Document:

EX-10.16

 Exhibit 10.16 

Rani Management Services, Inc. - InCube Labs, LLC 

SERVICE AGREEMENT 
 This
service agreement (this “Agreement”), is made and entered into effective as of January 1, 2021 (the “Effective Date”) by and between InCube Labs, LLC, a Delaware limited liability company
(“InCube”), and Rani Management Services, Inc., a Delaware corporation (“RMS”), each a “Party” and collectively the “Parties.” 

WHEREAS, each Party is, or may be, desirous of providing to, and/or receiving from, the other Party certain services; 

NOW, THEREFORE, in consideration of the mutual promises contained herein, the Parties agree as follows: 

1. Services. Either Party (as “Provider” of services) may provide any one or more of the following services to the
other Party (as “Recipient” of the services) during the Term of this Agreement: 
 1.1 Provider (as landlord) may allow
Recipient and/or its affiliates (any and all, collectively, as tenant) to occupy a portion of Provider’s facilities (“Occupancy Services”). Herein, the portion of the facilities agreed upon with respect to Occupancy Services is
referred to as the “Premises”, the portion of the Premises which will be exclusive to Recipient is referred to as the “Exclusive Portion”, and the portion of the Premises which will be shared with Provider or its
affiliates or other tenants is referred to as the “Shared Portion”. 
 1.1.1 So long as there is no Event of Default with
Recipient as the Breaching Party, Recipient will have access to the Premises twenty-four (24) hours a day, seven (7) days a week throughout the Term unless otherwise specified on an exhibit hereto. 

1.1.2 Recipient will not permit the existence, maintenance, or commission, of any act, omission, or condition at the Premises by Recipient, or
by its employees, agents, invitees, contractors, or vendors (“Recipient’s Invitees”), that may constitute nuisance, unlawful acts, or unreasonable annoyance to other persons at or neighboring the Premises. 

1.1.3 To the extent that Provider is not reimbursed by insurance proceeds, Recipient will reimburse Provider for the cost of repairing damage
caused by the acts or omissions of Recipient or Recipient’s Invitees, including an increase in the cost of insurance resulting from the damage if applicable. 

1.1.4 Recipient agrees at all times during the Term, at its own expense, to maintain the Exclusive Portion in good and tenantable condition.

 1.1.5 Recipient agrees at all times during the Term, at its own expense, to maintain (including repairing or replacing as needed) any
item installed or provided for the exclusive use or benefit of Recipient, including as applicable and without limitation any equipment, backup generator, HVAC system, special flooring, fiber and other cabling, phone equipment, and data equipment.

 1.1.6 Recipient will not make any alterations to the Premises without the prior written consent of Provider which consent will not be
unreasonably withheld. Any alterations made by Recipient will be in accordance with the applicable laws, rules, codes, and regulations of the city, county, and state in which the Premises are located. 

1.1.7 Recipient will not allow the Premises to be used in any manner that will harm or impair the structural strength of any building, nor
allow to be installed or operated on the Premises any machinery or apparatus whose size, weight, vibration, or other aspect would harm or impair the structural strength of any building. Recipient will not place a heavy load upon the floor or roof of
any building at the Premises without Provider’s prior written consent. Machines and mechanical equipment used by Recipient which cause vibration or noise that may be transmitted to or within any building structure to such a degree as to be
reasonably objectionable to Provider will be placed and maintained by Recipient at its expense in a manner to prevent/eliminate such vibration or noise. 

  

					
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 1.1.8 Recipient will comply, at its sole cost, with any laws, regulations, ordinances,
codes, certificate of occupancy, certificate of compliance, permit, easement, condition, covenant, or restriction covering or affecting Recipient’s use or occupancy of the Premises. 

1.1.9 Recipient will comply, at its sole cost, with all restrictions imposed by any insurance company insuring the Premises, to the extent
that the restrictions concern Recipient’s use or occupancy of the Premises. 
 1.1.10 Recipient will, at its sole cost, make any
alteration, addition, or change to the Premises as may be required as a result of Recipient’s application or registration for any permit or governmental approval, provided that Provider may elect to make same, in which case Recipient will
reimburse Provider promptly upon demand for all costs of Provider’s making same. 
 1.1.11 Subject to the foregoing provisions,
Provider will keep and maintain in good condition: the roof, exterior walls, structural floor, and other structural parts of the Premises; pipes and conduits outside the Premises that furnish the Premises with various utilities (except to the extent
that the same are the obligations of the appropriate utility company); and HVAC systems which service the Building in common; provided, however, that Provider will not be required to make repairs, and Recipient will pay for any repairs made, if
necessitated by (i) the negligence or willful misconduct of Recipient or Recipient’s Invitees, (ii) the failure of Recipient to perform or observe any terms or conditions of this Agreement, (iii) alterations, additions, or
improvements made by or on behalf of Recipient, or (iv) intentional acts or omissions of Recipient or Recipient’s Invitees. 

1.1.12 Provider will be under no obligation to make any repairs, alterations, renewals, replacements or improvements to and upon the Premises
or the mechanical equipment serving the Premises at any time except as this Agreement expressly provides. 
 1.2 The Parties will share
operating costs to the extent that such operating costs are attributable to the Shared Portion (“Shared Costs”). 
 1.2.1
Interior. Shared Costs will include sums expended for maintenance and repair of (without limitation): floor, wall, and ceiling surfaces; lighting, plumbing, and electrical systems; telephone systems; data networks; security systems; emergency
lighting systems; emergency notification systems; fire protection systems; and directional signs. For a system with portions interior and exterior to a building, sums expended for maintenance and repair of the portion of the system extending outside
any exterior wall of the building are excluded from Shared Costs. 
 1.2.2 Exterior. Shared Costs will include sums expended for
maintenance and repair of (without limitation): building signs; sprinkler systems; landscaping including planters and decorative items; tables and seating; exterior lighting; and parking, sidewalks, and curbs (including resurfacing, painting,
striping, and cleaning but excluding resurfacing). 
 1.2.3 Third-party services. Shared Costs will include sums expended for
continuing third party services such as (without limitation): security services; janitorial services; landscape maintenance services; and onsite healthcare services. 

1.2.4 Office supplies. Shared Costs will include sums expended for office supplies including (without limitation): writing utensils;
writing paper and books; printing and copying paper; printer toner and ink; kitchen supplies; restroom supplies; and decorations (including seasonal). 

  
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 1.2.5 Other. Shared Costs will include sums expended for: emergency services; and
utility connection and use. 
 1.2.6 Exclusions. Shared Costs exclude sums expended for rebuilding or complete replacement of the
structural portions of the buildings of the Premises; provided, however, that to the extent such rebuilding or replacement is due to damage attributable to Recipient or Recipient’s Invitees (but not normal wear and tear), such sums will be
treated under Section 1.1.3 above. 
 1.3 Provider may provide certain general or administrative services to Recipient upon request,
subject to availability of resources (“Administrative Services”). Administrative Services may include but will not be limited to services related to accounting, human resources, recruiting, banking, facilities, office services,
administration, data security, and/or information technology (IT). 
 1.4 Provider may provide personnel services other than those provided
as Administrative Services to Recipient upon request, subject to availability of resources (“Personnel Services”). These services may include but will not be limited to services related to prototype development, manufacturing
process development, formulation of drugs, in-vitro studies, in-vivo studies, project management, documentation, purchasing, quality control, quality assurance,
intellectual property, legal, regulatory, investor relations, and/or business development. 
 1.5 From time to time, one Party may incur
additional costs on behalf of the other Party to accommodate special requests of that other Party (“Special Services”). Non-limiting examples of such requests include purchase of equipment,
modification to existing labs, construction of new labs, construction of clean rooms, construction of office space, other facility modifications, development and/or manufacture of test equipment, development and/or manufacture of components,
development of processes, financial audits, special accounting projects, system implementation and validation, implementation of manufacturing and quality control processes, and securing funding for that other Party. 

1.6 This Agreement is a master agreement, with the agreed Services to be provided set out in Exhibit A attached hereto and made a part hereof.
Neither Party will have an obligation to perform any service unless set forth as an obligation on Exhibit A. 
 2. Changes to the
Services. 
 2.1 If a Party wishes to make a change to the terms of any service, it will provide to the other Party in writing the
details of the requested change, including the proposed timing of the change and its expected impact on the delivery of the service and cost. The Parties will consider the requested change in good faith, but neither Party will be obligated to accept
any requested change to the service. If the Parties are willing to accept the requested change, the Parties will negotiate in good faith the changed terms and conditions, which will be set out on an amended Exhibit A adopted in accordance with
Section 16.2. 
 2.2 Recipient may from time to time request that Provider provide an additional service that is not included on Exhibit
A. Provider will consider each such request in good faith. If Provider is willing to provide such additional service, the Parties will negotiate in good faith the terms and conditions for such additional service. Any such additional service will be
set out on an amended Exhibit A adopted in accordance with Section 16.2. 
 2.3 The obligation of Provider to provide a service to
Recipient will terminate (with respect to that service) on the end date specified on Exhibit A for that service (the “End Date” for that service); provided, however, that Recipient may request continued performance after the
scheduled End Date (an “Extension Request” for that service). Provider will consider any Extension Request in good faith and, if willing to continue performance after the scheduled End Date, the Parties will negotiate in good faith
the terms and conditions for the continuation of that service, which will be set out on an amended Exhibit A adopted in accordance with Section 16.2. If no End Date is specified for a particular service, then the End Date for that service will
be the earlier of the date of expiration or termination of Exhibit A or the date of expiration or termination of this Agreement. 

  
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 3. Invoice and Payment. 

3.1 Charges for services described in Section 1 will be as set forth on Exhibit A. 

3.2 In exchange for services provided as described under Section 1, to the extent that Provider has performed services, Provider can
invoice Recipient for such services in accordance with Exhibit A. Each invoice will include, as applicable, relevant documentation and paperwork substantiating the invoiced charges. 

3.3 If Provider or any of its Subcontractors (as defined herein) incurs reasonable and documented out-of-pocket expenses in providing any service to Recipient (“Out-of-Pocket Costs”), Recipient will reimburse
Provider for such Out-of-Pocket Costs in accordance with the invoicing and payment procedures set out in this Section 3; provided, however, that, except as
otherwise specified on Exhibit A, Out-of-Pocket Costs will exclude any fees payable to any Subcontractor for providing any service.
Non-limiting examples of Out-of-Pocket Costs include recruitment expenses, subscription fees, meals and entertainment expenses,
advisory board meeting expenses, software licensing fees, and banking fees, to the extent necessitated by provision of the services. 
 3.4
Each Party will remit payment on a received invoice within thirty (30) days of the invoice being delivered. An invoice will be deemed to be delivered when sent via email or facsimile or delivered by hand, or three days after submission to a
delivery service for delivery. 
 3.5 If Recipient disputes the amount of an invoice, Recipient will deliver a written statement to Provider
not later than five days before the payment due date listing all disputed items and describing in reasonable detail the reasons for dispute with respect to each item disputed. Any amounts not so disputed will be deemed accepted and payable (despite
disputes on other items) as provided in Section 3.4. The Parties will seek to resolve all such disputes expeditiously and in good faith. 

3.6 Any undisputed invoice not paid within thirty (30) days of the invoice being delivered will accrue interest on the amount past due at
a rate of one percent (1%) per month thereafter, or the highest rate permitted by applicable law, whichever is less, from the due date until the date that the invoicing Party receives payment of such past due amount. Each Party also agrees to pay
reasonable attorneys’ fees and other costs of collection incurred with respect to any past due amount. 
 3.7 During the Term of this
Agreement and for two (2) years thereafter, each Party agrees to maintain accurate books and records related to services provided to the other Party. Upon reasonable written request during the Term of this Agreement and for two (2) years
thereafter, each Party will make such books and records available to the other Party or its representatives (at that other Party’s sole expense) during the regular business hours of the location at which the books and records are made
available. 
 3.8 The prices set out for the services are exclusive of taxes. Recipient will be responsible for all sales, goods, use,
services, excise, value added, and other similar transactions taxes imposed or assessed in connection with the provision of the services. Recipient will pay Provider without any deductions made for taxes of any kind, and will pay any and all taxes
which Provider is required to collect under applicable law. 
 4. Standard of Care. 

4.1 Provider will use commercially reasonable efforts to provide or cause to be provided each service in compliance with applicable law and in
accordance with Exhibit A, and Provider will provide or cause to be provided each service in a manner generally consistent with and using the same standard of care as services Provider provides or causes to be provided to its own business, but no
less than a reasonable standard of care; provided, however, that nothing in this Agreement will be construed as a guaranty or warranty of any type with respect to the adequacy of the services, the skill or fitness of personnel performing the
services for any particular job, or the results achieved as a result of the services performed. 

  
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 4.2 Provider will allocate or cause to be allocated sufficient resources and qualified
personnel as are reasonably required to perform the services agreed and set forth on Exhibit A in accordance with the standards set out in Section 4.1. 

5. Employee and Subcontractor Status. 

5.1 Each Party agrees to perform services pursuant to this Agreement as an independent contractor and not as an employee or agent of the other
Party. 
 5.1.1 Provider will control the manner, means and resources used to provide services, unless otherwise specified on Exhibit A.

 5.1.2 Recipient will not be responsible for the payment and provision of wages, bonuses, commissions, employee benefits, and the
withholding and payment of applicable taxes relating to employees of Provider. 
 5.1.3 Neither Party will have control of employees of the
other Party. For clarity, to the extent that any services include management of Recipient’s employees, Recipient will retain control of said employees although Provider may direct tasks of, and evaluate performance of, said employees. 

5.2 Except as otherwise specified on Exhibit A, Provider may retain a third party as determined by Provider to be needed for full performance
under this Agreement. Such third party (e.g., consultant or subcontractor (which may be an affiliate)) may be referred to as a “Subcontractor” herein; such reference in this Agreement is made for convenience only and will not be
construed as changing the status of such third party with respect to any Party. 
 5.2.1 Provider will remain fully responsible for
satisfactory performance of the services it provides even if such services are performed by a Subcontractor. 
 5.2.2 Recipient will not be
responsible for the payment and provision of wages, bonuses, commissions, employee benefits, and the withholding and payment of all applicable taxes relating to employees of Provider’s Subcontractors. 

5.2.3 Neither Party will have control of employees of the other Party’s Subcontractors. For clarity, to the extent that any services
include management of employees of Provider’s Subcontractors, such Subcontractors will retain control of said employees although Provider may direct tasks of, and evaluate performance of, said employees. 

5.3 No employees of either Party will be fully dedicated to providing services to the other Party under this Agreement unless so specified in
Exhibit A. 
 5.4 Notwithstanding Section 5.1 and Section 5.2, Recipient may reject provision of services by one or more persons or
companies selected by Provider if there is a reasonable business purpose for doing so. 
 6. Confidentiality. 

6.1 Except as otherwise provided herein, each Party will maintain in confidence, and will not use for any purpose or disclose to any third
party information disclosed by the other Party in writing and marked “confidential” or that is disclosed orally and confirmed in writing as confidential within 45 days following such disclosure, or that by its nature would reasonably be
considered to be confidential or proprietary (collectively, “Confidential Information”). Confidential Information will not include any information that: (i) is already known to the receiving Party at the time of disclosure
hereunder, (ii) is now or hereafter becomes publicly known other than through acts or omissions of the receiving Party, (iii) is disclosed to the receiving Party by a third party under no obligation of confidentiality to the disclosing
Party, or (iv) is independently developed by the receiving Party without reference to the Confidential Information of the disclosing Party. 

  
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 6.2 Notwithstanding the provisions of Section 6.1, each Party may use or disclose
Confidential Information in exercising its rights hereunder or fulfilling its obligations and duties hereunder and in prosecuting or maintaining any proprietary rights, prosecuting or defending any legal action, complying with applicable
governmental regulations, and submitting information to tax or other governmental authorities, provided that, if the Party is required by law to make any disclosures of Confidential Information of the other, to the extent it may legally do so, the
Party will give reasonable advance notice to the other of such disclosure, limit the disclosure to only the minimum information necessary, and will use its reasonable efforts to secure confidential treatment of Confidential Information prior to its
disclosure (whether through protective orders or otherwise). 
 7. Intellectual Property. 

7.1 “Intellectual Property Asset” (“IPA”) means any invention, work of authorship, designation, design,
formulation, formula, materials, data, know-how, idea, Patent Asset, copyright, software, firmware, algorithm, trademark, tradename, trade secret, domain name, mask work, original document or compilation, or
other intellectual property including but not limited to all related alterations, improvements, modifications, revisions, adaptations, translations, enhancements or other derivative works thereto. “Patent Asset” means a patent
application filed in any jurisdiction, together with any patent application claiming priority thereto (including but not limited to continuation, divisional, substitution, or national phase and validation applications claiming priority thereto;
provided that, in the case of a continuation-in-part patent application, only with respect to a patent issued thereon and only to the extent that the claims in that
issued patent are supported in the application(s) to which priority is claimed), and patents issuing on said patent application or patent applications claiming priority thereto (where issued patents include without limitation registrations,
reissues, reexaminations and extensions). 
 7.2 Ownership of IPA is to be determined as follows: 

7.2.1 IPA conceived or created by Mir A. Imran is not part of this Agreement. 

7.2.2 Except as set forth in Section 7.2.1, IPA conceived or created during and directly from performance of a service set forth on
Exhibit A, which service is performed by Provider for Recipient under, and during the Term of, this Agreement, will be owned by Recipient. 

7.3 RMS (as Provider) hereby irrevocably assigns to InCube (as Recipient) RMS’s entire right, title and interest in and to IPA owned by
InCube under Section 7.2.2, including all intellectual property rights embodied therein. 
 7.4 InCube (as Provider) hereby irrevocably
assigns to RMS (as Recipient) InCube’s entire right, title and interest in and to IPA owned by RMS under Section 7.2.2, including all intellectual property rights embodied therein. 

7.5 Each Party (as Provider) agrees to assist and to cause each of its employees to assist the other Party (as Recipient) or its designee in
every proper way to secure Recipient’s rights, title and interest in and to IPA assigned to Recipient under Section 7.3 or Section 7.4 in any and all countries, including the disclosure to Recipient of all pertinent information and
data with respect to the assigned IPA, and the execution of all applications, specifications, oaths, assignments and all other instruments that Recipient may reasonably deem necessary to secure Recipient’s intellectual property rights under
this Agreement. 
 7.6 For any IPA assigned to Recipient under Section 7.3 or Section 7.4, Recipient will, upon the request of
Provider, grant a non-exclusive, worldwide license back under terms and conditions as negotiated by the Parties; for the avoidance of doubt, the Parties will negotiate such terms and conditions in good faith,
and Provider will not unreasonably deny terms and conditions proposed by Recipient or delay negotiation or execution of the license agreement. 

7.7 Nothing in this Agreement will be construed as requiring a transfer or license of any IPA from one Party to the other Party which IPA was
conceived or created prior to the Effective Date of this Agreement. 

  
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 8. Limitation of Liability. 

8.1 NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, NEITHER PROVIDER NOR ANY OF ITS AFFILIATES WILL BE LIABLE HEREUNDER (INCLUDING FOR
ANY LIABILITY FOR ANY ACTS OR OMISSIONS OF ITS EMPLOYEES, AGENTS OR SUBCONTRACTORS) FOR ANY INCIDENTAL, PUNITIVE OR INDIRECT DAMAGES, EVEN IF ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF THE FORM OF ACTION THROUGH WHICH
SUCH DAMAGES ARE SOUGHT. 
 8.2 Except in the case of gross negligence or willful misconduct of Provider, and except for liability arising
under Section 1.1 or Section 9.3, the maximum aggregate amount for which Provider may be liable to Recipient as the result of an action brought in connection with or as a result of this Agreement or the provision of services hereunder at
issue will not exceed the combined aggregate service fees received by the Provider for such services under this Agreement . 
 9.
Indemnification. 
 9.1 Subject to Section 8, Recipient will indemnify and hold harmless Provider, its affiliates and each of
their respective officers, directors, members, agents, employees, and representatives (including Subcontractors) (collectively, the “Provider Indemnified Parties”) from and against any and all losses, liabilities, claims, damages,
actions, fines, penalties, expenses or costs (including court costs and reasonable attorneys’ fees) (“Losses”) suffered or incurred by any Provider Indemnified Party arising from or relating to any claim (including any hearing,
inquiry or investigation that may reasonably lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism) by a third party (any, a “Claim”) arising from or in connection with the
performance of a service requested by Recipient and performed by Provider under this Agreement, other than by reason of gross negligence or willful misconduct of Provider or any of its Subcontractors in the provision of that service. 

9.2 Subject to Section 8, Provider will indemnify and hold harmless Recipient, its Affiliates and each of their respective officers,
directors, members, agents, and representatives (collectively, the “Recipient Indemnified Parties”) from and against any and all Losses suffered or incurred by any Recipient Indemnified Party arising from or relating to any Claim
arising from or in connection with the negligence or willful misconduct of Provider or any of its Subcontractors in the provision of a service. 

9.3 Recipient (as tenant) will indemnify and hold Provider (as landlord) harmless from any Losses incurred or suffered by Provider arising from
the bringing, allowing, using, permitting, generating, creating, emitting or disposing of toxic materials if by Recipient or its invitees or agents during the Term even if discovered after the Term. Recipient’s indemnification and hold harmless
obligations include, without limitation, Losses (i) resulting from or based upon administrative, judicial (civil or criminal), or other action, legal or equitable, brought by any private or public person under common law or any federal, state,
county or municipal law, ordinance or regulation, and (ii) pertaining to the cleanup or containment of toxic materials, the identification of the pollutants in toxic materials, the identification of the scope of any environmental contamination,
the removal of pollutants from soils, riverbeds or aquifers, the provision of an alternative public drinking water source, or the long term monitoring of ground water and surface waters. Recipient will comply, at its sole cost, with all laws
pertaining to such toxic materials. Recipient’s hold harmless and indemnity obligations hereunder will survive the expiration or termination of this Agreement. 

10. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, PROVIDER EXPRESSLY DISCLAIMS ANY AND ALL
REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, WITH RESPECT TO THE SERVICES, INCLUDING WARRANTIES OF MERCHANTABILITY, SUITABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES ARISING FROM COURSE OF DEALING, COURSE OF
PERFORMANCE OR TRADE USAGE. 
 11. Term and Termination. 

11.1 This Agreement will be effective for a twelve (12) month period starting from the Effective Date (the “Term”), and
will automatically renew on each anniversary of the Effective Date for another twelve (12) month period unless terminated in accordance with this Section 11. 

  
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 11.2 The Parties may terminate one or more services. 

11.2.1 The Parties may terminate any one or more ongoing services at any time by mutual written agreement, with invoice and payment for any
services partially performed prior to such termination to be determined according to that mutual written agreement. 
 11.2.2 Recipient may
terminate Occupancy Services upon six (6) months’ notice or may terminate any of the other services, but not all services, upon sixty (60) days’ notice to Provider prior to any performance of that service; Recipient will
reimburse Provider for actual non-recoverable costs arising prior to termination of that service, which costs arose when, and to the extent that, Provider reasonably obtained or contracted in advance for
personnel, resources, supplies, and/or materials reasonably needed to perform that terminated service. 
 11.2.3 A termination of an
individual service will not terminate this Agreement or any other service being provided under this Agreement. 
 11.3 This Agreement will
automatically terminate in its entirety on the date six (6) months after the date on which Provider will have no further obligation to perform any services as a result of the completion, expiration or termination of all services in accordance
with the terms of this Agreement. 
 11.4 The Parties may terminate this Agreement. 

11.4.1 The Parties may terminate this Agreement by written agreement. 

11.4.2 Either Party may terminate this Agreement upon six (6) months’ prior written notice for any or no reason. 

11.4.3 Either Party may, without limitation of any other remedies that may be available to it, terminate this Agreement at the occurrence of
an Event of Default of the other Party. An “Event of Default” with respect to a Party (the “Breaching Party”) will be deemed to occur if: (i) the Breaching Party has failed to perform any of its material
obligations under this Agreement; (ii) the other Party (the “Non-Breaching Party”) provides notice to the Breaching Party that the Breaching Party has failed to perform a material
obligation under this Agreement; and (iii) such failure will have continued without cure (as reasonably determined by the Non-Breaching Party) for a period of thirty (30) days after delivery of such
notice. 
 11.5 Termination of this Agreement under Section 11.3 or Section 11.4 will be without prejudice to any rights that will
have accrued to either Party pursuant to this Agreement prior to such termination and will not relieve responsibilities that will have accrued to either Party pursuant to this Agreement prior to such termination. 

11.6 Any rights, obligations and duties that by their nature extend beyond the expiration or earlier termination of this Agreement, including
without limitation obligations and duties arising under Sections 3, 6, 7, 8, 9, 10, 11.5, 11.6, 13, 14, and 15, will survive any such expiration or termination and remain in effect. 

12. Force Majeure. A Party (the “Affected Party”) will not be liable for any interruption, delay or failure to perform
any obligation under this Agreement when such interruption, delay or failure is due to causes beyond its reasonable control, including any strikes, lockouts, acts of any government, riot, insurrection or other hostilities, embargo, fuel or energy
shortage, fire, flood, acts of God, pandemic, or a general inability not specific to the Affected Party or its Subcontractors to obtain necessary labor, materials or utilities. In any such event, obligations hereunder will be postponed for such time
as the Affected Party’s performance is suspended or delayed on account thereof and it will have no liability to the other Party in connection therewith. The Affected Party will promptly notify the other Party, in writing, upon learning of the
occurrence of such event of force majeure. Upon the cessation of the force majeure event, the Affected Party will use commercially reasonable efforts to resume its performance promptly. The other Party, however, may terminate this Agreement,
terminate any future service in whole, or terminate any partially-performed service if the Affected Party has not resumed full performance of that service within 90 days from the start of the interruption, delay, or failure to perform under this
Section 12; provided, however, that the terminating Party must provide at least thirty (30) days’ notice of impending termination prior to such termination. 

  
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 13. Transfer, Delegation, Assignment. 

13.1 Neither this Agreement nor any of the rights, interests, or obligations hereunder will be transferred, assigned or delegated, in whole or
in part, including by operation of law, by either Party without the prior written consent of the other Party. 
 13.2 This Agreement will be
binding on and will inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 
 13.3 This Agreement
is for the sole benefit of the Parties hereto and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to or will confer on any other person (other than the Provider Indemnified Parties and
Recipient Indemnified Parties) any legal or equitable right, benefit, or remedy of any nature whatsoever. 
 14. Governing Law. To the
extent state law is applicable, this Agreement will be interpreted and construed in accordance with the laws of the state of California without regard to conflict of laws principles or to which party drafted particular provisions of this Agreement.

 15. Dispute Resolution. 

15.1 Any dispute or controversy relating to the inventorship, ownership, scope, validity, enforceability, or infringement of any intellectual
property rights will be submitted to a court of competent jurisdiction in the country or regional authority in which such intellectual property rights were granted or arose. In the United States of America (USA), the court of competent jurisdiction
for patents and trademarks will be a federal court. 
 15.2 All disputes will be conducted in the English language, and the English original
version of this Agreement (if subsequently translated) will be considered the only legal version. 
 15.3 For actions which fall outside of
the arbitration provisions of Section 15.4, venue will be within Santa Clara County in the state of California, USA, and the Parties agree to personal jurisdiction of the courts within Santa Clara County. 

15.4 Subject to Section 15.1, any dispute arising out of or relating in any way to this Agreement and/or the relationship between the
Parties, including without limitation, claims for breach of contract, will be submitted to binding arbitration. By agreeing to arbitrate, the Parties are agreeing to waive their right to a jury trial. The arbitration will be conducted in accordance
with this Agreement, the Federal Arbitration Act, and the JAMS Comprehensive Arbitration Rules & Procedures as in effect on the date of this Agreement (the “JAMS Rules”). In the event of a conflict, the provisions of the
JAMS Rules will control, except where those JAMS Rules conflict with this Agreement, in which case this Agreement will control. The arbitration will be conducted before a three-arbitrator panel (the “Panel”), regardless of the size
of the dispute, to be selected as provided in the JAMS Rules. Each arbitrator will be a former state or federal judge with at least five years of judicial experience. The arbitration will be commenced and held in Santa Clara County, California. Any
issue concerning the location of the arbitration, the extent to which any dispute is subject to arbitration, the applicability, interpretation, or enforceability of these procedures, including any contention that all or part of these procedures are
invalid or unenforceable, and any discovery disputes, will be resolved by the Panel. No potential arbitrator may serve unless he or she has agreed in writing to be bound by these procedures. Each Party will, upon the written request of the other
Party, promptly provide the other with copies of all documents on which the producing Party may rely in support of or in opposition to any claim or defense and a report of any expert whom the producing Party may call as a witness in the arbitration
hearing. At the request of a Party, and upon the showing of good cause, the Panel will have the discretion to order production by the other Party or by a third party of other documents relevant to any claim or defense. Each Party will be entitled to
take a maximum of three depositions, plus depositions of all experts designated to be witnesses at the arbitration. The depositions will be limited to a maximum of six hours per deposition. All objections are reserved for the

  
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14 

 
arbitration hearing, except for objections based on privilege and proprietary or confidential information. The Panel upon a showing of good cause may order additional depositions or deposition
hours. All aspects of the arbitration will be treated as confidential and neither the Parties nor the arbitrators may disclose the existence, content or results of the arbitration, except as necessary to comply with legal or regulatory requirements.
Before making any such disclosure, a Party will give written notice to all other parties and will afford such parties a reasonable opportunity to protect their interests. The result of the arbitration will be binding on the Parties and judgment on
the Panel’s award may be entered in any court having jurisdiction. Nothing in this Section 15.4 will affect any Party’s ability to seek from a court temporary or interim injunctive or equitable relief to protect a Party’s rights
under this Agreement or otherwise. Each Party will share equally the cost of the arbitration filing and hearing fees, the cost of an independent expert retained by the Panel, the cost of the Panel, and administrative fees of JAMS. Each Party will
bear its own costs including its attorney and witness fees and associated costs and expenses. The Parties intend that these provisions will be valid, binding, enforceable, exclusive and irrevocable and will survive any termination of this Agreement.
BY SIGNING THIS AGREEMENT, THE PARTIES ARE AGREEING TO HAVE ANY ISSUE ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE RELATIONSHIP BETWEEN THE PARTIES DECIDED IN ARBITRATION, AND THE PARTIES ARE GIVING UP THEIR RIGHT TO A JURY OR
COURT TRIAL. 
 16. Miscellaneous. 

16.1 This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings (both written and oral), among the
Parties regarding the subject matter hereof. This Agreement specifically terminates all prior service agreements between the Parties, if applicable. Exhibit A annexed hereto or referred to herein is hereby incorporated in and made a part of this
Agreement as if fully set forth herein. Each Party acknowledges that the other has made no statement, representation, or warranty, and that it has not relied on any statement, representation, or warranty, regarding the services other than those
specifically set out in this Agreement. To the extent that confirmations, invoices or other documentation or paperwork conflict with terms or conditions of this Agreement, the terms and conditions of this Agreement will control. 

16.2 This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each Party. No waiver by any Party of
any of the provisions of this Agreement will be effective unless explicitly set out in writing and signed by the waiving Party. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege under this Agreement will operate
or be construed as a waiver thereof, nor will any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. An
amendment, modification, or supplement under this Section 16.2 may be in the form of a replacement or amended Exhibit A; such replacement or amended Exhibit A will only be effective when executed by an authorized representative of both Parties.

 16.3 All section headings herein are for convenience only and are in no way to be construed as part of this Agreement or as a limitation
or expansion of the scope of the particular sections to which they refer. 
 16.4 If any term or provision of this Agreement is deemed
invalid, illegal, or unenforceable by a court of competent jurisdiction, such invalidity, illegality, or unenforceability will not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in
any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

16.5 All notices, requests, consents, claims, demands, waivers, and other communications hereunder will be in writing and will be deemed to
have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF
document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses provided for notice on the signature page (or at such other address for a party as will be specified in a
notice given in accordance with this Section 16.5). 

  
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14 

 16.6 This Agreement may be executed in counterparts, each of which will be deemed an
original, but all of which together will be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email, or other means of electronic transmission will be deemed to have the same legal effect as delivery of
an original signed copy of this Agreement. 
 [The remainder of this page is intentionally left blank. A signature page follows.] 

  
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14 

 [Signature page] 

This Agreement will be binding on the Parties as of the Effective Date when signed below on behalf of each Party. 

IN WITNESS WHEREOF, both Parties have executed this Agreement by their respective and duly authorized representatives. 

 

					
	 INCUBE LABS, LLC
 By:
	  	                	  	 RANI MANAGEMENT SERVICES, INC.

By:

			
	 /s/ Gary Dang
	  		  	 /s/ Svai Sanford

	Signature	  		  	Signature
			
	 Gary Dang
	  		  	 Svai Sanford

	Printed Name	  		  	Printed Name
			
	 VP, Finance and Accounting
	  		  	 Chief Financial Officer

	Title	  		  	Title
			
	Addresses for notice under Section 16.5:	  		  	
			
	 InCube Labs, LLC
 Attn: Legal Department

2051 Ringwood Ave.
 San Jose, CA 95131
	  		  	 Rani Management Services, Inc.
 Attn: Legal
Department
 2051 Ringwood Ave.
 San Jose, CA
95131

  
 Page 12 of
14 

 Exhibit-A 

Service Rates – 2021 
 This original
version of Exhibit A is effective beginning January 1, 2021 except as noted with respect to Occupancy Services. Any modification to, or replacement of, this Exhibit A must be made in accordance with Section 16.2 of this Agreement. 

Definitions: 
 • The “InCube
Facility” is the building and grounds (including parking spaces) at 2051 Ringwood Ave., San Jose, CA 95131. 
 •
“Markup” = 25% = 0.25 
 • “Fringe” = 22% = 0.22 

• “Hourly Billing Rate”: 
  

	 	•	 	 for salaried employees, Hourly Billing Rate = (salary/2080) x (1 + Markup + Fringe) 

 

	 	•	 	 for hourly employees, Hourly Billing Rate = (hourly wage) x (1 + Markup + Fringe) 

• “Actual Hours” = actual hours incurred by Provider’s employees on the requested Services, limited for salaried
employees to 40 hours total per week per individual for all provided Services combined; and PTO, Flex, sick, holiday, bereavement, jury duty, or other time-off hours are not to be included in Actual Hours 

 

			
	 Service
	  	 Obligations; Charges

		
	Occupancy	  	The effective date for Occupancy Services is June 1, 2021.
		
		  	 Premises: InCube will make available to RMS approximately 23,000 square feet of an Exclusive Portion of the building at the InCube Facility
(including offices, work cubicles, laboratories, and manufacturing areas), along with access to a Shared Portion of the InCube Facility (including conference rooms, interior and exterior common areas, and parking, all subject to availability).

 
 Invoice: InCube can invoice to RMS an amount equal to $57,500 per month
(calculated at $2.50 per square foot).

		
		  	 Tax and insurance: RMS will pay to InCube a pro rata share of insurance and real property tax on the InCube Facility. Real property tax
includes any charge, levy, assessment, or fee imposed by any authority having direct or indirect power to tax, including, without limitation, any city, county, state or federal government, or any improvement district.

 
 Invoice: InCube can invoice to RMS an amount equal to $6,648 per month initially.
The Parties will true-up the actual tax and insurance at least quarterly and may then adjust the monthly payment to reflect estimated costs for the next quarter.

		
		  	Additional parking: InCube will provide RMS with extended parking capability under the parking license agreement between InCube and McNeal Enterprises, Inc. (“McNeal”). RMS agrees to execute a parking sublicense
agreement at InCube’s request. RMS will take over the payments owed by InCube to McNeal under the parking license agreement: initially, RMS will directly pay McNeal the sum of $1,850 per month, and RMS agrees to pay any increased amount that
may be charged by McNeal, or any additional amount McNeal may charge for additional parking spaces that may be requested by RMS. Time of access to the extended parking may be limited by McNeal as acknowledged by
RMS.

  
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14 

			
	Shared Costs	  	 Either Party or both Parties may incur Shared Costs with respect to the Shared Portion at the InCube Facility. Shared Costs will be estimated
according to a formula to be agreed on between the Parties at least quarterly. The formula will be pro rata based at least in part on percentage of head count and/or square footage. The Parties will true-up
the actual Shared Costs at least quarterly. For clarity, Shared Costs include those attributable to the additional parking (e.g., maintenance and restriping), but the cost of the additional parking itself is not a Shared Cost.

 
 Invoice: Each Party (as Provider) may invoice monthly the other Party (as
Recipient) any Shared Costs incurred, in accordance with the then-current agreed formula.

		
	Administrative	  	None specified.
		
	Personnel (other than Administrative)	  	 RMS may provide Personnel Services to InCube upon request subject to availability of resources.

 
 Invoice:
  

•  RMS can invoice InCube for all Personnel Services performed by its employees, using the following
formula: Invoiced amount = (Actual Hours) x (Hourly Billing Rate).
  

•  RMS can invoice InCube all amounts paid to a Subcontractor of RMS to perform the Personnel
Services, without markup.
  

•  RMS can invoice InCube for
Out-of-Pocket Costs related to performance of the Personnel Services, without markup.

		
	Special	  	 Either Party (as Provider) may provide Special Services to the other Party (as Recipient) upon request subject to availability of
resources.
  
 Invoice:

 
 •  Provider can invoice for all
Special Services performed by its employees using the following formula: Invoiced amount = (Actual Hours) x (Hourly Billing Rate).
  

•  Provider can invoice Recipient all amounts paid to a Subcontractor of Provider to perform the
Special Services, without markup.
  

•  Provider can invoice Recipient for
Out-of-Pocket Costs related to performance of the Special Services, without markup.

 IN WITNESS WHEREOF, the Parties hereto have caused this Exhibit A to be duly executed by their
authorized representatives. 
  

					
	 InCube Labs, LLC

By:
	 	             

	  	 Rani Management Services, Inc.

By:

			
	 Signed: /s/ Gary
Dang                                         
   
	 		  	 Signed: /s/ Svai
Sanford                                        
    

			
	 Name: Gary
Dang                                         
         
	 		  	 Name: Svai
Sanford                                        
          

  
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14EX-10.20

 Exhibit 10.20 

 
 LOAN AND SECURITY AGREEMENT 

Dated as of September 15, 2020 

between 
 RANI
THERAPEUTICS, LLC, 
 a California limited liability company, 

as “Borrower”, 

and 
 AVENUE VENTURE
OPPORTUNITIES FUND, L.P., 
 a Delaware limited partnership, 

as “Lender” 

 LOAN AND SECURITY AGREEMENT 

Borrower and Lender have entered or anticipate entering into one or more transactions pursuant to which Lender agrees to make available to
Borrower a loan facility governed by the terms and conditions set forth in this document and one or more Supplements executed by Borrower and Lender which incorporate this document by reference. Each Supplement constitutes a supplement to and forms
part of this document, and will be read and construed as one with this document, so that this document and the Supplement constitute a single agreement between the parties (collectively referred to as this “Agreement”). 

Accordingly, the parties agree as follows: 

 

 ARTICLE 1 - INTERPRETATION 

1.1 Definitions. The terms defined in Article 10 and in the Supplement will have the meanings therein specified for purposes of
this Agreement. 
 1.2 Inconsistency. In the event of any inconsistency between the provisions of any Supplement and this
document, the provisions of the Supplement will be controlling for the purpose of all relevant transactions. 
 1.3 Transparency
Pledge. For the avoidance of doubt and notwithstanding anything to the contrary contained in this Agreement or in the other Loan Documents: (a) the occurrence of a Material Adverse Change or Material Adverse Effect shall not constitute an
Event of Default or otherwise allow Lender to declare the outstanding Loans due and payable; (b) Lender shall not be entitled to (i) require Borrower’s investors or members of Borrower’s Board of Managers to make any additional
written or verbal commitments of ongoing financial support, or (ii) require Borrower to conduct its banking or hold its deposits at any specific bank or financial institution; and (c) Borrower shall not be required to maintain any minimum
tangible net worth, working capital, current ratio, quick asset ratio, liquidity ratio or debt-to-equity ratio or comply with any similar financial covenant. 

ARTICLE 2 - THE COMMITMENT AND LOANS 

2.1 The Commitment. Subject to the terms and conditions of this Agreement, Lender agrees to make term loans to Borrower from
time to time from the Closing Date and to and including the Termination Date in an aggregate principal amount not exceeding the Commitment. The Commitment is not a revolving credit commitment, and Borrower does not have the right to repay and
reborrow hereunder, provided that Borrower may prepay the Loans as set forth in the Supplement. Each Loan requested by Borrower to be made on a single Business Day shall be for a minimum principal amount set forth in the Supplement, except to the
extent the remaining Commitment is a lesser amount. 

 2.2 Notes Evidencing Loans; Repayment. Each Loan shall be evidenced by a separate Note
payable to the order of Lender, in the total principal amount of the Loan. Principal and interest of each Loan shall be payable at the times and in the manner set forth in the Note and regularly scheduled payments thereof shall be effected by
automatic debit of the appropriate funds from Borrower’s Primary Operating Account as specified in the Supplement hereto. Repayment of the Loans and payment of all other amounts owed to Lender will be paid by Borrower in the currency in which
the same has been provided (i.e., United States Dollars). 
 2.3 Procedures for Borrowing. 

(a) At least five (5) Business Days prior to a proposed Borrowing Date (or such lesser period of time as may be agreed upon by
Lender in its sole discretion), Lender shall have received from Borrower a written request for a borrowing hereunder (a “Borrowing Request”). Each Borrowing Request shall be in substantially the form of Exhibit
“B” to the Supplement, shall be executed by a responsible executive or financial officer of Borrower, and shall state how much is requested, and shall be accompanied by such other information and documentation as Lender may reasonably
request, including the executed Note(s) for the Loan(s) covered by the Borrowing Request. 
 (b) No later than 1:00 p.m. Pacific
Standard Time on the Borrowing Date, if Borrower has satisfied the conditions precedent in Article 4 by 9:00 a.m. Pacific Standard Time on such Borrowing Date, Lender shall make the Loan available to Borrower in immediately available funds.

 

  
 1 

 
 2.4 Interest. Except as otherwise specified in the applicable Note and/or
Supplement, Basic Interest on the outstanding principal balance of each Loan shall accrue daily at the Designated Rate from the Borrowing Date. If the outstanding principal balance of such Loan is not paid at maturity, interest shall accrue at the
Default Rate until paid in full, as further set forth herein. 
 2.5 Intentionally Omitted. 

2.6 Interest Rate Calculation. Basic Interest, along with charges and fees under this Agreement and any Loan Document, shall
be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day year were used. In no
event shall Borrower be obligated to pay Lender interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect. 

2.7 Default Interest. Any unpaid payments in respect of the Obligations shall bear interest from their respective maturities,
whether scheduled or accelerated, at the Default Rate, Borrower shall pay such interest on demand. 
 2.8 Late Charges. If
Borrower is late in making any scheduled payment in respect of the Obligations by more than five (5) days, then Borrower agrees to pay a late charge of five percent (5%) of the payment due, but not less than fifty dollars ($50.00) for any one
such delinquent payment. This late charge may be charged by Lender for the purpose of defraying the expenses incidental to the handling of such delinquent amounts. Borrower acknowledges that such late charge represents a reasonable sum considering
all of the circumstances existing on the date of this Agreement and represents a fair and reasonable estimate of the costs that will be sustained by Lender due to the failure of Borrower to make timely payments. Borrower further agrees that proof of
actual damages would be costly and inconvenient. Such late charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid or to declare a default under this Agreement or any of the other Loan Documents
or from exercising any other rights and remedies of Lender. 
 2.9 Lender’s Records. Principal, Basic Interest and all
other sums owed under any Loan Document shall be evidenced by entries in records maintained by Lender for such purpose. Each payment on and any other credits with respect to principal, Basic Interest and all other sums outstanding under any Loan
Document shall be evidenced by entries in such records. Absent manifest error, Lender’s records shall be conclusive evidence thereof.

 2.10 Grant of Security Interests; Filing of Financing Statements. 

(a) To secure the timely payment and performance of all of Borrower’s Obligations, Borrower hereby grants to Lender continuing
security interests in all of the Collateral. In connection with the foregoing, Borrower authorizes Lender to prepare and file any financing statements describing the Collateral without otherwise obtaining Borrower’s signature or consent with
respect to the filing of such financing statements. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect. 

(b) In furtherance of Borrower’s grant of the security interests in the Collateral pursuant to Section 2.10(a) above,
Borrower hereby pledges and grants to Lender a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or
granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Closing Date or at any time thereafter following Lender’s request, the certificate or
certificates for the Shares will be delivered to the Lender, accompanied by an instrument of assignment duly executed in blank by Borrower, unless such Shares have not been certificated. To the extent required by the terms and conditions governing
the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and during the continuance of an Event of Default hereunder, Lender may
effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Lender and cause new certificates representing such securities to be issued in the name of Lender or its transferee(s).
Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Lender may reasonably request to perfect or continue the perfection of Lender’s security interest in the Shares. Except as provided in the
following sentence, Borrower shall be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given
or action taken which would constitute a violation of any of the terms of this Agreement. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default and
Lender’s written notice to Borrower of Lender’s intent to exercise its rights and remedies under this Agreement, including this Section 2.10(b).

 

  
 2 

 
 (c) Borrower is and shall remain absolutely and unconditionally liable for the
performance of its Obligations, including, without limitation, any deficiency by reason of the failure of the Collateral to satisfy all amounts due Lender under any of the Loan Documents. 

(d) All Collateral pledged by Borrower under this Agreement and any Supplement shall secure the timely payment and performance of all
Obligations. Except in connection with dispositions permitted by this Agreement or as otherwise expressly provided in this Agreement (in which case the Lien on the Collateral so transferred shall be automatically deemed released), no Collateral
pledged under this Agreement or any Supplement shall be released until such time as all Obligations (other than inchoate indemnity obligations) have been satisfied and paid in full. 

ARTICLE 3 – REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants that, except as set forth in the Supplement or the Schedule of Exceptions hereto, if any, as of the Closing
Date and each Borrowing Date: 
 3.1 Due Organization. Borrower is a limited liability company duly organized and validly
existing in good standing under the laws of the jurisdiction of its formation, and is duly qualified to conduct business and is in good standing in each other jurisdiction in which its business is conducted or its properties are located, except
where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect. 
 3.2
Authorization, Validity and Enforceability. The execution, delivery and performance of all Loan Documents executed by Borrower are within Borrower’s powers, have been duly authorized, and are not in conflict with Borrower’s
certificate of formation or operating agreement, or the terms of any charter or other organizational document of Borrower, as amended from time to time; and all such Loan Documents constitute valid and binding obligations of Borrower, enforceable in
accordance with their terms (except as may be limited by bankruptcy, insolvency and similar laws affecting the enforcement of creditors’ rights in general, and subject to general principles of equity).

 3.3 Compliance with Applicable Laws. Borrower has complied with all licensing,
permit and fictitious name requirements necessary to lawfully conduct the business in which it is engaged, and to any sales, leases or the furnishing of services by Borrower, including without limitation those requiring consumer or other
disclosures, the noncompliance with which would have a Material Adverse Effect. 
 3.4 No Conflict. The execution, delivery,
and performance by Borrower of all Loan Documents are not in conflict with any law, rule, regulation, order or directive, or any indenture or other material agreement or undertaking to which Borrower is a party or by which Borrower may be bound.
Without limiting the generality of the foregoing, the issuance of the Warrant and the grant of registration rights in connection therewith do not violate any agreement or instrument by which Borrower is bound or require the consent of any holders of
Borrower’s securities other than consents which have been obtained prior to the Closing Date. 
 3.5 No Litigation, Claims
or Proceedings. Except as disclosed in Schedule 3.5 or otherwise disclosed to Lender as required pursuant to Section 5.1(a), there is no litigation, tax claim, proceeding or dispute pending, or, to the knowledge of Borrower, threatened in
writing against or affecting Borrower, its property or the conduct of its business that, in each case, could reasonably be expected to result in liability or damages to Borrower in excess of $150,000. 

3.6 Correctness of Financial Statements. Borrower’s financial statements which have been delivered to Lender fairly and
accurately, in all material respects, reflect Borrower’s financial condition in accordance with GAAP (except with respect to unaudited financial statements, for the absence of footnotes and subject to normal
year-end adjustments) as of the latest date of such financial statements; and, since that date there has been no Material Adverse Change. 

3.7 No Subsidiaries. As of the Closing Date, Borrower is not a majority owner of or in a control relationship with any other
business entity, except for Rani Management. 
 3.8 Environmental Matters. To its knowledge, Borrower is in compliance with
applicable Environmental Laws, except to the extent a failure to be in such compliance could not reasonably be expected to have a Material Adverse Effect.

 

  
 3 

 
 3.9 No Event of Default. No Default or Event of Default has occurred and is
continuing. 
 3.10 Full Disclosure. None of the representations or warranties made by Borrower in the Loan Documents as of
the date such representations and warranties are made or deemed made, and none of the written statements contained in any exhibit, report, statement or certificate furnished by or on behalf of Borrower in connection with the Loan Documents
(including disclosure materials delivered by or on behalf of Borrower to Lender prior to the Closing Date or pursuant to Section 5.2 hereof), taken as a whole, contains any untrue statement of a material fact or omits any material fact required
to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading as of the time when made or delivered (it being recognized by Lender that projections and estimates as to
future events provided by Borrower in good faith are not to be viewed as facts and that the actual results during the period or periods covered by any such projections and estimates may differ from projected or estimated results). 

3.11 Specific Representations Regarding Collateral. 

(a) Title. Except for the security interests created by this Agreement and Permitted Liens, (i) Borrower is and will be the
unconditional legal and beneficial owner of the Collateral, and (ii) the Collateral is genuine and subject to no Liens. There exist no prior collateral assignments or encumbrances of record with the U.S. Patent and Trademark Office or U.S.
Copyright Office affecting any Collateral in favor of any third party, other than Permitted Liens. 
 (b) Rights to Payment. The
names of the obligors, amount owing to Borrower, due dates and all other information with respect to the Rights to Payment are and will be correctly stated in all material respect sin all Records relating to the Rights to Payment. Borrower further
represents and warrants, to its knowledge, that each Person appearing to be obligated on a Right to Payment has authority and capacity to contract and is bound as it appears to be. 

(c) Location of Collateral. As of the Closing Date, Borrower’s chief executive office, Inventory, Records, Equipment, and any
other offices or places of business are located at the address(es) shown on the Supplement. 
 (d) Business Names. Other than its
full corporate name, Borrower has not conducted business using any trade names or fictitious business names except as shown on the Supplement.

 3.12 Copyrights, Patents, Trademarks and Licenses. 

(a) Borrower owns or is licensed or otherwise has the right to use all of the patents, trademarks, service marks, trade names,
copyrights, contractual franchises, authorizations and other similar rights that are reasonably necessary for the operation of its business, without known conflict with the rights of any other Person, except as could not reasonably be expected to
have a Material Adverse Effect. 
 (b) To Borrower’s knowledge, no slogan or other advertising device, product, process,
method, substance, part or other material now employed, or now contemplated to be employed, by Borrower infringes upon any rights held by any other Person, except as could not reasonably be expected to have a Material Adverse Effect. 

(c) No claim or litigation regarding any of the foregoing is pending or, to Borrower’s knowledge, threatened in writing, and, to
Borrower’s knowledge, no patent, invention, device, application, principle or any statute, law, rule, regulation, standard or code is pending or proposed which, in either case, could reasonably be expected to have a Material Adverse Effect.

 3.13 Regulatory Compliance. Borrower has met the minimum funding requirements of ERISA with respect to any employee
benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any liability that could reasonably be expected to have a Material
Adverse Effect. Borrower is not required to be registered as an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System).
Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. 
 3.14
Shares. Borrower has full power and authority to create a first priority Lien on the Shares and no disability or contractual obligation exists that would prohibit Borrower from pledging the Shares pursuant to

 

  
 4 

 
this Agreement. To Borrower’s knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options exercisable with respect to
the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. To Borrower’s knowledge, the Shares are not the subject of any present or threatened
(in writing) suit, action, arbitration, administrative or other proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings. 

3.15 Compliance with Anti-Corruption Laws. Borrower has not taken any action that would cause a violation of any
anti-corruption law, including but not limited to, the Foreign Corrupt Practices Act, the United Kingdom Bribery Act, and all other applicable anti-corruption laws. Borrower, its employees, and, to its knowledge, its agents and representatives have
not, directly or indirectly, offered, paid, given, promised or authorized the payment of any money, gift or anything of value to any person acting in an official capacity for any government department, agency or instrumentality, including
state-owned or controlled companies or entities, and public international organizations, as well as a political party or official thereof or candidate for political office in violation of applicable law. None of Borrower’s principals or staff
are officers, employees or representatives of governments, government agencies, or government-owned or controlled enterprises. 

3.16 Survival. The representations and warranties of Borrower as set forth in this Agreement survive the execution and
delivery of this Agreement. 
 ARTICLE 4 - CONDITIONS PRECEDENT 

4.1 Conditions to First Loan. The obligation of Lender to make its first Loan hereunder is, in addition to the conditions
precedent specified in Section 4.2 and in any Supplement, subject to the fulfillment of the following conditions and to the receipt by Lender of the documents described below, duly executed and in form and substance satisfactory to Lender and its
counsel: 
 (a) Resolutions. A certified copy of the resolutions of the Board of Managers of Borrower authorizing the
execution, delivery and performance by Borrower of the Loan Documents. 
 (b) Incumbency and Signatures. A certificate of
the secretary of Borrower certifying the names of the officer or officers of Borrower authorized to sign the Loan Documents, together with a sample of the true signature of each such officer.

 (c) Legal Opinion. The opinion of legal counsel for Borrower as to such matters
as Lender may reasonably request, in form and substance reasonably satisfactory to Lender. 
 (d) Charter Documents. Copies
of the organizational and charter documents of Borrower (e.g., Certificate of Formation and Operating Agreement), as amended through the Closing Date, certified by an officer of Borrower as being true, correct and complete. 

(e) This Agreement. Counterparts of this Agreement and the initial Supplement, with all schedules completed and attached
thereto, and disclosing such information as is acceptable to Lender. 
 (f) Financing Statements. Filing copies (or other
evidence of filing satisfactory to Lender and its counsel) of such UCC financing statements, collateral assignments, account control agreements, and termination statements, with respect to the Collateral as Lender shall request. 

(g) Intellectual Property Security Agreement. An Intellectual Property Security Agreement executed by Borrower in form and
substance reasonably satisfactory to Lender. 
 (h) Lien Searches. UCC lien, judgment, bankruptcy and tax lien searches of
Borrower from such jurisdictions or offices as Lender may reasonably request, all as of a date reasonably satisfactory to Lender and its counsel. 

(i) Good Standing Certificate. A certificate of status or good standing of Borrower as of a date acceptable to Lender from the
jurisdiction of Borrower’s organization and any foreign jurisdictions where Borrower is qualified to do business. 
 (j)
Warrant. The Warrant issued by Borrower exercisable for such number, type and class of shares of Borrower’s units, and for an initial exercise price as is specified therein. 

(k) Insurance Certificates. Insurance certificates showing Lender as loss payee or additional insured. 

(l) Other Documents. Such other documents and instruments as Lender may reasonably request to effectuate the intents and
purposes of this Agreement. 

 

  
 5 

 
 4.2 Conditions to All Loans. The obligation of Lender to make its initial Loan
and each subsequent Loan is subject to the following further conditions precedent that: 
 (a) No Default. No Default or
Event of Default has occurred and is continuing or will result from the making of any such Loan, and the representations and warranties of Borrower contained in Article 3 of this Agreement and Part 3 of the Supplement are true and correct in all
material respects as of the Borrowing Date of such Loan, except to the extent such representations and warranties relate solely to an earlier date (in which case the same are true and correct in all material respects as of such date). 

(b) No Material Adverse Change. No event has occurred that has had or could reasonably be expected to have a Material Adverse
Change. 
 (c) Borrowing Request. Borrower shall have delivered to Lender a Borrowing Request for such Loan. 

(d) Note. Borrower shall have delivered an executed Note evidencing such Loan, substantially in the form attached to the
Supplement as an exhibit. 
 (e) Supplemental Lien Filings. Borrower shall have executed and delivered such amendments or
supplements to this Agreement and additional Security Documents, financing statements and third party waivers as Lender may reasonably request in connection with the proposed Loan, in order to create, protect or perfect or to maintain the perfection
of Lender’s Liens on the Collateral. 
 (f) VCOC Limitation. Lender shall not be obligated to make any Loan under its
Commitment if at the time of or after giving effect to the proposed Loan Lender would no longer qualify as: (i) a “venture capital operating company” under U.S. Department of Labor Regulations
Section 2510.3-101(d), Title 29 of the Code of Federal Regulations, as amended; and (ii) a “business development company” under the provisions of federal Investment Company Act of 1940, as
amended; and (iii) a “regulated investment company” under the provisions of the Internal Revenue Code of 1986, as amended. 

(g) Financial Projections. Borrower shall have delivered to Lender Borrower’s business plan and/or financial projections
or forecasts as most recently approved by Borrower’s Board of Managers.

 ARTICLE 5 - AFFIRMATIVE COVENANTS 

During the term of this Agreement and until its performance of all Obligations (other than inchoate indemnity obligations), Borrower will:

 5.1 Notice to Lender. Promptly give written notice to Lender of: 

(a) Any litigation or administrative or regulatory proceeding affecting Borrower where the amount claimed against Borrower is at the
Threshold Amount or more, or where the granting of the relief requested could reasonably be expected to have a Material Adverse Effect; or of the acquisition by Borrower of any commercial tort claim where the amount claimed by Borrower equals or
exceeds the Threshold Amount, including brief details of such claim and such other information as Lender may reasonably request to enable Lender to better perfect its Lien in such commercial tort claim as Collateral. 

(b) Any dispute which may exist between Borrower and any governmental or regulatory authority that could reasonably be expected to
result in a Material Adverse Effect. 
 (c) The occurrence of any Default or any Event of Default. 

(d) Any change in the location of any of Borrower’s places of business or Collateral at least ten (10) days in advance of
such change (except for changes in location of (i) items of movable property such as laptop computers and (ii) other Collateral with a book value less than $100,000), or of the establishment of any new, or the discontinuance of any
existing, place of business. 
 (e) Any dispute or default by Borrower or any other party under any joint venture, partnering,
distribution, cross-licensing, strategic alliance, collaborative research or manufacturing, license or similar agreement which could reasonably be expected to have a Material Adverse Effect. 

(f) Any other matter which has resulted or could reasonably be expected to result in a Material Adverse Change. 

(g) Any Subsidiary Borrower intends to acquire or create.

 

  
 6 

 5.2 Financial Statements. Deliver to Lender or cause to be delivered to Lender,
in form and detail satisfactory to Lender the following financial and other information, which Borrower warrants shall be accurate and complete in all material respects: 

(a) Monthly Financial Statements. As soon as available but no later than thirty (30) days after the end of each month,
Borrower’s unaudited balance sheet as of the end of such period, and Borrower’s unaudited income statement and cash flow statement for such period and for that portion of Borrower’s financial reporting year ending with such period,
prepared in accordance with GAAP (except for the absence of footnotes and subject to normal year-end audit adjustments) and attested by a responsible financial officer of Borrower as being complete and correct
in all material respects and fairly presenting Borrower’s financial condition and the results of Borrower’s operations as of the date(s) and for the period(s) covered thereby. After a Qualified Public Offering, and during such time as
Borrower maintains a market capitalization reasonably determined by Lender, the foregoing interim financial statements shall be delivered no later than 45 days after each of the first three fiscal quarters of each fiscal year. 

(b) Year-End Financial Statements. As soon as available but no later than one hundred
twenty (120) days after the end of each fiscal year, a complete copy of Borrower’s audit report, which shall include balance sheet, income statement, statement of changes in equity and statement of cash flows for such year, prepared in
accordance with GAAP and certified by an independent certified public accountant selected by Borrower and satisfactory to Lender (the “Accountant”). With the exception of a qualification as to going concerns, the
Accountant’s certification shall not be qualified or limited due to a restricted or limited examination by the Accountant of any material portion of Borrower’s records. 

(c) Compliance Certificates. Simultaneously with the delivery of each set of financial statements referred to in paragraphs
(a) and (b) above, a certificate of the chief financial officer of Borrower (or other executive officer) substantially in the form of Exhibit “C” to the Supplement (a “Compliance Certificate”) stating,
among other things, whether any Default or Event of Default exists on the date of such certificate, and if so, setting forth the details thereof and the action which Borrower is taking or proposes to take with respect thereto. 

(d) Government Required Reports. Within thirty (30) days after each month, after sending, issuing, making available, or
filing, copies of all reports, proxy statements, and financial statements that Borrower sends or makes available generally to all of its

 
stockholders (in their capacities as such), and, not later than five (5) days after actual filing or the date such filing was first due, all registration statements and reports that Borrower
files or is required to file with the Securities and Exchange Commission, or any other equivalent governmental or regulatory authority having similar authority. Documents required to be delivered pursuant to the terms of this Section 5.2 (to
the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission or other equivalent governmental or regulatory authority having similar authority) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the internet at Borrower’s website address. 

(e) Other Information. Such other statements, lists of property and accounts, budgets (as updated), sales projections,
forecasts, reports, 409A valuation reports (as updated), operating plans, financial exhibits, capitalization tables (as updated) and information relating to equity and debt financings consummated after the Closing Date (including post-closing
capitalization table(s)), or other information as Lender may from time to time reasonably request and as prepared by Borrower in the ordinary course of business. 

(f) Board Packages. In addition to the information described in Section 5.2(e), Borrower will promptly provide Lender
with copies of all notices, minutes, consents and other materials, financial or otherwise, which Borrower provides to its Board of Managers (collectively, “Board Packages”); provided, however, that Borrower need not
provide Lender with copies of routine Board actions, such as option and stock grants under Borrower’s equity incentive plan in the normal course of business; and provided, further, however, that such Board Packages may be
redacted to preserve the attorney-client or similar privilege or protect attorney work product, to protect highly confidential proprietary information to avoid violation of any confidentiality obligations owed to third parties, or for other similar
reasons or if such redacted material relates to Lender (or Borrower’s strategy regarding the Loans or Lender). 
 5.3
Managerial Assistance from Lender. Permit Lender to substantially participate in, and substantially influence the conduct of management of Borrower through the exercise of “management rights,” as that term is defined in 29 C.F.R.
§ 2510.3-101(d), including without limitation the following rights: 
 (a) Borrower
agrees that (i) it will make its officers, managers, employees and affiliates available at such times as

 

  
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Lender may reasonably request for Lender to consult with and advise as to the conduct of Borrower’s business, its equipment and financing plans, and its financial condition and prospects,
(ii) Lender shall have the right to inspect Borrower’s books, records, facilities and properties at reasonable times during normal business hours on reasonable advance notice, and (iii) Lender shall be entitled to recommend
prospective candidates for election or nomination for election to Borrower’s Board of Managers and Borrower shall give due consideration to (but shall not be bound by) such recommendations, it being the intention of the parties that Lender
shall be entitled through such rights, inter alia, to furnish “significant managerial assistance”, as defined in Section 2(a)(47) of the Investment Company Act of 1940, to Borrower. 

(b) Without limiting the generality of (a) above, if Lender reasonably believes that financial or other developments affecting
Borrower have impaired or are likely to impair Borrower’s ability to perform its obligations under this Agreement, permit Lender reasonable access to Borrower’s management and/or Board of Managers and opportunity to present Lender’s
views with respect to such developments. 
 Lender shall cooperate with Borrower to ensure that the exercise of Lender’s rights shall not disrupt the
business of Borrower. The rights enumerated above shall not be construed as giving Lender control over Borrower’s management or policies. 
 The rights
granted in this Section 5.3 shall terminate upon the earliest to occur of (a) Borrower becoming subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Securities Exchange Act of 1934, as amended,
(b) consummation of a sale of Borrower’s securities pursuant to a registration statement filed by Borrower under the Securities Act of 1933, as amended, in connection with a firm commitment underwritten public offering of Borrower’s
securities, (c) such time as Lender and its affiliates do not own any of the following that were issued by Borrower pursuant to this Agreement: (i) the Notes; (ii) the Warrant; and (iii) the shares acquired pursuant to such
Warrant, and (d) the consummation of a merger or consolidation of Borrower that is effected (i) for independent business reasons unrelated to extinguishing such rights and (ii) for purposes other than (A) the reincorporation of
Borrower in a different state or (B) the formation of a holding company that will be owned exclusively by Borrower’s stockholders and will hold all of the outstanding shares of capital stock of Borrower’s successor.

 5.4 Existence. Maintain and preserve Borrower’s existence, present form of
business, and all rights and privileges the loss of which could reasonably be expected to result in a Material Adverse Effect; and keep all Borrower’s property in good working order and condition, ordinary wear and tear and obsolescence
excepted. 
 5.5 Insurance. Obtain and keep in force insurance in such amounts and types as is usual in the type of business
conducted by Borrower, with insurance carriers having a policyholder rating of not less than “A” and financial category rating of Class VII in “Best’s Insurance Guide,” unless otherwise approved by Lender. Such
insurance policies must be in form and substance reasonably satisfactory to Lender, and shall list Lender as an additional insured or loss payee, as applicable, on endorsement(s) in form reasonably acceptable to Lender. Borrower shall furnish to
Lender such endorsements, and upon Lender’s request, copies of any or all such policies. So long as no Event of Default exists, Lender agrees to remit proceeds of insurance not to exceed $150,000 received by Lender to Borrower and Borrower
shall use such proceeds for the purchase or replacement of the damaged or destroyed Collateral. 
 5.6 Accounting Records.
Maintain adequate books, accounts and records, and prepare all financial statements in accordance with GAAP (except with respect to unaudited financial statements, for the absence of footnotes and subject to normal
year-end audit adjustments), and in compliance with the regulations of any governmental or regulatory authority having jurisdiction over Borrower or Borrower’s business where noncompliance could
reasonably be expected to have a Material Adverse Effect; and permit employees or agents of Lender upon reasonable prior notice and at such reasonable times as Lender may request, at Borrower’s expense (not to exceed $2,500 in any 12-month period unless an Event of Default has occurred and is continuing), to inspect Borrower’s properties, and to examine, review and audit, and make copies and memoranda of Borrower’s books, accounts
and records, provided that such inspections shall not occur more than once per year unless an Event of Default exists. 
 5.7
Compliance with Laws. Comply with all laws (including Environmental Laws), rules, regulations applicable to, and all orders and directives of any governmental or regulatory authority having jurisdiction over, Borrower or Borrower’s
business, and with all material agreements to which Borrower is a party, except where the failure to so comply would not have a Material Adverse Effect.

 

  
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 5.8 Taxes and Other Liabilities. Pay all Borrower’s Indebtedness when due,
except as may be contested in good faith by appropriate proceedings and for which Borrower shall maintain appropriate reserves; pay all federal and all other taxes and other governmental or regulatory assessments (individually or in the aggregate in
excess of $10,000) before delinquency or before any penalty attaches thereto, except as may be contested in good faith by the appropriate procedures and for which Borrower shall maintain appropriate reserves; and timely file all federal and all
other required material tax returns (subject to any applicable extensions). 
 5.9 Special Collateral Covenants. 

(a) Maintenance of Collateral; Inspection. Do all things reasonably necessary to maintain, preserve, protect and keep all
Collateral in good working order and salable condition, ordinary wear and tear excepted, deal with the Collateral in all commercially reasonable ways as are considered good practice by owners of like property, and use the Collateral lawfully and, to
the extent applicable, only as permitted by Borrower’s insurance policies. Maintain, or cause to be maintained, complete and accurate Records, in all material respects, relating to the Collateral. Upon reasonable prior notice at reasonable
times during normal business hours (but in no case more than once per year if no Event of Default has occurred and is continuing), Borrower hereby authorizes Lender’s officers, employees, representatives and agents to inspect the Collateral and
to discuss the Collateral and the Records relating thereto with Borrower’s officers and employees, and, in the case of any Right to Payment during the continuance of an Event of Default, after consultation with Borrower, with any Person which
is or may be obligated thereon. 
 (b) Documents of Title. Not sign or authorize the signing of any financing statement or
other document naming Borrower as debtor or obligor, or acquiesce or cooperate in the issuance of any bill of lading, warehouse receipt or other document or instrument of title with respect to any Collateral, except those negotiated to Lender, or
those naming Lender as secured party, or if solely to create, perfect or maintain a Permitted Lien. 
 (c) Change in Location or
Name. Without at least 10 days’ prior written notice to Lender: (a) not relocate any Collateral (other than (i) moveable

 
property such as laptop computers and (ii) other Collateral with a book value less than $100,000) or Records, its chief executive office, or establish a place of business at a location other
than as specified in the Supplement; and (b) not change its name, mailing address, location of Collateral (other than (i) moveable property such as laptop computers and (ii) other Collateral with a book value less than $100,000),
jurisdiction of formation or its legal structure. 
 (d) Decals, Markings. At the request of Lender, if an Event of Default
exists, firmly affix a decal, stencil or other marking to designated items of Equipment, indicating thereon the security interest of Lender. 

(e) Agreement with Persons in Possession of Collateral. Use its commercially reasonable efforts to obtain and maintain such
acknowledgments, consents, waivers and agreements (each a “Waiver”) from the owner, operator, lienholder, mortgagee, landlord or any Person in possession of tangible Collateral (other than (i) items of moveable property
such as laptop computers and (ii) other Collateral with a book value less than $100,000 per location) as Lender may require, all in form and substance reasonably satisfactory to Lender. In addition, Lender shall have the right to require
Borrower to use its commercially reasonable efforts to provide Lender with a Waiver for any Collateral that is located in a jurisdiction that provides for statutory landlord’s Liens and for any location at which the Person in possession of such
Collateral has a Lien thereon. Notwithstanding anything to the contrary in this Section 5.9(e), Borrower and Lender acknowledge and agree that all material Intellectual Property and Records that are maintained on items of Collateral for which
Borrower is unable to provide a Waiver also shall be maintained or backed up in a manner sufficient that Lender shall be able to have access to such Intellectual Property and Records in accordance with the exercise of Lender’s rights hereunder.

 (f) Certain Agreements on Rights to Payment. Other than in the ordinary course of business, not make any material
discount, credit, rebate or other reduction in the original amount owing on a Right to Payment or accept in satisfaction of a Right to Payment less than the original amount thereof. 

5.10 Authorization for Automated Clearinghouse Funds Transfer. (i) Authorize Lender to initiate debit entries to
Borrower’s Primary Operating Account, specified in the Supplement hereto, through Automated Clearinghouse (“ACH”) transfers, in order to satisfy the regularly scheduled payments of

 

  
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principal and interest; (ii) provide Lender at least twenty (20) days’ notice of any change in Borrower’s Primary Operating Account; and (iii) grant Lender any additional
authorizations necessary to begin ACH debits from a new account which becomes the Primary Operating Account. 
 5.11
Anti-Corruption Laws. Provide true, accurate and complete information, in all material respects, in all product orders, reimbursement requests and other communications relating to Borrower and its products. 

ARTICLE 6 - NEGATIVE COVENANTS 
 During
the term of this Agreement and until the performance of all Obligations (other than inchoate indemnity obligations), Borrower will not: 

6.1 Indebtedness. Be indebted for borrowed money, the deferred purchase price of property, or leases which would be capitalized
in accordance with GAAP; or become liable as a surety, guarantor, accommodation party or otherwise for or upon any obligation with respect to any of the foregoing of any other Person, except: 

(a) Indebtedness incurred for the acquisition of supplies, inventory or other property or services on normal trade credit; 

(b) Indebtedness incurred or assumed pursuant to one or more transactions permitted under Section 6.4; 

(c) Indebtedness of Borrower under this Agreement; 

(d) Subordinated Debt; 

(e) any Indebtedness approved by Lender prior to the Closing Date as shown on Schedule 6.1; 

(f) Indebtedness secured by a lien described in clause (c) of the defined term “Permitted Liens” not to exceed
$100,000 in aggregate principal amount outstanding at any time; 
 (g) Any Indebtedness arising from the endorsement of instruments
in the ordinary course of business; 
 (h) Indebtedness incurred under corporate credit cards not to exceed $100,000 in aggregate
principal amount outstanding at any time; 

 (i) guaranties and similar surety obligations in respect of Indebtedness permitted
under this Section 6.1; 
 (j) Indebtedness of Borrower to any Subsidiary or to Incube Labs, LLC; provided the same is
Subordinated Debt; 
 (k) Other indebtedness in an aggregate principal amount not to exceed $150,000 outstanding at any time; and

 (l) extensions, refinancings, modifications, amendments and restatements, and renewals of any of the foregoing; provided that
the principal amount thereof is not increased. 
 6.2 Liens. Create, incur, assume or permit to exist any Lien, or grant any
other Person a negative pledge that limits, restricts or prohibits the granting of any lien on Borrower’s property in favor of Lender, on any of Borrower’s property, except, in each case, for Permitted Liens and any negative pledge in
respect of any asset subject to a Lien permitted by clause (c) of the definition of Permitted Liens. Borrower and Lender agree that this covenant is not intended to constitute a lien, deed of trust, equitable mortgage, or security interest of
any kind on any of Borrower’s real property, and this Agreement shall not be recorded or recordable. Notwithstanding the foregoing, however, violation of this covenant by Borrower shall constitute an Event of Default. 

6.3 Dividends. Except after a Qualified Public Offering, pay any dividends or purchase, redeem or otherwise acquire or make
any other distribution with respect to any of Borrower’s capital stock, except (a) dividends or other distributions solely of capital stock of Borrower, (b) so long as no Event of Default has occurred and is continuing, repurchases of
stock from employees, managers, consultants or contractors upon termination of employment or services under reverse vesting or similar repurchase plans not to exceed $100,000 in any calendar year, (c) the conversion of Borrower’s
convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof and payments of cash in lieu of the issuance of fractional shares in connection with the conversion or exercise of
convertible securities, (d) the purchase, redemption or other acquisition of shares of Borrower’s capital stock with the proceeds received from a substantially concurrent issue of new shares of its capital stock and (e) tax
distributions to the holders of Borrower’s membership interests , in an amount not greater than the amounts required to be paid by Borrower pursuant to Section 10.2

 

  
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of the Third Amended and Restated Limited Liability Company Agreement of Borrower, dated as of August 24, 2017, as in effect on the date hereof, and as may be amended, restated, supplemented
or otherwise modified from time to time so long as such amendment, restatement, supplement or other modification would not result in an increase to the amount of tax distributions required to be paid thereunder. 

6.4 Fundamental Changes. (a) Liquidate or dissolve; (b) consummate, or permit any of Borrower’s Subsidiaries to
consummate, any Change of Control; or (c) acquire, or permit any of Borrower’s Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, unless such acquisition is permitted pursuant to
Section 6.14(a). Notwithstanding anything to the contrary in this Section 6.4, Borrower may consummate a transaction that will constitute a Change of Control so long as: (i) the Person that results from such Change of Control (the
“Surviving Entity”) shall have executed and delivered to Lender an agreement in form and substance reasonably satisfactory to Lender, containing an assumption by the Surviving Entity of the due and punctual payment and
performance of all Obligations and performance and observance of each covenant and condition of Borrower in the Loan Documents; (ii) all such obligations of the Surviving Entity to Lender shall be guaranteed by any Person that directly or
indirectly owns or controls 50% or more of the voting stock of the Surviving Entity; (iii) immediately after giving effect to such Change of Control, no Event of Default or, event which with the lapse of time or giving of notice or both, would
result in an Event of Default shall have occurred and be continuing; (iv) the credit risk to Lender, in its sole discretion, with respect to the Obligations and the Collateral shall not be increased; and (v) Borrower shall have provided to
Lender notice of any Change in Control transaction no later than ten (10) days after entering into such transaction. In determining whether the proposed Change of Control would result in an increased credit risk, Lender may consider, among
other things, changes in Borrower’s management team, employee base, access to equity markets, venture capital support, financial position and/or disposition of intellectual property rights which may reasonably be anticipated as a result of the
Change of Control. In addition, (i) a Subsidiary may merge or consolidate into another Subsidiary and (ii) Borrower may consolidate or merge with any of Borrower’s Subsidiaries provided that Borrower is the continuing or surviving
Person. 
 6.5 Sales of Assets. Sell, transfer, lease, license or otherwise dispose of (a
“Transfer”) any of Borrower’s assets except (i) non-exclusive licenses of Intellectual

 
Property in the ordinary course of business consistent with industry practice and licenses that may be exclusive in certain respects, such as field of use or specific molecules, and as to
territory but only as to discreet geographical areas outside of the United States of America; provided that, in each case, such licenses of Intellectual Property neither result in a legal transfer of title of the licensed Intellectual Property nor
have the same effect as a sale of such Intellectual Property; (ii) Transfers of worn-out, obsolete or surplus property (each as determined by Borrower in its reasonable judgment); (iii) Transfers of
Inventory in the ordinary course of business; (iv) Transfers constituting Permitted Liens; (v) Transfers permitted in Section 6.3, 6.4, 6.6 or 6.7 hereunder; (vi) Transfers of assets (other than Intellectual Property) for fair
consideration and in the ordinary course of its business and (vii) other Transfers in an aggregate amount not to exceed $150,000 in any fiscal year. 

6.6 Loans/Investments. Make or suffer to exist any loans, advances, or investments (“Investments”),
except: 
 (a) accounts receivable in the ordinary course of Borrower’s business; 

(b) Investments in domestic certificates of deposit issued by, and other domestic investments with, financial institutions organized
under the laws of the United States or a state thereof, having at least One Hundred Million Dollars ($100,000,000) in capital and a rating of at least “investment grade” or “A” by Moody’s or any successor rating agency; 

(c) Investments in marketable obligations of the United States of America and in open market commercial paper given the highest
credit rating by a national credit agency and maturing not more than one year from the creation thereof; 
 (d) temporary advances
to cover incidental expenses to be incurred in the ordinary course of business; 
 (e) Investments in joint ventures, strategic
alliances, licensing and similar arrangements customary in Borrower’s industry and which do not require Borrower to assume or otherwise become liable for the obligations of any third party not directly related to or arising out of such
arrangement or, without the prior written consent of Lender, require Borrower to transfer ownership of non-cash assets to such joint venture or other entity;

 

  
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 (f) Investments in (i) one or more wholly-owned domestic Subsidiaries of Borrower,
so long as in accordance with Section 6.14(a) of this Agreement, each such Person has been made a co-borrower hereunder or has executed and delivered to Lender an agreement, in form and substance
reasonably satisfactory to Lender, containing a guaranty of the Obligations, and (ii) one or more wholly-owned foreign Subsidiaries of Borrower with the prior written consent of Lender; 

(g) Investments approved by Lender prior to the Closing Date as shown on Schedule 6.6; 

(h) Investments accepted in connection with transactions permitted under Section 6.4 or investments accepted in connection with
Transfers permitted by Section 6.5; 
 (i) Investments consisting of deposit accounts; provided Lender has a perfected
security interest therein to the extent required by 6.11; 
 (j) Investments consisting of the endorsement of negotiable
instruments for deposit or collection or similar transactions in the ordinary course of business; 
 (k) non-cash loans approved by Borrower’s Board of Managers to employees, officers or managers relating to the purchase of equity securities of Borrower pursuant to employee stock purchase plans or agreements
approved by Borrower’s Board of Managers, limited to an aggregate total of $250,000 at any time outstanding; 
 (l)
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary
course of Borrower’s business; 
 (m) Investments permitted under Section 6.11; 

(n) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions to, customers and suppliers in
the ordinary course of business; 
 (o) Investments by wholly owned Subsidiaries in other wholly owned Subsidiaries or in Borrower;
and 
 (p) Other investments not otherwise permitted by this Section 6.6 not exceeding $250,000 in any fiscal year.

 6.7 Transactions with Related Persons. Directly or indirectly enter into any
transaction with or for the benefit of a Related Person except for (i) transactions on terms not more favorable to the Related Person than would have been obtainable in an “arms’ length” dealing, (ii) sales of equity
securities by Borrower and incurrence of Subordinated Debt for capital raising purposes, (iii) transactions that have otherwise been disclosed in writing to, and reviewed and approved by, Lender (including on Schedule 6.7 hereto), (iv)
employment and consulting arrangements, including stock options, employee compensation, and severance arrangements in the ordinary course of business, (v) customary reimbursement and indemnity arrangements in the ordinary course of business,
and (vi) Investments permitted under clauses (d), (f), (k) or (o) of Section 6.6. 
 6.8 Other Business.
Engage in any material line of business other than the business Borrower conducts as of the Closing Date and any business substantially similar or related or incidental thereto. 

6.9 Financing Statements and Other Actions. Fail to execute and deliver to Lender all financing statements, notices and other
documents (including, without limitation, any filings with the United States Patent and Trademark Office and the United States Copyright Office) from time to time reasonably requested by Lender to maintain a perfected first priority security
interest in the Collateral in favor of Lender, subject to Permitted Liens; perform such other acts, and execute and deliver to Lender such additional conveyances, assignments, agreements and instruments, as Lender may at any time reasonably request
in connection with the administration and enforcement of this Agreement or Lender’s rights, powers and remedies hereunder. 

6.10 Compliance. Become required to be registered as an “investment company” or controlled by an “investment
company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or
use the proceeds of any Loan for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur, fail to comply in all material respects with the Federal Fair
Labor Standards Act or violate any law or regulation, which noncompliance or violation could reasonably be expected to have a Material Adverse Effect or a material adverse effect on the Collateral or the priority of Lender’s Lien on the
Collateral, or permit any of its subsidiaries to do any of the foregoing. 

 

  
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 6.11 Other Deposit and Securities Accounts. Maintain any Deposit Accounts or
accounts holding securities owned by Borrower except (i) Deposit Accounts and investment/securities accounts as set forth in the Supplement, and (ii) other Deposit Accounts and securities/investment accounts, in each case, with respect to
which Borrower and Lender shall have taken such action as Lender reasonably deems necessary to obtain a perfected first priority security interest therein, subject to Permitted Liens. The provisions of the previous sentence shall not apply to
(i) Deposit Accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and (ii) Deposit Accounts subject to Liens permitted by clause (p) of the
definition of Permitted Liens; in each case of (i) and (ii), as identified to Lender as such (collectively, the “Excluded Accounts”). 

6.12 Prepayment of Indebtedness. Prepay, redeem or otherwise satisfy in any manner prior to the scheduled repayment thereof
any Indebtedness (other than the Loans and Indebtedness permitted by Section 6.1 hereof). Notwithstanding the foregoing, Lender agrees that the conversion or exchange into Borrower’s equity securities of any
Indebtedness (other than the Loans) and the payment of cash in lieu of the issuance of fractional shares upon such conversion or exchange shall not be prohibited by this Section 6.12. 

6.13 Repayment of Subordinated Debt. Repay, prepay, redeem or otherwise satisfy in any manner any Subordinated Debt, except in
accordance with the terms of any subordination agreement among Borrower, Lender and the holder(s) of such Subordinated Debt. Notwithstanding the foregoing, Lender agrees that the conversion or exchange into Borrower’s equity securities of any
Subordinated Debt and the payment of cash in lieu of fractional shares shall not be prohibited by this Section 6.13. 
 6.14
Subsidiaries. 
 (a) Acquire or create any Subsidiary, unless such Subsidiary becomes, at Lender’s option, either a co-borrower hereunder or executes and delivers to Lender one or more agreements, in form and substance reasonably satisfactory to Lender, containing a guaranty of the Obligations that is secured by first priority
Liens on such Person’s assets, subject to Permitted Liens. For clarity, the parties acknowledge and agree that Lender shall have the exclusive right to determine whether any such Person will be made a
co-

 
borrower hereunder or a guarantor of the Obligations. Prior to the acquisition or creation of any such Subsidiary, Borrower shall notify Lender thereof in writing, which notice shall contain the
jurisdiction of such Person’s formation and include a description of such Person’s fully diluted capitalization and Borrower’s purpose for its acquisition or creation of such Subsidiary. 

(b) Sell, transfer, encumber or otherwise dispose of Borrower’s ownership interest in any Subsidiary other than Permitted Liens.

 (c) Cause or permit a Subsidiary to do any of the following: (i) grant Liens on such Subsidiary’s assets, except for
Liens that would constitute Permitted Liens if incurred by Borrower and Liens on any property held or acquired by such Subsidiary in the ordinary course of its business securing Indebtedness incurred or assumed for the purpose of financing all or
any part of the cost of acquiring such property; provided, that such Lien attaches solely to the property acquired with such Indebtedness and that the principal amount of such Indebtedness does not exceed one hundred percent (100%) of the
cost of such property; and (ii) issue any additional Shares, except to Borrower or a wholly owned Subsidiary of Borrower. 

(d) Notwithstanding, and without limiting, any other provision of this Agreement or the Supplement to the contrary, Borrower shall
not invest in or loan to, directly or indirectly, or cause or permit Rani Management to maintain, cash or other assets of a value in excess of $100,000 in the aggregate at any time during the term of this Agreement. 

6.15 Leases. Create, incur, assume, or suffer to exist any obligation as lessee for the rental or hire of any personal
property (“Personal Property Leases”), except for Personal Property Leases of Equipment in the ordinary course of business that do not in the aggregate require Borrower to make payments (including taxes, insurance, maintenance and
similar expenses which Borrower is required to pay under the terms of any such lease) in any calendar year in excess of $250,000 in aggregate amount. For the avoidance of doubt, this Section 6.15 will not be applicable to Indebtedness otherwise
permitted under Section 6.1(f) of this Agreement. 
 6.16 Anti-Corruption Laws. 

(a) Take any action that would cause a violation of any anti-corruption law, including but not limited to, the Foreign Corrupt
Practices Act, the United Kingdom Bribery Act, and all other applicable anti-corruption laws. 

 

  
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 (b) Directly or indirectly, offer, pay, give, promise or authorize the payment of any
money, gift, or anything of value to any person acting in an official capacity for any government department, agency, or instrumentality, including state-owned or controlled companies or entities, and public international organizations, as well as a
political party or official thereof or candidates for political office, in violation of any applicable law. 
 ARTICLE 7 - EVENTS OF DEFAULT 

7.1 Events of Default; Acceleration. Upon the occurrence and during the continuation of any Event of Default, the obligation of Lender
to make any additional Loan shall be suspended. The occurrence and continuation of any of the following (each, an “Event of Default”) shall at the option of Lender (1) make all sums of Basic Interest and principal, as
well as any other Obligations and amounts owing under any Loan Documents, immediately due and payable without notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor or any other notices or demands, and
(2) give Lender the right to exercise any other right or remedy provided by contract or applicable law: 
 (a) Borrower shall
(i) fail to pay when due any principal or interest under this Agreement or any Note, or (ii) fail to pay any fees or other charges when due under any Loan Document (other than any Warrant), and such failure continues for three
(3) Business Days or more after the same first becomes due; or an Event of Default as defined in any other Loan Document shall have occurred. 

(b) Any representation or warranty made, or financial statement, certificate or other document provided, by Borrower under any Loan
Document shall prove to have been false or misleading in any material respect when made or deemed made herein. 
 (c) If there
occurs any circumstance or circumstances that could reasonably be expected to have a Material Adverse Effect. 
 (d) (i) Borrower
shall fail to pay its debts generally as they become due; or (ii) Borrower shall commence any Insolvency Proceeding with respect to itself, an involuntary Insolvency Proceeding shall be filed against Borrower, or a custodian, receiver, trustee,
assignee for the benefit of creditors, or other similar official, shall be appointed to take possession, custody

 
or control of the properties of Borrower, and such involuntary Insolvency Proceeding, petition or appointment is acquiesced to by Borrower or is not dismissed within forty five (45) days; or
(iii) the dissolution, winding up, or termination of the business or cessation of operations of Borrower (including any transaction or series of related transactions deemed to be a liquidation, dissolution or winding up of Borrower pursuant to
the provisions of Borrower’s charter documents); or (iv) Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing. 

(e) Borrower shall be in default beyond any applicable period of grace or cure under any other agreement involving the borrowing of
money, the purchase of property on credit, the advance of credit or any other similar monetary liability to Lender or to any Person that permits such Person to accelerate the payment of such obligations, whether or not exercised, in an amount in
excess of the Threshold Amount. 
 (f) Any governmental or regulatory authority shall take any judicial or administrative action,
or any defined benefit pension plan maintained by Borrower shall have any unfunded liabilities, any of which, in the reasonable judgment of Lender, could reasonably be expected to have a Material Adverse Effect. 

(g) Except as otherwise permitted pursuant to Sections 6.4 or 6.5, any sale, transfer or other disposition of all or any material
part of the assets of Borrower, including without limitation to any trust or similar entity, shall occur. 
 (h) Any judgment(s)
singly or in the aggregate in excess of the Threshold Amount (not covered by independent third party insurance as to which liability has not been rejected by such insurance carrier) shall be entered against Borrower which remain unsatisfied,
unvacated or unstayed pending appeal for twenty (20) or more days after entry thereof. 
 (i) Borrower shall fail to perform
or observe any covenant contained in Article 6 of this Agreement. 
 (j) Borrower shall fail to perform or observe any covenant
contained in Article 5 or elsewhere in this Agreement or any other Loan Document (other than a covenant which is dealt with specifically elsewhere in this Article 7 and other than any covenant under the Warrants) and, if capable of being cured, the
breach of such covenant is not cured within 10 days after the sooner to occur of Borrower’s receipt of notice of such breach from Lender or the date on which such breach first becomes known to any officer of Borrower (the

 

  
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“Notice Date”); provided, however that if such breach is not capable of being cured within such 10-day period and Borrower
timely notifies Lender of such fact and Borrower diligently pursues such cure, then the cure period shall be extended to the date requested in Borrower’s notice but in no event more than 30 days from the Notice Date; provided,
further, that such 30-day opportunity to cure shall not apply in the case of any failure to perform or observe any covenant which has been the subject of a prior failure within the preceding 180 days or
which is a willful and knowing breach by Borrower. 
 7.2 Remedies upon Default. Upon the occurrence and during the
continuance of an Event of Default, Lender shall be entitled to, at its option, exercise any or all of the rights and remedies available to a secured party under the UCC or any other applicable law, and exercise any or all of its rights and remedies
provided for in this Agreement and in any other Loan Document. The obligations of Borrower under this Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any Obligations is rescinded or must
otherwise be returned by Lender upon, on account of, or in connection with, the insolvency, bankruptcy or reorganization of Borrower or otherwise, all as though such payment had not been made. 

7.3 Sale of Collateral. Upon the occurrence and during the continuance of an Event of Default, Lender may sell all or any part
of the Collateral, at public or private sales, to itself, a wholesaler, retailer or investor, for cash, upon credit or for future delivery, and at such price or prices as Lender may deem commercially reasonable. To the extent permitted by law,
Borrower hereby specifically waives all rights of redemption and any rights of stay or appraisal which it has or may have under any applicable law in effect from time to time. Any such public or private sales shall be held at such times and at such
place(s) as Lender may determine. In case of the sale of all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained by Lender until the selling price is paid by the purchaser, but Lender shall not
incur any liability in case of the failure of such purchaser to pay for the Collateral and, in case of any such failure, such Collateral may be resold. Lender may, instead of exercising its power of sale, proceed to enforce its security interest in
the Collateral by seeking a judgment or decree of a court of competent jurisdiction. Without limiting the generality of the foregoing, if an Event of Default is in existence, 

(1) Subject to the rights of any third parties, Lender may license, or sublicense, whether general,

 
special or otherwise, and whether on an exclusive or non-exclusive basis, any Copyrights, Patents or Trademarks included in the Collateral throughout the
world for such term or terms, on such conditions and in such manner as Lender shall in its sole discretion determine; 
 (2) Lender may
(without assuming any obligations or liability thereunder), at any time and from time to time, enforce (and shall have the exclusive right to enforce) against any licensee or sublicensee all rights and remedies of Borrower in, to and under any
Copyright Licenses, Patent Licenses or Trademark Licenses and take or refrain from taking any action under any thereof, and Borrower hereby releases Lender from, and agrees to hold Lender free and harmless from and against any claims arising out of,
any lawful action so taken or omitted to be taken with respect thereto other than claims arising out of Lender’s gross negligence or willful misconduct; and 

(3) Upon request by Lender, Borrower will execute and deliver to Lender a power of attorney, in form and substance reasonably satisfactory
to Lender for the implementation of any lease, assignment, license, sublicense, grant of option, sale or other disposition of a Copyright, Patent or Trademark. In the event of any such disposition pursuant to this clause 3, Borrower shall
supply its know-how and expertise relating to the products or services made or rendered in connection with Patents, the manufacture and sale of the products bearing Trademarks, and its customer lists and other
records relating to such Copyrights, Patents or Trademarks and to the distribution of said products, to Lender. 
 (4) If, at any time
when Lender shall determine to exercise its right to sell the whole or any part of the Shares hereunder, such Shares or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act (or any
similar statute), then Lender may, in its discretion (subject only to applicable requirements of law), sell such Shares or part thereof by private sale in such manner and under such circumstances as Lender may deem necessary or advisable, but
subject to the other requirements of this Article 7, and shall not be required to effect such registration or to cause the same to be effected. Without limiting the generality of the foregoing, in any such event, Lender in its discretion may
(i) in accordance with applicable securities laws proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Shares or part thereof could be or shall have been filed under the Securities
Act (or similar statute), (ii) approach and negotiate with a single possible purchaser

 

  
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to effect such sale, and (iii) restrict such sale to a purchaser who is an accredited investor under the Securities Act and who will represent and agree that such purchaser is purchasing for
its own account, for investment and not with a view to the distribution or sale of such Shares or any part thereof. In addition to a private sale as provided above in this Article 7, if any of the Shares shall not be freely distributable to
the public without registration under the Securities Act (or similar statute) at the time of any proposed sale pursuant to this Article 7, then Lender shall not be required to effect such registration or cause the same to be effected but, in
its discretion (subject only to applicable requirements of law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions: 

(A) as to the financial sophistication and ability of any Person permitted to bid or purchase at any such sale; 

(B) as to the content of legends to be placed upon any certificates representing the Shares sold in such sale, including restrictions on
future transfer thereof; 
 (C) as to the representations required to be made by each Person bidding or purchasing at such sale relating to
such Person’s access to financial information about Borrower or any of its Subsidiaries and such Person’s intentions as to the holding of the Shares so sold for investment for its own account and not with a view to the distribution
thereof; and 
 (D) as to such other matters as Lender may, in its discretion, deem necessary or appropriate in order that such sale
(notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the Securities Act and all applicable state securities laws. 

(5) Borrower recognizes that Lender may be unable to effect a public sale of any or all the Shares and may be compelled to resort to one or
more private sales thereof in accordance with clause (4) above. Borrower also acknowledges that any such private sale may result in prices and other terms less favorable to

 
the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable
manner solely by virtue of such sale being private. Lender shall be under no obligation to delay a sale of any of the Shares for the period of time necessary to permit the applicable Subsidiary to register such securities for public sale under the
Securities Act, or under applicable state securities laws, even if Borrower and/or the Subsidiary would agree to do so. 
 7.4
Borrower’s Obligations upon Default. Upon the request of Lender after the occurrence and during the continuance of an Event of Default, Borrower will: 

(a) Assemble and make available to Lender the Collateral at such place(s) as Lender shall reasonably designate, segregating all
Collateral so that each item is capable of identification; and 
 (b) Subject to the rights of any lessor, permit Lender, by
Lender’s officers, employees, agents and representatives, to enter any premises where any Collateral is located, to take possession of the Collateral, to complete the processing, manufacture or repair of any Collateral, and to remove the
Collateral, or to conduct any public or private sale of the Collateral, all without any liability of Lender for rent or other compensation for the use of Borrower’s premises. 

ARTICLE 8 - SPECIAL COLLATERAL PROVISIONS 

8.1 Compromise and Collection. Borrower and Lender recognize that setoffs, counterclaims, defenses and other claims may be
asserted by obligors with respect to certain of the Rights to Payment; that certain of the Rights to Payment may be or become uncollectible in whole or in part; and that the expense and probability of success of litigating a disputed Right to
Payment may exceed the amount that reasonably may be expected to be recovered with respect to such Right to Payment. Borrower hereby authorizes Lender, after and during the continuance of an Event of Default, to compromise with the obligor, accept
in full payment of any Right to Payment such amount as Lender shall negotiate with the obligor, or abandon any Right to Payment. Any such action by Lender shall be considered commercially reasonable so long as Lender acts in good faith based on
information known to it at the time it takes any such action. 
 8.2 Performance of Borrower’s Obligations. Without
having any obligation to do so, upon 

 

  
 16 

 
reasonable prior notice to Borrower, Lender may perform or pay any obligation which Borrower has agreed to perform or pay under this Agreement (but has failed timely to perform or pay),
including, without limitation, the payment or discharge of taxes or Liens levied or placed on or threatened against the Collateral. In so performing or paying, Lender shall determine the action to be taken and the amount necessary to discharge such
obligations. Borrower shall reimburse Lender on demand for any amounts paid by Lender pursuant to this Section, which amounts shall constitute Obligations secured by the Collateral and shall bear interest from the date of demand at the Default Rate.

 8.3 Power of Attorney. For the purpose of protecting and preserving the Collateral and Lender’s rights under this
Agreement, Borrower hereby irrevocably appoints Lender, with full power of substitution, as its attorney in fact with full power and authority, after the occurrence and during the continuance of an Event of Default, to do any act which Borrower is
obligated to do hereunder; to exercise such rights with respect to the Collateral as Borrower might exercise; to use such Inventory, Equipment, Fixtures or other property as Borrower might use; to enter Borrower’s premises; to give notice of
Lender’s security interest in, and to collect the Collateral; and before or after Default, to the extent that Borrower has failed to do so after Lender’s request (unless an Event of Default has occurred), to execute and file in
Borrower’s name any financing statements, amendments and continuation statements, account control agreements or other Security Documents necessary or desirable to create, maintain, perfect or continue the perfection of Lender’s security
interests in the Collateral. Borrower hereby ratifies all that Lender shall lawfully do or cause to be done by virtue of this appointment. 

8.4 Authorization for Lender to Take Certain Action. The power of attorney created in Section 8.3 is a power coupled with
an interest and shall be irrevocable. The powers conferred on Lender hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon Lender to exercise such powers. Lender shall be accountable only for amounts that
it actually receives as a result of the exercise of such powers and in no event shall Lender or any of its directors, officers, employees, agents or representatives be responsible to Borrower for any act or failure to act, except for gross
negligence or willful misconduct. After the occurrence and during the continuance of an Event of Default, Lender may exercise this power of attorney without notice to or assent of Borrower, in the name of Borrower, or in Lender’s own name, from
time to time in Lender’s sole

 
discretion and at Borrower’s expense. To further carry out the terms of this Agreement, after the occurrence and during the continuance of an Event of Default, Lender may: 

(a) Execute any statements or documents or take possession of, and endorse and collect and receive delivery or payment of, any checks,
drafts, notes, acceptances or other instruments and documents constituting Collateral, or constituting the payment of amounts due and to become due or any performance to be rendered with respect to the Collateral. 

(b) Sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts; drafts, certificates and
statements under any commercial or standby letter of credit relating to Collateral; assignments, verifications and notices in connection with Accounts; or any other documents relating to the Collateral, including without limitation the Records. 

(c) Use or operate Collateral or any other property of Borrower for the purpose of preserving or liquidating Collateral. 

(d) File any claim or take any other action or proceeding in any court of law or equity or as otherwise deemed appropriate by Lender
for the purpose of collecting any and all monies due or securing any performance to be rendered with respect to the Collateral. 

(e) Commence, prosecute or defend any suits, actions or proceedings or as otherwise deemed appropriate by Lender for the purpose of
protecting or collecting the Collateral. In furtherance of this right, upon the occurrence and during the continuance of an Event of Default, Lender may apply for the appointment of a receiver or similar official to operate Borrower’s business.

 (f) Prepare, adjust, execute, deliver and receive payment under insurance claims, and collect and receive payment of and endorse
any instrument in payment of loss or returned premiums or any other insurance refund or return, and apply such amounts at Lender’s sole discretion, toward repayment of the Obligations or replacement of the Collateral. 

8.5 Application of Proceeds. Any Proceeds and other monies or property received by Lender pursuant to the terms of this
Agreement or any Loan Document may be applied by Lender first to the payment of expenses of collection, including without limitation reasonable attorneys’ fees, and then to the payment of the Obligations in such order of application as Lender
may elect. 

 

  
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 8.6 Deficiency. If the Proceeds of any disposition of the Collateral are
insufficient to cover all costs and expenses of such sale and the payment in full of all the Obligations, plus all other sums required to be expended or distributed by Lender, then Borrower shall be liable for any such deficiency. 

8.7 Lender Transfer. Upon the transfer of all or any part of the Obligations, Lender may transfer all or part of the
Collateral and shall be fully discharged thereafter from all liability and responsibility with respect to such Collateral so transferred, and the transferee shall be vested with all the rights and powers of Lender hereunder with respect to such
Collateral so transferred, but with respect to any Collateral not so transferred, Lender shall retain all rights and powers hereby given. 

8.8 Lender’s Duties. 

(a) Lender shall use reasonable care in the custody and preservation of any Collateral in its possession. Without limitation on other
conduct which may be considered the exercise of reasonable care, Lender shall be deemed to have exercised reasonable care in the custody and preservation of such Collateral if such Collateral is accorded treatment substantially equal to that which
Lender accords its own property, it being understood that Lender shall not have any responsibility for ascertaining or taking action with respect to calls, conversions, exchanges, maturities, declining value, tenders or other matters relative to any
Collateral, regardless of whether Lender has or is deemed to have knowledge of such matters; or taking any necessary steps to preserve any rights against any Person with respect to any Collateral. Under no circumstances shall Lender be responsible
for any injury or loss to the Collateral, or any part thereof, arising from any cause beyond the reasonable control of Lender. 

(b) Lender may at any time deliver the Collateral or any part thereof to Borrower and the receipt of Borrower shall be a complete and
full acquittance for the Collateral so delivered, and Lender shall thereafter be discharged from any liability or responsibility therefor. 

(c) Neither Lender, nor any of its directors, officers, employees, agents, attorneys or any other person affiliated with or
representing Lender shall be liable for any claims, demands, losses or damages, of any kind whatsoever, made, claimed, incurred or

 
suffered by Borrower or any other party through the ordinary negligence of Lender, or any of its directors, officers, employees, agents, attorneys or any other person affiliated with or
representing Lender. 
 8.9 Termination of Security Interests and Loan Documents. Upon the payment in full of the
Obligations (other than inchoate indemnity obligations) and satisfaction of all Borrower’s obligations (other than inchoate indemnity obligations) under this Agreement and the other Loan Documents (other than any Warrant), and if Lender has no
further obligations under its Commitment, the security interest granted hereby shall terminate, all rights to the Collateral shall revert to Borrower and this Agreement and the other Loan Documents shall terminate; provided that (i) those
obligations, liabilities, covenants and terms that are expressly specified herein and in any other Loan Document as surviving that respective agreement’s termination, including without limitation, Borrower’s indemnity obligations set forth
in this Agreement, shall continue to survive notwithstanding anything to the contrary set forth herein, and (ii) nothing set forth herein shall affect or be deemed to affect those obligations, liabilities, covenants and terms set forth in any
warrant instrument issued to Lender’s parent company or set forth in any other equity securities or convertible debt securities of Borrower acquired by Lender in connection with this Agreement. Upon any such termination, Lender shall return all
Collateral in its possession or control to Borrower and, at Borrower’s expense, execute and deliver to Borrower such documents as Borrower shall reasonably request to evidence such termination. In connection therewith, upon Lender’s
request, Borrower agrees to provide Lender with such information as may be reasonably requested by Lender as to whether the securities issuable upon the exercise of any Warrant issued in connection with this Agreement constitute “qualified
small business stock” for purposes of Section 1202(c) of the Internal Revenue Code and Section 18152.5 of the California Revenue and Taxation Code. 

ARTICLE 9 - GENERAL PROVISIONS 

9.1 Notices. Any notice given by any party under any Loan Document shall be in writing and personally delivered, sent by
overnight courier, or United States mail, postage prepaid, or sent by facsimile, or other authenticated message, charges prepaid, to the other party’s or parties’ addresses shown on the Supplement. Each party may change the address or
facsimile number to which notices, requests and other communications are to be sent by giving written notice of such change to each other party. Notice given by hand delivery shall be deemed received on the date

 

  
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delivered; if sent by overnight courier, on the next Business Day after delivery to the courier service; if by first class mail, on the third Business Day after deposit in the U.S. Mail; and if
by facsimile, on the date of transmission. 
 9.2 Binding Effect. The Loan Documents shall be binding upon and inure to the
benefit of Borrower and Lender and their respective successors and assigns; provided, however, that Borrower may not assign or transfer Borrower’s rights or obligations under any Loan Document. Lender reserves the right to sell, assign,
transfer, negotiate or grant participations in all or any part of, or any interest in, Lender’s rights and obligations under the Loan Documents provided that, so long as no Event of Default has occurred and is continuing, Lender shall not
assign any of such rights or obligations to any competitor of Borrower. In connection with any of the foregoing, Lender may disclose all documents and information which Lender now or hereafter may have relating to the Loans, Borrower, or its
business, provided that any Person who receives such information shall have agreed in writing in advance to maintain the confidentiality of such information on terms no less favorable to Borrower than are set forth in Section 9.13 hereof. 

9.3 No Waiver. Any waiver, consent or approval by Lender of any Event of Default or breach of any provision, condition, or
covenant of any Loan Document must be in writing and shall be effective only to the extent set forth in writing. No waiver of any breach or default shall be deemed a waiver of any later breach or default of the same or any other provision of any
Loan Document. No failure or delay on the part of Lender in exercising any power, right, or privilege under any Loan Document shall operate as a waiver thereof, and no single or partial exercise of any such power, right, or privilege shall preclude
any further exercise thereof or the exercise of any other power, right or privilege. Lender has the right at its sole option to continue to accept interest and/or principal payments due under the Loan Documents after default, and such acceptance
shall not constitute a waiver of said default or an extension of the maturity of any Loan unless Lender agrees otherwise in writing. 

9.4 Rights Cumulative. All rights and remedies existing under the Loan Documents are cumulative to, and not exclusive of, any
other rights or remedies available under contract or applicable law. 
 9.5 Unenforceable Provisions. Any provision of any
Loan Document executed by Borrower which is prohibited or unenforceable in any jurisdiction, shall be so only as to such jurisdiction and only to the extent of such prohibition or unenforceability, but all the remaining provisions of any such Loan
Document shall remain valid and enforceable. 

 9.6 Accounting Terms. Except as otherwise provided in this Agreement, accounting
terms and financial covenants and information shall be determined and prepared in accordance with GAAP (except for (i) non-compliance with FAS 123R in monthly reporting and (ii) with respect to
unaudited financial statements for the absence of footnotes and subject to year-end audit adjustments, provided that if at any time any change in GAAP would affect the computation of any covenant requirement
set forth in any of the Loan Documents, and either Borrower or Lender shall so request, Borrower and Lender shall negotiate in good faith to amend such ratio or covenant requirement to preserve the original intent thereof in light of such change in
GAAP; provided, further, that, until so amended, such covenant requirement shall continue to be computed in accordance with GAAP prior to such change therein.) Notwithstanding the foregoing, any obligations of a Person that are or would have been
treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating
leases for purposes of all financial definitions, calculations and covenants for purpose of this Agreement (other than for purposes of the delivery of financial statements prepared in accordance with GAAP) whether or not such operating lease
obligations were in effect on such date, notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as capitalized lease obligations in accordance with
GAAP. 
 9.7 Indemnification; Exculpation. Borrower shall pay and protect, defend and indemnify Lender and Lender’s employees,
officers, directors, shareholders, affiliates, correspondents, agents and representatives (other than Lender, collectively “Agents”) against, and hold Lender and each such Agent harmless from, all claims, actions, proceedings, liabilities,
damages, losses, expenses (including, without limitation, attorneys’ fees and costs) and other amounts incurred by Lender and each such Agent, arising from (i) the matters contemplated by this Agreement or any other Loan Documents,
(ii) any dispute between Borrower and a third party, or (iii) any contention that Borrower has failed to comply with any law, rule, regulation, order or directive applicable to Borrower’s business; provided, however, that this
indemnification shall not apply to any of the foregoing to the extent incurred as the result of Lender’s or any Agent’s gross negligence or willful misconduct. This indemnification shall survive the payment and satisfaction of all of
Borrower’s Obligations to Lender. 

 

  
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 9.8 Reimbursement. Borrower shall reimburse Lender for all costs and expenses,
including without limitation reasonable attorneys’ fees and disbursements expended or incurred by Lender in any arbitration, mediation, judicial reference, legal action or otherwise in connection with (a) the preparation and negotiation of
the Loan Documents, (b) the amendment and enforcement of the Loan Documents, including without limitation during any workout, attempted workout, and/or in connection with the rendering of legal advice as to Lender’s rights, remedies and
obligations under the Loan Documents, (c) collecting any sum which becomes due Lender under any Loan Document, (d) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal, or (e) the protection,
preservation or enforcement of any rights of Lender. For the purposes of this section, attorneys’ fees shall include, without limitation, fees incurred in connection with the following: (1) contempt proceedings; (2) discovery; (3) any
motion, proceeding or other activity of any kind in connection with an Insolvency Proceeding; (4) garnishment, levy, and debtor and third party examinations; and (5) postjudgment motions and proceedings of any kind, including without
limitation any activity taken to collect or enforce any judgment. All of the foregoing costs and expenses shall be payable upon demand by Lender, and if not paid within forty-five (45) days of presentation of invoices shall bear interest at the
Default Rate. 
 9.9 Execution in Counterparts; Electronic Signatures. This Agreement and the other Loan Documents may be
executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This Agreement and each of the other Loan Documents may be executed by electronic signatures.
Borrower and Lender expressly agree to conduct the transactions contemplated by this Agreement and the other Loan Documents by electronic means (including, without limitation, with respect to the execution, delivery, storage and transfer of this
Agreement and each of the other Loan Documents by electronic means and to the enforceability of electronic Loan Documents). Delivery of an executed signature page to this Agreement and each of the other Loan Documents by facsimile or other
electronic mail transmission (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall be effective as delivery of a manually executed counterpart hereof and thereof, as

 
applicable. The words “execution,” “signed,” “signature” and words of like import herein shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 
 9.10 Entire
Agreement. The Loan Documentsare intended by the parties as the final expression of their agreement and therefore contain the entire agreement between the parties and supersede all prior understandings or agreements concerning the subject matter
hereof. This Agreement may be amended only in a writing signed by Borrower and Lender. 
 9.11 Governing Law and
Jurisdiction. 
 (a) THIS AGREEMENT AND THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF CALIFORNIA. 
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF BORROWER AND LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF BORROWER AND LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. BORROWER AND LENDER EACH WAIVE PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR
OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY CALIFORNIA LAW. 
 9.12 Waiver of Jury Trial. TO THE EXTENT
NOT PROHIBITED BY APPLICABLE LAW, 

 

  
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BORROWER AND LENDER EACH WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR
OTHERWISE. BORROWER AND LENDER EACH AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY
OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEMS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

9.13 Confidentiality. Lender agrees to hold in confidence all confidential information that it receives from Borrower pursuant
to the Loan Documents, except for disclosure as shall be reasonably required and, in each case, subject to the same confidentiality obligations set forth herein: (a) to legal counsel and accountants for Lender; (b) to other professional
advisors to Lender (to the extent that such professional advisors are subject to the same obligations of confidentiality as set forth herein); (c) to regulatory officials having jurisdiction over Lender to the extent required by law;
(d) to Lender’s investors and prospective investors (to the extent that such investors or prospective investors are subject to the same confidentiality obligation set forth herein), and in Lender’s SEC filings as required by law, but
only to the extent such disclosure is required under applicable law; (e) as required by law or legal process or in connection with any legal proceeding to which Lender and Borrower are adverse parties; (f) in connection with a disposition
or proposed disposition of any or all of Lender’s rights hereunder to any assignee or participant (to the extent that any transferee or proposed transferee is subject to the same confidentiality obligation set forth herein); (g) to
Lender’s subsidiaries or Affiliates

 
in connection with their business with Borrower (subject to the same confidentiality obligation set forth herein); (h) as required by valid order of a court of competent jurisdiction,
administrative agency or governmental body, or by any applicable law, rule, regulation, subpoena, or any other administrative or legal process, or by applicable regulatory or professional standards, including in connection with any judicial or other
proceeding involving Lender relating to this Agreement and the transactions contemplated hereby; and (i) as required in connection with Lender’s examination or audit. For purposes of this section, Lender and Borrower agree that
“confidential information” shall mean any information regarding or relating to Borrower other than: (i) information which is or becomes generally available to the public other than as result of a disclosure by Lender in violation of
this section, (ii) information which becomes available to Lender from any other source (other than Borrower) which Lender does not know is bound by a confidentiality agreement with respect to the information made available, and
(iii) information that Lender knows on a non-confidential basis prior to Borrower disclosing it to Lender. In addition, Borrower agrees that Lender may use Borrower’s name, logo and/or trademark in
connection with certain promotional materials that Lender may disseminate to the public, including, but are not limited to, brochures, internet website, press releases and any other materials relating to the fact that Lender has a financing
relationship with Borrower. 
 ARTICLE 10 - - DEFINITIONS 

The definitions appearing in this Agreement or any Supplement shall be applicable to both the singular and plural forms of the defined terms:

 “Account” means any “account,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in
which Borrower now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all accounts receivable, book debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper,
Documents or Instruments) now owned or hereafter received or acquired by or belonging or owing to Borrower (including, without limitation, under any trade name, style or division thereof) whether arising out of goods sold or services rendered by
Borrower or from any other transaction, whether or not the same involves the sale of goods or services by Borrower (including, without limitation, any such obligation that may be characterized as an account or contract right under the UCC) and all
of Borrower’s rights in, to and under all purchase orders or receipts now owned or

 

  
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hereafter acquired by it for goods or services, and all of Borrower’s rights to any goods represented by any of the foregoing (including, without limitation, unpaid seller’s rights of
rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods), and all monies due or to become due to Borrower under all purchase orders and contracts for the sale of goods or the performance of
services or both by Borrower or in connection with any other transaction (whether or not yet earned by performance on the part of Borrower), now in existence or hereafter occurring, including, without limitation, the right to receive the proceeds of
said purchase orders and contracts, and all collateral security and guarantees of any kind given by any Person with respect to any of the foregoing. 

“Affiliate” means any Person which directly or indirectly controls, is controlled by, or is under common control with Borrower.
“Control,” “controlled by” and “under common control with” mean direct or indirect possession of the power to direct or cause the direction of management or policies (whether through ownership of voting securities, by
contract or otherwise); provided, that control shall be conclusively presumed when any Person or affiliated group directly or indirectly owns ten percent (10%) or more of the securities having ordinary voting power for the election of directors of a
corporation. 
 “Agreement” means this Loan and Security Agreement and each Supplement thereto, as each may be amended or
supplemented from time to time. 
 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et
seq.), as amended. 
 “Basic Interest” means the rate of interest payable on the outstanding balance of each Loan at the
applicable Designated Rate. 
 “Borrowing Date” means the Business Day on which the proceeds of a Loan are disbursed by Lender. 

“Borrowing Request” means a written request from Borrower in substantially the form of Exhibit “B” to the Supplement,
requesting the funding of one or more Loans on a particular Borrowing Date. 
 “Business Day” means any day other than a Saturday,
Sunday or other day on which commercial banks in New York City or San Francisco are authorized or required by law to close.

 “Change of Control” means: (a) any sale, license, or other disposition of all or
substantially all of the assets of Borrower; (b) any consolidation, merger or other combination involving Borrower; or (c) any transaction or series of related transactions in which any Person or two or more Persons acting in concert (in
each case, other than InCube Labs, LLC and its affiliates) shall have acquired by contract or otherwise, the power to control the management of Borrower, or to control the equity interests of Borrower entitled to vote for members of the Board of
Managers or equivalent governing body of Borrower on a fully-diluted basis (and taking into account all such securities that such Person or Persons have the right to acquire pursuant to any option right) representing 50% or more of the combined
voting power of such securities (other than in connection with a Qualified Public Offering or a sale to recognized venture capital investors in a transaction or series of transactions effected by Borrower for financing purposes, so long as Borrower
identifies to Lender the venture capital investors prior to the closing of the transaction and provides Lender with a description of the material terms of such transaction). 

“Chattel Paper” means any “chattel paper,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest. 
 “Closing Date” means the date of this Agreement. 

“Collateral” means (I) prior to a Qualified Public Offering, the assets described on Annex I attached hereto; and (II) from
and after a Qualified Public Offering, the assets described on Annex II attached hereto. 
 “Commitment” means the obligation of
Lender to make Loans to Borrower up to the aggregate principal amount set forth in the Supplement. 
 “Copyright License” means any
written agreement granting any right to use any Copyright or Copyright registration now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Copyrights” means all of the following now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter
acquires any interest: (i) all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof or of any other country; (ii) all registrations, applications and recordings in the United
States Copyright Office or in any similar office or agency of the United States, any State thereof or any other country; (iii) all continuations, renewals or extensions thereof; and (iv) any registrations to be issued under any pending
applications. 

 

  
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 “Default” means an event which with the giving of notice, passage of time, or both would
constitute an Event of Default. 
 “Default Rate” means the applicable Designated Rate plus five percent (5%) per annum. 

“Deposit Accounts” means any “deposit accounts,” as such term is defined in the UCC, now owned or hereafter
acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Designated Rate” means the rate of
interest per annum described in the Supplement as being applicable to an outstanding Loan from time to time. 
 “Documents” means
any “documents,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Dollars” or “$” means lawful currency of the United States. 

“Environmental Laws” means all federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes,
together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any governmental authorities, in each case relating to environmental, health, or safety matters. 

“Equipment” means any “equipment,” as such term is defined in the UCC, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest and any and all additions, substitutions and replacements of any of the foregoing, wherever located, together with all attachments, components, parts, equipment and
accessories installed thereon or affixed thereto. 
 “Event of Default” means any event described in Section 7.1. 

“Fixtures” means any “fixtures,” as such term is defined in the UCC, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “GAAP” means generally accepted accounting principles
and practices consistent with those principles

 
and practices promulgated or adopted by the Financial Accounting Standards Board and the Board of the American Institute of Certified Public Accountants, their respective predecessors and
successors. Subject to Section 9.6, each accounting term used but not otherwise expressly defined herein shall have the meaning given it by GAAP. 

“General Intangibles” means any “general intangibles,” as such term is defined in the UCC, now owned or hereafter acquired
by Borrower or in which Borrower now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all right, title and interest that Borrower may now or hereafter have in or under any contract, all customer lists,
Copyrights, Trademarks, Patents, websites, domain names, and all applications therefor and reissues, extensions, or renewals thereof, other items of, and rights to, Intellectual Property, interests in partnerships, joint ventures and other business
associations, Licenses, permits, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs, knowledge, know-how,
software, data bases, data, skill, expertise, recipes, experience, processes, models, drawings, materials and records, goodwill (including, without limitation, the goodwill associated with any Trademark, Trademark registration or Trademark licensed
under any Trademark License), claims in or under insurance policies, including unearned premiums, uncertificated securities, money, cash or cash equivalents, deposit, checking and other bank accounts, rights to sue for past, present and future
infringement of Copyrights, Trademarks and Patents, rights to receive tax refunds and other payments and rights of indemnification. 

“Goods” means any “goods,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which
Borrower now holds or hereafter acquires any interest. 
 “Indebtedness” of any Person means at any date, without duplication and
without regard to whether matured or unmatured, absolute or contingent: (i) all obligations of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments;
(iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; (iv) all obligations of such Person as lessee under capital leases;
(v) all obligations of such Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance, or similar instrument, whether drawn or undrawn; (vi) all obligations of such
Person to purchase securities which 

 

  
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arise out of or in connection with the sale of the same or substantially similar securities; (vii) all obligations of such Person to purchase, redeem, exchange, convert or otherwise acquire
for value any capital stock of such Person or any warrants, rights or options to acquire such capital stock, now or hereafter outstanding, except to the extent that such obligations remain performable solely at the option of such Person;
(viii) all obligations to repurchase assets previously sold (including any obligation to repurchase any accounts or chattel paper under any factoring, receivables purchase, or similar arrangement); (ix) obligations of such Person under interest
rate swap, cap, collar or similar hedging arrangements; and (x) all obligations of others of any type described in clause (i) through clause (ix) above guaranteed by such Person. 

“Insolvency Proceeding” means with respect to a Person (a) any case, action or proceeding before any court or other governmental
authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors with respect to such Person, or (b) any general assignment for the
benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors generally or any substantial portion of its creditors, undertaken under U.S. Federal, state or foreign
law, including the Bankruptcy Code, but in each case, excluding any avoidance or similar action against such Person commenced by an assignee for the benefit of creditors, bankruptcy trustee, debtor in possession, or other representative of another
Person or such other Person’s estate. 
 “Instruments” means any “instrument,” as such term is defined in the UCC,
now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Intellectual
Property” means all of Borrower’s Copyrights, Trademarks, Patents, Licenses, trade secrets, source codes, customer lists, proprietary or confidential information, inventions (whether or not patented or patentable), technical
information, procedures, designs, knowledge, know-how, software, data bases, skill, expertise, experience, processes, models, drawings, materials, records and goodwill associated with the foregoing. 

“Intellectual Property Security Agreement” means any Intellectual Property Security Agreement executed and delivered by Borrower in
favor of Lender, as the same may be amended, supplemented, or restated from time to time.

 “Inventory” means any “inventory,” as such term is defined in the UCC,
wherever located, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest, and, in any event, shall include, without limitation, all inventory, goods and other personal property that are held by
or on behalf of Borrower for sale or lease or are furnished or are to be furnished under a contract of service or that constitute raw materials, work in process or materials used or consumed or to be used or consumed in Borrower’s business, or
the processing, packaging, promotion, delivery or shipping of the same, and all finished goods, whether or not the same is in transit or in the constructive, actual or exclusive possession of Borrower or is held by others for Borrower’s
account, including, without limitation, all goods covered by purchase orders and contracts with suppliers and all goods billed and held by suppliers and all such property that may be in the possession or custody of any carriers, forwarding agents,
truckers, warehousemen, vendors, selling agents or other Persons. 
 “Investment Property” means any “investment
property,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Letter of Credit Rights” means any “letter of credit rights,” as such term is defined in the UCC, now owned or hereafter
acquired by Borrower or in which Borrower now holds or hereafter acquires any interest, including any right to payment under any letter of credit. 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now held or hereafter
acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and any renewals or extensions thereof. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien
or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, any lease in the nature of a security interest, and the filing of any
financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the UCC or comparable law of any jurisdiction. 

“Loan” means an extension of credit by Lender under this Agreement.

 

  
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 “Loan Documents” means, individually and collectively, this Loan and Security Agreement,
each Supplement, each Note, the Intellectual Property Security Agreement, and any other security or pledge agreement(s), any Warrant issued by Borrower in connection with this Agreement, and all other contracts, instruments, addenda and documents
executed in connection with this Agreement or the extensions of credit which are the subject of this Agreement. 
 “Material Adverse
Effect” or “Material Adverse Change” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, or financial condition of Borrower; (b) a material
impairment of the ability of Borrower to perform under any Loan Document; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against Borrower of any Loan Document. 

“Note” means a promissory note substantially in the form attached to the Supplement as Exhibit “A”, executed by
Borrower evidencing each Loan. 
 “Obligations” means all debts, obligations and liabilities of Borrower to Lender now or hereafter
made, incurred or created under, pursuant to or in connection with this Agreement or any other Loan Document (other than the Warrant), whether voluntary or involuntary and however arising or evidenced, whether direct or acquired by Lender by
assignment or succession, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and whether Borrower may be liable individually or jointly, or whether recovery upon such debt may be or become barred
by any statute of limitations or otherwise unenforceable; and all renewals, extensions and modifications thereof; and all attorneys’ fees and costs incurred by Lender in connection with the collection and enforcement thereof as provided for in
any such Loan Document. Notwithstanding the foregoing, Borrower’s obligations under any warrants (including the Warrants) issued to Lender or its designated affiliate shall not be “Obligations” hereunder. 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence now
owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Patents” means all of
the following property now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest: (a) all letters patent of, or rights corresponding thereto in, the United States or any other country, all
registrations and

 
recordings thereof, and all applications for letters patent of, or rights corresponding thereto in, the United States or any other country, including, without limitation, registrations,
recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country; (b) all reissues, continuations, continuations-in-part or extensions thereof; (c) all petty patents, divisionals, and patents of addition; and (d) all patents to be issued under any such applications. 

“Permitted Lien” means: 

(a) involuntary Liens which, in the aggregate, would not have a Material Adverse Effect and which in any event would not exceed, in
the aggregate, the Threshold Amount; 
 (b) Liens for current taxes or other governmental or regulatory assessments which are not
delinquent, or which are contested in good faith by the appropriate procedures and for which appropriate reserves are maintained; 

(c) security interests on any property held or acquired by Borrower in the ordinary course of business securing Indebtedness incurred
or assumed for the purpose of financing all or any part of the cost of acquiring such property; provided, that such Lien attaches solely to the property acquired with such Indebtedness and that the principal amount of such Indebtedness does
not exceed one hundred percent (100%) of the cost of such property; 
 (d) Liens in favor of Lender; 

(e) bankers’ liens, rights of setoff and similar Liens incurred on deposits made in the ordinary course of business as long as
an account control agreement (or equivalent) for each account in which such deposits are held in a form reasonably acceptable to Lender has been executed and delivered to Lender to the extent required under Section 6.11; 

(f) materialmen’s, mechanics’, repairmen’s, warehousemen’s, carriers’, landlord’s (subject to
Section 5.9(e) hereof), employees’ or other like Liens arising in the ordinary course of business and which are not delinquent for more than 45 days or are being contested in good faith by appropriate proceedings; 

(g) Liens arising from any judgment, attachment or similar order that does not constitute an Event of Default under
Section 7.1(g); 

 

  
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 (h) licenses or sublicenses of Intellectual Property in accordance with the terms of
Section 6.5 hereof; 
 (i) Liens securing Subordinated Debt; 

(j) Liens which have been approved by Lender in writing prior to the Closing Date, as shown on Schedule 6.2 hereto, including
any liens incurred in connection with the extension, renewal, or refinancing of any Indebtedness secured by Liens referenced on Schedule 6.2 hereto; 

(k) the interests of licensors under inbound licenses to Borrower; 

(l) the interests of sub-lessees under subleases of real property; 

(m) Liens to secure payment of workers’ compensation, employment insurance, old-age
pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(n) deposits to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than capital lease
obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature arising as a matter of law and incurred in the ordinary course of business; 

(o) zoning restrictions, easements, rights of way, restrictions on use of real property and other similar encumbrances incurred in
the ordinary course of business which, in the aggregate, are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its
Subsidiaries; and 
 (p) Liens on cash and cash equivalents securing reimbursement obligations for letters of credit not exceeding
$250,000 at any time. 
 “Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated
organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including any instrumentality,
division, agency, body or department thereof). 

 “Proceeds” means “proceeds,” as such term is defined in the UCC and, in any
event, shall include, without limitation, (a) any and all Accounts, Chattel Paper, Instruments, cash or other forms of money or currency or other proceeds payable to Borrower from time to time in respect of the Collateral, (b) any and all
proceeds of any insurance, indemnity, warranty or guaranty payable to Borrower from time to time with respect to any of the Collateral, (c) any and all payments (in any form whatsoever) made or due and payable to Borrower from time to time in
connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any Person acting under color of governmental authority), (d) any claim of Borrower against
third parties (i) for past, present or future infringement of any Copyright, Patent or Patent License or (ii) for past, present or future infringement or dilution of any Trademark or Trademark License or for injury to the goodwill
associated with any Trademark, Trademark registration or Trademark licensed under any Trademark License and (e) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 

“Qualified Public Offering” means the closing of a firmly underwritten public offering of Borrower’s common stock with aggregate
proceeds of not less than $75,000,000 (prior to underwriting expenses and commissions). 
 “Rani Management” means Rani Management
Services, Inc., a Delaware corporation and wholly-owned Subsidiary of Borrower. 
 “Receivables” means all of Borrower’s
Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, and letters of credit and Letter of Credit Rights. 

“Records” means all Borrower’s computer programs, software, hardware, source codes and data processing information, all written
documents, books, invoices, ledger sheets, financial information and statements, and all other writings concerning Borrower’s business. 

“Related Person” means any Affiliate of Borrower, or any officer, employee, manager or equity security holder of Borrower or any
Affiliate. 
 “Rights to Payment” means all Borrower’s accounts, instruments, contract rights, documents, chattel paper and all
other rights to payment, including, without limitation, the Accounts, all negotiable certificates of deposit and all rights to payment under any Patent License, any Trademark License, or any commercial or standby letter of credit.

 

  
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 “Security Documents” means this Loan and Security Agreement, the Supplement hereto, the
Intellectual Property Security Agreement, and any and all account control agreements, collateral assignments, chattel mortgages, financing statements, amendments to any of the foregoing and other documents from time to time executed or filed to
create, perfect or maintain the perfection of Lender’s Liens on the Collateral. 
 “Shares” means: (a) one hundred percent
(100%) of the issued and outstanding capital stock, membership units or other securities owned or held of record by Borrower in any Subsidiary that is not a controlled foreign corporation (as defined in the Internal Revenue Code), and (b) 65% of the
issued and outstanding capital stock, membership units or other securities entitled to vote owned or held of record by Borrower in any Subsidiary that is a controlled foreign corporation (as defined in the Internal Revenue Code). 

“Subordinated Debt” means Indebtedness (i) approved by Lender; and (ii) where the holder’s right to payment of such
Indebtedness, the priority of any Lien securing the same, and the rights of the holder thereof to enforce remedies against Borrower following default have been made subordinate to the Liens of Lender and to the prior payment to Lender of the
Obligations, either (A) pursuant to a written subordination agreement approved by Lender in its sole but reasonable discretion or (B) on terms otherwise approved by Lender in its sole but reasonable discretion. 

“Subsidiary” means any Person a majority of the equity ownership or voting stock of which is directly or indirectly now owned or
hereafter acquired by Borrower or by one or more other Subsidiaries. 
 “Supplement” means that certain supplement to the Loan and
Security Agreement, as the same may be amended or restated from time to time, and any other supplements entered into between Borrower and Lender, as the same may be amended or restated from time to time. 

“Supporting Obligations” means any “supporting obligations,” as such term is defined in the UCC, now owned or hereafter
acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Termination Date” has the meaning
specified in the Supplement. 

 “Threshold Amount” has the meaning specified in the Supplement. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks” means all of the
following property now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest: (a) all trademarks, tradenames, corporate names, business names, trade styles, service marks, logos, other source
or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and any
applications in connection therewith, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other
country or any political subdivision thereof and (b) reissues, extensions or renewals thereof. 
 “UCC” means the Uniform
Commercial Code as the same may, from time to time, be in effect in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with
respect to, Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of California, the term “UCC” shall mean the Uniform Commercial Code
as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. Unless otherwise defined
herein, terms that are defined in the UCC and used herein shall have the meanings given to them in the UCC. 
 “Warrant” has the
meaning specified in the Supplement. 
 [Signature page follows]

 

  
 27 

 [Signature page to Loan and Security Agreement] 

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

			
	BORROWER:
	
	RANI THERAPEUTICS, LLC
		
	By:	 	/s/ Svai Sanford
	Name:	 	Svai Sanford
	Title:	 	Chief Financial Officer

  

			
	LENDER:
	
	AVENUE VENTURE OPPORTUNITIES FUND, L.P.
		
	By:	 	Avenue Venture Opportunities Partners, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Sonia Gardner
	Name:	 	Sonia Gardner
	Title:	 	Authorized Signatory

 Annex I to 

Loan and Security Agreement 
 dated
as of September 15, 2020 
 between 

Rani Therapeutics, LLC 
 and 

Avenue Venture Opportunities Fund, L.P. 

Description of Collateral 
 The
Collateral consists of all of Borrower’s right, title and interest in and to the following property, whether now owned or hereafter acquired and wherever located: (a) all Receivables; (b) all Equipment; (c) all Fixtures;
(d) all General Intangibles (including all Intellectual Property); (e) all Inventory; (f) all Investment Property; (g) all Deposit Accounts; (h) all Shares; (i) all other Goods and personal property of Borrower, whether
tangible or intangible and whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located; (j) all Records; and (k) all Proceeds of each of the foregoing and all accessions to,
substitutions and replacements for, and rents, profits and products of each of the foregoing. 
 Notwithstanding the foregoing the term
“Collateral” shall not include: (i) more than sixty-five percent (65%) of the issued and outstanding capital stock, membership units or other securities entitled to vote owned or held of record by Borrower in any Subsidiary that is a
controlled foreign corporation (as defined in the Internal Revenue Code), provided that the Collateral shall include one hundred percent (100%) of the issued and outstanding non-voting capital stock of such
Subsidiary; (ii) “intent-to-use” trademarks at all times prior to the first use thereof, whether by the actual use thereof in commerce, the recording of a
statement of use with the United States Patent and Trademark Office or otherwise, but only to the extent the granting of a security interest in such “intent to use” trademarks would be contrary to applicable law; (iii) any property
(including any accessions, additions, replacements or substitutions) subject to a Lien that constitutes a Permitted Lien under clause (c) of the definition of Permitted Liens if Borrower is prohibited from granting a security interest in such
property provided, that immediately upon the lapse or termination of any such provision, the term “Collateral” shall include, and Borrower shall be deemed to have granted a security interest in, all its rights, title and interests in and
to such property; (iv) any contract, Instrument or Chattel Paper in which Borrower has any right, title or interest if and to the extent such contract, Instrument or Chattel Paper includes a provision containing a restriction on assignment such
that the creation of a security interest in the right, title or interest of Borrower therein would be prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such contract, Instrument or
Chattel Paper to enforce any remedy with respect thereto; or (v) the Excluded Accounts; provided, however, that the foregoing exclusions in clauses (iii) and (iv) shall not apply if (A) such prohibition has been waived or such
other person has otherwise consented to the creation hereunder of a security interest in such contract, Instrument or Chattel Paper, or (B) such prohibition would be rendered ineffective pursuant to Sections
9-407(a) or 9-408(a) of the UCC, as applicable and as then in effect in any relevant jurisdiction, or any other applicable law (including the Bankruptcy Code or
principles of equity); provided, further, that immediately upon the ineffectiveness, lapse or termination of any such provision, the term “Collateral” shall include, and Borrower shall be deemed to have granted a security interest
in, all its rights, title and interests in and to such contract, Instrument or Chattel Paper as if such provision had never been in effect; and provided further that the foregoing exclusion shall in no way be construed so as to limit, impair or
otherwise affect Lender’s unconditional continuing security interest in and to all rights, title and interests of Borrower in or to any payment obligations or other rights to receive monies due or to become due under any such contract,
Instrument or Chattel Paper and in any such monies and other proceeds of such contract, Instrument or Chattel Paper. 

 Annex II to 

Loan and Security Agreement 
 dated
as of September 15, 2020 
 between 

Rani Therapeutics, LLC 
 and 

Avenue Venture Opportunities Fund, L.P. 

Description of Collateral 
 The
Collateral consists of all of Borrower’s right, title and interest in and to the following property, whether now owned or hereafter acquired and wherever located: (a) all Receivables; (b) all Equipment; (c) all Fixtures;
(d) all General Intangibles (except as noted below); (e) all Inventory; (f) all Investment Property; (g) all Deposit Accounts; (h) all Shares; (i) all other Goods and personal property of Borrower, whether tangible or
intangible and whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located; (j) all Records; and (k) all Proceeds of each of the foregoing and all accessions to, substitutions and
replacements for, and rents, profits and products of each of the foregoing. 
 Notwithstanding the foregoing the term “Collateral” shall not
include: (i) more than sixty-five percent (65%) of the issued and outstanding capital stock, membership units or other securities entitled to vote owned or held of record by Borrower in any Subsidiary that is a controlled foreign corporation
(as defined in the Internal Revenue Code), provided that the Collateral shall include one hundred percent (100%) of the issued and outstanding non-voting capital stock of such Subsidiary; (ii) any
Intellectual Property; provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property; if a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying
Intellectual Property is necessary to have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Closing Date, include the Intellectual
Property to the extent necessary to permit perfection of Lender’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property; (iii) “intent-to-use” trademarks at all times prior to the first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use with the United States Patent and Trademark
Office or otherwise, but only to the extent the granting of a security interest in such “intent to use” trademarks would be contrary to applicable law; (iv) any property (including any accessions, additions, replacements or
substitutions) subject to a Lien that constitutes a Permitted Lien under clause (c) of the definition of Permitted Liens if Borrower is prohibited from granting a security interest in such property provided, that immediately upon the lapse or
termination of any such provision, the term “Collateral” shall include, and Borrower shall be deemed to have granted a security interest in, all its rights, title and interests in and to such property; (v) any contract, Instrument or
Chattel Paper in which Borrower has any right, title or interest if and to the extent such contract, Instrument or Chattel Paper includes a provision containing a restriction on assignment such that the creation of a security interest in the right,
title or interest of Borrower therein would be prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such contract, Instrument or Chattel Paper to enforce any remedy with respect thereto; or
(vi) the Excluded Accounts; provided, however, that the foregoing exclusions in clauses (iv) and (v) shall not apply if (A) such prohibition has been waived or such other person has otherwise consented to the creation hereunder
of a security interest in such contract, Instrument or Chattel Paper, or (B) such prohibition would be rendered ineffective pursuant to Sections 9-407(a) or
9-408(a) of the UCC, as applicable and as then in effect in any relevant jurisdiction, or any other applicable law (including the Bankruptcy Code or principles of equity); provided, further, that
immediately upon the ineffectiveness, lapse or termination of any such provision, the term “Collateral” shall include, and Borrower shall be deemed to have granted a security interest in, all its rights, title and interests in and to such
contract, Instrument or Chattel Paper as if such provision had never been in effect; and provided further that the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect Lender’s unconditional continuing
security interest in and to all rights, title and interests of Borrower in or to any payment obligations or other rights to receive monies due or to become due under any such contract, Instrument or Chattel Paper and in any such monies and other
proceeds of such contract, Instrument or Chattel Paper.

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