Document:

Exhibit 10.2 

 

 

 

VOTING AGREEMENT

 

by and between

 

Innoviva,
Inc.

 

and

 

the
stockholder party hereto

 

Dated as of _______, 2020

 

 

 

     

     

    

 

VOTING AGREEMENT

 

This Voting Agreement
(this “Agreement”) is entered into as of [______], 2020, between Innoviva, Inc., a Delaware corporation (“Purchaser”),
and the undersigned stockholder (the “Stockholder”).

 

WHEREAS, as of the date
hereof, the Stockholder is the sole record and beneficial owner of, and has the sole power to vote (or to direct the voting of)
the number of shares of common stock, par value $0.001 per share (the “Common Shares”), of Entasis Therapeutics
Holdings Inc., a Delaware corporation (the “Company”), set forth opposite the Stockholder’s name on Schedule
I hereto (such Common Shares, together with any other shares of the Company that are acquired by the Stockholder after the
date hereof, the “Subject Shares”);

 

WHEREAS, the Company
and Purchaser entered into a Securities Purchase Agreement, dated as of April 12, 2020 (as amended from time to time, the “Purchase
Agreement”), pursuant to which Purchaser has agreed to purchase, and the Company has agreed to sell, 14,000,000 Common
Shares of the Company, together with warrants to purchase an additional 14,000,000 Common Shares of the Company;

 

WHEREAS, the consummation
of the transactions contemplated by the Purchase Agreement requires the affirmative vote of the majority of the votes cast at a
duly called meeting of the holders of a majority in voting power of the Common Shares, entitled to vote thereon pursuant to Listing
Rule 5635(d) of the National Association of Securities Dealers Automated Quotations (NASDAQ);

 

WHEREAS, Purchaser and
the Stockholder have agreed that the voting power of the Subject Shares will be subject to the restrictions set forth in this Agreement
from the date hereof through the date on which this Agreement is terminated in accordance with its terms (such period, the “Voting
Period”); and

 

WHEREAS, as an inducement
to Purchaser’s willingness to enter into the Purchase Agreement and consummate the transactions contemplated thereby, transactions
from which the Stockholder believes it will each derive substantial benefits through its ownership interests in the Company, the
Stockholder is entering into this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, the parties agree as
follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.1        Capitalized
Terms. For purposes of this Agreement, capitalized terms used and not defined herein shall have the respective meanings ascribed
to them in the Purchase Agreement.

 

    -1-

     

    

 

ARTICLE
II

 

VOTING AGREEMENT

 

Section
2.1        Agreement
to Vote. Each Stockholder hereby agrees that, during the Voting Period, such Stockholder shall, if a meeting of stockholders
of the Company is held, appear at the meeting, in person or by proxy, and vote (or cause to be voted), and if an action is to be
taken by written consent in lieu of a meeting, provide a written consent, in respect of all its Subject Shares, in each case (i)
in favor of (A) any proposal to adopt and approve or reapprove the Purchase Agreement and the transactions contemplated thereby,
(B) the Charter Amendment and (C) waiving any notice requirements applicable to the Purchase Agreement or any of the transactions
contemplated thereby pursuant to the Company’s organizational documents or applicable Law, and (ii) against (X) any action
or agreement that would reasonably be expected to prevent or materially delay the consummation of the transactions contemplated
by the Purchase Agreement and (Y) any Acquisition Proposal and any action in furtherance of any such Acquisition Proposal.

 

Section
2.2      Grant
of Irrevocable Proxy. If requested by Purchaser, each Stockholder shall appoint Purchaser and any designee of Purchaser, and
each of them individually, as such Stockholder’s proxy, with full power of substitution and resubstitution, to vote during
the Voting Period with respect to any and all of the Subject Shares on the matters and in the manner specified in Section 2.1.
Each Stockholder shall take all further action or execute such other instruments as may be necessary to effectuate the intent of
any such proxy. Each Stockholder affirms that any irrevocable proxy given by it with respect to the Purchase Agreement and the
transactions contemplated thereby shall be given to Purchaser by such Stockholder to secure the performance of the obligations
of such Stockholder under this Agreement. It is agreed that Purchaser (and its officers on behalf of Purchaser) will use the irrevocable
proxy that may be granted by the Stockholder only in accordance with applicable Law and that, to the extent Purchaser (and its
officers on behalf of Purchaser) uses any such irrevocable proxy, it will only vote the Subject Shares subject to such irrevocable
proxy with respect to the matters specified in, and in accordance with the provisions of, Section 2.1.

 

Section
2.3        Nature
of Irrevocable Proxy. Any proxy granted pursuant to Section 2.2 to Purchaser by a Stockholder shall be irrevocable during
the term of this Agreement, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and
shall revoke any and all prior proxies or powers of attorney granted by such Stockholder and no subsequent proxy or power of attorney
shall be given or written consent executed (and if given or executed, shall not be effective) by such Stockholder with respect
thereto. Any proxy that may be granted hereunder shall terminate upon the termination of this Agreement, but shall survive the
death or incapacity of such Stockholder and any obligation of such Stockholder under this Agreement shall be binding upon the heirs,
personal representatives and successors of such Stockholder.

 

    -2-

     

    

 

ARTICLE
III

 

COVENANTS

 

Section
3.1        Subject
Shares.

 

(a)        
Each Stockholder agrees that during the Voting Period, it shall not, and shall not commit or agree to, without Purchaser’s
prior written consent, (i) directly or indirectly, whether by merger, consolidation or otherwise, offer for sale, sell (including
short sales), transfer, tender, pledge, encumber, assign or otherwise dispose of (including by gift or by operation of law) (collectively,
a “Transfer”), or enter into any contract, option, derivative, hedging or other agreement or arrangement or
understanding (including any profit-sharing arrangement, through the granting of any proxies or powers of attorney, in connection
with a voting trust or voting agreement or by operation of Law) with respect to, or consent to or permit, a Transfer of, any or
all of the Subject Shares or any interest therein or (ii) take any action inconsistent with this Agreement, the Purchase Agreement
or the transactions contemplated hereby or thereby (including by granting of any proxy or power of attorney with respect to the
Subject Shares (other than the proxy contemplated by Section 2.2) or agreeing to divest itself of the voting power with
respect to its Subject Shares or vote its Subject Shares on any matter in a manner that would be inconsistent with its obligations
under this Agreement). Notwithstanding the foregoing, this Section 3(a) shall not prohibit a Transfer of the Subject Shares by
the Stockholder to an Affiliate of the Stockholder; provided, that a Transfer referred to in this sentence shall be permitted only
if, as a precondition to such Transfer, the transferee agrees in a writing, reasonably satisfactory in form and substance to Purchaser,
to be bound by all of the terms of this Agreement. Each Stockholder agrees that any Transfer of Subject Shares not permitted hereby
shall be null and void and that any such prohibited Transfer shall be enjoined. If any involuntary transfer of any Subject Shares
covered hereby shall occur (including, but not limited to, a sale by any Stockholder’s trustee in bankruptcy, or a sale to
a purchaser at any creditor’s or court sale), the transferee (which term, as used herein, shall include any and all transferees
and subsequent transferees of the initial transferee) shall take and hold such Subject Shares subject to all of the restrictions,
liabilities and rights under this Agreement, which shall continue in full force and effect.

 

(b)        
In the event of a stock dividend or distribution, or any change in the Subject Shares by reason of any stock dividend or
distribution, split-up, recapitalization, combination, conversion, exchange of shares or the like, the term “Subject Shares”
shall be deemed to refer to and include the Subject Shares as well as all such stock dividends and distributions and any securities
into which or for which any or all of the Subject Shares may be changed or exchanged or which are received in such transaction.
Each Stockholder further agrees that, in the event such Stockholder purchases or otherwise acquires beneficial or record ownership
of or an interest in, or acquires the right to vote or share in the voting of, any additional Common Shares, in each case after
the execution of this Agreement, then any such additional Common Shares shall be subject to the terms of this Agreement, including
all covenants, agreements, obligations, representations and warranties set forth herein as if those additional shares were owned
by such Stockholder on the date of this Agreement.

 

    -3-

     

    

 

Section
3.2        Capacity.
All agreements and understandings made herein shall be made solely in each Stockholder’s capacity as a holder of the
Subject Shares and not in any other capacity. For the avoidance of doubt, notwithstanding anything to the contrary in this
Agreement, the parties acknowledge that if a Stockholder has a nominee or Affiliate on the Company’s board of directors
(the “Board”), the parties agree that (i) such nominee or Affiliate of such Stockholder on the Board
(each, a “Stockholder Designee”) shall be free to act in his/her capacity as a director of the Company
solely in accordance with his/her duties to the Company and its stockholders, (ii) nothing herein shall prohibit or restrict
any Stockholder Designee from taking any action (or omitting to take any action) in facilitation of the exercise of his/her
fiduciary duties pursuant to and in accordance with the Purchase Agreement or otherwise and (iii) no action taken by a
Stockholder Designee or the omission by a Stockholder Designee to take any action, acting in his or her capacity as a
director of the Company, shall be deemed to be a breach by such Stockholder of this Agreement.

 

Section
3.3        Other
Offers. During the Voting Period, the Stockholder and its Affiliates shall not, and the Stockholder shall not authorize or
permit any of its Representatives to, take any of the following actions: (i) initiate, solicit, facilitate or knowingly encourage
any Acquisition Proposal or the making or submission thereof or the making of any proposal that could reasonably be expected to
lead to any Acquisition Proposal, (ii) participate or engage in any negotiations regarding, or furnish any third party any non-public
information relating to the Company or its Subsidiaries, in connection with or with a view to induce the making, submission or
announcement of an Acquisition Proposal or any inquiries or proposals that could reasonably be expected to lead to an Acquisition
Proposal, or (iii) adopt or approve any Acquisition Proposal or enter into any agreement or arrangement (including any letter
of intent or agreement in principal) with respect to an Acquisition Proposal; provided, however, that none of the
foregoing restrictions shall apply to the Stockholder’s or its Representatives’ interactions with Purchaser and its
Subsidiaries and Representatives. Without limiting the foregoing, it is understood that any violation of the foregoing restrictions
by any Representatives of a Stockholder who are acting at such Stockholder’s direction shall be deemed to be a breach of
this Section 3.3 by such Stockholder. The Stockholder shall, and shall cause its Affiliates and Representatives to, cease
immediately and cause to be terminated any and all existing activities, discussion or negotiations, if any, with any third party
conducted prior to the date hereof with respect to any Acquisition Proposal.

 

Section
3.4        Communications.
During the Voting Period, each Stockholder shall not, and shall use its commercially reasonable efforts to cause its
Representatives, if any, not to, make any press release, public announcement or other public communication that criticizes or
disparages this Agreement or the Purchase Agreement or any of the transactions contemplated hereby and thereby, without the
prior written consent of Purchaser, provided that the foregoing shall not limit or affect any actions taken by such
Stockholder that would be permitted to be taken by the Company pursuant to the terms of the Purchase Agreement or any
Affiliate of such Stockholder who is a director, officer or employee of the Company from taking any action in his or her
capacity as a director, officer or employee of the Company, including making any filings with the SEC in connection with the
Purchase Agreement or any of the transactions contemplated thereby. Each Stockholder hereby consents to and authorizes the
publication and disclosure by Purchaser and the Company in any publicly filed documents relating to the Purchase Agreement or
the transactions contemplated thereby of: (a) such Stockholder’s identity; (b) such Stockholder’s ownership of
the Subject Shares; and (c) the nature of such Stockholder’s commitments, arrangements and understandings under this
Agreement, and any other information that Purchaser or the Company reasonably determine to be necessary in any SEC disclosure
document in connection with the Purchase Agreement or any transactions contemplated thereby; provided, however,
that such disclosure shall be consistent with the Stockholder’s publicly available information.

 

    -4-

     

    

 

Section
3.5       Voting
Trusts. Each Stockholder agrees that it will not, nor will it permit any entity under its control to, deposit any of its Subject
Shares in a voting trust or subject any of its Subject Shares to any arrangement with respect to the voting of such Subject Shares
other than as provided herein.

 

ARTICLE
IV

 

REPRESENTATIONS AND WARRANTIES OF STOCKHOLDER

 

The Stockholder hereby
represents and warrants to Purchaser as follows:

 

Section
4.1        Due
Authorization, etc. Such Stockholder is an entity duly organized, validly existing and in good standing under the Laws of
its State of organization. Such Stockholder has all necessary power and authority to execute and deliver this Agreement and to
consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby by such Stockholder have been duly authorized by all necessary action on the part of such Stockholder and
no other proceedings on the part of such Stockholder are necessary to authorize this Agreement, or to consummate the transactions
contemplated hereby. This Agreement has been duly executed and delivered by such Stockholder and (assuming the due authorization,
execution and delivery by Purchaser) constitutes a valid and binding obligation of such Stockholder, enforceable against such
Stockholder in accordance with its terms, except to the extent enforcement is limited by the General Enforceability Exceptions.

 

Section
4.2        Ownership
of Shares. Schedule I hereto sets forth opposite such Stockholder’s name the Common Shares over which such Stockholder
has record and beneficial ownership as of the date hereof. As of the date hereof, such Stockholder is the lawful owner of the
Common Shares denoted as being owned by such Stockholder on Schedule I hereto, has the sole power to vote or cause to be
voted such Common Shares and the sole power to dispose of or cause to be disposed such Common Shares. Such Stockholder has good
and valid title to the Common Shares denoted as being owned by such Stockholder on Schedule I hereto.

 

Section
4.3       No
Conflicts. Except as contemplated by the Purchase Agreement and for the applicable requirements of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), (a) no filing with any Governmental Entity is
necessary for the execution of this Agreement by such Stockholder and (b) none of the execution and delivery of this
Agreement by such Stockholder, the consummation by such Stockholder of the transactions contemplated hereby or compliance by
such Stockholder with any of the provisions hereof shall (i) conflict with or result in any breach of any of the
organizational documents of such Stockholder, (ii) result in, or give rise to, a violation or breach of or a default under
any of the terms of any Contract to which such Stockholder is a party or by which such Stockholder or any of the Subject
Shares or its assets may be bound, or (iii) violate any Law, except for any of the foregoing as would not reasonably be
expected to impair such Stockholder’s ability to perform any of its obligations under this Agreement.

 

    -5-

     

    

 

Section
4.4        Finder’s
Fees. No investment banker, broker, finder or other intermediary is entitled to a fee or commission from Purchaser or the
Company in respect of this Agreement based upon any Contract made by or on behalf of such Stockholder, solely in such Stockholder’s
capacity as a stockholder of the Company.

 

Section
4.5      No
Litigation. As of the date of this Agreement, there is no Action pending or, to the knowledge of such Stockholder, threatened
against such Stockholder that would reasonably be expected to impair the ability of such Stockholder to perform its obligations
hereunder or consummate the transactions contemplated hereby.

 

ARTICLE
V

 

REPRESENTATIONS AND WARRANTIES OF Purchaser

 

Purchaser hereby represents and
warrants to the Stockholder as follows:

 

Section
5.1       Due
Organization, etc. Purchaser is a corporation duly organized, validly existing and in good standing under the Laws of the
State of Delaware. Purchaser has all necessary corporate power and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby by Purchaser have been duly authorized by all necessary action on the part of Purchaser and no other proceedings on the
part of Purchaser are necessary to authorize this Agreement, or to consummate the transactions contemplated hereby. This Agreement
has been duly executed and delivered by Purchaser and (assuming the due authorization, execution and delivery by each of the Stockholder
Parties) constitutes a valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms,
except to the extent enforcement is limited by the General Enforceability Exceptions.

 

Section
5.2       No
Conflicts. Except as contemplated by the Purchase Agreement and for the applicable requirements of the Exchange Act, (a) no
filing with any Governmental Entity, and no authorization, consent or approval of any other person is necessary for the execution
of this Agreement by Purchaser and (b) none of the execution and delivery of this Agreement by Purchaser, the consummation by
Purchaser of the transactions contemplated hereby or compliance by Purchaser with any of the provisions hereof shall (i) conflict
with or result in any breach of the organizational documents of Purchaser, (ii) result in, or give rise to, a violation or breach
of or a default under any of the terms of any Contract to which Purchaser is a party or by which Purchaser or any of its assets
may be bound or (iii) violate any Law, except for any of the foregoing as would not reasonably be expected to impair Purchaser’s
ability to perform its obligations under this Agreement.

 

    -6-

     

    

 

ARTICLE
VI

 

TERMINATION

 

Section
6.1        Termination.
This Agreement shall automatically terminate, and neither Purchaser nor the Stockholder shall have any rights or obligations hereunder
and this Agreement shall become null and void and have no effect upon the earliest to occur of: (a) the mutual written consent
of Purchaser and the Stockholder; (b) the Second Closing; or (c) the termination of the Purchase Agreement by, or with the consent
of the Purchaser in accordance with its terms. The parties acknowledge that upon termination of this Agreement as permitted under
and in accordance with the terms of this Article VI, no party to this Agreement shall have the right to recover any claim
with respect to any losses suffered by such party in connection with such termination, except that, subject to Section 7.11,
the termination of this Agreement shall not relieve either party to this Agreement from liability for such party’s intentional
breach of any terms of this Agreement. Notwithstanding anything to the contrary herein, the provisions of this Article VI
and Article VII shall survive the termination of this Agreement. Notwithstanding anything contained herein to the contrary,
nothing in this Agreement shall be deemed to constitute a waiver, modification or amendment to any rights or remedies any party
may have under the Purchase Agreement.

 

ARTICLE
VII

 

MISCELLANEOUS

 

Section
7.1        
Further Actions. Subject to the terms and conditions set forth in this
Agreement, the Stockholder agrees to take any and all actions and to do all things reasonably
necessary or appropriate to effectuate this Agreement.

 

Section
7.2        Fees
and Expenses. Except as otherwise specifically provided herein or in the Purchase Agreement, each party shall bear its own
expenses in connection with this Agreement and the transactions contemplated hereby.

 

Section
7.3        Amendments,
Waivers, etc. This Agreement may not be amended except by an instrument in writing signed by the parties hereto
and specifically referencing this Agreement. At any time during the Voting Period, any party hereto may (a) for the benefit of
the other parties hereto extend the time for the performance of any of the obligations or other acts of the other parties hereto,
(b) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto,
and (c) subject to the requirements of applicable Law, waive compliance with any of the agreements or conditions contained herein.
Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound
thereby and specifically referencing this Agreement. The failure of any party to assert any rights or remedies shall not constitute
a waiver of such rights or remedies.

 

Section
7.4      Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, sent
via electronic mail (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an
express courier (with confirmation) to the Parties at the following addresses (or at such other address for a party as may be
specified by like notice):

 

    -7-

     

    

 

If to Purchaser, to:

 

Innoviva, Inc.

1350 Old Bayshore Highway Suite 400

Burlingame, CA 94010

Attention: Chief Executive Officer

Email: Geoffrey.hulme@inva.com

 

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

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

Attn: Russell Leaf

  Jared Fertman

Tel: (212) 728-8593

(212) 728-8670

Email: rleaf@willkie.com

   jfertman@willkie.com

 

If to Stockholder: At the address set forth
next to the name of Stockholder on the signature pages hereto.

 

Section
7.5       Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement..

 

Section
7.6       Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application of such
provision to any person or any circumstance, is invalid or unenforceable (a) a suitable and equitable provision shall be substituted
therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (b) the remainder of this Agreement and the application of such provision to other persons or circumstances shall
not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application of such provision, in any other jurisdiction.

 

Section
7.7        Entire
Agreement; Assignment. This Agreement constitutes the entire agreement, and supersedes all other prior agreements and
understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof.
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties
hereto (whether by operation of law or otherwise) without the prior written consent of the other parties, except that without
consent, Purchaser may assign all or any of its rights and obligations hereunder to any of its Subsidiaries or Affiliates
that assume the rights and obligations of Purchaser under the Purchase Agreement. Subject to the preceding two sentences,
this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective
successors and permitted assigns. Notwithstanding anything to the contrary set forth herein, each Stockholder agrees that
this Agreement and the obligations hereunder shall be binding upon any Person to which record or beneficial ownership of such
Stockholder’s Subject Shares shall pass, whether by operation or law or otherwise, including such Stockholder’s
heirs, guardians, administrators or successors and assigns, and each Stockholder agrees to take all commercially actions
necessary to effect the foregoing.

 

    -8-

     

    

 

Section
7.8        Parties
in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature
whatsoever under or by reason of this Agreement, including the right to rely upon the representations and warranties set forth
herein. The representations and warranties in this Agreement are the product of negotiations among the parties hereto and are
for the sole benefit of the parties hereto. Notwithstanding the foregoing, the Company shall be an express third-party beneficiary
solely of the provisions of Section 3.4 hereof. Any inaccuracies in such representations and warranties are subject to
waiver by the parties hereto in accordance with Section 7.3 without notice or liability to any other person. In some instances,
the representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated
with particular matters regardless of the knowledge of any of the parties hereto. Consequently, Persons other than the parties
hereto may not rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances
as of the date of this Agreement or as of any other date (except the Company solely with respect to Section 3.4 hereof).

 

Section
7.9       Interpretation.
When a reference is made in this Agreement to an Article or Section, such reference shall be to an Article or Section of this
Agreement unless otherwise indicated. Whenever the words “include,” “includes” or
 “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and
neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or
supplemented in accordance with the terms hereof, including (in the case of agreements or instruments) by waiver or consent
and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and
instruments incorporated therein. References to a Person are also to its permitted successors and assigns. Each of the
parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or
interpretation arises, this Agreement must be construed as if drafted by all the parties and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement. This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the
party drafting or causing any instrument to be drafted.

 

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Section
7.10      Governing
Law. THIS AGREEMENT AND ALL QUESTIONS RELATING TO THE INTERPRETATION OR ENFORCEMENT OF THIS AGREEMENT SHALL BE DEEMED TO BE
MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE
WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER
JURISDICTION.

 

Section
7.11      Specific
Performance. Each Stockholder acknowledges that any breach of this Agreement would give
rise to irreparable harm for which monetary damages would not be an adequate remedy and each of the Company and Purchaser shall
be entitled to a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches
or threatened breaches of any of the provisions of this Agreement, without the necessity of proving the inadequacy of monetary
damages as a remedy, which shall be the sole and exclusive remedy for any such breach. Notwithstanding anything contained herein
to the contrary, nothing in this Agreement shall be deemed to constitute a waiver, modification or amendment to any rights or
remedies any party may have under the Purchase Agreement.

 

Section
7.12     Submission
to Jurisdiction. The parties hereby irrevocably submit to the exclusive personal jurisdiction of the Court of Chancery of
the State of Delaware, or, if the Chancery Court declines jurisdiction, the United States District Court for the District of Delaware
or the courts of the State of Delaware solely in respect of the interpretation and enforcement of the provisions of this Agreement
and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement
hereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said
courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts, and the
parties hereto irrevocably agree that all claims relating to such action, suit or proceeding shall be heard and determined in
such courts. The parties hereby consent to and grant any such court jurisdiction over the person of such parties and, to the extent
permitted by law, over the subject matter of such dispute and agree that mailing of process or other papers in connection with
any such action or proceeding in the manner provided in Section 7.4 or in such other manner as may be permitted by Law
shall be valid and sufficient service thereof.

 

Section
7.13      Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.13.

 

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Section
7.14    
No Recourse; Limitation of Liability. Notwithstanding anything that may be expressed or implied in this Agreement,
each party covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in
connection with this Agreement shall be had against any party’s Affiliates, Related Parties or Representatives or any of
such party’s Affiliates’ or Related Parties’ Affiliates or Representatives in each case other than the parties
to this Agreement and each of their respective successors and permitted assigns under this Agreement, whether by the enforcement
of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged
that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of the Related Parties or
Representatives, as such, for any obligation or liability of any party under this Agreement or any documents or instruments delivered
in connection herewith for any claim based on, in respect of or by reason of such obligations or liabilities or their creation.
For the avoidance of doubt, none of the parties will have any recourse, be entitled to commence any proceeding or make any claim
under this Agreement or in connection with the transactions contemplated hereby except against any of the parties hereto or their
respective successors and permitted assigns, as applicable. Notwithstanding anything to the contrary in this Agreement, in no event
shall the Stockholder have any liability to Purchaser or any of its Affiliates under the Purchase Agreement or any other agreement
to which the Stockholder is not an express party.

 

Section
7.15     Counterparts.
This Agreement may be executed in two or more counterparts (including by facsimile transmission or other means of electronic transmission,
such as by electronic mail in “pdf” form), each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by
each of the parties and delivered (by facsimile or otherwise) to the other parties.

 

Section
7.16     Relationship
of the Parties. This Agreement has been negotiated on an arm’s length basis between the parties and is not intended
to create a partnership, joint venture or agency relationship between the parties.

 

[signature page follows]

 

    -11-

     

    

 

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

 

	 	Innoviva,
Inc.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Voting Agreement]

 

     

     

    

 

	 	[STOCKHOLDER]
	 	 
	 	 
	 	By:	 
	                                	Name:	 
	 	Title:	                      

 

[Signature Page to Voting Agreement]

 

     

     

    

 

Schedule I

Ownership of Common Shares

 

	Name and Address of Stockholder	Number of Common Shares 
	 	 
	Total:Exhibit 10.3

 

INVESTOR RIGHTS AGREEMENT

 

This Investor
Rights Agreement (this “Agreement”) is made and entered into as of April [●], 2020 by and between
Entasis Therapeutics Holdings Inc., a Delaware corporation (the “Company”), and Innoviva, Inc., a Delaware corporation
(the “Purchaser”), in connection with that certain Securities Purchase Agreement, dated as of April 12, 2020,
by and between the Company and the Purchaser (the “Purchase Agreement”). Capitalized terms used herein have
the respective meanings ascribed thereto in the Purchase Agreement unless otherwise defined herein.

 

The parties hereby
agree as follows:

 

1.                 
Certain Definitions.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

“Applicable
Percentage” means, with respect to any person on any date of determination, the quotient, expressed as a percentage,
determined by dividing (i) the number of Company Common Stock owned (directly or indirectly) by such person determined on a Fully
Diluted Basis by (ii) the total number of Company Common Stock that are issued and outstanding determined on a Fully Diluted Basis.

 

“Board”
means the board of directors of the Company.

 

“Company Common
Stock” means the shares of common stock, par value $0.001 per share, of the Company.

 

“Exchange
Shares” means Company Common Stock issued or issuable upon the exchange of the Warrants pursuant to the terms thereof.

 

“Exempted
Securities” means

 

(i)           
Company Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable
into or exercisable for Company Common Stock) issued as a dividend or distribution on the Warrants;

 

(ii)           
Company Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable
into or exercisable for Company Common Stock) issued by reason of a dividend, stock split, split-up or other distribution of Company
Common Stock;

 

(iii)          
Company Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable
into or exercisable for Company Common Stock) issued to employees or directors of, or consultants or advisors to the Company or
any of its Subsidiaries pursuant to a plan, agreement or arrangement;

 

(iv)          
Company Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable
into or exercisable for Company Common Stock) issued to equipment lessors or to real property lessors, pursuant to equipment leasing
or real property leasing transaction; or

 

     

     

    

 

(v)           
Company Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable
into or exercisable for Company Common Stock) issued in connection with sponsored research, collaboration, technology license,
development, manufacturing, supply, distribution, marketing or other similar commercial agreements or strategic partnerships.

 

“Fully Diluted
Basis” means the number of shares of Company Common Stock outstanding or held (as the case may be) assuming, for the
purposes of calculating the number of shares of Company Common Stock held by the Investors, the conversion, exchange or exercise
of all securities or other instruments or rights held by the Investors that are convertible into or exercisable or exchangeable
for Company Common Stock. For purposes of this definition, all Warrants shall be deemed converted on the date of determination
in exchange for cash.

 

“Governmental
Entity” means any federal, state, local, foreign, international or multinational entity or authority exercising executive,
legislative, judicial, regulatory, administrative or taxing functions of or pertaining to government.

 

“New Securities”
means, collectively, (i) equity securities of the Company (including Company Common Stock), whether or not currently authorized,
(ii) debt securities, loans or other indebtedness of the company if any stockholder of the Company who, together with its Affiliates,
holds greater than five percent (5%) of the outstanding Company Common Stock, acquires or is offered the opportunity to acquire
such debt securities, loans or other indebtedness and (iii) any rights, options, or warrants to purchase any of the foregoing,
or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for any of the foregoing.
For the avoidance of doubt, New Securities shall not include any Exempted Securities.

 

“Purchased
Shares” means the Company Common Stock acquired by the Purchaser pursuant to the Purchase Agreement.

 

2.                 
[Reserved].

 

3.                 
Participation Rights.

 

(a)        
Subject to the terms and conditions of this Section 3 and applicable securities or blue sky laws, if the Company
proposes to issue, offer or sell any New Securities, the Company shall first offer such New Securities to the Purchaser in accordance
with the terms hereof.

 

(b)        
The Company shall give notice (the “Offer Notice”) to the Purchaser, stating (i) its bona fide intention
to offer or sell such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any,
upon which it proposes to offer such New Securities.

 

(c)        
By written notification to the Company within twenty (20) days after the Offer Notice is delivered to the Purchaser, the
Purchaser may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that
portion of such New Securities which equals the Purchaser’s Applicable Percentage. The failure of the Purchaser to deliver
such written notice within such time period shall be deemed an election by the Purchaser not to exercise its purchase rights with
respect to such Offer Notice. To the extent that the Company offers two (2) or more New Securities or other securities in units,
the Purchaser must purchase such units as a whole and will not be given the opportunity to purchase only one of the securities
making up such unit.

 

    -2-

     

    

 

(d)        
The Company shall sell all applicable New Securities to the Purchaser if it has elected to purchase such New Securities
on a date to be mutually determined by the Company and the Purchaser, which date shall be not later than end of the twenty (20)
day period commencing at the expiration of the initial twenty (20) day election period; provided, however, that such
twenty (20) day period shall be extended automatically if any approvals or consents of any Governmental Entities are required to
consummate the transaction and such approvals or consents are not received within such twenty (20) day period for up to an additional
one hundred twenty (120) days as long as such approvals or consents remain outstanding and the parties are continuing to exercise
commercially reasonable efforts to obtain them.

 

(e)        
Upon the expiration of the offering period described in Section 3(c), the Company will be free to sell, during the
one hundred twenty (120) day period commencing at the expiration of, as applicable, the initial twenty (20) day election period
following delivery of an Offer Notice, any New Securities that the Purchaser has not elected to purchase, at a sale price not less
than, and on other terms no less favorable to the Company than, those offered to the Purchaser as set forth in the Offer Notice,
provided, that such one hundred twenty (120) day period shall be extended automatically if any approvals or consents of
any Governmental Entities are required to consummate the transaction and such approvals or consents are not received within such
one hundred twenty (120) day period for up to an additional one hundred twenty (120) days as long as such approvals or consents
remain outstanding and the parties are continuing to exercise commercially reasonable efforts to obtain them. Any New Securities
offered or sold by the Company after such one hundred twenty (120) day period (as such period may be extended in accordance with
the immediately preceding sentence) must be reoffered to the Purchaser pursuant to this Section 3.

 

(f)         
The election by the Purchaser not to exercise its subscription rights under this Section 3 in any one instance shall
not affect its right (other than in respect of a reduction in its Applicable Percentage) as to any subsequent proposed issuance
of New Securities under this Section 3. The provisions of this Section 3 shall apply equally to any issuance or sale
by the Company or any of its Subsidiaries of securities or other instruments that would be deemed New Securities if issued by the
Company which, for the avoidance of doubt, shall not include any issuance of New Securities by a wholly owned Subsidiary to the
Company or to another wholly-owned Subsidiary of the Company. Subject to the terms of this Section 3, any sale of New Securities
by the Company or any other entity covered by the preceding sentence without first giving the Purchaser the rights described in
this Section 3 shall be null and void and of no force and effect.

 

(g)        
Notwithstanding the terms set forth in this Section 3, if the Board determines in good faith that the Company must
issue New Securities on an expedited basis without prior compliance with the terms of this Section 3 in order to avoid
harm to the Company (an “Expedited Issuance”), then, subject to compliance with the terms of the immediately
following sentence, the Company may effect and consummate such Expedited Issuance without complying with the terms set forth in
this Section 3 and shall not be deemed to be in breach of this Section 3 as a result thereof. As promptly as practicable
following the consummation of such Expedited Issuance, the Company and the Purchaser shall comply with the terms of this Section
3 in respect of the New Securities issued in such Expedited Issuance such that the Purchaser has the opportunity to participate
in such Expedited Issuance of New Securities and be put in the same place (including in respect of the percentage ownership of
the equity securities of the Company) they would have been had such Expedited Issuance been effected in accordance with the terms
of this Section 3.

 

    -3-

     

    

 

(h)     
The provisions of this Section 3 (i) shall not apply to the issuance of Exempted Securities and (ii) shall terminate
and be of no further force or effect as of such time that the Purchaser, together with its Affiliates, have an Applicable Percentage
of less than 20%.

 

4.                 
Board Matters.

 

(a)              
For so long as the Purchaser, together with its Affiliates and permitted assignees (collectively, the “Investors”),
have an Applicable Percentage of at least 8%, at the request of the Investors, the Company shall cause the Board to consist of
not more than ten (10) members without the prior written consent of the Investors (which shall not be unreasonably withheld).

 

(b)              
For so long as the Investors, collectively, and together with their Affiliates, own at least eight percent (8%) of the then-outstanding
Company Common Stock, the Investors shall have the right to designate one (1) director to the Board, and for so long as the Investors,
collectively, and together with their Affiliates, continue to own at least fifteen percent (15%) of the then-outstanding Company
Common Stock, the Investors shall have the right to designate two (2) directors to the Board, in each case, in accordance with
the terms of this Section 4. Any directors designated by the Investors in accordance with this Section 4 shall be
referred to as “Investor Designees.” The right to designate one or more Investor Designees shall terminate and
be of no further force or effect as of such time that the Investors ownership decreases below the applicable threshold percentage
referenced in the first sentence of this Section 4(b). At any point in which the Investors are entitled to designate an
Investor Designee, the Investors may provide written notice (a “Designation Notice”) to the Company naming the
applicable Investor Designee(s) and demanding that the applicable Investor Designee(s) be appointed to the Board. Promptly, and
in any event within five (5) Business Days, following receipt of the Designation Notice, the Company shall cause the Investor Designees
to be appointed to the Board and assigned to be members of the class of directors as is consistent with the Company’s Amended
and Restated Bylaws. Any person designated by the Investor as an Investor Designee must possess the requisite financial and business
experience to serve as a director of the Company (it being understood that the directors and each of the executives and investment
professionals employed by the Investor or its Affiliates shall be deemed to possess such experience). If the Board and all applicable
committees of the Board reasonably determine that an Investor Designee satisfies the criteria in the foregoing sentence, the Board
shall nominate and appoint such Investor Designee to the Board. Following the delivery of a Designation Notice and prior to the
appointment of the Investor Designees to the Board, the Company shall not (and shall cause its Subsidiaries not to) take or approve
any action outside of the ordinary course of business or any other action that would represent a breach of Section 5.1 of the Purchase
Agreement.

 

(c)              
With respect to any vote of the Board, each director shall have one (1) vote and approval of all matters shall require the
affirmative vote of a majority of directors.

 

    -4-

     

    

 

(d)              
Subject to the terms of this Section 4, from and after the date hereof, the Company shall take all action within
its power to cause the covenants set forth in Section 4(a) and Section 4(b) to be fulfilled in all respects including:
(i) causing the Investor Designees to be named in any proxy statement of the Company with respect to the election of members of
the Board; (ii) soliciting the votes of stockholders in respect of the Investor Designees in the same manner and with the same
level of effort as with the solicitation in respect of other members of the Board; (iii) seeking to amend any organizational documents
of the Company necessary to give effect to the Investors’ rights hereunder as may reasonably be requested by the Investors;
and (iv) take all actions permitted by applicable law to cause the Investor Designees to be members of the Board (including the
appointment of the Investor Designees to the Board).

 

(e)              
Subject to clause (f) immediately below, in the event that an Investor Designee ceases to serve on the Board for any reason
(including the death, disability or resignation of such person), the Investors shall be entitled to appoint a new Investor Designee
in the place of such person, and the terms of this Section 4 shall apply equally to such replacement.

 

(f)               
In the event that the applicable threshold percentage of the Investors (and their Affiliates) falls below a threshold set
forth in Section 4(b) such that the Investors shall lose the right to designate one or more Investor Designees, if one or
more Investor Designee has been designated, the Investors shall identify which of the Investor Designees shall no longer be an
Investor Designee (such person, a “Departing Designee”), and which Investor Designee(s) (if any) will remain
as such; for the avoidance of doubt, the terms of this Section 4 shall continue to apply to any Investor Designee who is
not a Departing Designee. In the event of a Departing Designee, the Investors shall cause the removal or resignation of such Departing
Designee prior to the next annual meeting of the Company shareholders, and the provisions of Section 4(b) and (c)
shall not apply to such Departing Designee, and in connection therewith, the Company shall not be required to name such Departing
Designee on its proxy statement or solicit votes in favor of such Departing Designee.

 

(g)              
For so long as the Investor holds the applicable threshold percentages set forth in Section 4(b), in the event that
any member of the Board other than the Company’s Chief Executive Officer serves on the board of directors or similar governing
body of any Subsidiary of the Company (a “Subsidiary Board”) or in the event that any stockholder of the Company
has appointed or designated a person to serve on a Subsidiary Board, the Investors shall be entitled to designate a number of Investor
Designees to the Subsidiary Board equal to the greater of (x) one Investor Designee or (y) such other number of Investor Designees
such that the proportionate representation of Investor Designees on such Subsidiary Board approximates, as closely as possible,
the proportionate representation of Investor Designees on the Board.

 

(h)              
Subject to applicable law and listing requirements, the Investor Designees shall be entitled to be a member of any committee
of the Board (including an executive or similar committee).

 

(i)                
Notwithstanding any other provision of this Agreement, Section 4 shall terminate upon an assignment or transfer pursuant
to Section 6(c); provided, however, that this Section 4(i) shall not apply if such transfer or assignment is to an
Affiliate of the Purchaser.

 

    -5-

     

    

 

5.                 
Information and Confidentiality.

 

(a)              
For so long as Purchaser has the right to designate a director to the Board pursuant to this Agreement, the Company shall,
and shall cause its Subsidiaries to, afford to Purchaser and its Representatives reasonable access, during normal business hours,
in such manner as to not interfere with the normal operation of the Company and its Subsidiaries, to their respective properties,
books, contracts, commitments, Tax Returns, records and appropriate officers and employees, and shall furnish Purchaser and its
Representatives with financial and operating data and other information concerning the affairs of the Company and its Subsidiaries,
in each case, as Purchaser and its Representatives may reasonably request; provided, that such access shall only be upon
reasonable advance notice. In furtherance, and not in limitation of the foregoing, for so long as Purchaser owns any Company Common
Stock or Warrants, the Company shall provide to Purchaser all information and documentation reasonably requested by Purchaser,
within the periods reasonably requested by Purchaser, as is necessary for the Purchaser to complete and file all public filings
required to be made by Purchaser under applicable Law and the rules and regulations of the Securities Exchange Commission.

 

(b)              
The Purchaser agrees that it will keep confidential and will not
disclose or divulge any confidential information obtained from the Company pursuant to the terms of this Agreement, unless such
confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section
5 by the Purchaser), (b) is or has been independently developed or conceived by the Purchaser without use of the Company’s
confidential information, or (c) is or has been made known or disclosed to the Purchaser by a third party without a breach of any
obligation of confidentiality such third party may have to the Company; provided, however, that the Purchaser may disclose confidential
information (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services
in connection with matters related to the Company; (ii) to any prospective purchaser of any Registrable Securities from the Purchaser,
if such prospective purchaser agrees to be bound by the provisions of this Section 5; (iii) to any Affiliate or its or their
general or limited partners, members, stockholders, employees, officers or directors, in the ordinary course of business, provided
that the Purchaser informs such person that such information is confidential and directs such person to maintain the confidentiality
of such information; or (iv) as may otherwise be required by law, regulation, rule, court order, arbitration order or subpoena,
provided that the Purchaser promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent
of any such required disclosure. The Purchaser acknowledges and agrees that the securities laws of the United States and other
jurisdictions contain prohibitions on the trading in the securities of the Company while in possession of material nonpublic
information regarding the Company, and agrees to comply with such restrictions.

 

6.                 
Miscellaneous.

 

(a)              
Amendments and Waivers. This Agreement may be amended only by a writing signed by the Company and the Purchaser.
The failure or delay in enforcing compliance at any time with respect to any of the provisions, terms or conditions of this Agreement
shall not be considered a waiver of such provision, term or condition itself or of any of the other provisions, terms or conditions
hereof.

 

(b)              
Notices. All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.1
of the Purchase Agreement.

 

    -6-

     

    

 

(c)              
Assignments and Transfers by the Purchaser. The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and permitted assigns. The Purchaser may transfer or assign, in whole or
from time to time in part, to one or more persons its rights hereunder in connection with the transfer of Registrable Securities
by the Purchaser to such person, provided that the Purchaser complies with all laws applicable thereto and the provisions of the
Purchase Agreement and the Warrant and provides written notice of assignment to the Company prior to such assignment or transfer
being effected, and such transferee agrees in writing and as a condition to the receipt of Registrable Securities to be bound by
all of the provisions contained herein.

 

(d)              
Assignments and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation
of law or otherwise) without the prior written consent of the Purchaser; provided, however, that in the event that
the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which the Company
Common Stock are converted into the equity securities of another person, from and after the effective time of such transaction,
such person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, and the term
 “Company” shall be deemed to refer to such person and the term “Registrable Securities” shall be deemed
to include the securities received by the Purchaser in connection with such transaction unless such securities are otherwise freely
tradable by the Purchaser after giving effect to such transaction.

 

(e)              
Benefits of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding
upon the respective successors and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f)               
Counterparts. This Agreement may be executed in several counterparts, and by each party on separate counterparts,
each of which and any photocopies or other electronic transmission (including by PDF) thereof shall be deemed an original, but
all of which together shall constitute one and the same agreement.

 

(g)              
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement.

 

(h)              
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders
any provisions hereof prohibited or unenforceable in any respect.

 

(i)                
Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all
such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment
of the agreements herein contained.

 

    -7-

     

    

 

(j)                
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter.

 

(k)              
Specific Performance. Without limiting remedies that may be available at law or in equity, the parties acknowledge
that any failure by any party to comply with their respective obligations under this Agreement would result in material irreparable
injury to the other party for which there is no adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, the non-breaching party may specifically enforce the breaching party’s
obligations under this Agreement without the need to show actual damages and without the need to post a bond or other security.

 

(l)                
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware without regard to the choice of law principles thereof. Each Party agrees
that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement
(whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall
be commenced exclusively in the state and federal courts sitting in the State of Delaware. Each party hereby irrevocably submits
to the exclusive jurisdiction of such courts for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or other proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or other proceeding by mailing a copy thereof via registered
or certified United States mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The
Parties hereby waive all rights to a trial by jury.

 

[Remainder of page intentionally
left blank]

 

    -8-

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first
above written.

 

	 	COMPANY:
	 	 
	 	ENTASIS
    THERAPEUTICS HOLDINGS INC.
	 	 
	 	By:	 
	 	Name:	              
	 	Title:	 
	 	 
	 	PURCHASER:
	 	 
	 	Innoviva,
    Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Investor Rights Agreement]

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