee 

  
 27 

 
assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be
accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
 ARTICLE 7 

SUPPLEMENTAL INDENTURES 
 Section 7.1 Without Consent of Holders. 
 The Issuer and the Trustee may
amend, modify or supplement this Supplemental Indenture or the Notes without the consent of any Holder to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Supplemental Indenture or under any supplemental indenture as the Issuer
or the Guarantor may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Notes in any material respect; provided, further, that any amendment made solely to conform the provisions of this Supplemental
Indenture to the description of the Notes contained in the Issuer’s prospectus supplement dated November 7, 2011 will not be deemed to adversely affect the interests of the Holders of the Notes. 

  
 28 

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

			
	Very truly yours,
	
	 TEVA PHARMACEUTICAL FINANCE IV B.V.,

        AS ISSUER

		
	By	 	/s/ George Bergmann
		 	 Name: George Bergmann 
 Title: Managing Director

  

			
	By	 	/s/ Edgard Lotman
		 	 Name: Edgard Lotman

Title: Supervisory Director

  

			
	 TEVA PHARMACEUTICAL INDUSTRIES

        LIMITED, AS GUARANTOR

		
	By	 	/s/ Eyal Desheh
		 	 Name: Eyal Desheh
 Title: Chief Financial Officer

  

			
	By	 	/s/ Eran Ezra
		 	 Name: Eran Ezra

Title: Treasurer

  

			
	 THE BANK OF NEW YORK MELLON,
AS
         TRUSTEE

		
	By	 	/s/ John T. Needham, Jr.
		 	 Name: John T. Needham, Jr.
 Title: Vice President

 EXHIBIT A 
 [FORM OF FACE OF FIXED RATE NOTE] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO TEVA PHARMACEUTICAL FINANCE IV B.V. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IN EXCHANGE FOR THIS NOTE IS REGISTERED IN THE NAME
OF CEDE & CO. (“CEDE”) OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE, HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE SUPPLEMENTAL INDENTURE REFERRED TO HEREIN. THIS GLOBAL NOTE MAY NOT BE EXCHANGED, IN WHOLE OR IN PART, FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON
OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES SET FORTH IN THE SUPPLEMENTAL INDENTURE AND MAY NOT BE TRANSFERRED, IN WHOLE OR IN PART, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
SUPPLEMENTAL INDENTURE. 
  

			
	No.	  	U.S.$
		
	CUSIP No. 88166J AA1	  	
	ISIN No. US88166JAA16	  	

 GLOBAL NOTE 
 TEVA PHARMACEUTICAL FINANCE IV B.V. 
 3.650% Senior Notes due 2021

 Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 
 This Global Note is in respect of
an issue of 3.650% Senior Notes due 2021 (the “Notes”) of Teva Pharmaceutical Finance IV B.V., a Curaçao private limited liability company (the “Issuer”, which term includes any successor corporation under
the Supplemental Indenture and Indenture hereinafter referred to), and issued pursuant to a supplemental indenture and a base indenture, each dated as of November 10, 2011 (respectively, the “Supplemental Indenture” and the
“Base Indenture” and together, the “Indenture”) among the Issuer, Teva Pharmaceutical 

  
 F-1

 
Industries Limited, as guarantor (the “Guarantor”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). Unless the
context otherwise requires, the terms used herein shall have the meanings specified in the Supplemental Indenture and the Base Indenture. 
 The Issuer, for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal amount of [            ]
United States Dollars (U.S.$            ) on November 10, 2021, and to pay interest on such principal amount in U.S. Dollars at the rate of 3.650% per annum, computed on the basis
of a 360 day year consisting of twelve 30 day months, from the date hereof until payment of such principal amount has been made or duly provided for, such interest to be paid semi-annually on May 10 and November 10 of each year ,
commencing May 10, 2012. The interest so payable on any May 10 or November 10 will, subject to certain exceptions provided in the Supplemental Indenture, be paid to the person in whose name this Note is registered at the close of
business on the preceding May 1 or November 1 (whether or not a Business Day). 
 Reference is hereby made to the
further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee. 

  
 F-2

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed manually or by
facsimile by its duly authorized officers. 
 Dated: 

 

			
	TEVA PHARMACEUTICAL FINANCE IV B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Trustee’s Certificate of Authentication 
 This is one of the 3.650% Senior Notes 
 due 2021 described in the within-named 

Supplemental Indenture and Indenture. 
  

			
	
	 THE BANK OF NEW YORK
MELLON,
 as Trustee

		
	By:	 	 
		 	Authorized Signatory

 Dated: 

  
 F-3

 Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby
unconditionally and irrevocably guarantees to the Holder of this Note the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and payable, whether
at Maturity or upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such principal or
interest (including Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of the time for
payment of this Note, any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Issuer with
respect thereto by the Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment,
filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all demands
whatsoever, and covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the Guarantor
pursuant to the provisions of the Guarantees or this Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder
(i) to be subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to receive any payment in the nature of
contribution or for any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note shall have been paid in full. 

The Guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication
on this Note shall have been signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the
laws of the State of New York. 

  
 F-4

 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantee to be
signed manually or by facsimile by its duly authorized officers. 
 Dated: 

 

			
	 TEVA PHARMACEUTICAL INDUSTRIES

      LIMITED

		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 F-5

 [FORM OF REVERSE OF FIXED RATE NOTE] 

TEVA PHARMACEUTICAL FINANCE IV B.V. 
 3.650% Senior Note due 2021 
 Payment of Principal, Interest and
Additional Tax Amounts, if any, Unconditionally Guaranteed By 
 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless
otherwise indicated. 
 1. Principal and Interest. 
 Teva Pharmaceutical Finance IV B.V., a Curaçao private limited liability company (the “Issuer”), promises to pay interest on the principal amount of this Note at the Interest Rate
from November 10, 2011 until the principal thereof is paid or made available for payment. Interest shall be payable semiannually in arrears on each May 10 and November 10 of each year (each an “Interest Payment
Date”), commencing May 10, 2012. 
 Interest on the Notes shall be computed on the basis of a 360-day year of
twelve 30-day months. 
 A Holder of any Note at the close of business on a Regular Record Date shall be entitled to receive
interest on such Note on the corresponding Interest Payment Date. 
 2. Method of Payment. 

Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the
person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the relevant Regular Record Date for such interest. 
 Principal of and interest on Global Notes shall be payable to the Depositary in immediately available funds. 
 Principal of Physical Notes will be payable at the office or agency of the Issuer maintained for such purpose, initially the Corporate Trust Office of the Trustee. Interest on Physical Notes will be
payable by (i) U.S. Dollar check drawn on a bank in The City of New York mailed to the address of the Person entitled thereto as such address shall appear in the register of the Notes, or (ii) upon written application to the Registrar
not later than the relevant Record Date by a Holder of an aggregate principal amount of Notes in excess of $5,000,000, wire transfer in immediately available funds, which application and written wire instructions shall remain in effect until the
Holder notifies, in writing, the Registrar to the contrary. 

  
 R-1

 3. Paying Agent and Registrar. 

Initially, The Bank of New York Mellon, the Trustee under the Supplemental Indenture, will act as Paying Agent and Registrar. The Issuer
may change the Paying Agent or Registrar without notice to any Holder. 
 4. Supplemental Indenture and Indenture. 

The Issuer issued this Note under a Supplemental Indenture and a Base Indenture, each dated as of November 10, 2011 (respectively,
the “Supplemental Indenture” and the “Base Indenture” and together, the “Indenture”), among the Issuer, the Guarantor and The Bank of New York Mellon, as trustee (the “Trustee”).
The terms of the Note include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (“TIA”). This Note is subject to all such terms, and Holders are referred
to the Indenture and the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control.

 5. Optional Redemption. 
 This Note may be redeemed in whole at any time or in part from time to time, at the option of the Issuer, on any date prior to Maturity, upon notice as set forth in Section 4.2 of the Supplemental
Indenture, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments discounted, on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate and 30 basis points, plus any interest accrued and unpaid to, but excluding, the Redemption Date. 

On and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes called for redemption, unless the Issuer
defaults in the payment of the Redemption Price. 
 Notice of redemption will be given by the Issuer to the Holders as provided
in the Supplemental Indenture. 
 6. Tax Redemption. 
 The Notes may be redeemed as a whole but not in part, at the option of the Issuer at any time prior to maturity, upon the giving of a notice of tax redemption to the Holders, at a Redemption Price equal
to 100% of the principal amount of the Notes plus accrued and unpaid interest, if the Issuer determines that, as a result of any change in or amendment in the laws of any Taxing Jurisdiction, or any change in official position regarding the
application or interpretation of the laws, which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issuance of the Notes, the Issuer or the Guarantor (or its successor) will be
obligated to pay Additional Tax Amounts with respect to the Notes; provided, however, that the Issuer, in its business judgment, determines that such obligation cannot be avoided by the Issuer or the Guarantor (or its successor), taking reasonable
measures avoidable to it. 

  
 R-2

 7. Denominations; Transfer; Exchange. 

The Notes are issuable in registered form, without coupons, in minimum denominations of $2,000 principal amount and integral multiples of
$1,000 in excess of $2,000. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Issuer or the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and
the Issuer may require a Holder to pay any taxes or other governmental charges that may be imposed in connection with any exchange or registration of transfer of Notes. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Note for a period of 15 days next preceding the first mailing of notice of redemption of Notes to be redeemed,
(b) any Notes selected, called or being called for redemption except, in the case of any Note where notice has been given that such Note is to be redeemed in part, the portion thereof not so to be redeemed or (c) any Notes between a record
date and the next succeeding payment date. 
 In the event of redemption of the Notes in part only, a new Note or Notes for the
unredeemed portion thereof will be issued in the name of the Holder hereof. 
 8. Holders to be Treated as Owners. 

The registered Holder of this Note shall be treated as its owner for all purposes. 

9. Unclaimed Money. 

Any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Note and not
applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable
escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee or such Paying Agent, and the Holder of the Note shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property
laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such moneys shall thereupon cease. 

10. Satisfaction and Discharge. 
 The Issuer and the Guarantor may satisfy and discharge their obligations under the Indenture while the Notes remain outstanding, if (a) all Outstanding Notes have become due and payable at their
scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and in either case, the Issuer has deposited with the Trustee an amount sufficient to pay and discharge all Outstanding Notes on the date of their scheduled
Maturity or the scheduled Redemption Date. 

  
 R-3

 11. Supplement; Waiver. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant to the provisions of the
Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or such other Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 
 12. Defaults and Remedies. 
 The Indenture provides that an Event of
Default with respect to the Notes occurs when any of the following occurs: 
 (a) the Issuer defaults in the payment of the
principal and premium, if any, of any of the Notes when it becomes due and payable at Maturity, upon redemption or otherwise; 

(b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of the Notes when it becomes due and
payable and such default continues for a period of 30 days; 
 (c) the Guarantor fails to perform under the Guarantee;

 (d) either the Issuer or the Guarantor fails to perform or observe any other term, covenant or agreement contained in the
Notes or the Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, respectively, to remedy the same, shall have been given to the Issuer or the Guarantor,
respectively, by the Trustee or to the Issuer or the Guarantor, respectively, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes; 

(e) except as otherwise permitted by the Indenture, the Guarantee is held in any final, nonappealable judicial proceeding to be
unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or disaffirm its obligations under the Guarantee; 

  
 R-4

 (f)(i) the Issuer or the Guarantor fails to make by the end of the applicable grace period,
if any, any payment of principal or interest due in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $100,000,000; or (ii) there is an acceleration of any Indebtedness
for borrowed money in an amount in excess of $100,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such non-payment or acceleration having been cured, waived, rescinded or annulled,
in the case of either (i) or (ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by Holders of at least 25% in aggregate principal amount of the Outstanding Notes; or

 (g) there are certain events of bankruptcy, insolvency or reorganization of the Issuer or Guarantor. 

If an Event of Default shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and
with the effect provided in the Supplemental Indenture. 
 13. Authentication. 

This Note shall not be valid until the Trustee (or authenticating agent) executes the certificate of authentication on the other side of
this Note. 
 14. CUSIP Numbers. 
 The Issuer has caused CUSIP numbers to be printed on this Note and, therefore, the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders. Any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such numbers. 
 15. Governing Law. 

The Supplemental Indenture, Indenture and this Note shall be governed by, and construed in accordance with, the law of the State of New
York. 
 16. Successor Corporation. 
 In the event a successor corporation legal entity assumes all the obligations of the Issuer or the Guarantor under this Note, pursuant to the terms hereof and of the Indenture, the Issuer or Guarantor, as
the case may be, will be released from all such obligations. 

  
 R-5

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below and have your signature guaranteed: (I) or 
 (we) assign and transfer this Note to: 

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably
appoint                                        
                                         
                                         
                                       

to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

			
	Dated:                            
	  	Your
Name:                                        
                                    
		  	(Print your name exactly as it appears on the face of this Note)
		
		  	Your
Signature:                                       
                             
		  	(Sign exactly as your name appears on the face of this Note)
		
		  	Signature Guarantee*:

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 R-6Lease Agreement

 Exhibit 10.1 
 Execution Copy 
 Confidential - 9-18-09 

 
 License Agreement 

Between 
 Adolor Corporation 
 And 

Eli Lilly And Company 
 Effective As Of September 18, 2009 
  

	[**] =	Certain information in this Agreement has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

  

 Execution Copy 
 Confidential - 9-18-09 
  
 TABLE OF CONTENTS 
  

									
	 Article 1 Definitions
	  	 	5	  
				
		 	 1.1
	 	“Adolor Improvements”	  	 	5	  
		 	 1.2
	 	“Adolor Technology”	  	 	5	  
		 	 1.3
	 	“Affiliate”	  	 	5	  
		 	 1.4
	 	“Alvimopan Agreements”	  	 	6	  
		 	 1.5
	 	“Application for Marketing Authorization”	  	 	6	  
		 	 1.6
	 	“Calendar Quarter”	  	 	6	  
		 	 1.7
	 	“Calendar Year”	  	 	6	  
		 	 1.8
	 	“Commercially Reasonable Efforts”	  	 	6	  
		 	 1.9
	 	“cGCP”	  	 	6	  
		 	 1.10
	 	“cGLP”	  	 	6	  
		 	 1.11
	 	“cGMP”	  	 	6	  
		 	 1.12
	 	“Clinical Trials”	  	 	7	  
		 	 1.13
	 	“Damages”	  	 	7	  
		 	 1.14
	 	“Data Exclusivity Period”	  	 	7	  
		 	 1.15
	 	“Effective Date”	  	 	7	  
		 	 1.16
	 	“FDA”	  	 	7	  
		 	 1.17
	 	“Field of Use”	  	 	7	  
		 	 1.18
	 	“First Commercial Sale”	  	 	7	  
		 	 1.19
	 	“GAAP”	  	 	7	  
		 	 1.20
	 	“Generic Product”	  	 	7	  
		 	 1.21
	 	“Generic Competition”	  	 	8	  
		 	 1.22
	 	“IND”	  	 	8	  
		 	 1.23
	 	“Licensed Compound”	  	 	8	  
		 	 1.24
	 	“Licensed Know-How”	  	 	8	  
		 	 1.25
	 	“Licensed Patents”	  	 	8	  
		 	 1.26
	 	“Licensed Product”	  	 	9	  
		 	 1.27
	 	“NDA”	  	 	9	  
		 	 1.28
	 	“Net Sales”	  	 	9	  
		 	 1.29
	 	“OpRA II”	  	 	10	  
		 	 1.30
	 	“OpRA II Termination Event”	  	 	11	  
		 	 1.31
	 	“OpRA III Termination Event”	  	 	11	  
		 	 1.32
	 	“Person”	  	 	11	  
		 	 1.33
	 	“Phase I Clinical Trials”	  	 	11	  
		 	 1.34
	 	“Phase II Clinical Trials”	  	 	11	  
		 	 1.35
	 	“Phase II(a) Clinical Trials”	  	 	11	  
		 	 1.36
	 	“Phase II(b) Clinical Trials”	  	 	11	  
		 	 1.37
	 	“Phase III Clinical Trials”	  	 	11	  
		 	 1.38
	 	“Post-Registration Clinical Trial”	  	 	12	  
		 	 1.39
	 	“Regulatory Approval”	  	 	12	  
		 	 1.40
	 	“Regulatory Documents”	  	 	12	  
		 	 1.41
	 	“Royalty Report”	  	 	12	  
		 	 1.42
	 	“Sublicensee”	  	 	12	  

  
 - i -

 Execution Copy 
 Confidential - 9-18-09 
  

									
		 	 1.43
	 	“Term”	  	 	12	  
		 	 1.44
	 	“Territory”	  	 	12	  
		 	 1.45
	 	“Third Person”	  	 	12	  
		 	 1.46
	 	“Third Person	  	 	12	  
		 	 1.47
	 	“Toxicology Studies”	  	 	12	  
		 	 1.48
	 	“Valid Claim”	  	 	12	  
		
	 Article 2 Grant of License
	  	 	13	  
				
		 	 2.1
	 	Development and Commercialization License.	  	 	13	  
		 	 2.2
	 	Sublicensing Rights - Adolor.	  	 	13	  
		 	 2.3
	 	Sublicensing Rights - Lilly.	  	 	13	  
		 	 2.4
	 	Nonassertion.	  	 	14	  
		 	 2.5
	 	Non-Compete.	  	 	14	  
		 	 2.6
	 	Partnering Notification.	  	 	14	  
		
	 Article 3 Consideration
	  	 	14	  
				
		 	 3.1
	 	Payments from Adolor to Lilly.	  	 	14	  
		 	 3.2
	 	Third Person Milestone Sharing.	  	 	15	  
		 	 3.3
	 	Royalty Payments from Adolor to Lilly.	  	 	16	  
		 	 3.4
	 	Royalty Reductions.	  	 	16	  
		 	 3.5
	 	Record Retention, Royalty Reports, and Royalty Payment Schedule.	  	 	16	  
		 	 3.6
	 	Exchange Rates.	  	 	16	  
		 	 3.7
	 	Financial Audits.	  	 	17	  
		 	 3.8
	 	Taxes and Currency.	  	 	17	  
		 	 3.9
	 	Late Payment.	  	 	17	  
		
	 Article 4 Transfers of Know-How and Responsibility for Supplying Licensed Compound
	  	 	17	  
				
		 	 4.1
	 	Transfer of Licensed Know-How; Access to Information.	  	 	17	  
		 	 4.2
	 	Research and Development Material.	  	 	18	  
		 	 4.3
	 	Regulatory Documents.	  	 	18	  
		
	 Article 5 Development and Commercialization of Licensed Products
	  	 	18	  
				
		 	 5.1
	 	Development, Commercialization, and Manufacturing.	  	 	18	  
		 	 5.2
	 	Progress Reports to Lilly.	  	 	19	  
		 	 5.3
	 	Adverse Event Reporting.	  	 	19	  
		
	 Article 6 Transfer of Regulatory Documents; License to Lilly
	  	 	19	  
				
		 	 6.1
	 	Regulatory Documents.	  	 	19	  
		 	 6.2
	 	Adolor Improvements and Adolor Technology.	  	 	20	  
		 	 6.3
	 	Transfer Back on Termination.	  	 	20	  
		
	 Article 7 Intellectual Property
	  	 	20	  
				
		 	 7.1
	 	Adolor Improvements and Adolor Technology - Ownership.	  	 	20	  
		 	 7.2
	 	Lilly Provision of Data or Other Information.	  	 	20	  
		 	 7.3
	 	Filing, Prosecution and Maintenance of Licensed Patents.	  	 	21	  

  
 - ii -

 Execution Copy 
 Confidential - 9-18-09 
  

									
		 	7.4	 	Adolor Right to Comment on Lilly’s Proposed Communications with a Patent Office.	  	 	21	  
		 	7.5	 	Patent Costs.	  	 	21	  
		 	7.6	 	Failure to File or Maintain Applications or Patents.	  	 	22	  
		 	7.7	 	Patent Term Extensions.	  	 	22	  
		 	7.8	 	Declaratory Judgment Action - Licensed Patents.	  	 	22	  
		 	7.9	 	Declaratory Judgment Action - Patents on Adolor Improvements and Adolor Technology.	  	 	23	  
		 	7.10	 	Paragraph IV Notice.	  	 	23	  
		 	7.11	 	Limitation on Cooperation with Third Parties.	  	 	23	  
		
	Article 8 Infringement	  	 	23	  
				
		 	8.1	 	Notification of Suspected Infringement.	  	 	23	  
		 	8.2	 	Infringement of Licensed Patents.	  	 	24	  
		 	8.3	 	Infringement of Patents Covering Adolor Improvements or Adolor Technology.	  	 	24	  
		 	8.4	 	Settlement of Litigation.	  	 	25	  
		 	8.5	 	Cooperation.	  	 	26	  
		
	Article 9 Confidentiality	  	 	26	  
				
		 	9.1	 	Adolor’s Obligations.	  	 	26	  
		 	9.2	 	Lilly’s Obligations.	  	 	27	  
		 	9.3	 	Use of Confidential Information.	  	 	28	  
		 	9.4	 	Release of Other Information.	  	 	28	  
		 	9.5	 	Publications By Adolor.	  	 	29	  
		 	9.6	 	Publications By Lilly.	  	 	29	  
		
	Article 10 Representations, Warranties, Covenants, and Disclaimers	  	 	30	  
				
		 	10.1	 	No Litigation.	  	 	30	  
		 	10.2	 	Ownership and Encumbrances.	  	 	30	  
		 	10.3	 	Licensed Patents.	  	 	30	  
		 	10.4	 	Licenses-Adolor.	  	 	31	  
		 	10.5	 	No Debarment.	  	 	31	  
		 	10.6	 	Conducting Development Work Under Agreement.	  	 	31	  
		 	10.7	 	Corporate Existence.	  	 	31	  
		 	10.8	 	Authority to Execute and Perform.	  	 	31	  
		 	10.9	 	No Approvals or Consents.	  	 	32	  
		 	10.10	 	No Conflict.	  	 	32	  
		 	10.11	 	Cooperation.	  	 	32	  
		 	10.12	 	OpRA III Information.	  	 	32	  
		 	10.13	 	DISCLAIMER OF IMPLIED WARRANTIES.	  	 	32	  
		 	10.14	 	DISCLAIMER OF INCIDENTAL AND CONSEQUENTIAL DAMAGES.	  	 	33	  
		
	Article 11 Indemnification	  	 	33	  
				
		 	11.1	 	Indemnification.	  	 	33	  
		 	11.2	 	Notice and Opportunity to Defend.	  	 	34	  

  
 - iii -

 Execution Copy 
 Confidential - 9-18-09 
  

									
		 	11.3	 	Indemnification Payment Obligation.	  	 	35	  
		 	11.4	 	Indemnification Payment Adjustments.	  	 	35	  
		 	11.5	 	Indemnification Payment.	  	 	36	  
		
	Article 12 Term and Termination	  	 	36	  
				
		 	12.1	 	Term.	  	 	36	  
		 	12.2	 	Termination for Convenience.	  	 	36	  
		 	12.3	 	Termination for OpRA III Termination Event.	  	 	36	  
		 	12.4	 	Material Breach by Adolor.	  	 	37	  
		 	12.5	 	Material Breach by Lilly.	  	 	37	  
		 	12.6	 	Termination for Bankruptcy.	  	 	37	  
		 	12.7	 	Residual Rights and Obligations Upon Termination.	  	 	38	  
		 	12.8	 	Further Assurances.	  	 	38	  
		
	Article 13 Limitations On Purchases Of Equity Securities	  	 	39	  
		
	Article 14 Miscellaneous	  	 	40	  
				
		 	14.1	 	Independent Contractor.	  	 	40	  
		 	14.2	 	No Benefit to Others.	  	 	40	  
		 	14.3	 	Force Majeure.	  	 	40	  
		 	14.5	 	Amendment.	  	 	41	  
		 	14.6	 	Entire Agreement.	  	 	41	  
		 	14.7	 	Severability.	  	 	41	  
		 	14.8	 	Waiver.	  	 	41	  
		 	14.9	 	Notices.	  	 	41	  
		 	14.10	 	Governing Law.	  	 	42	  
		 	14.11	 	Assignability.	  	 	42	  
		 	14.12	 	Jointly Prepared.	  	 	42	  
		 	14.13	 	Headings, Gender and “Person”.	  	 	42	  
		 	14.14	 	Counterparts.	  	 	42	  
		 	14.15	 	Schedules, Exhibits and Attachments.	  	 	43	  
		 	14.16	 	Affiliates of Eli Lilly and Company.	  	 	43	  
		
	Schedule 1.25 Licensed Patents	  	 	8	  

  
 - iv -

 Execution Copy 
 Confidential - 9-18-09 
  
 LICENSE AGREEMENT 
 This LICENSE AGREEMENT (this
“Agreement”) is made and entered into effective as of September 18, 2009 (the “Effective Date”), by and between Eli Lilly and Company, a corporation, incorporated under the laws of the State of Indiana, having its principal
place of business at Lilly Corporate Center, Indianapolis, Indiana, and its Affiliates (hereinafter collectively referred to as “Lilly”), and Adolor Corporation, a corporation incorporated under the laws of Delaware, having its principal
place of business at 700 Pennsylvania Drive, Exton, PA (“Adolor,” together with Lilly sometimes hereinafter individually referred to as a “Party” and collectively referred to as the “Parties”). The Parties agree as
follows: 
 RECITALS 
 Adolor desires to license from Lilly, and Lilly now desires to license to Adolor, on an exclusive basis, all rights to: (a) the Licensed Compound (as defined below), and (b) the Licensed
Products (as defined below). 
 NOW, THEREFORE, in consideration of the above premises and the mutual covenants and agreements
set forth below, the Parties hereto agree as follows. 
 Article 1 

Definitions 
 As used in this Agreement, the following words and phrases shall have the following meanings: 
 1.1 “Adolor Improvements” means any inventions, patentable or not, information and/or data, to the extent that they relate to and are necessary to the manufacture, marketing or
sale of any Licensed Compound and/or any Licensed Product, and limited to that extent, including Toxicology Studies, Clinical Trial information and data, and Post-Registration Clinical Trial information and/or data, which are made, conceived,
reduced to practice or generated solely by Adolor’s employees or agents, or acquired by Adolor, during the Term, and which Adolor has the unrestricted right to assign (or, if Adolor has no such right of assignment, to license, sublicense or
otherwise provide rights of reference) to Lilly as contemplated hereunder. 
 1.2 “Adolor Technology”
means any know-how or patents (other than Adolor Improvements) that Adolor (i) owns or controls and has an unrestricted right to license or sublicense to Lilly as contemplated hereunder, and (ii) uses, to the extent that it is used, in
connection with the manufacture, marketing or sale of Licensed Compound and/or Licensed Product under this Agreement, and limited to that extent. 
 1.3 “Affiliate” means, with respect to a Party, any Person directly or indirectly controlling, controlled by, or under common control with, such Party. For purposes of this
Agreement, the term “controlled” (including the terms “controlled by” and “under common control with”) means the direct or indirect ability or power to direct or cause the

  
 - 5 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
direction of management policies of a Person or otherwise direct the affairs of such Person, whether through ownership of equity, voting securities, beneficial interest, by contract or otherwise.

 1.4 “Alvimopan Agreements” has the meaning set forth in Section 14.6. 

1.5 “Application for Marketing Authorization” means (i) in the United States, a New Drug Application filed
with the FDA pursuant to 21 U.S.C. § 357 and 21 C.F.R. § 314 (“NDA”), and (ii) in any country other than the United States, an application or set of applications for marketing approval comparable to an NDA necessary to make
and sell a pharmaceutical product in such country. 
 1.6 “Calendar Quarter” means the three-month period
ending on March 31, June 30, September 30 or December 31. The initial Calendar Quarter will be deemed to begin on the Effective Date and end on December 31, 2009. 

1.7 “Calendar Year” means the annual period ending on December 31. The initial Calendar Year will be deemed to
begin on the Effective Date and end on December 31, 2009. 
 1.8 “Commercially Reasonable Efforts”
means such level of efforts required to carry out an obligation in a sustained manner consistent with the efforts normally used by a pharmaceutical company of comparable size and resources and at the same stage of development or commercialization,
for a product or compound which is of similar market potential and at a similar stage of development or commercialization, as applicable, taking into account the existence of other competitive products in the market place, the proprietary position
of the product, the regulatory structure involved, the anticipated profitability of the product and other relevant factors. 

1.9 “cGCP” or “Good Clinical Practices” means the then-current standards, practices and
procedures promulgated or endorsed by the FDA for the design, conduct, performance, monitoring, auditing, recording, analyses, and reporting of Clinical Trials as set forth in the guidelines titled “Guidance for Industry E6 Good Clinical
Practice: Consolidated Guidance,” including related regulatory requirements imposed by the FDA and comparable regulatory standards, practices and procedures in jurisdictions outside the U.S., as they may be updated from time to time, that
provide assurance that the data and reported results are credible and accurate, and that the rights, integrity, and confidentiality of trial subjects are protected. 
 1.10 “cGLP” means the then-current good laboratory practice standards promulgated or endorsed by the FDA as defined in 21 C.F.R. Part 58, and comparable regulatory standards in
jurisdictions outside the U.S., as they may be updated from time to time. 
 1.11 “cGMP” means the
then-current good manufacturing practices required by the FDA, as defined in 21 C.F.R. Parts 210 and 211 and the regulations promulgated thereunder, for the manufacture and testing of pharmaceutical materials, and

  
 - 6 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
comparable laws or regulations applicable to the manufacture and testing of pharmaceutical materials in jurisdictions outside the U.S., as they may be updated from time to time. GMPs shall
include applicable quality guidelines promulgated under the International Conference on Harmonization. 
 1.12
“Clinical Trials” means Phase I Clinical Trials, Phase II, II(a), II(b) Clinical Trials and Phase III Clinical Trials. 
 1.13 “Damages” means fines, penalties and damages payable to third parties (other than Affiliates), reasonable expenses, court costs and interest payable in connection therewith,
and reasonable out-of-pocket fees and disbursements payable to counsel, consultants, and expert witnesses in connection therewith. 
 1.14 “Data Exclusivity Period” means the period during which (i) the FDA (or, in countries other than the United States, an equivalent regulatory agency) prohibits reference
to or reliance on, without the consent of the owner of an Application for Marketing Authorization for Licensed Product or Regulatory Approval package, the clinical and other data that is contained in such Application for Marketing Authorization for
Licensed Product or Regulatory Approval package, and (ii) such clinical or other data is not published or publicly available outside of such Application for Marketing Authorization for Licensed Product or Regulatory Approval package.

 1.15 “Effective Date” shall have the meaning ascribed to such term in the introduction to this
Agreement. 
 1.16 “FDA” means the United States Food and Drug Administration, and any successor agency
or entity that may be established hereafter. 
 1.17 “Field of Use” means all therapeutic, prognostic
and diagnostic indications and pharmaceutical applications for human and non-human purposes other than, prior to an OpRA II Termination Event, the treatment of (i) substance abuse disorders, and (ii) impulse control disorders. 

1.18 “First Commercial Sale” means, as the case may be, the first commercial sale of OpRA II, a Licensed Product,
or a Licensed Compound (after approval of the applicable Application for Marketing Authorization) to a Third Person by Lilly, Adolor, their respective Affiliates or Sublicensees. 

1.19 “GAAP” means United States Generally Applicable Accounting Principles, consistently applied. 

1.20 “Generic Product” means, on a country-by-country basis and Licensed Product-by-Licensed Product basis, a
drug product: (i) independently marketed by a Third Person, and (ii) that contains the same active pharmaceutical ingredient(s) as the Licensed Product or has received Regulatory Approval from the FDA (or its foreign equivalent) as an
AB-rated therapeutic equivalent (or other equivalent rating) designating such drug product as legally substitutable for the Licensed Product. 

  
 - 7 -

 Execution Copy 
 Confidential - 9-18-09 
  
 1.21 “Generic Competition” means, with respect to a Licensed Product and on a country-by-country basis: (i) the presence of a Generic Product or Generic Products that has/have
obtained a market share in such country in a Calendar Quarter of greater than [**] of the combined number of units of such Licensed Product and Generic Products sold, as such Generic Products sales are evidenced by independent market data, such as
that published by IMS Health Incorporated or similar services, or (b) in jurisdictions in which no IMS or IMS equivalent data is available, a decrease of Net Sales in a Calendar Quarter resulting from sales of a Generic Product from the level
of Net Sales of the Calendar Quarter prior to the first entry of such Generic Product for such Licensed Product in such country by more than [**]. For clarity, there shall be deemed no Generic Competition in any Calendar Quarter if: (i) in such
Calendar Quarter the market share of the Generic Products is less than [**] based on the data published by IMS, or (ii) in jurisdictions in which no IMS or IMS equivalent data is available, the decrease of quarterly Net Sales, if any, compared
to the Calendar Quarter prior to the first entry of such Generic Product is less than [**]. 
 1.22
“IND” means Investigational New Drug Applications as defined in 21 C.F.R. § 312 (as amended from time to time), and any equivalent of such items in other countries. 

1.23 “Licensed Compound” shall mean the compound known as “OpRA III” or “LY2136231” and all
pharmaceutically acceptable salts, enantiomers, racemates, diastereomers, or mixtures thereof. 
 1.24 “Licensed
Know-How” means all confidential information, trade secrets or other proprietary or confidential information that Lilly owns or has an unrestricted right to license or sublicense to Adolor as contemplated hereunder that is reasonably useful
or necessary for Adolor to engage in the development and commercialization of Licensed Products. 
 1.25
“Licensed Patents” shall mean, with respect to the Licensed Compound and all Licensed Products, those United States and foreign patents and patent applications as set forth in Schedule 1.25, attached hereto, any
other patents or applications controlled by Lilly that are necessary or useful for the development, manufacture, commercialization or sale of the Licensed Compound and all Licensed Products, and shall also include any provisional applications,
divisionals and continuations thereof, any renewals, reissues, extensions (or other governmental actions that provide exclusive rights to the owner thereof in the patented subject matter beyond the original expiration date, such as supplementary
protection certificates), as well as any foreign counterparts of the foregoing. 
  

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 8 -

 Execution Copy 
 Confidential - 9-18-09 
  
 1.26 “Licensed Product” means a finished, formulated pharmaceutical product containing a Licensed Compound, together with all improvements and line extensions thereon which may be
included in any supplement, modification or addition to the relevant Regulatory Approval to the extent that any such improvements or line extensions contain a Licensed Compound. 

1.27 “NDA” means a new drug application or supplemental new drug application or any amendments thereto submitted to the
FDA in the United States. 
 1.28 “Net Sales” means with respect to a Licensed Product or Licensed Compound,
the gross amount invoiced by Adolor, its Affiliates and Sublicensees for sales of such Licensed Product or Licensed Compound to Third Persons (excluding Adolor’s Affiliates and Sublicensees), less accruals estimated, credits taken, and actual
payments (to the extent not previously accrued) made for: 
 [**] 

Such amounts shall be determined from the books and records of Adolor (including Adolor’s Affiliates and Sublicensees), maintained
in accordance with GAAP or, in the case of Sublicensees, such similar accounting principles, consistently applied. Adolor further agrees that in determining such amounts, Adolor will use its then current standard procedures and methodology,
including its then current standard exchange rate methodology for the translation of foreign currency sales into United States dollars or, in the case of Sublicensees, such similar methodology, consistently applied. 

In the event that any Licensed Product is sold as part of a Combination Product (where “Combination Product” means any
pharmaceutical product which comprises a Licensed Product and other active compound(s) and/or ingredients), the Net Sales of such Licensed Product, for the purposes of determining royalty payments, shall be determined by multiplying the Net Sales of
the Combination Product (as defined in the standard Net Sales definition) by the fraction, A / (A+B) where A is the weighted average sale price of the Licensed Product when sold separately in finished form, and B is the weighted average sale price
of the other product(s) sold separately in finished form. 
 In the event that the weighted average sale price of Licensed
Product can be determined but the weighted average sale price of the other product(s) cannot be determined, Net Sales for purposes of determining royalty payments shall be calculated by multiplying the Net Sales of the Combination Product by the
fraction A / C where A is the weighted average sale price of Licensed Product when sold separately in finished form and C is the weighted average sale price of the Combination Product. 

 

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 9 -

 Execution Copy 
 Confidential - 9-18-09 
  
 In the event that the weighted average sale price of the other product(s) can be determined but the weighted average sale price of the Licensed Product cannot be determined, Net Sales for purposes of
determining royalty payments shall be calculated by multiplying the Net Sales of the Combination Licensed Product by the following formula: one (1) minus B / C where B is the weighted average sale price of the other product(s) when sold
separately in finished form and C is the weighted average sale price of the Combination Product. 
 In the event that the
weighted average sale price of both the Licensed Product and the other product(s) in the Combination Product cannot be determined, the Net Sales of the Licensed Product shall be deemed to be equal to fifty percent (50%) of the Net Sales of the
Combination Product. 
 The weighted average sale price for a Licensed Product, other product(s), or Combination Product shall
be calculated once each Calendar Year and such price shall be used during all applicable royalty reporting periods for the entire following Calendar Year, subject to reconciliation as set forth below. An estimated weighted average sale price shall
be calculated by dividing the sales dollars (translated into U.S. dollars) by the units of active ingredient sold during the twelve (12) months (or the number of months sold in a partial Calendar Year) of the preceding Calendar Year for the
respective Licensed Product, other product(s), or Combination Product. In the initial Calendar Year, a forecasted weighted average sale price will be used for the Licensed Product, other product(s), or Combination Product. Promptly following the end
of the relevant Calendar Year, and in any event, within not more than sixty (60) days, the Parties shall calculate the actual weighted average sale price for the Licensed Product, other product(s), or Combination Product. Any over or under
payment due to a difference between forecasted/estimated and actual weighted average sale prices will be paid or credited in the first royalty payment of the following Calendar Year. 

If a Licensed Product is sold in combination with a device, Net Sales for purposes of computing royalty payments, shall be determined by
multiplying the net sales of such combination by a fraction, which shall not exceed the unity, X/Y where X is the selling price of the Licensed Product if sold separately, and Y is the selling Price of the combination of the Licensed Product and
such device. The term “device” shall mean a delivery system that may represent proprietary technology developed, licensed or acquired by Adolor, but shall exclude packaging improvements that do not represent added technology. 

1.29 “OpRA II” means a finished, formulated pharmaceutical product containing the compound known as LY2196044 (which,
for the avoidance of doubt, includes all pharmaceutically acceptable salts, enantiomers, racemates, diastereomers, or mixtures thereof), together with all improvements and line extensions thereon which may be included in any supplement, modification
or addition to the relevant Regulatory Approval to the extent that any such improvements or line extensions contain a LY2196044. 

  
 - 10 -

 Execution Copy 
 Confidential - 9-18-09 
  
 1.30 “OpRA II Termination Event” means in each case on a country-by-country basis, the withdrawal of OpRA II from commercial sales or, prior to the First Commercial Sale of a
product containing OpRA II, any of the following events: (i) notification from Lilly to Adolor that Lilly or its sublicensee has discontinued development of the OpRA II compound, or (ii) a period lasting more than six (6) months
where, (a) Lilly cannot show it or its sublicensee is using its Commercially Reasonable Efforts to proceed with the Clinical Trial of OpRA II, (b) OpRA II is not the subject of a clinical hold, and (c) OpRA II is not the subject of an
NDA under review by the FDA. 
 1.31 “OpRA III Termination Event” means in each case on a
country-by-country basis, the withdrawal of Licensed Product from commercial sales or, prior to the First Commercial Sale of a Licensed Product, any of the following events: (i) notification from Adolor to Lilly that Adolor or its sublicensee
has discontinued development of the Licensed Compound, or (ii) a period lasting more than six (6) months where, (a) Adolor cannot show it or its sublicensee is using its Commercially Reasonable Efforts to proceed with the Clinical
Trial of the Licensed Compound, (b) the Licensed Compound is not the subject of a clinical hold, and (c) the Licensed Compound is not the subject of an NDA under review by the FDA. 

1.32 “Person” means a natural person, a corporation, a partnership, a trust, a joint venture, a limited liability
company, any governmental authority, or any other entity or organization. 
 1.33 “Phase I Clinical
Trials” means human clinical trials conducted anywhere in the Territory in accordance with cGCPs in a small number of healthy volunteers or patients to establish an initial safety profile and the pharmacokinetics and/or pharmacodynamics of
a Licensed Product. 
 1.34 “Phase II Clinical Trials” means Phase II(a) Clinical Trials, Phase II(b)
Clinical Trials, and both Phase II(a) Clinical Trials and Phase II(b) Clinical Trials. 
 1.35 “Phase II(a)
Clinical Trials” means human clinical trials conducted anywhere in the Territory in accordance with cGCPs and intended to demonstrate efficacy and a level of safety in a particular indication tested. 

1.36 “Phase II(b) Clinical Trials” means human clinical trials conducted anywhere in the Territory in accordance
with cGCPs and intended to obtain a preliminary indication of the unit and/or daily dosage regimen required. 
 1.37
“Phase III Clinical Trials” means large scale human clinical trials conducted in patients in accordance with cGCPs and intended to demonstrate efficacy and a level of safety in the particular indication tested sufficient to
obtain Regulatory Approval of Licensed Product. Phase III Clinical Trials include “bridging studies” which allow submission in a target country of clinical data generated from Phase III Clinical Trials completed in other countries to be
submitted in lieu of repeating Phase III Clinical Trials in the target country. 

  
 - 11 -

 Execution Copy 
 Confidential - 9-18-09 
  
 1.38 “Post-Registration Clinical Trial” means all clinical trials conducted following Regulatory Approval of a Licensed Product having been obtained from FDA (or, in countries
other than the United States, an equivalent regulatory agency) comprising clinical trials conducted voluntarily by one or both Parties for enhancing marketing or scientific knowledge of an approved indication and/or to explore additional
indications, and clinical trials due to request or requirement of FDA (or, in countries other than the United States, an equivalent regulatory agency). 
 1.39 “Regulatory Approval” means (i) in the United States, approval of an Application for Marketing Authorization for Licensed Product and satisfaction of any related
applicable FDA registration and notification requirements (if any), and (ii) in any country other than the United States, approval by regulatory authorities having jurisdiction over such country of a single Application for Marketing
Authorization for a Licensed Product or set of Applications for Marketing Authorization for a Licensed Product, including, if applicable, approval of pricing or reimbursement. 
 1.40 “Regulatory Documents” shall mean all INDs, clinical protocols, Applications for Marketing Authorization and other regulatory filings, Regulatory Approvals, reports on
clinical and non-clinical studies that have been filed or prepared for filing with the FDA or another regulatory authority, clinical study databases to the extent readily available in a non-proprietary format, case report forms for patients enrolled
in clinical studies for which no final reports have been prepared, correspondence with the FDA and other regulatory authorities and any other items requested by the FDA or other regulatory authorities. 

1.41 “Royalty Report” shall have the meaning ascribed to such term in Section 3.5. 

1.42 “Sublicensee” shall have the meaning as set forth in Section 2.2. 

1.43 “Term” shall have the meaning as set forth in Section 12.1. 

1.44 “Territory” means all countries of the world. 

1.45 “Third Person” means Persons other than the Parties or Affiliates thereof, or employees or directors of the
Parties or their Affiliates. 
 1.46 “Third Person Milestone Trigger Date” shall have the meaning as set
forth in Section 12.1. 
 1.47 “Toxicology Studies” means all toxicology and absorption,
distribution, metabolism and elimination (“ADME”) studies performed by Adolor in order to obtain Regulatory Approvals of Licensed Product. 
 1.48 “Valid Claim” means a claim of an issued and unexpired patent, or a claim of a pending patent application, which claim has not been held invalid or unenforceable by a court or
other government agency of competent jurisdiction from 

  
 - 12 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
which no appeal can be or has been taken, and has not been admitted to be invalid or unenforceable through re-examination or disclaimer or otherwise. 

Capitalized terms and acronyms used in this Agreement, but not defined in this Agreement, shall have the meaning generally ascribed to
such terms by professionals in the pharmaceutical research industry. Defined capitalized terms may be used in the singular or plural. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. 
 Article 2 
 Grant of License 

2.1 Development and Commercialization License. As of the Effective Date, Lilly grants Adolor an exclusive, (except as to
Lilly, but only for research purposes), royalty-bearing, license under the Licensed Know-How and the Licensed Patents, to make, have made, use, import, sell, and offer for sale Licensed Compounds and Licensed Products in the Territory. As used in
this Section 2.1, “research purposes” means experimental uses conducted by Lilly, its Affiliates or contractors other than those uses involving: (i) Clinical Trials, (ii) administration to humans, (iii) administration
to other primates, or (iv) delivery of Licensed Compounds or Licensed Products to manufacturers of Generic Products. 

2.2 Sublicensing Rights - Adolor. Adolor shall have the right to sublicense the rights granted by Lilly to Adolor in
Section 2.1, to any Persons (including an Affiliate of Adolor) (“Sublicensee”); provided, however, that should such Sublicensee be a Person of equal or lesser size and resources than Adolor in the territory
subject to the sublicense, then such sublicense shall be subject to Lilly’s pre-approval, which shall not be unreasonably withheld. Adolor, further, during the term of such sublicense shall assume responsibility for the performance by its
Sublicensees of all terms, conditions, and obligations imposed on Adolor under the terms of this Agreement as they pertain to the rights sublicensed to such Sublicensee. Upon any termination of this Agreement, each sublicense to a Sublicensee will,
at the Sublicensee’s option, remain in effect and shall become a direct license of such rights by Lilly to such Sublicensee, subject to the Sublicensee agreeing in writing to assume Adolor’s terms, conditions and obligations to Lilly under
this Agreement as they pertain to the sublicensed rights. If the Sublicensee does not elect to receive such direct license, then its sublicense shall terminate. Adolor shall notify Lilly within five (5) business days of executing any such
sublicense and shall provide to Lilly a copy of such sublicense, provided that Adolor may redact from such copy any confidential information of Adolor or the Sublicensee that is not relevant to Lilly’s administration of this Agreement.

 2.3 Sublicensing Rights - Lilly. With respect to the licenses granted to Lilly in Sections 6.1, and 6.2, such
licenses shall include the right of Lilly to sublicense so long as such sublicense is consistent with the terms and conditions of this Agreement. Lilly, further, shall assume responsibility for the performance by its sublicensees of all

  
 - 13 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
terms, conditions, and obligations imposed on Lilly under the terms of this Agreement as they pertain to the rights sublicensed to such sublicensee. 

2.4 Nonassertion. Lilly hereby agrees that with respect to (i) any patent that, on the Effective Date, Lilly or its
Affiliates own in the Field of Use or under which it has the right to grant licenses in the Field of Use, and/or (ii) any patent that may later issue during the Term on an application for patent that Lilly or its Affiliates own in the Field of
Use or under which it has the right to grant licenses in the Field of Use, and that covers a Licensed Compound or Licensed Product or its manufacture, use or sale, Lilly and its Affiliates will not assert against Adolor, its Affiliates or
Sublicensees, any claims for infringement based upon the manufacture, use, sale, offer for sale, or import of any Licensed Compound or Licensed Product to the extent that such claim of infringement is based upon any act that occurs after the
Effective Date of this Agreement. 
 2.5 Non-Compete. During the Term, neither Adolor nor any of its Affiliates shall,
directly or indirectly, by itself or through any Third Person, develop, commercialize or sublicense any pharmaceutical product containing a Licensed Compound outside of the Field of Use. During the Term, neither Lilly nor any of its Affiliates
shall, directly or indirectly, by itself or through any Third Person, develop, commercialize or sublicense OpRA II for the treatment of disorders relating to gastroenterology or Parkinson’s Disease. Nothing in this Section 2.5 shall be
construed as preventing either Party from conducting research, provided that such research does not include Clinical Studies or animal studies in primates. 
 2.6 Partnering Notification. During the Term: (a) if Adolor desires to sublicense substantially all of its rights to a Licensed Product or Licensed Compound, it shall so notify Lilly in
writing not less than fourteen (14) days prior to entering into negotiations with a potential sublicensee, and (b) if Lilly desires to sublicense substantially all of its rights to OpRA II, it shall so notify Adolor in writing not less
than fourteen (14) days prior to entering into negotiations with a potential sublicensee. Each Party acknowledges and agrees that the notification requirements in this Section 2.6 shall not be construed as creating a first right of
refusal, nor any obligation to negotiate any further agreement with the other Party.  
 Article 3 

Consideration 
 3.1 Payments from Adolor to Lilly. 
 In consideration of the licenses set
forth in Sections 2.1 and 2.2, Adolor will pay the following amounts to Lilly: 
 (a) Adolor Payment on the Effective
Date. Within five (5) business days of the Effective Date, Adolor will pay Lilly the non-refundable sum of Two Million and No/100 Dollars ($2,000,000.00) by electronic wire transfer in immediately available funds to an account designated by
Lilly. 

  
 - 14 -

 Execution Copy 
 Confidential - 9-18-09 
  
 (b) Milestone Payments for Licensed Products. Within thirty (30) days of Adolor and/or any Sublicensee achieving a milestone event listed below with respect to the first Licensed Product to
reach such milestone, Adolor will pay the following specified non-creditable, non-refundable amount by electronic wire transfer in immediately available funds to an account designated by Lilly: 

 

			
	 Milestone Event
	  	 Payment

 [**] 
 For avoidance of doubt, Adolor shall make each milestone payment to Lilly only for the first Licensed Product to reach such milestone and not for any subsequent Licensed Product(s) that achieve the same
milestone event. Notwithstanding anything to the contrary herein, in no event shall the aggregate of all payments due under Section 3.1 exceed [**]. For the avoidance of doubt, in the event that worldwide Net Sales are less than [**] in a given
Calendar Year, and in the next Calendar Year worldwide Net Sales are greater than [**], then a milestone payment of [**] would be due to Lilly on account of such Net Sales in the next Calendar Year. 

3.2 Third Person Milestone Sharing. In the event that Adolor and a Third Person enter into an agreement pursuant to which Adolor
sublicenses rights to a Licensed Product or Licensed Compound in exchange for, among other things, potential future milestone payments, then Adolor will pay to Lilly [**] of each such milestone payments, if any, that Adolor actually receives from
such Third Person, provided, however, that the amount payable to Lilly pursuant to this paragraph shall be reduced by any amounts paid by Adolor to Lilly pursuant to Section 3.1(b) as of the date the Third Person milestone payment
is triggered. For purposes of this Section 3.2, “milestone payments” means fixed sum payments that are made to Adolor under such sublicense agreement due to the accomplishment of development or commercialization milestones that occur
after execution of that agreement. 
 Solely by way of example, if Adolor receives a milestone payment of [**] under a Third
Person sublicense agreement and, as of the date such milestone payment was triggered (“Third Person Milestone Trigger Date”), it had previously paid to Lilly a total of [**] pursuant to Section 3.1(b), then Adolor shall pay to
Lilly a payment of [**] (calculated as [**]. If Adolor subsequently receives an additional [**] milestone payment under a Third Person sublicense agreement and if subsequent to the Third Person Milestone Trigger Date noted above it has made
additional payments to Lilly under Section 3.1(b) totaling [**], then Adolor shall not be obligated to pay to Lilly any portion of the [**] milestone payment received (i.e., [**]). 

 

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 15 -

 Execution Copy 
 Confidential - 9-18-09 
  
 3.3 Royalty Payments from Adolor to Lilly. In consideration for the licenses and rights granted by Lilly in Sections 2.1 and 2.2, and subject to Section 3.4 below, Adolor shall pay Lilly an
[**] royalty on Net Sales of Licensed Products. Royalties shall be payable with respect to each country and each Licensed Product or Licensed Compound, and this payment obligation shall continue on a country-by-country basis until the later of:
[**], at which point Adolor’s licenses under Sections 2.1 and 2.2 with respect to such country shall be fully paid up. Notwithstanding the foregoing or anything the contrary in this Agreement, no royalties shall be payable with respect to a
country as of the date on which all claims of all Licensed Patents applicable to such country have been invalidated. In no event shall Lilly receive more than the above stated royalties on Net Sales of a Licensed Product or Licensed Compound,
regardless of the number of Licensed Patents covering such Licensed Product or Licensed Compound. 
 3.4 Royalty
Reductions. On a Licensed Product-by-Licensed Product and country-by-country basis, if, prior to the expiration of Adolor’s obligation to pay Royalties in a particular country [**]. 

3.5 Record Retention, Royalty Reports, and Royalty Payment Schedule. Adolor shall (and shall require its Affiliates and
Sublicensees to) keep complete and accurate books and records that are necessary to ascertain and verify royalty payments owed under Section 3.3. Adolor shall keep such records in accordance with GAAP or, in the case of Sublicensees, such
similar accounting principles, consistently applied. Adolor shall furnish Lilly with a quarterly report (“Royalty Report”) on Net Sales of Licensed Products within seventy five (75) days of the end of each Calendar Quarter. The
Royalty Report shall include: (i) Net Sales of each Licensed Product and Licensed Compound on a country by country basis for the prior Calendar Quarter, (ii) royalty payments due for such Licensed Product by country, and (iii) the
basis for calculating such royalty payment. Royalties due to Lilly shall be paid by Adolor in United States dollars concurrently with the remittance of each Royalty Report (i.e., within seventy five (75) days of the end of each Calendar
Quarter). 
 3.6 Exchange Rates. For those sales of Licensed Product outside the United States, the royalty shall be
calculated on the basis of the local currency sales figures translated into United States dollars according to Adolor’s then current standard procedures and methodology. The methodology employed shall be: (i) the methodology used by Adolor
or its Sublicensees in the translation of their foreign currency operating results for external reporting; (ii) consistent with GAAP or, in the case of Sublicensees, such similar accounting principles, consistently applied; and
(iii) approved and reviewed by Adolor’s or its Sublicensees’ independent certified public accountants. 
  

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 16 -

 Execution Copy 
 Confidential - 9-18-09 
  
 3.7 Financial Audits. During the Term and within one (1) year after its termination, Lilly shall, not more than once each year, have the right, at its expense, to select an independent
certified public accountant of Lilly’s choice (and reasonably acceptable to Adolor) to inspect Adolor’s and Adolor’s Sublicensee(s)’s records to verify the correctness of the Royalty Reports furnished by Adolor hereunder for the
two (2) preceding years to determine the accuracy of any royalty payments made hereunder (which may include examination of Net Sales, and cost of goods). The accountants shall keep confidential any information obtained during such inspection
and shall report to Lilly only the royalty payments due and payable. The expense of such audit shall be borne by Lilly, unless the audit establishes that payments for the period examined exceeded the amount that should have been paid by five percent
(5%) or more, in which case Adolor shall be responsible for the reasonable expenses of such audit. Within thirty (30) days after both Parties have received an audit report, Adolor will compensate Lilly for any errors or omissions revealed
by the audit. 
 3.8 Taxes and Currency. All payments made under this Agreement shall be in United States dollars. Any
and all taxes levied on any payments under this Agreement shall be the liability of and paid by Lilly. If laws or regulations require the withholding of such taxes, the taxes will be deducted by Adolor from the payment and remitted by Adolor to the
proper tax authority, provided that Adolor will furnish Lilly with a copy of the official tax receipt on such withholdings as soon as reasonably practicable after such withholding, and give Lilly such assistance as may be reasonably necessary to
enable or assist Lilly to claim exemption therefrom. Proof of payment shall be provided to Lilly within ninety (90) days after payment. Adolor will cooperate in pursuing tax refunds, if such refund is appropriate in Lilly’s determination.

 3.9 Late Payment. In the event a payment is past due as described in this Article 3, any unpaid balance shall accrue
interest at the lesser of: (i) a rate equal to the United States prime interest rate (as reported in the Wall Street Journal, or comparable publication if the Wall Street Journal no longer reports such rate, published on the date closest to the
date payment was due) plus six percent (6%), or (ii) the maximum interest allowed by law. Such interest shall be calculated from the date payment was due until the date Adolor sends the payment to Lilly. The late payment fees described in this
Section, shall be in addition to any other remedies available to Lilly under applicable law. 
 Article 4 

Transfers of Know-How and Responsibility for Supplying Licensed Compound 

4.1 Transfer of Licensed Know-How; Access to Information. Within fifteen (15) business days of the Effective Date, Lilly
shall supply Adolor with the Licensed Know-How, as is, in the form of copies of electronic data, relevant documents, and where reasonably necessary, raw data (as defined in the cGLP) and access to Persons with knowledge of such Licensed Know-How.
For a period of one year following the Effective Date, and upon reasonable notice to Lilly, Adolor and its representatives shall be afforded reasonable access during normal business hours, or 

  
 - 17 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
such other hours as are reasonable under the circumstances, to examine records and documents in Lilly’s possession that are reasonably required or useful for Adolor to complete its
development activities under the Agreement. 
 4.2 Research and Development Material. Within ten (10) days of
Adolor’s request for the same, Lilly shall provide Adolor with all or substantially all of the Licensed Compound and Licensed Products that it has control over; provided, that Lilly may retain de minimis quantities of Licensed Compound
and Licensed Products for “research purposes” to the extent permitted under Section 2.1; and provided further, that thereafter, Lilly shall have no obligation to provide Adolor with any quantities of Licensed
Compounds that Adolor needs to accommodate its research and development, and commercialization efforts under this Agreement. 

4.3 Regulatory Documents. Within fifteen (15) business days of the Effective Date, Lilly shall: (a) notify the FDA that
it is transferring ownership of the IND for OpRA III to Adolor, (b) otherwise use its best efforts to transfer to Adolor any foreign IND counterparts for the Licensed Compound and the Licensed Products, and (c) identify Third Person
manufacturers of API starting materials and intermediates. As soon as practicable but in no event more than thirty (30) days after the Effective Date, Lilly, to the extent it has the right to do so, shall deliver to Adolor, and shall use
reasonable best efforts to cause its contractors to promptly deliver to Adolor, all Regulatory Documents related to Licensed Compounds or Licensed Products, and that are reasonably required to commercialize such Licensed Compounds or Licensed
Products, that Lilly or such contractors own or control, subject to Adolor’s payment of the reasonable costs and expenses incurred by Lilly or its contractors in connection with facilitating the delivery of such items. To the extent it has the
right to do so, Lilly shall assign to Adolor, and shall use reasonable best efforts to cause its contractors to assign to Adolor, ownership of all Regulatory Documents that relate solely to Licensed Compounds or Licensed Products. With respect to
any Regulatory Documents that relate to both Licensed Compounds or Licensed Products and other compounds or products, Lilly shall, to the extent it has the right to do so, permit Adolor, and shall use reasonable best efforts to cause its contractors
to permit Adolor, to reference such Regulatory Documents as necessary solely in connection with Adolor’s development, manufacturing and/or commercialization of Licensed Compounds or Licensed Products. Should Adolor elect to sublicense, or to
co-market or co-promote any Licensed Product with a Third Person, Adolor shall have the right to provide appropriate access to such Regulatory Documents to such Third Person. Adolor shall be responsible for paying all transfer costs to Lilly’s
contractors, if any, in connection with the foregoing activities. 
 Article 5 

Development and Commercialization of Licensed Products 
 5.1 Development, Commercialization, and Manufacturing. As of the Effective Date and except as expressly provided in this Agreement, Adolor shall become responsible for, and Lilly shall have no
further responsibility (financially and otherwise) for Licensed Compounds or Licensed Products, including: any aspects of developing (including pre-clinical and clinical); filing INDs, Applications for Marketing

  
 - 18 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
Authorization (and clinical protocols developed in support thereof); or obtaining Regulatory Approvals; manufacturing; or commercializing. Subject to Adolor’s obligations under Article 12,
Adolor or its Sublicensees also shall hold legal title to INDs and Applications for Marketing Authorization. Except in accordance with this Agreement, Lilly shall have no financial obligation relating to Licensed Compounds or Licensed Products.

 5.2 Progress Reports to Lilly. After Lilly has transferred the Know-How under Article 4, Adolor shall provide
to the attention of Lilly’s Executive Vice President, Science and Technology, reports demonstrating the progress made to develop and commercialize the Licensed Compound or Licensed Product, as applicable, within thirty (30) days of the end
of each Calendar Year. 
 5.3 Adverse Event Reporting. Upon the transfer of the INDs to Adolor, Lilly will provide
Adolor any reported adverse event(s) and serious adverse event(s) related to the Licensed Product or Licensed Compound. (The term “serious adverse events” means any untoward medical event or reaction that at any dose: results in death, is
life-threatening; requires inpatient hospitalization or prolongation of present hospitalization; results in persistent or significant disability/incapacity; is a congenital anomaly/birth defect; is a medically important event or reactions for other
reasons serious.) Adolor agrees to report adverse events and serious adverse events that occur during the development and marketing of Licensed Products to the relevant regulatory authorities promptly according to the applicable regulations. All
appropriate records will be retained as per Adolor’s internal retention process. If this Agreement is terminated under Sections 12.2 or 12.4, Adolor will, upon Lilly’s request, supply Lilly with relevant safety information with respect to
Licensed Products in either a MedWatch or CIOMS I format or other such form as is in general international use. 
 Article 6

 Transfer of Regulatory Documents; License to Lilly 

6.1 Regulatory Documents. If this Agreement is terminated by Lilly as permitted under Section 12.4, as soon as
practicable but in no event more than ninety (90) days after the effective date of such termination, Adolor, to the extent it has the right to do so, shall deliver to Lilly, and shall use reasonable best efforts to cause its Sublicensees and
contractors to promptly deliver to Lilly, all Regulatory Documents related to Licensed Compounds or Licensed Products, and that are reasonably required to commercialize such Licensed Compounds or Licensed Products, that Adolor or such Sublicensees
or contractors own or control, subject to Lilly’s payment of the reasonable costs and expenses incurred by Adolor or its Sublicensees or contractors in connection with facilitating the delivery of such items. To the extent it has the right to
do so, Adolor shall assign to Lilly, and shall use reasonable best efforts to cause its Sublicensees and contractors to assign to Lilly, ownership of all Regulatory Documents that relate solely to Licensed Compounds or Licensed Products. With
respect to any Regulatory Documents that relate to both Licensed Compounds or Licensed Products and other compounds or products, Adolor shall, to the extent it has the right to do so, permit Lilly, and shall use reasonable best efforts to cause its
Sublicensees and contractors to 

  
 - 19 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
permit Lilly, to reference such Regulatory Documents as necessary solely in connection with Lilly’s development, manufacturing and/or commercialization of Licensed Compounds or Licensed
Products. Should Lilly elect to sublicense, or to co-market or co-promote any Licensed Product with a Third Person, Lilly shall have the right to provide appropriate access to such Regulatory Documents to such Third Person. Lilly shall be
responsible for paying all transfer costs, royalties, and similar payments to Adolor’s Sublicensees and contractors, if any, in connection with the foregoing activities. 
 6.2 Adolor Improvements and Adolor Technology. If this Agreement is terminated by Lilly as permitted under Section 12.4, as soon as practicable but in no event more than ninety (90) days
after the effective date of such termination, Adolor shall, to the extent it has the right to do so, provide Lilly with access to all Adolor Improvements and Adolor Technology related to Licensed Compounds or Licensed Products that are in
Adolor’s possession or control (including by delivering copies of all relevant documentation), which items Lilly shall have the right to use only in connection with making, having made, using, selling, offering for sale and importing, Licensed
Compounds and Licensed Products. Lilly shall reimburse Adolor for the reasonable costs and expenses incurred by Adolor in connection with the transfer of such items, including any such amounts payable to Adolor’s Sublicensees or contractors. If
this Agreement is terminated by Lilly as permitted under Section 12.4, Adolor shall grant and hereby does grant to Lilly, to the extent it has the right to do so, a royalty-free, exclusive license solely to make, have made, use, sell, offer for
sale, and import Licensed Compounds and Licensed Products using all Adolor Improvements and Adolor Technology. Lilly shall be responsible for payment of any royalties or other amounts due from Adolor to any Third Person on account of Lilly’s
exercise of such license rights. 
 6.3 Transfer Back on Termination. If this Agreement is terminated under Sections 12.2
or 12.3 then Adolor shall return to Lilly the Regulatory Documents, Licensed Compounds and Licensed Products. The Parties shall negotiate in good faith a license to Lilly of any Adolor Technology or Improvements that are reasonably required for the
continued development, use or sale of the Licensed Compounds or Licensed Products. 
 Article 7 

Intellectual Property 
 7.1 Adolor Improvements and Adolor Technology - Ownership. Except as expressly set forth in this Agreement, Lilly shall have no rights, title or interest in or to any Adolor Improvements or Adolor
Technology. Nothing herein shall obligate Adolor to file, prosecute, defend or maintain any applications or patents covering Adolor Improvements or Adolor Technology. 
 7.2 Lilly Provision of Data or Other Information. Upon Adolor’s request, Lilly shall provide all data or other information in Lilly’s possession that is reasonably necessary for the
preparation, filing, prosecution, exploitation or enforcement of patents or patent applications relating to the Adolor Improvements or Adolor Technology. Such 

  
 - 20 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
data and other information shall be delivered by Lilly to Adolor promptly, but in no event more than fifteen (15) days after Adolor’s request. Except as provided in
Section 9.1(vii) with respect to Lilly Confidential Information, Adolor shall not require written approval from Lilly to use data or other information in connection with the preparation, filing, prosecution, exploitation or enforcement of
patents or patent applications relating to the Adolor Improvements or Adolor Technology. 
 7.3 Filing, Prosecution and
Maintenance of Licensed Patents. During the Term, Lilly will file, prosecute and maintain the Licensed Patents using patent counsel of its choice, but reasonably acceptable to Adolor (Adolor’s consent not to be unreasonably withheld or
delayed); provided, however, that upon an OpRA II Termination Event and thereafter during the Term: (i) Adolor will file, prosecute and maintain the Licensed Patents using patent counsel of its choice, but reasonably acceptable to
Lilly (Lilly’s consent not to be unreasonably withheld or delayed), and (ii) Lilly shall transfer to Adolor in a timely manner all documents and other materials in Lilly’s possession or control that are reasonably required for Adolor
to perform said activities. 
 7.4 Adolor Right to Comment on Lilly’s Proposed Communications with a Patent Office.
Before submission by Lilly of any communication to any Patent Office (including the U.S. Patent and Trademark Office) that may affect a pending or granted claim of the Licensed Patents encompassing the Licensed Compound, methods of making the
Licensed Compound or methods of using the Licensed Compound, Adolor shall have the right to review the communication and provide comments to Lilly. Lilly shall submit to Adolor a copy of any such proposed communication at least thirty (30) days
in advance of the due date of said proposed communication for Adolor’s comment. Adolor shall promptly communicate any comments to Lilly within fifteen (15) days of its receipt of such communication and Lilly shall consider such comments in
good faith and shall not unreasonably reject any such comments. 
 7.5 Patent Costs. Lilly shall bear all expenses
incurred in preparing, filing, prosecuting, defending and maintaining all patent applications and patents under the Licensed Patents; provided, however, that upon an OpRA II Termination Event and thereafter during the Term Adolor shall
bear all expenses incurred in preparing, filing, prosecuting, defending and maintaining all patent applications and patents under the Licensed Patents. Each Party shall treat any patent applications under Licensed Patents as Confidential Information
of the other Party in accordance with the provisions of Section 9.1. Each Party shall keep the other reasonably informed of the status of its preparation, filing, prosecution, defense and maintenance of all patent applications and patents under
the Licensed Patents. Upon receipt of written requests from the other Party, each Party also shall provide the other Party with written reports of all such patent applications and patents and the status thereof, and any other information in its
possession that is reasonably necessary for the other Party to evaluate the scope of patent protection provided by the Licensed Patents. Should an official action rejecting any of the pending claims within the Licensed Patents require that an
amendment be made or action be taken which would limit or substantially change the scope of any 

  
 - 21 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
license rights granted to Adolor hereunder, the controlling Party will timely inform the other thereof, will consult with the other Party with respect thereto and allow the other Party to
reasonably assist in formulating a response in connection therewith. 
 7.6 Failure to File or Maintain Applications or
Patents. Lilly shall prosecute all patent applications in good faith and use commercially reasonable efforts, and in no event shall Lilly dedicate lesser efforts than those exercised for its other patent applications not directly related to the
Licensed Compound or Licensed Product. Notwithstanding the foregoing provisions of this Article 7, either Party may decide not to file or to abandon its prosecution, defense or maintenance of any applications or patents encompassed within the
Licensed Patents, as the case may be, (or any claims therein). The abandoning Party shall give the other Party reasonable written notice to this effect, said notice to be given at least thirty (30) days in advance of the date such filing is due
or such abandonment will occur to the extent reasonably possible. The notified Party may, at its expense and in the other Party’s name, if necessary, file, prosecute, defend and/or maintain any such applications or patents (or any claims
therein). 
 If this Agreement has been terminated by Lilly as permitted under Section 12.4 and Adolor decides not to file
or to abandon the prosecution, defense or maintenance of any applications or patents encompassing Adolor Improvements or Adolor Technology, it shall give Lilly reasonable written notice to this effect, said notice to be given at least thirty
(30) days in advance of the date such filing is due or such abandonment will occur to the extent reasonably possible. After such notice, Lilly may, at its expense and to the extent Adolor has the right to permit Lilly to do so, file, prosecute,
defend and/or maintain such applications or patents. 
 7.7 Patent Term Extensions. For Licensed Patents, Lilly is under
no obligation to apply for term extensions, supplemental protection certificates, or functional equivalents thereof; provided, however, that upon an OpRA II Termination Event and thereafter during the Term Adolor may apply for (in
Lilly’s name and on Lilly’s behalf where reasonably necessary) term extensions, supplemental protection certificates, or functional equivalents thereof. Lilly will provide Adolor with all material, information and data in its possession
reasonably necessary or reasonably useful to prepare such items. 
 7.8 Declaratory Judgment Action - Licensed Patents.
In the event that a declaratory judgment action alleging invalidity, unenforceability or noninfringement of any patent under the Licensed Patents is brought against Adolor and Adolor chooses not to defend against such action, Lilly may within thirty
(30) days after commencement of such declaratory action elect to intervene in such action and take over the defense thereof at Lilly’s own expense. 
 Notwithstanding anything to the contrary in this Article, or in Article 8, in the event that a declaratory judgment action alleging invalidity, unenforceability or noninfringement of any patent under the
Licensed Patents is brought against Lilly and Lilly chooses not to defend against such action, Adolor may within thirty (30) days after 

  
 - 22 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
commencement of such declaratory action elect to intervene in such action and take over the defense thereof at Adolor’s own expense. 

7.9 Declaratory Judgment Action - Patents on Adolor Improvements and Adolor Technology. After an OpRA III Termination Event, if a
declaratory judgment action alleging invalidity, unenforceability or noninfringement of any patents that cover Adolor Improvements or Adolor Technology shall be brought against Lilly, Adolor may within thirty (30) days after commencement of
such declaratory action elect to intervene in such action and take over the defense thereof at Adolor’s own expense. 

7.10 Paragraph IV Notice. If either Party receives a notice under 21 U.S.C. §355(b)(2)(A)(iv) or 355(j)(2)(A)(vii)(IV)
concerning a Licensed Patent (a “Paragraph IV Notice”), then it shall provide a copy of such notice to the other Party within two (2) Business Days after its receipt thereof. Adolor shall have the only right, but no obligation,
to initiate patent infringement litigation based on a Paragraph IV Notice concerning a Licensed Product, at its own expense. Upon request of Adolor, Lilly agrees to timely join as party-plaintiff in any such litigation, and in any event to cooperate
with Adolor in connection with such infringement action, including timely filing such action in Lilly’s name if required. 

7.11 Limitation on Cooperation with Third Parties. Adolor agrees to not cooperate with any Third Person beyond what cooperation
Adolor may be required to provide by law, in any action or proceeding to render any patent (or any claim therein) under the Licensed Patents invalid, unenforceable, or not infringed, and will not lodge or cooperate with any Third Person beyond what
cooperation Adolor may be required to provide by law, in lodging any opposition against any pending patent application relating to the Licensed Patents. 
 Conversely, if this Agreement has been terminated by Lilly as permitted under Section 12.4, Lilly agrees to not cooperate with any Third Person beyond what cooperation Lilly may be required to
provide by law, in any action or proceeding to render any patent (or any claim therein) that cover Adolor Improvements or Adolor Technology invalid, unenforceable, or not infringed, and will not lodge or cooperate with any Third Person beyond what
cooperation Lilly may be required to provide by law, in lodging any opposition against any pending patent application relating to Adolor Improvements or Adolor Technology. 
 Article 8 
 Infringement 

8.1 Notification of Suspected Infringement. Each Party shall promptly notify the other in writing of any actual, potential or
suspected infringement (collectively, “alleged infringement”) of any Licensed Patents of which such Party becomes aware, and shall promptly provide the other Party with all reasonably available evidence of such alleged infringement.
Promptly after such notification regarding any such alleged infringement, Adolor and Lilly shall consult and cooperate fully to determine a course of action, if possible, to terminate such alleged infringement without litigation. 

  
 - 23 -

 Execution Copy 
 Confidential - 9-18-09 
  
 8.2 Infringement of Licensed Patents. Adolor shall have the right, but not the obligation, to prosecute at its own expense and through counsel of its own choice all actions for infringement of
patents under the Licensed Patents to the extent relating to Licensed Compounds or Licensed Products. In furtherance of such right, Lilly understands and agrees that Adolor may join Lilly as a party plaintiff in any such action without expense to
Lilly. The total out-of-pocket cost to Adolor of any such infringement action commenced by Adolor shall be borne by Adolor. The recovery award shall be divided as follows: Adolor shall apply any recovery of costs or damages derived from such action
as follows: [**]. 
 Lilly shall have the right to request that Adolor take legal action against any infringement of the
Licensed Patents with respect to any Licensed Compound or Licensed Product, as the case may be. Such request shall be by written notice. The notice shall set forth the facts of such alleged infringement in reasonable detail, and shall be accompanied
by reasonable evidence of such infringement. If the infringing activity is not abated within three (3) months of the time Lilly requests that Adolor take legal action, and either Adolor has not commenced an infringement action, or Adolor shall
have notified Lilly of its intention not to commence an infringement action, or Adolor shall have ceased its prosecution of an infringement action, then and only then, shall Lilly have the right, but not the obligation, to prosecute at its own
expense and through counsel of its own choice an action for infringement (including any related counterclaim for invalidity) of such Licensed Patents with respect to Licensed Compound or Licensed Product. In furtherance of such right, Adolor
understands and agrees that Lilly may join Adolor as a party plaintiff in any such action without expense to Adolor. The total out-of-pocket cost to Lilly of any such infringement action commenced by Lilly shall be borne by it. The recovery award
shall be divided as follows: Lilly shall apply any recovery of costs or damages derived from such action as follows: [**]. 

8.3 Infringement of Patents Covering Adolor Improvements or Adolor Technology. Adolor shall have the right, but not the
obligation, to prosecute at its own expense and through counsel of its own choice all actions for infringement of any patents that cover Adolor Improvements or Adolor Technology. Adolor shall retain the entirety of any recovery from such
infringement action; provided, however, that if this Agreement has been terminated by Lilly as permitted under Section 12.4, Adolor, after reimbursing itself for its out-of-pocket expenses, including reasonable attorneys’
fees, incurred in prosecuting such infringement action, shall pay to Lilly any remaining portion of such recovery that relates solely and directly to a Licensed Compound, or a Licensed Product. 

 

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 24 -

 Execution Copy 
 Confidential - 9-18-09 
  
 If this Agreement has been terminated by Lilly as permitted under Section 12.4, Lilly shall have the right to request that Adolor take legal action against infringement of the patents that cover
Adolor Improvements or Adolor Technology that relate to any Licensed Compound, or any Licensed Product. Such request shall be by written notice and shall be accompanied by reasonable evidence of such infringement. If within three (3) months of
the time Lilly requests that Adolor take legal action the infringing activity shall not have been abated, and either Adolor has not commenced an infringement action or Adolor has notified Lilly of Adolor’s intention not to commence an
infringement action, or Adolor shall have ceased its prosecution of an infringement action, then and only then, shall Lilly have the right, but not the obligation, to prosecute at Lilly’s own expense and through counsel of its own choice an
action for infringement of such patents, provided such infringement relates directly to a Licensed Compound, or a Licensed Product. The right for Lilly to prosecute infringers shall include the right for Lilly to prosecute such suits in
Adolor’s name, and Adolor consents to be a party plaintiff in any such action. The recovery award shall be divided as follows: Lilly shall apply any recovery of costs or damages derived from such action as follows: [**]. 

8.4 Settlement of Litigation. No settlement, consent judgment or other final disposition of an action for infringement or validity
may be entered into as to any patent (or claim therein) under the Licensed Patents without Lilly’s prior written consent, which consent shall not be unreasonably withheld. No settlement, consent judgment or other final disposition of an action
for infringement or validity that is inconsistent with the rights and licenses granted to Adolor under this Agreement may be entered into as to any patent (or claim therein) under the Licensed Patents without Adolor’s prior written consent,
which consent shall, also, not be unreasonably withheld. Furthermore, if this Agreement has been terminated by Lilly as permitted under Section 12.4, no settlement, consent judgment or other final disposition of an action for infringement or
validity that is inconsistent with the rights and licenses granted to Lilly under this Agreement may be entered into as to any patent covering Adolor Improvements or Adolor Technology without Lilly’s written consent, which consent shall not be
unreasonably withheld. It is recognized by both Parties that what is reasonable will differ depending on whether the owner of the intellectual property is the Party conducting the action or whether it is the licensee who is conducting the action due
to a failure to act by the owner. 
  

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 25 -

 Execution Copy 
 Confidential - 9-18-09 
  
 8.5 Cooperation. In any declaratory or Paragraph IV action conducted pursuant to Article 7 or any infringement or declaratory action conducted pursuant to this Article, both Parties shall cooperate
in all respects and have their employees testify and shall make available relevant records, papers, information, samples, specimens and the like without compensation except for out-of-pocket expenses, which shall be borne by the Party initiating or
defending such action. In the event the Parties disagree on the choice of counsel, the conduct of litigation in the aforementioned actions, for so long as Lilly is proceeding with the development or commercialization of OpRA II, Lilly shall, in good
faith, have final decision authority. 
 Article 9 
 Confidentiality 
 9.1 Adolor’s Obligations. Adolor will
maintain the Licensed Know-How and other proprietary or trade secret information of Lilly which has been designated to Adolor as such (“Lilly Confidential Information”) as confidential during the Term and for a period of ten
(10) years after the expiration or earlier termination of this Agreement, unless Lilly agrees that disclosure will not adversely affect Lilly’s proprietary interests, such agreement not to be unreasonably withheld. However, such obligation
of confidentiality and the use restrictions in Section 9.3 shall not apply to any Lilly Confidential Information which: 

(i) is, as of the Effective Date, in the public domain, or subsequently enters the public domain through no fault of Adolor, it employees
or agents; 
 (ii) was known by Adolor prior to disclosure by Lilly hereunder as demonstrated by written documentation;

 (iii) is disclosed to Adolor by a Third Person lawfully in possession of same and having the right to disclose same;

 (iv) is independently developed by Adolor as demonstrated by written evidence without reference to information disclosed to
Adolor by Lilly; 
 (v) is disclosed pursuant to Lilly’s prior written approval; 

(vi) is required to be disclosed to (or by) a governmental authority provided reasonable notice of the impending disclosure is provided to
Lilly and Adolor provides reasonable assistance to Lilly in order to permit Lilly to contest such disclosure; 
 (vii) is
required to be disclosed in order to allow Adolor to (a) defend against litigation with a Third Person, (b) file, prosecute or enforce patents and patent applications, provided Adolor shall not use such information in any patent
application without Lilly’s prior written approval, such approval not to be unreasonably withheld or delayed, (c) comply with governmental regulations, or 

  
 - 26 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
(d) file or support an IND or an Application for Market Authorization for a Licensed Product; 
 (viii) is required to be disclosed in order to allow Adolor to develop or obtain Regulatory Approval of a Licensed Product; 
 (ix) is disclosed to a Third Person in connection with developing, testing, evaluating or applying for or securing Regulatory Approval of a Licensed Product or a Licensed Compound, or for commercializing
a Licensed Product, provided such Third Person has agreed to be bound by confidentiality and non-use terms at least as stringent as those in this Agreement; or 
 (x) is disclosed to a potential Sublicensee who has entered into, or is contemplating entering into, a written agreement with Adolor regarding the commercialization of Licensed Product, provided such
potential Sublicensee has agreed to be bound by confidentiality and non-use terms at least as stringent as those in this Agreement. 
 9.2 Lilly’s Obligations. Lilly will maintain all Adolor Improvements, Adolor Technology, Royalty Reports and any other proprietary or trade secret information of Adolor which has been
designated to Lilly as such (“Adolor Confidential Information”) as confidential during the Term and for a period of ten (10) years after the expiration or earlier termination of this Agreement, unless Adolor agrees that
disclosure will not adversely affect Adolor’s proprietary interests, such agreement not to be unreasonably withheld. However, such obligation of confidentiality and the use restrictions in Section 9.3 shall not apply to any Adolor
Confidential Information which: 
 (i) is, as of the Effective Date, in the public domain, or subsequently enters the public
domain through no fault of Lilly, it employees or agents; 
 (ii) was known by Lilly prior to disclosure by Adolor hereunder as
demonstrated by written documentation; 
 (iii) is disclosed to Lilly by a Third Person lawfully in possession of same and having
the right to disclose same; 
 (iv) is independently developed by Lilly as demonstrated by written evidence without reference to
information disclosed to Lilly by Adolor; 
 (v) is disclosed pursuant to Adolor’s prior written approval; 

(vi) is required to be disclosed to (or by) a governmental authority provided reasonable notice of the impending disclosure is provided to
Adolor and Lilly provides reasonable assistance to Adolor in order to permit Adolor to contest such disclosure; 
 (vii) is
required to be disclosed in order to allow Lilly to (a) defend against litigation with a Third Person, (b) file, prosecute or enforce patents and patent 

  
 - 27 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
applications, provided Lilly shall not use such information in any patent application without Adolor’s prior written approval, such approval not to be unreasonably withheld, (c) comply
with governmental regulations, or (d) following any termination of this Agreement by Lilly as permitted under Section 12.4, file or support an IND or an Application for Market Authorization for a Licensed Product; 

(viii) following any termination of this Agreement by Lilly as permitted under Section 12.4, is required to be disclosed in order to
allow Lilly to develop or obtain Regulatory Approval of a Licensed Product; 
 (ix) following any termination of this Agreement
by Lilly as permitted under Section 12.4, is disclosed to a Third Person in connection with developing, testing, evaluating or applying for or securing Regulatory Approval of a Licensed Product or a Licensed Compound, or for commercializing a
Licensed Product, provided such Third Person has agreed to be bound by confidentiality and non-use terms at least as stringent as those in this Agreement; or 
 (x) following any termination of this Agreement by Lilly as permitted under Section 12.4, is disclosed to a potential sublicensee who has entered into, or is contemplating entering into, a written
agreement with Lilly regarding the commercialization of Licensed Product, provided such potential sublicensee has agreed to be bound by confidentiality and non-use terms at least as stringent as those in this Agreement. 

9.3 Use of Confidential Information. Other than to perform its obligations or exercise its rights under this Agreement, neither
Party shall use for any purpose any Confidential Information of the other Party received under this Agreement. 
 9.4 Release
of Other Information. Neither Party shall use the name of the other Party in any publication or announcement of this Agreement (other than to its employees) without the prior written approval of the other Party. Without limitation, this
prohibition applies to press releases, annual reports, prospectuses, public statements, educational and scientific conferences, promotional materials, governmental filings and discussions with public officials, securities analysts, investors and the
media. However, subject to the requirements for review and approval that follow, this provision does not apply to a disclosure regarding this Agreement, which counsel to a Party has advised is required by law or regulation, to regulatory agencies
such as the FDA, Securities and Exchange Commission (“SEC”), Federal Trade Commission and/or Department of Justice. This includes requests for a copy of this Agreement or related information by tax authorities. If any Party to this
Agreement determines a release of information regarding the existence or terms of this Agreement is required by law or regulation, prior to any release of such information, that Party will notify the other Party as soon as practical and provide
reasonably appropriate detail in relation to the disclosure required and will endeavor in good faith to provide the other Party with a minimum of five (5) business days to review the proposed public statement. The Parties will then discuss what
information, if any, will actually be released and, unless required by law, no such release shall be made unless both Parties consent to the disclosure and content to be 

  
 - 28 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
disclosed, such consent not to be unreasonably withheld. In addition, Lilly shall have ten (10) business days to review and comment on any redacted version of this Agreement to be filed with
the SEC or other agencies, and Adolor shall use all reasonable efforts to redact therefrom any such information that Lilly shall reasonably request within such ten (10) business day period. Nothing herein shall prohibit Adolor or Lilly from
disclosing this Agreement or its terms to a potential Sublicensee who has entered into, or is contemplating entering into, a written agreement with Adolor or Lilly regarding the commercialization of a Licensed Product or OpRA II, respectively,
provided such potential Sublicensee has agreed to be bound by confidentiality at least as stringent as Adolor’s confidentiality obligation to Lilly under this Agreement. 
 Each Party shall submit to the other all press releases concerning this Agreement and shall not release such press releases without the other Party’s prior approval (which shall not be unreasonably
withheld). 
 9.5 Publications By Adolor. Provided that the First Commercial Sale of a Licensed Product or
Licensed Compound has not yet occurred, and provided that an OpRA II Termination Event has not yet occurred, then, at least forty-five (45) days prior to its intended submission for publication, Adolor shall provide Lilly the opportunity to
review and comment on the impact that any proposed publication regarding Licensed Compound or Licensed Product (whether oral, written, or otherwise), including any abstracts or manuscripts, might have on the Lilly Confidential Information or
Lilly’s intellectual property rights. At Lilly’s request, Adolor shall delay submission for a period sufficient to permit adequate steps to be taken to secure patent protection for any patentable subject matter referred to therein, which
will not be for a period longer than 60 days beyond the initial 45-day review period. Adolor or Lilly, as the case may be, shall take reasonable steps to secure such protection on inventions in accordance with the appropriate provisions of Article 7
of this Agreement. At Lilly’s request, confidential information shall be removed from such proposed publication. 
 9.6
Publications By Lilly. Provided that the First Commercial Sale of OpRA II has not yet occurred, and at least forty-five (45) days prior to its intended submission for publication, Lilly shall provide Adolor the opportunity to review
and comment on the impact that any proposed publication regarding Licensed Compound or Licensed Product (whether oral, written, or otherwise), including any abstracts or manuscripts, might have on the Adolor Confidential Information or Adolor’s
intellectual property rights. At Adolor’s request, Lilly shall delay submission for a period sufficient to permit adequate steps to be taken to secure patent protection for any patentable subject matter referred to therein, which will not be
for a period longer than 60 days beyond the initial 45-day review period. Lilly or Adolor, as the case may be, shall take reasonable steps to secure such protection on inventions in accordance with the appropriate provisions of Article 7 of this
Agreement. At Adolor’s request, confidential information shall be removed from such proposed publication. 

  
 - 29 -

 Execution Copy 
 Confidential - 9-18-09 
  
 Article 10 
 Representations, Warranties, Covenants, and Disclaimers

 10.1 No Litigation. Each Party represents that there is no litigation or proceeding pending or, to the best
of such Party’s knowledge, threatened against or involving such Party in any court or before any agency or regulatory body that is reasonably expected to result in a judgment or liability against such Party that would adversely affect its
ability or right to carry on its business as now conducted or to perform its obligations under this Agreement. 
 10.2
Ownership and Encumbrances. Lilly hereby represents that it is the owner of the Licensed Patents and the Licensed Know-How and that it has and shall maintain for the Term the full right and power to grant the licenses set forth in
Sections 2.1, and 2.2 in the manner and to the extent set forth herein, free and clear of any adverse assignment or other similar encumbrances inconsistent with such commitments and grants, subject to the provisions of Article 7 and Article 8 above.

 10.3 Licensed Patents. To the best of Lilly’s knowledge as of the Effective Date, there is no claim or
demand of any Person pertaining to, or any proceeding which is pending or threatened, that challenges or opposes the rights of Lilly in respect of any of the Licensed Patents or Licensed Know-How, or that asserts the invalidity, misuse,
unregisterability or unenforceability of any of the Licensed Patents, or requests the reexamination of any of the Licensed Patents or through the institution or written threat of institution of interference, nullity or similar invalidity proceedings
before the United States Patent and Trademark Office or any analogous foreign entity, and there is no colorable basis for any such claims. 
 (i) To the best of Lilly’s knowledge (with the exception of U.S. Patents [**] and any foreign equivalents of which Lilly is aware but has made no determination of validity or infringement) as of the
Effective Date, the manufacture, use or sale of Licensed Compound or Licensed Product as contemplated hereunder will not infringe or constitute misappropriation of or otherwise violate any valid and enforceable patent or other proprietary rights of
any Third Person. Neither Lilly nor any of its Affiliates have received any verbal or written notice or claim that such manufacture, use or sale will constitute the infringement or misappropriation or otherwise violate any patent or other
proprietary rights of any Third Person. 
 (ii) To the best of Lilly’s knowledge as of the Effective Date, Lilly has
obtained assignments of the Licensed Patents listed in Schedule 1.25 from the inventors named therein, and all such assignments of inventorship rights are valid and enforceable; and there is no claim of any Person pertaining to, or any proceeding
which is pending or threatened, that challenges the inventorship of the Licensed Patents; 
  

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 30 -

 Execution Copy 
 Confidential - 9-18-09 
  
 (iii) To the best of Lilly’s knowledge as of the Effective Date, there is no pending patent application of any Third Person or entity that discloses subject matter that may potentially interfere
under 35 U.S.C. § 135 with the subject matter of the Licensed Patents; 
 (iv) To the best of Lilly’s knowledge as of
the Effective Date, Lilly has complied with all applicable Laws in all material respects, including any disclosure and duty of candor requirements, in connection with the filing, prosecution and maintenance of the Licensed Patents in the Territory;

 (v) Lilly hereby represents that the Licensed Know-How provided to Adolor hereunder and the Licensed Patents as defined in
Schedule 1.25 are as of the Effective Date all of the intellectual property rights owned or controlled by Lilly or its Affiliates, and to the best of Lilly’s knowledge any Third Party, that are necessary or desirable for the use, sale, offer
for sale, import, manufacture, or the having manufactured of the Licensed Compounds and the Licensed Products in the Field of Use in the Territory. 
 10.4 Licenses-Adolor. Adolor hereby warrants that it has and shall maintain for the Term, the full right and power to satisfy its commitments to Lilly under Section 6.1, and to grant
the licenses set forth in Sections 6.2 and 2.3 in the manner and to the extent set forth, free and clear of any adverse assignment, grant or other encumbrances inconsistent with such commitments and grants, subject to the provisions of Articles 7
and 8 above. 
 10.5 No Debarment. Each Party represents and warrants to the other that it will comply at all
times with the provisions of the Generic Drug Enforcement Act of 1992 and upon request each Party will certify in writing to the other Party that neither such Party, its employees, nor any Person providing services for such Party under this
Agreement has been debarred under the provisions of such Act. 
 10.6 Conducting Development Work Under Agreement.
All work carried out by Adolor with respect to Licensed Compounds or Licensed Products shall be carried out in material compliance with applicable laws at the site where such work is being conducted, including, without limitation, international,
foreign, federal, state, and local laws, statutes, regulations, guidelines or orders and any relevant cGMP, cGLP and cGCP requirements. 
 10.7 Corporate Existence. As of the Effective Date, each Party represents to the other that it is a company duly organized, validly existing, and, if relevant in its jurisdiction of
formation, in good standing under the laws of the jurisdiction in which it is formed. 
 10.8 Authority to Execute and
Perform. As of the Effective Date, each Party represents to the other that it: 

  
 - 31 -

 Execution Copy 
 Confidential - 9-18-09 
  
 (i) has the power and authority and the legal right to enter into this Agreement and perform its obligations hereunder; 
 (ii) has taken all necessary corporate action on its part required to authorize the execution and delivery of this Agreement; and 
 (iii) has duly executed and delivered the Agreement, which constitutes a legal, valid, and binding obligation of it and which is enforceable against it in accordance with the terms of this Agreement.

 10.9 No Approvals or Consents. Each Party, as of the Effective Date, represents to the other Party that all
necessary consents, approvals and authorizations of all governmental authorities and Third Persons required to be obtained by such Party in connection with its execution of this Agreement and the transfer of rights described in this Agreement have
been obtained. 
 10.10 No Conflict. Each Party represents to the other that its execution and delivery of the
Agreement and its performance of its obligations hereunder: 
 (i) do not conflict with or violate any requirement of applicable
law or regulation or any provision of its company governance documents in any material way, and 
 (ii) do not conflict with,
violate, breach, or constitute a default under any contractual obligation or court or administrative order by which such Party is bound. 
 10.11 Cooperation. The Parties agree to cooperate with each other in determining whether any filings are required to be made or consents required to be obtained in the jurisdictions in
connections with the transactions contemplated hereby and in making or causing to be made any such filings promptly and in seeking to obtain in a timely manner any such consents. The Parties shall furnish to each other all information as may be
reasonably required in order to effectuate the foregoing. 
 10.12 OpRA III Information. Lilly represents to
Adolor that Lilly has given Adolor access to all clinical and pre-clinical data and information about the Licensed Compound and the Licensed Product that is in Lilly’s or its Affiliates’ possession, including access to all INDs, the NDA
and related filings with the FDA for the Licensed Compound and the Licensed Product and all material correspondence to and from the FDA relating to the foregoing matters. 
 10.13 DISCLAIMER OF IMPLIED WARRANTIES. EXCEPT AS EXPRESSLY PROVIDED IN THIS Article 10, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY TO THE OTHER AS TO THE LICENSED PATENTS, KNOW-HOW,
LICENSED COMPOUNDS, LICENSED PRODUCTS, REGULATORY DOCUMENTS, ADOLOR IMPROVEMENTS OR ADOLOR TECHNOLOGY, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND 

  
 - 32 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
EACH PARTY SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE. Without limiting the foregoing, each
Party acknowledges that it has not and is not relying upon any implied warranty of merchantability or of fitness for a particular purpose or otherwise, or upon any representation or warranty whatsoever as to the prospects (financial, regulatory or
otherwise), validity, or likelihood of success of Licensed Compounds, or Licensed Products after the Effective Date. 
 10.14
DISCLAIMER OF INCIDENTAL AND CONSEQUENTIAL DAMAGES. NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR SPECIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS ARISING FROM OR RELATING TO ANY
BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTHING IN THIS SECTION IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY. 

Article 11 

Indemnification 
 11.1 Indemnification. 
 (a) Adolor’s Obligation. Except to the
extent an action as described below involves gross negligence or willful misconduct by Lilly, its officers, directors, employees and/or agents, Adolor shall defend Lilly, its officers, directors, employees and/or agents against any and all
third-party claims, suits, actions or proceedings (including claims alleging personal injury (including death) to any Person or damage to tangible property) resulting from or arising out of: [**]. In addition, Adolor shall indemnify and hold
harmless Lilly, its officers, directors, employees and/or agents from and against any and all Damages arising out of any such claims. 
 (b) Lilly’s Obligation. Except to the extent an action as described below involves gross negligence or willful misconduct by Adolor, its officers, directors, employees and/or agents, Lilly
shall defend Adolor, its officers, directors, employees and/or agents against any and all third-party claims, suits, actions or proceedings (including claims alleging personal injury (including death) to any Person or damage to tangible property)
resulting from or arising out of: [**]. In addition, Lilly shall indemnify and hold harmless Adolor, its officers, directors, employees and/or agents from and against any and all Damages arising out of any such claims. 

 

	[**] =	Certain information on this page has been omitted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 - 33 -

 Execution Copy 
 Confidential - 9-18-09 
  
 (c) Limitation. Adolor acknowledges and agrees that Lilly’s development and commercialization of OpRA II may adversely affect, or reveal information that adversely affects, Adolor’s
development and commercialization of OpRA III. Likewise, Lilly acknowledges and agrees that Adolor’s development and commercialization of OpRA III may adversely affect, or reveal information that adversely affects, Lilly’s development and
commercialization of OpRA II. Accordingly, Adolor acknowledges and agrees that Lilly’s actions or failures to act in the development or commercialization of OpRA II, and Lilly acknowledges and agrees that Adolor’s actions or failures to
act in the development or commercialization of OpRA III, shall not give rise to a claim hereunder for indemnification, Damages, or damages payable to a Party unless such actions or failures to act are the result of gross negligence, willful
misconduct, or a material breach of this Agreement. 
 11.2 Notice and Opportunity to Defend. 

(a) Notice. Promptly after receiving notice of a claim for which indemnification may be sought pursuant to Section 11.1, a
Party (the “Indemnified Party”) will give the other Party (the “Indemnifying Party”) written notice describing the claim in reasonable detail. The failure of an Indemnified Party to give notice in the manner
provided herein will not relieve the Indemnifying Party of its obligations under this Article, except to the extent that such failure to give notice materially prejudices the Indemnifying Party’s ability to defend such claim. 

(b) Indemnifying Party’s Duty to Proceed. Upon receipt of notice under Subsection (a) from the Indemnified Party, the
Indemnifying Party will have the duty to either to compromise or defend, at its own expense and by its own counsel, such matter, except as provided in Subsection (c). The Indemnifying Party will promptly (and in any event not more than twenty
(20) days after receipt of the Indemnified Party’s original notice) notify the Indemnified Party in writing of its intention to either compromise or defend such matter, and the Indemnified Party agrees to cooperate fully with the
Indemnifying Party and its counsel in the compromise or defense against any such asserted liability, including making available to the Indemnifying Party any books, records or other documents within its control that are necessary or appropriate for
such defense subject to Indemnifying Party’s obligation to maintain as confidential, information deemed confidential to the Indemnified Party under this Agreement. All reasonable costs and expenses incurred in connection with the Indemnified
Party’s cooperation will be borne by the Indemnifying Party. In addition, the Indemnifying Party will not cease to defend any claim (except pursuant to a permitted settlement or compromise thereof) without the prior written consent of the
Indemnified Party, which consent will not be unreasonably withheld. 
 (c) Indemnified Party’s Right to Proceed. At
its option, the Indemnified Party will have the right to compromise or defend, by its own counsel, a claim that could give rise to its right to indemnification pursuant to Section 11.1 if: 

(i) the Indemnifying Party elects in writing not to compromise or defend the asserted claim; 

  
 - 34 -

 Execution Copy 
 Confidential - 9-18-09 
  
 (ii) the Indemnifying Party fails to notify the Indemnified Party of its election to compromise or defend the asserted claim as herein provided; 

(iii) the Indemnifying Party fails to admit its obligation under this Agreement with respect to the claim following a written request of
the Indemnified Party; or 
 (iv) in the reasonable opinion of counsel to the Indemnified Party, the claim is reasonably likely
to result in the Indemnified Party becoming subject to injunctive relief or relief other than the payment of Damages that would have a materially adverse effect on the ongoing business of the Indemnified Party. 

In these situations, the reasonable costs and expenses incurred by the Indemnified Party in compromising or defending the asserted claim
will be included as part of the indemnification obligation of the Indemnifying Party. 
 In the event the Indemnified Party
intends to compromise or settle a claim under this Subsection, the Indemnified Party will provide at least ten (10) business days prior written notice to the Indemnifying Party describing the proposed compromise or settlement in order that the
Indemnifying Party may comment and/or object. 
 (d) Settlement. Notwithstanding the foregoing, neither the Indemnifying
Party nor the Indemnified Party may settle or compromise any claim under this Section over the written objection of the other Party if such settlement or compromise could reasonably result in a material adverse effect on the other Party or otherwise
alter, diminish, or derogate the other Party’s rights under this Agreement. 
 (e) Other Obligations. The Party
conducting the defense of a claim under this Section will (i) keep the other Party informed on a reasonable and timely basis as to the status of the defense of such claim (but only to the extent such other Party is not participating jointly in
the defense of such claim), and (ii) conduct the defense of such claim in a reasonably prudent manner. 
 11.3
Indemnification Payment Obligation. Neither Party will incur any indemnification obligations under this Article until the aggregate amount of Damages incurred or suffered by the Indemnified Party (or which likely would be incurred or suffered if
the relevant claim were successful) for which the Indemnifying Party is otherwise subject to under this Agreement exceeds $100,000, at which time the entire cumulative aggregate amount of such Damages will be covered. The provisions of this Section
will not limit or otherwise affect the obligations of any Indemnifying Party under any other Section. 
 11.4 Indemnification
Payment Adjustments. 
 (a) Net Tax Effects. The amount of any Damages for which indemnification is provided under
this Article will be reduced to take account of any net tax benefit to the Indemnified Party and will be increased to take account of any net tax detriment to the 

  
 - 35 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
Indemnified Party arising from incurring or paying such Damages or from receiving any indemnification payment. 
 (b) Insurance Proceeds or Other Recovery. The amount of any Damages for which indemnification is provided under this Article will be reduced by the insurance proceeds received and any other amount
recovered, if any, by the Indemnified Party with respect to any Damages. However, an Indemnified Party does not have an obligation to pursue an insurance claim relating to any Damages for which indemnification is sought hereunder. 

(c) Refund. If an Indemnified Party receives a payment pursuant to this Article and subsequently receives insurance proceeds or
other amounts with respect to the same Damages, the Indemnified Party will pay to the Indemnifying Party an amount equal to the difference (if any) between: (i) the sum of the insurance proceeds received, other amounts received, and the
indemnification amount received from the Indemnifying Party pursuant to this Article and (ii) the amount necessary to fully and completely indemnify and hold harmless the Indemnified Party from and against such Damages. However, in no event
will such refund ever exceed the Indemnifying Party’s payment to the Indemnified Party under this Article. 
 11.5
Indemnification Payment. Upon the final determination of liability and the amount of the indemnification payment under this Article, the Indemnifying Party will pay such amount to the Indemnified Party in immediately available funds within
thirty (30) business days after such determination. 
 Article 12 

Term and Termination 
 12.1 Term. The term of this Agreement (the “Term”) shall commence as of the Effective Date and, unless sooner terminated as hereinafter provided, shall continue in full force and
effect on a country-by-country basis until all royalty payment obligations of Adolor to Lilly with respect to such country are terminated pursuant to the applicable provisions of Article 3. Upon the expiration of the Term with respect to any
country, Adolor’s license rights under Section 2.1 and Section 2.2 with respect to such country shall become fully paid-up and irrevocable. 
 12.2 Termination for Convenience. This Agreement may be terminated at any time by Adolor for its business convenience upon written notice to Lilly. Termination under this Section 12.2 shall
become effective on such date as set forth in Adolor’s notice. 
 12.3 Termination for OpRA III Termination Event.
Upon any OpRA III Termination Event, Lilly may, at its option, terminate this Agreement upon six (6) months written notice detailing the substance of the alleged OpRA III Termination Event. Such termination shall become effective at the end of
such six (6) month period, unless Adolor can show: (a) it or its sublicensee has resumed using its Commercially Reasonable Efforts to proceed with the Clinical Trial of the Licensed Compound, (b) the

  
 - 36 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
Licensed Compound is the subject of a clinical hold, or (c) the Licensed Compound is the subject of an NDA under review by the FDA. As of the effective date of such termination and subject
to the provisions of Section 2.2 respecting Sublicensees, Adolor shall irrevocably lose, with respect to the territories subject to the OpRA III Termination Event, (i) any and all licenses granted to Adolor by Lilly pursuant to Sections
2.1 and 2.2; and (ii) the right to commercialize a Licensed Product. 
 12.4 Material Breach by Adolor. Upon
any material breach or material default of any payment provision under this Agreement or upon a willful and continuing uncured material breach or default of any other provision of this Agreement, Lilly may, at its option, terminate this Agreement
upon thirty (30) days written notice detailing the substance of the alleged breach, default or other defect of performance. Such termination shall become effective at the end of such thirty (30) day period, unless (a) Adolor cures
such breach, default or other defect of performance during such thirty (30) day period. As of the effective date of such termination and subject to the provisions of Section 2.2 respecting Sublicensees, Adolor shall irrevocably lose
(i) any and all licenses granted to Adolor by Lilly pursuant to Sections 2.1 and 2.2; and (ii) the right to commercialize Licensed Product. Termination under this Section will not be an exclusive remedy and will not be in lieu of any other
remedies available to Lilly for any breach hereunder by Adolor. 
 12.5 Material Breach by Lilly. Upon
(a) any material breach, material default or other material defect of performance of this Agreement, or (b) any warranty or covenant, or representation made by Lilly in this Agreement proving to have been false or misleading in any
material respect when made, or (c) any schedule, attachments, exhibits, certificate, report, notice or other writing furnished by Lilly to Adolor proving to have been false or misleading in any material respect when made or delivered by Lilly,
Adolor may, at its option and subject to the remainder of this Article, terminate this Agreement upon ninety (90) days written notice detailing the substance of the alleged breach, default or other defect of performance. Such termination shall
become effective at the end of such ninety (90) day period, unless Lilly cures such breach, default or other defect of performance during such ninety (90) day period, or (b) if such breach is curable but not within such ninety
(90) day period, Lilly initiates and diligently pursues a cure for such breach. As of the effective date of such termination, Lilly shall irrevocably lose any and all licenses granted to Lilly by Adolor pursuant to Sections 6.1 and 6.2.
Termination under this Section will not be an exclusive remedy and will not be in lieu of any other remedies available to Adolor for any breach hereunder by Lilly. 
 12.6 Termination for Bankruptcy. Notwithstanding any other provision of this Article, this Agreement may be terminated in its entirety with immediate effect upon receipt by a Party of written
notice from the other Party if the notified Party: 
 (i) makes a general assignment for the benefit of creditors; 

(ii) petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or
any substantial part of its assets; 

  
 - 37 -

 Execution Copy 
 Confidential - 9-18-09 
  
 (iii) commences under the laws of any jurisdiction any proceeding for relief under the Bankruptcy Code of 1986, as amended or similar bankruptcy laws in other jurisdictions, involving its insolvency,
reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of financially distressed debtors; or 
 (iv) becomes a party to any proceeding or action of the type described above in (ii) or (iii), and such proceeding or action remains undismissed or unstayed for a period of more than sixty
(60) days. 
 12.7 Residual Rights and Obligations Upon Termination. Subject to the other provisions of this
Article, termination of this Agreement for any reason whatsoever will not release or discharge Lilly or Adolor from the performance of any obligation, the payment of any debt or responsibility for any liability which may have previously accrued and
remains to be performed, paid or discharged at the date of such termination, their respective obligations to transfer know-how, licenses and improvements hereunder, and the obligations and rights of Adolor and Lilly which may accrue after
termination of this Agreement as expressly set forth herein; provided, however, the non-breaching Party may set-off amounts that the non-breaching Party is entitled to recover under this Agreement that were incurred because of the
breach of the breaching Party. However, upon termination, neither Lilly nor Adolor shall incur any additional obligation to the other under this Agreement, except that Adolor, its Affiliates and Sublicensees may, for up to one hundred eighty
(180) days following any termination of this Agreement, sell all Licensed Products and Licensed Compounds then in inventory, and may complete the manufacture of and sell all Licensed Products then in production, subject to Adolor’s
continuing obligation to pay to Lilly royalties on account of such sales as required hereunder. Moreover, termination of this Agreement shall not release either Party of the obligations of confidentiality and non-use as set forth in Sections 9.1 and
9.2, the obligations of indemnification as set forth in Article 11, and such other obligations expressly set forth in relevant provision of this Agreement. 
 12.8 Further Assurances. Adolor covenants and agrees that if this Agreement is terminated by Lilly as permitted under Section 12.4, and any Adolor Improvement, Adolor Technology or
Regulatory Document cannot be transferred to Lilly in accordance with the provisions of Article 6 without the consent of or notice to a Third Person and in respect of which any necessary consent or notice has not been obtained or given to transfer
the Adolor Improvement, Adolor Technology or Regulatory Document, or the subject Adolor Improvement, Adolor Technology or Regulatory Document is non-assignable by its nature, then Adolor will, to the extent required under Article 6 and provided
Adolor has the right to do so, use reasonable best efforts to cause the beneficial interest in and to the same to pass to Lilly and hold such Adolor Technology, Adolor Improvement and/or Regulatory Document in trust for, and for the benefit of,
Lilly. 

  
 - 38 -

 Execution Copy 
 Confidential - 9-18-09 
  
 Article 13 
 Limitations On Purchases Of Equity Securities 

13.1 Purchases of Equity Securities. Lilly hereby represents and warrants that as of the Effective Date, Lilly does not own,
directly or indirectly, any interest in any securities or direct or indirect rights, warrants or options to acquire, or securities convertible into or exchangeable for, any securities of Adolor. Upon the Effective Date and for a period lasting two
(2) years after the First Commercial Sale of the first Licensed Product, except as permitted by Section 13.2, Lilly and its Affiliates will not (and will not assist or encourage others to) directly or indirectly in any manner: 

(a) acquire, or agree to acquire, directly or indirectly, alone or in concert with others, by purchase, gift or otherwise, any direct or
indirect beneficial ownership (within the meaning of Rule l3d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or interest in any securities or direct or indirect rights, warrants or options to acquire,
or securities convertible into or exchangeable for, any securities of Adolor; 
 (b) make, or in any way participate in,
directly or indirectly, alone or in concert with others, any “solicitation” of “proxies” to vote (as such terms are used in the proxy rules of the Securities and Exchange Commission (the “SEC”) promulgated pursuant to
Section 14 of the Exchange Act); provided, however, that the prohibition in this Section (a) shall not apply to solicitations exempted from the proxy solicitation rules by Rule 14a-2 under the Exchange Act as such Rule 14a-2 is in effect
as of the date hereof; 
 (c) form, join or in any way participate in a “group” within the meaning of
Section 13(d)(3) of the Exchange Act with respect to any voting securities of Adolor; 
 (d) acquire or agree to acquire,
directly or indirectly, alone or in concert with others, by purchase, exchange or otherwise: (i) any of the assets, tangible or intangible, of Adolor, or (ii) direct or indirect rights, warrants or options to acquire any assets of Adolor,
except for such assets as are then being offered for sale by Adolor; 
 (e) enter into any arrangement or understanding with
others to do any of the actions restricted or prohibited under parts (a) (b) or (c) of this Section 13.1; or 
 (f) otherwise act in concert with others, to seek to offer to Adolor or any of its stockholders any business combination, restructuring, recapitalization or similar transaction to or with Adolor or
otherwise seek in concert with others, to control, change or influence the management, board of directors or policies of Adolor or nominate any person as a director of Adolor who is not nominated by the then incumbent directors, or propose any
matter to be voted upon by the stockholders of Adolor. 
 13.2 Exceptions for Purchasing Securities of Adolor. Nothing
herein shall prevent: 

  
 - 39 -

 Execution Copy 
 Confidential - 9-18-09 
  
 (a) Lilly or Lilly’s employees from purchasing securities of Adolor pursuant to: (i) a pension plan established for the benefit of Lilly’s employees, (ii) any employee benefit plan of
Lilly, or (c) any stock portfolios not controlled by Lilly or any of its Affiliates that invest in Adolor among other companies. 
 (b) Lilly from acquiring securities of another biotechnology or pharmaceutical company that beneficially owns any of Adolor’s securities. 

Article 14 

Miscellaneous 
 14.1 Independent Contractor. It is understood and agreed that the Parties shall have the status of independent contractors under this Agreement and that nothing in this Agreement shall be construed
as authorization for either Adolor or Lilly to act as agent for the other. 
 14.2 No Benefit to Others. The
representations, warranties, covenants and agreements contained in this Agreement are for the sole benefit of the Parties and their legal representatives, successors and assigns, and they shall not be construed as conferring any rights to any Third
Person. 
 14.3 Force Majeure. Except as expressly set forth above, both Parties to the Agreement shall be excused from
the performance of their obligations under this Agreement if such performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse shall be continued so long as the
condition constituting force majeure continues and the nonperforming Party takes reasonable efforts to remove the condition. For purposes of this Agreement, force majeure shall include conditions beyond the control of the Parties, including an act
of God, war, terrorism, civil commotion, epidemic, failure or default of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe, governmental action or prohibition, or
the inability to obtain required supplies or raw materials. 
 14.4 Rights in Bankruptcy. All rights and licenses granted
under or pursuant to this Agreement by Lilly and Adolor are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, licenses of right to “intellectual property” as defined under
Section 101 of the United States Bankruptcy Code. The Parties agree that each Party, as licensee of certain rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the United States Bankruptcy
Code. The Parties further agree that, in the event of the commencement a bankruptcy proceeding by or against a Party (such Party, the “Bankrupt Party”) under the United States Bankruptcy Code, the other Party shall be entitled to a
complete duplicate of (or complete access to, as appropriate) any intellectual property licensed to such other Party and all embodiments of such intellectual property, which, if not already in such other Party’s possession, shall be promptly
delivered to it (a) upon any such commencement of a bankruptcy proceeding upon such other Party’s written request therefor, unless the Bankrupt Party elects to 

  
 - 40 -

 Execution Copy 
 Confidential - 9-18-09 
  
 
continue to perform all of its obligations under this Agreement or (b) if not delivered under clause (a), following the rejection of this Agreement by the Bankrupt Party upon written request
therefor by the other Party. 
 14.5 Amendment. This Agreement may not be amended, supplemented, or otherwise modified
except by an instrument in writing signed by an authorized representative of both Parties. 
 14.6 Entire Agreement. The
Parties acknowledge and agree that this Agreement constitutes the entire agreement and understanding relating to the subject matter of this Agreement. As such, this Agreement supersedes all previous communications, proposals, representations and
agreements, whether oral or written, relating to the subject matter of this Agreement, including, for the avoidance of doubt, that certain Confidentiality and Non-Use Agreement set forth in a letter dated on or about September 21, 2007 from
Lilly to Adolor and that certain Material Transfer Agreement dated on or about June 4, 2008 as amended on or about May 14, 2009. Notwithstanding the foregoing, nothing in this Agreement shall change, modify, amend or revise the terms,
conditions and/or provisions of those certain agreements regarding the compound known as “alvimopan” (as sublicensed from Shire as successor to Roberts) nor that certain license agreement by and between the Parties effective on or about
August 8, 2002 (collectively, the “Alvimopan Agreements”) (or the Parties’ rights and obligations derived therefrom). Lilly and Adolor each hereby confirm and ratify the Alvimopan Agreements and all of the terms,
conditions and provisions of the Alvimopan Agreements (and the Parties’ rights and obligations derived therefrom). 

14.7 Severability. Each Party agrees that, should any provision of this Agreement be determined by a court of competent
jurisdiction to violate or contravene any applicable law or policy, such provision will be severed or modified by the court to the extent necessary to comply with the applicable law or policy, and such modified provision and the remainder of the
provisions hereof will continue in full force and effect. 
 14.8 Waiver. The waiver of a breach or a Party’s
obligation hereunder may be effected only by a writing signed by the waiving Party and shall not constitute a waiver of any other breach or the same or similar obligations of such Party. 

14.9 Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have
been sufficiently given for all purposes if mailed by first class certified or registered mail, postage prepaid, sent by overnight mail with a nationally-recognized overnight carrier, or, other than with respect to notices under Article 12, sent by
facsimile with confirmed receipt of transmission. Receipt of such notices sent in this manner shall be deemed to have occurred five (5) business days after dispatch by first class mail or one (1) business day after dispatch by overnight
carrier, unless a provision of this Agreement specifically provides otherwise relative to a particular provision of this Agreement. Unless otherwise specified in writing, the mailing addresses of the Parties shall be as described below. 

  
 - 41 -

 Execution Copy 
 Confidential - 9-18-09 
  

			
	For Adolor:	  	Adolor Corporation
		  	700 Pennsylvania Drive
		  	Exton, PA 19341
		  	Attention: General Counsel
		
	For Lilly:	  	Eli Lilly and Company
		  	Lilly Corporate Center
		  	Indianapolis, Indiana 46285
		  	Attention: General Counsel

 14.10 Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York, United States, excluding any choice of law rules that may direct the application of the law of any other jurisdiction. However, the scope, validity and enforceability of any patents encompassed within the scope of this
Agreement shall be determined in accordance with the applicable laws of the countries in which such patents have issued. 

14.11 Assignability. During the Term, except as provided in this Section and other provisions of this Agreement, neither Party
shall assign or transfer this Agreement without the prior written consent of the other Party, and any attempted assignment or transfer of this Agreement without such written consent shall be of no force or effect. Notwithstanding the foregoing
sentence, either Party may assign or transfer this Agreement without the other Party’s consent to an Affiliate of Adolor Corporation or Eli Lilly and Company, as the case may be, or to any Person acquiring all or substantially all of the assets
or stock of Adolor Corporation or Eli Lilly and Company, as the case may be, to which this Agreement relates. In addition, Eli Lilly and Company shall be permitted to assign or transfer any revenue stream under this Agreement to an Affiliate or
Third Party. Subject to the restrictions contained in the preceding provisions of this Section, this Agreement shall be binding upon the successors and assigns of the Parties. 
 14.12 Jointly Prepared. This Agreement has been prepared jointly and shall not be strictly construed against either Party. 
 14.13 Headings, Gender and “Person”. The captions or headings of the Sections are inserted only as a matter of convenience or for reference and shall have no effect on the meaning of the
provisions hereof. Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and other gender, masculine, feminine, or neuter, as the context requires.

 14.14 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be an original,
but all of which taken together shall constitute one and the same agreement. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. 

  
 - 42 -

 Execution Copy 
 Confidential - 9-18-09 
  
 14.15 Schedules, Exhibits and Attachments. All schedules, exhibits and attachments referred to herein are intended to be and hereby are specifically made part of this Agreement. 

14.16 Affiliates of Eli Lilly and Company. As the Affiliates of Eli Lilly and Company, being included within the definition
of “Lilly” set forth above, are entitled to exercise the rights and receive the benefits afforded to Lilly under this Agreement, but are not signatories to and therefor are not directly bound by the terms and conditions of this Agreement,
Eli Lilly and Company guarantees that its Affiliates, in exercising such rights and receiving such benefits, shall comply with the terms and conditions of this Agreement relating thereto, including the terms and conditions of this Agreement
applicable to Lilly’s handling and use of Adolor Technology, Adolor Improvements and Adolor Confidential Information. 

[signatures on next page] 

  
 - 43 -

 Execution Copy 
 Confidential - 9-18-09 
  
 IN WITNESS WHEREOF, the Parties by their respective authorized officers, have executed this Agreement. 
 ELI LILLY AND COMPANY 
  

			
	 BY:
	 	 /s/ Steven M. Paul

		 	Steven M. Paul, M.D.
		 	Executive Vice President, Science and Technology
		 	President, Lilly Research Laboratories

 ADOLOR CORPORATION 
  

			
	 BY:
	 	 /s/ Michael R. Dougherty

		 	Michael R. Dougherty
		 	President & Chief Executive Officer

  
 - 44 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]