Document:

Development and Supply Agreement, dated as of June 27, 2008

 Exhibit 10.19 
 DEVELOPMENT AND SUPPLY AGREEMENT 
 by and between 

GLAND PHARMA LIMITED, 
 an Indian corporation 
 and 

SAGENT HOLDING CO., 
 a Cayman Islands corporation 
 for Heparin Sodium Injection USP 

Dated: June 27, 2008 

 DEVELOPMENT AND SUPPLY AGREEMENT 

THIS DEVELOPMENT AND SUPPLY AGREEMENT (“Agreement”) is made as of the 27th day of June, 2008 (the
“Effective Date”) by and between GLAND PHARMA LIMITED, an Indian corporation, having a place of business at 6-3-865/1/2, Ameerpet, Hyderabad, India (“Gland”), and SAGENT HOLDING CO., a Cayman Islands
corporation, having a place of business at c/o M&C Corporate Services Limited, PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands (“Sagent”). 

RECITALS 

WHEREAS, Gland is experienced in developing, manufacturing, testing and packaging pharmaceutical products; and 

WHEREAS, Sagent is experienced in regulatory matters and has extensive sales and marketing capabilities; and 

WHEREAS, Gland desires to develop the data necessary for the preparation of an ANDA for Heparin Sodium Injection USP (as more
particularly hereinafter defined as the Product), desires to manufacture and supply the Product for sale in the Territory by Sagent, and Sagent desires for Gland to develop the data necessary for the preparation of an ANDA, file and ANDA and
purchase and obtain the Product for sale in the Territory from Gland, in each case on the terms and conditions hereof; and 

WHEREAS, Gland and Sagent are parties to a binding term sheet dated May 29, 2008. 

NOW, THEREFORE, the Parties hereto agree to the following: 

AGREEMENT 
  

	1.	DEFINITIONS. 

 The
following terms for the purpose of this Agreement shall have the following respective meanings: 
 “Active Pharmaceutical
Ingredient” or “API” shall mean Heparin Sodium USP, the active pharmaceutical ingredient in the Product. 
 “Affiliate” shall mean, with respect to either Party, all entities which, directly or indirectly, are controlled by, control or are under common control with such Party. For purposes of
this definition, the word “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, including through ownership of more than fifty percent
(50%) of the voting shares or interest of an entity. 

  
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 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 “ANDA” shall mean an Abbreviated New Drug Application for the Product
submitted to the FDA, including any amendments or supplements thereto. 
 “Annual Period” shall mean the twelve
(12) month period beginning on the Launch Date and each twelve (12) month period beginning on the anniversary of such day thereafter. 
 “API Supplier Royalty” shall mean the royalty of [***] percent ([***]%) of net profits payable by Sagent to the supplier of API for the Products. 

“Batch” means a defined quantity of Product which has been produced during a defined cycle of manufacture, and which is
identified by a unique production number. 
 “Batch Records” shall have the meaning set forth in the Quality
Assurance Agreement. 
 “Components” shall mean all containers, closures, labels, labeling, artwork, inserts and
other packaging components necessary for the manufacture of the Product as finished goods. For the avoidance of doubt, “Components” does not include any API, work in process or Materials. 

“Demand Schedule” shall have the meaning set forth in Section 3.2.1. 

“Designated Distribution Center or Centers” shall mean Sagent’s distribution center in Chicago,
Illinois or such other distribution center or centers in the Territory as may be designated by Sagent from time to time, whether such distribution centers are owned and operated by Sagent, an Affiliate of Sagent or a Third Party under contract with
Sagent or an Affiliate of Sagent. 
 “Development Activities” shall have the meaning set forth in
Section 2.1. 
 “Designated Distribution Center or Centers” shall mean Sagent’s
distribution center in the Territory or such other distribution center or centers in the Territory as may be designated by Sagent from time to time, whether such distribution centers are owned and operated by Sagent, an Affiliate of Sagent or a
Third Party under contract with Sagent or an Affiliate of Sagent. 
 “Exhibit Batches” shall
mean means a batch for use in obtaining registration of the Product shall be of a size that is at least one-tenth
(1/10th) of the commercial Batch size. This batch may
be used in conducting bioequivalence studies, as necessary. 
 “Disclosing Party” shall have the meaning set
forth in Section 11.1. 
 “FDA” shall mean the United States Food and Drug Administration. 

“Force Majeure” shall have the meaning set forth in Section 14.8. 

  
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 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 “Gland’s Facility” shall mean those areas of Gland’s
manufacturing, packaging, laboratory and warehousing facilities utilized in the manufacture, packaging, storage, testing, shipping or receiving of the Product. 
 “cGMP” shall mean current good manufacturing practices required under the United States Food, Drug and Cosmetic Act, as amended, and applicable FDA regulations, policies and guidelines,
in effect at the time in question for the manufacture and testing of pharmaceutical materials. cGMP shall also encompass any local or national governmental authority requirements applicable to Gland’s manufacturing and distribution of the
Products to the extent such requirements do not contravene the United States Food, Drug and Cosmetic Act and FDA regulations, policies, and guidelines. 
 “Indemnified Party” shall have the meaning set forth in Section 8.3. 
 “Indemnifying Party” shall have the meaning set forth in Section 8.3 
 “Initial Term” shall have the meaning set forth in Section 7.1 
 “Launch Date” shall mean the date upon which Sagent first offers the Product for commercial sale in the United States. 

“Laws” shall have the meaning set forth in Article 12. 

“Materials” shall mean all inactive raw materials used in the formulation of the Product necessary for the manufacture of
the Product as finished goods. For the avoidance of doubt, “Materials” does not include any API, Components or work in process. 
 “Net Profit” means Net Sales less the Transfer Price less the API Supplier Royalty. 
 “Net Sales” means, the gross invoiced sales of a Product to all customers less (i) the cost of the Product, including freight in, duty, customs, shipping and all related direct costs
of acquiring the Product; (ii) chargebacks; (iii) freight and insurance charges; (iv) trade discounts, credits or allowances; (v) costs of replacements, returns, recalls or rebates (including but not limited to group purchasing
organization fees and rebates); (vi) discounts or rebates or other payments required by law to be made under Medicaid, Medicare or other governmental special medical assistance programs (vii) wholesaler service charges;
(viii) sales, excise or value added taxes paid on or in relation to sales of the Product; and (ix) [***], as calculated in accordance with United States Generally Accepted Accounting Principles, or US GAAP. 

  
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 “Party” shall mean Sagent or Gland and “Parties” shall
mean Sagent and Gland. “Product” shall mean the product set forth in Exhibit A attached hereto and made a part hereof, in the presentations described on such Exhibit A. 

“Product Information” means all information and data relating to the Products, including but not limited to formulae,
methods of manufacture, product descriptions, test methods, validation of test methods, specifications, and all other supporting documentation, data and reports developed or acquired by Gland or its Affiliates during the Term in connection with the
manufacture and supply of Products, and all applications, submissions, filings and correspondence of Gland or its Affiliates with or to US FDA or any other regulatory authority in the Territory with respect to the Products. 

“Proprietary Information” shall have the meaning set forth in Section 11.1. 

“Purchase Order” shall have the meaning set forth in Section 3.2.1. 

“Receiving Party” shall have the meaning set forth in Section 11.1. 

“Specifications” shall mean the Product description and attributes set forth in Exhibit B attached hereto and made a part
hereof. 
 “Territory” shall mean the United States of America, its commonwealths, territories and possessions.
Additional geographic regions may be added to the Territory upon written agreement of the Parties. 
 “Third
Party” shall mean any person, entity or company other than Sagent or Gland or their respective Affiliates. 

“Transfer Price” shall mean the price, stated in United States currency, which is stated on Exhibit A. The Transfer
Price shall not change during the Initial Term of the Agreement unless the Parties agree in writing to do so. The Parties will meet to discuss any change in the Transfer Price during the Initial Term, including but not limited to in the event of a
significant change in the cost of API, Materials or Components or in the market conditions in the Territory. 
  

	2.	DEVELOPMENT; EXCLUSIVITY; RIGHTS; PAYMENT. 

  

	 	2.1	Product Development 

  

	 	2.1.1	 Gland’s Development Activities. Gland shall expeditiously commence and complete development of a stable, commercially saleable Product in
accordance with cGMP, the Specifications, and all applicable laws, and which is equivalent to the applicable referenced drug and does not infringe or potentially infringe any patents owned or licensed by any third party in the Territory of which
Gland is informed by Sagent, including that Gland will provide Sagent with a completed dossier containing Modules I, II, and III in CTD format, ready for submission to the appropriate regulatory authority as required by Sagent (the foregoing
activities, together with all 

  
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other activities undertaken by Gland in respect of such product development, including but not limited to those set forth at Section 2.1.2 below, shall be referred to as the
“Development Activities”) . Gland will keep Sagent currently advised of the progress of the Development Activities, and any and all material problems encountered therein, the efforts being made to overcome such problems, estimates of
completion dates, and such other information as may be requested by Sagent from time to time. At Sagent’s request, Gland will provide Sagent with written reports covering the foregoing. 

 

	 	2.1.2	Additional Development Activities by Gland. Gland agrees to cooperate fully with Sagent and provide such reasonable technical and other assistance as Sagent may request
from time to time, with respect to conducting any studies and obtaining US FDA or other regulatory authority’s approval for marketing and sale in the Territory. Without limiting any of the obligations of Gland as set forth elsewhere in this
Agreement, Gland agrees to do the following, all in accordance with cGMP and applicable law: (a) provide Sagent with any and all Product Information and any other data or information related to Product which is necessary or advisable for the
preparation, prosecution and maintenance of the Product ANDA or marketing and sale of Product, including without limitation, samples, data and information necessary for Sagent to respond to Product ANDA deficiencies, (b) provide to Sagent the
validated assay and degradant methodology data with respect to each Product, (c) make its knowledgeable, qualified personnel available to Sagent for consultation as necessary to effectively transfer the Product Information to Sagent during ANDA
filing, (d) develop and validate analytical methods for Product release and stability testing of the Product, (e) prepare analytical release and stability specifications for the Product and perform the required testing to release the
Product, (f) prepare executed batch records for the Exhibit Batches and all other Batches supplied to Sagent, (g) prepare Product packaging records, (h) manufacture and package Exhibit Batches to support bioequivalence studies, if
required, (i) maintain Product manufacturing and packaging areas in compliance with cGMP and applicable law, (j) conduct stability testing of the Product and maintain research and development and marketed product stability programs,
(k) prepare and issue Batch Records for Product, and (l) prepare a development report to support pre-approval inspection activities and otherwise take such actions as are necessary to cause Gland’s sites to be approved by US FDA. If
Sagent requires additional or supplemental documents from Gland in order to obtain or in connection with approval of a Product ANDA, or in connection with any product recall or adverse drug event or product complaint, Gland shall cooperate with
Sagent and prepare and provide to Sagent such additional or supplemental documentation as may reasonably be requested by Sagent. 

  
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	 	2.1.3.	API. Sagent shall make arrangements for the supply of API to Gland, as well as all regulatory activities related to the API source, including but not limited to the
preparation and/or permission to reference the source’s Drug Master File as filed with the FDA. Gland shall be permitted to use API from the source(s) developed or arranged b Sagent only for Product to be manufactured by Gland and sold to
Sagent pursuant to the terms of this Agreement. 

  

	 	2.1.4.	ANDA. Sagent shall file the ANDA using the Product Information from Gland, and shall be responsible for the maintenance of the ANDA. 

 

	 	2.2	Exclusivity. 

  

	 	2.2.1	Exclusive Rights. All right, title and interest in the ANDA, the Product Information and any other results of the Development Activities related to the
preparation of the ANDA for the Product (in the presentations set forth on Exhibit A hereto) shall be held by Sagent. On and subject to the terms and conditions of this Agreement, Sagent shall have the exclusive right to market, sell and distribute
the Product in the Territory. No party (including Gland or any Affiliate of Gland) other than Sagent (or any Affiliate of Sagent) shall be allowed to market, sell or distribute the Product manufactured or developed by Gland in the Territory. In
exchange for this exclusive right, Sagent agrees to market, sell and distribute in the Territory only Product provided by Gland, subject to Gland’s ability to supply all of Sagent’s requirements for the Product, during the Term. The ANDA
for the Products (covering all presentations) shall be filed and owned by Sagent. 

  

	 	2.2.2	Exception to Exclusivity upon Discontinuation by Sagent. Notwithstanding the provisions of Section 2.2.1, in the event that, during the Initial Term, Sagent
shall determine to discontinue active sales of the Product in the Territory, then Sagent shall allow Gland to supply Product under Sagent’s ANDA to a Third Party, in addition to Sagent, for purposes of marketing, selling and distributing the
Product in the Territory during the remainder of the Iinitial Term of this Agreement; provided that, (i) Gland and such Third Party shall market, sell and distribute the Product under their own label and not in connection with the
“Sagent” name or any other Sagent’s trademark or trade name, (ii) Sagent shall use commercially reasonable efforts to file the labeling of such Third Party in its approved ANDA, at no cost or expense to Sagent, (iii) Gland
will supply the Product to the Third Party on terms no more favorable than the terms on which Gland supplies the Product to Sagent under this Agreement, and (iv) Sagent will allow such Third Party to market, sell and distribute the Product in
the Territory until the expiration of the Initial Term at which time this Agreement will terminate automatically. 

  
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	 	2.2.3	Minimum Market Share. Sagent shall use its best efforts to attain, no later than within the twelve (12) month period following the fourth anniversary of the Launch
Date a minimum market share of at least ten percent (10%) (the “Minimum Market Share”), based upon the IMS data pertaining to said trailing twelve (12) months for which market data is available, If Sagent is not successful in
achieving the Minimum Market Share, then Sagent shall allow Gland to supply Product under Sagent’s ANDA to a Third Party, in addition to Sagent, for purposes of marketing, selling and distributing the Product in the Territory during the
remainder of the Term of this Agreement; provided that, (i) Gland and such Third Party shall market, sell and distribute the Product under their own label and not in connection with the “Sagent” name or any other Sagent’s
trademark or trade name, (ii) Sagent shall use commercially reasonable efforts to file the labeling of such Third Party in its approved ANDA, at no cost or expense to Sagent, (iii) Gland will supply the Product to the Third Party on terms
no more favorable than the terms on which Gland supplies the Product to Sagent under this Agreement, and (iv) Gland’s right to supply the Product to such Third Party shall expire automatically upon expiration of the Initial Term of this
Agreement. 

  

	 	2.3	License; Marketing 

  

	 	2.3.1	License. Gland and its Affiliates hereby grant to SAGENT an exclusive, perpetual royalty-free license to import, promote, use, market, distribute (including by
use of an Affiliate or Third Party to physically distribute Product on behalf of SAGENT including the appointment of distributors, sub-distributors or other agents), and otherwise commercialize the Product, offer for sale and sell the Product in the
Territory, under any Trademark and through any channel of trade, including in combination with other Product and substances, all as Sagent determines in its sole discretion. The foregoing license shall include all rights in the ANDA and the Product
Information and any associated technology relevant to the ANDA. 

  

	 	2.3.2	Marketing. SAGENT shall have the sole right to determine all marketing for the Product in the Territory, including the appointment of distributors,
sub-distributors, or other agents. Sagent and Gland shall agree on any special marketing pieces in advance if the cost of which shall be shared by the Parties. 

  
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	3.	MANUFACTURING SERVICES. 

  

	 	3.1	Supply Obligation. During the term of this Agreement (but subject to all required regulatory approvals for sale of the Product in the Territory), Gland
agrees to manufacture and supply the Product to Sagent in accordance with the Purchase Orders issued by Sagent and in accordance with the terms of this Agreement for marketing and sale by Sagent in the Territory. Gland shall manufacture, process,
and package the Product in accordance with the Specifications. 

  

	 	3.2	Forecasts and Purchase Orders. 

  

	 	3.2.1	Sagent shall provide Gland with twelve (12) month rolling forecasts in whole batch increments, which shall be issued at least six (6) months prior to the
start of each twelve (12) month forecasted period (each, a “Demand Schedule”). The first such Demand Schedule shall be issued by Sagent six months prior to the anticipated Launch Date, unless otherwise agreed to by the Parties
in writing, and updated Demand Schedules shall be issued by Sagent no later than the tenth day of each succeeding calendar month. The first three (3) months of each Demand Schedule will represent a firm Purchase Order (“Purchase
Order(s)”) which Purchase Orders shall set forth the specific quantities needed, delivery date and delivery location and whether or not reasonable quantities of reference standard material and/or impurities material are required.

  

	 	3.2.2	In the event of any conflict between any Purchase Order and this Agreement, this Agreement shall control. 

 

	 	3.3	Orders in Excess of Forecast: Inability. 

 Gland shall not be obligated to supply (a) during the first three months of any Demand Schedule, more than one hundred percent (100%) of the quantity of Product set forth in the applicable
Purchase Order, or (b) during the portion of any Demand Schedule where changes are required of the secondary packaging or (c) during the portion of any Demand Schedule that is not yet represented in a Purchase Order, more than one hundred
and twenty percent (120%) of the quantity of Product set forth in such Demand Schedule that is not yet represented in a Purchase Order; provided that Gland shall use its commercially reasonable efforts to deliver any additional
quantities of Product ordered by Sagent that are in excess of the quantities set forth in any portion of a Demand Schedule. In the event that Gland is unable to meet the requirements herein, Gland shall reimburse Sagent for any and all charges
imposed by Sagent’s customers (or Sagent’s distributors customers) as a result of Sagent’s inability to supply, except if the supply interruption is due to a documented force majeure. 

 

	 	3.4	Delivery of Product. Gland shall supply the Product FOB Hyderabad. 

  
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	4.	REPRESENTATIONS AND WARRANTIES. 

  

	 	4.1	Representations and Warranties of Gland. Gland represents and warrants to Sagent as follows: 

 

	 	(a)	Gland shall perform the Development Activities using its commercially reasonable best efforts. 

 

	 	(b)	Product delivered to Sagent under this Agreement shall, at the time of shipment, conform to the Specifications; 

 

	 	(c)	Gland’s Development Activities, production and shipment of Product shall be conducted in accordance with cGMP. Gland further warrants that, as of the date of each
shipment hereunder to Sagent, and until its date of expiration, the Product shall comply with the provisions of the United States Food, Drug and Cosmetic Act, and such Product shall not, when shipped to Sagent, be adulterated or misbranded within
the meaning of the United States Food, Drug and Cosmetic Act. Gland agrees that no more than three (3) months of the total approved shelf life for each presentation of Product shall have expired at the time such Product is shipped to Sagent;

  

	 	(d)	To the best of its knowledge and information, no claim has been asserted that the importation, manufacture, use, offer for sale, or sale of Product infringes a valid
claim under any patent; 

  

	 	(e)	Gland is a corporation in good standing under the laws of the jurisdiction of its organization and authorized to do business wherever necessary to fulfill the terms and
conditions of this Agreement; 

  

	 	(f)	Gland has the full power and authority to execute and deliver this Agreement and perform its covenants, duties and obligations described in this Agreement;

  

	 	(g)	This Agreement is the valid, legal and binding obligation of Gland, enforceable in accordance with its terms; 

 

	 	(h)	Neither the execution and delivery of this Agreement nor the performance of Gland’s covenants, duties and obligations described in this Agreement constitute or
will constitute a default under or conflict with any judgment, decree or order of any court or other governmental body to which Gland is subject and will not conflict or be inconsistent with or result in the termination, modification, breach or
default under the terms of any contract, commitment, covenant, agreement, instrument, document or understanding to which Gland is a party; 

  
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	 	(i)	Gland is not a party to, nor to Gland’s knowledge is Gland as of the Effective Date threatened with, any legal or equitable action or proceeding before any court,
arbitrator, administrative agency or other tribunal which is reasonably likely to adversely affect its ability to execute and deliver this Agreement or fully and timely perform its covenants, duties and obligations described in this Agreement;

  

	 	(j)	Gland has obtained and continuously maintained all permits, authorizations and licenses issued by all federal, state and local governmental agencies and authorities
necessary for the conduct of Gland’s businesses as of the Effective Date; and 

  

	 	(k)	Gland has and shall continue to follow, comply with and adhere to all Laws necessary for the conduct of Gland’s businesses. 

 

	 	4.2	Representations and Warranties of Sagent. Sagent represents and warrants to Gland as follows: 

 

	 	(a)	Sagent is a corporation in good standing under the laws of the jurisdiction of its organization and authorized to do business wherever necessary to fulfill the terms
and conditions of this Agreement; 

  

	 	(b)	Sagent has the full power and authority to execute and deliver this Agreement and perform its covenants, duties and obligations described in this Agreement;

  

	 	(c)	To the best of its knowledge and information, no claim has been asserted that the importation, manufacture, use, offer for sale, or sale of Product infringes a valid
claim under any patent; 

  

	 	(d)	This Agreement is the valid, legal and binding obligation of Sagent, enforceable in accordance with its terms; 

 

	 	(e)	Neither the execution and delivery of this Agreement nor the performance of Sagent’s covenants, duties and obligations described in this Agreement constitute or
will constitute a default under or conflict with any judgment, decree or order of any court or other governmental body to which Sagent is subject and will not conflict or be inconsistent with or result in the termination, modification, breach or
default under the terms of any contract, commitment, covenant, agreement, instrument, document or understanding to which Sagent is a party; 

  

	 	(f)	Sagent is not a party to, nor to Sagent’s knowledge is Sagent as of the Effective Date threatened with, any legal or equitable action or proceeding before any
court, arbitrator, administrative agency or other tribunal which is reasonably likely to adversely affect its ability to execute and deliver this Agreement or fully and timely perform its covenants, duties and obligations described in this
Agreement; 

  
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 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

  

	 	(g)	Sagent has obtained and continuously maintains all permits, authorizations and licenses issued by all federal, state and local governmental agencies and authorities
necessary for the conduct of Sagent’s businesses as of the Effective Date; and 

  

	 	(h)	Sagent has and shall continue to follow, comply with and adhere to all Laws necessary for the conduct of Sagent’s businesses. 

 

	 	4.3	Disclaimer. THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT ARE THE PARTIES’ ONLY WARRANTIES AND NO OTHER WARRANTY, EXPRESS, IMPLIED OR
STATUTORY, WILL APPLY. EACH PARTY EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. FOR THE AVOIDANCE OF DOUBT, EACH PARTY EXPRESSLY
DISCLAIMS ANY AND ALL WARRANTIES OF NON-INFRINGEMENT THAT ARE NOT EXPRESSLY SET FORTH IN THIS AGREEMENT. 

  

	5.	QUALITY ASSURANCE AND REGULATORY REQUIREMENTS. 

 Additional roles and responsibilities of each of the Parties are itemized in the Quality Assurance Agreement attached hereto as Exhibit C and the Adverse Event Reporting Agreement attached as Exhibit D,
each of which is made a part hereof by this reference. 
  

	6.	CONSIDERATION. 

  

	 	6.1	Development Costs. The Parties shall share the cost of the Development Activities, a sum not to exceed $[***]. Sagent shall pay one-half of the cost as
invoiced by Gland, i.e. [***] 

  

	 	6.2	Transfer Price. The price for each Product presentation to be delivered by Gland during the term of this Agreement shall be the Transfer Price on Exhibit
A. Gland shall invoice such amounts upon shipment of the Product to Sagent, and Sagent shall pay the Transfer Price net forty-five (45) days from the date of the invoice of the Product dispatch. 

 

	 	6.3	Additional Consideration. In addition to the Transfer Price, Sagent shall pay Gland [***] of the Net Profits, payable within [***] (the sum of any and all
of Sagent’s payments to Gland hereunder shall be referred to collectively as “Gland’s Net Profit Share”). 

  

	 	6.4	Currency. All payments hereunder shall be made in United States currency. 

  
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	 	6.5	Taxes. All federal, national, regional, district, local or other governmental income tax or similar tax that is imposed on either Party as a result of
income, shall be the responsibility of such Party. 

  

	 	6.6	Inspection of Financial Records. During the term of this Agreement and for a period of one (1) year thereafter, each Party shall have the right, at
its own expense, to have a public accounting firm of national standing, to which the other Party has no reasonable objection, to examine the relevant books and records of account during business hours not more often than once each calendar year to
determine whether appropriate accounting and payment have been made pursuant to this Article 6 or to determine the accuracy of the Transfer Price.. The results of the audit by such accounting firm shall be final and binding upon the Parties. Any
adjustment in the amount of Transfer Price or additional consideration payments made as a result of the audit shall be paid within fifteen (15) days after resolution thereof. 

 

	7.	TERM AND TERMINATION. 

  

	 	7.1	Term and Renewal. The obligations of the Parties hereunder shall commence on the Effective Date and continue until the end of the eigth (8th) Annual
Period (the “Initial Term”). Thereafter, unless a Third Party has rights to market the Product in the Territory under the exception to exclusivity described under Section 2.2.2 or the Agreement has been earlier terminated pursuant to
the provisions of this Article 7, the Agreement will be automatically extended for additional Annual Periods until either Party notifies the other Party in writing not less than twenty-four (24) months prior of that Party’s intent to
terminate the Agreement. 

  

	 	7.2	Termination for Breach. Notwithstanding Section 7.1, this Agreement may be terminated by either Party if the other Party fails to remedy and make
good any material default in the performance of any condition or obligation under this Agreement within ninety (90) days of the date a written notice of such default and intention to terminate is sent to the defaulting Party; provided
that if a defaulting Party has promptly from receipt of notice commenced to cure such default and is diligently attempting to cure such default at the lapse of such ninety (90) days, then such Party shall have such additional time to cure as
may be reasonably required but not to exceed an additional seventy-five (75) days; provided further, that if the default relates to the payment of money, the cure period shall be limited to fifteen (15) days from the date of
notice. 

  

	 	7.3	Termination for Bankruptcy. Notwithstanding Section 7.1, this Agreement may be terminated by either Party, forthwith, or at any time thereafter by
notice to the other if the other becomes bankrupt or insolvent, or enters into liquidation whether compulsorily or voluntarily, or convenes a meeting of its creditors, or has a receiver appointed over all or part of its assets, or ceases for any
reason to carry on business. 

  
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	 	7.4	Termination for Force Majeure. Notwithstanding Section 7.1, this Agreement may be terminated by either Party, upon ninety (90) days written
prior notice in the event of the other Party’s inability to substantially perform its obligations hereunder for more than one hundred eighty (180) days due to an event of Force Majeure, provided that if such condition of Force
Majeure is reasonably expected to be remedied during such ninety (90) day period, then the period of time to remedy such condition shall be extended for an additional ninety (90) day period before termination becomes effective.

  

	 	7.5	No Waiver. The failure of either Party to terminate this Agreement by reason of the breach of any of its provisions by the other Party shall not be
construed as a waiver of the rights or remedies available for any subsequent breach of the terms and provisions of this Agreement. 

  

	 	7.6	Accrued Liabilities. Termination of this Agreement for any reason shall not discharge either Party’s liability for obligations incurred hereunder and
amounts unpaid at the time of such termination. Sagent shall pay Gland for any finished Product ordered by Sagent prior to termination. Sagent shall also pay Gland for any API, Components, work in process and Materials (ordered by Gland) that were
to be used in the manufacture of Product hereunder and that are in Gland’s possession upon termination of this Agreement. All API, Components, Materials, work in process and finished goods of Product ordered by Sagent and in Gland’s
possession at the time of termination shall be delivered to Sagent upon Sagent’s payment to Gland of the cost incurred by Gland in respect thereof, including costs incurred in connection with the delivery thereof to Sagent. Without limiting the
generality of the foregoing, the termination of this Agreement shall not impair Sagent’s obligation to continue to make gross profit share payments to Gland with respect to all finished Product manufactured by Gland prior to the date of
termination. 

  

	 	7.7	Property. In the event of termination of this Agreement for whatever cause, in addition to the other obligations of the Parties hereunder, each Party
shall return to the other Party or to the other Party’s designee no later than thirty (30) days after the effective date of termination all of such other Party’s property, including all proprietary information, in its possession,
except to the extent required to be retained by law or to comply with such Party’s continuing obligations hereunder. 

  
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	8.	LITIGATION AND INDEMNIFICATION. 

  

	 	8.1	Indemnification by Gland. Gland agrees to indemnify, defend and hold harmless Sagent, its distributors, its Affiliates and their respective employees,
servants and agents against any and all third-party claims, including claims made against Sagent by any of its distributors, losses, damages and liabilities, including reasonable attorney’s fees, incurred by any of them (a) arising out of
any defect in the Product supplied by Gland hereunder, (b) any breach of a representation, obligation, warranty or covenant hereunder by Gland, (c) any negligent or intentionally wrongful act or omission by Gland in connection with its
manufacturing services hereunder, or (d) arising in any way out of Product manufactured by Gland and sold by Gland to a Third Party or a sale by such Third Party in the event of an exception to exclusivity pursuant to Section 2.2.2 or
Sagent’s failure to maintain the Minimum Market Share pursuant to Section 2.2.3 of this Agreement. 

  

	 	8.2	Indemnification by Sagent. Sagent agrees to indemnify, defend and hold harmless Gland, its Affiliates and their respective employees, servants and agents
against any and all third-party claims, losses, damages and liabilities, including reasonable attorney’s fees, incurred by any of them arising out of any breach of a representation, obligation, warranty or covenant hereunder by Sagent, any
negligence or intentionally wrongful act or omission in the in the design or development of the Product, or any negligent or intentionally wrongful act or omission by Sagent in connection with the marketing, distribution or sale of the Product in
the Territory. 

  

	 	8.3	 Indemnification Process. If Sagent, its distributors, Affiliates or their respective employees, servants or agents, or Gland, its
Affiliates or their respective employees, servants or agents (in each case an “Indemnified Party”), receive any written claim which such Indemnified Party believes is the subject of indemnity hereunder by the other Party hereto (an
“Indemnifying Party”), the Indemnified Party shall, as soon as reasonably practicable after forming such belief, give notice thereof to the Indemnifying Party, provided that the failure to give timely notice to the
Indemnifying Party as contemplated hereby shall not release the Indemnifying Party from any liability to the Indemnified Party unless the Indemnifying Party demonstrates that the defense of such claim is prejudiced by such failure. The Indemnifying
Party shall have the right, by prompt notice to the Indemnified Party to assume the defense of such claim at its cost, with counsel reasonably satisfactory to the Indemnified Party. If the Indemnifying Party does not so assume the defense of such
claim or, having done so, does not diligently pursue such defense, the Indemnified Party may assume the defense, with counsel of its choice, but at the cost of the Indemnifying Party. If the Indemnifying Party so assumes the defense, it shall have
absolute control of the litigation; the Indemnified Party may, nevertheless, participate therein through counsel of its choice and at its cost. The Party not assuming the defense of any such claim shall render all reasonable assistance to the Party
assuming such defense, and out-of-pocket costs of such assistance shall be for the 

  
 14 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

	 	 
account of the Indemnifying Party. No such claim shall be settled other than by the Party defending the same, and then only with the consent of the other Party, which consent shall not be
unreasonably withheld; provided that the Indemnified Party shall have no obligation to consent to any settlement of any such claim which (i) imposes on the Indemnified Party any liability or obligation which cannot be assumed or
performed in full by the Indemnifying Party, (ii) does not unconditionally release the Indemnified Party, (iii) does require a statement as to or an admission of fault, culpability or failure to act by or on behalf of Indemnified Party or
any of its Affiliates or (iv) does impose any restrictions on the conduct of business by the Indemnified Party or its Affiliates. 

  

	9.	INSURANCE. 

  

	 	9.1	Insurance Requirements. Each Party shall obtain and keep in force during the term of this Agreement product liability insurance covering such occurrence
of bodily injury and property damage with a well established insurance carrier that generally does business in the Territory and is reasonably acceptable to the other Party for all claims in an amount of not less than $[***] combined single limit
for such year. 

  

	 	9.2	Continuation of Insurance. Each Party shall carry the insurance coverage set forth herein during the term of this Agreement and for two (2) years
following the termination of this Agreement or the latest expiration date of any Product sold and delivered hereunder, whichever is longer. 

  

	 	9.3	Certificates of Insurance. Each Party shall have the right to request from the other Party certificates of insurance and shall require at least thirty
(30) days written notice to such Party prior to any cancellation, nonrenewal or material change in coverage. 

  

	10.	REMEDIES AND LIMITATION OF LIABILITY. 

  

	 	10.1	Sagent Cover. If Gland is unable to supply Product manufactured by Gland to Sagent in the quantities and upon the delivery schedules specified by Sagent
in accordance with the terms of Article 2, Sagent reserves the right to seek to cover from an alternate FDA-approved source. In addition, Sagent shall be permitted, and Gland shall cooperate if requested, at Sagent’s expense, to add an
additional manufacturing site to the Product ANDA, at which site, notwithstanding any contrary provision in this Agreement, Sagent (directly or indirectly) shall be entitled (but shall not be obligated) to produce Product (a) in the event Gland
cannot meet Sagent’s requirements pursuant to this Agreement, (b) upon termination of this Agreement for any reason, or (c) in quantities sufficient to secure and maintain FDA approval of such alternate site. 

  
 15 

  

	 	10.2	Exhaustion of Inventory. Notwithstanding anything to the contrary, Sagent acknowledges and agrees that it shall not be entitled to seek any compensation
from Gland or any other remedy against Gland under this Article 10 until Sagent has exhausted its inventory of the Product. 

  

	 	10.3	Limitation of Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES OR LOST PROFITS ARISING UNDER OR
RELATING TO THIS AGREEMENT, PROVIDED THAT SUCH LIMITATIONS SHALL NOT APPLY TO AMOUNTS PAYABLE WITH RESPECT TO ANY EXPRESS INDEMNITY PROVIDED UNDER ARTICLE 8. 

 

	11.	CONFIDENTIALITY AND PUBLICITY. 

  

	 	11.1	Confidentiality. Each Party to this Agreement (the “Receiving Party”) shall treat as confidential all information received in writing
marked “confidential” or if received orally, reduced to writing and marked “confidential” within thirty (30) days after the initial disclosure, which information is received from the other Party to this Agreement or any of
its employees, agents, consultants or Affiliates (the “Disclosing Party”) in connection with this Agreement (the “Proprietary Information”). The Receiving Party shall use at least the same standard of care as it
uses to protect is own proprietary information to ensure that its employees, agents, consultants, Affiliates, sub distributors and clinical investigators do not disclose or make any unauthorized use of information provided by the Disclosing Party.
The Receiving Party’s obligation of confidentiality, as aforesaid, shall continue during the term of this Agreement and after its termination or expiration in accordance with Section 14.9, with the exception that such obligation of
confidentiality on the Receiving Party shall not be applicable if: 

  

	 	(a)	the Receiving Party can demonstrate (by reference to competent evidence) that such Proprietary Information was either in the public domain or known to it before
disclosure by the Disclosing Party; 

  

	 	(b)	the Proprietary Information was lawfully disclosed to the Receiving Party after the date of this Agreement by any third party not in violation of any obligation to the
Disclosing Party; or 

  

	 	(c)	such Proprietary Information was independently developed by the Receiving Party as established by competent evidence; or 

 

	 	(d)	the Proprietary Information is required to be disclosed by legal or regulatory process; provided, in each case, that the Receiving Party timely informs the
Disclosing Party of such and uses reasonable efforts to limit the disclosure and maintain the confidentiality of the Proprietary Information to the extent possible and permits the Disclosing Party to intervene and contest or attempt to limit the
disclosure of such Proprietary Information. 

  
 16 

  

	 	11.2	Events upon Termination. Upon termination of this Agreement, if requested, the Receiving Party shall return to the Disclosing Party all documentation
containing Proprietary Information. 

  

	 	11.3	Confidentiality Agreement. The Parties acknowledge that they entered into a Mutual Confidential Disclosure Agreement on August 28, 2007_(the
“CDA”). The CDA shall govern disclosures between the Parties that occurred prior to the Effective Date of this Agreement according to its terms, and this Article 11 shall govern any disclosures between the Parties on or after the
Effective Date of this Agreement. 

  

	 	11.4	Terms and Existence of this Agreement. Neither Party shall disclose the terms or existence of this Agreement to a third party (whether by press release or
otherwise) without obtaining the prior written consent of the other Party, except as required by law. If any such disclosure is required by law, the disclosing Party shall give the other Party an opportunity to review and comment on the content of
such disclosure to the greatest extent practicable. 

  

	12.	COMPLIANCE WITH LAW. 

Each Party shall comply with, and shall not be in violation of, any valid applicable international, national, state or local statutes,
laws, ordinances, rules, regulations, or other governmental orders (“Laws”) of any country in which the Product is either manufactured or sold which materially affect the manufacture, processing, packaging, shipment, or storage of
the Product; provided that Gland shall only be required to comply with Laws of countries other than the United States upon specific written notice by Sagent of such Laws and inclusion in the Specifications, if applicable. 

 

	13.	TRADE NAMES AND TRADEMARKS. 

  

	 	13.1	Gland’s Rights. Sagent hereby acknowledges that it does not have, and shall not acquire by virtue of this Agreement, any rights to or under any
goodwill, trademark, trade name, copyright, patent or other intellectual property of Gland. Sagent agrees to do nothing by act or omission which would impair Gland’s or its Affiliates’ rights, ownership and title in the aforementioned.

  

	 	13.2	Sagent’s Rights. Gland hereby acknowledges that it does not have, and shall not acquire by virtue of this Agreement, any rights to or under any
goodwill, the ANDA for the Product, trademark, trade name, copyright, patent or other intellectual property of Sagent, nor in any of Sagent’s trademarks or trade names appearing on the label or packaging materials of the Product. Gland agrees
to do nothing by act or omission which would impair Sagent’s or its Affiliates’ rights, ownership and title in the aforementioned. 

  
 17 

  

	 	13.3	No Contest. Each Party further agrees not to contest, deny or dispute the validity of any trademarks or trade names owned by the other Party appearing on
the labels or packaging materials of the Product or the title of such other Party thereto, and not to assist others in doing so, and not to take action of any kind inconsistent with the holding of all such trademark rights by such other Party.

  

	 	13.4	Use. Neither Party shall use the trademarks or trade names owned by the other Party under which the Product is manufactured on any other goods or Product,
except as provided hereunder. Gland shall affix the trademark(s) of Sagent to the Product to be supplied to Sagent pursuant to this Agreement pursuant to the guidelines communicated by Sagent to Gland in writing. 

 

	 	13.5	Infringement. Each Party shall immediately report in writing to the other Party upon learning through any source whatsoever of any and all infringements
or threatened infringements of the trade names or trademarks owned by such other Party appearing on the labels and packaging materials of the Product, and any attempt on the part of anyone to register, copy, infringe upon or imitate such trademarks
or trade names, and if required by such Party, the notifying Party will, at the other Party’s sole expense, cooperate with the other Party in protecting the other Party’s rights. 

 

	 	13.6	Labeling. Sagent shall determine all labeling of the Product. Gland shall obtain prior written authorization from Sagent for all changes to the
Components in accordance with the terms of the Quality Agreement. Each use of a trademark, trade name or logo owned or used by Sagent on or in connection with the Product shall inure to the benefit of Sagent and its parent company. Should any such
use vest in Gland any rights in a trademark, trade name or logo used by Sagent, Gland shall and hereby does transfer such rights to Sagent or its designee upon request of Sagent, and Gland specifically disclaims and forfeits to Sagent any rights in
such trademarks, trade names or logos used by Sagent. Sagent shall indemnify and hold Gland harmless from any third-party claim arising out of the text of labels, inserts or packaging, provided such text has been used by Gland pursuant to
Sagent’s written directions. 

  

	14.	MISCELLANEOUS. 

  

	 	14.1	Dispute Resolution. 

  

	 	(a)	Choice of Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
regard to its conflicts of laws rules. This Agreement shall not be construed against the Party preparing it, but shall be construed as if both Parties jointly prepared it. 

  
 18 

  

	 	(b)	Good Faith Negotiations. Any controversy, claim or dispute arising out of or relating to this Agreement or the breach thereof shall be settled, if
possible, through good faith negotiation between the Parties. Such good faith negotiation shall commence promptly upon a Party’s receipt of notice of any claim or dispute from the other Party and continue for a period of sixty (60) days.

  

	 	(c)	Arbitration. If any dispute addressed in Section 14.1(b) cannot be resolved by the senior executives within sixty (60) days after its
submission, then such dispute shall be settled by arbitration to be held in New York, NY in accordance with the Center for Public Resources Rules for Non-Administered Arbitration of Business Disputes except that (a) there shall be three U.S.
licensed attorneys acting as arbitrators, and (b) payment of the expenses of the arbitration, including legal fees for both Parties and the fee of the arbitrators, shall be assessed by the arbitrators based on the extent to which each Party
prevails. Each Party shall select one arbitrator. The two arbitrators selected by the Parties shall select the third arbitrator. At least one of the arbitrators shall be a licensed attorney who has represented pharmaceutical companies for at least
ten years and is knowledgeable concerning the subject matter at issue in the dispute. The award of the arbitrators shall be binding, and judgment upon the award rendered by the arbitrators may be entered in any federal court in the State of New
York. Nothing in this Agreement bars the right of Gland or Sagent to obtain preliminary or permanent injunctive relief against threatened conduct that will cause it loss or damage, in accordance with the rules for obtaining injunctive relief in any
jurisdiction, including the applicable rules for obtaining restraining orders and preliminary injunctions. 

  

	 	14.2	Integration and Amendment. This Agreement and the Exhibits hereto contain the complete agreement between the Parties with respect to the subject matter
hereof. All previous and collateral agreements, representations, warranties, promises and conditions relating to the subject matter of this Agreement are superseded by this Agreement. This Agreement may only be amended by a written instrument duly
executed by the Parties hereto. 

  

	 	14.3	Assignment. During the term of this Agreement the rights of either Party under this Agreement shall not be assigned, nor shall the performance of either
Party’s duties be delegated without the other Party’s prior written consent, except either Party may assign this Agreement to an Affiliate or a purchaser of all or substantially all of such Party’s business. Notice of assignment shall
be given to the other Party at least thirty (30) days prior to the effective date of said assignment. 

  
 19 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

  

	 	14.4	Waiver. No waiver of any default by either Party shall be deemed to constitute a waiver of any subsequent default with respect to the same or any other
provision hereof. No waiver shall be effective unless made in writing with specific reference to this Agreement and signed by a duly authorized representative of the Party granting the waiver. 

 

	 	14.5	Notice. Any notice or request expressly provided for or permitted under this Agreement shall be in writing, delivered manually or by mail, telegram,
telefax or cable and shall be deemed sufficiently given if and when received by the Party to be notified at its address first set forth below, or if and when mailed by registered mail or certified mail, postage prepaid, addressed to such Party at
such address. Either Party, by notice to the other, may change its address for receiving such notices. 

  

					
	If to Gland:	    	Gland Pharma Limited
		    	6-3-865/1/2, Ameerpet
		    	Hyderabad, India 500016
		    	Attn: Managing Director
		    	Telephone:	  	 [***]

		    	Facsimile:	  	 [***]

		
	If to Sagent:	    	Sagent Holding Co.
		
		    	c/o M&C Corporate Services Limited
		
		    	PO Box 309 GT, Ugland House
		
		    	South Church Street
		
		    	George Town, Grand Cayman, Cayman Islands
		
	With a copy to:	    	Sagent Pharmaceuticals
		    	1901 N. Roselle Road, Suite 700
		    	Schaumburg, IL 60195 USA
		    	Attn: Jeffrey M. Yordon, CEO
		    	Telephone:	  	847-908-1600
		    	Facsimile:	  	847-908-1601

  

	 	14.6	 Severability Of Provisions. Each provision of this Agreement shall be treated as a separate and independent clause, and the
unenforceability of any one clause shall in no way impair the enforceability of any of the other clauses herein. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope,
activity, subject or otherwise so as to be unenforceable at law, such 

  
 20 

	 	 
provision or provisions shall be construed by the appropriate judicial body or arbitration panel by limiting or reducing such provision or provisions, so as to be enforceable to the maximum
extent allowable under the applicable law as such law shall then be. 

  

	 	14.7	Independent Contractors. Each Party hereto shall be an independent contractor of the other. Neither Party shall be the legal agent of the other for any
purpose whatsoever and therefore has no right or authority to make or underwrite any promise, warranty or representation, to execute any contract or otherwise to assume any obligation or responsibility in the name of or on behalf of the other Party,
except to the extent specifically authorized in writing by the other Party. Neither Party shall be bound by or liable to any third persons for acts or obligations or debts incurred by the other toward such third party, except to the extent
specifically agreed to in writing by the Party to be so bound. 

  

	 	14.8	Force Majeure. Neither Party shall be liable to the other for default or delay in the performance of any of its obligations under this Agreement if such
default or delay shall be caused directly or indirectly by accident, fire, flood, riot, war, terrorism, act of God, embargo, strike, failure or delay of normal source of supply of materials, or delay of carriers, equipment failure or complete or
partial shutdown of plant by any of the foregoing causes or other causes beyond its reasonable control, including FDA action (“Force Majeure”), provided same are not due to the fault or neglect of such Party and
provided further that any such delay or failure shall be remedied by such Party as soon as possible after the cause of such failure or delay. 

 

	 	14.9	Survival. The obligations of the Parties contained in Sections 7.7, Article 8, Section 9.2 and Article 11 and paragraphs 1, 3, 4, 13, 15,
16, 20, 27, 28, 29, and 30 of the Quality Assurance Agreement shall survive the termination of this Agreement indefinitely. The obligations of the Parties contained in Article 11 shall survive until the later of (i) five years after the
Proprietary Information at issue is disclosed to the Receiving Party and (ii) five years after termination of this Agreement under Article 7 hereof. 

  

	 	14.10	Environmental Health & Safety. Gland represents, warrants and certifies that it complies with all environmental health and safety laws applicable
to Gland’s manufacture and sale of the Product and has determined that it is in compliance with such laws, and, subject to Article 8, Gland agrees to indemnify Sagent in the event that Gland does not comply with any such laws, and such
non-compliance results in any liability to any third party by Sagent. 

  

	 	14.11	 Diversity. This Section shall apply only to the extent that Gland is required to comply with United States federal or state law regarding
equal opportunity. Gland represents, warrants and certifies that it has made a 

  
 21 

	 	 
commercially reasonable good faith effort to recruit, hire, train, promote and retain persons of diverse backgrounds in its own labor force, and, at a minimum, is in compliance with all
affirmative action orders and regulations and decrees applicable to it. Gland also represents, warrants and certifies that it prohibits any form of unlawful discrimination in the facilities where the manufacturing and delivery of the Product occurs.
Gland agrees to allow reasonable access to its records, documents, persons, or premises during normal business hours if reasonably requested by Sagent for the purpose of determining whether Gland has complied with the above provisions in connection
with the manufacturing and delivery of the Product. 

  

	 	14.12	Headings; Interpretation. The section headings contained in this Agreement are for convenience of reference only, do not form a part of this Agreement and
shall not affect in any way the meaning or interpretation of this Agreement. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “but not limited to.” All references herein to Articles, Sections and Exhibits shall be deemed references to Articles and Sections of, and Exhibits to, this Agreement
unless the context shall otherwise require. All Exhibits attached to this Agreement shall be deemed incorporated herein by reference as if fully set forth herein. Words such as “herein,” “hereof,” “hereto,”
“hereby” and “hereunder” refer to this Agreement and to the Exhibits, taken as a whole. Except as otherwise expressly provided herein: (a) any reference in this Agreement to any agreement shall mean such agreement as
amended, restated, supplemented or otherwise modified from time to time; (b) any reference in this Agreement to any law shall include corresponding provisions of any successor law and any regulations and rules promulgated pursuant to such law
or such successor law; and (c) all terms of an accounting or financial nature shall be construed in accordance with generally accepted accounting principles, as in effect in the United States from time to time. 

 

	 	14.13	Counterparts. This Agreement may be executed by the Parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed
an original and all of which counterparts taken together shall constitute but one and the same instrument. 

  

	 	14.14	Further Assurances. The Parties shall execute such other instruments and make such further agreements as may be necessary and consistent with the
provisions of this Agreement and not inconsistent with any legitmate and substantive interest of such Party. 

  
 22 

 EXECUTION 
 IN WITNESS WHEREOF, the Parties have caused this Development and Manufacturing Agreement to be executed by their respective duly authorized representatives as of the day and year first above
written. 
  

			
	SAGENT HOLDING CO.
		
	By:	 	     /s/ Jeffrey M.
Yordon

			
	Name/Title:	 	 Jeffrey M. Yordon

		 	 Chief Executive Officer

 

			
	GLAND PHARMA LIMITED
		
	By:	 	 /s/ Srinivas Sadu

	Name:	 	Srinivas Sadu
	Title: Director of Business Development

  
 23 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 EXHIBIT A 
 PRODUCT AND TRANSFER PRICE 

Product:                    
                                         
                                         
           Heparin Sodium Injection USP for human use in vials 
  

					
	 Concentration

(USP Heparin Units/mL)
	 	 Fill Volume / Vial size
	 	 Initial Transfer Price*

(in US Currency)

	 1,000
	 	1 mL/ 2 mL	 	[***] / vial
	 1,000
	 	10 mL/ 10 mL	 	[***] / vial
	 1,000
	 	30 mL/ 30 mL	 	[***] / vial
	 1,000 (Preservative free)
	 	2 mL/ 2 mL	 	[***] / vial
	 5,000
	 	1 mL/ 2 mL	 	[***] / vial
	 5,000
	 	10 mL/ 10 mL	 	[***] / vial
	 10,000
	 	1 mL/ 2 mL	 	[***] / vial
	 10,000
	 	4 mL/ 5mL	 	[***] / vial
	 20,000
	 	1 mL/ 2 mL	 	[***] / vial

  

	 	•	Note: Transfer prices are applicable considering the API price [***]. Any change in the API price will accordingly change the Transfer prices

  
 24 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 EXHIBIT B 
 PRODUCT SPECIFICATIONS 
 Heparin Sodium Injection (USP)

 This specification is subject to change in accordance with the terms of the Agreement. 

[***] 

  
 25 

 EXHIBIT C 
 QUALITY ASSURANCE AGREEMENT 
  

			
	1.	  	Definitions
	2.	  	Product Warranty
	3.	  	Product Shelf Life
	4.	  	Product Inspections
	5.	  	Disputes with respect to Rejection
	6.	  	Master Formula
	7.	  	Manufacturing Conditions
	8.	  	Good Manufacturing Practices
	9.	  	Chemical and Packaging Components Inspection and Release
	10.	  	Documentation
	11.	  	cGMP Records and Reporting
	12.	  	Labeling
	13.	  	Change Control
	14.	  	Batch Records
	15.	  	Batch Documents to be Included with each Shipment of Product to Sagent
	16.	  	Shipping
	17.	  	Retention Samples
	18.	  	Product Complaint
	19.	  	Process Validation
	20.	  	Regulatory Visits
	21.	  	Changes to Specifications
	22.	  	Commercial Stability
	23.	  	Quality Audits
	24.	  	Additional Suppliers
	25.	  	Provision of Documents to Customers
	26.	  	Regulatory Approval
	27.	  	Regulatory Contacts
	28.	  	Recall Action
	29.	  	Recall Expenses
	30.	  	Recall Records
	31.	  	Debarment
	32.	  	Product Release
	33.	  	Drug Pedigree

  
 26 

 Sagent Holding Co. (“Sagent”) and Gland Pharma Limited (“Gland”) have
entered into a Contract Manufacturing Agreement (“Agreement”) for Gland to manufacture Amiodarone (the “Product”). This Quality Assurance Agreement (the “Quality Agreement”) covers specific quality and regulatory
requirements for this activity. 
 1. Definitions. Unless expressly defined herein, all definitions in this Exhibit have the same meaning
as in the Agreement to which this Exhibit is attached. 
 2. Product Warranty. Gland warrants the Products supplied by Gland at the time
of delivery shall conform to the Specifications therefore, and shall have been manufactured in accordance with current Good Manufacturing Practices as listed in 21 CFR 211. Gland further warrants and guarantees that, as of the date of each shipment
hereunder to Sagent, or its designee, of any Product subject to the provisions of the United States Food and Drug and Cosmetic Act (the “FDA Act”), such Product shall not, when shipped, be adulterated or misbranded within the meaning of
the FDA Act, or be an article which may not, under the provisions of the FDA Act, be sold in the Territory. The warranties contained herein shall not apply to any Product which after delivery (i) has been tampered with or otherwise altered
other than by Gland, (ii) has been subject to misuse, negligence or accident other than by Gland, or (iii) has been stored, handled or used in a manner contrary to the FDA requirements other than by Gland. EXCEPT AS OTHERWISE EXPRESSLY
PROVIDED BY THIS AGREEMENT, GLAND MAKES NO OTHER WARRANTIES, EITHER EXPRESS, IMPLIED OR OTHERWISE, AND SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

3. Product Shelf Life. Product supplied by Gland shall, at the time of delivery to Sagent, have no more than four months time exhausted from the
total approved shelf life of the Product. In situations in which Gland proposes to supply Product that does not meet the foregoing shelf life specification, Sagent agrees to review such exceptions on an individual basis. 

4. Product Inspections. Within forty-five (45) days after receipt of Product by Sagent at its facility or at the time of rejection by a
Sagent Quality Manager, Sagent must notify Gland in writing if the Product does not meet the Specifications as determined by Sagent’s testing and inspection of the product, except for any latent defect which shall be reported to Gland within
thirty (30) calendar days after discovery; provided, however, that there shall be no time restrictions on Sagent’s provision of notice to Gland in the event Gland has breached any of its representations, warranties or obligations under the
terms of the Agreement. If Gland agrees, Gland shall replace the Product at no charge as soon as reasonably possible and shall pay for shipping charges to deliver Product or replacement Product to Sagent. Non-conforming Product that is not in
Gland’s possession shall, upon mutual agreement by the parties and at Gland’s sole expense, either (i) be returned to Gland within a reasonable period of time or (ii) be destroyed by Sagent. If requested by Sagent, Gland shall
assist Sagent in the transfer of the required analytical test methods to monitor the product to Sagent or Sagent’s designee including an independent FDA approved testing organization as provided for in Section 5 of the Quality Agreement.
If required, Gland will provide all required analytical methodology, the associated documentation and required standards. The warranties given by Gland in this agreement shall survive until the expiration date on the Product not withstanding any
failure to reject by Sagent pursuant to this Section. 

  
 27 

 5. Disputes with Respect to Rejection. If Gland disputes Sagent’s right to reject all or part of
any shipment of the Products as set forth above, and such dispute is not resolved by mutual agreement of the parties within sixty days of Sagent’s notice of rejection, such dispute shall be resolved by an independent FDA approved testing
organization or recognized expert consultant mutually agreed upon by the parties, the appointment of which shall not be unreasonably withheld or delayed by either party. The determination of such entity with respect to all or part of any shipment
shall be final and binding upon all parties, but only as to reasons given by Sagent in rejecting the shipment or portion thereof and shall have no effect on any matter for which said entity did not render a determination. The fees and expenses of
the third party making the determination shall be paid by the party against which the determination is made. 
 6. Master Formula. The
composition of Products to be sold in the U.S. will be as stated in the applicable Product DMF and NDA or ANDA. 
 7. Manufacturing
Conditions. Gland represents that it has, or will have, adequate premises and equipment and sufficient knowledge and experience to carry out activities relating, directly or indirectly, to the manufacture and supply of Product to Sagent in
accordance with the terms of the Agreement. Gland represents that it has a formal program to train and document training of its employees. Gland represents that all employees are fully trained and qualified to perform their duties. Gland is an FDA
approved manufacturer of pharmaceuticals and is, as such, under the inspection of the U.S. Food and Drug Administration and other regulatory agencies. 
 8. Good Manufacturing Practices. Products will be manufactured and packaged by Gland or by agreed upon third-party manufacturers in accordance with current Good Manufacturing Practices
(“cGMP”) and the applicable approved DMF and NDA or ANDA. 
 9. Chemical and Packaging Component Inspection and Release. Gland
shall test, inspect and release all API and inspect and release all Materials and Components used in the manufacture of Product. Gland shall inspect and release all labels, package inserts, and labeling utilized for Product for conformance with such
approved masters. Gland shall inspect and release all other packaging components in compliance with Specifications. All APIs, Components and Material for Product to be sold in the U.S. will be procured, by Gland in accordance with the applicable
approved U.S. ANDA. Any proposed change to such Gland’s, tests or release requirements shall be subject to the procedure described herein. Gland agrees that Sagent may at its option participate in quality audits of all API, Material and
Component; however, Gland has sole responsibility for all Materials and Component vendor qualifications as required under cGMPs. 
 10.
Documentation. Upon request, Gland shall provide to Sagent complete, written manufacturing and testing procedures and other documentation necessary for the manufacture of the Product prior to Gland’s commencement of manufacturing or
packaging operations with respect to the Product. Such procedures must be supplied at least three months prior to delivery of Product to Sagent. Gland will update such information to reflect changes in the manufacture and/or packaging of the Product
with new information prior to implementing such changes. 

  
 28 

 11. cGMP Records and Reporting. Commencing with inception of manufacturing, Gland shall keep all
records required under the cGMPs in accordance with document retention requirements of the cGMPs. All such records shall be made available to Sagent for inspection at any time during Gland’s normal business hours. 

 

	12.	Labeling. 

 (a) All labels
for Products shall use the Sagent name and the Sagent NDC number. Gland shall be permitted to use such labels only on Products delivered to Sagent hereunder. Sagent shall provide in a timely manner the camera-ready artwork for labeling for the
containers, package inserts and shipping containers in the form specified by Gland at Sagent’s cost. Sagent shall have approved all such labeling in writing in advance of initial printing. From time to time, Sagent may request Gland modify the
artwork or Labeling. Sagent and Gland shall mutually develop the timeline for implementation of the revised labeling. Gland shall make all reasonable efforts to implement the revised Labeling in accordance with the Sagent schedule. Unless otherwise
agreed, labeling approved by Sagent shall be the only labeling used by Gland for Products, provided that any labels and package inserts shall be consistent with FDA and Gland’s requirements with regard to physical dimensions and specifications
relating to the methods of handling and affixing on container. Gland may modify artwork as necessary to meet its requirements or the print vendor requirements and equipment design specifications; however, in such cases, Gland will submit final
proofs of artwork and labeling to Sagent for final approval. Sagent shall have approved all such Labeling in writing in advance of initial printing and Gland shall have a system for control of master labeling. Any label artwork preparation and setup
charge shall be billed to Sagent on a pass through cost basis. In addition, all costs associated with any labeling changes required by Sagent or required by the FDA, including the costs associated with any labeling or packaging rendered obsolete by
such changes, shall be borne by Sagent. 
 (b) All code or product specific printed material or labeling, excluding promotional
and advertising material, shall be 100% electronically verified or printed on line. Gland shall be responsible for the appropriate barcoding per cGMP requirements. 
 (c) Gland will monitor the Reference Listed Drug package insert text. Gland and Sagent will consult from time to time on the need for changes in prescribing information (package insert) or in the labeling
of packaging and containers of the Products or in the Product information supplied to customers, the medical profession or patients. Gland and Sagent will comply with all regulatory requirements. 

(d) The shipping label shall be in Healthcare Distribution Management Association (HDMA) format and shall include the following
information: 
  

	 	•	 	 Name and address of Company 

  

	 	•	 	 NDC number 

  

	 	•	 	 Lot number 

  

	 	•	 	 Lot Expiration Date 

  

	 	•	 	 Quantity 

  

	 	•	 	 Storage and special transportation conditions 

  
 29 

 13. Change Control. Gland will notify Sagent in writing of any proposed change, including changes to
the APIs or components of the Product, process specifications and/or controls, as well as the manufacturing and/or packaging of Product, if the proposed change requires FDA notification. Gland will notify Sagent in writing of any other critical
change, which does not require FDA notification, including changes to specifications, in-process specifications and process validation. Sagent shall have the opportunity to review and comment on any such changes; however, final approval for
implementation or submission to regulatory authorities rests with Gland. Notwithstanding the foregoing, in the event that any proposed change is required by any governmental authority which contravenes the requirements of the United States Food,
Drug and Cosmetic Act, Gland shall deliver written notice to Sagent specifying such change required by such governmental authority. Such change shall be deemed to have been accepted by Sagent unless within thirty (30) days after Sagent’s
receipt of such notice, it shall notify Gland in writing that it cannot, in good faith, agree to such a change. If Sagent determines that such change required by such governmental authority cannot be so agreed to, then Sagent and Gland shall
negotiate, in good faith, an amendment to the Agreement deleting the Product to which the proposed changes are applicable and altering or adding such other terms as may be just and equitable in the circumstances. Gland will provide official copies
of revised documents to Sagent within five (5) working days after internal Gland’s approval. 
 14. Batch Records. Records
which include the information relating to the manufacturing, packaging and quality operation for each lot of Product shall be prepared by Gland for each lot at the time at which such operations occur. The records shall include, but are not limited
to, the following documentation: manufacturing, raw materials and components charge-in-records; mixing and filling records; packaging component charge-in records; packaging records; container and component traceability records; in-process and final
laboratory testing results; in-process and final product physical inspection results; yield reconciliation for bulk and finished product; label samples; deviations and/or excursions from approved procedure (as well as the Gland investigation and
corrective actions) incurred during the processing and packaging of the lot. Sagent may review the original documents for each lot at its request when auditing the sites of manufacture of Products. Copies of all batch records and deviation/exception
reports are to be sent to Sagent’s QA organization for release review for the first three lots of Product and every tenth lot thereafter. Copies of all batch records and deviation / exception reports shall also be made available upon reasonable
request. 
 15. Batch Documents to be Included With Each Shipment of Product to Sagent. The following outlines the minimum batch
documentation required to be sent to Sagent’s QA organization for release review and included with each lot of Product shipped to Sagent or Sagent’s designee: 
  

	 	•	 	 Packaging Bill of Materials 

  

	 	•	 	 Copies of Certificate of Analysis for each lot 

  

	 	•	 	 Certificate of Compliance 

  

	 	•	 	 Sagent’s Batch Record Package Approval Form (form controlled under Sagent’s internal standard operating procedure and to be provided to
Gland). 

  

	 	•	 	 Packaging Lits (to be shipped with product to Sagent’s Distributor) which shall include the following information: 

 

	 	•	 	 NDC Number 

  

	 	•	 	 NDC Description 

  

	 	•	 	 Lot Number 

  

	 	•	 	 Lot Expiration Date 

  

	 	•	 	 Quantity 

  
 30 

 The certificate of analysis, signed by the responsible quality official, must include the numerical results
for each test (chemical, microbiological and bacteriological) performed to assure results are in compliance with Product Specifications, the date of manufacture and expiration date of the Product, as well as a statement that the subject lot was
produced in accordance to the applicable ANDA and in compliance with all applicable cGMP requirements. 
 16. Shipping. Gland shall
assure that Product is handled and shipped under approved storage and packaging conditions without damage to Product, until risk of loss has passed to Sagent. Upon request, Gland shall provide documentation to Sagent of all packaging validations for
the Products. 
 17. Retention Samples. Gland is responsible for storing, annual inspection, and maintaining retention samples of
Products from each lot supplied to Sagent to meet regulatory requirements. Gland is responsible for storing and maintaining retention samples of each lot of raw material utilized in the manufacture of Products in accordance with all FDA regulatory
requirements. 
 18. Product Complaint. Sagent shall report all Product complaints to Gland as soon as possible but in no event later
than within ten (10) working days. Gland shall be responsible for investigating Product complaints by analyzing Product and Materials to determine the cause, if any, of an alleged Product manufacturing defect or failure. Upon reasonable request
from Gland, Sagent shall assist as is reasonably necessary. Gland shall use commercially reasonable efforts to provide a written report of its determination within twenty (20) days of receipt of Sagent ‘s written request and samples of the
involved Products. Sagent shall be responsible to ensure that Gland receives samples of the Products to be investigated. In the event that Gland determines that any reasonable additional physical, chemical, biological, or other evaluation should be
conducted by Gland in relation to a product complaint, Gland shall conduct the necessary evaluation and advise Sagent of the results. In the event that Sagent requests that any reasonable additional physical, chemical, biological, or other
evaluation be conducted by Gland in relation to a product complaint, Sagent shall so advise Gland. In the event that Gland determines after evaluation that such testing is reasonable to be done, Gland shall conduct the necessary evaluation and
advise Sagent of the results. Sagent shall correspond with complainants on all product complaints associated with Products. Each Party shall maintain written records of complaints in accordance with cGMPs and shall make such records reasonably
available for review during audits or in the course of complaint investigations. 
 19. Process Validation. Gland shall validate, at its
sole cost, all processes, equipment, utilities, facilities and computers utilized in the manufacture, packaging, storage, testing and release of Products for regulatory submissions and commercial sale in conformance with all current FDA guidelines
and regulations and, subject to Section 1 hereof, the guidelines of other applicable regulatory agencies outside the U.S. Gland shall be responsible for and shall ensure that all validated systems are maintained according to FDA guidelines
(and, subject to Section 1 hereof, the guidelines of other applicable regulatory agencies outside the U.S.) and that all required periodic revalidations are performed according to these guidelines. Sagent shall reserve the right to review all
Master Validation Plans and/or the corresponding protocols if no Master Plan exists prior to the execution of such validation. 

  
 31 

 20. Regulatory Visits. Gland shall, within two (2) working days, notify Sagent in the event of
any FDA or other regulatory authority inspection regarding Products. In the event of an inspection by the FDA that results in a concern by the FDA specifically related to Product (s), then Sagent through its designee, Sagent will be notified within
two (2) business days of such concern. Gland shall furnish to Sagent, not later than five (5) business days prior to the time it provides to the FDA, copies of proposed responses or explanations relating to the Products in each case purged
of Confidential Information that is unrelated to the Products. Gland shall allow Sagent the opportunity to review and comment on any proposed response to the FDA and shall consider in good faith any comments proposed by Sagent on the proposed
responses. After the filing of a response with the FDA, Gland shall notify Sagent and provide Sagent with copies of any further contacts with the FDA relating to the subject matter of the response. 

21. Changes to Specifications. Changes to Specifications of the Products shall be made in accordance with the Change Control requirements of the
Quality Agreement. In the event that Sagent desires any change to the Specifications of the Products, Sagent shall deliver written notice to Gland specifying such change desired by Sagent and Gland shall respond to any such notice within thirty
(30) days after Gland’s receipt thereof. 
 22. Commercial Stability. Gland shall be responsible for the generation of all data
and associated reports for all stability studies in support of the currently approved ANDA in accordance with the on-going marketed protocol for each of the Products. Gland shall provide Sagent on an annual basis with copies of stability data and
reports at the time Gland performs their annual review. If any out of specification result is confirmed, Gland will consult with Sagent on the situation and any corrective actions. 
 23. Quality Audits. Sagent shall have the right, at least once every twelve (12) months, or more frequently as circumstances require, and on reasonable prior notice (which notice shall be
waived if circumstances warrant), to inspect those sections of the manufacturing, packaging, laboratory and warehousing facilities utilized in the manufacture, packaging, storage, testing, shipping or receiving of Products. Such inspections may
include cGMP inspections, APIs, the work in process and Products as well as all batch records. The frequency and extent of inspections shall be determined by mutual agreement of Gland and Sagent in accordance with the Quality Agreement. Sagent shall
have the right to station a quality manager or Sagent designee at the manufacturing facilities for the Products on substantially a full-time basis, when there is work being conducted that relates to the Products, for the purpose of monitoring the
production, and quality assurance activities and reviewing batch records with respect to the Products. Gland will provide an appropriate working area for the Sagent quality manager or Sagent designee to perform these required duties. 

24. Additional Suppliers. Unless requested by Sagent, all costs incurred in qualifying additional Suppliers of APIs, Materials, and Components for
the Product in addition to the cost of qualifying the primary Gland thereof shall be borne by Gland. If Sagent requests the qualification of additional Suppliers, the cost of qualifying the additional Gland will be borne by Sagent. 

  
 32 

 25. Provision of Documents to Customers. Gland will provide, at Sagent’s request, specific
documentation relating to the quality of manufacturing operations and regulatory history for the Products as requested by Sagent’s customers when such document request is considered reasonable by Gland or when such documents would be available
under the Freedom of Information Act. 
 26. Regulatory Approval. Gland represents that prior to the first commercial sale of Product by
Sagent, and at all time thereafter during the Term of the Agreement, it will have an FDA approved ANDA for each of the Products. 
 27.
Regulatory Contacts. Gland will be responsible for all regulatory contacts and filings with the FDA. If Gland is required to submit documentation to the FDA or otherwise communicates with the FDA, which documents or communications relate
directly to the Product or that could reasonably be anticipated to affect the Product, Sagent or its representatives may review and comment at its discretion on all such documents and other communications prior to their submission. Gland shall
consider in good faith any comments proposed by Sagent on the proposed responses. Gland shall notify Sagent promptly (within 1 business day) of any adverse finding related to the submission of such documentation by the FDA that relates directly to
the Product or that could affect the Product. 
  

	28.	Recall Action. 

 (a) In
the event Sagent should be required or should voluntarily decide to initiate a recall, Product withdrawal, or field correction of any Products in the Territory pursuant to this Agreement, Sagent through its designee shall notify Gland and provide a
copy of its proposal, including the recall letter, for review prior to initiation of such action, and shall consult with Gland prior to initiation of such action; provided, however, that Sagent shall not be prohibited hereunder from taking any
action that it is required to take by applicable law. In conjunction with such recall, Gland shall assist in the investigation to determine the cause and extent of the problem. 

(b) In the event that Gland independently believes that a recall, Product withdrawal, or field correction for Products may be necessary
or appropriate, Gland shall notify Sagent through Sagent’s designee of Gland’s belief, and the parties shall fully cooperate with each other concerning the necessity and nature of such action. 

29. Recall Expenses. In the event that any Product is recalled as a result of (1) the supply by Gland of Product that does not conform
to any requirement set forth in the Agreement or (2) the negligent or intentionally wrongful act of Gland or its representatives, then Gland shall bear all of the out-of-pocket costs and expenses of such recall including without limitation
expenses related to communications and meetings with all required regulatory agencies, expenses of replacement stock, the cost of notifying customers and costs associated with shipment of recalled Product from customers and shipment of an equal
amount of replacement Product to those customers. In the event that any Product is recalled as a result of the negligent or intentionally wrongful act of Sagent, or its representatives (including, without limitation, negligent or

  
 33 

 
intentionally wrongful acts in connection with label copy supplied by Sagent or in storing or shipping the Product), then Sagent shall bear all of the costs and expenses of such recall, including
without limitation expenses related to communications and meetings with all required regulatory agencies, expenses of replacement stock, the cost of notifying customers and costs associated with shipment of recalled Product from customers and
shipment of an equal amount of replacement Product to those customers. In the event that the reason for any recall of Product hereunder is in part the responsibility of Gland and in part the responsibility of Sagent then the expenses shall be
allocated in an equitable manner between the parties. 
 30. Recall Records. Each of the parties shall maintain complete and accurate
recall records of Products for such periods as may be required by applicable law, but in no event less than three (3) years. 
 31.
Debarment. Gland represents that it is not debarred under the Generic Drug Enforcement Act of 1992 and that Gland does not employ or use the services of any individual who is debarred or has engaged in activity that could lead to debarment.

 32. Product Release. Gland, as manufacturer and owner of the ANDAs for the Products, is responsible for quality control release of the
products to commerce. Sagent, as a private label distributor, is responsible for further distribution of the Products once dispositioned by Gland for release. Sagent’s further distribution to commerce shall be based on Sagent’s internal
procedures and the batch records and any other production and technical document package provided by Gland in accordance with this Agreement. 

33. Drug Pedigree. Sagent shall be responsible for assuring compliance with all applicable United States Federal and State drug pedigree
requirements. For the sole purpose of complying with such drug pedigree requirements, Gland authorizes Sagent to designate on behalf of Gland Sagent’s distributors as Authorized Distributors of Record. Gland shall assist Sagent in complying
with drug pedigree requirements including but not limited to maintaining a publically available list of Sagent’s Authorized Distributors of Record. 
  

			
	GLAND PHARMA LTD.
		
	By:	 	  

			
	Title: Vice President of Quality
	GLAND PHARMA LIMITED,
	6-3-865/1/2, Ameerpet, Hyderabad-5000 016, India
	Date:	 	                    

			
	
	SAGENT HOLDING CO.
		
	By:	 	  

			
	Title:	 	
	Date:	 	                    

  
 34 

 EXHIBIT D 
 ADVERSE EVENT REPORTING AGREEMENT 
  

	1.	PURPOSE: 

 Sagent Holding
Co. (“Sagent”) and Gland Pharma Limited (“Gland”) have entered into a Contract Manufacturing Agreement (“Agreement”) for Gland to manufacture Amiodarone (the “Product”). This Adverse Event Reporting Agreement
(the “AE Agreement”) sets forth the terms for the exchange of information between Gland and Sagent regarding any category of adverse drug experience or any safety issue, as defined in Section 4 below, involving the Product(s), and to
set forth each Party’s reporting responsibilities. Capitalized terms used in this AE Agreement, which are not defined herein, shall have the meanings given to those terms in the Agreement. 

 

	2.	SCOPE: 

 This Agreement
applies to all categories of adverse drug experiences, as defined in Section 4 below, reported to either Sagent or Gland, including those spontaneously reported (i.e., ADEs occurring post-market), and those reported during a clinical trial
(i.e., ADEs occurring pre-market). 
  

	3.	REFERENCES: 

  

	 	3.1	Title 21 of the United States Code of Federal Regulations, Section 312.32, 310.305 and 314.80. 

 

	 	3.2	FDA Guideline for Reporting Post-Marketed Adverse Drug Experiences. 

  

	 	3.3	ICH Guideline E2A – Clinical Safety Data Management: Definitions and Standards for Expedited Reporting. 

 

	 	3.4	Development and Supply Agreement between Sagent and Gland. 

  
 35 

  

	4.	DEFINITIONS: 

  

	 	4.1	Adverse Drug Experience (“ADE”) 

 Any undesirable medical experience or event occurring in a subject /patient administered a Product(s). This includes any unfavorable and unintended sign (including any abnormal laboratory finding),
symptom or disease temporarily associated with the use of a Product. If such experience or event occurs during a clinical trial, it will be considered an ADE whether or not it is considered causally related to the Product(s). The following are types
of ADEs: 
  

	 	a.	Serious Adverse Drug Experience (“SAE”) 

 Any ADE that results in any one or more of the following outcomes: death, a life threatening experience, in-patient hospitalization or prolongation of existing hospitalization, a persistent or significant
disability/incapacity, or causes congenital anomaly / birth defect. Medical events or experiences that do not result in death, are not life-threatening, nor require hospitalization may be considered an SAE when based upon appropriate medical
judgment, such event or experience jeopardizes the patient and may require medical or surgical intervention to prevent one of the outcomes listed above. 
 During a clinical trial, with respect to results obtained from tests on laboratory animals, an SAE includes any experience suggesting a significant risk for human subjects, including any finding of
mutagenicity, teratogenicity or carcinogenicity. 
  

	 	b.	Life-Threatening Adverse Drug Experience 

 Any ADE that puts the patient at immediate risk of death. It does not include a reaction that, had it occurred in a more serious form, might have caused death. 

 

	 	c.	Unexpected Adverse Drug Experience 

 Any ADE that is not identified in nature, severity, or frequency in the current source documents (i.e., the investigator brochure, or, if an investigator brochure is not required, that is not identified
in nature, severity, or frequency in the risk information described in the general investigational plan or elsewhere in the current application, as amended). 
  

	 	d.	Non-Serious Adverse Drug Experience 

 Any ADE associated with the use of a drug in humans which does not fall within the definition of any of the preceding categories will be defined as a non-serious ADE, for purposes of this Agreement.

  

	 	4.2	Reporting Party 

 The
Reporting Party is Gland. 
  

	 	4.3	Minimum Criteria 

 The
minimum criteria required for an ADE report, which must include the following: 
  

	 	•	 	 Name of the drug, 

  

	 	•	 	 Event or outcome, 

  

	 	•	 	 Patient identifier (any one or more of name, initials or clinical investigation number, age, sex ore weight), and 

 

	 	•	 	 Identifiable source of the report. 

  
 36 

  

	 	4.4	Receipt Date of an Adverse Drug Experience (“Receipt Date”) 

 The date of the receipt of an ADE is considered to be the date on which the minimum criteria to consider a report of an ADE is received by the Reporting Party or designee. 

 

	 	4.5	Investigational Stage 

Any clinical study of the Product(s) conducted in the pre-approval phase or any study conducted in the post-marketing phase that is under
an investigational new drug application (“IND”) or equivalent document. 
  

	 	4.6	Marketing Stage 

 Any
study that is conducted after applicable governmental approval or licensing of the Product(s) allows for commercialization of the Product(s). 
  

	 	4.7	Significant Safety Issue 

Any and all other issues/and or problems, which fall outside the above categories of ADEs as, defined in Section 4. A significant
safety issue includes product recall, mislabeling, etc. 
  

	5.	TYPES OF REPORTS; REPORTING TO REGULATORY AUTHORITIES 

  

	 	5.1	Expedited Adverse Drug Experience Reports For Clinical Studies 

 All ADEs that are serious, unexpected and associated with the Product that is being studied are subject to expedited reporting to the regulatory authorities. This applies to reports from any type of
clinical or epidemiological investigation, independent of design or purpose. It also applies to cases not reported directly to the Party sponsoring the clinical study or to the Party manufacturing the Product(s) (for example, those found in
regulatory authority-generated ADE registries or in publications). The source of a report (i.e., investigation, spontaneous, other) should always be specified. Expedited Adverse Drug Experience Reports for Clinical Studies are subject to the
following reporting requirements: 
 a) Fatal or life-threatening, unexpected ADEs that occur in clinical investigations and are
associated with the Product being studied must be reported by the Reporting Party, as defined in Section 4.2, above, to the appropriate regulatory authorities as soon as possible (by telephone, fax or in writing), but no later than five 5
calendar days following Receipt Date. This initial report must be followed within ten (10) additional calendar days by a supplemental written report from the Reporting Party to the appropriate regulatory authorities that contains as much of the
completed information as possible. This supplemental report must include an assessment of the importance and implication of the findings, including relevant previous experience with the same or similar medicinal products. 

  
 37 

 b) All other serious, unexpected ADEs that occur in clinical investigations and which are
related to the Product being studied must be reported by the Reporting Party to the appropriate regulatory authorities, and the other Party, as soon as possible but no later than 15 calendar days after Receipt Date. 

 

	 	5.2	Non-Expedited Reports For Clinical Studies 

 An SAE that occurs in a clinical investigation and that does not meet the requirements for expedited reporting, as set forth in Section 5.1 above, is subject to periodic reporting (e.g. US IND Annual
Report, UK CTX renewal) by the Reporting Party. Events that must be reported in a non-expedited manner include those that are not serious or life threatening, but that occur frequently in the study. Non-Serious Adverse Drug Experiences occurring in
a clinical investigation shall be reported on a “study by study” basis at the end of the study for inclusion in an annual report, and inclusion in a study report. 

 

	 	5.3	Expedited Adverse Drug Experience Reports For Post–Market ADEs 

 All ADEs reported post-market that are both serious and unexpected are subject to expedited reporting. This applies to reports received from spontaneous sources and from any type of clinical or
epidemiological investigation, independent of design or purpose. It also applies to cases not reported directly to a Party (for example, those found in regulatory authority generated ADE registries or in publications). The source of a report (i.e.,
investigation, spontaneous, other) should always be specified. 
 All serious, unexpected ADEs that occur post-market must be
reported by the Reporting Party to the appropriate regulatory authorities as soon as possible, but no later than 15 calendar days after Receipt Date. 
  

	 	5.4	Non-expedited Reports For Post-Market ADEs 

 ADEs which are reported post-market and which do not meet the criteria for Expedited Reporting as set forth in Section 5.3, above, shall be reported on a periodic basis (e.g. NDA Periodic Report, UK
CTX renewal) by the Reporting Party. 
  

	 	5.5	Follow-up Reports For Clinical Studies and Post-Market ADEs 

 Follow-up Reports must be submitted by the Reporting Party when revised or additional information is received on an already reported ADE within the same time periods required for the initial report as set
forth in Sections 5.1-5.4. If the Reporting Party receives additional information that changes the status of a non-expedited ADE to an expedited ADE, the Reporting Party shall submit a Follow-up Report within the applicable time periods specified in
Section 5.1 or Section 5.3. 
  

	6.	REPORTING BETWEEN THE PARTIES 

  

	 	6.1	Adverse Drug Experience Reporting Responsibility for Product(s) where Sagent is not the Reporting Party 

  
 38 

 Sagent will report all ADEs it receives that result in a fatality to the Reporting Party
within one (1) working day of Receipt Date by phone or fax. If the report is made by phone, Sagent must forward a full report to the Reporting Party within five (5) calendar days of Receipt Date. Legible fax copies will be acceptable.
Sagent will report all other ADEs within five (5) calendar days of Receipt Date. Fax copies will be acceptable. The Reporting Party will send copies of 15-day reports to Sagent concurrent with regulatory authority submission. The Reporting
Party will forward to Sagent copies of periodic safety reports within thirty (30) days of submission of the report to regulatory authorities. Any exceptions will be handled on a case-by-case basis. 

 

	 	6.2	Adverse Drug Experience Reporting Responsibility for Product(s) where Gland is not the Reporting Party 

Gland will report all ADEs it receives that result in a fatality to the Reporting Party within on (1) working day of Receipt Date by
phone or fax. If the report is made by phone, the Gland must forward a full report to Sagent within five (5) calendar days of Receipt Date. Legible fax copies will be acceptable. Gland will report all other ADEs within five (5) calendar
days of Receipt Date. Fax copies will be acceptable. The Reporting Party will send copies of 15-day reports to Gland concurrent with regulatory authority submission. The Reporting Party will forward to Gland copies of periodic safety reports within
thirty (30) days of submission of the report to regulatory authorities. Any exceptions will be handled on a case-by-case basis. 
  

	 	6.3	Reporting Responsibility for Literature ADEs 

 The Reporting Party for a Product shall search for evidence of ADEs published in literature by conducting a search of widely used systematic literature review and reference database, such as Medline,
Excepta Medica or Embase, at least once a month. The Reporting Party for a Product(s) shall ensure that relevant publications in each member state are reviewed. If any ADE is found in the literature, the Reporting Party shall report such ADE to the
appropriate regulatory authorities and to the other Party pursuant to the applicable procedures and timeframes set forth in this Agreement. For purposes of this Agreement, a literature ADE is considered to be found on the day that any personnel of
the Reporting Party or its designee become aware of the publication. 
  

	 	6.4	Significant Safety Issues 

Any significant safety issues and/or problems brought to the attention of the either Party will be communicated to the other Party within
one (1) working day. 
  

	7.	CLASSIFICATION OF ADVERSE DRUG EXPERIENCES 

 Each Party shall make an initial assessment as to the seriousness of an ADE in accordance with the definitions set forth in Section 4; however, each Party is entitled to have its own medical advisors
change the initial classification of an ADE according to the regulatory requirements of the reporting country and the approved labeling information. The ultimate responsibility for classification of an ADE resides with the Reporting Party, unless
otherwise specified in the ED Agreement. 

  
 39 

  

	8.	PROCESSING OF INFORMATION 

  

	 	8.1	Standard Operating Procedures 

 The Reporting Party will process the ADE information as per its standard operating procedures. 
  

	 	8.2	Supporting Documentation 

Each ADE report shall be accompanied by all supporting documentation or reports that are available to the Reporting Party. 

 

	 	8.3	Information 

 The Parties
will use their best efforts to obtain from the reporting source the information requested on the most current version of the FDA Medwatch or CIOMS I form. 
  

	 	8.4	Report Language 

 All
reports will be prepared in English. 
  

	9.	FOLLOW-UP RESPONSIBILITY 

In the event that all the required information is not obtained in the first report of any ADE, the Parties agree to use their best
efforts, as defined by each Party’s procedures, to follow up with the reporting source to obtain as much information as possible. The Party receiving the initial report is responsible for obtaining any and all follow-up information from the
reporting source. The Party receiving any follow-up information shall inform the other Party pursuant to the reporting requirements set forth in this Agreement. 
  

	10.	RECORD-KEEPING RESPONSIBILITY 

  

	 	10.1	Record-keeping Responsibilities for the Reporting Party 

 Each Party will be responsible for maintaining the original file(s) of all regulatory and safety-related information for any and all ADEs that occur in its respective territories of regulatory
responsibility and reporting (including sublicensed territories, as defined in the ED Agreement) per its internal standard operating procedures. 
  

	 	10.2	Record-keeping Responsibilities for the Non-Reporting Party 

 In the event that a Party receives any ADE information about a Product(s) for which it does not have regulatory responsibility, such Party shall maintain files containing initial contact information,
confirmation of transmission, follow-up information relating to the ADEs including any telephone contact reports, along with copies of any supporting documentation it transmitted to the Reporting Party. 

  
 40 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

  

	11.	CONTACTS 

 Sagent
Pharmaceuticals 
              

             

Attn:              

Telephone:              

Telecopy:              

Gland Pharma Limited 
 6-3-862, Ameerpet 
 Hyderabad, India 

500016 
 Attn:
[***], Director - Technical 
 Telephone:     [***] 

Facsimile:      [***] 
 IN WITNESS WHEREOF, the Parties have executed this Adverse Event Reporting Agreement effective as of the date of the Development and Supply Agreement. 

 

	
	GLAND PHARMA LTD.
	
	By:                             
                                         
                    
	
	Title:                            
                                         
                  
	Head of Quality
	GLAND PHARMA LIMITED,
	6-3-865/1/2, Ameerpet, Hyderabad-5000 016,
	India
	
	SAGENT HOLDING CO.
	
	By:                             
                                         
                    
	
	Title:                            
                                         
                  

  
 41 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 FIRST AMENDMENT TO 

DEVELOPMENT AND SUPPLY AGREEMENT 
 FOR HEPARIN SODIUM INJECTION USP 
 THIS FIRST
AMENDMENT TO DEVELOPMENT AND SUPPLY AGREEMENT FOR HEPARIN SODIUM INJECTION USP (“Amendment”) is made as of the 1st day of September 2010 by and between GLAND PHARMA LIMITED, an Indian corporation, having a place of business at
6-3-865/1/2, Ameerpet, Hyderabad, India (“Gland”), and SAGENT HOLDING CO., a Cayman Islands corporation, having a place of business at c/o M&C Corporate Services Limited, PO Box 309 GT, Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands (“Sagent”) with respect to that certain DEVELOPMENT AND SUPPLY AGREEMENT by and between Gland and Sagent dated as of June 27, 2008 (the “Original Agreement”). 

RECITALS 

WHEREAS, Gland and Sagent entered into the Original Agreement as of June 27, 2008; 

WHEREAS, the parties launched Heparin Sodium Injection USP on or about July 1, 2010; and 

WHEREAS, the parties learned that the Original Agreement contained two typographical errors and desire to correct the same by this
Amendment; 
 NOW, THEREFORE, the Parties hereto agree to the following: 

 

	 	1.	DEFINITIONS: 

“Agreement” shall mean the Original Agreement (as that term is defined above) as amended by this Amendment (as that term is
defined above). 
  

	 	2.	AMENDMENT 

 The terms Net
Profits and Net Sales as defined in the Original Agreement shall be deleted in their entirety and replaced with the definitions set forth below for all purposes under the Agreement: 

“Net Profit” means Net Sales less (i) [***] 
 “Net Sales” means, the gross invoiced sales of a Product to all customers less (i) the cost of the Product, including freight in, duty, customs, shipping and all related direct costs
of acquiring the Product; (ii) chargebacks; (iii) freight and insurance charges; (iv) trade discounts, credits or allowances; (v) costs of replacements, returns, recalls or rebates (including but not limited to group

  
 1 

 
purchasing organization fees and rebates); (vi) discounts or rebates or other payments required by law to be made under Medicaid, Medicare or other governmental special medical
assistance programs (vii) wholesaler service charges; and (viii) sales, excise or value added taxes paid on or in relation to sales of the Product, all as calculated in accordance with United States Generally Accepted Accounting
Principles, or US GAAP. 
  

	 	3.	EFFECT OF AMENDMENT 

 The
Original Agreement as modified by this Amendment shall remain in full force and effect on the terms set forth herein and in the Original Agreement. 
 IN WITNESS WHEREOF, the Parties have caused this First Amendment to Development and Manufacturing Agreement for Heparin Injection USP to be executed by their respective duly authorized
representatives as of the day and year first above written. 
  

			
	 SAGENT HOLDING CO.

		
	 By: 
	 	 /s/ Michael Logerfo

		
	 Name:
	 	 Michael Logerfo

		
	 Title: 
	 	 Corporate Vice President

	
	 GLAND PHARMA LIMITED

		
	 By: 
	 	 /s/ Srinivas Sadu

		
	 Name:
	 	 Srinivas Sadu

		
	 Title: 
	 	 Director

  
 22011 Equity Incentive Award Plan

 Exhibit 10.3 
 AMERICAN ASSETS TRUST, INC. AND AMERICAN ASSETS TRUST, L.P. 
 2011 EQUITY
INCENTIVE AWARD PLAN 
 ARTICLE 1 
 PURPOSE 
 The purpose of the American Assets Trust, Inc. and American
Assets Trust, L.P. 2011 Equity Incentive Award Plan (the “Plan”) is to promote the success and enhance the value of American Assets Trust, Inc., a Maryland corporation (the “Company”), and American Assets Trust,
L.P., a Maryland limited partnership (the “Partnership”), by linking the personal interests of the members of the Board, Employees, and Consultants to those of Company shareholders and by providing such individuals with an incentive
for outstanding performance to generate superior returns to Company shareholders. The Plan is further intended to provide flexibility to the Company and the Partnership in their ability to motivate, attract, and retain the services of members of the
Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s and the Partnership’s operations is largely dependent. 

ARTICLE 2 

DEFINITIONS AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the
context so indicates. 
 2.1 “Administrator” means the entity or person that conducts the general
administration of the Plan as provided herein. With reference to the administration of the Plan with respect to Awards granted to Independent Directors, the term “Administrator” shall refer to the Board. With reference to the
administration of the Plan with respect to any other Award, the term “Administrator” shall refer to the Committee unless the Board has assumed the authority for administration of the Plan generally as provided in Section 12.1. With
reference to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 12.5 of the Plan, the term “Administrator” shall refer to such person(s) unless the Committee or the Board
has revoked such delegation. 
 2.2 “Applicable Accounting Standards” shall mean Generally Accepted Accounting
Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

 2.3 “Award” means an Option, a Restricted Stock award, a Stock Appreciation Right award, a Dividend
Equivalents award, a Stock Payment award, a Restricted Stock Unit award, an Other Incentive Award, or a Performance Bonus Award granted to a Participant pursuant to the Plan. 
 2.4 “Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 

2.5 “Board” means the Board of Directors of the Company. 

 2.6 “Change in Control” means and includes each of the following:

 (a) A transaction or series of transactions (other than an offering of Stock to the general public through a registration
statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any
of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the
Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities
outstanding immediately after such acquisition; or 
 (b) During any period of two consecutive years, individuals who, at the
beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 2.6(a) or
Section 2.6(c)) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two
year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 
 (c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or
business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in
each case other than a transaction: 
 (i) Which results in the Company’s voting securities outstanding immediately before
the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly
or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the
combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(ii) After which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the
Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 2.6(c)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting
power held in the Company prior to the consummation of the transaction. 
 In addition, if a Change in Control constitutes a
payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A of the Code, the transaction or event described in subsection (a), (b) or (c) with respect to such Award must also
constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5) to the extent required by Section 409A. 
 The Administrator shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control of the Company has occurred pursuant to the above
definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto. 

  
 2 

 2.7 “Code” means the Internal Revenue Code of 1986, as amended. 

2.8 “Committee” means the committee of the Board described in Article 12. 

2.9 “Company Consultant” means any consultant or adviser engaged to provide services to the Company or any Company
Subsidiary that qualifies as a consultant under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration Statement. 
 2.10 “Company Employee” means any officer or other employee (as defined in accordance with Section 3401(c) of the Code) of the Company or of any Company Subsidiary 

2.11 “Company Subsidiary” means (i) any “subsidiary corporation” of the Company as defined in
Section 424(f) of the Code and any applicable regulations promulgated thereunder, (ii) any other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company, or
(iii) any partnership or limited liability company of which 50% or more of the capital and profits interest is owned, directly or indirectly, by the Company or by one or more Company Subsidiaries or by the Company and one or more Company
Subsidiaries; provided, however, that “Company Subsidiary” shall not include the Partnership or any Partnership Subsidiary 
 2.12 “Consultant” means any Company Consultant or any Partnership Consultant. 
 2.13 “Covered Employee” means an Employee who is, or could be, a “covered employee” within the meaning of Section 162(m) of the Code. 

2.14 “Director” means a member of the Board, or as applicable a member of the board of directors of a Subsidiary.

 2.15 “Disability” means “disability,” as such term is defined in Section 22(e)(3) of the
Code. 
 2.16 “Dividend Equivalents” means a right granted to a Participant pursuant to Section 8.1 to
receive the equivalent value (in cash or Stock) of dividends paid on Stock. 
 2.17 “DRO” shall mean a domestic
relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 
 2.18 “Effective Date” has the meaning set forth in Section 13.1. 
 2.19 “Eligible Individual” means any person who is an Employee, a Consultant or a Director, as determined by the Administrator. 

2.20 “Employee” means any Company Employee or Partnership Employee. 

2.21 “Equity Restructuring” means a nonreciprocal transaction between the company and its shareholders, such as a stock
dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Stock (or other securities of the Company) or the share price of Stock (or other securities) and causes a
change in the per share value of the Stock underlying outstanding Awards. 

  
 3 

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

 2.23 “Expiration Date” has the meaning set forth in Section 13.2. 

2.24 “Fair Market Value” means, as of any given date, the fair market value of a share of Stock on the date determined
as follows: 
 (a) If the Stock is listed on any (i) established securities exchange (such as the New York Stock Exchange,
the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) national market system or (iii) automated quotation system on which the Stock is listed, quoted or traded, its Fair Market Value shall be the closing sales price for a
share of Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Stock on the date in question, the closing sales price for a share of Stock on the last preceding date for which such quotation
exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (b) If the
Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low
asked prices for such date or, if there are no high bid and low asked prices for a share of Stock on such date, the high bid and low asked prices for a share of Stock on the last preceding date for which such information exists, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (c) If the Stock is neither
listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith in a manner
consistent with Section 409A of the Code. 
 2.25 “Incentive Stock Option” means an Option that is
intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 
 2.26 “Independent Director” means a Director of the Company who is not an Employee. 
 2.27 “Misconduct” means the occurrence of any of, but not limited to, the following: (i) conviction of the Participant of any felony or any crime involving fraud or dishonesty;
(ii) the Participant’s participation (whether by affirmative act or omission) in a fraud, act or dishonesty or other act of misconduct against the Company, the Partnership or any Subsidiary; (iii) conduct by the Participant which,
based upon a good faith and reasonable factual investigation by the Company (or, if the Participant is an executive officer, by the Board), demonstrates the Participant’s unfitness to serve; (iv) the Participant’s violation of any
statutory or fiduciary duty, or duty of loyalty owed to the Company and/or the Partnership and/or any Subsidiary; (v) the Participant’s violation of state or federal law in connection with the Participant’s performance of his or her
job which has an adverse effect on the Company and/or the Partnership and/or any Subsidiary; and (vi) the Participant’s violation of Company or Partnership policy which has a material adverse effect on the Company and/or the Partnership
and/or any Subsidiary. Notwithstanding the foregoing, the Participant’s Disability shall not constitute Misconduct as set forth herein. The determination that a termination is for Misconduct shall be by the Administrator it its sole and
exclusive judgment and discretion. Notwithstanding the foregoing, if a Participant is a party to an employment or severance agreement with the Company, the Partnership or any Subsidiary in effect as of the date of grant of an Award which defines
“Misconduct” or “Cause” or a similar term, “Misconduct” for purposes of the Plan and such Award shall have the meaning given to such term in such employment or severance agreement. 

  
 4 

 2.28 “Non-Employee Director” means a Director of the Company who qualifies
as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition. 
 2.29
“Non-Qualified Stock Option” means an Option that is not intended to be or otherwise does not qualify as an Incentive Stock Option. 
 2.30 “Option” means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of shares of Stock at a specified price during specified time
periods. An Option may be either an Incentive Stock Option or a Non-Qualified Stock Option. 
 2.31 “Other Incentive
Award” means an Award granted or denominated in Stock or units of Stock pursuant to Section 8.4 hereof or denominated in other equity interests, including, without limitation, equity interests of the Partnership, such as partnership
profits interests, that are convertible or exchangeable into Stock. 
 2.32 “Participant” means any Eligible
Individual who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan. 
 2.33
“Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of American Assets Trust, L.P., as the same may be amended, modified or restated from time to time. 

2.34 “Partnership Consultant” means any consultant or adviser engaged to provide services to the Partnership or any
Partnership Subsidiary that qualifies as a consultant under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration Statement. 

2.35 “Partnership Employee” means any officer or other employee (as defined in accordance with Section 3401(c) of
the Code) of the Partnership or of any Partnership Subsidiary 
 2.36 “Partnership Subsidiary” means
(i) any entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Partnership, or (ii) any partnership or limited liability company of which 50% or more of the capital
and profits interest is owned, directly or indirectly, by the Partnership or by one or more Partnership Subsidiaries or by the Partnership and one or more Partnership Subsidiaries. 

2.37 “Performance-Based Award” means an Award granted to selected Covered Employees pursuant to Articles 6 and 8, but
which is subject to the terms and conditions set forth in Article 9. 
 2.38 “Performance Bonus Award” has the
meaning set forth in Section 8.5. 

  
 5 

 2.39 “Performance Criteria” means the criteria (and adjustments) that the
Administrator selects for an Award for purposes of establishing the Performance Goal or Performance Goals for a Performance Period, determined as follows: 
 (a) The Performance Criteria that shall be used to establish Performance Goals are limited to the following: (i) net earnings (either before or after one or more of the following: (A) interest,
(B) taxes, (C) depreciation and (D) amortization); (ii) gross or net sales or revenue; (iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings; (vi) cash flow
(including, but not limited to, operating cash flow and free cash flow); (vii) return on assets; (viii) return on capital; (ix) return on shareholders’ equity; (x) total shareholder return; (xi) return on sales;
(xii) gross or net profit or operating margin; (xiii) costs; (xiv) funds from operations; (xv) expenses; (xvi) working capital; (xvii) earnings per share; (xviii) adjusted earnings per share; (xix) price per
share of Stock; (xx) implementation or completion of critical projects; (xxi) comparisons with various stock market indices; (xxii) debt reduction; (xxiii) shareholder equity; (xxiv) operating efficiency;
(xxv) financial ratios; and (xxvi) financing and other capital raising transactions; in each case as determined according to Applicable Accounting Standards or in accordance with standards established by the Board of Governors of the
National Association of Real Estate Investment Trusts in its March 1995 White Paper (as amended in November 1999 and April 2002, and as further amended from time to time), if applicable, any of which may be measured either in absolute terms or as
compared to any incremental increase or decrease or as compared to results of a peer group or to market performance indicators or indices. The Administrator shall, within the time prescribed by Section 162(m) of the Code, define in an objective
fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period for such Participant. 

(b) The Administrator may, in its sole discretion, provide that one or more objectively determinable adjustments shall be made to one or
more of the Performance Goals. Such adjustments may include one or more of the following: (i) items related to a change in accounting principle; (ii) items relating to financing activities; (iii) expenses for restructuring or
productivity initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the Performance Period; (vii) items
related to the disposal of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a business under Applicable Accounting Standards; (ix) items attributable to any stock
dividend, stock split, combination or exchange of stock occurring during the Performance Period; (x) any other items of significant income or expense which are determined to be appropriate adjustments; (xi) items relating to unusual or
extraordinary corporate transactions, events or developments, (xii) items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the Company’s core, on-going business activities;
(xiv) items relating to changes in tax laws; (xv) items relating to gains or losses for litigation, arbitration and contractual settlements; or (xvi) items relating to any other unusual or nonrecurring events or changes in applicable
laws, accounting principles or business conditions. For all Awards intended to qualify as Qualified Performance-Based Compensation, such determinations shall be made within the time prescribed by, and otherwise in compliance with,
Section 162(m) of the Code. 
 2.40 “Performance Goals” means, for a Performance Period, the goals
established in writing by the Administrator for the Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall
Company performance or the performance of a Subsidiary, division or other operational unit, or an individual. 
 2.41
“Performance Period” means the one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which the attainment of one or more Performance Goals will be measured for the
purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award. 

  
 6 

 2.42 “Permitted Transferee” shall mean, with respect to a Participant, any
“family member” of the Participant, as defined under the instructions to use of the Form S-8 Registration Statement under the Securities Act, after taking into account any state, federal, local or foreign tax and securities laws applicable
to transferable Awards, or any other transferee approved by the Administrator. 
 2.43 “Plan” means this
American Assets Trust, Inc. and American Assets Trust, L.P. 2011 Equity Incentive Award Plan, as it may be amended from time to time. 
 2.44 “Public Trading Date” means the first date upon which Stock is listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for
designation) upon notice of issuance as a national market security on an interdealer quotation system. 
 2.45
“Qualified Performance-Based Compensation” means any compensation that is intended to qualify as “qualified performance-based compensation” as described in Section 162(m)(4)(C) of the Code. 

2.46 “REIT” means a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 

2.47 “Restricted Stock” means Stock awarded to a Participant pursuant to Article 6 that is subject to certain
restrictions and may be subject to risk of forfeiture or repurchase. 
 2.48 “Restricted Stock Unit” means a
right to receive a share of Stock during specified time periods granted pursuant to Section 8.3. 
 2.49
“Securities Act” means the Securities Act of 1933, as amended. 
 2.50 “Stock” means the
common stock of the Company and such other securities of the Company that may be substituted for Stock pursuant to Article 11. 

2.51 “Stock Appreciation Right” means a right granted pursuant to Article 7 to receive a payment equal to the excess of
the Fair Market Value of a specified number of shares of Stock on the date the Stock Appreciation Right is exercised over the Fair Market Value of such number of shares of Stock on the date the Stock Appreciation Right was granted as set forth in
the applicable Award Agreement. 
 2.52 “Stock Payment” means (a) a payment in the form of shares of
Stock, or (b) an option or other right to purchase shares of Stock, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Section 8.2. 

2.53 “Subsidiary” means any Company Subsidiary or Partnership Subsidiary. 

2.54 “Substitute Award” shall mean an Award granted under the Plan in connection with a corporate transaction, such as a
merger, combination, consolidation or acquisition of property or stock, in any case, upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity that is a party to such transaction;
provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right. 

2.55 “Successor Entity” has the meaning set forth in Section 2.6. 

  
 7 

 2.56 “Termination of Consultancy” means the time when the engagement of a
Participant as a Consultant is terminated for any reason, with or without cause, including, but not by way of limitation, by resignation, discharge, death or retirement, but excluding: (a) terminations where there is a simultaneous employment
or continuing employment of the Participant by the Company, the Partnership or any Subsidiary, and (b) terminations where there is a simultaneous reestablishment of a consulting relationship or continuing consulting relationship between the
Participant and the Company, the Partnership or any Subsidiary. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Consultancy, including, but not by way of limitation,
the question of whether a particular leave of absence constitutes a Termination of Consultancy. Notwithstanding any other provision of the Plan, the Company, the Partnership or any Subsidiary has an absolute and unrestricted right to terminate a
Consultant’s service at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in writing. 
 2.57 “Termination of Directorship” means the time when a Participant, if he or she is or becomes an Independent Director, ceases to be a Director for any reason, including, but not by way
of limitation, a termination by resignation, failure to be elected, death or retirement. The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of Directorship with respect to
Independent Directors. 
 2.58 “Termination of Employment” means the time when the employee-employer
relationship between a Participant and the Company, the Partnership or any Subsidiary is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death, Disability or
retirement; but excluding: (a) terminations where there is a simultaneous reemployment or continuing employment of the Participant by the Company, the Partnership or any Subsidiary, and (b) terminations where there is a simultaneous
establishment of a consulting relationship or continuing consulting relationship between the Participant and the Company, the Partnership or any Subsidiary. The Administrator, in its absolute discretion, shall determine the effect of all matters and
questions relating to Termination of Employment, including, but not by way of limitation, the question of whether a particular leave of absence constitutes a Termination of Employment. 

2.59 “Termination of Service” shall mean the last to occur of a Participant’s Termination of Consultancy,
Termination of Directorship or Termination of Employment, as applicable. A Participant shall not be deemed to have a Termination of Service merely because of a change in the capacity in which the Participant renders service to the Company, the
Partnership or any Subsidiary (i.e., a Participant who is an Employee becomes a Consultant) or a change in the entity for which the Participant renders such service (i.e., an Employee of the Company becomes an Employee of the Partnership), unless
following such change in capacity or service the Participant is no longer serving as an Employee, Independent Director or Consultant. 
 ARTICLE 3 
 SHARES SUBJECT TO THE PLAN 

3.1 Number of Shares. 
 (a) Subject to Article 11 and Section 3.1(b), the aggregate number of shares of Stock which may be issued or transferred pursuant to Awards under the Plan shall be
[            ] shares of Stock, all of which may be issued as Incentive Stock Options. Other Incentive Awards which are denominated in Partnership units, shall count against
the number of shares of Stock available for issuance under the Plan only to the extent that such Partnership unit is convertible into shares of Stock and on the same basis as the conversion ratio applicable to the Partnership unit. 

  
 8 

 (b) If any shares of Stock subject to an Award are forfeited or expire or such Award is
settled for cash (in whole or in part), the shares of Stock subject to such Award shall, to the extent of such forfeiture, expiration or cash settlement, again be available for future grants of Awards under the Plan and shall be added back to the
share reserve set forth in Section 3.1(a) in the same number of shares as were debited from the share reserve in respect of the grant of such Award (as may be adjusted in accordance with Section 11.1 hereof). Notwithstanding anything to
the contrary contained herein, the following shares shall not be added back to the share reserve set forth in Section 3.1(a) and will not be available for future grants of Awards: (i) shares of Stock tendered by a Participant or withheld
by the Company in payment of the exercise price of an Option; (ii) shares of Stock tendered by the Participant or withheld by the Company to satisfy any tax withholding obligation with respect to an Award; (iii) shares of Stock subject to
a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation Right on exercise thereof; and (iv) shares of Stock purchased on the open market with the cash proceeds from the exercise of
Options. If any shares of Restricted Stock are forfeited by a Participant or repurchased by the Company pursuant to Article 6 hereof, such shares shall again be available for the grant of an Award pursuant to the Plan. Notwithstanding the foregoing,
Other Incentive Awards covering units in the Partnership shall, to the extent such Partnership units are convertible into Stock, reduce the maximum aggregate number of shares of Stock that may be issued under this Plan, or to any one Participant
pursuant to Section 3.3, on the same basis as such Partnership unit is convertible into Stock (i.e., each such unit shall be treated as an equivalent award of Stock). The payment of Dividend Equivalents in cash in conjunction with any
outstanding Awards shall not be counted against the shares of Stock available for issuance under the Plan. 
 (c) Substitute
Awards shall not reduce the shares of Stock authorized for grant under the Plan. Additionally, in the event that a company acquired by the Company, the Partnership or any Subsidiary or with which the Company, the Partnership or any Subsidiary
combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the
extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or
combination) may be used for Awards under the Plan and shall not reduce the shares of Stock authorized for grant under the Plan; provided, that Awards using such available shares shall not be made after the date awards or grants could have
been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company, the Partnership or any Subsidiary immediately prior to
such acquisition or combination. 
 (d) Notwithstanding the provisions of this Section 3.1, no shares of Stock may again be
optioned, granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code. 
 3.2 Stock Distributed. Any shares of Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market.

  
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 3.3 Limitation on Number of Shares and Values Subject to Awards. Notwithstanding any
provision in the Plan to the contrary, and subject to Article 11, the maximum number of shares of Stock with respect to one or more Awards that may be granted to any one Participant during any calendar year shall be
[            ] and the maximum amount that may be paid in cash during any calendar year with respect to any Performance-Based Award (including, without limitation, any
Performance Bonus Award) shall be $10,000,000; provided, however, that the foregoing limitations shall not apply prior to the Public Trading Date and, following the Public Trading Date, the foregoing limitations shall not apply until the
earliest of: (a) the first material modification of the Plan; (b) the issuance of all of the shares of Stock reserved for issuance under the Plan; (c) the expiration of the Plan; (d) the first meeting of shareholders at which
members of the Board are to be elected that occurs after the close of the third calendar year following the calendar year in which occurred the first registration of an equity security of the Company under Section 12 of the Exchange Act; or
(e) such other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder. 

  
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 ARTICLE 4 
 ELIGIBILITY AND PARTICIPATION 
 4.1 Eligibility. Each Eligible
Individual shall be eligible to be granted one or more Awards pursuant to the Plan. 
 4.2 Participation. Subject to the
provisions of the Plan, the Administrator may, from time to time, select from among all Eligible Individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No Eligible Individual shall have any right
to be granted an Award pursuant to this Plan. 
 4.3 Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan
may, in the discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same
time as or at a different time from the grant of such other Awards. 
 4.4 Award Agreement. Awards under the Plan shall
be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the
Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
 4.5 Foreign
Participants. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have Eligible Individuals, or in order to comply with the
requirements of any foreign securities exchange, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries shall be covered by the Plan; (b) determine which Eligible Individuals
outside the United States are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals outside the United States to comply with applicable foreign laws or listing requirements of any
such foreign securities exchange; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the
Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Sections 3.1 and 3.3; and (e) take any action, before or after an Award is made, that it deems
advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals or listing requirements of any such foreign securities exchange. Notwithstanding the foregoing, the Administrator may not take any
actions hereunder, and no Awards shall be granted, that would violate the Code, the Exchange Act, the Securities Act, any other securities law or governing statute, the rules of the securities exchange or automated quotation system on which the
Stock is listed, quoted or traded or any other applicable law. 

  
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 ARTICLE 5 
 STOCK OPTIONS 
 5.1 General. The Administrator is authorized to
grant Options to Eligible Individuals on the following terms and conditions: 
 (a) Exercise Price. The exercise price
per share of Stock subject to an Option shall be determined by the Administrator and set forth in the Award Agreement; provided that, subject to Section 5.2(b), the exercise price for any Option shall not be less than 100% of the Fair
Market Value of a share of Stock on the date the Option is granted (or, as to Incentive Stock Options, on the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code). 

(b) Time of Exercise. The Administrator shall determine the time or times at which an Option may be exercised in whole or in part.
The Administrator shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised. 
 (c) Manner of Exercise. The Administrator shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised. All or a portion
of an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable: 

(i) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a
portion thereof, is exercised. The notice shall be signed by the Participant or other person then entitled to exercise the Option or such portion of the Option; 
 (ii) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other
federal, state or foreign securities laws or regulations, the rules of any securities exchange or automated quotation system on which the shares of Stock are listed, quoted or traded or any other applicable law. The Administrator may, in its sole
discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars; 

(iii) In the event that the Option shall be exercised pursuant to Section 10.3 by any person or persons other than the Participant,
appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and 
 (iv) Full payment of the exercise price and applicable withholding taxes to the stock administrator of the Company for the shares with respect to which the Option, or portion thereof, is exercised, in a
manner permitted by Section 10.1 and 10.2. 
 5.2 Incentive Stock Options. The terms of any Incentive Stock Options
granted pursuant to the Plan must comply with the conditions and limitations contained in this Section 5.2. 
 (a)
Eligibility. Incentive Stock Options may be granted only to employees (as defined in accordance with Section 3401(c) of the Code) of the Company or a Company Subsidiary which constitutes a “subsidiary corporation” of the
Company within the meaning of Section 424(f) of the Code or a Parent which constitutes a “parent corporation” of the Company within the meaning of Section 424(e) of the Code. 

(b) Exercise Price. The exercise price per share of Stock shall be set by the Administrator; provided that subject to
Section 5.2(e) the exercise price for any Incentive Stock Option shall not be less than 100% of the Fair Market Value on the date of grant. 

  
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 (c) Expiration. Subject to Section 5.2(e), an Incentive Stock Option may not be
exercised to any extent by anyone after the tenth anniversary of the date it is granted, unless an earlier time is set in the Award Agreement. 
 (d) Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of Stock with respect to which Incentive Stock Options are first
exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Stock Options are first exercisable by a
Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock Options. 
 (e) Ten Percent
Owners. An Incentive Stock Option shall be granted to any individual who, at the date of grant, owns stock possessing more than ten percent of the total combined voting power of all classes of Stock of the Company or any “subsidiary
corporation” of the Company or “parent corporation” of the Company (each within the meaning of Section 424 of the Code) only if such Option is granted at an exercise price per share that is not less than 110% of the Fair Market
Value per share of the Stock on the date of grant and the Option is exercisable for no more than five years from the date of grant. 
 (f) Notice of Disposition. The Participant shall give the Company prompt notice of any disposition of shares of Stock acquired by exercise of an Incentive Stock Option within (i) two years
from the date of grant of such Incentive Stock Option or (ii) one year after the transfer of such shares of Stock to the Participant. 
 (g) Transferability; Right to Exercise. An Incentive Stock Option shall not be transferable by the Participant other than by will or by the laws of descent or distribution, or pursuant to a DRO.
During a Participant’s lifetime, unless such Incentive Stock Option is transferred pursuant to a DRO, an Incentive Stock Option may be exercised only by the Participant. 
 (h) Failure to Meet Requirements. Any Option (or portion thereof) purported to be an Incentive Stock Option, which, for any reason, fails to meet the requirements of Section 422 of the Code
shall be considered a Non-Qualified Stock Option. 
 5.3 Substitute Awards. Notwithstanding the foregoing provisions of
this Article 5 to the contrary, in the case of an Option that is a Substitute Award, the price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of grant, provided, however,
that the ratio of the exercise price to the Fair Market Value of the shares immediately after the substitution is not greater than the ratio of the exercise price to the Fair Market Value of the shares immediately before the assumption. 

5.4 Substitution of Stock Appreciation Rights. The Administrator may provide in the Award Agreement evidencing the grant of an
Option that the Administrator, in its sole discretion, shall have the right to substitute a Stock Appreciation Right for such Option at any time prior to or upon exercise of such Option, subject to the provisions of Section 7.2 hereof;
provided that such Stock Appreciation Right shall be exercisable with respect to the same number of shares of Stock for which such substituted Option would have been exercisable. 

  
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 ARTICLE 6 
 RESTRICTED STOCK AWARDS 
 6.1 Grant of Restricted Stock. The
Administrator is authorized to make Awards of Restricted Stock to any Eligible Individual selected by the Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. The Administrator shall determine
the mechanism for the transfer of the Restricted Stock and payment therefore in the case of Awards to Partnership Employees or Partnership Consultants, and any forfeiture or repurchase of such Restricted Stock pursuant to Section 6.3.

 6.2 Issuance and Restrictions. Restricted Stock shall be subject to such repurchase restrictions, forfeiture
restrictions, restrictions on transferability and other restrictions as the Administrator may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These
restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Administrator determines at the time of the grant of the Award or thereafter. 

6.3 Repurchase or Forfeiture. Except as otherwise determined by the Administrator at the time of the grant of the Award or
thereafter, upon Termination of Service during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited or subject to repurchase by the Company (or its assignee) under such terms as the
Administrator shall determine; provided, however, that the Administrator may (a) provide in any Award Agreement that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of a
Participant’s Termination of Service under certain circumstances, and (b) in other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock. 

6.4 Certificates for Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the
Administrator shall determine. If certificates representing shares of Restricted Stock are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to
such Restricted Stock, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse or the Award Agreement may provide that the shares shall be held in escrow by an escrow
agent designated by the Company. 
 ARTICLE 7 
 STOCK APPRECIATION RIGHTS 
 7.1 Grant of Stock Appreciation Rights.
A Stock Appreciation Right may be granted to any Eligible Individual selected by the Administrator. A Stock Appreciation Right shall be subject to such terms and conditions not inconsistent with the Plan as the Administrator shall impose and shall
be evidenced by an Award Agreement (including, without limitation, in the case of Awards to Partnership Employees or Partnership Consultants, the mechanism for the transfer of rights under such Awards). 

  
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 7.2 Stock Appreciation Rights. 

(a) A Stock Appreciation Right shall have a term set by the Administrator. A Stock Appreciation Right shall be exercisable in such
installments as the Administrator may determine. A Stock Appreciation Right shall cover such number of shares of Stock as the Administrator may determine. The exercise price per share of Stock subject to each Stock Appreciation Right shall be set by
the Administrator; provided, however, that the Administrator in its sole and absolute discretion may provide that the Stock Appreciation Right may be exercised subsequent to a Termination of Service or following a Change in Control of the Company,
or because of the Participant’s retirement, death or Disability, or otherwise. 
 (b) A Stock Appreciation Right shall
entitle the Participant (or other person entitled to exercise the Stock Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Stock Appreciation Right (to the extent then exercisable pursuant to its terms) and to
receive from the Company an amount determined by multiplying (i) the amount (if any) by which the Fair Market Value of a share of Stock on the date of exercise of the Stock Appreciation Right exceeds the exercise price per share of the Stock
Appreciation Right, by (ii) the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose. 

7.3 Payment and Limitations on Exercise. 
 (a) Payment of the amounts determined under Section 7.2(b) above shall be in cash, in Stock (based on its Fair Market Value as of the date the Stock Appreciation Right is exercised) or a combination
of both, as determined by the Administrator. 
 (b) To the extent any payment under Section 7.2(b) is effected in Stock it
shall be made subject to satisfaction of all provisions of Article 5 above pertaining to Options. 
 ARTICLE 8 

OTHER TYPES OF AWARDS 
 8.1 Dividend Equivalents. 
 (a) Any Eligible Individual selected by the
Administrator may be granted Dividend Equivalents based on the dividends on the shares of Stock that are subject to any Award, to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the
Award is exercised, vests or expires, as determined by the Administrator. Such Dividend Equivalents shall be converted to cash or additional shares of Stock by such formula and at such time and subject to such limitations as may be determined by the
Administrator. The Administrator shall specify the mechanism for the transfer of Stock pursuant to a Dividend Equivalent Award in the case of Awards to Partnership Employees or Partnership Consultants. 

(b) Unless otherwise determined by the Administrator, Dividend Equivalents with respect to an Award with performance-based vesting that
are based on dividends paid prior to the vesting of such Award shall only be paid out to the Participant to the extent that the performance-based vesting conditions are subsequently satisfied and the Award vests. 

(c) Notwithstanding the foregoing, no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights.

  
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 8.2 Stock Payments. Any Eligible Individual selected by the Administrator may receive
Stock Payments in the manner determined from time to time by the Administrator. The number of shares of Stock or the number of options or other rights to purchase shares of Stock subject to a Stock Payment shall be determined by the Administrator
and may be based upon the attainment of Performance Goals that are established by the Administrator and relate to one or more of the Performance Criteria or other specific performance goals determined appropriate by the Administrator. The
Administrator shall specify the mechanism for the transfer of the Stock pursuant to a Stock Payment Award and payment therefore, if applicable, in the case of Awards to Partnership Employees or Partnership Consultants. 

8.3 Restricted Stock Units. The Administrator is authorized to make Awards of Restricted Stock Units to any Eligible Individual
selected by the Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. At the time of grant, the Administrator shall specify the date or dates on which the Restricted Stock Units shall become fully
vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate. At the time of grant, the Administrator shall specify the maturity date applicable to each grant of Restricted Stock Units which shall be no earlier than
the vesting date or dates of the Award and may be determined at the election of the Eligible Individual to whom the Award is granted. On the maturity date, the Company shall, subject to Section 10.4(b), transfer to the Participant one
unrestricted, fully transferable share of Stock for each Restricted Stock Unit that is vested and scheduled to be distributed on such date and not previously forfeited. The Administrator shall specify the purchase price, if any, to be paid by the
Participant to the Company for such shares of Stock. 
 8.4 Other Incentive Awards. Any Eligible Individual selected by
the Administrator may be granted one or more Awards that provide Participants with shares of Stock or the right to purchase shares of Stock or that have a value derived from the value of, or an exercise or conversion privilege at a price related to,
or that are otherwise payable in shares of Stock and which may be linked to the attainment of Performance Goals that are established by the Administrator and relate to one or more of the any one or more of the Performance Criteria or other specific
performance goals determined appropriate by the Administrator, in each case on a specified date or dates or over any period or periods determined by the Administrator. In making such determinations, the Administrator shall consider (among such other
factors as it deems relevant in light of the specific type of Award) the contributions, responsibilities and other compensation of the particular Participant. The Administrator shall specify the mechanism for the transfer of the Stock or other
equity interests pursuant to Other Incentive Awards and payment therefore, if applicable, in the case of Awards to Partnership Employees or Partnership Consultants. 
 8.5 Performance Bonus Awards. Any Eligible Individual selected by the Administrator may be granted one or more Awards in the form of a cash bonus (a “Performance Bonus Award”)
payable upon the attainment of Performance Goals that are established by the Administrator and relate to one or more of the Performance Criteria or other specific performance goals determined appropriate by the Administrator, in each case on a
specified date or dates or over any period or periods determined by the Administrator. Any such Performance Bonus Award paid to a Covered Employee shall be based upon objectively determinable bonus formulas established in accordance with Article 9.

 8.6 Term. Except as otherwise provided herein, the term of any Award of Dividend Equivalents, Stock Payments,
Restricted Stock Units or Other Incentive Award shall be set by the Administrator in its discretion. 

  
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 8.7 Exercise or Purchase Price. The Administrator may establish the exercise or
purchase price, if any, of any Award of any Stock Payments, Restricted Stock Units or Other Incentive Awards; provided, however, that such price shall not be less than the par value of a share of Stock on the date of grant, unless otherwise
permitted by applicable state law. 
 ARTICLE 9 
 PERFORMANCE-BASED AWARDS 
 9.1 Purpose. The purpose of this Article
9 is to provide the Administrator the ability to qualify Awards other than Options and Stock Appreciation Rights and that are granted pursuant to Articles 6 and 8 as Qualified Performance-Based Compensation. If the Administrator, in its discretion,
decides to grant a Performance-Based Award to a Covered Employee, the provisions of this Article 9 shall control over any contrary provision contained in Articles 6 or 8; provided, however, that the Administrator may in its discretion grant
Awards to Covered Employees that are based on Performance Criteria or Performance Goals but that do not satisfy the requirements of this Article 9 and that are not intended to qualify as Qualified Performance-Based Compensation. Unless otherwise
specified by the Administrator at the time of grant, the Performance Criteria with respect to an Award intended to be Performance-Based Compensation payable to a Covered Employee shall be determined on the basis of Applicable Accounting Standards.

 9.2 Applicability. This Article 9 shall apply only to those Covered Employees selected by the Administrator to receive
Performance-Based Awards. The designation of a Covered Employee as a Participant for a Performance Period shall not in any manner entitle the Participant to receive an Award for the period. Moreover, designation of a Covered Employee as a
Participant for a particular Performance Period shall not require designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of one Covered Employee as a Participant shall not require designation of
any other Covered Employees as a Participant in such period or in any other period. 
 9.3 Procedures with Respect to
Performance-Based Awards. To the extent necessary to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Articles 6 and 8 which may be granted to
one or more Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in question or any other designated fiscal period or period of service (or such other time as may be required or permitted by
Section 162(m) of the Code), the Administrator shall, in writing, (a) designate one or more Covered Employees, (b) select the Performance Criteria applicable to the Performance Period, (c) establish the Performance Goals, and
amounts of such Awards, as applicable, which may be earned for such Performance Period, and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by each
Covered Employee for such Performance Period. Following the completion of each Performance Period, the Administrator shall certify in writing whether the applicable Performance Goals have been achieved for such Performance Period. In determining the
amount earned by a Covered Employee, the Administrator shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Administrator may deem
relevant to the assessment of individual or corporate performance for the Performance Period. 

  
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 9.4 Payment of Performance-Based Awards. Unless otherwise provided in the applicable
Award Agreement, a Participant must be employed by the Company or a Parent or Subsidiary on the day a Performance-Based Award for such Performance Period is paid to the Participant. Furthermore, a Participant shall be eligible to receive payment
pursuant to a Performance-Based Award for a Performance Period only if the Performance Goals for such period are achieved. 

9.5 Additional Limitations. Notwithstanding any other provision of the Plan, any Award which is granted to a Covered Employee and
is intended to constitute Qualified Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings
issued thereunder that are requirements for qualification as qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to conform to such
requirements. 
 ARTICLE 10 
 PROVISIONS APPLICABLE TO AWARDS 
 10.1 Payment. The Administrator
shall determine the methods by which payments by any Participant with respect to any Awards granted under the Plan shall be made, including, without limitation: (a) cash or check, (b) shares of Stock (including, in the case of payment of
the exercise price of an Award, shares of Stock issuable pursuant to the exercise of the Award) or shares of Stock held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences, in each case,
having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) delivery of a written or electronic notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then
issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required; provided, that payment of such
proceeds is then made to the Company upon settlement of such sale, or (d) other form of legal consideration acceptable to the Administrator. The Administrator shall also determine the methods by which shares of Stock shall be delivered or
deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act
shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to such payment with a loan from the Company or a loan arranged by the Company in violation of Section 13(k)
of the Exchange Act. 
 10.2 Tax Withholding. The Company, the Partnership or any Subsidiary shall have the authority and
the right to deduct or withhold, or require a Participant to remit to the Company, the Partnership or such Subsidiary an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s employment tax
obligations) required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Administrator may in its discretion and in satisfaction of the foregoing requirement elect to have the
Company, the Partnership or any Subsidiary, as applicable, withhold shares of Stock otherwise issuable under an Award (or allow the return of shares of Stock) having a Fair Market Value equal to the sums required to be withheld (or allow the
Participant to make such an election). Notwithstanding any other provision of the Plan, the number of shares of Stock which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the
Participant of such Award within six months (or such other period as may be determined by the Administrator) after such shares of Stock were acquired by the Participant) in order to satisfy the Participant’s federal, state, local and foreign
income and payroll tax 

  
 18 

 
liabilities with respect to the issuance, vesting, exercise or payment of the Award shall be limited to the number of shares of Stock which have a Fair Market Value on the date of withholding or
repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. The
Administrator shall determine the fair market value of the Stock, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted cashless Option or Stock Appreciation Right exercise
involving the sale of shares of Stock to pay the exercise price or any tax withholding obligation. 
 10.3 Transferability of
Awards. 
 (a) Except as otherwise provided in Section 10.3(b): 

(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and
distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until such Award has been exercised, or the shares underlying such Award have been issued, and all restrictions applicable to such shares have lapsed;

 (ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Participant or his
successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by
judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the
preceding sentence; and 
 (iii) During the lifetime of the Participant, only the Participant may exercise an Award (or any
portion thereof) granted to him under the Plan, unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan
or the applicable Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution. 

(b) Notwithstanding Section 10.3(a), the Administrator, in its sole discretion, may determine to permit a Participant to transfer an
Award other than an Incentive Stock Option to any one or more Permitted Transferees, subject to the following terms and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted
Transferee other than by will or the laws of descent and distribution; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the original Participant
(other than the ability to further transfer the Award); and (iii) the Participant and the Permitted Transferee shall execute any and all documents requested by the Administrator, including, without limitation documents to (A) confirm the
status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for the transfer under applicable federal, state and foreign securities laws and (C) evidence the transfer. 

  
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 10.4 Stock Certificates; Book Entry Procedures. 

(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing
shares of Stock pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental
authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed or traded. All Stock certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the
Administrator deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is
listed, quoted, or traded. The Administrator may place legends on any Stock certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Board may require that a Participant make such
reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require any Participant to comply
with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Administrator. 

(b) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any applicable law,
rule or regulation, the Company shall not deliver to any Participant certificates evidencing shares of Stock issued in connection with any Award and instead such shares of Stock shall be recorded in the books of the Company (or, as applicable, its
transfer agent or stock plan administrator). 
 10.5 Paperless Administration. In the event that the Company establishes
for itself or using the services of a third part, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or
exercise of Awards by a Participant may be permitted through the use of such an automated system. 
 10.6 Beneficiaries.
Notwithstanding Section 10.3(a), a Participant may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the
Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except
to the extent the Plan and the Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Participant is married and resides in a community property state, a designation of a
person other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written or electronic consent of the Participant’s
spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary
designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Administrator prior to the Participant’s death. 

  
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 10.7 Transfer of Shares to a Partnership Employee or Partnership Consultant. As soon
as practicable after the Company issues shares of Stock with respect to which an Award has been issued to and is held by a Partnership Employee or Partnership Consultant in such capacity, then, with respect to each such Award: 

(a) The Company shall sell to the Partnership the number of shares equal to the number of shares deliverable with respect to such Award.
The price to be paid by the Partnership to the Company for such shares shall be an amount equal to the product of (x) the number of shares multiplied by (y) the Fair Market Value of a share of Stock at the time of exercise or delivery less
the amount paid by the Participant for such shares, if anything, pursuant to Section 10.1; and 
 (b) The Company shall
contribute to the Partnership an amount of cash equal to the sum of the amount paid by the Participant, if any, for such shares of Stock, and the amount paid by the Partnership under Section 10.7(a) and the Partnership shall issue an additional
interest in the Partnership on the terms set forth in the Partnership Agreement. 
 10.8 Allocation of Payment.
Notwithstanding the foregoing, to the extent that a Participant provides services to more than one of the Company, the Partnership, or any Subsidiary, the Company may, in its discretion, allocate the payment or issuance of shares of Stock with
respect to any Awards exercised by or otherwise delivered to such Participant or (and the services performed by the Participant) among such entities for purposes of the provisions of Sections 10.7 in order to ensure that the relationship between the
Company and the Partnership or such Subsidiary remains at arms-length. 
 10.9 Forfeiture Provisions. Pursuant to its
general authority to determine the terms and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Awards made under the Plan, or to require a Participant to agree by separate written or
electronic instrument, that: (a)(i) any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of the Award, or upon the receipt or resale of any shares of Stock underlying the
Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a Termination of Service occurs prior to a specified date, or within a
specified time period following receipt or exercise of the Award, or (ii) the Participant at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the
interests of the Company, as further defined by the Administrator or (iii) the Participant incurs a Termination of Service for Misconduct. 
 ARTICLE 11 
 CHANGES IN CAPITAL STRUCTURE 

11.1 Adjustments. 
 (a) In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, distribution of Company assets to shareholders (other than normal cash dividends), or any
other corporate event affecting the Stock or the share price of the Stock other than an Equity Restructuring, the Administrator may make such proportionate adjustments, if any, as the Administrator in its discretion may deem appropriate to reflect
such changes with respect to (i) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Sections 3.1 and 3.3); (ii) the number and kind of shares of Stock
(or other securities or property) subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (iv) the
grant or exercise price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Qualified Performance-Based Compensation shall be made consistent with the requirements of Section 162(m) of the Code.

  
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 (b) In the event of any transaction or event described in Section 11.1(a) or any
unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate (including without limitation any Change in Control), or of changes in applicable laws,
regulations or accounting principles, the Administrator, in its sole discretion and on such terms and conditions as it deems appropriate, either by amendment of the terms of any outstanding Awards or by action taken prior to the occurrence of such
transaction or event, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles: 

(i) To provide for either (A) termination of any such Award in exchange for an amount of cash and/or other property, if any, equal
to the amount that would have been received upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this
Section 11.1(b) the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without
payment) or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; 
 (ii) To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock
of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; 
 (iii) To make adjustments in the number and type of shares of Stock (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Restricted Stock or
Restricted Stock Unit Awards and/or in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding options, rights and awards and options, rights and awards which may be granted in the future;

 (iv) To provide that such Award shall be exercisable or payable or fully vested with respect to all shares covered thereby,
notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 
 (v) To provide that the Award
cannot vest, be exercised or become payable after such event. 
 (c) In connection with the occurrence of any Equity
Restructuring, and notwithstanding anything to the contrary in Sections 11.1(a) and 11.1(b): 
 (i) The number and type of
securities subject to each outstanding Award and the exercise price or grant price thereof, if applicable, will be proportionately adjusted. The adjustments provided under this Section 11.1(c)(i) shall be nondiscretionary and shall be final and
binding on the affected Participant and the Company. 

  
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 (ii) The Administrator shall make such proportionate adjustments, if any, as the
Administrator in its discretion may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in
Sections 3.1 and 3.3). 
 11.2 Acceleration Upon a Change in Control. Notwithstanding Section 11.1, and except as
may otherwise be provided in any applicable Award Agreement or other written agreement entered into between the Company, a Parent, a Subsidiary, or other Company affiliate and a Participant, if a Change in Control occurs and a Participant’s
Awards are not continued, converted, assumed, or replaced by (i) the Company or a Parent or Subsidiary of the Company, or (ii) a Successor Entity, then immediately prior to the Change in Control such Awards shall become fully exercisable
and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Awards shall lapse. Upon, or in anticipation of, a Change in Control, the Administrator may cause any and all Awards outstanding hereunder to terminate at a
specific time in the future, including but not limited to the date of such Change in Control, and shall give each Participant the right to exercise such Awards during a period of time as the Administrator, in its sole and absolute discretion, shall
determine. 
 11.3 Adjustments of Qualified Performance-Based Compensation. With respect to Awards which are granted to
Covered Employees and are intended to qualify as Qualified Performance-Based Compensation, no adjustment or action described in this Article 11 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action
would cause such Award to fail to so qualify as Qualified Performance-Based Compensation, unless the Administrator determines that the Award should not so qualify. No adjustment or action described in this Article 11 or in any other provision of the
Plan shall be authorized to the extent that such adjustment or action would cause the Plan to violate Section 422(b)(1) of the Code. Furthermore, no such adjustment or action shall be authorized with respect to any Award to the extent such
adjustment or action would result in short-swing profits liability under Section 16 or violate the exemptive conditions of Rule 16b-3 unless the Administrator determines that the Award is not to comply with such exemptive conditions.

 11.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any
subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other
corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to an Award or the grant or exercise price of any Award. 
 11.5 Restrictions on Exercise. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash
dividends) of Company assets to shareholders, or any other change affecting the shares of Stock or the share price of the Stock including any Equity Restructuring, for reasons of administrative convenience, the Company in its sole discretion may
refuse to permit the exercise of any Award during a period of 30 days prior to the consummation of any such transaction. 

  
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 ARTICLE 12 
 ADMINISTRATION 
 12.1 Administrator. Unless and until the Board
delegates administration of the Plan to a Committee as set forth below, the Plan shall be administered by the full Board. The term “Administrator” as used in this Plan shall apply to any person or persons who at the time have the authority
to administer the Plan. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any
of the administrative powers the Committee is authorized to exercise, subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Notwithstanding the foregoing, however,
from and after the Public Trading Date, a Committee of the Board shall administer the Plan and such committee shall consist solely of two or more members of the Board each of whom is a Non-Employee Director, and with respect to awards that are
intended to be Performance-Based Awards, an “outside director” within the meaning of Section 162(m) of the Code; provided that any action taken by the Committee shall be valid and effective, whether or not members of the
Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section 12.1 or otherwise provided in any charter of the Committee. Notwithstanding the foregoing: (a) the
full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to all Awards granted to Independent Directors and for purposes of such Awards the term “Administrator” as used in
this Plan shall be deemed to refer to the Board and (b) the Board or the Committee may delegate its authority hereunder to the extent permitted by Section 12.5. In addition, in its sole discretion, the Board may at any time and from time
to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which, following the Public Trading Date, are required to be determined in the sole discretion of the Committee under Rule 16b-3 of the
Exchange Act or Section 162(m) of the Code, or any regulations or rules issued thereunder. Except as may otherwise be provided in any charter of the Committee, appointment of Committee members shall be effective upon acceptance of appointment;
Committee members may resign at any time by delivering written notice to the Board; and vacancies in the Committee may only be filled by the Board. 
 12.2 Action by the Administrator. Unless otherwise established by the Board or in any charter of the Company or the Committee, a majority of the Administrator shall constitute a quorum and the acts
of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Administrator in lieu of a meeting, shall be deemed the acts of the Administrator. Each member of the Administrator
is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or of any Parent or Subsidiary, the Company’s independent certified public accountants, or
any executive compensation consultant or other professional retained by the Company or any Parent or Subsidiary to assist in the administration of the Plan. 
 12.3 Authority of Administrator. Subject to any specific designation in the Plan, the Administrator has the exclusive power, authority and discretion to: 

(a) Designate Participants to receive Awards; 
 (b) Determine the type or types of Awards to be granted to each Participant; 
 (c)
Determine the number of Awards to be granted and the number of shares of Stock to which an Award will relate; 

  
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 (d) Determine the terms and conditions of any Award granted pursuant to the Plan, including,
but not limited to, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and
accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; provided, however, that the
Administrator shall not have the authority to accelerate the vesting or waive the forfeiture of any Performance-Based Awards; 

(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award
may be paid in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (f)
Prescribe the form of each Award Agreement, which need not be identical for each Participant; 
 (g) Decide all other matters
that must be determined in connection with an Award; 
 (h) Establish, adopt, or revise any rules and regulations as it may deem
necessary or advisable to administer the Plan; 
 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or
any Award Agreement; and 
 (j) Make all other decisions and determinations that may be required pursuant to the Plan or as the
Administrator deems necessary or advisable to administer the Plan. 
 12.4 Decisions Binding. The Administrator’s
interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

12.5 Delegation of Authority. To the extent permitted by applicable law, the Board or the Committee may from time to time delegate
to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards to Participants other than (a) Employees who are subject to Section 16 of the Exchange Act, (b) Covered
Employees, or (c) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the restrictions and limits that the Board or the Committee specifies
at the time of such delegation, and the Board or the Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 12.5 shall serve in such capacity at the
pleasure of the Board or the Committee. 
 ARTICLE 13 

EFFECTIVE AND EXPIRATION DATE 
 13.1 Effective Date. The Plan is effective as of the day prior to the Public Trading Date (the “Effective Date”). 

13.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of
the date of the Board’s initial adoption of the Plan (the “Expiration Date”). Any Awards that are outstanding on the Expiration Date shall remain in force according to the terms of the Plan and the applicable Award Agreement.

  
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 13.3 Approval of Plan by Stockholders. The Plan will be submitted for the approval of
the Company’s shareholders within twelve (12) months after the date of the Board’s initial adoption of the Plan. Awards may be granted or awarded prior to such shareholder approval; provided that such Awards shall not be exercisable
nor shall such Awards vest prior to the time when the Plan is approved by the shareholders; and, provided, further, that if such approval has not been obtained at the end of said twelve-month period, all Awards previously granted or
awarded under the Plan shall thereupon be canceled and become null and void. In addition, if the Board determines that Awards other than Options and Stock Appreciation Rights which may be granted to Covered Employees should continue to be eligible
to qualify as performance-based compensation under Section 162(m)(4)(C) of the Code, the Performance Criteria must be disclosed to and approved by the Company’s shareholders no later than the first shareholder meeting that occurs in the
fifth year following the year in which the Company’s shareholders previously approved by the Plan. 
 ARTICLE 14

 AMENDMENT, MODIFICATION, AND TERMINATION 
 14.1 Amendment, Modification, And Termination. With the approval of the Board, at any time and from time to time, the Board may terminate, amend or modify the Plan; provided, however, that
(a) to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, and
(b) shareholder approval shall be required for any amendment to the Plan that increases the number of shares of Stock available under the Plan. 
 14.2 Awards Previously Granted. No termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior
written consent of the Participant. 
 14.3 Prohibition on Repricing. Notwithstanding Section 14.1, and subject to
Section 11.1 hereof, the Administrator shall not, without the approval of the shareholders of the Company, (a) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per share, or (b) cancel
any Option or Stock Appreciation Right in exchange for cash or another Award when the Option or Stock Appreciation Right price per share exceeds the Fair Market Value of the underlying shares of Stock. Subject to Section 11.1 hereof, the
Administrator shall have the authority, without the approval of the stockholders of the Company, to amend any outstanding award to increase the price per share or to cancel and replace an Award with the grant of an Award having a price per share
that is greater than or equal to the price per share of the original Award. 
 ARTICLE 15 

GENERAL PROVISIONS 
 15.1 No Rights to Awards. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to
treat Eligible Individuals, Participants or any other persons uniformly. 
 15.2 No Stockholders Rights. Except as
otherwise provided herein, a Participant shall have none of the rights of a shareholder with respect to shares of Stock covered by any Award until the Participant becomes the record owner of such shares of Stock. 

  
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 15.3 No Right to Employment or Services. Nothing in the Plan or any Award Agreement
shall interfere with or limit in any way the right of the Company, the Partnership or any Subsidiary to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or
service of the Company, the Partnership or any Subsidiary. 
 15.4 Unfunded Status of Awards. The Plan is intended to be
an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater
than those of a general creditor of the Company, the Partnership or any Subsidiary. 
 15.5 Indemnification. To the
extent allowable pursuant to applicable law, each member of the Administrator or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such
member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and
all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Articles of
Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 15.6 Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group
insurance, welfare or other benefit plan of the Company, the Partnership or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 

15.7 Expenses. The expenses of administering the Plan shall be borne by the Company, the Partnership and their Subsidiaries.

 15.8 Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only
and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 15.9
Fractional Shares. No fractional shares of Stock shall be issued and the Administrator shall determine, in its discretion, whether cash shall be given in lieu of fractional shares of Stock or whether such fractional shares of Stock shall be
eliminated by rounding up or down as appropriate. 
 15.10 Limitations Applicable to Section 16 Persons.
Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards
granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

  
 27 

 15.11 Government and Other Regulations. The obligation of the Company or the
Partnership to make payment of awards in Stock or otherwise shall be subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required. Neither the Company nor the Partnership shall be under an
obligation to register pursuant to the Securities Act any of the shares of Stock or Partnership units paid pursuant to the Plan. If the shares of Stock or Partnership units paid pursuant to the Plan may in certain circumstances be exempt from
registration pursuant to the Securities Act, the Company or the Partnership, as appropriate, may restrict the transfer of such shares of Stock or units in such manner as it deems advisable to ensure the availability of any such exemption.

 15.12 Section 409A. To the extent that the Administrator determines that any Award granted under the Plan is
subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in
accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the adoption of the
Plan. Notwithstanding any provision of the Plan to the contrary, in the event that following the adoption of the Plan the Administrator determines that any Award may be subject to Section 409A of the Code and related Department of Treasury
guidance (including such Department of Treasury guidance as may be issued after the adoption of the Plan), the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax
treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance. 

15.13 Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the State
of California, without regard to the conflicts of law principles thereof. 
 15.14 Restrictions on Awards. This Plan
shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No Award shall be granted or awarded, and with respect to an Award already granted under the Plan, such Award shall not be exercisable: 

(a) to the extent such Award or exercise could cause the Participant to be in violation of the Ownership Limit (as defined in the
Company’s Articles of Incorporation, as amended from time to time); or 
 (b) if, in the discretion of the Administrator,
such Award or exercise could impair the Company’s status as a REIT. 
 15.15 Conflicts with Company’s Articles of
Incorporation. Notwithstanding any other provision of the Plan, no Participant shall acquire or have any right to acquire any Stock, and shall not have any other rights under the Plan, which are prohibited under the Company’s Articles of
Incorporation, as amended from time to time. 
 15.16 Grant of Awards to Certain Employees or Consultants. The Company
and the Partnership or any Subsidiary may provide through the establishment of a formal written policy or otherwise for the method by which shares of Stock and/or payment therefore may be exchanged or contributed between the Company and such other
party, or may be returned to the Company upon any forfeiture or repurchase of Stock by the Participant, for the purpose of ensuring that the relationship between the Company and the Partnership or such Subsidiary remains at arm’s length.

  
 28 

 15.17 Section 83(b) Election. No Participant may make an election under
Section 83(b) of the Code with respect to any Award under the Plan without the consent of the Company, which the Company may grant or withhold in its sole discretion. If, with the consent of the Company, a Participant makes an election under
Section 83(b) of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which the Participant would otherwise be taxable under Section 83(a) of
the Code, the Participant shall be required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service. 
 *    *    *    *    * 
 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of American Assets Trust, Inc. on
            , 2011. 
 I hereby certify that the
foregoing Plan was approved by the General Partner of American Assets Trust, L.P. on             , 2011. 
 I hereby certify that the foregoing Plan was duly adopted by the stockholders of American Assets Trust, Inc. on             , 2011.

 Executed on this     day of
            , 2011. 
  

	
	  

	Name:
	Title:

  
 29

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